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FEDERATED INVESTORS, INC.
<P>
[Graphic Representation Omitted - See Appendix]</P>
<P>
</P>
<P>
</P>
<h2>The Marshall Funds Family </h2>
<h1> Semi-Annual Report </h1>
<h3>Class A Shares</h3>
<h3> FEBRUARY 29, 2000</h3>
<P> </P>
<ul>
<li>
<p> Marshall Equity Income Fund</p>
</li>
</ul>
<ul>
<li>
<p> Marshall Equity Income Fund</p>
</li>
</ul>
<ul>
<li>
<p> Marshall Large-Cap
Growth & Income Fund</p>
</li>
</ul>
<ul>
<li>
<p> Marshall Mid-Cap
Value Fund</p>
</li>
</ul>
<ul>
<li>
<p> Marshall Mid-Cap
Growth Fund</p>
</li>
</ul>
<ul>
<li>
<p> Marshall Small-Cap
Growth Fund</p>
</li>
</ul>
<ul>
<li>
<p> Marshall International
Stock Fund</p>
</li>
</ul>
<ul>
<li>
<p> Marshall Government
Income Fund</p>
</li>
</ul>
<ul>
<li>
<p> Marshall Intermediate
Bond Fund</p>
</li>
</ul>
<ul>
<li>
<p> Marshall Money Market
Fund</p>
</li>
</ul>
<P> </P>
<P> </P>
<P> </P>
<h2> Table of Contents </h2>
<table width="43%" border="1">
<tr>
<td width="91%">President's Message </td>
<td valign="bottom" align="right" width="9%">1</td>
</tr>
<tr>
<td width="91%"><b>Commentaries</b></td>
<td valign="bottom" align="right" width="9%"> </td>
</tr>
<tr>
<td width="91%">Marshall Equity Income Fund </td>
<td valign="bottom" align="right" width="9%">2</td>
</tr>
<tr>
<td width="91%">Marshall Large-Cap Growth & Income Fund </td>
<td valign="bottom" align="right" width="9%">4</td>
</tr>
<tr>
<td width="91%">Marshall Mid-Cap Value Fund </td>
<td valign="bottom" align="right" width="9%">6</td>
</tr>
<tr>
<td width="91%">Marshall Mid-Cap Growth Fund </td>
<td valign="bottom" align="right" width="9%">8</td>
</tr>
<tr>
<td width="91%">Marshall Small-Cap Growth Fund </td>
<td valign="bottom" align="right" width="9%">10</td>
</tr>
<tr>
<td width="91%">Marshall International Stock Fund </td>
<td valign="bottom" align="right" width="9%">12</td>
</tr>
<tr>
<td width="91%">Marshall Government Income Fund </td>
<td valign="bottom" align="right" width="9%">14</td>
</tr>
<tr>
<td width="91%">Marshall Intermediate Bond Fund </td>
<td valign="bottom" align="right" width="9%">16</td>
</tr>
<tr>
<td width="91%">Marshall Money Market Fund </td>
<td valign="bottom" align="right" width="9%">18</td>
</tr>
<tr>
<td width="91%"><b>Financial Information</b></td>
<td valign="bottom" align="right" width="9%"> </td>
</tr>
<tr>
<td width="91%">Portfolio of Investments </td>
<td valign="bottom" align="right" width="9%">19</td>
</tr>
<tr>
<td width="91%">
<p>Marshall Equity Income Fund </p>
</td>
<td valign="bottom" align="right" width="9%">19</td>
</tr>
<tr>
<td width="91%">Marshall Large-Cap Growth & Income Fund </td>
<td valign="bottom" align="right" width="9%">20</td>
</tr>
<tr>
<td width="91%">Marshall Mid-Cap Value Fund </td>
<td valign="bottom" align="right" width="9%">21</td>
</tr>
<tr>
<td width="91%">
<p>Marshall Mid-Cap Growth Fund </p>
</td>
<td valign="bottom" align="right" width="9%">22</td>
</tr>
<tr>
<td width="91%">Marshall Small-Cap Growth Fund </td>
<td valign="bottom" align="right" width="9%">24</td>
</tr>
<tr>
<td width="91%">Marshall International Stock Fund </td>
<td valign="bottom" align="right" width="9%">25</td>
</tr>
<tr>
<td width="91%">Marshall Government Income Fund </td>
<td valign="bottom" align="right" width="9%">26</td>
</tr>
<tr>
<td width="91%">Marshall Intermediate Bond Fund </td>
<td valign="bottom" align="right" width="9%">27</td>
</tr>
<tr>
<td width="91%">Marshall Money Market Fund </td>
<td valign="bottom" align="right" width="9%">29</td>
</tr>
<tr>
<td width="91%">Statements of Assets and Liabilities</td>
<td valign="bottom" align="right" width="9%"> 32</td>
</tr>
<tr>
<td width="91%">Statements of Operations </td>
<td valign="bottom" align="right" width="9%">34</td>
</tr>
<tr>
<td width="91%">Statements of Changes in Net Assets </td>
<td valign="bottom" align="right" width="9%">36</td>
</tr>
<tr>
<td width="91%">Financial Highlights </td>
<td valign="bottom" align="right" width="9%">39</td>
</tr>
<tr>
<td width="91%">Notes to Financial Statements </td>
<td valign="bottom" align="right" width="9%">40</td>
</tr>
<tr>
<td width="91%"><b>Directors & Officers</b></td>
<td valign="bottom" align="right" width="9%"> 47</td>
</tr>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="1" COLOR="#1c1c87">LOGO OF MARSHALL
FUNDS</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> Dear Marshall Funds
Shareholder,</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">In our last report,
we spoke to you about the importance of diversification for your portfolio.
In recent years, with the extended outperformance of large growth stocks,
it’s been easy to put thoughts of diversification aside.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">As if on cue, market
performance over the past six months has borne out our point. After several
quarters in which large domestic growth companies led the markets, favor
shifted toward small-and mid-cap growth stocks, as well as international
equities. Although we anticipated that such a shift could occur, neither we
nor anyone else could predict when, nor to what extent, it would happen. And
that’s why diversification is so important. It positions you to benefit
from shifts in market favor, while also helping you to manage investment
risk by controlling your exposure to individual sectors.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Shifting assets from
sector to sector in pursuit of the hottest returns isn’t a plan we
advocate. Rather, we are believers in selecting a diversified portfolio of
investments consistent with your long-term goals, and evaluating it from
time to time to determine if any adjustments are necessary to adapt to
changing goals or changing conditions. Whether you manage your investments
independently or work with an M&I investment professional, we believe
this approach has the power to help you meet financial challenges over
time.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">What all of our funds
share is our commitment to five factors that we believe are essential to
solid investment management: Discipline, Experience, Capability, Research,
and Efficiency. Together, these qualities allow us to provide you with
committed, time-tested investment management at a reasonable cost. As you
read through the reports that follow, you’ll have the opportunity to
learn more about the specific factors driving individual fund
performance.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">If you would like
more information about how to build a diversified portfolio that is
consistent with your long-term goals, please don’t hesitate to contact
your M&I investment representative, or call us at
1-800-236-3863.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">I also would like to
take this opportunity to congratulate Cynthia Bohlen and Michael Groblewski
on their promotions to Co-Portfolio Mangers of the Small-Cap and Mid-Cap
Growth Funds. Both of them have over seven years of investment experience
and they received their promotions the old-fashioned way—they earned
it. Their tenures as analysts of these funds served them well, and since
they have taken over, the funds have not skipped a beat. We have provided
two additional analysts to the team’s research capability and we
believe our growth team has the ability to succeed in this exciting sector
of the marketplace.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">We thank you for your
investment in the Marshall Funds.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">President</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#1c1c87">
<B><I>1</I></B></FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2">
<B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3"> <B>Marshall Equity Income
Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The Marshall Equity
Income Fund (the “Fund”) seeks capital appreciation and current
income through a conservative and disciplined approach of investing in a
broadly diversified portfolio of common stocks with above-average dividend
yields. The Fund’s investments are structured in an attempt to produce
a portfolio which yields at least 100 basis points (1%) more than the
Standard & Poor’s 500 Index (S&P 500).*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">For the six months
ended February 29, 2000, the Fund provided a total return of (16.21%),**
based on net asset value, while the Lipper Equity Income Funds Index (LEIFI)
provided a total return of (8.87%) and the S&P 500 returned
4.11%.*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Growth vs
Value-Oriented</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Over the past few
quarters, the investment environment has strongly favored growth stocks over
the value-oriented, dividend-paying stocks that are at the heart of the
Marshall Equity Income Fund.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">It’s been a
difficult market for value stocks and, despite the headlines, many other
stocks as well. Actually, about 75% of the companies in the S&P 500 had
negative returns for the three- and six-month periods ended February 29,
2000. With technology’s spiraling growth, it’s been easy to
overlook the fact that most stocks are languishing.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">In this environment,
it is of course tempting to veer from our value-based, dividend-driven style
and reach for more aggressive growth. We are, however, remaining true to our
style discipline, as we continue to believe in its potential to deliver
competitive returns over time with lower volatility. To contend with our
challenging conditions, however, we are sharpening our focus on our
selection process in our ongoing effort to deliver attractive returns
relative to our category.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund Sectors
Continue to Pay Dividends</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Sectors represented
in the Fund will continue to be those that traditionally pay attractive
dividends, such as utilities, financials, communications, and energy. These
interest-rate sensitive stocks have been battered in the current rising-rate
environment, but we are working to carefully select those companies that
have the fundamental qualities that will allow them to prosper over the
longer term. Should the market winds shift more in favor of these sectors,
there is significant opportunity for appreciation.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Maintaining our
Patient Stance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Although recent
circumstances have been at times discouraging for value investors, we remain
dedicated to our approach and to the role of equity-income investing in a
well diversified portfolio. Those investors who stick with these investments
for the long haul will, we believe, be rewarded for their patience and
discipline.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ Bruce P.
Hutson</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Bruce P.
Hutson</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Manager, Marshall
Equity Income Fund</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="1">[PHOTO OF BRUCE P.
HUTSON]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>2</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2">
<B></B></FONT><FONT SIZE="2"><B>n</B></FONT>
<FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall Equity
Income Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">[Graphic
Representations Omitted - See Appendix]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">This graph
illustrates the hypothetical investment of $10,000 in the Class A Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">inception on December
31, 1998 to February 29, 2000, compared to the S&P 500 and the
LEIFI.*</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">The S&P 500 and
the LEIFI are not adjusted to reflect sales charges, expenses or other
fees that the SEC requires to be reflected in a mutual fund’s
performance. These indices are unmanaged. Actual investments may not be
made in an index. The S&P 500 is a capitalization-weighted index of
500 stocks designed to measure performance of the broad domestic economy
through changes in the aggregate market value of 500 stocks representing
all major industries. Lipper figures represent the average of the total
returns reported by the largest mutual funds designated by Lipper as
falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Past performance is
no guarantee 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 their original cost. The Fund’s six month total
return as of February 29, 2000 reflecting the 5.75% sales charge was
(21.03%).</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Represents a
hypothetical investment of $10,000 in the Fund after deducting the maximum
sales charge of 5.75% ($10,000 investment minus $575 sales charge =
$9,425). The Fund’s performance assures the reinvestment of all
dividends and distributions. The S&P 500 and the LEIFI have been
adjusted to reflect reinvestment of dividends on securities in the
indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Total returns
quoted reflect all applicable sales charges.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>3</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="4"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3"> <B>Marshall Large-Cap Growth
<BR>
& Income Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The Marshall
Large-Cap Growth & Income Fund (the “Fund”) invests in a
diversified portfolio of common stocks of large-sized companies whose market
capitalization typically exceed $10 billion. The adviser looks for companies
that are leaders in their industry and have records of above-average
financial performance and proven superior management.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">As of February 29,
2000, the Fund provided a total return of 3.49%* based on net asset value
over the past six months and 11.29%* based on net asset value over the past
12 months. Over those same time periods the Lipper Growth & Income Funds
Index (LGIFI) returned (1.90%) and 5.34%, respectively, and the Standard
& Poor’s 500 Index (S&P 500) advanced 4.11% and 11.74%,
respectively.**</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Opportunity in
Certain Sectors</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">A few select sectors
dominated performance—namely technology, telecommunications, and
biotechnology stocks. There continued to be a huge disparity in performance
between stocks in these “new economy” sectors and those outside
them. Given that the Fund is better positioned to succeed in a more
inclusive market, the conditions were not ideal conditions for us, though
the Fund performed competitively with its benchmark.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">There are signs of
change, however. Biotech showed the first signs of cracking in late March,
and the more speculative technology stocks then began to suffer from
uncertainty shortly afterward. The key question that remains to be answered
is whether these were the early signs of a sustainable rotation taking place
out of technology and other so-called new-economy stocks, and into more
traditional old-economy stocks. Traditional growth stocks, including
retailers and drug companies, are participating in the current market
broadening, which we find to be a promising sign.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Even though the
market shows signs of broadening out, technology will continue to be a
strong force. Therefore, we intend to make opportunistic additions to our
holdings in technology, telecommunications, and biotech. What also excites
us about the new economy’s technological innovations, though, is their
tremendous potential to allow the old economy businesses to expand and
improve their operations.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Poised for the
Future</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Our strategy is to
balance new-economy stocks in our portfolio with the stocks of successful
established companies such as GE, Home Depot, and Kohl’s. In both
cases, we are seeking out companies that are market leaders in their
respective industries, have exceptional management, and boast solid earnings
prospects—while also carrying valuations that afford them room for
future appreciation.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ William J.
O’Connor</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">William J.
O’Connor</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Manager, Marshall
Large-Cap Growth & Income Fund</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="1">[PHOTO OF WILLIAM J.
O’CONNOR]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>4</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right">
<FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2">
<B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2">
Marshall
Large-Cap Growth & Income Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">[Graphic
Representation Omitted - See Appendix]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">This graph
illustrates the hypothetical investment of $10,000 in the Class A Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">inception on December
31, 1998 to February 29, 2000, compared to the S&P 500 and the
LGIFI.**</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Past performance is no guarantee 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 their original cost. The Fund
’s six month total return as of February 29, 2000 reflecting the
5.75% sales charge was (2.48%).</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
The S&P 500 and
the LGIFI are not adjusted to reflect sales charges, expenses or other
fees that the SEC requires to be reflected in a mutual fund’s
performance. These indices are unmanaged. Actual investments may not be
made in an index. The S&P 500 is a capitalization-weighted index of
500 stocks designed to measure performance of the broad domestic economy
through changes in the aggregate market value of 500 stocks representing
all major industries. Lipper figures represent the average of the total
returns reported by the largest mutual funds designated by Lipper as
falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left">
<FONT SIZE="1">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Represents a
hypothetical investment of $10,000 in the Fund after deducting the maximum
sales charge of 5.75% ($10,000 investment minus $575 sales charge =
$9,425). The Fund’s performance assumes the reinvestment of all
dividends and distributions. The S&P 500 and the LGIFI have been
adjusted to reflect reinvestment of dividends on securities in the
indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Total returns
quoted reflect all applicable sales charges.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>5</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2">
<B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="4"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3"> <B>Marshall Mid-Cap Value
Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The Marshall Mid-Cap
Value Fund (the “Fund”) invests in a diversified portfolio of
common stocks of companies similar in size to those within the Standard
& Poor’s Mid-Cap 400 Index (S&P 400).* The adviser generally
selects companies that exhibit traditional value characteristics, such as
low price-to-earnings ratios, higher-than-average dividend yields or a
lower-than-average price-to-book value. In addition, companies that have
under appreciated assets, or have been involved in company turnarounds or
corporate restructurings, often have strong value
characteristics.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">For the six months
ended February 29, 2000, the Fund provided a total return of (10.58%),**
based on net asset value. For the same period, the Standard &
Poor’s Mid-Cap 400 BARRA/Value Index (SPMCBV)* returned
(6.14%).</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Still A
Challenging Market for Value Investing</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">This Fund continued
to operate in a market environment that was generally punishing to value
stocks. Despite the difficult environment, we have held fast to our value
discipline.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">That doesn’t
mean we’re just sitting still and waiting for the market to revert to
historic patterns. Rather, this market environment has allowed us to
purchase high-quality companies that have offered faster growth than we
could normally afford within our value mandate. We believe this bodes well
for the Fund’s future performance.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">You have probably
heard a similar refrain from many value managers: great companies are
selling at truly cheap prices. One example is Payless ShoeSource, one of the
country’s largest shoe retailers. In our assessment, Payless has the
management, infrastructure, and buying power to continue to grow.
They’ve even entered the Internet realm with a clicks-and-bricks
arrangement that ties Internet customers with the chain’s 4500 stores.
We find this linking of the old economy with the new particularly appealing,
especially at 10 times earnings.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">One myth we’d
like to dispel is that value investing today means sticking with the old
economy and bypassing the new. While it’s true that we can’t hop
on the highest-profile, fastest-growing companies, the markets today give us
many opportunities to participate in the new economy. For example, we may
not be buying cell phone manufacturers, but we have bought lower-profile
suppliers to the cell phone industry. These companies can reap the benefits
of the wireless explosion, even if they don’t grab the
headlines.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Takeovers continued
to play a role in the portfolio, with Consolidated Papers being taken out at
a 69% premium over its stock price. This transaction, and others like it,
speaks to the hidden value that is locked up in many value
stocks.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ Matthew B.
Fahey</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Matthew B.
Fahey</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Co-Manager, Marshall
Mid-Cap Value Fund</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ John C. Potter,
C.F.A.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">John C. Potter,
C.F.A.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Co-Manager, Marshall
Mid-Cap Value Fund</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2"><B> </B></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="1">[PHOTO OF MATTHEW B.
FAHEY AND JOHN C. POTTER]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>6</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2">
<B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT>
<FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Mid-Cap Value Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">[Graphic
Representations Omitted-See Appendix]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">This graph
illustrates the hypothetical investment of $10,000 in the Class A Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">inception on December
31, 1998 to February 29, 2000, compared to the S&P 400 and the
LMCVFI.*</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
The S&P 400,
SPMCBV and the LMCVFI are not adjusted to reflect sales charges, expenses
or other fees that the SEC requires to be reflected in a mutual
fund’s performance. These indices are unmanaged. Actual investments
may not be made in an index. The S&P 400 is a capitalization-weighted
index of common stocks representing all major industries in the mid-range
of the U.S. stock market. The SPMCBV is a capitalization-weighted index of
the stock’s in the S&P 400 having the highest book-to-price
ratios. Lipper figures represent the average of the total returns reported
by the largest mutual funds designated by Lipper as falling into the
category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
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
their original cost. The Fund’s six month total return as of February
29, 2000 reflecting the 5.75% sales charge was (15.75%).</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">**
</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Represents a
hypothetical investment of $10,000 in the Fund after deducting the maximum
sales charge of 5.75% ($10,000 investment minus $575 sales charge =
$9,425). The Fund’s performance assumes the reinvestment of all
dividends and distributions. The S&P 400, SPMCBV and the LMCVFI have
been adjusted to reflect reinvestment of dividends on securities in the
indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Total returns
quoted reflect all applicable sales charges.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>7</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2">
<B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3"> <B>Marshall Mid-Cap Growth
Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The Marshall Mid-Cap
Growth Fund (the “Fund”) seeks to provide capital appreciation.
Fund assets are invested in a diversified portfolio of common stocks of
companies similar in size to those within the Standard & Poor’s
Mid-Cap 400 Index (S&P 400).*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">For the six months
ended February 29, 2000, the Fund provided a total return of 75.67%,** based
on net asset value, compared to the S&P 400 total return of 18.12% and
the Lipper Mid-Cap Growth Funds Index (LMCGFI) return of
87.28%.*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Our bottom-up,
growth-driven approach to the mid-cap market has performed well. Across the
board, we look for companies with solid business plans, leading positions in
their industries, and solid management. If there are high barriers to entry
in their industry, so much the better.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Opportunity in
Certain Sectors</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Although our
selections are company-specific, there are sectors of the market where we
are finding significant opportunity. One of these is Internet security.
Recent service disruptions have heightened interest in security-related
equipment and services, and with more large players moving more of their
business online, demand is unlikely to abate for quite some
time.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">We are also adding
positions in cable equipment suppliers. They are in a position to benefit as
the large cable and telecommunications firms compete to provide voice, data,
and video service to homes and businesses. On a similar note, we have
increased our exposure to suppliers to the wireless telecommunications
industry. The Fund has a significant weighting in technology stocks; this
reflects the good opportunities we find in the sector and is not a
deliberate decision to overweight it.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund Management
Strategy</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The portfolio’s
average market capitalization increased, as some of our stocks have grown
beyond the bounds of the mid-cap range. We do not immediately
“shoot” our winners, but we do trim the positions back if they
grow beyond five percent of the Fund’s net assets. This helps to keep
risk in check, while also keeping the Fund true to its charter. Eventually,
we let our winners graduate to our large-cap competitors, but we have a
ready list of candidates for replacement.</FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Sincerely,</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ Michael
Groblewski</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Michael
Groblewski</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ Cindy
Bohlen</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Cindy
Bohlen</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="32%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="68%" VALIGN="top"> <DIV ALIGN="center">
<FONT SIZE="2"> </FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="1">[PHOTO OF MICHAEL
GROBLEWSKI]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="32%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="68%" VALIGN="top"> <DIV ALIGN="center">
<FONT SIZE="2"> </FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="1">[PHOTO OF CINDY
BOHLEN]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>8</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2">
<B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT>
<FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Mid-Cap Growth Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2"> <B> </B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">[Graphic
Reprsentation Omitted-See Appendix]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">This graph
illustrates the hypothetical investment of $10,000 in the Class A Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">inception on December
31, 1998 to February 29, 2000, compared to the S&P 400 and the
LMCGFI.*</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
The S&P 400 and
the LMCGFI are not adjusted to reflect sales charges, expenses or other
fees that the SEC requires to be reflected in a mutual fund’s
performance. These indices are unmanaged. Actual investments may not be
made in an index. The S&P 400 is a capitalization-weighted index of
common stocks representing all major industries in the mid-range of the
U.S. stock market. Lipper figures represent the average of the total
returns reported by the largest mutual funds designated by Lipper as
falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Past performance is
no guarantee 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 their original cost. The Fund’s six month total
return as of February 29, 2000 reflecting the 5.75% sales charge was
65.61%.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Represents a
hypothetical investment of $10,000 in the Fund after deducting the maximum
sales charge of 5.75% ($10,000 investment minus $575 sales charge =
$9,425). The Fund’s performance assumes the reinvestment of all
dividends and distributions. The S&P 400 and the LMCGFI have been
adjusted to reflect reinvestment of dividends on securities in the
indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Total returns
quoted reflect all applicable sales charges.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">The market
experienced exceptional growth in the past year which may not continue in
the future.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>9</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2">
<B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3"> <B>Marshall Small-Cap Growth
Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The Marshall
Small-Cap Growth Fund (the “Fund”) seeks to provide capital
appreciation. Fund assets are invested in a diversified portfolio of common
stocks of small-sized companies† similar in size to those within the
Russell 2000 Index (Russell 2000).*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">For the 6 months
ended February 29, 2000, the Fund provided a total return of 78.29%,** based
on net asset value, compared to the Russell 2000 total return of 35.82% and
the Lipper Small-Cap Funds Index (LSCFI) return of 58.27%.*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Opportunity in
Certain Sectors</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">One of the areas we
have focused on recently is that of Internet security. Demand for
security-related equipment and services has risen sharply, driven by the
service disruptions afflicting some of the nation’s leading web sites.
With businesses wishing to push literally billions of dollars in
transactions over the Internet, security for those operations is of
paramount importance.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">In addition, we have
increased our investment in cable equipment suppliers. With AT&T and
other players all competing to provide voice, data, and video service to
homes, there is a pressing demand to build out the cable infrastructure
sooner, not later. Overall, we have a significant weighting in technology
stocks. This reflects the good opportunities we find in the sector, and is
not a deliberate decision to overweight it. Nonetheless, being selective
remains important, as individual companies within the sector have been
subject to considerable pain. In all sectors, we look for companies with
solid business plans, leading positions in their industry, high barriers to
entry, and strong management.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund Management
Strategy</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The Fund’s
average market capitalization increased, a product of strong performance. We
do not immediately “shoot” our winners, but we do trim back
positions if they grow larger than five percent of the Fund’s net
assets. This allows the Fund to enjoy further growth potential while staying
true to its charter, and helps keep risk within reasonable bounds.
Eventually, we let our winners graduate to our large-cap competitors, but we
have a ready list of candidates for replacement.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">We expect the
Fund’s average market capitalization to return to its benchmark as we
realize some gains in a tax efficient manner. We are anxious to add several
new names to the portfolio that we have been monitoring for some time or are
just coming to the marketplace.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Sincerely,</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ Michael
Groblewski</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Michael
Groblewski</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ Cindy
Bohlen</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Cindy
Bohlen</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="32%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="68%" VALIGN="top"> <DIV ALIGN="center">
<FONT SIZE="2"> </FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="1">[PHOTO OF MICHAEL
GROBLEWSKI]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="32%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="68%" VALIGN="top"> <DIV ALIGN="center">
<FONT SIZE="2"> </FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="1">[PHOTO OF CINDY
BOHLEN]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2">
<B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT>
<FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Small-Cap Growth Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2"> <B> </B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">[Graphic
Representations Omitted-See Appendix]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">This graph
illustrates the hypothetical investment of $10,000 in the Class A Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">inception on December
31, 1998 to February 29, 2000, compared to the Russell 2000 and the
LSCFI.*</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Small-cap funds may
experience a higher degree of market volatility than larger-cap
funds.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
The Russell 2000
and the LSCFI are not adjusted to reflect sales charges, expenses or other
fees that the SEC requires to be reflected in a mutual fund’s
performance. These indices are unmanaged. Actual investments may not be
made in an index. The Russell 2000 is an index of common stocks whose
market capitalizations generally range from $200 million to $5 billion.
Lipper figures represent the average of the total returns reported by the
largest mutual funds designated by Lipper as falling into the category
indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Past performance is
no guarantee 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 their original cost. The Fund’s six month total
return as of February 29, 2000 reflecting the 5.75% sales charge was
67.98%.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">***
</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Represents a
hypothetical investment of $10,000 in the Fund after deducting the maximum
sales charge of 5.75% ($10,000 investment minus $575 sales charge =
$9,425). The Fund’s performance assumes the reinvestment of all
dividends and distributions. The Russell 2000 and the LSCFI have been
adjusted to reflect reinvestment of dividends on securities in the
indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
††</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Total returns
quoted reflect all applicable sales charges.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">The market
experienced exceptional growth in the past year which may not continue in
the future.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>11</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2">
<B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3"> <B>Marshall International
Stock Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The Marshall
International Stock Fund (the “Fund”) invests primarily in a
diversified portfolio of common stocks of companies of any size outside the
United States.† The Fund uses a value-oriented approach and invests in
companies selling at a discount to their global industry peers.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">During the six months
ended February 29, 2000, the Fund provided a total return of 46.62%,* based
on net asset value, compared to 13.63% for the Morgan Stanley Capital
International Europe, Australia and Far East Index (EAFE) and 25.58% for the
Lipper International Funds Index (LIFI).**</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The economic backdrop
for global markets continues to improve, with the positive impact being felt
by both established and emerging markets—as well as this
fund.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Opportunity in
Certain Sectors</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">As in the U.S.,
technology and telecommunications stocks continued to be the major forces
which drove the markets. It is difficult not to be drawn to these companies,
given their immense potential for growth, but it is also difficult not to be
concerned by their spiraling valuations. An area we are particularly
interested in is cellular phones. Most large markets are far from saturated,
and the increasing availability of non-voice services such as Internet
access is likely to spur demand still higher. While the fund remains
overweighted in technology, we have recently trimmed several positions due
to high valuations.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fears of
Inflation</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Clearly, fears of
inflation have become more prominent in recent months, particularly as
petroleum prices have extended their march upward. We believe, however, that
most of the impact from these price hikes has already been felt. Rising oil
prices have perhaps restored a more normal inflationary picture, after an
unusual period with virtually no inflation. So far, though, inflation has
not reached a level that is problematic for the global economy.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Bullish
Outlook</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Our outlook remains
solidly bullish. Although some uncertainty remains in Japan which has made
strides in transforming its financial system, an essential step to its
sustained recovery. European markets continue along a positive trend, and
many emerging markets appear to be putting their recent difficulties well
behind them. Although certain sectors, particularly consumer products, have
been struggling of late, on the whole we believe the global environment
portends future improvements in corporate earnings.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Sincerely,</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ Daniel R.
Jaworski, CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Daniel R. Jaworski,
CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Manager, Marshall
International Stock Fund</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="1">[PHOTO OF DANIEL R.
JAWORSKI]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>12</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2">
<B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT>
<FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
International Stock Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">[Graphic
Representations Omitted-See Appendix]</FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">This graph
illustrates the hypothetical investment of $10,000 in the Class A Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">inception on December
31, 1998 to February 29, 2000, compared to the EAFE and the
LIFI.**</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Foreign investing
involves special risks including currency risk, increased volatility of
foreign securities, and differences in auditing and other financial
standards.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Past performance is
no guarantee 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 their original cost. The Fund’s six month total
return as of February 29, 2000 reflecting the 5.75% sales charge was
38.23%.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
The EAFE and the
LIFI are not adjusted to reflect sales charges, expenses or other fees
that the SEC requires to be reflected in a mutual fund’s performance.
These indices are unmanaged. Actual investments may not be made in an
index. The EAFE is a market capitalization-weighted foreign securities
index, which is widely used to measure the performance of European,
Australian, New Zealand, and Far East stock markets. Lipper figures
represent the average of the total returns reported by the largest mutual
funds designated by Lipper as falling into the category
indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">***
</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Represents a
hypothetical investment of $10,000 in the Fund after deducting the maximum
sales charge of 5.75% ($10,000 investment minus $575 sales charge =
$9,425). The Fund’s performance assumes the reinvestment of all
dividends and distributions. The EAFE and the LIFI have been adjusted to
reflect reinvestment of dividends on securities in the
indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
††</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
Total returns
quoted reflect all applicable sales charges.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">The market
experienced exceptional growth in the past year which may not continue in
the future.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>13</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2">
<B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3"> <B>Marshall Government
Income Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The Marshall
Government Income Fund (the “Fund”) invests in securities issued
by the United States government and its agencies and instrumentalities,
particularly mortgage-related securities. The adviser considers
macroeconomic conditions and uses credit and market analysis in developing
the overall portfolio strategy. Current and historical interest rate
relationships are used to evaluate market sectors and individual securities.
The Fund will generally maintain an average dollar-weighted maturity of four
to 12 years.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">For the six months
ended February 29, 2000, the Fund provided a total return of 1.05%,* based
on net asset value, compared to a return of 1.95% by the Lipper U.S.
Mortgage Funds Index (LUSMI) and 2.30% provided by the Lehman Brothers
Mortgage-Backed Securities Index (LMI).**</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Federal Reserve
Increases Interest Rate</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The Federal Reserve
Board’s (the “Fed”) two 25-basis-point interest-rate hikes so
far this year have of course had significant impact on this Fund. With the
Fed still in a tightening mode, in its belief that inflation poses a greater
threat to economic health than does a slowing of its growth, the market
anticipates further rises to come. Yields on two-year Treasuries are up by
about 30 basis points for the year to date.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The reporting period
was marked by a distinctive inversion of the yield curve—that is, the
yields paid by longer-maturity Treasuries are lower than those paid by
shorter-maturity issues. Typically, an inverted curve like this would signal
that the market was anticipating a recession, but that was not the case this
time.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Causes of Interest
Rate Increase</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The cause instead is
a supply/demand imbalance at the long end of the curve, sparked by the
government’s announced plans to buy back and retire some of its debt.
Bearing out this analysis is the fact that the yields on longer-term spread
products—including the mortgage-backed issues that are this Fund’s
focus—haven’t changed very much. Mortgages are still attractive
relative to Treasuries, enjoying a significant yield advantage. In addition,
with most mortgage-backed issues trading at discounts, prepayment risk is of
little concern.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">We are keeping the
Fund’s duration slightly shorter than its benchmark’s, given our
expectation of further Fed rate hikes. The Fund’s focus on high quality
securities will not change; we do not intend to reach for yield by delving
into lower-quality bonds. Our goal is to provide a yield that compares
favorably with those offered by Treasuries, while still offering significant
protection on the downside.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ Joseph M. Cullen,
CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Joseph M. Cullen,
CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Manager, Marshall
Government Income Fund</FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="12%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="88%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2">
</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="1">[PHOTO OF JOSEPH M.
CULLEN]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>14</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2">
<B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT>
<FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Government Income Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">[Graphic
Representation Omitted-See Appendix]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">This graph
illustrates the hypothetical investment of $10,000 in the Class A Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">inception on December
31, 1998 to February 29, 2000, compared to the LMI and the
LUSMI.**</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Past performance is
no guarantee of future results. Investments return and principal value
will fluctuate, so that an investor’s shares, when redeemed, may be
worth more or less than their original cost. The Fund’s six month
total return as of February 29, 2000 reflecting the 5.75% sales charge was
(3.75%).</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">The LMI and the
LUSMI are not adjusted to reflect sales charges, expenses or other fees
that the SEC requires to be reflected in a mutual fund’s performance.
These indices are unmanaged. Actual investments may not be made in an
index. The LMI is an index comprised of fixed rate securities backed by
mortgage pools of the Government National Mortgage Association (GNMA),
Federal Home Loan Mortgage Corp. (FHLMC) and the Federal National Mortgage
Association (FNMA). Lipper figures represent the average of the total
returns reported by the largest mutual funds designated by Lipper as
falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Represents a
hypothetical investment of $10,000 in the Fund after deducting the maximum
sales charge of 4.75% ($10,000 investment minus $475 sales charge =
$9,525). The Fund’s performance assumes the reinvestment of all
dividends and distributions. The LMI and the LUSMI have been adjusted to
reflect reinvestment of dividends on securities in the
indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Duration is a
commonly used measure of the potential volatility of the price of a debt
security, or the aggregate market value of a portfolio of debt securities,
prior to maturity. Securities with longer durations generally have more
volatile prices than securities of comparable quality with shorter
durations.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
††</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Total returns
quoted reflect all applicable sales charges.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>15</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3"> <B>Marshall Intermediate
Bond Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The Marshall
Intermediate Bond Fund (the “Fund”) invests in Intermediate-term
investment grade bonds and notes, including corporate, asset-backed,
mortgage-backed and United States government securities. The adviser’s
strategy to pursue total return is to adjust the Fund’s weightings in
these sectors as it deems appropriate, using macroeconomic, credit and
market analysis to select portfolio securities. The Fund will maintain an
average dollar-weighted maturity of three to 10 years.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">For the six months
ended February 29, 2000, the Fund provided a total return of 1.96%,* based
on net asset value, compared to a return of 1.62% for the Lipper
Short/Intermediate Investment Grade Bond Funds Index (LSIBF) and 1.45% for
the Lehman Brothers Intermediate Government/Corporate Bond Index
(LGCI).**</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Rising Interest
Rates</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">As was the case for
much of 1999, we went into the first quarter of 2000 prepared for rising
interest rates—and as has also been the case, the Federal Reserve Board
(the “Fed”) obliged by raising rates. There’s every reason to
believe they will continue to do so, as their efforts to slow the economy
have so far had little impact.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">On the other end of
the yield curve, the government’s announcement of plans to buy back and
retire long Treasury debt sparked demand and drove yields down. The result
was an inversion in the yield curve, with the Fed’s tightening raising
rates on the short end to a higher level than long Treasuries.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The declining yields
on long Treasuries have widened the spread between the income they pay and
the yield offered by corporate bonds. As a result, over the past quarter, we
have increased our position in short and medium-term corporate bonds.
Corporate yields have also been buoyed by heavy supply in the market; at the
same time, the strong economy has bolstered credit quality, helping to ease
corporates’ credit risk.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Positive
Outlook</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">After enduring the
daunting challenge of 1999’s dismal bond market, we are tempering our
generally positive outlook with a cautious approach. While corporate bonds
have benefited from economy-driven improvements in company fundamentals, if
the Fed’s efforts to slow economic growth are successful, those
fundamentals could deteriorate. Therefore, as we manage our position in
corporate issues, we will also keep an eye out for conditions that could
affect them unfavorably. In the meantime, we’ve been looking at the
credits we own and upgrading quality where we can. With more rate hikes
clearly on the way, we intend to be as vigilant with this portfolio as the
Fed appears to be with inflation.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ Mark D.
Pittman</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Mark D. Pittman,
CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Manager, Marshall
Intermediate Bond Fund</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="1">[PHOTO OF MARK D.
PITTMAN]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>16</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Intermediate Bond Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2"> <B> </B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">[Graphic
Representations Omitted-See Appendix]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">This graph
illustrates the hypothetical investment of $10,000 in the Class A Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">inception on December
31, 1998 to February 29, 2000, compared to the LGCI and the
LSIBF.**</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Past performance is
no guarantee 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 their original cost. The Fund’s six month total
return as of February 29, 2000 reflecting the 5.75% sales charge was
(2.91%).</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">The LGCI and the
LSIBF are not adjusted to reflect sales charges, expenses or other fees
that the SEC requires to be reflected in a mutual fund’s performance.
These indices are unmanaged. Actual investments may not be made in an
index. The LGCI is an index comprised of government and corporate bonds
rated BBB or higher with maturities between 1-10 years. Lipper figures
represent the average of the total returns reported by the largest mutual
funds designated by Lipper as falling into the category
indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Represents a
hypothetical investment of $10,000 in the Fund after deducting the maximum
sales charge of 4.75% ($10,000 investment minus $475 sales charge =
$9,525). The Fund’s performance assumes the reinvestment of all
dividends and distributions. The LGCI and the LSIBF have been adjusted to
reflect reinvestment of dividends on securities in the
indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Duration is a
commonly used measure of the potential volatility of the price of a debt
security, or the aggregate market value of a portfolio of debt securities
prior to maturity. Securities with longer durations generally have more
volatile prices than securities of comparable quality with shorter
durations.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
††</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Total returns
quoted reflect all applicable sales charges.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>17</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3"> <B>Marshall Money Market
Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The Marshall Money
Market Fund (the “Fund”) invests in high quality, short-term money
market instruments.* The adviser uses a “bottom-up” approach,
meaning that the fund manager looks primarily at individual companies
against the context of broader market factors.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">For the six months
ended February 29, 2000, the Fund provided a total return of 2.59%,**
compared to a total return of 2.51% for the IBC Donoghue’s Taxable
Money Fund Average, and 2.46% for the Lipper Money Market Funds Index.*** As
of February 29, 2000, the 7-day net yield for the Fund was 5.35%.** For the
past 12 months, the Fund provided a total return of 4.89%,** versus 4.68%
for the IBC Donoghue’s Taxable Money Fund Average, and 4.72% for the
Lipper Money Market Funds Index.***</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Y2K
Results</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">The much-anticipated
and much-feared transition to Y2K went off essentially without a hitch.
Individuals didn’t make a mad dash to withdraw cash from their accounts
(though the Federal Reserve Board (the “Fed”) had prepared for
such a possibility), and technical glitches were almost
nonexistent.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Interest Rate
Hikes by the Fed</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">With Y2K concerns out
of the way, the focus has returned to the Fed’s continued tightening
approach. The quarter’s two hikes of 25 basis points in the Federal
Funds target rate has brought that rate to 6.0%. Given the continued strong
state of the U.S. economy, it seems likely that the Fed still has more
tightening in store.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">In this environment,
we have kept the Fund’s maturity toward the short end of its range,
ending the reporting period at 33 days. To help support the Fund’s
yield, we have kept a significant portion of the Fund’s assets in
floating rate notes, whose yields adjust to reflect changes in interest
rates. In addition, we have continued to keep a portion of assets laddered
in one-year notes, which has had a significant impact on yield.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><B>Poised for the
Future</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">We anticipate
additional rate hikes from the Fed, most likely continuing in 25-basis-point
steps. If conditions change, however, and inflation surges forward,
it’s possible that the Fed could choose to make larger hikes. Looking
forward, we intend to continue to use both floating-rate paper and laddered
one-year notes to boost the Fund’s yield. In addition, we expect to
begin to move the Fund’s maturity out slightly longer, aiming toward a
target of approximately 60 days.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ Richard M.
Rokus</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Richard M.
Rokus</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Manager, Marshall
Money Market Fund</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">An investment in
money market funds is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the
money market funds seeks to preserve the value of your investment at $1.00
per share, it is possible to lose money by investing in these
funds.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Past performance is
no guarantee of future results. Yields will vary. Yields quoted for money
market funds most closely reflect the fund’s current
earning.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">The IBC
Donoghue’s Money Fund Report™ publishes annualized yields of
hundreds of money market funds on a weekly basis and through its Money
Market Insight publication, reports monthly and year-to-date investment
results for the same money funds. Lipper figures represent the average of
the total returns reported by all of the mutual funds designated by Lipper
as falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">The 7-day net
annualized yield is based on the average net income per share for the 7
days ended on the date of calculation and the offering price on that date.
The 7-day effective yield is annualized and reflects daily compounding of
the 7-day net yield.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Equity Income
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common
Stocks — 97.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Capital
Goods — 8.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Aerospace &
Defense — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">44,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Northrop Grumman
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$2,021,969</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">33,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Textron,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,013,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
4,034,969</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Building
Materials — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">175,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Louisiana-Pacific
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,067,188</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">144,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Masco
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,574,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">63,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Vulcan Materials
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,520,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,161,188</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Electrical
Equipment — 3.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Emerson Electric
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,417,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">General Electric
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,253,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
12,670,312</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Manufacturing — 1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">114,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Honeywell
International, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,486,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Office
Products — 1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">67,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Pitney Bowes,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,361,050</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">95,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Xerox
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,060,313</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,421,363</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Total Capital
Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
34,774,082</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Durables — 5.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Automotive &
Related — 3.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">82,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Delphi Auto Systems
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,368,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">171,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Ford Motor
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,117,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">45,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Johnson Controls,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,417,887</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">74,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">TRW,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,552,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
14,456,137</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Manufacturing — 2.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">72,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Eastman Kodak
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,126,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">77,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Whirlpool
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,182,063</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
8,308,563</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Total Consumer
Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
22,764,700</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Non-Durables — 21.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Beverages &
Foods — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">126,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">
Archer-Daniels-Midland Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,267,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">225,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">ConAgra,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,684,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">45,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Heinz (H.J.)
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,437,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">175,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Nabisco Group
Holdings Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,509,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">180,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">PepsiCo,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,805,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Ralston Purina
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,981,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Sara Lee
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,875,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
17,560,687</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Health
Care — 13.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">225,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Abbott
Laboratories</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,368,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">171,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">American Home
Products Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,447,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">175,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Baxter
International, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,537,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">121,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Bristol-Myers
Squibb Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,908,400</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">135,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Glaxo Wellcome
PLC , ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,581,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">35,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Johnson &
Johnson</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,511,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">113,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Lilly (Eli) &
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,716,438</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">106,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Merck & Co.,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,537,938</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
53,608,726</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Household
Product/Wares — 1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">53,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Procter &
Gamble Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,664,000</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Non-Durables </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Personal
Care — 0.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">85,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Gillette
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$2,996,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Retail — 0.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">35,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">May Department
Stores Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">934,894</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Tobacco — 2.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">300,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Philip Morris Cos.,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,018,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">122,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">UST,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,356,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
8,374,875</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total Consumer
Non-Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
88,139,432</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Energy — 18.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Domestic &
International Oil — 18.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Atlantic
Richfield Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,100,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">92,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(1)BP Amoco PLC,
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,324,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Chevron
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,228,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Conoco, Inc., Class
A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,878,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">276,776</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Exxon Mobil
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
20,844,692</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Occidental
Petroleum Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,606,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Phillips Petroleum
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,060,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">219,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Royal Dutch
Petroleum Co., ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,529,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">192,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Texaco,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,117,488</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Unocal
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,337,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">307,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">USX—Marathon
Group</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,649,688</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
73,674,868</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Oil
Refining — 0.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">91,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Ultramar Diamond
Shamrock Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,975,731</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Energy</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
75,650,599</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Financial — 18.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Banks — 10.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">128,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Bank One
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,316,906</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">48,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Bank of New York
Co., Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,608,994</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">186,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Bank of America
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,567,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">120,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Chase Manhattan
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,555,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">179,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">First Union
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,280,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">179,620</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Fleet Boston
Financial Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,894,645</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Washington Mutual,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,212,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">230,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Wells Fargo
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,604,375</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
43,040,545</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Financial
Services — 2.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">104,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Fannie
Mae</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,512,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Federal Home Loan
Mortgage
<BR>
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,175,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">95,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">MBNA
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,161,250</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
11,848,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Insurance — 3.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">115,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Ace,
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,055,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">72,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Allstate
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,404,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">26,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(1)American General
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,356,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">122,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Hartford Financial
<BR>
Services Group, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,837,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">90,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Lincoln National
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,503,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Marsh &
McLennan Cos., Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,547,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">90,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Reliastar Financial
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,514,375</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
15,219,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Real Estate
Investment Trust — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">71,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Equity
Residential Properties
<BR>
Trust</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,835,562</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">76,140</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Public Storage,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,679,839</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,515,401</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Financial</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
74,623,196</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>19</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Equity Income Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Shares or
<BR>
Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Raw
Materials/Intermediate Goods — 6.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Chemicals—2.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">51,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Air Products &
Chemicals,
<BR>
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$1,313,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Du Pont (E.I.) de
Nemours
<BR>
& Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,050,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">140,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Hercules,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,310,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">24,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">PPG Industries,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,185,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">48,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Rohm & Haas
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,938,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
11,796,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Metals — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">65,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Reynolds Metals
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,127,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Paper — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">291,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">
Abitibi-Consolidated, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,582,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Bowater,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,689,062</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">52,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Consolidated
Papers, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,980,337</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">55,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Kimberly-Clark
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,842,812</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
11,094,836</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Total Raw Materials/
<BR>
Intermediate Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
27,018,586</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Utilities—18.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Electric—3.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">57,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Carolina Power
& Light
<BR>
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,695,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">106,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Duke Energy
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,170,100</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">59,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Edison
International</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,560,331</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">54,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">FPL Group,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,085,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">98,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">(1)NiSource,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,275,638</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">71,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Texas Utilities
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,339,213</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
14,126,782</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Gas
Distribution — 3.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">28,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Columbia Energy
Group</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,652,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">123,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">El Paso Energy
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,558,687</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">67,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">WICOR,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,038,238</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">110,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Williams Cos., Inc.
(The)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,599,375</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
12,848,300</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Telecommunications — 11.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">357,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">(1)AT&T
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
17,673,906</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Alltel
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,480,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">45,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Bell Atlantic
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,202,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">233,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">GTE
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
13,747,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">285,832</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">SBC Communications,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,861,616</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
47,964,709</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Utilities</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
74,939,791</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Common
Stocks
<BR>
</B>(identified cost $380,020,853)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>397,910,386</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(2)Repurchase
Agreement — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$7,307,217</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers,
Inc., 5.68%,
<BR>
dated 2/29/2000, due
<BR>
3/1/2000 (at amortized
<BR>
cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>7,307,217</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments </B>(identified
<BR>
cost $387,328,070)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>$405,217,603</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Large-Cap Growth &
Income Fund</B></FONT><FONT SIZE="2"><I></I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="355" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common
Stocks — 97.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Basic
Industries — 3.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Chemicals — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">69,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Du Pont (E.I.) de
Nemours &
<BR>
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$3,494,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Paper — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">96,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Bowater,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,741,675</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">136,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Kimberly-Clark
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,065,681</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,807,356</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Total Basic
Industries</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
15,301,956</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Capital
Goods — 40.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Aerospace &
Related—1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">137,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Boeing
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,059,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Computers — 1.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">47,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Hewlett-Packard
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,321,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Computer
Services — 8.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">48,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)America
Online, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,843,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">83,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">International
Business
<BR>
Machines Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
8,537,400</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">179,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Microsoft
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
16,042,812</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">83,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Sun
Microsystems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,962,900</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
35,386,912</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Electrical
Equipment — 6.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">119,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">General Electric
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
15,822,844</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">131,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Grainger (W.W.),
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,612,719</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">134,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Tyco International
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,117,769</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
26,553,332</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Electronics — 13.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">94,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Applied
Materials, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
17,324,181</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">106,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Intel
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
12,000,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">95,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Micron
Technology, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,384,581</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">107,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Motorola,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
18,379,900</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
57,089,262</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Machinery—Farming — 1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">146,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Deere &
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,251,675</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Technology — 9.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">3Com
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,350,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Computer Associates
<BR>
International, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,527,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">31,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Corning,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,922,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">31,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Internet Capital
Group, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,331,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Lucent
Technologies, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,462,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Solectron
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,275,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">96,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">(1)SAP AG,
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,874,525</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">31,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Yahoo,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,014,188</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
40,756,938</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Total Capital
Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
176,418,869</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Durables — 1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Automotive—1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">72,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">General Motors
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,491,713</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Non-Durables — 30.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Beverages &
Foods — 4.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">94,764</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Coca-Cola
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,590,131</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">136,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">PepsiCo,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,389,225</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">52,020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Procter &
Gamble Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,577,760</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">101,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Quaker Oats
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,463,869</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
19,020,985</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>20</I></B></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Large-Cap Growth &
Income Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Non-Durables </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Communications
Services — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">31,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">(1)NEXTLINK
<BR>
Communications, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$3,470,906</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Drugs — 3.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">99,740</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">American Home
Products Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,338,690</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">91,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Merck & Co.,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,632,969</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Pfizer,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,818,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">71,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Schering Plough
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,490,075</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
17,280,484</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Entertainment — 4.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">103,606</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Disney (Walt)
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,470,801</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">131,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Seagram Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,719,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">80,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Time Warner,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,874,200</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
18,064,751</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Health
Care — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">192,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Columbia/HCA
Healthcare
<BR>
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,717,656</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">41,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Medimmune,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,317,150</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
12,034,806</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Media — 1.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">199,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">New York Times Co.,
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,411,975</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Medical
Supplies — 2.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">154,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Abbott
Laboratories</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,056,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">53,520</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Johnson &
Johnson</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,840,060</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,896,660</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Personal Care
Products — 1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">146,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Gillette
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,157,075</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Retail — 8.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">121,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Federated
Department
<BR>
Stores, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,453,863</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">116,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Home Depot,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,735,156</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">82,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Kohl’s
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,231,788</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">159,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Safeway,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,146,863</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">148,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Starbucks
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,226,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Wal-Mart Stores,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,427,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">261,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Walgreen
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,757,713</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
38,979,583</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Total Consumer
Non-Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
131,317,225</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Energy — 7.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>International
Oil & Gas — 7.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">72,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Amerada-Hess
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,650,613</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">116,596</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Exxon Mobil
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,781,136</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">291,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Occidental
Petroleum Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,680,612</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">116,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Royal Dutch
Petroleum Co.,
<BR>
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
6,095,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">51,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Schlumberger
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,804,562</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">81,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Texaco,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,885,131</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Energy</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
30,897,304</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Financial — 11.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Banks — 3.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">165,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Bank of New York
Co., Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,516,550</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">82,808</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">BankAmerica
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,814,344</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Chase Manhattan
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,777,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
14,108,394</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="354" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Shares or
<BR>
Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2"><B></B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Financial
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Insurance — 2.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">92,256</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">American
International
<BR>
Group, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$8,158,890</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">52,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">Progressive Corp.,
OH</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,117,800</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,276,690</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Other
Financial — 5.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">37,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">American Express
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,032,031</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">116,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">Citigroup,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,031,931</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">78,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">Federal Home Loan
<BR>
Mortgage Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,273,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">140,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">Franklin Resources,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,828,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">131,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">MGIC Investment
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,926,025</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
23,091,187</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Financial</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
48,476,271</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Utilities — 4.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Telecommunications — 4.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">110,549</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">(1)AT&T
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,465,266</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">82,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">GTE
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,879,300</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">94,550</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">(3)MCI Worldcom,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,219,294</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">150,560</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">SBC Communications,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,721,280</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
20,285,140</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Utilities</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
20,285,140</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Common
Stocks
<BR>
</B>(identified cost $284,583,047)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>428,188,478</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(4)U.S. Treasury
Bill — 0.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$ 2,475,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">3/9/2000
(identified cost
<BR>
$2,472,122)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>2,472,995</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments in Securities
<BR>
</B>(identified cost $287,055,169)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>430,661,473</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(2)Repurchase
Agreement — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
12,131,742</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers,
Inc.,
<BR>
5.68%, dated 2/29/2000,
<BR>
due 3/1/2000 (at
<BR>
amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>12,131,742</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments </B>(identified
<BR>
cost $299,186,911)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>$442,793,215</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Mid-Cap Value
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="318" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common
Stocks — 84.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Capital
Goods — 11.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Aerospace &
Defense — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">38,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2">Northrop Grumman,
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$1,753,888</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Computer
Services — 5.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Complete
Business Solutions, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,490,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2">Keane,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,440,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2">(3)SunGard Data
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,200,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Ziff-Davis,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,140,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,270,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Electronics — 2.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">39,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Avnet,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,608,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Other Capital
Goods — 1.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">55,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2">Brady
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,505,437</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2">Cooper Tire &
Rubber Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">432,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,937,937</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2">Total Capital
Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
11,570,575</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>21</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Mid-Cap Value Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="360" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Non-Durables — 30.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Beverages &
Foods — 3.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">43,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">International
Multifoods Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">$476,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">98,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Ralcorp
Holdings, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,466,863</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">110,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Universal Foods
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,986,875</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,930,613</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Medical
Supplies — 2.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Sybron
International Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,960,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Pharmaceuticals
& Health Care — 6.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Dentsply
International, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,025,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Elan Corp.
Plc, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">822,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(3)First Health
Group Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,688,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">105,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Manor Care,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">912,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">87,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Tenet Healthcare
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,529,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,977,937</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Publishing — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">46,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Harcourt General,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,584,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Retail — 5.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">45,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Federated
Department Stores,
<BR>
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,650,937</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Payless
ShoeSource, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,975,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">85,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Shopko Stores,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,413,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,039,062</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Services — 9.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">167,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Ikon Office
Solutions, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,173,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">109,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Interim
Services, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,730,656</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">55,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Manpower,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,797,813</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Mentor Graphics
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,284,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">105,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Viad
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,460,938</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,446,982</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Tobacco — 2.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">111,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">UST,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,143,688</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Total Consumer
Non-Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
30,082,407</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Energy — 10.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Oil & Gas
Products — 8.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">65,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Dynegy,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,046,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">110,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Noble Affiliates,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,475,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">73,320</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">USX-Marathon
Group</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,585,545</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">64,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Unocal
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,725,375</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
8,832,795</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Oil
Services — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">71,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Rowan Companies,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,783,875</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Energy</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
10,616,670</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Financial — 15.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Banking — 5.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Amcore Financial,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,256,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">65,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Associated Banc
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,645,312</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Firstar
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,246,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">48,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Golden West
Financial Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,368,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,516,437</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Financial
Services — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">15,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers
Holdings, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,087,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Insurance — 8.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">138,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Ace,
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,466,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">87,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Everest Re Group
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,151,675</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">34,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">MGIC Investment
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,270,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">45,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Radian Group,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,560,938</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Torchmark
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,196,675</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
8,646,788</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Financial</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
15,250,725</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="355" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Shares or
<BR>
Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Raw
Materials/Intermediate
<BR>
Goods — 12.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Chemicals — 5.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">Fuller (H.B.)
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$1,841,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">48,150</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Imperial Chemical
<BR>
Industries, PLC, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,492,650</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">Millennium
Chemicals, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,750,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,083,900</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Intermediate
Goods — 1.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">59,327</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">Hanson PLC,
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,891,048</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Paper &
Related Products — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">200,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">
Abitibi-Consolidated, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,775,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">35,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">Consolidated
Papers, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,354,369</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Packaging Corp.
of
<BR>
America</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,087,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,216,869</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Steel — 1.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">Nucor
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,490,625</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">Total Raw Materials/
<BR>
Intermediate Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
12,682,442</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Telecommunications — 3.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Services — 3.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">29,410</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">(3)AT&T
Corp. — Liberty
<BR>
Media Group, Inc.,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,536,672</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">18,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">Telephone and Data
System,
<BR>
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,899,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Telecommunications</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,435,672</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Common
Stocks
<BR>
</B>(identified cost $82,900,020)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>83,638,491</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(4)U.S. Treasury
Bill — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">$300,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">3/9/2000
(identified cost
<BR>
$299,658)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>299,689</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(2)Repurchase
Agreement — 12.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,981,259</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers,
Inc.,
<BR>
5.68%, dated 2/29/2000,
<BR>
due 3/1/2000 (at
<BR>
amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>11,981,259</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments </B>(identified
<BR>
cost $95,180,937)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>$95,919,439</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Mid-Cap Growth
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common
Stocks — 94.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Capital
Goods — 58.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Computer
Services — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">15,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Check Point
Software
<BR>
Technologies Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$3,059,062</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Entrust
Technologies, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,295,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(3)FIserv,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,725,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Organic,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">682,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Paychex,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,006,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Perot Systems
Corp., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,271,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">130,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">
(1)(3)ZDNet</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,168,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
22,207,812</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Computers — 2.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Lexmark Intl.
Group, Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,925,000</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>22</I></B></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Mid-Cap Growth Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Capital Goods
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Electrical
Equipment — 1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">Molex,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$6,984,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Semi-Conductor — 6.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Altera
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,380,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">95,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Conexant
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,333,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Triquint
Semiconductor, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,125,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Vitesse
Semiconductor Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,381,250</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
33,220,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Technology — 43.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)724 Solutions,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,295,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Applied Micro
Circuits Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,251,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Citrix Systems,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,543,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">225,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)CommScope,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,760,938</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">4,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Digex, Inc.,
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">648,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)DSL.net,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">840,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">65,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Echostar
Communications
<BR>
Corp., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,410,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)E-Tek
Dynamics, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
19,127,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">200,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Flextronics
International Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
12,175,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Harmonic
Lightwaves, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,270,313</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Inktomi
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,970,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Jabil
Circuit, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,943,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">120,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)JDS Uniphase
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
31,635,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">35,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Lycos,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,086,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">90,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Network
Appliance, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
16,987,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Phone.com,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,792,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Portal Software,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,253,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">120,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">Scientific-Atlanta,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
12,322,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)SDL,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
28,700,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Tetra Tech,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,506,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">95,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Veritas Software
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
18,798,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">10,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Vignette
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,305,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
227,623,626</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">Total Capital
Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
301,960,813</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Non-Durables — 21.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Broadcasting — 12.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)American
Tower Systems
<BR>
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,925,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)AMFM,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,671,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">105,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Cox Radio, Inc.,
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,400,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Crown Castle
International
<BR>
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,031,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">105,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Cumulus Media,
Inc., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,136,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">124,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Hispanic
Broadcasting Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,586,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Infinity
Broadcasting Corp.,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,992,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Univision
Communications,
<BR>
Inc., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,640,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">270,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)USA Networks,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,058,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Westwood One,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,681,250</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
64,123,437</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Health
Care — 0.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">55,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)CareInsite,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,740,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Health Management
<BR>
Association, Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,075,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,815,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Leisure &
Recreation — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">Harley Davidson,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,812,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">165,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Steiner Leisure
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,691,562</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,504,062</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="318" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Shares or
<BR>
Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Non-Durables </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Publishing — 0.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">130,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Playboy
Enterprises,
<BR>
Inc., Class B</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$2,868,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Retail — 3.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">173,333</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)99 Cents Only
Stores</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,344,167</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Bed Bath &
Beyond, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,256,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Kohl’s
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,371,875</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
19,972,292</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Services - Advertising/
<BR>
Marketing — 1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Mediaplex,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,680,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Services - Commercial &
<BR>
Consumer — 0.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Viant
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,276,250</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">Total Consumer
<BR>
Non-Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
110,239,166</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Financial — 5.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Banks — 0.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">42,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">Zions
Bancorp</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,228,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Financial
Services — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers
Holdings,
<BR>
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,250,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">130,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">Northern Trust
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,345,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
14,595,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Insurance — 0.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">Ambac Financial
Group, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,393,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Other
Financial — 1.1%</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">MGIC Investment
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,606,250</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Financial</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
26,823,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Telecommunications — 8.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Adelphia
Communications
<BR>
Corp., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,493,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Adelphia Business
<BR>
Solutions, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,137,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">120,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Allegiance
Telecom, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,865,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Covad
Communications
<BR>
Group, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,415,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)ITC DeltaCom,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,896,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(1)(3)Level 3
<BR>
Communications, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,110,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Tellabs,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,200,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Telecommunications</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
46,118,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Utilities — 1.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Oil &
Gas — 1.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Nabors
Industries, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,587,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Noble Drilling
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,600,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Utilities</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,187,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Common
Stocks
<BR>
</B>(identified cost $254,539,438)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>492,329,229</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(4)U.S. Treasury
Bill — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$1,640,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2">3/9/2000
(identified cost
<BR>
$1,638,110)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>1,638,672</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments in Securities</B>
<BR>
(identified cost $256,177,548)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>493,967,901</B></FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>23</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Mid-Cap Growth Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(2)Repurchase
Agreement — 5.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$28,955,170</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers,
Inc.,
<BR>
5.68%, dated 2/29/2000,
<BR>
due 3/1/2000 (at
<BR>
amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$<B>28,955,170</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments</B> (identified
<BR>
cost $285,132,718)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>$522,923,071</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Small-Cap Growth
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common
Stocks — 96.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Capital
Goods — 50.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Computer
Services — 5.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Diamond
Technology
<BR>
Partners, Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$4,786,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">55,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Tanning
Technology Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,371,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)ZDNet</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,565,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,723,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Semi-Conductor — 11.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">35,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Applied Micro
Circuits Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,627,188</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Triquint
Semiconductor, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,500,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
19,127,188</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Technology — 34.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)ACTV,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">901,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Aether Systems,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,335,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">25,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Axent
Technologies, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">678,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)CacheFlow,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,435,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)C-COR
Electronics, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,471,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">45,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Digital River,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,620,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Flextronics
International Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,087,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Harmonic
Lightwaves, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,846,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)ISS Group,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,100,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)McAfee.com,
Corp., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,388,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Mentor Graphics
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,140,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)MKS Instruments,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,365,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">25,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)SDL,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,250,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">6,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Sonicwall,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">543,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">120,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Tetra Tech,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,007,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">5,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Turnstone
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">960,313</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">37,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">
(3)USinternetworking, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,503,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
58,634,563</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">Total Capital
Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
87,484,876</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Non-Durables — 31.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Advertising — 0.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Avenue A,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">57,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Banks — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">Cullen/Frost
Bankers, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,720,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Business
Services — 0.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">FactSet Research
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,205,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Broadcasting — 16.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)American Tower
Corp.,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,925,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Classic
Communications,
<BR>
Inc., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">645,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Cox Radio, Inc.,
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Cumulus Media,
Inc., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,987,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Hearst-Argyle
Television, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,665,000</FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="355" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common
Stocks</B><I> (continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Non-Durables </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Broadcasting
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">25,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Hispanic
Broadcasting Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$2,335,937</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Pinnacle
Holdings, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,312,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Westwood One,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,008,750</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
27,879,687</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Communication
Services —
<BR>
2.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">25,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)SBA
Communications, Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,012,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Western Wireless
Corp.,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,910,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,922,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Health
Care — 4.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">12,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)ChromaVision
Medical
<BR>
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">257,031</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Diversa
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">106,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Medical Manager
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,367,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)TriZetto Group,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,075,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,806,331</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Leisure &
Recreation — 1.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Playboy
Enterprises, Inc.,
<BR>
Class B</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,544,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">105,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Steiner Leisure
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,712,812</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,257,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Medical
Equipment — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">8,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Aspect Medical
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">527,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Medical
Supplies — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Sybron
International Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,800,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Retail — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)99 Cents Only
Stores</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,503,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Pacific Sunwear
of California</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,907,812</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Too,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,440,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,851,562</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">Total Consumer
Non-Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
54,026,867</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Energy — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Oil & Gas
Equipment Services — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)BJ Services
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,423,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Petroleum
Geo-Services,
<BR>
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,228,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Energy</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,651,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Financial — 2.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">Radian Group,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,734,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">Raymond James
Financial, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,975,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Financial</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,709,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Telecommunications — 8.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">6,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Choice One
<BR>
Communications, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">360,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">8,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Cypress
Communications,
<BR>
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">186,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">25,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)ITC DeltaCom,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">948,438</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">35,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)MGC
Communications, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,415,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Splitrock
Services, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,675,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Pac-West
Telecomm, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,750,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Time Warner
Telecom, Inc.,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,850,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="183" NOWRAP ALIGN="left"><FONT SIZE="2">Total
Telecommunications</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
14,184,938</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>24</I></B></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Small-Cap Growth Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Shares or
<BR>
Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common
Stocks</B> (continued)</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Utility — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Energy — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2">Devon Energy
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$1,862,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Common
Stocks </B>(identified
<BR>
cost $87,255,081)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>165,920,431</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(4)U.S. Treasury
Bill — 0.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">$635,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2">3/9/2000
(identified cost
<BR>
$634,283)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>634,486</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments in Securities
<BR>
</B>(identified cost $87,889,364)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>166,554,917</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(2)Repurchase
Agreement — 3.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,598,975</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers,
Inc., 5.68%,
<BR>
dated 2/29/2000, due 3/1/2000
<BR>
(at amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>5,598,975</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments </B>(identified cost
<BR>
$93,488,339)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>172,153,892</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>International Stock
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common
Stocks — 91.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2"><B></B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Australia — 0.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">122,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Publishing and
Broadcasting Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$1,146,393</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Brazil — 0.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">16,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Telecomunicacoes
Brasileiras
<BR>
SA, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,473,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Canada — 6.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">97,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Celestica,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,480,188</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">26,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Cognos,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,762,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">36,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)JDS Uniphase
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,675,038</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">90,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Nortel Networks
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,035,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">28,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)QLT
PhotoTherapeutics, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,041,325</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">69,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Rogers
Communications, Inc.,
<BR>
Class B</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,348,754</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
30,342,505</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Denmark — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">4,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Vetsas Wind
Systems A/S</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,183,014</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Finland — 3.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">69,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Nokia Oyj, Class A,
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
13,683,563</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Sonera
Oyj</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,665,321</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
18,348,884</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>France — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">12,319</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Axa</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,550,237</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">17,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Cap Gemini
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,688,425</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">32,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">France Telecom
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,233,254</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">46,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Lagardere
S.C.A.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,333,756</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">17,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Total Fina SA,
Class B</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,346,864</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">21,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Vivendi</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,505,829</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
20,658,365</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Germany — 8.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">6,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Aixtron
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,435,360</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">11,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Allianz Holding
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,808,020</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">9,680</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Brokat
Infosystems AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,444,035</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">40,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Deutsche Bank
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,453,736</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">88,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Deutsche Telekom
AG, Class D</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,306,306</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">20,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">EM.TV &
Merchandising AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,036,119</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">29,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Epcos
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,040,319</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">3,787</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Intershop
Communications AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,971,974</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">9,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">MobilCom
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,239,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">59,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Siemens
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,615,667</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">7,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Singulus
Technologies AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">784,940</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
38,136,276</FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Hong
Kong — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">330,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(3)China Telecom
<BR>
(Hong Kong) Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$3,042,246</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">9,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(3)China.com Corp.,
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,179,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">210,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">HSBC Holdings
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,408,164</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">415,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Hutchison
Whampoa</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,505,287</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
13,135,297</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Israel — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Check Point
Software
<BR>
Technologies Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
10,196,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">6,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Gilat Satellite
Networks Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">974,594</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">53,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Teva Pharmaceutical
Industries
<BR>
Ltd., ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,285,625</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
13,457,094</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Italy — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">22,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Banca Popolare di
Brescia</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,539,604</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">136,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Mediolanum
SPA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,596,849</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">171,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Telecom Italia
Mobile SPA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,333,268</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,469,721</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Japan — 20.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">246,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Daiwa Securities
Co. Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,906,539</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">19,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Fanuc
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,850,116</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">4,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Fast Retailing Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,365,063</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">145,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Fujisawa
Pharmaceutical Co. Ltd</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,763,616</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">206,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Fujitsu
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,842,608</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">26,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Hitachi Software
Engineering
<BR>
Co. Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,106,384</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">7,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">JAFCO Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,038,495</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">9,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Keyence
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,014,060</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">45,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Kyocera
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,760,804</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">20,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Matsushita
Communication</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,402,284</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">136,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Matsushita Electric
Industrial Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,960,504</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">25,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Murata
Manufacturing Co. Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,854,712</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">92,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">NEC
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,055,422</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">229</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">NTT Mobile
Communication
<BR>
Network, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,232,106</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">49,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Nikon
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,654,366</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">3,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Nippon Television
Network Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,703,099</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">156</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Nippon Telegraph
& Telephone
<BR>
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,157,892</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">148,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Nomura Securities
Co. Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,175,274</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">3,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Oracle Corp.
Japan</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,060,472</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">4,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Rohm Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,524,821</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">52,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Shin-Etsu Chemical
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,815,671</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">3,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Softbank
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,950,630</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">35,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Sony
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,351,731</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">17,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Tokyo Electron
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,591,345</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">36,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Toyoda Gosei Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,496,428</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
99,634,442</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Korea — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">24,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Samsung
Electro-Mechanics Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,491,957</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">31,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Samsung Electronics
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,219,843</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
8,711,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Mexico — 3.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">76,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Fomento
Economico Mexicano,
<BR>
SA de CV, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,386,138</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">474,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Grupo Financiero
Banamex
<BR>
Accival, SA de CV, Class O</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,022,029</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">42,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Grupo Televisa SA,
GDR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,249,169</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">94,956</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Telefonos de
Mexico, Class L, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,243,357</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
14,900,693</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Netherlands — 7.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">20,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2">(3)ASM Lithography
Holding
<BR>
NV, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,677,813</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>25</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>International Stock
Fund </B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Netherlands
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">66,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Koninklijke (Royal)
Philips
<BR>
Electronics NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$12,235,517</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">4,784</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Koninklijke (Royal)
Philips
<BR>
Electronics NV, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">916,136</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">10,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Qiagen
NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,743,357</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">51,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Royal Dutch
Petroleum Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,669,943</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">
(3)STMicroelectronics NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,998,203</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">15,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(3)United Pan-Europe
<BR>
Communications NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,098,300</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
35,339,269</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Portugal — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">12,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(3)PT
MULTIMEDIA — Servicos
<BR>
de Telecomunicacoes e
<BR>
Multimedia SGPS SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,643,253</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Singapore — 1.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">96,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Singapore Press
Holdings Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,838,120</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">360,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Venture
Manufacturing
<BR>
(Singapore) Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,409,922</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,248,042</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Spain — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">58,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Repsol
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,099,012</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">173,916</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Telefonica
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,006,058</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">10,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Terra Networks
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,392,931</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,498,001</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Sweden — 5.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">8,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Enea Data
AB</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,687,911</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">284,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Skandia Forsakrings
AB</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,682,267</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">101,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Telefonaktiebolaget
LM Ericsson</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,758,935</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">10,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Telelogic
AB</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">856,947</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
23,986,060</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Switzerland — 2.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">2,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Adecco
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,980,198</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">420</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Ares-Serono Group
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,360,936</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">1,150</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Compagnie Financiere
<BR>
Richemont AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,656,766</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">320</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Roche Holding
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,452,505</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">1,810</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Swatch Group
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,948,479</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
11,398,884</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Taiwan, Province
Of China — 0.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">45,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Taiwan
Semiconductor
<BR>
Manufacturing Co. Ltd., ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,733,431</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>United
Kingdom — 12.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">18,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(3)ARM Holdings
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,358,028</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">271,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Amvescap
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,088,914</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">11,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Autonomy Corp.
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,357,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">595,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">BP Amoco
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,597,935</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">140,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">British Sky
Broadcasting
<BR>
Group PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,576,069</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">29,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">CMG PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,846,091</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">32,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Kewill Systems
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,288,950</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">59,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Kingston
Communication
<BR>
(Hull) PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,291,913</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">157,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Logica
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,758,852</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">154,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Pearson
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,178,448</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(3)QXL
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,686,050</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">143,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Shire
Pharmaceuticals
<BR>
Group PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,278,252</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">147,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Smithkline Beecham
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,652,329</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,857,821</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Vodafone AirTouch
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
15,993,761</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">278,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">WPP Group
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,376,326</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
58,328,918</FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>United
States — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">35,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Amdocs
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$2,603,981</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">61,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2">(3)Comverse
Technology,
<BR>
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
12,009,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">19,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2">(3)NTL,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,756,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">22,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2">(3)PMC-Sierra,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,285,988</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
20,656,144</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Common
Stocks
<BR>
</B>(identified cost $292,253,353)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>438,430,286</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Preferred
Stocks — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Germany — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">4,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2">Marschollek,
<BR>
Lautenschlaeger und
<BR>
Partner AG, Pfd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,504,286</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">2,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2">SAP AG,
Pfd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,246,915</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Preferred
Stocks
<BR>
</B>(identified cost $4,290,274)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>4,751,201</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments in Securities
<BR>
</B>(identified cost $296,543,627)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>443,181,487</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Mutual
Fund — 5.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
28,053,699</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2">SSGA Money Market
Fund
<BR>
(at net asset value)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>28,053,699</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments </B>(identified
<BR>
cost $324,597,326)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>$471,235,186</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Government Income Fund
</B></FONT><FONT SIZE="2"><I></I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Asset-Backed
Securities—4.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$6,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Green Tree Home
Equity Loan
<BR>
Trust, Series 1998-B, Class
<BR>
B1, 7.810%, 11/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$5,805,420</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,643,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Greenwich Capital
Acceptance,
<BR>
7.150%, 8/10/2020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
10,180,136</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Asset-Backed Securities
<BR>
</B>(identified cost $16,665,899)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>15,985,556</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Collateralized
Mortgage Obligation — 0.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">377,336</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Independent
National Mortgage
<BR>
Corp., 7.250%, 11/25/2010
<BR>
(identified cost $379,105)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>376,527</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Corporate
Bonds — 2.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">(5)HSB Group, Inc.,
6.950%,
<BR>
4/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,656,520</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">(5)TXU Gas Capital,
7.353%,
<BR>
4/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,867,150</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Corporate
Bonds </B>(identified
<BR>
cost $8,898,950)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>8,523,670</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Federal National
Mortgage
<BR>
Association Notes — 10.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
16,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">5.780%,
5/7/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
15,198,240</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">6.500%,
8/15/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,765,100</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">6.625%,
11/5/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,916,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Federal
National Mortgage
<BR>
Association Notes </B>(identified
<BR>
cost $34,912,909)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>34,879,840</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Mortgage Backed
Securities — 55.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Federal Home
Loan Mortgage
<BR>
Corporation — 9.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,820,595</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">7.000%,
11/1/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,748,286</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,807,859</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">7.000%,
5/1/2027</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,657,906</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>26</I></B></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2">
<B> </B></FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Government Income Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Mortgage-Backed
Securities </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Federal Home
Loan Mortgage Corporation
<BR>
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$4,038,348</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">7.500%,
4/1/2024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$3,971,473</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
14,443,612</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">7.500%,
8/1/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
14,168,317</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,940,503</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">8.500%,
9/1/2024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,989,617</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">11,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">8.750%,
4/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">11,874</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,629,743</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">9.000%,
6/1/2019</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,728,358</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">1,413</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">9.500%,
2/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">1,423</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">1,849</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">10.500%,
10/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">1,858</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
31,279,112</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Federal National
Mortgage
<BR>
Association — 15.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,706,558</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">7.000%,
12/1/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,595,026</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
20,483,328</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">7.000%,
5/1/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
19,407,954</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
14,823,302</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">7.500%,
8/1/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
14,392,537</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,708,168</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">8.000%,
10/1/2028</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,727,239</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
51,122,756</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Government
National Mortgage
<BR>
Association — 30.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,999,515</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">7.000%,
5/1/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,538,253</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,811,392</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">7.000%,
5/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,528,310</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,453,557</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">7.000%,
6/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,977,547</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
18,373,442</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">7.500%,
8/15/2025</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
18,063,645</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
16,474,559</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">7.500%,
12/15/2025</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
16,191,361</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
19,872,759</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">7.500%,
12/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
19,493,984</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,722,957</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">8.000%,
10/15/2017</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
11,931,743</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,546,366</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">8.500%,
9/15/2028</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,676,373</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,122,340</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">9.500%,
10/15/2024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,187,570</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">2,935</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">10.500%,
10/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">2,954</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">3,730</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">11.000%,
11/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">3,759</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
101,595,499</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Mortgage
Backed
<BR>
Securities </B>(identified cost
<BR>
$189,024,473)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>183,997,367</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>U.S. Treasury
Securities — 24.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2"><B>U.S. Treasury
Bond — 7.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">6.250%,
5/15/2030</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
25,375,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>U.S. Treasury
Notes — 17.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">(1)5.875%,
11/15/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,710,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">(1)6.375%,
1/31/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
24,925,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
22,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">(1)6.500%,
8/31/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
22,007,480</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
56,642,680</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2"><B></B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total U.S.
Treasury Securities
<BR>
</B>(identified cost $81,967,734)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>82,017,680</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments in Securities
<BR>
</B>(identified cost $331,849,070)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>325,780,640</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(2)Repurchase
Agreement — 3.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
12,345,626</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers,
Inc., 5.68%,
<BR>
dated 2/29/2000, due 3/1/2000
<BR>
(at amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>12,345,626</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Investments
<BR>
</B>(identified cost $344,194,696)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$<B>338,126,266</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Intermediate Bond Fund
</B></FONT><FONT SIZE="2"><I></I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Asset-Backed
Securities — 14.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$9,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Aircraft Finance
Trust, Class C,
<BR>
8.000%, 5/15/2024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$8,210,925</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">(6)ARG Funding
Corp., Class
<BR>
A2, 5.88%, 5/20/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,365,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,500,001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">
Bridgestone/Firestone Master
<BR>
Trust 1996-1, Class A,
<BR>
6.17%, 7/1/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,501,576</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Citibank Credit
Card Master
<BR>
Trust I 1999-7, Class A,
<BR>
6.65%, 11/15/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,873,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,420,351</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">(5)(6)DLJ Commercial
<BR>
Mortgage Corp. 1998-STF2,
<BR>
Class A1, 6.506%, 11/5/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,422,075</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">(6)DLJ Leverage
Loan Funding,
<BR>
LLC 1A, Class B1, 7.671%,
<BR>
9/15/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,737,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,750,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">First USA Credit
Card Master
<BR>
Trust 1998-9, Class A,
<BR>
5.28%, 9/18/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,234,392</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">108,022</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Green Tree
Financial Corp.
<BR>
1994-7, Class A4, 8.35%,
<BR>
3/15/2020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">108,163</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Green Tree Home
Equity Loan
<BR>
Trust 1998-B, Class B1,
<BR>
7.81%, 11/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
6,772,990</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
12,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">J.P. Morgan
Commercial
<BR>
Mortgage Finance Corp.
<BR>
1997-C5, Class A2, 7.069%,
<BR>
9/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
11,749,406</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Metris Master Trust
1997-1,
<BR>
Class A, 6.87%, 11/20/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,970,100</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,639,760</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Pegasus Aviation
Lease
<BR>
Securitization 1999-1A, Class
<BR>
A1, 6.30%, 3/25/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,534,993</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
12,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">TMS Home Equity
Trust
<BR>
1996-B, Class A7, 7.55%,
<BR>
2/15/2020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
12,015,720</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Asset-Backed Securities
<BR>
</B>(identified cost $89,079,893)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>86,497,240</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Collateralized
Mortgage Obligations — 5.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">(6)Criimi Mae CMBS
Corp.,
<BR>
1998-1, Class A2, 6.009%,
<BR>
2/20/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,561,325</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">(6)Criimi Mae CMBS
Corp.,
<BR>
1998-1, Class A3, 6.306%,
<BR>
12/20/2007</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,211,558</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,111,333</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Federal Home Loan
Mortgage
<BR>
Corp., Series 1829, Class H,
<BR>
6.50%, 10/15/2021</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,994,209</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
1,547,413</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Federal Home Loan
Mortgage
<BR>
Corp., Series 1834, Class A,
<BR>
7.00%, 1/15/2020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,545,897</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,923,198</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">Federal National
Mortgage
<BR>
Association, Series 1997-17,
<BR>
Class PD, 7.00%, 4/18/2021</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,918,832</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,455,574</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2">(6)Prudential Home
Mortgage
<BR>
Securities 1992-B, Class 2B,
<BR>
6.757%, 9/28/2008</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,331,156</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Collateralized Mortgage
<BR>
Obligations </B>(identified cost
<BR>
$31,509,926)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>30,562,977</B></FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>27</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Intermediate Bond Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="325" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Corporate
Bonds — 44.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Banking — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(5)(6)Old Kent
Capital Trust I,
<BR>
6.849%, 5/1/00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$6,840,841</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(5)(6)Skandinaviska
Enskilda,
<BR>
Sub. Note, Series 6.50%,
<BR>
6/4/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,389,890</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
16,230,731</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Broker/Dealers — 3.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(5)Bear Stearns
Cos., Inc., 7.00%,
<BR>
1/15/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,906,080</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers,
Inc., Sr. Sub.
<BR>
Note, 7.50%, 8/1/2026</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,949,950</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">PaineWebber Group,
Inc., Note,
<BR>
6.45%, 12/1/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,776,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
17,632,530</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Communication — 1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">WorldCom, Inc., Sr.
Note,
<BR>
6.125%, 8/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
6,910,820</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Computer
Services — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Edison
International, Note,
<BR>
6.875%, 9/15/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,879,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Consumer
Cyclicals — 3.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(1)DaimlerChrysler
AG,
<BR>
Company Guarantee, 6.90%,
<BR>
9/1/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,317,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Dayton-Hudson
Corp., Unsecd.
<BR>
Note, 6.40%, 2/15/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,877,900</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Dayton-Hudson
Corp., Unsecd.
<BR>
Note, 9.75%, 7/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
10,526,800</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
22,722,450</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Finance — 11.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Aristar, Inc.,
Note, 6.30%,
<BR>
10/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,735,700</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
12,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(5)(6)Credit
Suisse, London, Sub.
<BR>
Note, 7.90%, 5/29/2049</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
11,377,104</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">FINOVA Capital
Corp., Note,
<BR>
6.25%, 11/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,878,920</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">FINOVA Capital
Corp., Note,
<BR>
7.25%, 11/8/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,940,660</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,400,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Ford Motor
Credit Co., Bond,
<BR>
6.70%, 7/16/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
10,056,488</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
2,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Ford Motor
Credit Co., Note,
<BR>
7.375%, 10/28/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,940,280</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
8,165,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">General Motors
Acceptance
<BR>
Corp., Unsecd. Note, 7.00%,
<BR>
6/6/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
8,056,569</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Household
Netherlands BV,
<BR>
Company Guarantee, 6.20%,
<BR>
12/1/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,799,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">(5)MBNA Global
Capital
<BR>
Securities, Jr. Sub. Deb.,
<BR>
6.849%, 2/1/2027</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,410,550</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
12,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Sears Roebuck
Acceptance Corp.,
<BR>
Note, Series III, 7.01%,
<BR>
9/19/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
11,838,240</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
68,033,711</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Industrial — Defense —
1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2">Lockheed Martin
Corp., 7.95%,
<BR>
12/1/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,875,260</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="318" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Corporate
Bonds </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Industrial
Services — 7.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">IMC Global, Inc.,
Deb.,
<BR>
6.875%, 7/15/2007</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$9,271,700</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,800,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(6)Marlin Water
Trust, Sr.
<BR>
Note, 7.09%, 12/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,639,495</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,600,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">NRG Energy, Inc.,
Sr. Note,
<BR>
7.50%, 6/1/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
6,312,570</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Tyco International
Group,
<BR>
Company Guarantee,
<BR>
5.875%, 11/1/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,219,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Waste
Management, Inc.,
<BR>
Note, 6.625%, 7/15/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,737,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(5)WMX
Technologies, Inc.,
<BR>
Unsecd. Note, 7.70%,
<BR>
10/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
6,767,390</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
45,947,655</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Insurance — 3.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Conseco, Inc.,
Note,
<BR>
6.80%, 6/15/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,593,300</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(6)Florida
Windstorm, Bond,
<BR>
6.50%, 8/25/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,689,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(5)HSB Group, Inc.,
<BR>
Company Guarantee,
<BR>
6.95%, 7/15/2027</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,656,520</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
17,939,420</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Transportation — 2.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(6)American Trans
Air,
<BR>
Series 8.039%, 1/15/2016</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,991,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,585,333</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Continental
Airlines, Inc.,
<BR>
Pass Thru Cert., 6.541%,
<BR>
9/15/2008</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,278,070</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Delta Air Lines,
Inc., Equip.
<BR>
Trust, Series 1993-A2,
<BR>
10.50%, 4/30/2016</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,578,880</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
13,848,150</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Utility — 0.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(6)Potomac Capital
<BR>
Investment Corp., MTN,
<BR>
7.55%, 11/19/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,970,360</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Utilities-Electric — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Korea Electric
Power Corp.,
<BR>
Deb., 6.00%, 12/1/2026</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,871,520</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(1)Osprey Trust,
Sr. Secd.
<BR>
Note, 8.31%, 1/15/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,007,700</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">TXU Eastern Funding
Co.,
<BR>
Company Guarantee,
<BR>
6.75%, 5/15/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
6,906,450</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
15,785,670</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Utilities-Natural Gas — 1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(5)TXU Gas Capital,
7.354%
<BR>
7/1/2028</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
6,814,010</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Utilities-Telephone — 2.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(1)BellSouth
Capital Funding
<BR>
Corp., Note, 7.75%,
<BR>
2/15/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
10,058,400</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">(6)Vodafone
AirTouch PLC,
<BR>
Note, 7.625%, 2/15/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,012,450</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
15,070,850</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Corporate
Bonds
<BR>
</B>(identified cost $272,441,167)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>261,661,367</B></FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>28</I></B></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Intermediate Bond Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Corporate
Notes — 6.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Broker/Dealers — 3.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$12,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">Bear Stearns Cos.,
Inc., Sr.
<BR>
Note, 6.75%, 5/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$11,934,120</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers
Holdings,
<BR>
Inc., Note, 6.625%,
<BR>
4/1/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,587,600</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
21,521,720</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Tobacco — 1.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">Philip Morris Cos.,
Inc.,
<BR>
Note, 7.25%, 9/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
9,888,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Transportation — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">AMERCO, Sr. Note,
7.20%,
<BR>
4/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
6,816,880</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Corporate
Notes
<BR>
</B>(identified cost $38,987,280)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>38,226,800</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Government
Agencies — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Federal Home
Loan Bank — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">5.43%,
11/17/2008</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,367,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">5.58%,
8/17/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
6,406,725</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Government
Agencies
<BR>
</B>(identified cost $11,565,695)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>10,773,975</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Mortgage Backed
Securities — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Federal Home
Loan Mortgage
<BR>
Corporation — 0.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">81,427</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">8.75%,
4/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">81,939</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Federal National
Mortgage
<BR>
Association — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,846,372</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">7.635%,
8/1/2011</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,819,111</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Mortgage
Backed
<BR>
Securities </B>(identified cost
<BR>
$5,307,615)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>4,901,050</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2"><B>U.S. Treasury
Notes — 18.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,265,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">(1)5.625%,
5/15/2008</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
3,996,561</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">(1)6.00%,
8/15/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
4,882,550</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
17,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">(1)6.00%,
8/15/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
16,358,590</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
15,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">(1)6.375%,
8/15/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
14,937,300</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">(1)6.50%,
5/15/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,932,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
20,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">(1)6.50%,
10/15/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
19,791,400</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">(1)6.50%,
2/15/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,062,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">(1)6.625%,
5/15/2007</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
9,965,900</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">(1)7.50%,
2/15/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,344,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">(1)7.875%,
8/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,191,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total U.S.
Treasury Notes
<BR>
</B>(identified cost $111,774,474)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>110,462,501</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments in Securities
<BR>
</B>(identified cost $560,636,000)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>543,085,910</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(2)Repurchase
Agreement — 7.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
46,592,394</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers,
Inc.,
<BR>
5.68%, dated 2/29/2000,
<BR>
due 3/1/2000
<BR>
(at amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>46,592,394</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="193" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments </B>(identified
<BR>
cost $607,258,394)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>$589,678,304</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Money Market
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="318" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Certificate Of
Deposit—0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Banking — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$15,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Commerzbank AG, NY,
<BR>
5.295%, 5/19/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$14,998,283</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(7)Commercial
Paper — 16.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Aerospace &
Related — 2.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
48,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">General Dynamics
Corp.,
<BR>
5.900% - 5.970%,
<BR>
3/24/2000 - 3/31/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
47,792,201</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Asset-Backed — 4.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
30,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Thames Asset Global,
<BR>
5.890%, 4/6/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
29,823,300</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
63,357,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Thunder Bay
Funding, Inc.,
<BR>
5.920% - 5.950%,
<BR>
3/3/2000 - 4/10/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
63,127,306</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
92,950,606</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Banking — 5.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$22,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">
Spintab-Swedmortgage AB,
<BR>
5.910%, 4/13/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$22,341,169</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
75,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">UBS Finance
(Delaware),
<BR>
Inc., (UBS AG LOC),
<BR>
5.830%, 3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
75,000,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
97,341,169</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Broker/Dealers — 2.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
50,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Credit Suisse First
Boston,
<BR>
5.950%, 6/7/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
49,190,139</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Financial
Services — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
30,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">General Electric
Capital
<BR>
Services, 5.970%, 3/9/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
29,960,200</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Commercial
Paper</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>317,234,315</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Corporate
Bonds — 9.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Asset-Backed — 3.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Asset Backed Capital
<BR>
Financial Corp., Class A,
<BR>
5.900%, 8/8/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
20,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Beta Finance, Inc.,
6.630%,
<BR>
1/23/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
20,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">CC (USA), Inc.,
5.670%,
<BR>
6/21/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
10,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Centaur Corp.,
5.330%,
<BR>
3/6/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
25,000,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
65,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Automotive — 0.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
17,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Ford Capital BV,
9.500%,
<BR>
8/9/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
17,237,802</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Personal
Credit — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
15,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Ford Motor Credit
Co.,
<BR>
7.020%, 10/10/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
15,078,287</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Short-Term
Business Credit — 0.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
12,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">CIT Group, Inc.,
5.800%,
<BR>
7/20/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
12,487,735</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Telecommunications — 3.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
60,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">GTE Corp., 6.140%,
<BR>
12/11/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
59,963,526</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
7,825,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">SBC Communications,
Inc.,
<BR>
6.500%, 8/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,838,354</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
67,801,880</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="195" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total Corporate
Bonds</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>177,605,704</B></FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>29</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Money Market Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Variable-Rate
Notes — 52.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Asset-Backed — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$30,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Syndicated Loan
Funding
<BR>
Trust, 6.025%, 3/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$30,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Banking — 10.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Allfirst Bank,
6.030%,
<BR>
4/26/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
24,990,616</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
50,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Bank One Corp.,
6.110%,
<BR>
5/18/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
49,996,782</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
30,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">First Union
National Bank,
<BR>
6.160%, 5/17/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
30,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
75,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">SMM Trust, Series
1999A-1,
<BR>
6.150%, 3/13/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
75,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
15,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Union Bank of
California,
<BR>
6.120%, 4/16/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
15,000,824</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
194,988,222</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Broker/Dealers — 8.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
75,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Goldman Sachs
Group, Inc.,
<BR>
6.120%, 9/11/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
75,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
35,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">J.P. Morgan &
Co., Inc.,
<BR>
5.866%, 3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
35,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Merrill Lynch &
Co., Inc.,
<BR>
6.054%, 4/3/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
25,000,593</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
22,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Morgan Stanley Dean
Witter &
<BR>
Co., 6.496%, 3/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
22,009,127</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
157,009,720</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Diversified
Manufacturing — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Danaher Corp.,
5.905%,
<BR>
3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Financial
Services — 2.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
55,514,855</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Conseco Finance
Trust, (Series
<BR>
1999-B) Class A, 6.045%,
<BR>
3/10/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
55,514,855</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Foreign
Banks — 4.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
75,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">(6)Northern Rock
PLC,
<BR>
6.111%, 3/14/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
75,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Insurance — 13.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
40,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">American General
Corp.,
<BR>
6.090%, 5/18/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
40,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
40,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2">Commonwealth Life
Insurance,
<BR>
6.190%, 3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
40,000,000</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="358" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Variable-Rate
Notes </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Insurance
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
$10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">Diversified
Financial
<BR>
Products, 6.210%,
<BR>
4/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$10,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
40,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">Jackson National
Life
<BR>
Insurance Co., 6.060%,
<BR>
5/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
40,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
50,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">Metropolitan Life
<BR>
Insurance Co., 6.100%,
<BR>
3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
50,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">Monumental Life
<BR>
Insurance Co., 6.074%,
<BR>
3/6/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
25,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
50,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">Travelers Insurance
Co.,
<BR>
6.041%, 4/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
50,000,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
255,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Mortgage
Banking — 1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">(6)Homeside Lending,
<BR>
Inc., 6.290%, 5/16/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
25,010,371</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Personal
Credit — 6.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
75,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">American Honda
Finance
<BR>
Corp., 6.028%,
<BR>
4/24/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
74,993,424</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">Ford Motor Credit
Corp.,
<BR>
6.058%, 5/18/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
24,990,592</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
30,200,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">Toyota Motor Credit
<BR>
Corp., 6.124% - 6.125%,
<BR>
3/7/2000 - 6/17/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
30,189,490</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
130,173,506</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Short-Term
Business Credit — 3.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
74,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">Heller Financial,
Inc.,
<BR>
6.151%, 5/17/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
74,000,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Variable-Rate Notes</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>1,001,696,674</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments in
<BR>
Securities</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>1,511,534,976</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>(2)Repurchase
Agreement — 20.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2">
380,748,209</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2">Lehman Brothers,
Inc.,
<BR>
5.680%, dated
<BR>
2/29/2000, due
<BR>
3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>380,748,209</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Total
Investments </B>(at
<BR>
amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
<B>$1,892,283,185</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>30</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2"><B>Notes to Portfolios of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"> The categories of
investments are shown as a percentage of net assets at February 29,
2000.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(1)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Certain shares or
principal amounts are temporarily on loan to unaffiliated
broker-dealers.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(2)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">The repurchase
agreements are fully collateralized by U.S. Government and/or agency
obligations based on current market prices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(3)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Non-income
producing.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(4)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Represents the
initial deposit within a margin account used to ensure the Fund is able to
satisfy the obligations of its outstanding long futures
contracts.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(5)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Current rate and
next demand date shown.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(6)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Securities exempt
from registration under the Securities Act of 1933, as amended and may
only be sold to dealers and other exempt investors. These securities have
been determined to be liquid according to guidelines established by the
Funds’ board of directors.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(7)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Each issue shows
the rate of discount at the time of purchase.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">The following
acronyms are used throughout this report:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">ADR—American
Depositary Receipt</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">GDR—Global
Depositary Receipt</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">LOC—Letter of
Credit</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">MTN—Medium Term
Note</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="3"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="677" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Marshall</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Cost of
<BR>
Investments for
<BR>
Federal Tax
<BR>
Purposes</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Net
<BR>
Unrealized
<BR>
Appreciation
<BR>
(Depreciation)
<BR>
for Federal
<BR>
Tax Purposes</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Gross
<BR>
Unrealized
<BR>
Appreciation
<BR>
for Federal
<BR>
Tax Purposes</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Gross
<BR>
Unrealized
<BR>
Depreciation
<BR>
for Federal
<BR>
Tax Purposes</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Total Net
<BR>
Assets</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="246" NOWRAP ALIGN="left"><FONT SIZE="2">Equity Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$387,328,070</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$17,889,533</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$53,697,570</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
35,808,037</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$406,907,564</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="246" NOWRAP ALIGN="left"><FONT SIZE="2">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
299,186,911</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
143,606,304</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
158,547,582</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
14,941,278</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
438,096,501</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="246" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
95,180,937</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">738,502</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
11,345,576</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
10,607,074</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
99,340,107</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="246" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
285,132,718</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
237,790,353</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
243,099,407</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,309,054</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
519,093,003</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="246" NOWRAP ALIGN="left"><FONT SIZE="2">Small-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
93,488,339</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
78,665,553</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
82,555,365</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,889,812</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
172,222,160</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="246" NOWRAP ALIGN="left"><FONT SIZE="2">International Stock
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
324,597,326</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
146,637,860</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
151,149,236</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,511,376</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
478,181,384</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="246" NOWRAP ALIGN="left"><FONT SIZE="2">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
344,194,696</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(6,068,430</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">178,057</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
6,246,487</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
330,730,185</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="246" NOWRAP ALIGN="left"><FONT SIZE="2">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
607,258,394</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(17,580,090</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">397,135</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
17,977,225</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
593,748,565</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="246" NOWRAP ALIGN="left"><FONT SIZE="2">Money Market
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,892,283,185</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">—</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,896,544,234</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"> * at amortized
cost</FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="5%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="95%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>31</I></B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Statements of Assets and
Liabilities</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="688" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="top" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Equity
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Large-Cap
<BR>
Growth & Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Mid-Cap
<BR>
Value
<BR>
Fund</B></FONT></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B> </B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Assets:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Investments in
securities, at value</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$397,910,386</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$430,661,473</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$83,938,180</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Investments in
repurchase agreements</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
7,307,217</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
12,131,742</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
11,981,259</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Short-term
investments held as collateral for securities lending</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
20,460,852</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
50,574,358</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
7,229,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Cash</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Cash denominated in
foreign currencies (identified cost, $2,730,381)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Income
receivable</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,474,205</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">409,007</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">77,617</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Receivable for
investments sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,261,531</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,504,704</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Net receivable for
foreign currency exchange contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Receivable for
daily variation margin</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">54,675</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Deferred
organizational costs</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Total assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
430,414,191</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
493,776,580</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
106,785,835</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Liabilities:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Payable to
Bank</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">82,098</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">44,069</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">941</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Payable for shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Income distribution
payable</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Payable for
investments purchased</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,522,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
4,595,990</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">132,990</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Payable for
securities lending</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
20,460,852</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
50,574,358</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
7,229,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Accrued
expenses</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">441,577</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">465,662</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">82,397</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Total liabilities</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
23,506,627</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
55,680,079</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
7,445,728</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Total Net
Assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$406,907,564</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$438,096,501</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$99,340,107</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Net Assets
Consist of:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Paid-in-capital</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
385,087,899</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
273,878,275</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
95,624,601</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Net unrealized
appreciation (depreciation) on investments, collateral,
<BR>
futures contracts and
foreign currency translation</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
17,889,533</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
143,606,304</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">800,261</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Accumulated net
realized gain (loss) on investments, futures contracts
<BR>
and foreign currency
transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
4,057,995</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
20,326,469</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,932,311</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Undistributed net
investment income/(net operating loss)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(127,863</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">285,453</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(17,066</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Total Net Assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$406,907,564</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$438,096,501</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$99,340,107</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Net Asset
Value,</B> Offering Price, and Redemption Proceeds Per Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Class Y
Shares:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Net Asset Value and
Redemption Proceeds Per Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$12.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$17.10</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$8.89</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Offering Price Per
Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$12.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$17.10</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$8.89</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Class A
Shares:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Net Asset Value and
Redemption Proceeds Per Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$12.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$17.10</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$8.89</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Offering Price Per
Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$13.46</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$18.14</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$9.43</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">*</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Class I
Shares:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Net Asset Value and
Redemption Proceeds Per Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Offering Price Per
Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Net
Assets:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Class Y
Shares:</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$405,554,576</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$436,222,764</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$98,693,131</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Class A
Shares:</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,352,988</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,873,737</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">646,976</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Class I
Shares:</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Total Net
Assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$406,907,564</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$438,096,501</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$99,340,107</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Shares
Outstanding:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Class Y
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
31,963,248</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
25,517,362</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
11,104,085</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Class A
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">106,632</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">109,607</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">72,788</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Class I
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">
Total shares outstanding ($0.0001 par
value)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
32,069,880</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
25,626,969</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
11,176,873</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">Investments, at
identified cost</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$387,328,070</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$299,186,911</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$95,180,937</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="1">Investments, at tax
cost</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$387,328,070</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$299,186,911</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$95,180,937</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"> * Computation
of offering price per share 100/94.25 of net asset value.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">** Computation of
offering price per share 100/95.25 of net asset value.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>32</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Funds </FONT></DIV>
<TABLE ALIGN="center" WIDTH="589" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Mid-Cap
<BR>
Growth
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Small-Cap
<BR>
Growth
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>International
<BR>
Stock
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Government
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Intermediate
<BR>
Bond
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Money
<BR>
Market
<BR>
Fund</B></FONT></TH>
</TR>
<TR>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$493,967,901</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$166,554,917</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$471,235,186</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$325,780,640</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$543,085,910</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
$1,511,534,976</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
28,955,170</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
5,598,975</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
12,345,626</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
46,592,394</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
380,748,209</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
94,616,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
57,937,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
144,818,479</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">356</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,695,094</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">54,661</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">17,583</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">491,660</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,772,620</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
7,479,320</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
14,369,925</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,400,078</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
9,822,073</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
17,644,544</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">119,888</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">715,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">286,002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">11,272</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
620,709,710</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
172,468,749</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
484,364,257</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
416,480,930</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
741,976,103</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
1,906,653,110</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">32,821</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">16,627</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">85,421</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
1,050,888</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">36,318</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,711,322</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,956,742</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
8,323,979</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
6,461,565</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">19,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
5,570,891</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
25,874,871</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
94,616,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
57,937,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
144,818,479</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">505,421</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">210,762</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">575,664</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">227,052</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">366,896</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">734,009</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
101,616,707</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">246,589</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
6,182,873</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
85,750,745</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
148,227,538</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
10,108,876</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$519,093,003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$172,222,160</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$478,181,384</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$330,730,185</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$593,748,565</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
$1,896,544,234</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
231,924,018</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
90,502,376</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
311,188,430</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
349,578,786</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
639,239,512</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
1,896,544,234</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
241,843,422</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
80,490,901</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
146,523,886</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(6,068,430</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(17,580,090</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
46,683,788</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,904,905</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
25,640,865</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(12,780,171</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(27,910,857</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,358,225</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(676,022</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(5,171,797</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$519,093,003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$172,222,160</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$478,181,384</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$330,730,185</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$593,748,565</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
$1,896,544,234</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$28.03</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$21.49</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$18.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$9.04</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$9.08</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">$1.00</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$28.03</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$21.49</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$18.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$9.04</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$9.08</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">$1.00</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$28.03</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$21.49</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$18.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$9.04</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$9.08</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">$1.00</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$29.74</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$22.80</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$19.83</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$9.49</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">**</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$9.53</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">**</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">$1.00</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$18.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$18.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$517,701,842</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$170,880,355</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$378,097,040</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$329,725,673</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$592,172,949</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
$1,736,011,788</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,391,161</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,341,805</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,266,842</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,004,512</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,575,616</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
160,532,446</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
98,817,502</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$519,093,003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$172,222,160</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$478,181,384</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$330,730,185</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$593,748,565</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
$1,896,544,234</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
18,468,229</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
7,952,127</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
20,226,035</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
36,455,615</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
65,190,259</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
1,736,011,788</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">49,630</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">62,443</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">67,794</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">111,066</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">173,454</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
160,532,446</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
5,286,195</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
18,517,859</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
8,014,570</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
25,580,024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
36,566,681</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
65,363,713</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
1,896,544,234</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$285,132,718</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 93,488,339</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$324,597,326</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$344,194,696</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$607,258,394</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
$1,892,283,185</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$285,132,718</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 93,488,339</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$324,597,326</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$344,194,696</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$607,258,394</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="70" NOWRAP ALIGN="right"><FONT SIZE="1">
$1,892,283,185</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><I>Six Months Ended
February 29, 2000 (unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Statements of
Operations</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT></DIV>
<TABLE ALIGN="center" WIDTH="689" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B> </B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Equity
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Large-Cap
<BR>
Growth &
<BR>
Income Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Mid-Cap
<BR>
Value Fund</B></FONT></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B> </B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Investment
Income:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Interest
income</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 600,031</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 967,751</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 239,341</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Dividend
income</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
6,226,965</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,137,583</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">802,998</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Total income</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
6,826,996</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,105,334</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,042,339</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Expenses:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Investment adviser
fee</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,860,493</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,621,902</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">438,990</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Directors’
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">3,980</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">4,229</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">4,229</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Administrative
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">209,995</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">190,304</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">51,308</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Custodian
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">37,238</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">34,057</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">11,706</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Portfolio
accounting fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">52,041</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">47,289</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">26,971</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Transfer and
dividend disbursing agent fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">62,160</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">80,531</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">57,385</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Shareholder
services fees—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Class Y Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">618,662</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">538,794</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">145,627</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Class A Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,503</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,840</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">703</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Registration
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">9,603</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">14,015</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">7,087</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Auditing
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,374</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,374</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,374</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Legal
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">2,686</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,990</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,597</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Printing and
postage</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,219</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">5,971</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">9,249</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Insurance
premiums</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,891</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,144</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">747</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Distribution
services fees—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Class A Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,503</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,840</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">703</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Miscellaneous</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">16,214</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">14,662</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">3,744</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Total expenses</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,890,562</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,564,942</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">766,420</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Deduct-</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Waiver of
investment adviser fee</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Waiver of
shareholder services fees—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Class Y Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Class A Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1,503</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1,840</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(703</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Total Waivers</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1,503</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1,840</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(703</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Net
expenses</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,889,059</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,563,102</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">765,717</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Net investment
income (net operating loss)</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,937,937</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">542,232</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">276,622</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Realized and
Unrealized Gain (Loss) on Investments, Collateral,
<BR>
Foreign Currency and Futures Contracts:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Net realized gain
(loss) on investment transactions
<BR>
(identified cost
basis)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
4,861,356</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
19,411,782</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,165,378</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Net realized gain
(loss) on futures contracts (identified cost basis)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(804,342</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">937,215</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">162,840</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Net realized loss
on foreign currency contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1">
Net change in
unrealized appreciation (depreciation) on investments,
<BR>
collateral, futures
contracts and foreign currency translation</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(90,012,050</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(6,476,501</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(15,648,314</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Net realized and
unrealized gain (loss) on investments, collateral,
<BR>
foreign currency and futures contracts</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(85,955,036</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
13,872,496</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(12,320,096</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="348" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Change in net
assets resulting from operations</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$(82,017,099</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$14,414,728</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$(12,043,474</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(1)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Net of Foreign
taxes withheld of $138,484.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>34</I></B></FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"></FONT><FONT SIZE="2">n</FONT><FONT SIZE="2"></FONT><FONT SIZE="2"><B> Marshall
Funds </B></FONT></DIV>
<TABLE ALIGN="center" WIDTH="578" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Mid-Cap
<BR>
Growth
<BR>
Fund</B></FONT><FONT SIZE="1"><B></B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Small-Cap
<BR>
Growth
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>International
<BR>
Stock
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Government
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Intermediate
<BR>
Bond
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Money
<BR>
Market
<BR>
Fund</B></FONT></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
$
668,881</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 312,449</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 395,820</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$11,448,431</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$20,558,485</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$52,864,731</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
221,114</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">48,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">733,730</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">(1)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
889,995</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">360,649</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,129,550</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
11,448,431</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
20,558,485</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
52,864,731</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
1,402,620</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">634,601</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,784,787</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,198,956</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,790,909</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
4,513,359</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
3,980</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">3,980</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">2,713</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">3,957</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">3,981</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">4,229</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
173,148</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">89,119</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">170,381</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">135,292</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">250,314</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">744,065</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
31,133</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">12,692</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">101,940</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">28,418</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">42,280</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">102,699</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
43,631</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">27,315</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">52,250</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">42,692</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">52,848</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">84,764</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
79,056</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">77,406</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">112,020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">47,155</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">35,903</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">160,283</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="left"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
466,633</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">157,724</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">371,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">398,599</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">744,529</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">166,920</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
909</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">926</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">985</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,052</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,683</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">13,614</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
16,966</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">10,417</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">15,262</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">9,889</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">11,999</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">30,205</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
6,374</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,374</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">8,234</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,374</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,374</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,872</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
2,239</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,990</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">3,978</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">2,487</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">2,487</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">3,333</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
6,468</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,717</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">8,117</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,468</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,717</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,817</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
896</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">995</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">994</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,244</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,990</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">81,115</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
909</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">926</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">985</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,052</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1,683</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">204,213</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
14,167</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6,415</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">7,589</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">7,601</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">18,232</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">10,150</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
2,249,129</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,037,597</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,641,835</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,891,236</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,971,929</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
6,132,638</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(34,809</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(159,861</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(179,091</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(2,256,679</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(366,712</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(684,967</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
(909)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(926</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(985</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1,052</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1,683</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
(909)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(926</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(35,794</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(527,625</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(865,741</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(2,256,679</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
2,248,220</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,036,671</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,606,041</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,363,611</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,106,188</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,875,959</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,358,225)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(676,022</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,476,491</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
10,084,820</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
18,452,297</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
48,988,772</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
44,655,896</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,939,293</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
30,434,397</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(5,632,691</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(3,186,173</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
3,310,209</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">593,838</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,907,764</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
174,978,138</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
75,454,526</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
116,162,941</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(327,886</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(2,853,982</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
222,944,243</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
78,987,657</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
144,689,574</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(5,960,577</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(6,040,155</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1">
$221,586,018</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$78,311,635</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$143,213,083</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 4,124,243</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$12,412,142</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$48,988,772</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>35</I></B></FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Statements of Changes in
Net Assets</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT></DIV>
<TABLE ALIGN="center" WIDTH="766" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="1"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="top" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="top" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Equity
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Large-Cap
<BR>
Growth &
<BR>
Income Fund</B></FONT></TH>
</TR>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="1"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="center"><FONT SIZE="2">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Year Ended
<BR>
August 31,
<BR>
1999</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Year Ended
<BR>
August 31,
<BR>
1999</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Increase (Decrease) in Net
Assets</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Operations—</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Net investment
income (net operating loss)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 3,937,937</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 9,248,983</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 542,232</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1,179,785</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Net realized gain
(loss) on investment transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
4,861,356</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
43,055,381</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
19,411,782</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
21,925,688</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Net realized gain
(loss) on futures contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(804,342</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">937,215</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,576,508</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Net realized loss
on foreign currency contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Net change in
unrealized appreciation (depreciation) of investments,
<BR>
collateral, futures
contracts and foreign currency translation</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(90,012,050</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
72,705,877</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(6,476,501</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
81,285,328</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Change in net assets resulting from operations</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(82,017,099</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
125,010,241</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
14,414,728</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
107,967,309</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Distributions to
Shareholders—</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Dividends to
shareholders from net investment income</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Class Y Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(4,315,987</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(9,616,451</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(454,676</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,225,905</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Class A Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(9,984</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1,539</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1,291</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(125</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Class I Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Distributions to
shareholders from net realized gain on investments</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Class Y Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(42,936,447</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(33,129,352</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(23,537,005</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(16,057,392</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Class A Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(111,257</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(83,328</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Class I Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Change in net assets from distributions to
shareholders</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(47,373,675</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(42,747,342</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(24,076,300</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(17,283,422</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Capital Stock
Transactions—</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Proceeds from sale
of shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
27,595,299</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
62,127,664</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
36,738,688</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
68,746,185</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Proceeds from
shares issued in connection with the tax-free transfer of assets
<BR>
from a Common Trust
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
9,150,163</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Net asset value of
shares issued to shareholders in payment of distributions
<BR>
declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
44,207,775</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
36,072,765</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
23,275,895</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
16,617,460</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Cost of shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(73,554,964</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(101,277,886</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(29,349,402</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(42,926,207</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Change in net assets from capital stock
transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,751,890</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(3,077,457</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
39,815,344</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
42,437,438</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Change in net assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(131,142,664</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
79,185,442</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
30,153,772</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
133,121,325</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Net Assets:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Beginning of
period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
538,050,228</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
458,864,786</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
407,942,729</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
274,821,404</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
End of
period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$406,907,564</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$538,050,228</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$438,096,501</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$407,942,729</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="420" NOWRAP ALIGN="left"><FONT SIZE="1">
Undistributed net investment income
included in net assets at end of period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (127,863</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 260,171</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 285,453</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 199,188</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>36</I></B></FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Funds </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="761" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=4 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Mid-Cap
<BR>
Value Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Mid-Cap
<BR>
Growth Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Small-Cap
<BR>
Growth
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=4 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>International
<BR>
Stock Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Government
<BR>
Income
<BR>
Fund</B></FONT></TH>
</TR>
<TR>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=4 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Year
<BR>
Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Year
<BR>
Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Year
<BR>
Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="center"><FONT SIZE="2">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Year
<BR>
Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Year
<BR>
Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=28 VALIGN="bottom" ALIGN="left"><FONT SIZE="5"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 276,622</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1,260,293</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (1,358,225</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (1,872,909</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (676,022</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (894,516</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (1,476,491)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1,470,281</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 10,084,820</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 17,052,816</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,165,378</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
14,240,749</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
44,655,896</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
27,484,765</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,939,293</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,267,142</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
30,434,397</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
27,402,838</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(5,632,691</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(5,532,998</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">162,840</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,310,209</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,139,745</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">593,838</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,241,740</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,907,764)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,420,206</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=28 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(15,648,314</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
11,987,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
174,978,138</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
73,510,212</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
75,454,526</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
20,790,088</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
116,162,941</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
21,406,193</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(327,886</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(10,156,936</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(12,043,474</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
27,488,942</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
221,586,018</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
101,261,813</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
78,311,635</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
22,404,454</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
143,213,083</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
48,859,106</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
4,124,243</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,362,882</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=28 VALIGN="bottom" ALIGN="left"><FONT SIZE="5"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(462,773</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,460,404</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
(2,736,198)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(4,598,552</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(9,931,931</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(17,129,836</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(2,133</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(311</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">(8,345)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(26,092</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(4,991</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
(821,256)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=28 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(14,371,587</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(11,609,645</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(28,643,051</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(12,958,800</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(3,312,795</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(187,364</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
(22,691,202)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(74,697</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(59,592</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(19,849</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">(67,976)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
(6,273,934)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(14,911,190</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(13,070,360</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(28,702,643</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(12,958,800</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(3,332,644</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(187,364</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
(32,598,911)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(4,598,552</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(9,958,023</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(17,134,827</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=28 VALIGN="bottom" ALIGN="left"><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
10,968,034</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
16,163,437</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
95,146,965</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
91,239,828</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
42,324,225</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
48,531,026</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
401,384,976</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
220,340,936</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
122,460,634</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
101,047,566</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
14,460,692</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
12,077,431</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
28,303,949</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
12,799,676</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,289,762</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">185,274</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
30,622,693</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,562,588</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
5,013,237</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
10,213,574</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(28,064,852</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(48,348,363</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(94,768,643</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(82,203,575</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(51,756,486</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(47,405,727</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
(335,184,183)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(221,668,862</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(108,947,767</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(57,763,948</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(2,636,126</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(20,107,495</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
28,682,271</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
21,835,929</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(6,142,499</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,310,573</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
96,823,486</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,234,662</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
18,526,104</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
53,497,192</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(29,590,790</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(5,688,913</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
221,565,646</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
110,138,942</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
68,836,492</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
23,527,663</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
207,437,658</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
45,495,216</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
12,692,324</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
37,725,247</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=28 VALIGN="bottom" ALIGN="left"><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
128,930,897</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
134,619,810</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
297,527,357</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
187,388,415</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
103,385,668</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
79,858,005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
270,743,726</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
225,248,510</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
318,037,861</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
280,312,614</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 99,340,107</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$128,930,897</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$519,093,003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$297,527,357</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$172,222,160</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$103,385,668</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
$478,181,384</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$270,743,726</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$330,730,185</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$318,037,861</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (17,066</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 171,218</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (1,358,225</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (676,022</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="73" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (5,171,797)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (129,507</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (126,797</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>37</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Statements of Changes in
Net Assets</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="766" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B> </B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="top" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
<BR>
Intermediate
<BR>
Bond Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Money Market
<BR>
Fund</B></FONT></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B> </B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Year Ended
<BR>
August 31,
<BR>
1999</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">Year Ended
<BR>
August 31,
<BR>
1999</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Increase
(Decrease) in Net Assets</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Operations—</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Net investment
income (net operating loss)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 18,452,297</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 34,735,372</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
48,988,772</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 85,982,103</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Net realized gain
(loss) on investment transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(3,186,173</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(2,982,509</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Net change in
unrealized appreciation (depreciation) of investments,
<BR>
collateral, futures
contracts and foreign currency translation</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(2,853,982</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(24,215,629</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Change in net assets resulting from
operations</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
12,412,142</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
7,537,234</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
48,988,772</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
85,982,103</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Distributions to
Shareholders—</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Dividends to
shareholders from net investment income:</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Class Y Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(18,226,099</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(34,884,036</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(45,446,834</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(80,923,709</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Class A Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(39,736</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(10,464</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(3,541,938</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(5,058,394</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Distributions from
shareholders from net realized gain on investments</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Class Y Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Change in net assets from
distributions to shareholders</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(18,265,835</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(34,894,500</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(48,988,772</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(85,982,103</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Capital Stock
Transactions—</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Proceeds from sale
of shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
41,642,677</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
109,483,038</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,082,429,571</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
6,113,374,930</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Net asset value of
shares issued to shareholders in payment of dividends
<BR>
declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
6,448,917</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
13,956,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
11,752,339</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
24,005,312</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Cost of shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(48,412,478</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(85,827,857</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(2,979,729,883</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(6,049,229,780</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Change in net assets from capital
stock transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(320,884</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
37,611,381</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
114,452,027</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
88,150,462</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Change in net assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(6,174,577</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
10,254,115</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
114,452,027</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
88,150,462</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Net
Assets:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
Beginning of
period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
599,923,142</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
589,669,027</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,782,092,207</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,693,941,745</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">
End of
period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$593,748,565</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$599,923,142</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$1,896,544,234</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$1,782,092,207</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="410" NOWRAP ALIGN="left"><FONT SIZE="1">Undistributed net
investment income included in net assets at end of period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ (186,462</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>38</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><I>(For a share
outstanding throughout each period)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Financial
Highlights—Marshall Funds—Class A Shares</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2">
<B></B> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT></DIV>
<TABLE ALIGN="center" WIDTH="100%" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH COLSPAN=26 VALIGN="bottom" ALIGN="center"><FONT SIZE="1"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=8 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Ratios to
Average Net Assets</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Period
<BR>
Ended
<BR>
August 31,</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Net asset
<BR>
value,
<BR>
beginning
<BR>
of period</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Net
<BR>
investment
<BR>
income
<BR>
(net
<BR>
operating
<BR>
loss)</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Net realized and
<BR>
unrealized
<BR>
gain/(loss) on
<BR>
investments,
<BR>
collateral, futures
<BR>
contracts, and
<BR>
foreign currency</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Total from
<BR>
investment
<BR>
operations</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Dividends to
<BR>
shareholders
<BR>
from net
<BR>
investment
<BR>
income</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Distributions to
<BR>
shareholders from
<BR>
net realized gain
<BR>
on investment
<BR>
transactions,
<BR>
futures
<BR>
contracts, and
<BR>
foreign currency
<BR>
transactions</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Total
<BR>
distributions</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Net asset
<BR>
value, end
<BR>
of period</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Total
<BR>
return(2)</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1">
<I>Expenses</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Net
<BR>
investment
<BR>
income (net
<BR>
operating
<BR>
loss)</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Expense
<BR>
waiver(4)</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Net assets,
<BR>
end of
<BR>
period
<BR>
(000 omitted)</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><I>Portfolio
<BR>
turnover
<BR>
rate</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
</FONT></TH>
</TR>
<TR>
<TD COLSPAN=9 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Equity Income
Fund</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1999(1)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$15.88</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.16</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.81</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.97</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.14</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.14</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$16.71</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6.13</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.17</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.68</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 755</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">72</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">2000(5)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$16.71</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.12</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(2.65</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(2.53</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.13</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.36</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.49</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$12.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(16.21</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.16</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.59</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1,353</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">38</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD COLSPAN=12 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Large-Cap Growth
& Income Fund</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1999(1)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$16.34</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.02</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.14</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.16</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.02</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.02</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$17.48</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">7.08</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.20</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.15</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 912</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">32</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">2000(5)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$17.48</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.02</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.61</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.63</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.02</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.99</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.01</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$17.10</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">3.49</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.19</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.22</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1,874</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">34</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD COLSPAN=9 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Mid-Cap Value
Fund</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1999(1)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$10.77</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.05</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.62</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.67</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.04</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.04</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$11.40</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6.22</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.26</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.71</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 356</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">90</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">2000(5)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$11.40</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.02</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.11</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.09</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.04</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.38</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.42</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 8.89</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(10.58</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.31</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.47</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 647</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">53</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD COLSPAN=9 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Mid-Cap Growth
Fund</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1999(1)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$15.13</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.02</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">2.17</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">2.15</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$17.28</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">14.21</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.21</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.74</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%)(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 278</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">173</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">2000(5)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$17.28</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.07</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">12.51</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">12.44</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.69</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.69</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$28.03</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">75.67</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.20</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.72</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%)(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1,391</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">60</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD COLSPAN=9 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Small-Cap Growth
Fund</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1999(1)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$12.73</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.02</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.33</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.35</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$12.38</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(2.75</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.59</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.03</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%)(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 394</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">219</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">2000(5)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$12.38</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.08</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">9.60</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">9.52</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.41</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.41</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$21.49</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">78.29</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.63</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.07</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%)(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1,342</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">57</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD COLSPAN=9 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><B>International
Stock Fund</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1999(1)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$12.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.14</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.14</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$13.83</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">8.98</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.50</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.13</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.27</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 429</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">182</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">2000(5)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$13.83</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.01</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6.40</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6.39</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.17</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.36</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(1.53</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$18.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">46.62</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.50</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.90</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%)(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.27</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1,267</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">94</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD COLSPAN=9 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Government
Income Fund</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1999(1)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 9.61</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.34</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.39</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.34</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.34</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 9.22</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.56</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.09</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">5.55</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.36</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 754</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">232</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">2000(5)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 9.22</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.28</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.18</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.10</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.28</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.28</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 9.04</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.08</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">6.08</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.35</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1,005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">113</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD COLSPAN=9 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Intermediate
Bond Fund</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1999(1)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 9.53</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.35</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.36</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.01</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.35</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.35</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 9.17</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.09</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.94</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">5.79</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.31</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 953</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">181</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">2000(5)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 9.17</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.27</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.09</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.18</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.27</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.27</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 9.08</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">1.96</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.94</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">5.99</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.31</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1,576</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">126</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
</TR>
<TR>
<TD COLSPAN=9 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Money Market
Fund</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1995</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.05</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.05</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">5.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.71</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">5.21</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.26</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 30,331</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1996</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.05</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.05</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">5.07</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.71</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">4.92</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.26</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 84,711</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1997</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.05</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.05</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">5.04</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.71</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">4.93</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.26</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 89,485</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1998</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.05</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.05</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">5.19</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.71</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">5.12</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$105,125</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">1999</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.05</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.05</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.05</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">4.67</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.71</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">4.57</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$118,352</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">2000(5)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.03</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.03</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.03</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(0.03</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
$ 1.00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">2.59</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.71</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">5.20</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">0.25</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">%(3)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">$160,532</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(1)</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Reflects operations
for the period from December 31, 1998 (start of performance) to August 31,
1999.</FONT></DIV>
</TD>
</TR>
</TABLE>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(2)</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Based on net asset
value.</FONT></DIV>
</TD>
</TR>
</TABLE>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(3)</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Computed on an
annualized basis.</FONT></DIV>
</TD>
</TR>
</TABLE>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(4)</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">This voluntary
expense decrease is reflected in both the expense and net investment
income ratios.</FONT></DIV>
</TD>
</TR>
</TABLE>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1">(5)</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">Six months ended
February 29, 2000 (unaudited).</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="1"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>39</I></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><I>February 29, 2000
(Unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Notes to Financial
Statements</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3">
<B>1. Organization</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Marshall Funds, Inc.
(the “Corporation”) is registered under the Investment Company Act
of 1940, as amended (the “Act”), as an open-end management
investment company. The Corporation consists of eleven diversified
portfolios, nine of which offer Class A Shares (individually referred to as
the “Fund”, or collectively as the “Funds”) which are
presented below. The financial statements for the remaining funds of the
Corporation are presented in a separate semi-annual report.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="766" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Portfolio
Name</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Investment
Objective</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" WIDTH="379" NOWRAP ALIGN="left"><FONT SIZE="2">Marshall Equity
Income Fund (“Equity Income Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">Capital
appreciation and above-average dividend income.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="379" NOWRAP ALIGN="left"><FONT SIZE="2">Marshall Large-Cap
Growth & Income Fund
<BR>
(“Large-Cap Growth & Income Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">Capital
appreciation and income.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="379" NOWRAP ALIGN="left"><FONT SIZE="2">Marshall Mid-Cap
Value Fund (“Mid-Cap Value Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">Capital
appreciation.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="379" NOWRAP ALIGN="left"><FONT SIZE="2">Marshall Mid-Cap
Growth Fund (“Mid-Cap Growth Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">Capital
appreciation.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="379" NOWRAP ALIGN="left"><FONT SIZE="2">Marshall Small-Cap
Growth Fund (“Small-Cap Growth Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">Capital
appreciation.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="379" NOWRAP ALIGN="left"><FONT SIZE="2">Marshall
International Stock Fund (“International Stock Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">Capital
appreciation.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="379" NOWRAP ALIGN="left"><FONT SIZE="2">Marshall Government
Income Fund (“Government Income Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">Current
Income.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="379" NOWRAP ALIGN="left"><FONT SIZE="2">Marshall
Intermediate Bond Fund (“Intermediate Bond Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">Maximize total
return consistent with current income.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="379" NOWRAP ALIGN="left"><FONT SIZE="2">Marshall Money
Market Fund (“Money Market Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2">Current income
consistent with stability of principal.</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
The Funds are offered
in two classes of shares: Class Y Shares and Class A Shares. Effective
September 1, 1999, International Stock Fund began offering a third class of
shares, Class I Shares. The assets of each portfolio are segregated and a
shareholder’s interest is limited to the portfolio in which shares are
held. The Financial Highlights of Class Y Shares and Class I Shares of the
Funds are presented in separate semi-annual reports.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Effective September
10, 1999, the following Fund’s Class Y Shares received a tax-free
transfer of assets from the M&I Bank Common Trust Funds.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="715" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Fund
<BR>
Shares
<BR>
Issued</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Common
<BR>
Trust Fund
<BR>
Net Assets
<BR>
Received</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Unrealized
<BR>
Appreciation(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="457" NOWRAP ALIGN="left"><FONT SIZE="2">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">514,343</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$9,150,163</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$6,068,327</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">(1) Unrealized
appreciation is included in the Common Trust Fund net assets
received.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3">
<B>2. Significant Accounting
Policies</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
The following is a
summary of significant accounting policies consistently followed by the
Funds in the preparation of their financial statements. These policies are
in conformity with generally accepted accounting principles.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Investment
Valuations</I>—Listed equity securities are valued at the last sale
price reported on a national securities exchange. U.S. government
securities, listed corporate bonds, other fixed income and asset-backed
securities, and unlisted securities and private placement securities are
generally valued at the mean of the latest bid and asked price as furnished
by an independent pricing service. Municipal bonds are valued by an
independent pricing service, taking into consideration yield, liquidity,
risk, credit quality, coupon, maturity, type of issue, and any other factors
or market data the pricing service deems relevant. Money Market Fund’s
use of the amortized cost method to value portfolio securities is in
accordance with Rule 2a-7 under the Act. For fluctuating net asset value
funds within the Corporation, short-term securities are valued at the prices
provided by an independent pricing service. However, short-term securities
purchased with remaining maturities of sixty days or less may be valued at
amortized cost, which approximates fair market value. Investments in other
open-end regulated investment companies are valued at net asset
value.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Repurchase
Agreements</I>—It is the policy of the Funds 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 under repurchase agreement
transactions. Additionally, procedures have been established by the Funds to
monitor, on a daily basis, the market value of each repurchase
agreement’s collateral to ensure that the value of collateral at least
equals the repurchase price to be paid under the repurchase agreement,
including accrued interest.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
The Funds will only
enter into repurchase agreements with banks and other recognized financial
institutions, such as broker/dealers, which are deemed by the Funds’
adviser (or sub-adviser with respect to International Stock Fund) to be
creditworthy pursuant to the guidelines and/or standards reviewed or
established by the Board of Directors (the “Directors”). Risks may
arise from the potential inability of counterparties to honor the terms of
the repurchase agreement. Accordingly, the Funds could receive less than the
repurchase price on the sale of collateral securities.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Funds </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Investment Income,
Expenses and Distributions</I>—Interest income and expenses are accrued
daily. Bond premium and discount, if applicable, are amortized as required
by the Internal Revenue Code, as amended (the “Code”). Dividend
income and distributions to shareholders are recorded on the ex-dividend
date. Non-cash dividends included in dividend income, if any, are recorded
at fair market value. The Funds offer multiple classes of shares, which
differ in their respective distribution and service fees. All shareholders
bear the common expenses of the Funds based on average daily net assets of
each class, without distinction between share classes. Dividends are
declared separately for each class. No class has preferential dividend
rights; differences in per share dividend rates are generally due to
differences in separate class expenses.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Federal
Taxes</I>—It is the Funds’ policy to comply with the provisions of
Subchapter M of the Code applicable to regulated investment companies and to
distribute to shareholders each year substantially all of their income.
Accordingly, no provision for federal tax is necessary.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Withholding taxes on
foreign dividends have been provided for in accordance with the applicable
country’s tax rules and rates.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
At August 31, 1999,
the following Funds had capital loss carryforwards for federal tax purposes,
which will reduce each Fund’s taxable income arising from future net
realized gain on investments, if any, to the extent permitted by the Code,
and thus will reduce the amount of the distributions to shareholders which
would otherwise be necessary to relieve each Fund of any liability for
federal tax. Pursuant to the Code, such capital loss carryforwards will
expire as listed below:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="768" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Capital Loss
<BR>
Carryforward
<BR>
to Expire in
<BR>
2003</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Capital Loss
<BR>
Carryforward
<BR>
to Expire in
<BR>
2004</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Capital Loss
<BR>
Carryforward
<BR>
to Expire in
<BR>
2005</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Total
<BR>
Capital
<BR>
Loss
<BR>
Carryforward</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="2">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$
—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$
—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">$385,369</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$ 385,369</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="355" NOWRAP ALIGN="left"><FONT SIZE="2">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
15,540,740</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
6,100,494</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
21,641,234</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> When-Issued and
Delayed Delivery Transactions</I>—The Funds may engage in when-issued
or delayed delivery transactions. The Funds record when-issued securities on
the trade date and maintain 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.
Losses may occur on these transactions due to changes in market conditions
or the failure of counterparties to perform under the contract.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Futures
Contracts</I>—Equity Income Fund, Large-Cap Growth & Income Fund,
Mid-Cap Value Fund, Mid-Cap Growth Fund and Small-Cap Growth Fund purchase
stock index futures contracts to manage cashflows, enhance yield, and to
potentially reduce transaction costs. Upon entering into a stock index
futures contract with a broker, the Fund is required to deposit in a
segregated account a specified amount of cash or U.S. government securities.
Futures contracts are valued daily and unrealized gains or losses are
recorded in a “variation margin” account. Daily, the Fund receives
from or pays to the broker a specified amount of cash based upon changes in
the variation margin account. When a contract is closed, the Fund recognizes
a realized gain or loss. Futures contracts have market risks, including the
risk that the change in the value of the contract may not correlate with
changes in the value of the underlying securities.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
At February 29, 2000,
Equity Income Fund and Large-Cap Growth & Income Fund had no outstanding
futures contracts.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
At February 29, 2000,
the Mid-Cap Value Fund had outstanding futures contracts as set forth
below:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="343" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Expiration
Date</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Contracts to
Receive</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>Position</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Unrealized
<BR>
Appreciation</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="68" NOWRAP ALIGN="left"><FONT SIZE="2">March
2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">9 S&P
500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">Long</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">$61,759</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
At February 29, 2000,
the Mid-Cap Growth Fund had outstanding futures contracts as set forth
below:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="343" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Expiration
Date</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Contracts to
Receive</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>Position</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Unrealized
<BR>
Appreciation</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">March
2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="96" NOWRAP ALIGN="right"><FONT SIZE="2">50 NASDAQ
100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">Long</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$4,053,069</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
At February 29, 2000,
the Small-Cap Growth Fund had outstanding futures contracts as set forth
below:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="343" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Expiration
Date</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Contracts to
Receive</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>Position</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Unrealized
<BR>
Appreciation</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">March
2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="96" NOWRAP ALIGN="right"><FONT SIZE="2">20 NASDAQ
100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">Long</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$1,825,348</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B></B>Notes to Financial
Statements</FONT><FONT SIZE="2">
<B><I></I></B></FONT><FONT SIZE="2"><B><I>
(continued)</I></B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Foreign Exchange
Contracts</I>—International Stock Fund may enter into foreign currency
exchange contracts as a way of managing foreign exchange rate risk. The Fund
may enter into these contracts for the purchase or sale of a specific
foreign currency at a fixed price on a future date as a hedge or cross hedge
against either specific transactions or portfolio positions. The objective
of the Fund’s foreign currency hedging transactions is to reduce the
risk that the U.S. dollar value of the Fund’s foreign currency
denominated securities will decline in value due to changes in foreign
currency exchange rates. All foreign currency exchange contracts are
marked-to-market daily at the applicable translation rates resulting in
unrealized gains or losses. Realized gains or losses are recorded at the
time the foreign currency exchange contract is offset by entering into a
closing transaction or by the delivery or receipt of the currency. Risks may
arise upon entering into
<BR>
these contracts from the potential inability of counterparties to meet the
terms of their contracts and from unanticipated movements in the value of a
foreign currency relative to the U.S. dollar. As of February 29, 2000,
International Stock Fund had outstanding foreign exchange contracts as set
forth below:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 NOSHADE>
<TABLE ALIGN="center" WIDTH="526" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Settlement
Date</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Foreign Currency
<BR>
Units to
<BR>
Deliver/Receive</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>In Exchange
For</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Contracts at
<BR>
Value</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Unrealized
<BR>
Appreciation
<BR>
(Depreciation)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><I>Contracts
Sold:</I></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
03/31/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="127" NOWRAP ALIGN="right"><FONT SIZE="2">5,413,131 Euro
Dollar</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$5,353,586</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$5,219,880</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">$133,706</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><I>Contracts
Purchased:</I></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
03/01/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="127" NOWRAP ALIGN="right"><FONT SIZE="2">2,302,830 Swiss
Franc</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,395,655</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,381,837</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(13,818</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="49" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">Net Unrealized
Appreciation on Foreign Exchange Contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">$119,888</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=11><HR SIZE=1 NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Foreign Currency
Translation</I>—The accounting records of International Stock Fund are
maintained in U.S. dollars. All assets and liabilities denominated in
foreign currencies (“FCs”) are translated into U.S. dollars based
on the rates of exchange of such currencies against U.S. dollars on the date
of valuation. Purchases and sales of securities, income and expenses are
translated at the rate of exchange quoted on the respective date that such
transactions are recorded. The Funds do not isolate that portion of the
results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Reported net realized
foreign exchange gains or losses arise from sales of portfolio securities,
sales and maturities of short-term securities, sales of FCs, currency gains
or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Funds’ books, and the U.S.
dollar equivalent of the amounts actually received or paid. Net unrealized
foreign exchange gains and losses arise from changes in the value of assets
and liabilities other than investments in securities at period end,
resulting from changes in the exchange rate.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Dollar Roll
Transactions—</I> The Funds, except for Money Market Fund, may enter
into dollar roll transactions, with respect to mortgage securities issued by
Government National Mortgage Association, Federal National Mortgage
Association and Federal Home Loan Mortgage Corporation, in which the Funds
loan mortgage securities to financial institutions and simultaneously agree
to accept substantially similar (same type, coupon and maturity) securities
at a later date at an agreed upon price. Dollar roll transactions involve
“to be announced” securities and are treated as short-term
financing arrangements which will not exceed twelve months. The Funds will
use the proceeds generated from the transactions to invest in short-term
investments, which may enhance the Funds’ current yield and total
return.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Securities
Lending</I>—The Funds participate in a securities lending program
providing for the lending of corporate bonds, equity and government
securities to qualified brokers. The Funds receive cash as collateral in
return for the securities and record a corresponding payable for collateral
due to the respective broker. The amount of cash collateral received is
maintained at a minimum level of 100% of the market value on securities
loaned plus interest. Collateral is reinvested in short-term securities
including overnight repurchase agreements, commercial paper, master notes,
floating rate corporate notes (with at least quarterly reset rates) and
money market funds. The Funds reimburse the custodian for the costs directly
associated with the Funds’ participation in the securities lending
program.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
As of February 29,
2000, the value of securities loaned, the payable on collateral due to
broker and the value of reinvested cash collateral securities were as
follows:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 NOSHADE>
<TABLE ALIGN="center" WIDTH="766" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Market Value of
<BR>
Securities Loaned</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Payable on
Collateral
<BR>
Due to Broker</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Reinvested
Collateral
<BR>
Securities</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="329" NOWRAP ALIGN="left"><FONT SIZE="2">Equity Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$ 20,193,927</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$ 20,460,852</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$ 20,460,852</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="329" NOWRAP ALIGN="left"><FONT SIZE="2">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
52,104,361</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
50,574,358</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
50,574,358</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="329" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,163,819</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,229,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
7,229,400</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="329" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
94,179,019</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
94,616,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
94,616,900</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="329" NOWRAP ALIGN="left"><FONT SIZE="2">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
56,642,680</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
57,937,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
57,937,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="329" NOWRAP ALIGN="left"><FONT SIZE="2">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
140,658,583</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
144,818,479</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
144,818,479</FONT></TD>
</TR>
<TR>
<TD COLSPAN=8><HR SIZE=1 NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Funds </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Individual reinvested cash
collateral securities in excess of 5% of Fund’s net assets at February
29, 2000 are as follows:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="689" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><I>Repurchase
Agreements:</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="365" NOWRAP ALIGN="left"><FONT SIZE="2">First Boston,
6.01%,3/1/00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$ 25,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="365" NOWRAP ALIGN="left"><FONT SIZE="2">Goldman Sachs,
6.0775%, 3/1/00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
100,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="365" NOWRAP ALIGN="left"><FONT SIZE="2">Morgan Stanley Dean
Witter, 6.0375%, 3/1/00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
60,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="365" NOWRAP ALIGN="left"><FONT SIZE="2">NationsBank, 5.94%,
3/1/00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
50,000,000</FONT></TD>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2"><I>Investment
Company:</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="365" NOWRAP ALIGN="left"><FONT SIZE="2">Provident
Institutional Temp Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$ 5,229,400</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Restricted
Securities</I>—Restricted securities are securities that may only be
resold upon registration under federal securities laws or in transactions
exempt from such registration. In some cases, the issuer of restricted
securities has agreed to register such securities for resale, at the
issuer’s expense either upon demand by the Fund or in connection with
another registered offering of the securities. Many restricted securities
may be resold in the secondary market in transactions exempt from
registration. Such restricted securities may be determined to be liquid
under criteria established by the Directors. The Funds will not incur any
registration costs upon such resales. The Funds’ restricted securities
are valued at the price provided by dealers in the secondary market or, if
no market prices are available, at the fair value as determined by the
Funds’ pricing committee.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I>
Other</I>—Investment transactions are accounted for on a trade
date basis.</FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3">
<B>3. Capital Stock</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
The Articles of
Incorporation permit the Directors to issue an indefinite number of full and
fractional shares of common stock, par value $0.0001 per share. At February
29, 2000, the capital paid-in was as follows:</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="767" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Capital
Paid-In</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="593" NOWRAP ALIGN="left"><FONT SIZE="2">Equity Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$ 385,087,899</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="593" NOWRAP ALIGN="left"><FONT SIZE="2">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
273,878,275</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="593" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
95,624,601</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="593" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
231,924,017</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="593" NOWRAP ALIGN="left"><FONT SIZE="2">Small-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
90,502,376</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="593" NOWRAP ALIGN="left"><FONT SIZE="2">International Stock
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
311,188,430</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="593" NOWRAP ALIGN="left"><FONT SIZE="2">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
349,578,786</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="593" NOWRAP ALIGN="left"><FONT SIZE="2">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
639,239,512</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="593" NOWRAP ALIGN="left"><FONT SIZE="2">Money Market
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,896,544,234</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Transactions in
capital stock were as follows:</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="679" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="1"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Equity Income
Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Large-Cap Growth
<BR>
& Income Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Mid-Cap Value
Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1">
<B>Class Y Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="253" NOWRAP ALIGN="left"><FONT SIZE="1">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,804,897</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,774,192</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,035,082</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
4,118,807</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,075,605</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,402,187</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="253" NOWRAP ALIGN="left"><FONT SIZE="1">Shares issued in
connection with the tax-free transfer
<BR>
of assets from a Common Trust Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">514,343</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="253" NOWRAP ALIGN="left"><FONT SIZE="1">Shares issued to
shareholders in payment of
<BR>
distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
3,042,220</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,268,227</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,333,913</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,056,636</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,484,141</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
1,089,157</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="253" NOWRAP ALIGN="left"><FONT SIZE="1">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(5,044,608</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(6,266,153</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,654,751</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(2,637,363</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(2,735,969</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(4,344,171</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="253" NOWRAP ALIGN="left"><FONT SIZE="1">Net change
resulting from Class Y Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(197,491</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(223,734</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,228,587</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,538,080</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(176,223</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,852,827</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="1"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Equity Income
Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Large-Cap Growth
&
<BR>
Income Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Mid-Cap Value
Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1"><B>Class A
Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="253" NOWRAP ALIGN="left"><FONT SIZE="1">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">57,317</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">47,914</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">59,099</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">52,607</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">39,244</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">31,174</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="253" NOWRAP ALIGN="left"><FONT SIZE="1">Shares issued to
shareholders in payment of
<BR>
distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">8,342</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">89</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">4,865</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">7</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">7,913</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">27</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="253" NOWRAP ALIGN="left"><FONT SIZE="1">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(4,209</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(2,821</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(6,539</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(432</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(5,561</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(9</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="253" NOWRAP ALIGN="left"><FONT SIZE="1">Net change
resulting from Class A Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">61,450</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">45,182</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">57,425</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">52,182</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">41,596</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">31,192</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="253" NOWRAP ALIGN="left"><FONT SIZE="1">Net change
resulting from Fund Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(136,041</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(178,552</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,286,012</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
2,590,262</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">(134,627</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1">
(1,821,635</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B></B>Notes to Financial
Statements</FONT><FONT SIZE="2">
<B><I></I></B></FONT><FONT SIZE="2"><B><I>
(continued)</I></B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="766" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>Mid-Cap Growth Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>Small-Cap Growth Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>International Stock Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Class Y Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Year
<BR>
Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Year
<BR>
Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Year
<BR>
Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,243,463</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,935,509</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,554,343</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,158,729</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
19,974,627</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
16,904,131</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2">Shares issued to
shareholders in
<BR>
payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,383,854</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">950,942</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">215,985</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">15,715</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,321,710</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">201,461</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(4,363,310</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(5,364,366</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(3,137,939</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(3,987,720</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(20,610,937</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(17,084,034</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="218" NOWRAP ALIGN="left"><FONT SIZE="2">Net change
resulting from Class Y
<BR>
Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,264,007</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,522,085</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(367,611</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">186,724</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">685,400</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">21,558</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="754" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Mid-Cap Growth
Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Small-Cap Growth
Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>International
Stock Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="219" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Class A
Shares</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="219" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">31,043</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">16,470</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">37,211</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">31,896</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">37,793</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">31,064</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="219" NOWRAP ALIGN="left"><FONT SIZE="2">Shares issued to
shareholders in
<BR>
payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">2,915</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">—</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">1,304</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">—</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">4,262</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">—</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="219" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(430</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(368</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(7,882</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(86</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(5,239</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(86</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="49" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="42" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="219" NOWRAP ALIGN="left"><FONT SIZE="2">Net change
resulting from Class A
<BR>
Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">33,528</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">16,102</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">30,633</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">31,810</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">36,816</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">30,978</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="49" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="42" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="219" NOWRAP ALIGN="left"><FONT SIZE="2">Net change
resulting from Fund Share
<BR>
transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,297,535</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,538,187</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(336,978</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">218,534</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2"></FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="49" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="42" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="755" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=4 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>International
Stock Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Period Ended
<BR>
February 29,
<BR>
2000(2)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="520" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Class I
Shares</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="520" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,182,915</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="520" NOWRAP ALIGN="left"><FONT SIZE="2">Shares issued to
shareholders in payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">382,886</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="520" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(279,606</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="520" NOWRAP ALIGN="left"><FONT SIZE="2">Net change
resulting from Class I Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,286,195</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="520" NOWRAP ALIGN="left"><FONT SIZE="2">Net change
resulting from Fund Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
6,008,411</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">52,536</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="754" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Government
Income Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Intermediate
Bond Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Year
<BR>
Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Year
<BR>
Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="362" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Class Y
Shares</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="362" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
13,390,847</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
10,534,385</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
4,469,508</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
11,475,295</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="362" NOWRAP ALIGN="left"><FONT SIZE="2">Shares issued to
shareholders in payment of distributions
<BR>
declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">546,174</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,074,105</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">701,917</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
1,480,740</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="362" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(11,906,704</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(6,073,360</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(5,274,449</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(9,072,476</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="362" NOWRAP ALIGN="left"><FONT SIZE="2">Net change
resulting from Class Y Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,030,317</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,535,130</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(103,024</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,883,559</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B>n</B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"> Marshall
Funds </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="754" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Government
Income Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Intermediate
Bond Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Class A
Shares</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">43,127</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">91,212</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">92,171</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">105,916</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="2">Shares issued to
shareholders in payment of distributions
<BR>
declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">1,654</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">453</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">3,523</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">1,116</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(15,569</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(9,811</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(26,072</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(3,200</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="42" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="2">Net change
resulting from Class A Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">29,212</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">81,854</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">69,622</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">103,832</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="42" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="2">Net change
resulting from Fund Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,059,529</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,616,984</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">(33,402</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
3,987,391</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="42" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="755" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Money Market
Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="481" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Class Y
Shares</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="481" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,718,516,958</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,558,732,228</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="481" NOWRAP ALIGN="left"><FONT SIZE="2">Shares issued to
shareholders in payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
8,906,205</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
19,002,349</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="481" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(2,655,151,292</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(5,502,811,648</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="481" NOWRAP ALIGN="left"><FONT SIZE="2">Net change
resulting from Class Y Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
72,271,871</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
74,922,929</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="755" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Money Market
Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="491" NOWRAP ALIGN="left"><FONT SIZE="2"><B>Class A
Shares</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="491" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
363,912,613</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
554,642,702</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="491" NOWRAP ALIGN="left"><FONT SIZE="2">Shares issued to
shareholders in payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
2,846,134</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
5,002,963</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="491" NOWRAP ALIGN="left"><FONT SIZE="2">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(324,578,591</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
(546,418,132</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="491" NOWRAP ALIGN="left"><FONT SIZE="2">Net change
resulting from Class A Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
42,180,156</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
13,227,533</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="491" NOWRAP ALIGN="left"><FONT SIZE="2">Net change
resulting from Fund Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
114,452,027</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
88,150,462</FONT></TD>
<TD><FONT SIZE="2"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">(1) For the period
from December 31, 1998 (start of performance) to August 31,
1999.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">(2) For the period
from September 1, 1999 (start of performance) to February 29,
2000.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3">
<B>4. Investment Adviser Fee and Other
Transactions with Affiliates</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Investment Adviser
Fee</I>—M&I Investment Management Corp., the Funds’ investment
adviser (the “Adviser”), receives for its services an annual
investment adviser fee based on a percentage of each Fund’s average
daily net assets as listed below. The Adviser may voluntarily choose to
waive any portion of its fee. The Adviser can modify or terminate this
voluntary waiver at any time at its sole discretion. Effective April 1,
2000, the Money Market Fund will change its investment adviser fee to
0.15%.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="767" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Annual
Rate</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2">Equity Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">0.75%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">0.75%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">0.75%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">0.75%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2">Small-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">1.00%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2">International Stock
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">1.00%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">0.75%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">0.60%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2">Money Market
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">0.50%</FONT></TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Notes to Financial
Statements </B></FONT><FONT SIZE="2">
<B><I></I></B></FONT><FONT SIZE="2">
<B><I>(continued)</I></B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
International Stock
Fund’s sub-adviser is BPI Global Asset Management LLP (the
“Sub-Adviser”). The Adviser compensates the Sub-Adviser based on
the level of average aggregate daily net assets of International Stock
Fund.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Administrative
Fee</I>—Prior to January 1, 2000, Federated Administrative Services
(“FAS”), under the Administrative Services Agreement, provided the
Funds with administrative personnel and services. The fee paid to FAS was
based on the level of average aggregate daily net assets of the Corporation
for the period except for the Small-Cap Growth Fund, which was based on the
Fund’s average daily net assets. Effective January 1, 2000, Marshall
& Ilsley Trust Company became the Fund’s administrator. The fee
paid to M&I Trust Company is based on a scale that ranges from 0.15% to
0.075% of the average aggregate net assets of the Corporation for the
period. Also effective January 1, 2000, Federated Services Company
(“FServ”) became the Funds’ sub-administrator. All fees of
the sub-administrator will be paid by M&I Trust Company, and not by the
Funds.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Distribution
Services Fee</I>—The Funds have adopted a Distribution Plan (the
“Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of
the Plan, the Funds will compensate Federated Securities Corp.
(“FSC”), the principal distributor, from the net assets of the
Funds to finance activities intended to result in the sale of shares of the
Funds’ Class A Shares. The Plan provides that the Funds may incur
distribution expenses up to 0.25% of the average daily net assets of
Funds’ Class A Shares (except Money Market Fund’s Class A Shares
which may accrue up to 0.30%) annually, to compensate FSC.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Shareholder
Services Fee</I>—Under the terms of a Shareholder Services Agreement
with Marshall Funds Investor Services (“MFIS”), each Fund will pay
MFIS up to 0.25% of average daily net assets of the Funds’ Class A
Shares for the period (except Money Market Fund which will pay approximately
0.02%). The fee paid to MFIS is used to finance certain services for
shareholders and to maintain shareholder accounts. MFIS may voluntarily
choose to waive any portion of its fee. MFIS can modify or terminate this
voluntary waiver at any time at its sole discretion. Effective April 1,
2000, the Money Market Fund will change its shareholder service fee to
0.25%.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Transfer and
Dividend Disbursing Agent Fees and Expenses</I>—FServ, through its
subsidiary FSSC, serves as transfer and dividend disbursing agent for the
Funds. The fee paid to FSSC is based on the size, type, and number of
accounts and transactions made by shareholders.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Portfolio
Accounting Fees</I>—FServ maintains the Funds’ accounting records
for which it receives a fee. The fee is based on the level of each
Fund’s average daily net assets for the period, plus out-of-pocket
expenses.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Custodian
Fees</I>—Marshall & Ilsley Trust Company is the Funds’
custodian. M&I Trust Company receives fees based on the level of each
Fund’s average daily net assets for the period. The custodian also
charges a fee in connection with securities lending activities of the
Funds.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I> Organizational
Expenses</I>—Organizational expenses were borne initially by FAS. The
Funds have reimbursed FAS for these expenses. These expenses have been
deferred and are being amortized over the five-year period following each
Fund’s effective date. For the period ended February 29, 2000, the
Funds expensed the following organizational expenses:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="755" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Organizational
<BR>
Expenses</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2"><B>Organizational
<BR>
Expenses Paid</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="492" NOWRAP ALIGN="left"><FONT SIZE="2">Small-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">$35,592</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">$3,736</FONT></TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I>
General</I>—Certain of the Officers and Directors of the
Corporation are Officers and Directors or Trustees of the above
companies.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3">
<B>5. Investment Transactions</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
Purchases and sales
of investments, excluding short-term securities, for the six-month period
ended February 29, 2000, were as follows:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="754" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>Purchases</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2">
<B>Sales</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" NOWRAP ALIGN="left"><FONT SIZE="2">Equity Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$178,773,056</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
$220,536,640</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" NOWRAP ALIGN="left"><FONT SIZE="2">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
173,299,907</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
136,372,922</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
57,513,196</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
84,872,551</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" NOWRAP ALIGN="left"><FONT SIZE="2">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
216,619,787</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
227,152,638</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" NOWRAP ALIGN="left"><FONT SIZE="2">Small-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
67,381,404</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
76,256,126</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" NOWRAP ALIGN="left"><FONT SIZE="2">International Stock
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
358,473,428</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
325,129,473</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" NOWRAP ALIGN="left"><FONT SIZE="2">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
392,027,415</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
328,712,932</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" NOWRAP ALIGN="left"><FONT SIZE="2">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
738,383,991</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2">
673,369,642</FONT></TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"><I> </I></FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
<I> </I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1">
<I> </I></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1"><I> </I></FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1">
<I> </I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Directors
Officers</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<TABLE WIDTH="100%" ALIGN="center" CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="top" ALIGN="left"> <DIV ALIGN="left"><FONT SIZE="2"> John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">John
DeVincentis</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Duane E.
Dingmann</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">James
Mitchell</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Barbara J.
Pope</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">David W.
Schulz</FONT></DIV>
</TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="left"><FONT SIZE="2">John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I>President</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Jo A.
Dales</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><I>Vice
President</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Brooke J.
Billick</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I>Secretary</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Ann K.
Peirick</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">
<I>Treasurer</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2">Janet D.
Olsen</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2"><I>Assistant
Secretary</I></FONT></DIV>
</TD>
<TD WIDTH="1%"></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">Mutual funds are not
bank deposits or obligations, are not guaranteed by any bank, and
<BR>
are not insured or guaranteed by the U.S. government, the Federal Deposit
Insurance
<BR>
Corporation, the Federal Reserve Board, or any other government agency.
Investment in
<BR>
mutual funds involves investment risk, including the possible loss of
principal.
<BR>
</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">This report is
authorized for distribution to prospective investors only when preceded
<BR>
or accompanied by the Funds’ prospectus, which contains facts concerning
each
<BR>
Fund’s objective and policies, management fees, expenses, and other
information.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">
<I> </I></FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
<B><I>47</I></B></FONT></DIV>
<P>[Graphic Representation Omitted - See Appendix]</P>
<P>
</P>
<P>
</P>
<P ALIGN=CENTER> Marshall Funds Investor Services<br>
P.O. Box 1348<BR>
Milwaukee, Wisconsin 53201-1348</P>
<P ALIGN=CENTER> 1-800-580-FUND (3863) or 414-287-8595<br>
TDD: Speech and Hearing Impaired Services<br>
800-209-3520<br>
www.marshallfunds.com</P>
<P ALIGN=CENTER>
Federated Securities Corp., Distributor G01126-02 (4/00)</P>
<P ALIGN=CENTER>
M&I Investment Management Corp., Investment Adviser</P>
<P ALIGN=CENTER>
(C)1999 Marshall Funds, Inc.</P>
<P ALIGN=CENTER>
</P>
<P ALIGN=RIGHT>
953-295A</P>
<P>[Graphic Representation Omitted - See Appendix]</P>
<P>
</P>
<P>
</P>
<P ALIGN=CENTER> Marshall Funds Investor Services<br>
P.O. Box 1348<BR>
Milwaukee, Wisconsin 53201-1348</P>
<P ALIGN=CENTER> 1-800-580-FUND (3863) or 414-287-8595<br>
TDD: Speech and Hearing Impaired Services<br>
800-209-3520<br>
www.marshallfunds.com</P>
<P ALIGN=CENTER>
Federated Securities Corp., Distributor G01126-02 (4/00)</P>
<P ALIGN=CENTER>
M&I Investment Management Corp., Investment Adviser</P>
<P ALIGN=CENTER>
(C)1999 Marshall Funds, Inc.</P>
<P ALIGN=CENTER>
</P>
<P ALIGN=RIGHT>
953-295A</P>
<p> [Graphic Representation Omitted - See Appendix]</p>
<h2> The Marshall Funds Family</h2>
<h1> Semi-Annual Report </h1>
<h3> Class I Shares</h3>
<h3> FEBRUARY 29, 2000</h3>
<ul>
<li>
<p> Marshall International Stock Fund</p>
</li>
</ul>
<p> </p>
<h2> Table of Contents</h2>
<table width="75%" border="1">
<tr>
<td width="97%"><b>President's Message </b></td>
<td width="3%" align="right">1</td>
</tr>
<tr>
<td width="97%"><b>Commentary </b></td>
<td width="3%" align="right">2</td>
</tr>
<tr>
<td width="97%"><b>Financial Information</b></td>
<td width="3%" align="right"> </td>
</tr>
<tr>
<td width="97%">Portfolio of Investments </td>
<td width="3%" align="right">4</td>
</tr>
<tr>
<td width="97%">Statements of Assets and Liabilities </td>
<td width="3%" align="right">7</td>
</tr>
<tr>
<td width="97%">Statements of Operations </td>
<td width="3%" align="right">8</td>
</tr>
<tr>
<td width="97%">Statements of Changes in Net Assets </td>
<td width="3%" align="right">9</td>
</tr>
<tr>
<td width="97%">Financial Highlights </td>
<td width="3%" align="right">10</td>
</tr>
<tr>
<td width="97%">Notes to Financial Statements </td>
<td width="3%" align="right">11</td>
</tr>
<tr>
<td width="97%"><b>Directors & Officers </b></td>
<td width="3%" align="right">14</td>
</tr>
</TABLE>
<p> </p>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000">logo marshall
funds</FONT></DIV>
<HR SIZE=1 noshade> <DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Dear Marshall Funds
Shareholder,</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">In our last report,
we spoke to you about the importance of diversification for your portfolio.
In recent years, with the extended outperformance of large growth stocks,
it’s been easy to put thoughts of diversification aside.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">As if on cue, market
performance over the past six months has borne out our point. After several
quarters in which large domestic growth companies led the markets, favor
shifted toward small-and mid-cap growth stocks, as well as international
equities. Although we anticipated that such a shift could occur, neither we
nor anyone else could predict when, nor to what extent, it would happen. And
that’s why diversification is so important. It positions you to benefit
from shifts in market favor, while also helping you to manage investment
risk by controlling your exposure to individual sectors.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shifting assets from
sector to sector in pursuit of the hottest returns isn’t a plan we
advocate. Rather, we are believers in selecting a diversified portfolio of
investments consistent with your long-term goals, and evaluating it from
time to time to determine if any adjustments are necessary to adapt to
changing goals or changing conditions. Whether you manage your investments
independently or work with an M&I investment professional, we believe
this approach has the power to help you meet financial challenges over
time.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">What all of our funds
share is our commitment to five factors that we believe are essential to
solid investment management: Discipline, Experience, Capability, Research,
and Efficiency. Together, these qualities allow us to provide you with
committed, time-tested investment management at a reasonable cost. As you
read through the reports that follow, you’ll have the opportunity to
learn more about the specific factors driving individual fund
performance.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">If you would like
more information about how to build a diversified portfolio that is
consistent with your long-term goals, please don’t hesitate to contact
your M&I investment representative, or call us at
1-800-236-3863.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">We thank you for your
investment in the Marshall Funds.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">President</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>Marshall International
Stock Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall
International Stock Fund (the “Fund”) invests primarily in a
diversified portfolio of common stocks of companies of any size outside the
United States.† The Fund uses a value-oriented approach and invests in
companies selling at a discount to their global industry peers.</FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">During the six months
ended February 29, 2000, the Fund provided a total return of 46.71%*
compared to 13.63% for the Morgan Stanley Capital International Europe,
Australia and Far East Index (EAFE) and 25.58% for the Lipper International
Funds Index (LIFI).**</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The economic backdrop
for global markets continues to improve, with the positive impact being felt
by both established and emerging markets—as well as this
fund.</FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Opportunity in
Certain Sectors</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">As in the U.S.,
technology and telecommunications stocks continued to be the major forces
which drove the markets. It is difficult not to be drawn to these companies,
given their immense potential for growth, but it is also difficult not to be
concerned by their spiraling valuations. An area we are particularly
interested in is cellular phones. Most large markets are far from saturated,
and the increasing availability of non-voice services such as Internet
access is likely to spur demand still higher. While the fund remains
overweighted in technology, we have recently trimmed several positions due
to high valuations.</FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fears of
Inflation</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Clearly, fears of
inflation have become more prominent in recent months, particularly as
petroleum prices have extended their march upward. We believe, however, that
most of the impact from these price hikes has already been felt. Rising oil
prices have perhaps restored a more normal inflationary picture, after an
unusual period with virtually no inflation. So far, though, inflation has
not reached a level that is problematic for the global economy.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Bullish
Outlook</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Our outlook remains
solidly bullish. Although some uncertainty remains in Japan which has made
strides in transforming its financial system, an essential step to its
sustained recovery. European markets continue along a positive trend, and
many emerging markets appear to be putting their recent difficulties well
behind them. Although certain sectors, particularly consumer products, have
been struggling of late, on the whole we believe the global environment
portends future improvements in corporate earnings.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ Daniel R.
Jaworski, CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Daniel R. Jaworski,
CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Manager, Marshall
International Stock Fund</FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">[PHOTO OF DANIEL R.
JAWORSKI]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top">
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<ul>
<li>
<p><FONT SIZE="2" COLOR="#000000"> Marshall International Stock Fund</FONT></p>
</li>
</ul>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[Graphic
Representation Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This graph
illustrates the hypothetical investment of $10,000 in the Class I Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">inception on
September 1, 1999 to February 29, 2000, compared to the EAFE and the
LIFI.**</FONT></DIV>
<HR SIZE=1 noshade> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Foreign investing
involves special risks including currency risk, increased volatility of
foreign securities, and differences in auditing and other financial
standards.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee 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 their original cost. The market experienced exceptional
growth in the past year which may not continue in the future.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The EAFE and the
LIFI are not adjusted to reflect sales charges, expenses or other fees
that the SEC requires to be reflected in a mutual fund’s performance.
These indices are unmanaged. Actual investments may not be made in an
index. The EAFE is a market capitalization-weighted foreign securities
index, which is widely used to measure the performance of European,
Australian, New Zealand, and Far East stock markets. Lipper figures
represent the average of the total returns reported by the largest mutual
funds designated by Lipper as falling into the category
indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents a
hypothetical investment of $10,000 in the Fund. The Fund’s
performance assumes the reinvestment of all dividends and distributions.
The EAFE and the LIFI have been adjusted to reflect reinvestment of
dividends on securities in the indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 noshade> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> <B>International Stock
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 noshade> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" nowrap ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 noshade></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common
Stocks — 91.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Australia — 0.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">122,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Publishing and
Broadcasting Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,146,393</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Brazil — 0.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">16,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Telecomunicacoes
Brasileiras SA,
<BR>
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,473,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Canada — 6.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">97,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Celestica,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,480,188</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">26,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Cognos,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,762,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">36,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)JDS Uniphase
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,675,038</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">90,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nortel Networks
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,035,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">28,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)QLT
PhotoTherapeutics, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,041,325</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">69,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Rogers
Communications, Inc.,
<BR>
Class B</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,348,754</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,342,505</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Denmark — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Vetsas Wind
Systems A/S</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,183,014</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Finland — 3.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">69,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nokia Oyj, Class A,
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
13,683,563</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Sonera
Oyj</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,665,321</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
18,348,884</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>France — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">12,319</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Axa</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,550,237</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">17,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Cap Gemini
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,688,425</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">32,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">France Telecom
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,233,254</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">46,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lagardere
S.C.A.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,333,756</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">17,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Fina SA,
Class B</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,346,864</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">21,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Vivendi</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,505,829</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
20,658,365</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Germany — 8.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">6,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Aixtron
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,435,360</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">11,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Allianz Holding
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,808,020</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">9,680</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Brokat
Infosystems AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,444,035</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">40,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Deutsche Bank
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,453,736</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">88,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Deutsche Telekom
AG, Class D</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,306,306</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">EM.TV &
Merchandising AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,036,119</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">29,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Epcos
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,040,319</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">3,787</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Intershop
Communications AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,971,974</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">9,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">MobilCom
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,239,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">59,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Siemens
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,615,667</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">7,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Singulus
Technologies AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">784,940</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
38,136,276</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Hong
Kong — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">330,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)China Telecom
(Hong Kong) Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,042,246</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">9,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)China.com Corp.,
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,179,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">210,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">HSBC Holdings
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,408,164</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">415,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Hutchison
Whampoa</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,505,287</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
13,135,297</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Israel — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Check Point
Software
<BR>
Technologies Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,196,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">6,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Gilat Satellite
Networks Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">974,594</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">53,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Teva Pharmaceutical
Industries Ltd.,
<BR>
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,285,625</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
13,457,094</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Italy — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">22,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Banca Popolare di
Brescia</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,539,604</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">136,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mediolanum
SPA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,596,849</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">171,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Telecom Italia
Mobile SPA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,333,268</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,469,721</FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 noshade> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" nowrap ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 noshade></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Japan — 20.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">246,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Daiwa Securities
Co. Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$3,906,539</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">19,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fanuc
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,850,116</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fast Retailing Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,365,063</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">145,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fujisawa
Pharmaceutical Co. Ltd</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,763,616</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">206,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fujitsu
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,842,608</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">26,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Hitachi Software
Engineering Co.
<BR>
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,106,384</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">7,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">JAFCO Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,038,495</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">9,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Keyence
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,014,060</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">45,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Kyocera
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,760,804</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Matsushita
Communication</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,402,284</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">136,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Matsushita Electric
Industrial Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,960,504</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">25,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Murata
Manufacturing Co. Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,854,712</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">92,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">NEC
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,055,422</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">229</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">NTT Mobile
Communication
<BR>
Network, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,232,106</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">49,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nikon
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,654,366</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">3,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nippon Television
Network Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,703,099</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">156</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nippon Telegraph
& Telephone
<BR>
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,157,892</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">148,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nomura Securities
Co. Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,175,274</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">3,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Oracle Corp.
Japan</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,060,472</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Rohm Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,524,821</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">52,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shin-Etsu Chemical
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,815,671</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">3,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Softbank
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,950,630</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">35,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Sony
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,351,731</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">17,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Tokyo Electron
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,591,345</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">36,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Toyoda Gosei Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,496,428</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
99,634,442</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Korea — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">24,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Samsung
Electro-Mechanics Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,491,957</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">31,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Samsung Electronics
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,219,843</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,711,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Mexico — 3.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">76,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Fomento
Economico Mexicano,
<BR>
SA de CV, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,386,138</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">474,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Grupo Financiero
Banamex
<BR>
Accival, SA de CV, Class O</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,022,029</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">42,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Grupo Televisa SA,
GDR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,249,169</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">94,956</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Telefonos de
Mexico, Class L, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,243,357</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,900,693</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Netherlands — 7.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)ASM Lithography
Holding NV,
<BR>
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,677,813</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">66,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Koninklijke (Royal)
Philips
<BR>
Electronics NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,235,517</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,784</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Koninklijke (Royal)
Philips
<BR>
Electronics NV, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">916,136</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">10,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Qiagen
NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,743,357</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">51,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Royal Dutch
Petroleum Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,669,943</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
(1)STMicroelectronics NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,998,203</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">15,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)United Pan-Europe
<BR>
Communications NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,098,300</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
35,339,269</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Portugal — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">12,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)PT
MULTIMEDIA — Servicos
<BR>
de Telecomunicacoes e
<BR>
Multimedia SGPS SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,643,253</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Singapore — 1.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">96,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Singapore Press
Holdings Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,838,120</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">360,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Venture
Manufacturing (Singapore)
<BR>
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,409,922</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,248,042</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes to
Portfolios of Investments)</I></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<ul>
<li>
<p><FONT SIZE="2" COLOR="#000000"> Marshall Funds </FONT></p>
</li>
</ul>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 noshade> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> <B>International Stock
Fund </B></FONT><FONT SIZE="2" COLOR="#000000">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 noshade> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="323" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" nowrap ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 noshade></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Spain — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">58,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Repsol
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,099,012</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">173,916</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Telefonica
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,006,058</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">10,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Terra Networks
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,392,931</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,498,001</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Sweden — 5.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">8,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Enea Data
AB</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,687,911</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">284,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Skandia Forsakrings
AB</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,682,267</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">101,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Telefonaktiebolaget
LM Ericsson</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,758,935</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">10,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Telelogic
AB</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">856,947</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
23,986,060</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Switzerland — 2.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">2,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Adecco
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,980,198</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">420</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ares-Serono Group
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,360,936</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">1,150</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Compagnie Financiere
<BR>
Richemont AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,656,766</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">320</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Roche Holding
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,452,505</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">1,810</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Swatch Group
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,948,479</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,398,884</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Taiwan, Province
Of China — 0.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">45,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Taiwan
Semiconductor
<BR>
Manufacturing Co. Ltd., ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,733,431</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>United
Kingdom — 12.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">18,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)ARM Holdings
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,358,028</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">271,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Amvescap
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,088,914</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">11,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Autonomy Corp.
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,357,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">595,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">BP Amoco
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,597,935</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">140,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">British Sky
Broadcasting Group
<BR>
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,576,069</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">29,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">CMG PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,846,091</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">32,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Kewill Systems
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,288,950</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">59,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Kingston
Communication
<BR>
(Hull) PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,291,913</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">157,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Logica
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,758,852</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">154,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Pearson
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,178,448</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)QXL
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,686,050</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">143,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Shire
Pharmaceuticals Group
<BR>
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,278,252</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">147,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Smithkline Beecham
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,652,329</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,857,821</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Vodafone AirTouch
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,993,761</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">278,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">WPP Group
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,376,326</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
58,328,918</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>United
States — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">35,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Amdocs
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,603,981</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">61,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Comverse
Technology, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,009,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">19,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)NTL,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,756,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">22,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)PMC-Sierra,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,285,988</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
20,656,144</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Common
Stocks
<BR>
</B>(identified cost $292,253,353)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>438,430,286</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 noshade> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" nowrap ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 noshade></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Preferred
Stocks — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Germany — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marschollek,
<BR>
Lautenschlaeger und
<BR>
Partner AG, Pfd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$2,504,286</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">2,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">SAP AG,
Pfd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,246,915</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Preferred
Stock
<BR>
</B>(identified cost
<BR>
$4,290,274)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>4,751,201</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments in
<BR>
Securities </B>(identified cost
<BR>
$296,543,627)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>443,181,487</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Mutual
Fund — 5.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
28,053,699</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">SSGA Money Market
Fund
<BR>
(at net asset value)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>28,053,699</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="top" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Investments
<BR>
</B>(identified cost
<BR>
$324,597,326)(2)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$471,235,186</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" noshade></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes to
Portfolios of Investments)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Notes to Portfolios of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(1)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Non-income
producing.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(2)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The cost of
investments for federal tax purposes amounts to $324,597,326. The net
unrealized appreciation of investments on a federal tax basis amounts to
$146,637,860 which is comprised of $151,149,236 appreciation and
$4,511,376 depreciation at February 29, 2000.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Note: The categories
of investments are shown as a percentage of net assets ($478,181,384) at
February 29, 2000.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 noshade> <DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The following
acronyms are used throughout this portfolio:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
ADR — American Depositary Receipt</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
GDR — Global Depositary Receipt</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Statement of Assets and
Liabilities</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="679" CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Assets:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Total
investments in securities, at value (identified and tax cost
$324,597,326)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$471,235,186</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Cash</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">356</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Cash
denominated in foreign currencies (identified cost $2,730,381)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,695,094</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Income
receivable</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">491,660</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Receivable for investments sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,822,073</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
receivable for foreign currency exchange contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">119,888</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Total
assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
484,364,257</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Liabilities:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Payable
for investments purchased</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,570,891</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Payable
for shares redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">36,318</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Accrued
expenses</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">575,664</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Total
liabilities</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,182,873</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
Assets for 25,580,024 shares outstanding</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$478,181,384</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Net Assets
Consist of:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Paid-in
capital</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$311,188,430</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
unrealized appreciation of investments and translation of assets and
liabilities in foreign
<BR>
currency</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
146,523,886</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Accumulated net realized gain on investments and foreign currency
transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,640,865</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Distributions in excess of net investment income</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(5,171,797</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Total Net
Assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$478,181,384</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Net Asset Value,
Offering Price and Redemption Proceeds Per Share:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Class Y
Shares:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
Asset Value and Redemption Proceeds Per Share ($378,097,040 ÷
20,226,035 shares
<BR>
outstanding)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">$18.69</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Offering Price Per Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">$18.69</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Class A
Shares:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
Asset Value and Redemption Proceeds Per Share ($1,266,842 ÷ 67,794
shares outstanding)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">$18.69</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Offering Price Per Share (100/94.25 of $18.69)<SUP></SUP>
</FONT><FONT SIZE="1" COLOR="#000000"><SUP>1</SUP>
</FONT><FONT SIZE="1" COLOR="#000000"><SUP></SUP>
</FONT><FONT SIZE="1" COLOR="#000000"><SUP></SUP>
</FONT><FONT SIZE="1" COLOR="#000000"></FONT><FONT SIZE="1" COLOR="#000000"><SUB></SUB>
</FONT><FONT SIZE="2" COLOR="#000000"><SUB></SUB>
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">$19.83</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Class I
Shares:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
Asset Value and Redemption Proceeds Per Share ($98,817,502 ÷
5,286,195 shares
<BR>
outstanding)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">$18.69</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Offering Price Per Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">$18.69</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(1) See “How to
Buy Shares” in the Prospectus.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>See Notes which
are an integral part of the Financial Statements</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Six Months Ended
February 29, 2000 (unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Statement of
Operations</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<TABLE ALIGN="center" WIDTH="679" CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Investment
Income:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Dividend income (net of foreign taxes withheld of
$138,484)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 733,730</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Interest income</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">395,820</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Total
income</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,129,550</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Expenses:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Investment adviser fee</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,784,787</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Administrative personnel and services fee</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">170,381</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Custodian fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">101,940</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Transfer and dividend disbursing agent fees and expenses</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">112,020</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Directors’ fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">2,713</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Auditing fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">8,234</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Legal
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">3,978</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Portfolio accounting fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">52,250</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Distribution services fee—Class A Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">985</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Shareholder services fee—Class Y Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">371,600</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Shareholder services fee—Class A Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">985</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Share
registration costs</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">15,262</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Printing and postage</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">8,117</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Insurance premiums</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">994</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Miscellaneous</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">7,589</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Total
expenses</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,641,835</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Waivers —</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Waiver
of investment adviser fee</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(34,809</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Waiver
of shareholder services fee—Class A Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">(985</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Total
waivers</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">(35,794</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Net
expenses</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,606,041</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Net operating
loss</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(1,476,491</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Realized and
Unrealized Gain (Loss) on Investments and Foreign Currency:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
realized gain on investment transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,434,397</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
realized loss on foreign currency contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(1,907,764</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
change in unrealized appreciation of investments and translation of assets
and liabilities in
<BR>
foreign
currency</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
116,162,941</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Net realized and
unrealized gain on investments and foreign currency</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
144,689,574</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Change in net
assets resulting from operations</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$143,213,083</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Statement of Changes in
Net Assets</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<TABLE ALIGN="center" WIDTH="755" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000">Six Months Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000">Year Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Increase
(Decrease) in Net Assets:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Operations —</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
investment income (net operating loss)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ (1,476,491</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 1,470,281</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
realized gain on investment transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,434,397</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
27,402,838</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
realized loss on foreign currency contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(1,907,764</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(1,420,206</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
change in unrealized appreciation of investments and translation of assets
<BR>
and liabilities
in foreign currency</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
116,162,941</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
21,406,193</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Change in net
assets resulting from operations</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
143,213,083</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
48,859,106</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Distributions to
Shareholders —</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Distributions to shareholders from net investment income</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Class Y
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(2,736,198</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(4,598,552</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Class A
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">(8,345</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Class I
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">(821,256</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Distributions to shareholders from net realized gain on investments
and
<BR>
foreign currency
transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Class Y
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(22,691,202</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Class A
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">(67,976</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Class I
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(6,273,934</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Change in net
assets resulting from distributions to shareholders</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(32,598,911</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(4,598,552</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Share
Transactions —</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Proceeds from sale of shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
401,384,976</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
220,340,936</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net
asset value of shares issued to shareholders in payment of distributions
<BR>
declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,622,693</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,562,588</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Cost of
shares redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(335,184,183</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(221,668,862</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Change in net
assets resulting from share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
96,823,486</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,234,662</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Change in net
assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
207,437,658</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
45,495,216</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Net
Assets:</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Beginning of period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
270,743,726</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
225,248,510</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="478" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
End of
period (including undistributed net investment income of $(5,171,797)
<BR>
and $(129,507),
respectively)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$478,181,384</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$270,743,726</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Financial
Highlights—Class I Shares</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>(For a share
outstanding throughout each period)</I></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<TABLE ALIGN="center" WIDTH="838" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Period ended
<BR>
February 29,</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Net asset
<BR>
value,
<BR>
beginning
<BR>
of period</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Net
<BR>
operating (loss)</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Net realized and
<BR>
unrealized
<BR>
gain on
<BR>
investments, collateral
<BR>
and
<BR>
foreign currency</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Total
<BR>
from
<BR>
investment
<BR>
operations</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Dividends to
<BR>
shareholders
<BR>
from net
<BR>
investment
<BR>
income</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Distributions to
<BR>
shareholders from
<BR>
net realized gain
<BR>
on investment
<BR>
transactions,
<BR>
and
<BR>
foreign currency
<BR>
transactions</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Total
<BR>
distributions</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Net asset
<BR>
value, end
<BR>
of period</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Total
<BR>
return(2)</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=8 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Ratios to
Average Net Assets</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Net assets,
<BR>
end
<BR>
of period
<BR>
(000 omitted)</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Portfolio
<BR>
turnover
<BR>
rate</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
</TR>
<TR>
<TH></TH>
<TH></TH>
<TH></TH>
<TH></TH>
<TH></TH>
<TH></TH>
<TH></TH>
<TH></TH>
<TH></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Expenses</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Net
<BR>
investment
<BR>
income/net
<BR>
operating (loss)</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Expense
<BR>
waiver(4)</I></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
</TR>
<TR>
<TD COLSPAN=6 VALIGN="bottom" nowrap ALIGN="left"><FONT SIZE="1" COLOR="#000000"><B>International
Stock Fund</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="175" nowrap ALIGN="left"><FONT SIZE="1" COLOR="#000000">2000(1)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">$13.83</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">(0.02</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">6.42</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">6.40</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">(0.18</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">(1.36</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">(1.54</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">$18.69</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">46.71</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">%</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">1.25%(3</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(0.74%)(3</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">0.02%(3</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">$98,818</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="1" COLOR="#000000">94</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">%</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(1) Reflects
operations for the period from September 1, 1999 (start of performance) to
February 29, 2000.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(2) Based on net
asset value.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(3) Computed on an
annualized basis.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(4) This voluntary
expense decrease is reflected in both the expense and net investment
income/operating loss ratios shown above.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Notes to Financial
Statements</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<ul>
<li>
<p><FONT SIZE="2" COLOR="#000000"> Marshall Funds</FONT></p>
</li>
</ul>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>February 29, 2000
(Unaudited)</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000">
<B>1. Organization</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Marshall Funds, Inc.
(the “Corporation”) is registered under the Investment Company Act
of 1940, as amended (the “Act”), as an open-end management
investment company. The Corporation consists of eleven diversified
portfolios. The financial statements included herein are only those of
Marshall International Stock 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 investment objective of the
Fund is capital appreciation.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Effective September
1, 1999, the Fund began offering Class I Shares in addition to the Class Y
Shares and Class A Shares previously offered. The Financial Highlights of
Class Y Shares and Class A Shares of the Fund are presented in separate
semi-annual reports.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000">
<B>2. Significant Accounting
Policies</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
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.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Investment
Valuations</I>—Listed equity securities are valued at the last sale
price reported on a national securities exchange. Short-term securities are
valued at the prices provided by an independent pricing service. However,
short-term securities purchased with remaining maturities of sixty days or
less may be valued at amortized cost, which approximates fair market value.
Investments in other open-end regulated investment companies are valued at
net asset value.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Repurchase
Agreements</I>—It is the policy of the Fund 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 under repurchase agreement
transactions. Additionally, procedures have been established by the Fund to
monitor, on a daily basis, the market value of each repurchase
agreement’s collateral to ensure that the value of collateral at least
equals the repurchase price to be paid under the repurchase agreement,
including accrued interest.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
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
adviser or sub-advisor to be creditworthy pursuant to the guidelines and/or
standards reviewed or established by the Board of Directors (the
“Directors”). 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.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Investment Income,
Expenses and Distributions</I>—Interest income and expenses are accrued
daily. Bond premium and discount, if applicable, are amortized as required
by the Internal Revenue Code, as amended (the “Code”). Dividend
income and distributions to shareholders are recorded on the ex-dividend
date. Non-cash dividends included in dividend income, if any, are recorded
at fair market value. The Fund offers multiple classes of shares, which
differ in their respective distribution and service fees. All shareholders
bear the common expenses of the Fund based on average daily net assets of
each class, without distinction between share classes. Dividends are
declared separately for each class. No class has preferential dividend
rights; differences in per share dividend rates are generally due to
differences in separate class expenses.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Federal
Taxes</I>—It is the Fund’s policy to comply with the provisions of
Subchapter M of the Code applicable to regulated investment companies and to
distribute to shareholders each year substantially all of its income.
Accordingly, no provision for federal tax is necessary.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Withholding taxes on
foreign dividends have been provided for in accordance with the applicable
country’s tax rules and rates.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> When-Issued and
Delayed Delivery Transactions</I>—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.
Losses may occur on these transactions due to changes in market conditions
or the failure of counterparties to perform under the contract.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Foreign Exchange
Contracts</I>—The Fund may enter into foreign currency exchange
contracts as a way of managing foreign exchange rate risk. The Fund may
enter into these contracts for the purchase or sale of a specific foreign
currency at a fixed price on a future date as a hedge or cross hedge against
either specific transactions or portfolio positions. The objective of the
Fund’s foreign currency hedging transactions is to reduce the risk that
the U.S. dollar value of the Fund’s foreign currency denominated
securities will decline in value due to changes in foreign currency exchange
rates. All foreign currency exchange contracts are marked-to-market daily at
the applicable translation rates resulting in unrealized gains or losses.
Realized gains or losses are recorded at the time the foreign currency
exchange contract is offset by entering into a closing transaction or by the
delivery or receipt of the currency. Risks may arise upon entering into these
contracts from the potential inability of counterparties to meet the terms of
their contracts and from unanticipated movements in the value of a foreign
currency relative to the U.S. dollar. As of February 29, 2000, the Fund had
outstanding foreign exchange contracts as set forth below:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="526" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Settlement
Date</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Foreign Currency
<BR>
Units to
<BR>
Deliver/Receive</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>In Exchange
For</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Contracts at
<BR>
Value</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Unrealized
<BR>
Appreciation
<BR>
(Depreciation)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
</TR>
<TR>
<TD VALIGN="bottom" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Contracts
Sold:</I></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
03/31/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="127" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">5,413,131 Euro
Dollar</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$5,353,586</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$5,219,880</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">$133,706</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Contracts
Purchased:</I></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
03/01/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="127" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">2,302,830 Swiss
Franc</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,395,655</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,381,837</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">(13,818</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=5></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="49" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Net Unrealized
Appreciation on Foreign Exchange Contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">$119,888</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Foreign Currency
Translation</I>—The accounting records of the Fund are maintained in
U.S. dollars. All assets and liabilities denominated in foreign currencies
(“FCs”) are translated into U.S. dollars based on the rates of
exchange of such currencies against U.S. dollars on the date of valuation.
Purchases and sales of securities, income and expenses are translated at the
rate of exchange quoted on the respective date that such transactions are
recorded. The Fund does not isolate that portion of the results of
operations resulting from changes in foreign exchange rates on investments
from the fluctuations arising from changes in market prices of securities
held. Such fluctuations are included with the net realized and unrealized
gain or loss from investments.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Reported net realized
foreign exchange gains or losses arise from sales of portfolio securities,
sales and maturities of short-term securities, sales of FCs, currency gains
or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Fund’s books, and the U.S.
dollar equivalent of the amounts actually received or paid. Net unrealized
foreign exchange gains and losses arise from changes in the value of assets
and liabilities other than investments in securities at period end,
resulting from changes in the exchange rate.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>
Other</I>—Investment transactions are accounted for on a trade
date basis.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000">
<B>3. Capital Stock</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
The Articles of
Incorporation permit the Directors to issue an indefinite number of full and
fractional shares of common stock, par value $0.0001 per share. At February
29, 2000, the capital paid-in was $311,188,430.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Transactions in
capital stock were as follows:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="755" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="494" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Class Y
Shares</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="494" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
19,974,627</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
16,904,131</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="494" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shares issued to
shareholders in payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,321,710</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">201,461</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="494" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(20,610,937</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(17,084,034</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="494" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Net change
resulting from Class Y Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">685,400</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">21,558</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="2" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="63" SIZE="2" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="755" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="505" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Class A
Shares</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="505" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">37,793</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">31,064</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="505" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shares issued to
shareholders in payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,262</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="505" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">(5,239</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">(86</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="505" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Net change
resulting from Class A Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">36,816</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">30,978</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="2" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="2" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<ul>
<li>
<p><FONT SIZE="2" COLOR="#000000"> Marshall Funds</FONT></p>
</li>
</ul>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="755" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Period Ended
<BR>
February 29,
<BR>
2000(2)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" nowrap ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" noshade></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Class I
Shares</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,182,915</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shares issued to
shareholders in payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">382,886</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">(279,606</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="1" noshade></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Net change
resulting from Class I Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,286,195</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="2" noshade></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="499" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Net change
resulting from Fund Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,008,411</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">52,536</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" noshade></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="35" SIZE="2" noshade></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1) For the period
from December 31, 1998 (start of performance) to August 31,
1999.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">(2) For the period
from September 1, 1999 (start of performance) to February 29,
2000.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000">
<B>4. Investment Adviser Fee and Other
Transactions with Affiliates</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Investment Adviser
Fee</I>—M&I Investment Management Corp., the Fund’s investment
adviser (the “Adviser”), receives for its services an annual
investment adviser fee equal to 1.00% of the Fund’s average daily net
assets. The Adviser may voluntarily choose to waive any portion of its fee.
The Adviser can modify or terminate this voluntary waiver at any time at its
sole discretion.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
The Fund’s
sub-adviser is BPI Global Asset Management LLP (the
“Sub-Adviser”). The Adviser compensates the Sub-Adviser based on
the level of average aggregate daily net assets of the Fund.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Administrative
Fee</I>—Prior to January 1, 2000, Federated Administrative Services
(“FAS”), under the Administrative Services Agreement, provided the
Fund with administrative personnel and services. The fee paid to FAS was
based on the level of average aggregate daily net assets of the Corporation
for the period. Effective January 1, 2000, MFIS became the Fund’s
administrator. The fee paid to MFIS is based on a scale that ranges from
0.15% to 0.075% of the average aggregate net assets of the Corporation for
the period. Also effective January 1, 2000, FAS became the Fund’s
sub-administrator. All fees of the sub-administrator will be paid by MFIS,
and not by the Fund.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Distribution
Services Fee</I>—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 result in the sale of shares of the
Fund’s Class A Shares. The Plan provides that the Fund may incur
distribution expenses up to 0.25% of the average daily net assets of
Fund’s Class A Shares annually, to compensate FSC.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Shareholder
Services Fee</I>—Under the terms of a Shareholder Services Agreement
with Marshall Funds Investor Services (“MFIS”), the Fund will pay
MFIS up to 0.25% of average daily net assets of the Fund’s Class Y
Shares and Class A Shares for the period. MFIS may voluntarily choose to
waive any portion of its fee. MFIS can modify or terminate this voluntary
waiver at any time at its sole discretion.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Transfer and
Dividend Disbursing Agent Fees and Expenses</I>—Federated Services
Company (“FServ”) through its subsidiary FSSC, serves as transfer
and dividend disbursing agent for the Fund. The fee paid to FSSC is based on
the size, type, and number of accounts and transactions made by
shareholders.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Portfolio
Accounting Fees</I>—FServ maintains the Fund’s accounting records
for which it receives a fee. The fee is based on the level of the
Fund’s average daily net assets for the period, plus out-of-pocket
expenses.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Custodian
Fees</I>—Marshall & Ilsley Trust Company is the Fund’s
custodian. M&I Trust Company receives fees based on the level of the
Fund’s average daily net assets for the period.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>
General</I>—Certain of the Officers and Directors of the
Corporation are Officers and Directors or Trustees of the above
companies.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000">
<B>5. Investment Transactions</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Purchases and sales
of investments, excluding short-term securities, for the six-month period
ended February 29, 2000, were as follows:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 noshade>
<TABLE ALIGN="center" WIDTH="679" CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Purchases</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$358,473,428</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="589" nowrap ALIGN="left"><FONT SIZE="2" COLOR="#000000">Sales</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" nowrap ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$325,129,473</FONT></TD>
</TR>
</TABLE>
<HR SIZE=1 noshade> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" ALIGN="center" CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="top" ALIGN="left"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Directors</B></FONT></DIV>
</TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Officers</B></FONT></DIV>
</TD>
<TD WIDTH="1%"></TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<TABLE WIDTH="100%" ALIGN="center" CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="top" ALIGN="left"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">John
DeVincentis</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Duane E.
Dingmann</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">James
Mitchell</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Barbara J.
Pope</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">David W.
Schulz</FONT></DIV>
</TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>President</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Jo A.
Dales</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Vice
President</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Brooke J.
Billick</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Secretary</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ann K.
Peirick</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Treasurer</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Janet D.
Olsen</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Assistant
Secretary</I></FONT></DIV>
</TD>
<TD WIDTH="1%"></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">Mutual funds are not
bank deposits or obligations, are not guaranteed by any bank, and
<BR>
are not insured or guaranteed by the U.S. government, the Federal Deposit
Insurance
<BR>
Corporation, the Federal Reserve Board, or any other government agency.
Investment in
<BR>
mutual funds involves investment risk, including the possible loss of
principal.
<BR>
</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This report is
authorized for distribution to prospective investors only when preceded
<BR>
or accompanied by the Funds’ prospectus, which contains facts concerning
each
<BR>
Fund’s objective and policies, management fees, expenses, and other
information.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I> </I></FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<p> </p>
<p>[Graphic Representation Omitted - See Appendix]</p>
<p align=CENTER> </p>
<p align=CENTER> Marshall Funds Investor Services<br>
P.O. Box 1348<br>
Milwaukee, Wisconsin 53201-1348</p>
<p align=CENTER> 1-800-236-FUND (3863) or 414-287-8595<br>
TDD: Speech and Hearing Impaired Services<br>
800-209-3520<br>
www.marshallfunds.com</p>
<P ALIGN=CENTER> Federated Securities Corp., Distributor 25330 (4/00)</P>
<P ALIGN=CENTER> </P>
<P ALIGN=RIGHT> 953-295Y</P>
<P>[Graphic Representation Omitted - See Appendix]</P>
<h2>The Marshall Funds Family</h2>
<h1>Semi-Annual Report </h1>
<h3>Class Y Shares</h3>
<h3>FEBRUARY 29, 2000</h3>
<P> </P>
<UL>
<li>Marshall Equity Income Fund</li>
<li>Marshall Large-Cap Growth & Income Fund</li>
<li>Marshall Mid-Cap Value Fund</li>
<li>Marshall Mid-Cap Growth Fund</li>
<li>Marshall Small-Cap Growth Fund</li>
<li>Marshall International Stock Fund</li>
<li>Marshall Government Income Fund</li>
<li>Marshall Intermediate Bond Fund</li>
<li>Marshall Intermediate Tax-Free Fund</li>
<li>Marshall Short-Term Income Fund</li>
<li>Marshall Money Market Fund</li>
<li>Marshall Short-Term Income Fund</li>
<li>Marshall Intermediate Tax-Free Fund</li>
</UL>
<h2>Table of Contents</h2>
<table width="75%" border="1">
<tr>
<td>President's Message</td>
<td align="right">1</td>
</tr>
<tr>
<td><b>Commentaries</b></td>
</tr>
<tr>
<td>Marshall Equity Income Fund</td>
<td align="right">2</td>
<tr>
<td>Marshall Large-Cap Growth & Income Fund</td>
<td align="right">4</td>
<tr>
<td>Marshall Mid-Cap Value Fund</td>
<td align="right">6</td>
<tr>
<td>Marshall Mid-Cap Growth Fund</td>
<td align="right">8</td>
<tr>
<td>Marshall Small-Cap Growth Fund</td>
<td align="right">10</td>
<tr>
<td>Marshall International Stock Fund</td>
<td align="right">12</td>
<tr>
<td>Marshall Government Income Fund</td>
<td align="right">14</td>
<tr>
<td>Marshall Intermediate Bond Fund</td>
<td align="right">16</td>
<tr>
<td>Marshall Intermediate Tax-Free Fund</td>
<td align="right">18</td>
<tr>
<td>Marshall Short-Term Income Fund</td>
<td align="right">20</td>
<tr>
<td>Marshall Money Market Fund</td>
<td align="right">22</td>
<tr>
<td align="left"><b>Financial Information</b></td>
<tr>
<td>Portfolio of Investments</td>
<td align="right">23</td>
<tr>
<td>Marshall Equity Income Fund</td>
<td align="right">23</td>
<tr>
<td>Marshall Large-Cap Growth & Income Fund</td>
<td align="right">24</td>
<tr>
<td>Marshall Mid-Cap Value Fund</td>
<td align="right">25</td>
<tr>
<td>Marshall Mid-Cap Growth Fund</td>
<td align="right">26</td>
<tr>
<td>Marshall Small-Cap Growth Fund</td>
<td align="right">28</td>
<tr>
<td>Marshall International Stock Fund</td>
<td align="right">29</td>
<tr>
<td>Marshall Government Income Fund</td>
<td align="right">30</td>
<tr>
<td>Marshall Intermediate Bond Fund</td>
<td align="right">31</td>
<tr>
<td>Marshall Intermediate Tax-Free Fund</td>
<td align="right">33</td>
<tr>
<td>Marshall Short-Term Income Fund</td>
<td align="right">36</td>
<tr>
<td>Marshall Money Market Fund</td>
<td align="right">38</td>
<tr>
<td>Statements of Assets and Liabilities</td>
<td align="right">42</td>
<tr>
<td>Statements of Operations</td>
<td align="right">44</td>
<tr>
<td>Statements of Changes in Net Assets</td>
<td align="right">46</td>
<tr>
<td>Financial Highlights</td>
<td align="right">50</td>
<tr>
<td>Notes to Financial Statements</td>
<td align="right">52</td>
<tr>
<td><b>Directors & Officers</b></td>
<td align="right">60</td>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="1">[Graphic
Representation Omitted - See Appendix]</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> Dear Marshall Funds
Shareholder,</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">In our last report,
we spoke to you about the importance of diversification for your portfolio.
In recent years, with the extended outperformance of large growth stocks,
it’s been easy to put thoughts of diversification aside.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">As if on cue, market
performance over the past six months has borne out our point. After several
quarters in which large domestic growth companies led the markets, favor
shifted toward small-and mid-cap growth stocks, as well as international
equities. Although we anticipated that such a shift could occur, neither we
nor anyone else could predict when, nor to what extent, it would happen. And
that’s why diversification is so important. It positions you to benefit
from shifts in market favor, while also helping you to manage investment
risk by controlling your exposure to individual sectors.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shifting assets from
sector to sector in pursuit of the hottest returns isn’t a plan we
advocate. Rather, we are believers in selecting a diversified portfolio of
investments consistent with your long-term goals, and evaluating it from
time to time to determine if any adjustments are necessary to adapt to
changing goals or changing conditions. Whether you manage your investments
independently or work with an M&I investment professional, we believe
this approach has the power to help you meet financial challenges over
time.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">What all of our funds
share is our commitment to five factors that we believe are essential to
solid investment management: Discipline, Experience, Capability, Research,
and Efficiency. Together, these qualities allow us to provide you with
committed, time-tested investment management at a reasonable cost. As you
read through the reports that follow, you’ll have the opportunity to
learn more about the specific factors driving individual fund
performance.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">If you would like
more information about how to build a diversified portfolio that is
consistent with your long-term goals, please don’t hesitate to contact
your M&I investment representative, or call us at
1-800-236-3863.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">I also would like to
take this opportunity to congratulate Cynthia Bohlen and Michael Groblewski
on their promotions to Co-Portfolio Mangers of the Small-Cap and Mid-Cap
Growth Funds. Both of them have over seven years of investment experience
and they received their promotions the old-fashioned way—they earned
it. Their tenures as analysts of these funds served them well, and since
they have taken over, the funds have not skipped a beat. We have provided
two additional analysts to the team’s research capability and we
believe our growth team has the ability to succeed in this exciting sector
of the marketplace.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">We thank you for your
investment in the Marshall Funds.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">President</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left">
<FONT SIZE="3" COLOR="#000000"> <B>Marshall Equity Income
Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall Equity
Income Fund (the “Fund”) seeks capital appreciation and current
income through a conservative and disciplined approach of investing in a
broadly diversified portfolio of common stocks with above-average dividend
yields. The Fund’s investments are structured in an attempt to produce
a portfolio which yields at least 100 basis points (1%) more than the
Standard & Poor’s 500 Index (S&P 500).*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">For the six months
ended February 29, 2000, the Fund provided a total return of (16.21%),**
while the Lipper Equity Income Funds Index (LEIFI) provided a total return
of (8.87%) and the S&P 500 returned 4.11%.*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Growth vs
Value-Oriented</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Over the past few
quarters, the investment environment has strongly favored growth stocks over
the value-oriented, dividend-paying stocks that are at the heart of the
Marshall Equity Income Fund.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">It’s been a
difficult market for value stocks and, despite the headlines, many other
stocks as well. Actually, about 75% of the companies in the S&P 500 had
negative returns for the three- and six-month periods ended February 29,
2000. With technology’s spiraling growth, it’s been easy to
overlook the fact that most stocks are languishing.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">In this environment,
it is of course tempting to veer from our value-based, dividend-driven style
and reach for more aggressive growth. We are, however, remaining true to our
style discipline, as we continue to believe in its potential to deliver
competitive returns over time with lower volatility. To contend with our
challenging conditions, however, we are sharpening our focus on our
selection process in our ongoing effort to deliver attractive returns
relative to our category.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund Sectors
Continue to Pay Dividends</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Sectors represented
in the Fund will continue to be those that traditionally pay attractive
dividends, such as utilities, financials, communications, and energy. These
interest-rate sensitive stocks have been battered in the current rising-rate
environment, but we are working to carefully select those companies that
have the fundamental qualities that will allow them to prosper over the
longer term. Should the market winds shift more in favor of these sectors,
there is significant opportunity for appreciation.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Maintaining our
Patient Stance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Although recent
circumstances have been at times discouraging for value investors, we remain
dedicated to our approach and to the role of equity-income investing in a
well diversified portfolio. Those investors who stick with these investments
for the long haul will, we believe, be rewarded for their patience and
discipline.</FONT></DIV>
<DIV><FONT SIZE="6"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ Bruce P.
Hutson</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Bruce P.
Hutson</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Manager, Marshall
Equity Income Fund</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="1" COLOR="#000000">[PHOTO OF BRUCE P.
HUTSON]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right">
<FONT SIZE="2"> Marshall Equity
Income Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[Graphic
Representations Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This graph
illustrates the hypothetical investment of $10,000 in the Class Y Shares of
the Fund from its</FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="0%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="100%" VALIGN="top"> <DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">inception on
September 30, 1993 to February 29, 2000, compared to the S&P 500 and
the LEIFI.*</FONT></DIV>
</TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The S&P 500 and
the LEIFI are not adjusted to reflect sales charges, expenses or other
fees that the SEC requires to be reflected in a mutual fund’s
performance. These indices are unmanaged. Actual investments may not be
made in an index. The S&P 500 is a capitalization-weighted index of
500 stocks designed to measure performance of the broad domestic economy
through changes in the aggregate market value of 500 stocks representing
all major industries. Lipper figures represent the average of the total
returns reported by the largest mutual funds designated by Lipper as
falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee 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 their original cost.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents a
hypothetical investment of $10,000 in the Fund. The Fund’s
performance assumes the reinvestment of all dividends and distributions.
The S&P 500 and the LEIFI have been adjusted to reflect reinvestment
of dividends on securities in the indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="4"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>Marshall Large-Cap Growth
<BR>
& Income Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall
Large-Cap Growth & Income Fund (the “Fund”) invests in a
diversified portfolio of common stocks of large-sized companies whose market
capitalization typically exceed $10 billion. The adviser looks for companies
that are typically leaders in their industry and have records of
above-average financial performance and proven superior
management.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">As of February 29,
2000, the Fund provided a total return of 3.49%* over the past six months
and 11.29%* over the past 12 months. Over those same time periods the Lipper
Growth & Income Funds Index (LGIFI) returned (1.90%) and 5.34%
respectively, and the Standard & Poor’s 500 Index (S&P 500)
advanced 4.11% and 11.74%, respectively.**</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Opportunity in
Certain Sectors</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">A few select sectors
dominated performance—namely technology, telecommunications, and
biotechnology stocks. There continued to be a huge disparity in performance
between stocks in these “new economy” sectors and those outside
them. Given that the Fund is better positioned to succeed in a more
inclusive market, the conditions were not ideal conditions for us, though
the Fund performed competitively with its benchmark.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">There are signs of
change, however. Biotech showed the first signs of cracking in late March,
and the more speculative technology stocks then began to suffer from
uncertainty shortly afterward. The key question that remains to be answered
is whether these were the early signs of a sustainable rotation taking place
out of technology and other so-called new-economy stocks, and into more
traditional old-economy stocks. Traditional growth stocks, including
retailers and drug companies, are participating in the current market
broadening, which we find to be a promising sign.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Even though the
market shows signs of broadening out, technology will continue to be a
strong force. Therefore, we intend to make opportunistic additions to our
holdings in technology, telecommunications, and biotech. What also excites
us about the new economy’s technological innovations, though, is their
tremendous potential to allow the old economy businesses to expand and
improve their operations.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Poised for the
Future</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Our strategy is to
balance new-economy stocks in our portfolio with the stocks of successful
established companies such as GE, Home Depot, and Kohl’s. In both
cases, we are seeking out companies that are market leaders in their
respective industries, have exceptional management, and boast solid earnings
prospects—while also carrying valuations that afford them room for
future appreciation.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ William J.
O’Connor</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">William J.
O’Connor</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Manager, Marshall
Large-Cap Growth & Income Fund</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="1" COLOR="#000000">[PHOTO OF WILLIAM J.
O’CONNOR]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Large-Cap Growth & Income Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[Graphic
Representations Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This graph
illustrates the hypothetical investment of $10,000 in the Class Y Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">inception on November
20, 1992 to February 29, 2000, compared to the S&P 500 and the
LGIFI.*</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee 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 their original cost.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The S&P 500 and
the LGIFI are not adjusted to reflect sales charges, expenses or other
fees that the SEC requires to be reflected in a mutual fund’s
performance. These indices are unmanaged. Actual investments may not be
made in an index. The S&P 500 is a capitalization-weighted index of
500 stocks designed to measure performance of the broad domestic economy
through changes in the aggregate market value of 500 stocks representing
all major industries. Lipper figures represent the average of the total
returns reported by the largest mutual funds designated by Lipper as
falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents a
hypothetical investment of $10,000 in the Fund. The Fund’s
performance assumes the reinvestment of all dividends and distributions.
The S&P 500 and the LGIFI have been adjusted to reflect reinvestment
of dividends on securities in the indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="4"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>Marshall Mid-Cap Value
Fund</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall Mid-Cap
Value Fund (the “Fund”) invests in a diversified portfolio of
common stocks of companies similar in size to those within the Standard
& Poor’s Mid-Cap 400 Index (S&P 400).* The adviser generally
selects companies that exhibit traditional value characteristics, such as
low price-to-earnings ratios, higher-than-average dividend yields or a
lower-than-average price-to-book value. In addition, companies that have
under appreciated assets, or have been involved in company turnarounds or
corporate restructurings, often have strong value
characteristics.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">For the six months
ended February 29, 2000, the Fund provided a total return of (10.58%).** For
the same period, the Standard & Poor’s Mid-Cap 400 BARRA/Value
Index (SPMCBV)* returned (6.14%).</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Still A
Challenging Market for Value Investing</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">This Fund continued
to operate in a market environment that was generally punishing to value
stocks. Despite the difficult environment, we have held fast to our value
discipline.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">That doesn’t
mean we’re just sitting still and waiting for the market to revert to
historic patterns. Rather, this market environment has allowed us to
purchase high-quality companies that have offered faster growth than we
could normally afford within our value mandate. We believe this bodes well
for the Fund’s future performance.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">You have probably
heard a similar refrain from many value managers: great companies are
selling at truly cheap prices. One example is Payless ShoeSource, one of the
country’s largest shoe retailers. In our assessment, Payless has the
management, infrastructure, and buying power to continue to grow.
They’ve even entered the Internet realm with a clicks-and-bricks
arrangement that ties Internet customers with the chain’s 4500 stores.
We find this linking of the old economy with the new particularly appealing,
especially at 10 times earnings.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">One myth we’d
like to dispel is that value investing today means sticking with the old
economy and bypassing the new. While it’s true that we can’t hop
on the highest-profile, fastest-growing companies, the markets today give us
many opportunities to participate in the new economy. For example, we may
not be buying cell phone manufacturers, but we have bought lower-profile
suppliers to the cell phone industry. These companies can reap the benefits
of the wireless explosion, even if they don’t grab the
headlines.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Takeovers continued
to play a role in the portfolio, with Consolidated Papers being taken out at
a 69% premium over its stock price. This transaction, and others like it,
speaks to the hidden value that is locked up in many value
stocks.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ Matthew B.
Fahey</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Matthew B.
Fahey</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Co-Manager, Marshall
Mid-Cap Value Fund</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ John C. Potter,
C.F.A.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">John C. Potter,
C.F.A.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Co-Manager, Marshall
Mid-Cap Value Fund</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B> </B></FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="1" COLOR="#000000">[PHOTO OF MATTHEW B.
FAHEY & JOHN C. POTTER]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2">
</FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Mid-Cap Value Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[Graphic
Representations Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This graph
illustrates the hypothetical investment of $10,000 in the Class Y Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">inception on
September 30, 1993 to February 29, 2000, compared to the S&P 400 and the
LMCVFI.*</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The S&P 400,
SPMCBV and the LMCVFI are not adjusted to reflect sales charges, expenses
or other fees that the SEC requires to be reflected in a mutual
fund’s performance. These indices are unmanaged. Actual investments
may not be made in an index. The S&P 400 is a capitalization-weighted
index of common stocks representing all major industries in the mid-range
of the U.S. stock market. The SPMCBV is a capitalization-weighted index of
the stocks in the S&P 400 having the highest book-to-price ratios.
Lipper figures represent the average of the total returns reported by the
largest mutual funds designated by Lipper as falling into the category
indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee 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 their original cost.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents a
hypothetical investment of $10,000 in the Fund. The Fund’s
performance assumes the reinvestment of all dividends and distributions.
The S&P 400, SPMCBV and the LMCVFI have been adjusted to reflect
reinvestment of dividends on securities in the indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>Marshall Mid-Cap Growth
Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall Mid-Cap
Growth Fund (the “Fund”) seeks to provide capital appreciation.
Fund assets are invested in a diversified portfolio of common stocks of
companies similar in size to those within the Standard & Poor’s
Mid-Cap 400 Index (S&P 400).*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">For the six months
ended February 29, 2000, the Fund provided a total return of 75.67%**
compared to the S&P 400 total return of 18.12% and the Lipper Mid-Cap
Growth Funds Index (LMCGFI) return of 87.28%.*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Our bottom-up,
growth-driven approach to the mid-cap market has performed well. Across the
board, we look for companies with solid business plans, leading positions in
their industries, and solid management. If there are high barriers to entry
in their industry, so much the better.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Opportunity in
Certain Sectors</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Although our
selections are company-specific, there are sectors of the market where we
are finding significant opportunity. One of these is Internet security.
Recent service disruptions have heightened interest in security-related
equipment and services, and with more large players moving more of their
business online, demand is unlikely to abate for quite some
time.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">We are also adding
positions in cable equipment suppliers. They are in a position to benefit as
the large cable and telecommunications firms compete to provide voice, data,
and video service to homes and businesses. On a similar note, we have
increased our exposure to suppliers to the wireless telecommunications
industry. The Fund has a significant weighting in technology stocks; this
reflects the good opportunities we find in the sector and is not a
deliberate decision to overweight it.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund Management
Strategy</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The portfolio’s
average market capitalization increased, as some of our stocks have grown
beyond the bounds of the mid-cap range. We do not immediately
“shoot” our winners, but we do trim the positions back if they
grow beyond five percent of the Fund’s net assets. This helps to keep
risk in check, while also keeping the Fund true to its charter. Eventually,
we let our winners graduate to our large-cap competitors, but we have a
ready list of candidates for replacement.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ Michael
Groblewski</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Michael
Groblewski</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ Cindy
Bohlen</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Cindy
Bohlen</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="32%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="68%" VALIGN="top"> <DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="1" COLOR="#000000">[PHOTO OF MICHAEL
GROBLEWSKI]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="32%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="68%" VALIGN="top"> <DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="1" COLOR="#000000">[PHOTO OF CINDY
BOHLEN]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Mid-Cap Growth Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[Graphic
Representations Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This graph
illustrates the hypothetical investment of $10,000 in the Class Y Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">inception on
September 30, 1993 to February 29, 2000, compared to the S&P 400 and the
LMCGFI.*</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The S&P 400 and
the LMCGFI are not adjusted to reflect sales charges, expenses or other
fees that the SEC requires to be reflected in a mutual fund’s
performance. These indices are unmanaged. Actual investments may not be
made in an index. The S&P 400 is a capitalization-weighted index of
common stocks representing all major industries in the mid-range of the
U.S. stock market. Lipper figures represent the average of the total
returns reported by the largest mutual funds designated by Lipper as
falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee 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 their original cost.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents a
hypothetical investment of $10,000 in the Fund. The Fund’s
performance assumes the reinvestment of all dividends and distributions.
The S&P 400 and the LMCGFI have been adjusted to reflect reinvestment
of dividends on securities in the indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="98%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The market
experienced exceptional growth during the past year which may not continue
in the future.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>Marshall Small-Cap Growth
Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall
Small-Cap Growth Fund (the “Fund”) seeks to provide capital
appreciation. Fund assets are invested in a diversified portfolio of common
stocks of small-sized companies† similar in size to those within the
Russell 2000 Index (Russell 2000).*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">For the six months
ended February 29, 2000, the Fund provided a total return of 78.29%**
compared to the Russell 2000 total return of 35.82% and the Lipper Small-Cap
Funds Index (LSCFI) return of 58.27%.*</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Opportunity in
Certain Sectors</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">One of the areas we
have focused on recently is that of Internet security. Demand for
security-related equipment and services has risen sharply, driven by the
service disruptions afflicting some of the nation’s leading web sites.
With businesses wishing to push literally billions of dollars in
transactions over the Internet, security for those operations is of
paramount importance.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">In addition, we have
increased our investment in cable equipment suppliers. With AT&T and
other players all competing to provide voice, data, and video service to
homes, there is a pressing demand to build out the cable infrastructure
sooner, not later. Overall, we have a significant weighting in technology
stocks. This reflects the good opportunities we find in the sector, and is
not a deliberate decision to overweight it. Nonetheless, being selective
remains important, as individual companies within the sector have been
subject to considerable pain. In all sectors, we look for companies with
solid business plans, leading positions in their industry, high barriers to
entry, and strong management.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund Management
Strategy</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Fund’s
average market capitalization increased, a product of strong performance. We
do not immediately “shoot” our winners, but we do trim back
positions if they grow larger than five percent of the Fund’s net
assets. This allows the Fund to enjoy further growth potential while staying
true to its charter, and helps keep risk within reasonable bounds.
Eventually, we let our winners graduate to our large-cap competitors, but we
have a ready list of candidates for replacement.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">We expect the
Fund’s average market capitalization to return to its benchmark as we
realize some gains in a tax efficient manner. We are anxious to add several
new names to the portfolio that we have been monitoring for some time or are
just coming to the marketplace.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ Michael
Groblewski</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Michael
Groblewski</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ Cindy
Bohlen</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Cindy
Bohlen</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="32%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="68%" VALIGN="top"> <DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="1" COLOR="#000000">[PHOTO OF MICHAEL
GROBLEWSKI]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="32%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="68%" VALIGN="top"> <DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="1" COLOR="#000000">[PHOTO OF CINDY
BOHLEN]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Small-Cap Growth Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[Graphic
Representations Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This graph
illustrates the hypothetical investment of $10,000 in the Class Y Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">inception on November
1, 1995†† to February 29, 2000, compared to the Russell 2000 and
the LSCFI.*</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Small-cap funds may
experience a higher degree of market volatility than larger-cap
funds.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The Russell 2000
and the LSCFI are not adjusted to reflect sales charges, expenses or other
fees that the SEC requires to be reflected in a mutual fund’s
performance. These indices are unmanaged. Actual investments may not be
made in an index. The Russell 2000 is an index of common stocks whose
market capitalizations generally range from $200 million to $5 billion.
Lipper figures represent the average of the total returns reported by the
largest mutual funds designated by Lipper as falling into the category
indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee 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 their original cost.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents a
hypothetical investment of $10,000 in the Fund. The Fund’s
performance assumes the reinvestment of all dividends and distributions.
The Russell 2000 and the LSCFI have been adjusted to reflect reinvestment
of dividends on securities in the indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
††</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The Marshall
Small-Cap Growth Fund is the successor to a collective trust fund. The
quoted performance data includes performance of the collective trust fund
for periods before the Fund’s registration statement became effective
on August 30, 1996, as adjusted to reflect the Fund’s anticipated
expenses. The collective trust fund was not registered under the
Investment Company Act of 1940 (“1940 Act”) and therefore was
not subject to certain diversification requirements and investment
restrictions imposed on mutual funds by the 1940 Act and the Internal
Revenue Code. If the collective trust fund had been subject to those
restrictions registered under the 1940 Act, the performance may have been
adversely affected.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="98%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The market
experienced exceptional growth in the past year which may not continue in
the future.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>Marshall International
Stock Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall
International Stock Fund (the “Fund”) invests primarily in a
diversified portfolio of common stocks of companies of any size outside the
United States.† The Fund uses a value-oriented approach and invests in
companies selling at a discount to their global industry peers.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">During the six months
ended February 29, 2000, the Fund provided a total return of 46.60%*
compared to 13.63% for the Morgan Stanley Capital International Europe,
Australia and Far East Index (EAFE) and 25.58% for the Lipper International
Funds Index (LIFI).**</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The economic backdrop
for global markets continues to improve, with the positive impact being felt
by both established and emerging markets—as well as this
fund.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Opportunity in
Certain Sectors</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">As in the U.S.,
technology and telecommunications stocks continued to be the major forces
which drove the markets. It is difficult not to be drawn to these companies,
given their immense potential for growth, but it is also difficult not to be
concerned by their spiraling valuations. An area we are particularly
interested in is cellular phones. Most large markets are far from saturated,
and the increasing availability of non-voice services such as Internet
access is likely to spur demand still higher. While the fund remains
overweighted in technology, we have recently trimmed several positions due
to high valuations.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fears of
Inflation</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Clearly, fears of
inflation have become more prominent in recent months, particularly as
petroleum prices have extended their march upward. We believe, however, that
most of the impact from these price hikes has already been felt. Rising oil
prices have perhaps restored a more normal inflationary picture, after an
unusual period with virtually no inflation. So far, though, inflation has
not reached a level that is problematic for the global economy.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Bullish
Outlook</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Our outlook remains
solidly bullish. Although some uncertainty remains in Japan which has made
strides in transforming its financial system, an essential step to its
sustained recovery. European markets continue along a positive trend, and
many emerging markets appear to be putting their recent difficulties well
behind them. Although certain sectors, particularly consumer products, have
been struggling of late, on the whole we believe the global environment
portends future improvements in corporate earnings.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ Daniel R.
Jaworski, CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Daniel R. Jaworski,
CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Manager, Marshall
International Stock Fund</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"></FONT><FONT SIZE="1" COLOR="#000000">[PHOTO OF DANIEL R.
JAWORSKI]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right">
<FONT SIZE="2"> Marshall
International Stock Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[Graphic
Representations Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This graph
illustrates the hypothetical investment of $10,000 in the Class Y Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">inception on
September 1, 1994 to February 29, 2000, compared to the EAFE and the
LIFI.**</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Foreign investing
involves special risks including currency risk, increased volatility of
foreign securities, and differences in auditing and other financial
standards.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee 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 their original cost.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The EAFE and the
LIFI are not adjusted to reflect sales charges, expenses or other fees
that the SEC requires to be reflected in a mutual fund’s performance.
These indices are unmanaged. Actual investments may not be made in an
index. The EAFE is a market capitalization-weighted foreign securities
index, which is widely used to measure the performance of European,
Australian, New Zealand, and Far East stock markets. Lipper figures
represent the average of the total returns reported by the largest mutual
funds designated by Lipper as falling into the category
indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents a
hypothetical investment of $10,000 in the Fund. The Fund’s
performance assumes the reinvestment of all dividends and distributions.
The EAFE and the LIFI have been adjusted to reflect reinvestment of
dividends on securities in the indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The market
experienced exceptional growth in the past year which may not continue in
the future.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>Marshall Government
Income Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall
Government Income Fund (the “Fund”) invests in securities issued
by the United States government and its agencies and instrumentalities,
particularly mortgage-related securities. The adviser considers
macroeconomic conditions and uses credit and market analysis in developing
the overall portfolio strategy. Current and historical interest rate
relationships are used to evaluate market sectors and individual securities.
The Fund will generally maintain an average dollar-weighted maturity of four
to 12 years.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">For the six months
ended February 29, 2000, the Fund provided a total return of 1.17%,*
compared to a return of 1.95% by the Lipper U.S. Mortgage Funds Index
(LUSMI) and 2.30% provided by the Lehman Brothers Mortgage-Backed Securities
Index (LMI).**</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal Reserve
Increases Interest Rate</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Federal Reserve
Board’s (the “Fed”) two 25-basis-point interest-rate hikes so
far this year have of course had significant impact on this Fund. With the
Fed still in a tightening mode, in its belief that inflation poses a greater
threat to economic health than does a slowing of its growth, the market
anticipates further rises to come. Yields on two-year Treasuries are up by
about 30 basis points for the year to date.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The reporting period
was marked by a distinctive inversion of the yield curve—that is, the
yields paid by longer-maturity Treasuries are lower than those paid by
shorter-maturity issues. Typically, an inverted curve like this would signal
that the market was anticipating a recession, but that was not the case this
time.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Causes of Interest
Rate Increase</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The cause instead is
a supply/demand imbalance at the long end of the curve, sparked by the
government’s announced plans to buy back and retire some of its debt.
Bearing out this analysis is the fact that the yields on longer-term spread
products—including the mortgage-backed issues that are this Fund’s
focus—haven’t changed very much. Mortgages are still attractive
relative to Treasuries, enjoying a significant yield advantage. In addition,
with most mortgage-backed issues trading at discounts, prepayment risk is of
little concern.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">We are keeping the
Fund’s duration slightly shorter than its benchmark’s, given our
expectation of further Fed rate hikes. The Fund’s focus on high quality
securities will not change; we do not intend to reach for yield by delving
into lower-quality bonds. Our goal is to provide a yield that compares
favorably with those offered by Treasuries, while still offering significant
protection on the downside.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ Joseph M.
Cullen</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Joseph M. Cullen,
CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Manager, Marshall
Government Income Fund</FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="12%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="88%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Government Income Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[Graphic
Representations Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This graph
illustrates the hypothetical investment of $10,000 in the Class Y Shares of
the Fund from its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">inception on December
13, 1992 to February 29, 2000, compared to the LMI and the
LUSMI.**</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee 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 their original cost.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The LMI and the
LUSMI are not adjusted to reflect sales charges, expenses or other fees
that the SEC requires to be reflected in a mutual fund’s performance.
These indices are unmanaged. Actual investments may not be made in an
index. The LMI is an index comprised of fixed rate securities backed by
mortgage pools of the Government National Mortgage Association (GNMA),
Federal Home Loan Mortgage Corp. (FHLMC) and the Federal National Mortgage
Association (FNMA). Lipper figures represent the average of the total
returns reported by the largest mutual funds designated by Lipper as
falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents a
hypothetical investment of $10,000 in the Fund. The Fund’s
performance assumes the reinvestment of all dividends and distributions.
The LMI and the LUSMI have been adjusted to reflect reinvestment of
dividends on securities in the indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Duration is a
commonly used measure of the potential volatility of the price of a debt
security, or the aggregate market value of a portfolio of debt securities,
prior to maturity. Securities with longer durations generally have more
volatile prices than securities of comparable quality with shorter
durations.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>Marshall Intermediate
Bond Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall
Intermediate Bond Fund (the “Fund”) invests in Intermediate-term
investment grade bonds and notes, including corporate, asset-backed,
mortgage-backed and United States government securities. The adviser’s
strategy to pursue total return is to adjust the Fund’s weightings in
these sectors as it deems appropriate and uses macroeconomic, credit and
market analysis to select portfolio securities. The Fund will maintain an
average dollar-weighted maturity of three to 10 years.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">For the six months
ended February 29, 2000, the Fund provided a total return of 2.08%,*
compared to a return of 1.62% for the Lipper Short/Intermediate Investment
Grade Bond Funds Index (LSIBF) and 1.45% for the Lehman Brothers
Intermediate Government/Corporate Bond Index (LGCI).**</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Rising Interest
Rates</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">As was the case for
much of 1999, we went into the first quarter of 2000 prepared for rising
interest rates—and as has also been the case, the Federal Reserve Board
(the “Fed”) obliged by raising rates. There’s every reason to
believe they will continue to do so, as their efforts to slow the economy
have so far had little impact.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">On the other end of
the yield curve, the government’s announcement of plans to buy back and
retire long Treasury debt sparked demand and drove yields down. The result
was an inversion in the yield curve, with the Fed’s tightening raising
rates on the short end to a higher level than long Treasuries.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The declining yields
on long Treasuries have widened the spread between the income they pay and
the yield offered by corporate bonds. As a result, over the past quarter, we
have increased our position in short- and medium-term corporate bonds.
Corporate yields have also been buoyed by heavy supply in the market; at the
same time, the strong economy has bolstered credit quality, helping to ease
corporates’ credit risk.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Positive
Outlook</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">After enduring the
daunting challenge of 1999’s dismal bond market, we are tempering our
generally positive outlook with a cautious approach. While corporate bonds
have benefited from economy-driven improvements in company fundamentals, if
the Fed’s efforts to slow economic growth are successful, those
fundamentals could deteriorate. Therefore, as we manage our position in
corporate issues, we will also keep an eye out for conditions that could
affect them unfavorably. In the meantime, we’ve been looking at the
credits we own and upgrading quality where we can. With more rate hikes
clearly on the way, we intend to be as vigilant with this portfolio as the
Fed appears to be with inflation.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ Mark D.
Pittman</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mark D. Pittman,
CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Manager, Marshall
Intermediate Bond Fund</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="1" COLOR="#000000">[PHOTO OF MARK D.
PITTMAN]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Intermediate Bond Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[Graphic
Representations Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This graph
illustrates the hypothetical investment of $10,000 in the Class Y Shares of
the Fund from</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">inception on November
23, 1992 to February 29, 2000, compared to the LGCI and the
LSIBF.**</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee 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 their original cost.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The LGCI and the
LSIBF are not adjusted to reflect sales charges, expenses or other fees
that the SEC requires to be reflected in a mutual fund’s performance.
These indices are unmanaged. Actual investments may not be made in an
index. The LGCI is an index comprised of government and corporate bonds
rated BBB or higher with maturities between 1-10 years. Lipper figures
represent the average of the total returns reported by the largest mutual
funds designated by Lipper as falling into the category
indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents a
hypothetical investment of $10,000 in the Fund. The Fund’s
performance assumes the reinvestment of all dividends and distributions.
The LGCI and the LSIBF have been adjusted to reflect reinvestment of
dividends on securities in the indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Duration is a
commonly used measure of the potential volatility of the price of a debt
security, or the aggregate market value of a portfolio of debt securities
prior to maturity. Securities with longer durations generally have more
volatile prices than securities of comparable quality with shorter
durations.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>Marshall Intermediate
Tax-Free Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall
Intermediate Tax-Free Fund (the “Fund”) invests in
investment-grade municipal securities, which includes tax-free debt
obligations of states, territories and possessions of the United States and
political subdivisions and financing authorities of these entities. The
Fund’s assets are invested primarily in municipal securities providing
income that is exempt from federal income tax (including the federal
alternative minimum tax). The adviser selects Fund investments after
assessing factors such as the cyclical trend in interest rates, the shape of
the municipal yield curve, tax rates, sector valuation and municipal bond
supply factors. The Fund will maintain an average dollar-weighted portfolio
maturity of three to 10 years. The primary goal of the Fund is to generate
income exempt from federal income tax.†</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">For the six months
ended February 29, 2000, the Fund provided a total return of 0.11%,*
comparing favorably to the market as represented by the Lipper Intermediate
Municipal Funds Index (LIMI)** return of 0.06%. For the past 12 months, the
Fund generated a return of (2.14%),* versus a return of (1.62%) for the
LIMI. The Lehman Brothers 7-Year General Obligations Index (L7GO)** reported
a six-month return of 0.37% and a 12 month return of (0.87%).</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Municipal Bond
Rates</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Rates on municipal
issues are following a pattern similar to those among Treasuries, with
short-term rates rising while long-term rates fall. The result is not as
severe as the Treasury yield curve inversion, but a flattening configuration
has emerged.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">These conditions have
favored a barbell structure, and indeed we have been aligning the portfolio
that way, with new positions at the long and short ends of the yield curve,
with little in between. We believe that there is still some room to benefit
from this configuration going forward.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Given the Federal
Reserve Board’s (the “Fed”) continuing efforts to slow the
economy, we have shortened the Fund’s duration from 6.3 years to about
5.6 years. We accomplished this by almost doubling our position in one- to
three-year issues—the short end of the barbell—while cutting our
weighting in medium-term, five- to nine-year bonds.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Among municipals,
credit spreads have tightened, leaving lower-rated issues trading at yields
similar to those on higher-rated bonds. We’re maintaining a high level
of quality in the portfolio, with 85% of assets in AA or higher
paper.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The municipal market
has benefited from the strong economy, with the resulting increased tax
receipts helping to shore up municipal finances and improve credit ratings.
There’s potential for the rosy credit-quality situation to change,
however, if the Fed succeeds in slowing down the economy. In addition,
states that rely on sales taxes instead of, or in addition to, income taxes
face challenges from untaxed Internet transactions. Although these issues
haven’t yet had an impact on munis, we do believe they argue for a
focus on higher-rated issues.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ John D.
Boritzke</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">John D.
Boritzke</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Manager, Marshall
Intermediate Tax-Free Fund</FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="12%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="88%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="center"><FONT SIZE="1" COLOR="#000000">[PHOTO OF JOHN D.
BORITZKE]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Intermediate Tax-Free Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[Graphic
Representations Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This graph
illustrates the hypothetical investment of $10,000 in the Fund from
its</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">inception on February
2, 1994 to February 29, 2000, compared to the LIMI and the
L7GO.**</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee 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 their original cost.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The LIMI and the
L7GO are not adjusted to reflect sales charges, expenses or other fees
that the SEC requires to be reflected in a mutual fund’s performance.
These indices are unmanaged. Actual investments may not be made in an
index. The L7GO is an index comprised of general obligation bonds rated A
or better with maturities between 1-8 years. Lipper figures represent the
average of the total returns reported by the largest mutual funds
designated by Lipper as falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents a
hypothetical investment of $10,000 in the Fund. The Fund’s
performance assumes the reinvestment of all dividends and distributions.
The LIMI and the L7GO have been adjusted to reflect reinvestment of
dividends on securities in the indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Income may be
subject to state and local taxes and a portion of income may be subject to
the federal alternative minimum tax.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
††</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Duration is a
commonly used measure of the potential volatility of a debt security, or
the aggregate market value of a portfolio of debt securities prior to
maturity. Securities with longer durations generally have more volatile
prices than securities of comparable quality with shorter
durations.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>Marshall Short-Term
Income Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall
Short-Term Income Fund (the “Fund”) seeks to maximize total return
consistent with current income. Fund assets are invested in short- to
intermediate-term investment grade bonds and notes, including corporate,
asset-backed, mortgage-backed and U.S. government securities. The Adviser
changes the weightings in these sectors as it deems appropriate and uses
macroeconomic, credit and market analysis to select portfolio securities.
The Fund maintains an average dollar-weighted maturity of six months to
three years.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">For the six months
ended February 29, 2000, the Fund provided a total return of 2.33%,*
compared to a return of 2.13% for the Lipper Short-Term Investment Grade
Bond Fund Index (LSTIBI).**</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Unwavering
Strategy</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">We maintained a
defensive stance in anticipation of further rate hikes from the Federal
Reserve Board (the “Fed”). Our posture was warranted, as the Fed
did raise the Federal Funds target rate twice during the
quarter.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The yield curve moved
to an extremely inverted shape, with rates on the short side driven up by
the Fed’s rate hikes and on the long side driven down by the
government’s announcement of plans to buy back and retire some of its
debt. Credit spreads widened quite dramatically, with the rally in
Treasuries creating opportunities elsewhere.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Over the reporting
period, we added to our position in corporate bonds. We’ve become more
comfortable with short-maturity corporates as the gulf between their yields
and those of Treasuries has widened. Heavy supply has further depressed
corporates’ prices. At the same time, the continued strong domestic
economy has served to shore up companies’ credit quality, reducing
these issues’ credit risk.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The picture for
mortgage-backed issues, another spread product this Fund favors, is cloudy.
However, if rates continue to rise new issuance is likely to decline,
improving the supply/demand balance in this sector.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Poised for the
Future</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Looking ahead, if the
Fed’s efforts to put the brakes on economic growth are successful, it
could cause the fundamentals of some companies to deteriorate. Therefore,
while we’re encouraged by the opportunities corporates offer at
present, we intend to keep a careful eye on the underlying fundamentals of
the issues in the portfolio. We’ve been looking at the credits we own
and upgrading quality where we can. It is clear that the Fed will continue
its vigilance, and we fully anticipate at least two more rate
hikes.</FONT></DIV>
<DIV><FONT SIZE="6"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1">/s/ Mark D.
Pittman</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mark D. Pittman,
CFA</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Manager, Marshall
Short-Term Income Fund</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="1" COLOR="#000000">[PHOTO OF MARK D.
PITTMAN]</FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Short-Term Income Fund</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="6"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[Graphic
Representations Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This graph
illustrates the hypothetical investment of $10,000 in the Fund from its
inception</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">on November 1, 1992
to February 29, 2000, compared to the LSTIBI and the ML13.**</FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee 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 their original cost.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The LSTIBI and the
ML13 are not adjusted to reflect sales charges, expenses or other fees
that the SEC requires to be reflected in a mutual fund’s performance.
These indices are unmanaged. Actual investments may not be made in an
index. Merrill Lynch 1-3 Year Government/Corporate Index is an index
tracking short-term U.S. government and corporate securities with
maturities between 12.99 years. The index is produced by Merrill Lynch
Pierce Fenner & Smith. Lipper figures represent the average of the
total returns reported by the largest mutual funds designated by Lipper as
falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents a
hypothetical investment of $10,000 in the Fund. The Fund’s
performance assumes the reinvestment of all dividends and distributions.
The LSTIBI and the ML13 have been adjusted to reflect reinvestment of
dividends on securities in the indices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Duration is a
commonly used measure of the potential volatility of the price of a debt
security, or the aggregate market value of a portfolio of debt securities,
prior to maturity. Securities with longer durations generally have more
volatile prices than securities of comparable quality with shorter
durations.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Semi-Annual
Report—Commentary</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>Marshall Money Market
Fund</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The Marshall Money
Market Fund (the “Fund”) invests in high quality, short-term money
market instruments.* The adviser uses a “bottom-up” approach,
meaning that the fund manager looks primarily at individual companies
against the context of broader market factors.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Fund
Performance</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">For the six months
ended February 29, 2000, the Fund provided a total return of 2.74%**
compared to a total return of 2.51% for the IBC Donoghue’s Taxable
Money Fund Average, and 2.46% for the Lipper Money Market Funds Index.*** As
of February 29, 2000, the 7-day net yield for the Fund was 5.65%.** For the
past 12 months, the Fund provided a total return of 5.20%** versus 4.68% for
the IBC Donoghue’s Taxable Money Fund Average, and 4.72% for the Lipper
Money Market Funds Index.***</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Y2K
Results</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">The much-anticipated
and much-feared transition to Y2K went off essentially without a hitch.
Individuals didn’t make a mad dash to withdraw cash from their accounts
(though the Federal Reserve Board (the “Fed”) had prepared for
such a possibility), and technical glitches were almost
nonexistent.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Interest Rate
Hikes by the Fed</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">With Y2K concerns out
of the way, the focus has returned to the Fed’s continued tightening
approach. The quarter’s two hikes of 25 basis points in the Federal
Funds target rate has brought that rate to 6.0%. Given the continued strong
state of the U.S. economy, it seems likely that the Fed still has more
tightening in store.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">In this environment,
we have kept the Fund’s maturity toward the short end of its range,
ending the reporting period at 33 days. To help support the Fund’s
yield, we have kept a significant portion of the Fund’s assets in
floating rate notes, whose yields adjust to reflect changes in interest
rates. In addition, we have continued to keep a portion of assets laddered
in one-year notes, which has had a significant impact on yield.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Poised for the
Future</B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">We anticipate
additional rate hikes from the Fed, most likely continuing in 25-basis-point
steps. If conditions change, however, and inflation surges forward,
it’s possible that the Fed could choose to make larger hikes. Looking
forward, we intend to continue to use both floating-rate paper and laddered
one-year notes to help boost the Fund’s yield. In addition, we expect
to begin to move the Fund’s maturity out slightly longer, aiming toward
a target of approximately 60 days.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Sincerely,</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">/s/ Richard M.
Rokus</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Richard M.
Rokus</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Manager, Marshall
Money Market Fund</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">[PHOTO OF RICHARD M.
ROKUS]</FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="1">[Graphic
Representation Omitted—See Appendix]</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">An investment in
money market funds is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the
money market funds seeks to preserve the value of your investment at $1.00
per share, it is possible to lose money by investing in these
funds.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Past performance is
no guarantee of future results. Yields will vary. Yields quoted for money
market funds most closely reflect the fund’s current
earnings.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">***</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The IBC
Donoghue’s Money Fund Report™ publishes annualized yields of
hundreds of money market funds on a weekly basis and through its Money
Market Insight publication, reports monthly and year-to-date investment
results for the same money funds. Lipper figures represent the average of
the total returns reported by the largest mutual funds designated by
Lipper as falling into the category indicated.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
†</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The 7-day net
annualized yield is based on the average net income per share for the 7
days ended on the date of calculation and the offering price on that date.
The 7-day effective yield is annualized and reflects daily compounding of
the 7-day net yield.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Equity Income
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common
Stocks — 97.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Capital
Goods — 8.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Aerospace &
Defense — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">44,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Northrop Grumman
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$2,021,969</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">33,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Textron,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,013,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,034,969</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Building
Materials — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">175,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Louisiana-Pacific
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,067,188</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">144,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Masco
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,574,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">63,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Vulcan Materials
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,520,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,161,188</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Electrical
Equipment — 3.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Emerson Electric
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,417,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">General Electric
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,253,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,670,312</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Manufacturing — 1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">114,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Honeywell
International, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,486,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Office
Products — 1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">67,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Pitney Bowes,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,361,050</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">95,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Xerox
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,060,313</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,421,363</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Capital
Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
34,774,082</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Durables — 5.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Automotive &
Related — 3.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">82,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Delphi Auto Systems
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,368,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">171,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ford Motor
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,117,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">45,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Johnson Controls,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,417,887</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">74,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">TRW,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,552,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,456,137</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Manufacturing — 2.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">72,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Eastman Kodak
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,126,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">77,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Whirlpool
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,182,063</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,308,563</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Consumer
Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
22,764,700</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Non-Durables — 21.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Beverages &
Foods — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">126,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Archer-Daniels-Midland Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,267,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">225,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">ConAgra,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,684,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">45,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Heinz (H.J.)
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,437,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">175,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nabisco Group
Holdings Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,509,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">180,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">PepsiCo,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,805,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ralston Purina
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,981,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Sara Lee
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,875,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
17,560,687</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Health
Care — 13.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">225,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Abbott
Laboratories</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,368,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">171,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">American Home
Products Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,447,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">175,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Baxter
International, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,537,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">121,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Bristol-Myers
Squibb Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,908,400</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">135,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Glaxo Wellcome
PLC , ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,581,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">35,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Johnson &
Johnson</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,511,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">113,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lilly (Eli) &
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,716,438</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">106,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Merck & Co.,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,537,938</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
53,608,726</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Household
Product/Wares — 1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">53,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Procter &
Gamble Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,664,000</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Non-Durables </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Personal
Care — 0.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">85,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Gillette
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$2,996,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Retail — 0.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">35,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">May Department
Stores Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">934,894</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Tobacco — 2.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">300,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Philip Morris Cos.,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,018,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">122,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">UST,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,356,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,374,875</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Consumer
Non-Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
88,139,432</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Energy — 18.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Domestic &
International Oil — 18.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Atlantic
Richfield Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,100,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">92,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)BP Amoco PLC,
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,324,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Chevron
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,228,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Conoco, Inc., Class
A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,878,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">276,776</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Exxon Mobil
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
20,844,692</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Occidental
Petroleum Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,606,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Phillips Petroleum
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,060,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">219,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Royal Dutch
Petroleum Co., ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,529,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">192,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Texaco,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,117,488</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Unocal
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,337,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">307,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">USX—Marathon
Group</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,649,688</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
73,674,868</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Oil
Refining — 0.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">91,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ultramar Diamond
Shamrock Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,975,731</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Energy</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
75,650,599</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Financial — 18.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Banks — 10.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">128,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Bank One
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,316,906</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">48,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Bank of New York
Co., Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,608,994</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">186,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Bank of America
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,567,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">120,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Chase Manhattan
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,555,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">179,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">First Union
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,280,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">179,620</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fleet Boston
Financial Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,894,645</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Washington Mutual,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,212,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">230,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Wells Fargo
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,604,375</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
43,040,545</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Financial
Services — 2.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">104,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fannie
Mae</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,512,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Federal Home Loan
Mortgage
<BR>
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,175,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">95,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">MBNA
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,161,250</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,848,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Insurance — 3.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">115,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ace,
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,055,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">72,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Allstate
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,404,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">26,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)American General
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,356,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">122,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Hartford Financial
<BR>
Services Group, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,837,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">90,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lincoln National
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,503,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marsh &
McLennan Cos., Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,547,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">90,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Reliastar Financial
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,514,375</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,219,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Real Estate
Investment Trust — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">71,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Equity
Residential
<BR>
Properties Trust</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,835,562</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">76,140</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Public Storage,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,679,839</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,515,401</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Financial</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
74,623,196</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left">
<FONT SIZE="2"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Equity Income Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Shares or
<BR>
Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Raw
Materials/Intermediate Goods — 6.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Chemicals—2.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">51,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Air Products &
Chemicals,
<BR>
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,313,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Du Pont (E.I.) de
Nemours
<BR>
& Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,050,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">140,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Hercules,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,310,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">24,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">PPG Industries,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,185,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">48,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Rohm & Haas
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,938,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,796,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Metals — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">65,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Reynolds Metals
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,127,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Paper — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">291,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Abitibi-Consolidated, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,582,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Bowater,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,689,062</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">52,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Consolidated
Papers, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,980,337</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">55,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Kimberly-Clark
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,842,812</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,094,836</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Raw Materials/
<BR>
Intermediate Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
27,018,586</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Utilities—18.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Electric—3.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">57,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Carolina Power
& Light
<BR>
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,695,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">106,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Duke Energy
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,170,100</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">59,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Edison
International</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,560,331</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">54,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">FPL Group,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,085,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">98,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)NiSource,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,275,638</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">71,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Texas Utilities
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,339,213</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,126,782</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Gas
Distribution — 3.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">28,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Columbia Energy
Group</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,652,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">123,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">El Paso Energy
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,558,687</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">67,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">WICOR,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,038,238</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">110,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Williams Cos., Inc.
(The)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,599,375</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,848,300</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Telecommunications — 11.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">357,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)AT&T
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
17,673,906</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Alltel
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,480,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">45,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Bell Atlantic
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,202,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">233,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">GTE
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
13,747,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">285,832</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">SBC Communications,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,861,616</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
47,964,709</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Utilities</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
74,939,791</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Common
Stocks
<BR>
</B>(identified cost $380,020,853)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>397,910,386</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(2)Repurchase
Agreement — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$7,307,217</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers,
Inc., 5.68%,
<BR>
dated 2/29/2000, due
<BR>
3/1/2000 (at amortized
<BR>
cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>7,307,217</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments </B>(identified cost
<BR>
$387,328,070)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$405,217,603</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Large-Cap Growth &
Income Fund</B></FONT><FONT SIZE="2"><I></I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="355" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common
Stocks — 97.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Basic
Industries — 3.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Chemicals — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">69,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Du Pont (E.I.) de
Nemours &
<BR>
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$3,494,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Paper — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">96,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Bowater,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,741,675</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">136,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Kimberly-Clark
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,065,681</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,807,356</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Basic
Industries</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,301,956</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Capital
Goods — 40.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Aerospace &
Related—1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">137,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Boeing
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,059,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Computers — 1.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">47,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Hewlett-Packard
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,321,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Computer
Services — 8.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">48,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)America
Online, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,843,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">83,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">International
Business
<BR>
Machines Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,537,400</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">179,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Microsoft
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
16,042,812</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">83,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Sun
Microsystems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,962,900</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
35,386,912</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Electrical
Equipment — 6.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">119,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">General Electric
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,822,844</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">131,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Grainger (W.W.),
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,612,719</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">134,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Tyco International
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,117,769</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
26,553,332</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Electronics — 13.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">94,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Applied
Materials, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
17,324,181</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">106,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intel
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,000,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">95,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Micron
Technology, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,384,581</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">107,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Motorola,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
18,379,900</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
57,089,262</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Machinery—Farming — 1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">146,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Deere &
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,251,675</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Technology — 9.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">3Com
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,350,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Computer Associates
<BR>
International, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,527,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">31,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Corning,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,922,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">31,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Internet Capital
Group, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,331,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lucent
Technologies, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,462,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Solectron
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,275,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">96,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)SAP AG,
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,874,525</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">31,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Yahoo,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,014,188</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
40,756,938</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Capital
Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
176,418,869</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Durables — 1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Automotive—1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">72,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">General Motors
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,491,713</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Non-Durables — 30.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Beverages &
Foods — 4.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">94,764</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Coca-Cola
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,590,131</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">136,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">PepsiCo,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,389,225</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">52,020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Procter &
Gamble Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,577,760</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">101,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Quaker Oats
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,463,869</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="180" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
19,020,985</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Large-Cap Growth &
Income Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Non-Durables </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Communications
Services — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">31,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)NEXTLINK
<BR>
Communications, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$3,470,906</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Drugs — 3.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">99,740</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">American Home
Products Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,338,690</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">91,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Merck & Co.,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,632,969</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Pfizer,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,818,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">71,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Schering Plough
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,490,075</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
17,280,484</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Entertainment — 4.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">103,606</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Disney (Walt)
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,470,801</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">131,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Seagram Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,719,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">80,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Time Warner,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,874,200</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
18,064,751</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Health
Care — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">192,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Columbia/HCA
Healthcare
<BR>
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,717,656</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">41,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Medimmune,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,317,150</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,034,806</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Media — 1.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">199,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">New York Times Co.,
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,411,975</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Medical
Supplies — 2.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">154,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Abbott
Laboratories</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,056,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">53,520</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Johnson &
Johnson</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,840,060</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,896,660</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Personal Care
Products — 1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">146,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Gillette
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,157,075</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Retail — 8.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">121,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Federated
Department
<BR>
Stores, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,453,863</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">116,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Home Depot,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,735,156</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">82,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Kohl’s
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,231,788</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">159,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Safeway,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,146,863</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">148,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Starbucks
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,226,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Wal-Mart Stores,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,427,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">261,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Walgreen
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,757,713</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
38,979,583</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Consumer
Non-Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
131,317,225</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Energy — 7.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>International
Oil & Gas — 7.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">72,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Amerada-Hess
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,650,613</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">116,596</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Exxon Mobil
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,781,136</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">291,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Occidental
Petroleum Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,680,612</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">116,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Royal Dutch
Petroleum Co.,
<BR>
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,095,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">51,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Schlumberger
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,804,562</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">81,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Texaco,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,885,131</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Energy</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,897,304</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Financial — 11.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Banks — 3.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">165,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Bank of New York
Co., Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,516,550</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">82,808</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">BankAmerica
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,814,344</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Chase Manhattan
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,777,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="186" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,108,394</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="354" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Shares or
<BR>
Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Financial
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Insurance — 2.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">92,256</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">American
International
<BR>
Group, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$8,158,890</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">52,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Progressive Corp.,
OH</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,117,800</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,276,690</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Other
Financial — 5.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">37,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">American Express
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,032,031</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">116,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Citigroup,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,031,931</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">78,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Federal Home Loan
<BR>
Mortgage Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,273,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">140,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Franklin Resources,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,828,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">131,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">MGIC Investment
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,926,025</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
23,091,187</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Financial</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
48,476,271</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Utilities — 4.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Telecommunications — 4.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">110,549</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)AT&T
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,465,266</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">82,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">GTE
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,879,300</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">94,550</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)MCI Worldcom,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,219,294</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">150,560</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">SBC Communications,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,721,280</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Utilities</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
20,285,140</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Common
Stocks
<BR>
</B>(identified cost $284,583,047)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>428,188,478</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(4)U.S. Treasury
Bill — 0.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 2,475,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">3/9/2000
(identified cost
<BR>
$2,472,122)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>2,472,995</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments in Securities
<BR>
</B>(identified cost $287,055,169)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>430,661,473</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(2)Repurchase
Agreement — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,131,742</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers,
Inc.,
<BR>
5.68%, dated 2/29/2000,
<BR>
due 3/1/2000 (at
<BR>
amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>12,131,742</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="167" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments </B>(identified
<BR>
cost $299,186,911)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$442,793,215</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Mid-Cap Value
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="318" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common
Stocks — 84.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Capital
Goods — 11.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Aerospace &
Defense — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">38,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Northrop Grumman,
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,753,888</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Computer
Services — 5.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Complete
Business Solutions, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,490,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Keane,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,440,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)SunGard Data
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,200,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Ziff-Davis,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,140,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,270,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Electronics — 2.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">39,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Avnet,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,608,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Other Capital
Goods — 1.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">55,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Brady
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,505,437</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Cooper Tire &
Rubber Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">432,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,937,937</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="238" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Capital
Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,570,575</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left">
<FONT SIZE="2"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> <B>Mid-Cap Value Fund
</B></FONT><FONT SIZE="2" COLOR="#000000">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="360" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Non-Durables — 30.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Beverages &
Foods — 3.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">43,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">International
Multifoods Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$476,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">98,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Ralcorp
Holdings, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,466,863</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">110,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Universal Foods
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,986,875</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,930,613</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Medical
Supplies — 2.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Sybron
International Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,960,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Pharmaceuticals
& Health Care — 6.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Dentsply
International, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,025,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Elan Corp.
Plc, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">822,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)First Health
Group Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,688,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">105,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Manor Care,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">912,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">87,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Tenet Healthcare
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,529,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,977,937</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Publishing — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">46,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Harcourt General,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,584,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Retail — 5.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">45,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Federated
Department Stores,
<BR>
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,650,937</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Payless
ShoeSource, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,975,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">85,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shopko Stores,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,413,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,039,062</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Services — 9.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">167,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ikon Office
Solutions, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,173,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">109,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Interim
Services, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,730,656</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">55,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Manpower,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,797,813</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Mentor Graphics
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,284,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">105,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Viad
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,460,938</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,446,982</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Tobacco — 2.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">111,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">UST,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,143,688</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Consumer
Non-Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,082,407</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Energy — 10.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Oil & Gas
Products — 8.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">65,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Dynegy,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,046,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">110,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Noble Affiliates,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,475,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">73,320</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">USX-Marathon
Group</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,585,545</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">64,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Unocal
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,725,375</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,832,795</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Oil
Services — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">71,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Rowan Companies,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,783,875</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Energy</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,616,670</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Financial — 15.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Banking — 5.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Amcore Financial,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,256,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">65,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Associated Banc
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,645,312</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Firstar
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,246,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">48,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Golden West
Financial Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,368,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,516,437</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Financial
Services — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">15,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers
Holdings, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,087,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Insurance — 8.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">138,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ace,
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,466,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">87,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Everest Re Group
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,151,675</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">34,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">MGIC Investment
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,270,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">45,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Radian Group,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,560,938</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Torchmark
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,196,675</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,646,788</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="315" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Financial</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,250,725</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="355" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Shares or
<BR>
Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Raw
Materials/Intermediate
<BR>
Goods — 12.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Chemicals — 5.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fuller (H.B.)
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,841,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">48,150</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Imperial Chemical
<BR>
Industries, PLC, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,492,650</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Millennium
Chemicals, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,750,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,083,900</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Intermediate
Goods — 1.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">59,327</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Hanson PLC,
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,891,048</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Paper &
Related Products — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">200,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Abitibi-Consolidated, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,775,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">35,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Consolidated
Papers, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,354,369</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Packaging Corp.
of
<BR>
America</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,087,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,216,869</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Steel — 1.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nucor
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,490,625</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Raw Materials/
<BR>
Intermediate Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,682,442</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Telecommunications — 3.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Services — 3.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">29,410</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)AT&T
Corp. — Liberty
<BR>
Media Group, Inc.,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,536,672</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">18,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Telephone and Data
System,
<BR>
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,899,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Telecommunications</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,435,672</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Common
Stocks </B>(identified
<BR>
cost $82,900,020)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>83,638,491</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(4)U.S. Treasury
Bill — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$300,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">3/9/2000
(identified cost
<BR>
$299,658)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>299,689</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(2)Repurchase
Agreement — 12.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,981,259</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers,
Inc., 5.68%,
<BR>
dated 2/29/2000, due
<BR>
3/1/2000 (at amortized
<BR>
cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>11,981,259</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="292" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments </B>(identified cost
<BR>
$95,180,937)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$95,919,439</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Mid-Cap Growth
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common
Stocks — 94.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Capital
Goods — 58.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Computer
Services — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">15,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Check Point
Software
<BR>
Technologies Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$3,059,062</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Entrust
Technologies, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,295,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)FIserv,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,725,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Organic,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">682,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Paychex,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,006,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Perot Systems
Corp., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,271,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">130,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
(1)(3)ZDNet</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,168,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
22,207,812</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Computers — 2.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Lexmark Intl.
Group, Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,925,000</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Mid-Cap Growth Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Capital Goods
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Electrical
Equipment — 1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Molex,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$6,984,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Semi-Conductor — 6.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Altera
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,380,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">95,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Conexant
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,333,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Triquint
Semiconductor, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,125,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Vitesse
Semiconductor Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,381,250</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
33,220,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Technology — 43.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)724 Solutions,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,295,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Applied Micro
Circuits Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,251,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Citrix Systems,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,543,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">225,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)CommScope,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,760,938</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Digex, Inc.,
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">648,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)DSL.net,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">840,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">65,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Echostar
Communications
<BR>
Corp., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,410,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)E-Tek
Dynamics, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
19,127,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">200,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Flextronics
International Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,175,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Harmonic
Lightwaves, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,270,313</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Inktomi
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,970,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Jabil
Circuit, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,943,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">120,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)JDS Uniphase
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
31,635,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">35,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Lycos,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,086,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">90,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Network
Appliance, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
16,987,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Phone.com,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,792,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Portal Software,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,253,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">120,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Scientific-Atlanta,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,322,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)SDL,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
28,700,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Tetra Tech,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,506,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">95,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Veritas Software
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
18,798,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">10,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Vignette
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,305,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
227,623,626</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Capital
Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
301,960,813</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Non-Durables — 21.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Broadcasting — 12.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)American
Tower Systems
<BR>
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,925,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)AMFM,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,671,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">105,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Cox Radio, Inc.,
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,400,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Crown Castle
International
<BR>
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,031,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">105,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Cumulus Media,
Inc., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,136,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">124,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Hispanic
Broadcasting Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,586,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Infinity
Broadcasting Corp.,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,992,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Univision
Communications,
<BR>
Inc., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,640,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">270,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)USA Networks,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,058,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Westwood One,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,681,250</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
64,123,437</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Health
Care — 0.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">55,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)CareInsite,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,740,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Health Management
<BR>
Association, Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,075,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,815,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Leisure &
Recreation — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Harley Davidson,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,812,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">165,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Steiner Leisure
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,691,562</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="230" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,504,062</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Shares or
<BR>
Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Non-Durables </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Publishing — 0.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">130,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Playboy
Enterprises,
<BR>
Inc., Class B</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$2,868,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Retail — 3.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">173,333</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)99 Cents Only
Stores</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,344,167</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Bed Bath &
Beyond, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,256,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Kohl’s
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,371,875</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
19,972,292</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Services — Advertising/Marketing —
1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Mediaplex,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,680,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Services — Commercial &
Consumer — 0.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Viant
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,276,250</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Consumer
<BR>
Non-Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
110,239,166</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Financial — 5.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Banks — 0.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">42,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Zions
Bancorp</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,228,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Financial
Services — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers
Holdings,
<BR>
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,250,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">130,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Northern Trust
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,345,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,595,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Insurance — 0.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ambac Financial
Group, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,393,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Other
Financial — 1.1%</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">MGIC Investment
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,606,250</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Financial</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
26,823,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Telecommunications — 9.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Adelphia
<BR>
Communications Corp.,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,493,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Adelphia Business
<BR>
Solutions, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,137,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">120,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Allegiance
Telecom, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,865,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Covad
Communications
<BR>
Group, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,415,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)ITC DeltaCom,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,896,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)(3)Level 3
<BR>
Communications, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,110,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">150,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Tellabs,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,200,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Telecommunications</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
46,118,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Utilities — 1.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Oil &
Gas — 1.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Nabors
Industries, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,587,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Noble Drilling
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,600,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Utilities</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,187,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Common
Stocks
<BR>
</B>(identified cost $254,539,438)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>492,329,229</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(4)U.S. Treasury
Bill — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,640,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">3/9/2000
(identified cost
<BR>
$1,638,110)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>1,638,672</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments in Securities</B>
<BR>
(identified cost $256,177,548)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>493,967,901</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(2)Repurchase
Agreement — 5.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
28,955,170</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers,
Inc.,
<BR>
5.68%, dated 2/29/2000,
<BR>
due 3/1/2000 (at
<BR>
amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>28,955,170</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments</B> (identified
<BR>
cost $285,132,718)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$522,923,071</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left">
<FONT SIZE="2" COLOR="#000000"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Small-Cap Growth
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common
Stocks — 96.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Capital
Goods — 50.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Computer
Services — 5.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Diamond
Technology
<BR>
Partners, Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$4,786,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">55,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Tanning
Technology Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,371,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)ZDNet</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,565,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,723,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Semi-Conductor — 11.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">35,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Applied Micro
Circuits Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,627,188</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Triquint
Semiconductor, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,500,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
19,127,188</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Technology — 34.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)ACTV,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">901,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Aether Systems,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,335,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">25,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Axent
Technologies, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">678,125</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)CacheFlow,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,435,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)C-COR
Electronics, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,471,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">45,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Digital River,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,620,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Flextronics
International Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,087,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Harmonic
Lightwaves, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,846,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)ISS Group,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,100,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)McAfee.com,
Corp., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,388,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Mentor Graphics
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,140,625</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)MKS Instruments,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,365,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">25,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)SDL,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,250,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">6,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Sonicwall,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">543,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">120,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Tetra Tech,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,007,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">5,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Turnstone
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">960,313</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">37,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
(3)USinternetworking, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,503,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
58,634,563</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Capital
Goods</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
87,484,876</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Non-Durables — 31.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Advertising — 0.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Avenue A,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">57,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Banks — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Cullen/Frost
Bankers, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,720,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Business
Services — 0.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">FactSet Research
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,205,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Broadcasting — 16.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)American Tower
Corp.,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,925,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">30,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Classic
Communications,
<BR>
Inc., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">645,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Cox Radio, Inc.,
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Cumulus Media,
Inc., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,987,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">80,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Hearst-Argyle
Television, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,665,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">25,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Hispanic
Broadcasting Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,335,937</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">125,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Pinnacle
Holdings, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,312,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Westwood One,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,008,750</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
27,879,687</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Communication
Services — 2.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">25,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)SBA
Communications, Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,012,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Western Wireless
Corp.,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,910,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,922,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Health
Care — 4.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">12,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)ChromaVision
Medical
<BR>
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">257,031</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="189" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Diversa
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">106,800</FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="354" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Shares or
<BR>
Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common
Stocks</B><I> (continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Non-Durables </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Health Care
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">40,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Medical Manager
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$3,367,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)TriZetto Group,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,075,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,806,331</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Leisure &
Recreation — 1.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">70,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Playboy
Enterprises, Inc.,
<BR>
Class B</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,544,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">105,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Steiner Leisure
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,712,812</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,257,187</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Medical
Equipment — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">8,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Aspect Medical
Systems, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">527,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Medical
Supplies — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Sybron
International Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,800,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Retail — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)99 Cents Only
Stores</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,503,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Pacific Sunwear
of
<BR>
California</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,907,812</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Too,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,440,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,851,562</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Consumer
Non-Durables</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
54,026,867</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Energy — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Oil & Gas
Equipment Services — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)BJ Services
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,423,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">75,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Petroleum
Geo-Services,
<BR>
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,228,125</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Energy</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,651,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Financial — 2.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Radian Group,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,734,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Raymond James
Financial, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,975,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Financial</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,709,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Telecommunications — 8.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">6,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Choice One
<BR>
Communications, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">360,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">8,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Cypress
Communications,
<BR>
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">186,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">25,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)ITC DeltaCom,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">948,438</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">35,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)MGC
Communications, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,415,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Splitrock
Services, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,675,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Pac-West
Telecomm, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,750,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Time Warner
Telecom,
<BR>
Inc., Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,850,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total
Telecommunications</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,184,938</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Utility — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Energy — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Devon Energy
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,862,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Common
Stocks </B>(identified
<BR>
cost $87,255,081)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>165,920,431</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(4)U.S. Treasury
Bill — 0.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$635,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">3/9/2000
(identified cost
<BR>
$634,283)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>634,486</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments in Securities
<BR>
</B>(identified cost $87,889,364)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>166,554,917</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(2)Repurchase
Agreement — 3.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,598,975</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers,
Inc., 5.68%,
<BR>
dated 2/29/2000, due
<BR>
3/1/2000 (at amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>5,598,975</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="177" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments </B>(identified cost
<BR>
$93,488,339)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$172,153,892</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>International Stock
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common
Stocks — 91.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Australia — 0.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">122,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Publishing and
Broadcasting Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,146,393</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Brazil — 0.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">16,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Telecomunicacoes
Brasileiras
<BR>
SA, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,473,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Canada — 6.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">97,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Celestica,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,480,188</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">26,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Cognos,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,762,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">36,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)JDS Uniphase
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,675,038</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">90,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nortel Networks
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,035,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">28,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)QLT
PhotoTherapeutics, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,041,325</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">69,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Rogers
Communications, Inc.,
<BR>
Class B</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,348,754</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,342,505</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Denmark — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Vetsas Wind
Systems A/S</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,183,014</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Finland — 3.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">69,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nokia Oyj, Class A,
ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
13,683,563</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Sonera
Oyj</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,665,321</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
18,348,884</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>France — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">12,319</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Axa</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,550,237</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">17,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Cap Gemini
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,688,425</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">32,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">France Telecom
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,233,254</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">46,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lagardere
S.C.A.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,333,756</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">17,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total Fina SA,
Class B</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,346,864</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">21,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Vivendi</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,505,829</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
20,658,365</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Germany — 8.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">6,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Aixtron
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,435,360</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">11,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Allianz Holding
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,808,020</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">9,680</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Brokat
Infosystems AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,444,035</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">40,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Deutsche Bank
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,453,736</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">88,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Deutsche Telekom
AG, Class D</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,306,306</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">EM.TV &
Merchandising AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,036,119</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">29,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Epcos
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,040,319</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">3,787</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Intershop
Communications AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,971,974</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">9,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">MobilCom
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,239,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">59,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Siemens
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,615,667</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">7,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Singulus
Technologies AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">784,940</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
38,136,276</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Hong
Kong — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">330,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)China Telecom
<BR>
(Hong Kong) Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,042,246</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">9,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)China.com Corp.,
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,179,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">210,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">HSBC Holdings
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,408,164</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">415,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Hutchison
Whampoa</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,505,287</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
13,135,297</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Israel — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">50,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Check Point
Software
<BR>
Technologies Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,196,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">6,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Gilat Satellite
Networks Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">974,594</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">53,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Teva Pharmaceutical
Industries
<BR>
Ltd., ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,285,625</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
13,457,094</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Italy — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">22,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Banca Popolare di
Brescia</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,539,604</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">136,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mediolanum
SPA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,596,849</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">171,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Telecom Italia
Mobile SPA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,333,268</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="237" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,469,721</FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Japan — 20.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">246,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Daiwa Securities
Co. Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$3,906,539</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">19,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fanuc
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,850,116</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fast Retailing Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,365,063</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">145,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fujisawa
Pharmaceutical Co. Ltd</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,763,616</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">206,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fujitsu
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,842,608</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">26,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Hitachi Software
Engineering
<BR>
Co. Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,106,384</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">7,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">JAFCO Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,038,495</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">9,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Keyence
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,014,060</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">45,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Kyocera
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,760,804</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Matsushita
Communication</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,402,284</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">136,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Matsushita Electric
Industrial Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,960,504</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">25,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Murata
Manufacturing Co. Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,854,712</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">92,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">NEC
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,055,422</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">229</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">NTT Mobile
Communication
<BR>
Network, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,232,106</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">49,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nikon
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,654,366</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">3,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nippon Television
Network Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,703,099</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">156</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nippon Telegraph
& Telephone
<BR>
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,157,892</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">148,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Nomura Securities
Co. Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,175,274</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">3,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Oracle Corp.
Japan</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,060,472</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Rohm Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,524,821</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">52,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Shin-Etsu Chemical
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,815,671</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">3,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Softbank
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,950,630</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">35,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Sony
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,351,731</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">17,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Tokyo Electron
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,591,345</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">36,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Toyoda Gosei Co.
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,496,428</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
99,634,442</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Korea — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">24,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Samsung
Electro-Mechanics Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,491,957</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">31,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Samsung Electronics
Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,219,843</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,711,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Mexico — 3.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">76,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Fomento
Economico Mexicano,
<BR>
SA de CV, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,386,138</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">474,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Grupo Financiero
Banamex
<BR>
Accival, SA de CV, Class O</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,022,029</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">42,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Grupo Televisa SA,
GDR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,249,169</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">94,956</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Telefonos de
Mexico, Class L, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,243,357</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,900,693</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Netherlands — 7.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">20,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)ASM Lithography
Holding
<BR>
NV, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,677,813</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">66,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Koninklijke (Royal)
Philips
<BR>
Electronics NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,235,517</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,784</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Koninklijke (Royal)
Philips
<BR>
Electronics NV, ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">916,136</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">10,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Qiagen
NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,743,357</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">51,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Royal Dutch
Petroleum Co.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,669,943</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
(3)STMicroelectronics NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,998,203</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">15,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)United Pan-Europe
<BR>
Communications NV</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,098,300</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
35,339,269</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Portugal — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">12,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)PT
MULTIMEDIA — Servicos
<BR>
de Telecomunicacoes e
<BR>
Multimedia SGPS SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,643,253</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Singapore — 1.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">96,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Singapore Press
Holdings Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,838,120</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">360,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Venture
Manufacturing
<BR>
(Singapore) Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,409,922</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="231" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,248,042</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left">
<FONT SIZE="2"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>International Stock
Fund </B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="323" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Common Stocks
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Spain — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">58,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Repsol
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,099,012</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">173,916</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Telefonica
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,006,058</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">10,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Terra Networks
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,392,931</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,498,001</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Sweden — 5.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">8,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Enea Data
AB</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,687,911</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">284,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Skandia Forsakrings
AB</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,682,267</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">101,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Telefonaktiebolaget
LM Ericsson</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,758,935</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">10,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Telelogic
AB</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">856,947</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
23,986,060</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Switzerland — 2.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">2,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Adecco
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,980,198</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">420</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ares-Serono Group
SA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,360,936</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">1,150</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Compagnie Financiere
<BR>
Richemont AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,656,766</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">320</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Roche Holding
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,452,505</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">1,810</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Swatch Group
AG</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,948,479</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,398,884</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Taiwan, Province
Of China — 0.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">45,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Taiwan
Semiconductor
<BR>
Manufacturing Co. Ltd., ADR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,733,431</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>United
Kingdom — 12.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">18,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)ARM Holdings
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,358,028</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">271,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Amvescap
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,088,914</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">11,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Autonomy Corp.
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,357,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">595,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">BP Amoco
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,597,935</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">140,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">British Sky
Broadcasting
<BR>
Group PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,576,069</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">29,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">CMG PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,846,091</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">32,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Kewill Systems
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,288,950</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">59,300</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Kingston
Communication
<BR>
(Hull) PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,291,913</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">157,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Logica
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,758,852</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">154,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Pearson
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,178,448</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">60,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)QXL
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,686,050</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">143,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Shire
Pharmaceuticals
<BR>
Group PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,278,252</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">147,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Smithkline Beecham
Corp.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,652,329</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,857,821</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Vodafone AirTouch
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,993,761</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">278,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">WPP Group
PLC</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,376,326</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
58,328,918</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>United
States — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">35,100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Amdocs
Ltd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,603,981</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">61,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)Comverse
Technology, Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,009,375</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">19,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)NTL,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,756,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">22,200</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(3)PMC-Sierra,
Inc.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,285,988</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
20,656,144</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Common
Stocks </B>(identified
<BR>
cost $292,253,353)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>438,430,286</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Preferred
Stocks — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Germany — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">4,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marschollek,
Lautenschlaeger
<BR>
und Partner AG, Pfd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,504,286</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">2,700</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">SAP AG,
Pfd.</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,246,915</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Preferred
Stocks </B>(identified
<BR>
cost $4,290,274)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>4,751,201</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="215" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments in Securities
<BR>
</B>(identified cost $296,543,627)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>443,181,487</B></FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I>Shares</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Mutual
Fund — 5.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
28,053,699</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">SSGA Money Market
Fund
<BR>
(at net asset value)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$28,053,699</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="194" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments </B>(identified
<BR>
cost $324,597,326)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$471,235,186</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Government Income Fund
</B></FONT><FONT SIZE="2"><I></I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="319" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Asset-Backed
Securities—4.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$6,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Green Tree Home
Equity Loan
<BR>
Trust, Series 1998-B, Class
<BR>
B1, 7.810%, 11/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$5,805,420</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,643,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Greenwich Capital
Acceptance,
<BR>
7.150%, 8/10/2020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,180,136</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Asset-Backed Securities</B>
<BR>
(identified cost $16,665,899)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>15,985,556</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Collateralized
Mortgage Obligation — 0.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">377,336</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Independent
National Mortgage
<BR>
Corp., 7.250%, 11/25/2010
<BR>
(identified cost $379,105)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>376,527</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Corporate
Bonds — 2.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)HSB Group, Inc.,
6.950%,
<BR>
4/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,656,520</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)TXU Gas Capital,
7.353%,
<BR>
4/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,867,150</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Corporate
Bonds </B>(identified
<BR>
cost $8,898,950)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>8,523,670</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal National
Mortgage
<BR>
Association Notes — 10.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
16,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">5.780%,
5/7/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,198,240</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">6.500%,
8/15/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,765,100</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">6.625%,
11/5/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,916,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Federal
National Mortgage
<BR>
Association Notes </B>(identified
<BR>
cost $34,912,909)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>34,879,840</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Mortgage Backed
Securities — 55.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal Home
Loan Mortgage
<BR>
Corporation — 9.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,820,595</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.000%,
11/1/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,748,286</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,807,859</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.000%,
5/1/2027</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,657,906</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,038,348</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.500%,
4/1/2024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,971,473</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,443,612</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.500%,
8/1/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,168,317</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,940,503</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">8.500%,
9/1/2024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,989,617</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">11,800</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">8.750%,
4/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">11,874</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,629,743</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">9.000%,
6/1/2019</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,728,358</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">1,413</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">9.500%,
2/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">1,423</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">1,849</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">10.500%,
10/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">1,858</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
31,279,112</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal National
Mortgage
<BR>
Association — 15.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,706,558</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.000%,
12/1/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,595,026</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
20,483,328</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.000%,
5/1/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
19,407,954</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,823,302</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.500%,
8/1/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,392,537</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,708,168</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">8.000%,
10/1/2028</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,727,239</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="209" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
51,122,756</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B> </B></FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Government Income Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Mortgage-Backed
Securities </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Government
National Mortgage
<BR>
Association — 30.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$11,999,515</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.000%,
5/1/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$11,538,253</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,811,392</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.000%,
5/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,528,310</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,453,557</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.000%,
6/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,977,547</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
18,373,442</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.500%,
8/15/2025</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
18,063,645</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
16,474,559</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.500%,
12/15/2025</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
16,191,361</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
19,872,759</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.500%,
12/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
19,493,984</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,722,957</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">8.000%,
10/15/2017</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,931,743</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,546,366</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">8.500%,
9/15/2028</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,676,373</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,122,340</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">9.500%,
10/15/2024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,187,570</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">2,935</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">10.500%,
10/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">2,954</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">3,730</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">11.000%,
11/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">3,759</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
101,595,499</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Mortgage
Backed
<BR>
Securities </B>(identified cost
<BR>
$189,024,473)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>183,997,367</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>U.S. Treasury
Securities — 24.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>U.S. Treasury
Bond — 7.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">6.250%,
5/15/2030</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,375,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>U.S. Treasury
Notes — 17.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)5.875%,
11/15/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,710,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)6.375%,
1/31/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
24,925,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
22,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)6.500%,
8/31/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
22,007,480</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
56,642,680</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total U.S.
Treasury Securities
<BR>
</B>(identified cost $81,967,734)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>82,017,680</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments in Securities
<BR>
</B>(identified cost $331,849,070)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>325,780,640</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(2)Repurchase
Agreement — 3.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,345,626</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers,
Inc., 5.68%,
<BR>
dated 2/29/2000, due
<BR>
3/1/2000 (at amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>12,345,626</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments </B>(identified
<BR>
cost $344,194,696)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$338,126,266</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="3" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Intermediate Bond Fund
</B></FONT><FONT SIZE="2"><I></I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="325" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Asset-Backed
Securities — 14.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$9,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Aircraft Finance
Trust, Class C,
<BR>
8.000%, 5/15/2024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$8,210,925</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)ARG Funding
Corp., Class
<BR>
A2, 5.88%, 5/20/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,365,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,500,001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Bridgestone/Firestone Master
<BR>
Trust 1996-1, Class A, 6.17%,
<BR>
7/1/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,501,576</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Citibank Credit
Card Master
<BR>
Trust I 1999-7, Class A, 6.65%,
<BR>
11/15/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,873,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,420,351</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)(6)DLJ
Commercial Mortgage
<BR>
Corp. 1998-STF2, Class A1,
<BR>
6.506%, 11/5/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,422,075</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)DLJ Leverage
Loan Funding,
<BR>
LLC 1A, Class B1, 7.671%,
<BR>
9/15/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,737,500</FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="355" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Asset-Backed
Securities </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 7,750,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">First USA Credit
Card Master
<BR>
Trust 1998-9, Class A,
<BR>
5.28%, 9/18/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,234,392</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">108,022</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Green Tree
Financial Corp.
<BR>
1994-7, Class A4, 8.35%,
<BR>
3/15/2020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$108,163</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Green Tree Home
Equity Loan
<BR>
Trust 1998-B, Class B1,
<BR>
7.81%, 11/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,772,990</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">J.P. Morgan
Commercial
<BR>
Mortgage Finance Corp.
<BR>
1997-C5, Class A2, 7.069%,
<BR>
9/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,749,406</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Metris Master Trust
1997-1,
<BR>
Class A, 6.87%, 11/20/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,970,100</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,639,760</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Pegasus Aviation
Lease
<BR>
Securitization 1999-1A,
<BR>
Class A1, 6.30%, 3/25/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,534,993</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$12,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">TMS Home Equity
Trust
<BR>
1996-B, Class A7, 7.55%,
<BR>
2/15/2020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,015,720</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Asset-Backed Securities
<BR>
</B>(identified cost $89,079,893)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>86,497,240</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Collateralized
Mortgage Obligations — 5.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Criimi Mae CMBS
Corp.,
<BR>
1998-1, Class A2, 6.009%,
<BR>
2/20/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,561,325</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Criimi Mae CMBS
Corp.,
<BR>
1998-1, Class A3, 6.306%,
<BR>
12/20/2007</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,211,558</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,111,333</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Federal Home Loan
Mortgage
<BR>
Corp., Series 1829, Class H,
<BR>
6.50%, 10/15/2021</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,994,209</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,547,413</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Federal Home Loan
Mortgage
<BR>
Corp., Series 1834, Class A,
<BR>
7.00%, 1/15/2020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,545,897</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,923,198</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Federal National
Mortgage
<BR>
Association, Series 1997-17,
<BR>
Class PD, 7.00%, 4/18/2021</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,918,832</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,455,574</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Prudential Home
Mortgage
<BR>
Securities 1992-B, Class 2B,
<BR>
6.757%, 9/28/2008</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,331,156</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Collateralized Mortgage
<BR>
Obligations </B>(identified cost
<BR>
$31,509,926)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>30,562,977</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Corporate
Bonds — 44.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Banking — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)(6)Old Kent
Capital Trust
<BR>
I, 6.849%, 5/1/00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,840,841</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)(6)Skandinaviska
Enskilda,
<BR>
Sub. Note, Series 6.50%,
<BR>
6/4/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,389,890</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
16,230,731</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Broker/Dealers — 3.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)Bear Stearns
Cos., Inc.,
<BR>
7.00%, 1/15/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,906,080</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers,
Inc., Sr.
<BR>
Sub. Note, 7.50%, 8/1/2026</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,949,950</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">PaineWebber Group,
Inc.,
<BR>
Note, 6.45%, 12/1/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,776,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
17,632,530</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Communication — 1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="285" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">WorldCom, Inc., Sr.
Note,
<BR>
6.125%, 8/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,910,820</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left">
<FONT SIZE="2" COLOR="#000000"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Intermediate Bond Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="325" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Corporate
Bonds </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Computer
Services — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Edison
International, Note,
<BR>
6.875%, 9/15/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$4,879,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Consumer
Cyclicals — 3.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)DaimlerChrysler
AG,
<BR>
Company Guarantee, 6.90%,
<BR>
9/1/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,317,750</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Dayton-Hudson
Corp., Unsecd.
<BR>
Note, 6.40%, 2/15/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,877,900</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Dayton-Hudson
Corp., Unsecd.
<BR>
Note, 9.75%, 7/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,526,800</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
22,722,450</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Finance — 11.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Aristar, Inc.,
Note, 6.30%,
<BR>
10/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,735,700</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)(6)Credit
Suisse, London, Sub.
<BR>
Note, 7.90%, 5/29/2049</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,377,104</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">FINOVA Capital
Corp., Note,
<BR>
6.25%, 11/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,878,920</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">FINOVA Capital
Corp., Note,
<BR>
7.25%, 11/8/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,940,660</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,400,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Ford Motor
Credit Co., Bond,
<BR>
6.70%, 7/16/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,056,488</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Ford Motor
Credit Co., Note,
<BR>
7.375%, 10/28/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,940,280</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,165,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">General Motors
Acceptance
<BR>
Corp., Unsecd. Note, 7.00%,
<BR>
6/6/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,056,569</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Household
Netherlands BV,
<BR>
Company Guarantee, 6.20%,
<BR>
12/1/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,799,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)MBNA Global
Capital
<BR>
Securities, Jr. Sub. Deb.,
<BR>
6.849%, 2/1/2027</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,410,550</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Sears Roebuck
Acceptance Corp.,
<BR>
Note, Series III, 7.01%,
<BR>
9/19/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,838,240</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
68,033,711</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Industrial — Defense
— 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lockheed Martin
Corp., 7.95%,
<BR>
12/1/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,875,260</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Industrial
Services — 7.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">IMC Global, Inc.,
Deb., 6.875%,
<BR>
7/15/2007</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,271,700</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,800,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Marlin Water
Trust, Sr. Note,
<BR>
7.09%, 12/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,639,495</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,600,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">NRG Energy, Inc.,
Sr. Note,
<BR>
7.50%, 6/1/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,312,570</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Tyco International
Group,
<BR>
Company Guarantee, 5.875%,
<BR>
11/1/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,219,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Waste
Management, Inc.,
<BR>
Note, 6.625%, 7/15/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,737,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)WMX
Technologies, Inc.,
<BR>
Unsecd. Note, 7.70%,
<BR>
10/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,767,390</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="220" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
45,947,655</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="318" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Corporate
Bonds </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Insurance — 3.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Conseco, Inc.,
Note,
<BR>
6.80%, 6/15/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$4,593,300</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Florida
Windstorm, Bond,
<BR>
6.50%, 8/25/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,689,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)HSB Group, Inc.,
Company
<BR>
Guarantee, 6.95%,
<BR>
7/15/2027</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,656,520</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
17,939,420</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Transportation — 2.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)American Trans
Air, Series
<BR>
8.039%, 1/15/2016</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,991,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,585,333</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Continental
Airlines, Inc.,
<BR>
Pass Thru Cert., 6.541%,
<BR>
9/15/2008</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,278,070</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Delta Air Lines,
Inc., Equip.
<BR>
Trust, Series 1993-A2,
<BR>
10.50%, 4/30/2016</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,578,880</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
13,848,150</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Utility — 0.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Potomac Capital
<BR>
Investment Corp., MTN,
<BR>
7.55%, 11/19/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,970,360</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Utilities-Electric — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Korea Electric
Power Corp.,
<BR>
Deb., 6.00%, 12/1/2026</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,871,520</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)Osprey Trust,
Sr. Secd.
<BR>
Note, 8.31%, 1/15/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,007,700</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">TXU Eastern Funding
Co.,
<BR>
Company Guarantee,
<BR>
6.75%, 5/15/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,906,450</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,785,670</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Utilities-Natural Gas — 1.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)TXU Gas Capital,
7.354%,
<BR>
7/1/2028</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,814,010</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Utilities-Telephone — 2.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)BellSouth
Capital Funding
<BR>
Corp., Note, 7.75%,
<BR>
2/15/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,058,400</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Vodafone
AirTouch PLC,
<BR>
Note, 7.625%, 2/15/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,012,450</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,070,850</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Corporate
Bonds </B>(identified
<BR>
cost $272,441,167)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>261,661,367</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Corporate
Notes — 6.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Broker/Dealers — 3.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Bear Stearns Cos.,
Inc., Sr.
<BR>
Note, 6.75%, 5/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,934,120</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers
Holdings,
<BR>
Inc., Note, 6.625%,
<BR>
4/1/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,587,600</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
21,521,720</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Tobacco — 1.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Philip Morris Cos.,
Inc., Note,
<BR>
7.25%, 9/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,888,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Transportation — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">AMERCO, Sr. Note,
7.20%,
<BR>
4/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,816,880</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="202" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Corporate
Notes </B>(identified
<BR>
cost $38,987,280)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>38,226,800</B></FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Intermediate Bond Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="324" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Government
Agencies — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal Home
Loan Bank — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">5.43%,
11/17/2008</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$4,367,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">5.58%,
8/17/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,406,725</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Government
Agencies
<BR>
</B>(identified cost $11,565,695)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>10,773,975</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Mortgage Backed
Securities — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal Home
Loan Mortgage
<BR>
Corporation — 0.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">81,427</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">8.75%,
4/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">81,939</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal National
Mortgage
<BR>
Association — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,846,372</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.635%,
8/1/2011</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,819,111</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Mortgage
Backed
<BR>
Securities </B>(identified cost
<BR>
$5,307,615)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>4,901,050</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>U.S. Treasury
Notes — 18.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,265,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)5.625%,
5/15/2008</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,996,561</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)6.00%,
8/15/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,882,550</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
17,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)6.00%,
8/15/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
16,358,590</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)6.375%,
8/15/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,937,300</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)6.50%,
5/15/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,932,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
20,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)6.50%,
10/15/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
19,791,400</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)6.50%,
2/15/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,062,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)6.625%,
5/15/2007</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,965,900</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)7.50%,
2/15/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,344,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(1)7.875%,
8/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,191,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total U.S.
Treasury Notes
<BR>
</B>(identified cost $111,774,474)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>110,462,501</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments in Securities
<BR>
</B>(identified cost $560,636,000)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>543,085,910</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(2)Repurchase
Agreement — 7.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
46,592,394</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers,
Inc., 5.68%,
<BR>
dated 2/29/2000, due
<BR>
3/1/2000 (at amortized
<BR>
cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>46,592,394</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="200" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments </B>(identified cost
<BR>
$607,258,394)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$589,678,304</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Intermediate Tax-Free
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="345" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Credit
<BR>
Rating(7)</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=8><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Long-Term
Municipals — 98.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Arizona — 4.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Maricopa County, AZ
<BR>
Community College
<BR>
District, GO UT
<BR>
Bonds (Series A),
<BR>
6.00%, 7/1/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,035,260</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,750,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Maricopa County, AZ
<BR>
School District No.
<BR>
28 Kyrene
<BR>
Elementary, GO UT
<BR>
Bonds (Series C),
<BR>
4.60% (FGIC INS)/
<BR>
(Original Issue Yield:
<BR>
4.70%), 7/1/2011</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">Aaa</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,611,452</FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="343" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Credit
<BR>
Rating(7)</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=8><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Long-Term
Municipals</B><I> (continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Arizona
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$2,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Maricopa County, AZ
<BR>
Unified School
<BR>
District No. 41,
<BR>
Certificate
<BR>
Participation, 5.00%
<BR>
(FSA INS),
<BR>
1/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$2,012,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,658,712</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Arkansas — 2.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,470,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Arkansas
<BR>
Development
<BR>
Finance Authority,
<BR>
Revenue Bonds,
<BR>
5.00% (AMBAC
<BR>
INS)/(Original Issue
<BR>
Yield: 5.055%),
<BR>
7/1/2020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,181,899</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Colorado — 4.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,950,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Castle Rock Ranch,
<BR>
CO Public
<BR>
Improvement
<BR>
Authority, Revenue
<BR>
Bonds, 5.70%,
<BR>
12/1/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,996,898</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Interlocken Metro
<BR>
District, GO UT,
<BR>
5.75% (Asset
<BR>
Guaranty LOC)/
<BR>
(Original Issue
<BR>
Yield: 6.05%),
<BR>
12/15/2019</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,911,160</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,908,058</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Florida — 4.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Dade County, FL,
<BR>
Aviation Revenue
<BR>
Bonds, AMT, 5.00%
<BR>
(Miami
<BR>
International
<BR>
Airport)/(FSA INS),
<BR>
10/1/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,486,995</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Florida Rural
Utility
<BR>
Financing Comm.,
<BR>
Refunding Revenue
<BR>
Bonds, 5.25%
<BR>
(Public
<BR>
Construction
<BR>
Projects) (GIC
<BR>
CDC Funding
<BR>
Corp.)/ (Original
<BR>
Issue Yield:
<BR>
4.625%), 9/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">MIG1</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,009,280</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lakeland Florida
<BR>
Electic & Water,
<BR>
Revenue Bond,
<BR>
(Series C), 6.05%
<BR>
(FSA LOC),
<BR>
10/1/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,123,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,619,775</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left">
<FONT SIZE="2" COLOR="#000000"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Intermediate Tax-Free
Fund </B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="345" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Credit
<BR>
Rating(7)</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=8><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Long-Term
Municipals </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Georgia — 6.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Burke County, GA
<BR>
Development
<BR>
Authority, Pollution
<BR>
Control Revenue
<BR>
Bond, 6.25%
<BR>
(Oglethorpe Power
<BR>
Corp. Vogtle B)/
<BR>
(MBIA INS),
<BR>
1/1/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,037,510</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Chatham County, GA
<BR>
School District, GO
<BR>
UT, 6.75%, 8/1/2019</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,306,640</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,370,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Private Colleges
&
<BR>
Universities
<BR>
Facilities of GA,
<BR>
Refunding Revenue
<BR>
Bonds (Series A),
<BR>
5.25% (Mercer
<BR>
University Project)/
<BR>
(Original Issue Yield:
<BR>
5.08% 10/1/2014)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">A3</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,290,047</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,634,197</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Hawaii — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Hawaii State, GO UT
<BR>
Bonds (Series CA),
<BR>
5.50% (Original
<BR>
Issue Yield: 6.00%),
<BR>
1/1/2012</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">A+</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">995,620</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Illinois — 2.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Du Page, IL Water
<BR>
Commission, GO,
<BR>
Refunding Bond,
<BR>
6.25% (Original
<BR>
Issue Yield: 6.45%),
<BR>
3/1/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,041,180</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,085,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Waukegan, IL, GO UT
<BR>
Bonds, 6.40% (MBIA
<BR>
INS)/ (Original Issue
<BR>
Yield: 6.45%),
<BR>
12/30/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,125,905</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,167,085</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Iowa — 4.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,050,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Cedar Rapids, IA, GO
<BR>
UT Bonds (Series B),
<BR>
5.20% (Original
<BR>
Issue Yield: 5.25%),
<BR>
6/1/2007</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">Aaa</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,052,289</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Iowa Finance
<BR>
Authority, Solid
<BR>
Waste Disposal
<BR>
Project, Revenue
<BR>
Bonds, 6.00% (Ipsco,
<BR>
Inc.), Mandatory
<BR>
Tender, 6/1/2027</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">NR</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,954,790</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="134" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,007,079</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="342" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Credit
<BR>
Rating(7)</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=8><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Long-Term
Municipals </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Maryland — 4.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Maryland State
<BR>
Department of
<BR>
Transportation,
<BR>
Refunding Revenue
<BR>
Bonds, 5.00%
<BR>
(Original Issue
<BR>
Yield: 4.20%),
<BR>
9/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$4,032,600</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Massachusetts — 2.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Massachusetts State,
<BR>
(Series A), 6.00%
<BR>
(Original Issue
<BR>
Yield: 5.67%),
<BR>
2/1/2014</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA-</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,586,875</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Minnesota — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Minneapolis/St.
Paul,
<BR>
MN Housing
<BR>
Authority,
<BR>
Refunding Revenue
<BR>
Bonds, 6.75%,
<BR>
(Group Health
<BR>
Plan, Inc. Project)
<BR>
12/1/2013</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">BBB+</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,010,740</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Mississippi — 3.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mississippi State,
GO
<BR>
UT Bonds, 5.00%,
<BR>
6/1/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,003,180</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Missouri — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Missouri State
<BR>
Environmental
<BR>
Improvement &
<BR>
Energy Authority,
<BR>
Water Pollution
<BR>
Control State
<BR>
Revolving Fund
<BR>
Program, Revenue
<BR>
Bonds (Series B),
<BR>
6.65%, 7/1/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">Aa1</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,077,530</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Nevada — 1.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Las Vegas, NV, GO
<BR>
LT Sewer
<BR>
Refunding Revenue
<BR>
Bonds (Series B),
<BR>
4.875% (MBIA
<BR>
INS)/ (Original
<BR>
Issue Yield: 5.05%),
<BR>
1/1/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,482,315</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>New
Jersey — 3.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">New Jersey State
<BR>
Transportation
<BR>
Trust Fund
<BR>
Authority,
<BR>
Refunding Revenue
<BR>
Bonds, 5.50%,
<BR>
6/15/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA-</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,546,340</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>New
Mexico — 5.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">775,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="128" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Albuquerque, NM
<BR>
Educational
<BR>
Facilities,
<BR>
Refunding Revenue
<BR>
Bonds, 4.65%
<BR>
(Albuquerque
<BR>
Academy Project)/
<BR>
(Original Issue
<BR>
Yield: 4.75%),
<BR>
10/15/2014</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA-</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">677,769</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B> </B></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Intermediate Tax-Free
Fund </B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="348" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Credit
<BR>
Rating(7)</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=8><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Long-Term
Municipals </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>New Mexico
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$715,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Albuquerque, NM
<BR>
Educational Facilities,
<BR>
Refunding Revenue
<BR>
Bonds, 4.70%
<BR>
(Albuquerque
<BR>
Academy Project)/
<BR>
(Original Issue Yield:
<BR>
4.80%), 10/15/2015</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA-</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$622,801</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,325,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">New Mexico State
<BR>
Highway
<BR>
Commission,
<BR>
Refunding Revenue
<BR>
Bonds, 6.00%
<BR>
(Original Issue Yield:
<BR>
5.37%), 6/15/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA+</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,491,117</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,791,687</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>New
York — 7.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">New York State
<BR>
Environmental
<BR>
Facilities Corp., Solid
<BR>
Waste Disposal,
<BR>
Revenue Bonds,
<BR>
(Series A) 4.55%
<BR>
(General Electric
<BR>
Capital Corp.),
<BR>
12/1/2018</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,996,340</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">New York State
<BR>
Environmental
<BR>
Facilities Corp.,
<BR>
Pollution Control
<BR>
Revenue Bonds,
<BR>
5.70% (Original Issue
<BR>
Yield: 5.75%),
<BR>
6/15/2006</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA-</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,550,175</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Oswego County, NY,
<BR>
GO UT, 6.70%
<BR>
(Original Issue Yield:
<BR>
6.80%), 6/15/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">A2</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,206,128</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,100,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Oswego County, NY,
<BR>
GO UT, 6.70%
<BR>
(Original Issue Yield:
<BR>
6.80%), 6/15/2011</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">A2</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,212,684</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,965,327</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>North
Carolina — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,750,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">New Hanover County,
<BR>
NC, GO UT, 5.30%
<BR>
(Robinson & Co.
<BR>
LOC), 11/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA-</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,777,615</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="3" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Ohio — 6.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,055,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Cleveland, OH
Parking
<BR>
Facilities, Revenue
<BR>
Bonds, 7.60% (United
<BR>
States Treasury PRF),
<BR>
9/15/2003 (@102)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,226,613</FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="342" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Credit
<BR>
Rating(7)</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=8><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Long-Term
Municipals </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Ohio
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Cleveland, OH Public
<BR>
Power System,
<BR>
Revenue Bonds,
<BR>
7.00% (Original
<BR>
Issue Yield:
<BR>
7.126%),
<BR>
11/15/2017</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,049,990</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,085,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ohio HFA, Mortgage
<BR>
Revenue Bonds,
<BR>
AMT, Residential
<BR>
A-1-RMK, 5.05%
<BR>
(GNMA COL),
<BR>
9/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">Aaa</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,091,966</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,365,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ohio HFA, Mortgage
<BR>
Revenue Bonds,
<BR>
AMT, Residential
<BR>
A-1-RMK, 5.15%
<BR>
(GNMA COL),
<BR>
9/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">Aaa</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,372,603</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,741,172</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Pennsylvania — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Commonwealth of
<BR>
Pennsylvania, 6.00%
<BR>
(Original Issue
<BR>
Yield: 5.54%),
<BR>
1/15/2012</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,189,400</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>South
Carolina — 1.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,055,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">South Carolina
State,
<BR>
GO UT Bonds
<BR>
(Series B), 5.625%,
<BR>
7/1/2011</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,077,756</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="3" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>South
Dakota — 1.6%</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Heartland Consumers
<BR>
Power District, SD,
<BR>
Refunding Revenue
<BR>
Bonds, 5.90% (FSA
<BR>
INS)/(Original Issue
<BR>
Yield: 6.00%),
<BR>
1/1/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,553,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Tennessee — 3.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,545,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Johnson City, TN, GO
<BR>
UT Water & Sewer
<BR>
Refunding Bonds,
<BR>
4.75% (FGIC INS)/
<BR>
(Original Issue
<BR>
Yield: 4.85%),
<BR>
6/1/2014</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,407,232</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,520,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Johnson City, TN, GO
<BR>
UT Refunding
<BR>
Revenue Bonds,
<BR>
4.75% (FGIC INS)/
<BR>
(Original Issue
<BR>
Yield: 4.85%),
<BR>
6/1/2014</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,355,703</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Metropolitan
<BR>
Government
<BR>
Nashville &
<BR>
Davidson County,
<BR>
TN, UT GO Bonds,
<BR>
6.15% (Original
<BR>
Issue Yield:
<BR>
6.386%), 5/15/2025</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,047,300</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="131" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,810,235</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left">
<FONT SIZE="2" COLOR="#000000"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Intermediate Tax-Free
Fund </B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="345" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Credit
<BR>
Rating(7)</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=8><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Long-Term
Municipals </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Texas — 7.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$945,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">San Angelo, TX ISD,
GO
<BR>
UT Bonds, 5.30%
<BR>
(PSFG GTD),
<BR>
2/15/2007</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$950,717</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Tarrant County, TX
<BR>
HFDC, Revenue
<BR>
Bonds, 5.75% (Texas
<BR>
Health Resources
<BR>
System)/(MBIA INS),
<BR>
2/15/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,050,520</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Trinity River
Authority
<BR>
Texas Regional
<BR>
Wastewater System,
<BR>
(Series A) Refunding
<BR>
Revenue Bond, 5.00%
<BR>
(AMBAC
<BR>
INS)/(Original Issue
<BR>
Yield: 6.13%),
<BR>
8/1/2016</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,482,250</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,483,487</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Utah — 4.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,020,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Jordan, UT School
<BR>
District, GO UT,
<BR>
5.00%, 6/15/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,035,049</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Washington County,
UT
<BR>
School District, GO
<BR>
UT, 5.00%, 3/1/2007</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">991,280</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Washington County,
UT
<BR>
School District, GO
<BR>
UT, 5.00%, 3/1/2008</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">987,690</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,014,019</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Virginia — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Virginia State
Housing
<BR>
Development
<BR>
Authority, Mortgage
<BR>
Revenue Bonds, AMT
<BR>
(Series A, Sub-Series
<BR>
A-1), 6.40%, 7/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AA+</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,527,345</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Washington — 4.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Port Longview, WA
<BR>
Industrial
<BR>
Development Corp.,
<BR>
Solid Waste Disposal
<BR>
Revenue Bonds,
<BR>
6.875%
<BR>
(Weyerhaeuser Co.),
<BR>
10/1/2008</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,060,690</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Snohomish County, WA
<BR>
School District No. 6,
<BR>
GO UT Refunding
<BR>
Bonds, 5.65% (FGIC
<BR>
INS), 12/1/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,052,920</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="141" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,113,610</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="342" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><I>Credit
<BR>
Rating(7)</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="left"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD COLSPAN=8><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=5 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Long-Term
Municipals </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="119" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Wisconsin — 1.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,650,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="119" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Southeast WI,
<BR>
Professional
<BR>
Baseball Park
<BR>
District, Sales Tax
<BR>
Revenue Bonds,
<BR>
5.45% (MBIA
<BR>
INS), 12/15/2012</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">AAA</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,637,873</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="119" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Long-Term
<BR>
Municipals</B> (identified
<BR>
cost $96,517,704)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>94,594,781</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="119" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Mutual
Funds — 4.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,883,829</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="119" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Federated Tax-Free
<BR>
Obligations Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,883,829</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,415,921</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="119" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Fidelity Tax Exempt
<BR>
Money Market</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,415,921</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="119" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Mutual
Funds
<BR>
</B>(shares at net asset
<BR>
value)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>4,299,750</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="119" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(8)Total
Investments</B>
<BR>
(identified cost
<BR>
$100,817,454)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$98,894,531</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Short-Term Income Fund
</B></FONT><FONT SIZE="2"><I></I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="358" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Asset-Backed
Securities — 16.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$33,799</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)AFC Home Equity
Loan Trust
<BR>
1993-2, Class A, 6.00%,
<BR>
1/20/2013</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$32,819</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,350,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">ANRC Auto Owner
Trust, Class
<BR>
A3, 6.75%, 12/15/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,342,940</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)ARG Funding
Corp., Class A2,
<BR>
5.88%, 5/20/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,926,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,189,280</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Capital Asset
Research Funding
<BR>
1997-A, Class A, 6.40%,
<BR>
12/15/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,180,920</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">713,689</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">CPS Auto Grantor
Trust 1997-2,
<BR>
Class A, 6.65%, 10/15/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">714,595</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,768,140</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)(6)DLJ
Commercial Mortgage
<BR>
Corp., 1998-STF2, Class A1,
<BR>
6.506%, 11/5/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,768,830</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">DLJ Leverage Loan
Funding, LLC,
<BR>
Class B1, 7.670%, 9/15/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,912,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Green Tree Home
Equity Loan
<BR>
Trust 1998-B, Class B1, 7.81%,
<BR>
11/15/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,902,710</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">321,753</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">New York City Tax
Lien, Class B,
<BR>
6.56%, 5/25/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">319,993</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">175,478</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Olympic Automobile
Receivables
<BR>
Trust 1995-B, Class A2, 7.35%,
<BR>
10/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">175,661</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,319,880</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Pegasus Aviation
Lease
<BR>
Securitization 1999-1A, Class A1,
<BR>
6.30%, 3/25/2029</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,267,496</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Regional Jet
Equipment Trust,
<BR>
Note, 7.771%, 9/5/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,003,090</FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Short-Term Income Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Asset-Backed
Securities </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$878,897</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">TMS Home Equity
Trust Series
<BR>
1992-D2, Class A3, 7.55%,
<BR>
1/15/2018</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$869,633</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,730,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">UCFC Home Equity
Loan 1995-
<BR>
A1, Class A5, 8.55%, 1/10/2020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,753,602</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Asset-Backed Securities
<BR>
</B>(identified cost $22,699,860)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>22,171,589</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Collateralized
Mortgage Obligations — 11.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal Home
Loan Mortgage Corp. — 1.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,946,251</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">6.05%, 9/15/2020,
Series 1818,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,899,930</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">644,756</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">7.00%, 1/15/2020,
Series 1834,
<BR>
Class A</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">644,124</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,544,054</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Other
Financial — 10.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Criimi Mae CMBS
Corp.,
<BR>
1998-1, Class A2, 6.009%,
<BR>
2/20/2005</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,649,060</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">DLJ Commercial
Mortgage Corp.,
<BR>
1998-STFI, Class A3, 6.445%,
<BR>
1/8/2011</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,997,975</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">228,945</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Independent
National Mortgage
<BR>
Corp., Series 1995-A, Class A1,
<BR>
7.25%, 11/25/2010</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">228,454</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">757,594</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">PNC Mortgage
Securities Corp.,
<BR>
1994-1, Class T7, 6.00%,
<BR>
2/25/2024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">741,105</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,069,888</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Sasco Commercial
Mortgage
<BR>
1998-C3A, Class A1B,
<BR>
6/25/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,072,714</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,014,175</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Securitized Asset
Sales, Inc.,
<BR>
Series 1995-4, Class A5, 7.25%,
<BR>
11/25/2025</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,919,237</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
13,608,545</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Collateralized Mortgage
<BR>
Obligations </B>(identified cost
<BR>
$16,508,032)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>16,152,599</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Mortgage-Backed—PassThrough
<BR>
Securities — 7.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal Home
Loan Mortgage
<BR>
Corporation — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">310,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">9.00%,
7/1/2014</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">317,390</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">939,207</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">11.00%,
8/1/2019</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,015,809</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,333,199</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal National
Mortgage
<BR>
Association — 6.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">375,495</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">8.00%,
8/1/2007</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">379,250</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,443,932</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">8.00%,
5/1/2008</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,460,624</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">461,558</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">9.00%,
7/1/2009</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">471,800</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">319,968</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">9.00%,
1/1/2015</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">329,967</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">536,978</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">9.50%,
12/1/2024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">561,142</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">931,942</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">9.50%,
1/1/2025</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">973,879</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">757,617</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">9.50%,
1/1/2025</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">791,709</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">590,536</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">9.50%,
1/1/2025</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">617,110</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">452,520</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="305" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">10.00%,
7/1/2020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">481,653</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="358" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Mortgage-Backed—PassThrough
<BR>
Securities </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal National
Mortgage
<BR>
Association </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$822,434</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">10.50%,
1/1/2022</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$894,143</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,429,040</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">11.00%,
12/1/2015</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,538,904</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
8,500,181</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Mortgage-Backed—Pass
<BR>
Through Securities </B>(identified cost
<BR>
$10,095,161)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>9,833,380</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Corporate
Bonds — 45.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Banking — 2.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)(6)Skandinaviska
Enskilda,
<BR>
Sub. Note, 6.50%, 6/4/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,755,956</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Broker/Dealers — 5.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Donaldson, Lufkin
and Jenrette
<BR>
Securities Corp., Note, 6.00%,
<BR>
12/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,947,880</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers
Holdings, Inc.,
<BR>
FRN, 6.421%, 9/3/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,989,200</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers
Holdings, Inc.,
<BR>
Note, 6.90%, 1/29/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,989,500</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,926,580</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Communication — 1.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">WorldCom, Inc., Sr.
Note,
<BR>
6.125%, 8/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,974,520</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Domestic &
International Oil — 1.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Occidental
Petroleum Corp.,
<BR>
Note, 6.40%, 4/1/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,394,525</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Energy — 1.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Osprey Trust, Sr.
Secd. Note,
<BR>
8.31%, 1/15/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,003,080</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Finance — 6.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,700,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">FINOVA Capital
Corp., Note
<BR>
6.25%, 11/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,618,271</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Firstar Corp.,
6.35%, 7/13/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">988,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Household
Capital Trust III,
<BR>
Company Guarantee,
<BR>
6.53125%, 6/26/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,918,285</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)MBNA Global
Capital
<BR>
Securities, Jr. Sub. Deb.,
<BR>
6.8488%, 5/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">882,110</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
9,407,166</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Industrial — 5.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">IMC Global, Inc.,
Note, 6.625%,
<BR>
10/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,944,680</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,400,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marlin Water Trust,
Sr. Note,
<BR>
7.09%, 12/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,360,693</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Tyco International
Group,
<BR>
Company Guarantee, 6.125%,
<BR>
6/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,477,080</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">750,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">WMX Technologies,
Inc., Note,
<BR>
6.70%, 5/1/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">731,798</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,514,251</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Insurance — 9.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Conseco, Inc.,
Note, 6.40%,
<BR>
6/15/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,941,080</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="302" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Conseco, Inc.,
Note, 8.50%,
<BR>
10/15/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,008,850</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left">
<FONT SIZE="2" COLOR="#000000"> Marshall
Funds</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Short-Term Income Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Corporate Bonds
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Insurance
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$3,250,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Florida
Windstorm Under,
<BR>
Bond, 6.50%, 8/25/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$3,149,120</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(5)HSB Group, Inc.,
Company
<BR>
Guarantee, 6.95%,
<BR>
4/17/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,656,520</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,755,570</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Natural
Gas — 2.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">TXU Capital, 7.354%,
<BR>
4/3/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,920,290</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Real
Estate — 2.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">EOP Operating LP,
Sr. Note,
<BR>
6.375%, 2/15/2003</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,887,920</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Transportation — 2.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">AMERCO, Sr. Note,
7.20%,
<BR>
4/1/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,921,520</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Utility — 3.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">NRG Northeast
Generating,
<BR>
LLP, Note, Series A,
<BR>
8.065%, 12/15/2004</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,021,960</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Potomac Capital
<BR>
Investment Corp., MTN,
<BR>
7.55%, 11/19/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">992,590</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,014,550</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Corporate
Bonds
<BR>
</B>(identified cost $62,824,621)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>61,475,928</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Government
Agencies — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Federal Home
Loan Bank — 1.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">700,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Federal Home Loan
Bank
<BR>
System, Bond, Series 121,
<BR>
5.25%, 4/25/2002</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">677,845</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">700,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Federal Home Loan
Bank
<BR>
System, Note, 5.50%,
<BR>
8/13/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">688,534</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,366,379</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Government
Agencies
<BR>
</B>(identified cost $1,391,861)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>1,366,379</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>U.S.
Treasury — 5.2%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">United States
Treasury Note,
<BR>
7.50%, 11/15/2001
<BR>
(identified cost $7,211,094)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>7,106,260</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments in Securities
<BR>
</B>(identified cost $120,730,629)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>118,106,135</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(2)Repurchase
Agreement — 12.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
17,429,943</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers,
Inc., 5.68%,
<BR>
dated 2/29/2000, due
<BR>
3/1/2000 (at amortized
<BR>
cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>17,429,943</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="298" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments </B>(identified cost
<BR>
$138,160,572)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$135,536,078</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Money Market
Fund</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="321" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Certificate Of
Deposit—0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Banking — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$15,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Commerzbank AG, NY,
<BR>
5.295%, 5/19/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$14,998,283</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(9)Commercial
Paper — 16.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Aerospace &
Related — 2.5%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
48,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">General Dynamics
Corp.,
<BR>
5.900% - 5.970%,
<BR>
3/24/2000 - 3/31/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
47,792,201</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Asset-Backed — 4.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Thames Asset Global,
<BR>
5.890%, 4/6/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
29,823,300</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
63,357,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Thunder Bay
Funding, Inc.,
<BR>
5.920% - 5.950%,
<BR>
3/3/2000 - 4/10/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
63,127,306</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
92,950,606</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Banking — 5.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
22,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Spintab-Swedmortgage AB,
<BR>
5.910%, 4/13/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
22,341,169</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
75,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">UBS Finance
(Delaware),
<BR>
Inc., (UBS AG LOC),
<BR>
5.830%, 3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
75,000,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
97,341,169</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Broker/Dealers — 2.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
50,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Credit Suisse First
Boston,
<BR>
5.950%, 6/7/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
49,190,139</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Financial
Services — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">General Electric
Capital
<BR>
Services, 5.970%, 3/9/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
29,960,200</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Commercial
Paper</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>317,234,315</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Corporate
Bonds — 9.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Asset-Backed — 3.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Asset Backed Capital
<BR>
Financial Corp., Class A,
<BR>
5.900%, 8/8/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
20,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Beta Finance, Inc.,
6.630%,
<BR>
1/23/2001</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
20,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">CC (USA), Inc.,
5.670%,
<BR>
6/21/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Centaur Corp.,
5.330%,
<BR>
3/6/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,000,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
65,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Automotive — 0.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
17,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ford Capital BV,
9.500%,
<BR>
8/9/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
17,237,802</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Personal
Credit — 0.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ford Motor Credit
Co.,
<BR>
7.020%, 10/10/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,078,287</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Short-Term
Business Credit — 0.7%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,500,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">CIT Group, Inc.,
5.800%,
<BR>
7/20/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,487,735</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Telecommunications — 3.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
60,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">GTE Corp., 6.140%,
<BR>
12/11/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
59,963,526</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,825,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">SBC Communications,
Inc.,
<BR>
6.500%, 8/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,838,354</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
67,801,880</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="198" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total Corporate
Bonds</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>177,605,704</B></FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B>Portfolio of
Investments </B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B> </B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"> <B>Money Market Fund
</B></FONT><FONT SIZE="2">
<I>(continued)</I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="361" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Variable-Rate
Notes — 52.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Asset-Backed — 1.6%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$30,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Syndicated Loan
Funding
<BR>
Trust, 6.025%, 3/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$30,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Banking — 10.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Allfirst Bank,
6.030%,
<BR>
4/26/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
24,990,616</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
50,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Bank One Corp.,
6.110%,
<BR>
5/18/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
49,996,782</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">First Union
National Bank,
<BR>
6.160%, 5/17/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
75,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">SMM Trust, Series
1999A-1,
<BR>
6.150%, 3/13/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
75,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Union Bank of
California,
<BR>
6.120%, 4/16/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,000,824</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
194,988,222</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Broker/Dealers — 8.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
75,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Goldman Sachs
Group, Inc.,
<BR>
6.120%, 9/11/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
75,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
35,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">J.P. Morgan &
Co., Inc.,
<BR>
5.866%, 3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
35,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Merrill Lynch &
Co., Inc.,
<BR>
6.054%, 4/3/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,000,593</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
22,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Morgan Stanley Dean
Witter &
<BR>
Co., 6.496%, 3/15/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
22,009,127</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
157,009,720</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Diversified
Manufacturing — 0.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Danaher Corp.,
5.905%,
<BR>
3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Financial
Services — 2.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
55,514,855</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Conseco Finance
Trust, (Series
<BR>
1999-B) Class A, 6.045%,
<BR>
3/10/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
55,514,855</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Foreign
Banks — 4.0%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
75,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Northern Rock
PLC,
<BR>
6.111%, 3/14/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
75,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Insurance — 13.4%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
40,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">American General
Corp.,
<BR>
6.090%, 5/18/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
40,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
40,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="291" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Commonwealth Life
Insurance,
<BR>
6.190%, 3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
40,000,000</FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <HR SIZE=1 NOSHADE> </TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="358" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>Principal
<BR>
Amount</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">
<I>Description</I></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
<I>Value</I></FONT></TH>
</TR>
<TR>
<TD COLSPAN=6><HR SIZE=1 NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Variable-Rate
Notes </B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Insurance
</B><I>(continued)</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$10,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Diversified
Financial
<BR>
Products, 6.210%,
<BR>
4/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$10,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
40,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Jackson National
Life
<BR>
Insurance Co., 6.060%,
<BR>
5/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
40,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
50,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Metropolitan Life
<BR>
Insurance Co., 6.100%,
<BR>
3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
50,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Monumental Life
<BR>
Insurance Co., 6.074%,
<BR>
3/6/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
50,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Travelers Insurance
Co.,
<BR>
6.041%, 4/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
50,000,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
255,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Mortgage
Banking — 1.3%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">(6)Homeside Lending,
<BR>
Inc., 6.290%, 5/16/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,010,371</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Personal
Credit — 6.8%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
75,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">American Honda
Finance
<BR>
Corp., 6.028%,
<BR>
4/24/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
74,993,424</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
25,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ford Motor Credit
Corp.,
<BR>
6.058%, 5/18/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
24,990,592</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,200,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Toyota Motor Credit
<BR>
Corp., 6.124% - 6.125%,
<BR>
3/7/2000 - 6/17/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
30,189,490</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Total</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
130,173,506</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Short-Term
Business Credit — 3.9%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$74,000,000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Heller Financial,
Inc.,
<BR>
6.151%, 5/17/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$74,000,000</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Variable-Rate Notes</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>1,001,696,674</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments in
<BR>
Securities</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>1,511,534,976</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD COLSPAN=3 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>(2)Repurchase
Agreement — 20.1%</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
380,748,209</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Lehman Brothers,
Inc.,
<BR>
5.680%, dated
<BR>
2/29/2000, due
<BR>
3/1/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>380,748,209</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="288" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Total
Investments </B>(at
<BR>
amortized cost)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
<B>$1,892,283,185</B></FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Notes to Portfolios of
Investments</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"> The categories of
investments are shown as a percentage of net assets at February 29,
2000.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(1)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Certain shares or
principal amounts are temporarily on loan to unaffiliated
broker-dealers.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(2)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The repurchase
agreements are fully collateralized by U.S. Government and/or agency
obligations based on current market prices.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(3)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Non-income
producing.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(4)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Represents the
initial deposit within a margin account used to ensure the Fund is able to
satisfy the obligations of its outstanding long futures
contracts.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(5)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Current rate and
next demand date shown.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(6)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Securities exempt
from registration under the Securities Act of 1933, as amended and may
only be sold to dealers and other exempt investors. These securities have
been determined to be liquid according to guidelines established by the
Funds’ board of directors.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(7)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Please refer to the
Statement of Additional Information for an explanation of the credit
ratings.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(8)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Securities that are
subject to alternative minimum tax represent 11.4% of Intermediate
Tax-Free Fund’s portfolio as calculated based upon total portfolio
market value.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(9)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Each issue shows
the rate of discount at the time of purchase.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">The following
acronyms are used throughout this report:</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" ALIGN="center" CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="top" ALIGN="left"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">ADR—American
Depositary Receipt</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">AMBAC—American
Municipal Bond Assurance Corporation</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
AMT—Alternative Minimum Tax</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
COL—Collateralized </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">FGIC—Financial
Guaranty Insurance Company</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">FRN—Floating
Rate Note</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">FSA—Financial
Security Assurance</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">GDR—Global
Depositary Receipt</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">GIC—Guaranteed
Investment Contract</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
GNMA—Government National Mortgage Association</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">GO—General
Obligation</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
GTD—Guaranteed</FONT></DIV>
</TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">HFA—Housing
Finance Authority</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">HFDC—Health
Facility Development Corporation</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
INS—Insured</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
ISD—Independent School District</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">LOC—Letter of
Credit</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">LT—Limited
Tax</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">MBIA—Municipal
Bond Investors Assurance</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">MTN—Medium
Term Note</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
PRF—Prerefunded</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">PSFG—Permanent
School Fund Guarantee</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">UT—Unlimited
Tax</FONT></DIV>
</TD>
<TD WIDTH="1%"></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="688" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Marshall</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Cost of
<BR>
Investments for
<BR>
Federal Tax
<BR>
Purposes</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Net
<BR>
Unrealized
<BR>
Appreciation
<BR>
(Depreciation)
<BR>
for Federal Tax
<BR>
Purposes</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Gross
<BR>
Unrealized
<BR>
Appreciation
<BR>
for Federal Tax
<BR>
Purposes</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Gross
<BR>
Unrealized
<BR>
Depreciation
<BR>
for Federal Tax
<BR>
Purposes</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Total Net
<BR>
Assets</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="222" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Equity Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 387,328,070</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$17,889,533</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 53,697,570</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$35,808,037</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 406,907,564</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="222" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
299,186,911</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
143,606,304</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
158,547,582</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
14,941,278</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
438,096,501</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="222" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
95,180,937</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">738,502</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
11,345,576</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,607,074</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
99,340,107</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="222" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
285,132,718</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
237,790,353</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
243,099,407</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
5,309,054</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
519,093,003</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="222" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Small-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
93,488,339</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
78,665,553</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
82,555,365</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
3,889,812</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
172,222,160</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="222" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">International Stock
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
324,597,326</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
146,637,860</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
151,149,236</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,511,376</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
478,181,384</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="222" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
344,194,696</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(6,068,430</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">178,057</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,246,487</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
330,730,185</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="222" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
607,258,394</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(17,580,090</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">397,135</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
17,977,225</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
593,748,565</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="222" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intermediate
Tax-Free Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
100,817,454</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(1,922,923</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">248,415</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,171,338</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
96,454,538</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="222" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Short-Term Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
138,160,572</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(2,624,494</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">84,607</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
2,709,101</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
136,124,068</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="222" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Money Market
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,892,283,185</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,896,544,234</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">* at amortized
cost</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000"> [T<SMALL>HIS </SMALL>
P<SMALL>AGE </SMALL>
I<SMALL>NTENTIONALLY </SMALL>
L<SMALL>EFT </SMALL>
B<SMALL>LANK</SMALL>
]</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>February 29, 2000
(unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Statements of Assets and
Liabilities</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="686" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="top" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Equity
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Large-Cap
<BR>
Growth & Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Mid-Cap
<BR>
Value
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Mid-Cap
<BR>
Growth
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Small-Cap
<BR>
Growth
<BR>
Fund</B></FONT></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B> </B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Assets:</B></FONT></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Investments in
securities, at value</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$397,910,386</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$430,661,473</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$83,938,180</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$493,967,901</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$166,554,917</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Investments in
repurchase
<BR>
agreements</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
7,307,217</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
12,131,742</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
11,981,259</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
28,955,170</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,598,975</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Short-term
investments held as
<BR>
collateral for securities
lending</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
20,460,852</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
50,574,358</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
7,229,400</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
94,616,900</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Cash</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Cash denominated in
foreign
<BR>
currencies (identified cost,
<BR>
$2,730,381)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Income
receivable</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,474,205</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">409,007</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">77,617</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">54,661</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">17,583</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Receivable for
investments sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,261,531</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,504,704</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,400,078</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net receivable for
foreign
<BR>
currency exchange
contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Receivable for
daily variation
<BR>
margin</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">54,675</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">715,000</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">286,002</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Deferred
organizational costs</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">11,272</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Total assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
430,414,191</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
493,776,580</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
106,785,835</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
620,709,710</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
172,468,749</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Liabilities:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Payable to
Bank</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">82,098</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">44,069</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">941</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">32,821</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">16,627</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Payable for shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Income distribution
payable</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Payable for
investments purchased</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,522,100</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,595,990</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">132,990</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
6,461,565</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">19,200</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Payable for
securities lending</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
20,460,852</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
50,574,358</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
7,229,400</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
94,616,900</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Accrued
expenses</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">441,577</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">465,662</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">82,397</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">505,421</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">210,762</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Total liabilities</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
23,506,627</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
55,680,079</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
7,445,728</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
101,616,707</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">246,589</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Total Net
Assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$406,907,564</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$438,096,501</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$99,340,107</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$519,093,003</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$172,222,160</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><B>Net Assets
Consist of:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Paid-in-capital</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
385,087,899</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
273,878,275</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
95,624,601</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
231,924,018</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
90,502,376</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net unrealized
appreciation
<BR>
(depreciation) on
investments,
<BR>
collateral, futures
contracts and
<BR>
foreign currency
translation</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
17,889,533</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
143,606,304</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">800,261</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
241,843,422</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
80,490,901</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Accumulated net
realized gain
<BR>
(loss) on investments,
futures
<BR>
contracts and foreign
currency
<BR>
transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,057,995</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
20,326,469</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,932,311</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
46,683,788</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,904,905</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Undistributed net
investment
<BR>
income/(net operating
loss)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(127,863</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">285,453</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(17,066</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,358,225</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(676,022</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Total Net Assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$406,907,564</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$438,096,501</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$99,340,107</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$519,093,003</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$172,222,160</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><B>Net Asset Value,
</B>Offering Price, and
<BR>
Redemption Proceeds Per Share</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class Y
Shares:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net Asset Value and
Redemption
<BR>
proceeds Per
Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$12.69</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$17.10</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$8.89</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$28.03</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$21.49</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Offering Price Per
Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$12.69</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$17.10</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$8.89</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$28.03</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$21.49</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class A
Shares:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net Asset Value and
Redemption
<BR>
proceeds Per
Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$12.69</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$17.10</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$8.89</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$28.03</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$21.49</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Offering Price Per
Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$13.46</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$18.14</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.43</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$29.74</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$22.80</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">*</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class I
Shares:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net Asset Value and
Redemption
<BR>
proceeds Per
Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Offering Price Per
Share</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><B>Net
Assets:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class Y
Shares:</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$405,554,576</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$436,222,764</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$98,693,131</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$517,701,842</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$170,880,355</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class A
Shares:</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,352,988</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,873,737</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">646,976</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,391,161</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,341,805</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class I
Shares:</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Total Net
Assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$406,907,564</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$438,096,501</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$99,340,107</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$519,093,003</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$172,222,160</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><B>Shares
Outstanding:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class Y
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
31,963,248</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
25,517,362</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
11,104,085</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
18,468,229</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
7,952,127</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class A
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">106,632</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">109,607</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">72,788</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">49,630</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">62,443</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class I
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Total shares outstanding
<BR>
($0.0001 par value)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
32,069,880</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
25,626,969</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
11,176,873</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
18,517,859</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
8,014,570</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Investments, at
identified cost</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$387,328,070</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$299,186,911</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$95,180,937</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$285,132,718</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 93,488,339</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="158" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Investments, at tax
cost</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$387,328,070</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$299,186,911</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$95,180,937</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$285,132,718</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 93,488,339</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="56" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="61" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
*</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Computation of
offering price per share 100/94.25 of net asset value.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="2%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
**</FONT></DIV>
</TD>
<TD WIDTH="98%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Computation of
offering price per share 100/95.25 of net asset value.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Funds </FONT></DIV>
<TABLE ALIGN="center" WIDTH="570" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>International
<BR>
Stock
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Government
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Intermediate
<BR>
Bond
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Intermediate
<BR>
Tax-Free
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Short-Term
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Money
<BR>
Market
<BR>
Fund</B></FONT></TH>
</TR>
<TR>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$471,235,186</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$325,780,640</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$543,085,910</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 98,894,531</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$118,106,135</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$1,511,534,976</FONT></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
12,345,626</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
46,592,394</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
17,429,943</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
380,748,209</FONT></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
57,937,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
144,818,479</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">356</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,695,094</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">491,660</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,772,620</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
7,479,320</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,278,370</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,438,960</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
14,369,925</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
9,822,073</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
17,644,544</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">253,266</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">119,888</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
484,364,257</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
416,480,930</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
741,976,103</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
100,426,167</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
136,975,038</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,906,653,110</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">85,421</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">96,985</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,050,888</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">36,318</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,711,322</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,956,742</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">337,014</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">703,876</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
8,323,979</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,570,891</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
25,874,871</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,602,925</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
57,937,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
144,818,479</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">575,664</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">227,052</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">366,896</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">31,690</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">50,109</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">734,009</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
6,182,873</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
85,750,745</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
148,227,538</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,971,629</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">850,970</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
10,108,876</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$478,181,384</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$330,730,185</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$593,748,565</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 96,454,538</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$136,124,068</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$1,896,544,234</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
311,188,430</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
349,578,786</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
639,239,512</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
99,985,401</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
144,073,777</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,896,544,234</FONT></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="6" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
146,523,886</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(6,068,430)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(17,580,090</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,922,923</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(2,624,494</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="6" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
25,640,865</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(12,780,171)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(27,910,857</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,607,940</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(5,325,215</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(5,171,797</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$478,181,384</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$330,730,185</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$593,748,565</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 96,454,538</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$136,124,068</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$1,896,544,234</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="4" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$18.69</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.04</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.08</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.65</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.33</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$1.00</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$18.69</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.04</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.08</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.65</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.33</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$1.00</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$18.69</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.04</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.08</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$1.00</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$19.83</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">*</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.49**</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$9.53</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">**</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$1.00</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$18.69</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">$18.69</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$378,097,040</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$329,725,673</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$592,172,949</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 96,454,538</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$136,124,068</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$1,736,011,788</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,266,842</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,004,512</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,575,616</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
160,532,446</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
98,817,502</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$478,181,384</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$330,730,185</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$593,748,565</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 96,454,538</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$136,124,068</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$1,896,544,234</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
20,226,035</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
36,455,615</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
65,190,259</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
9,997,156</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
14,584,832</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,736,011,788</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">67,794</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">111,066</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">173,454</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
160,532,446</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,286,195</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="1" NOSHADE></TD>
</TR>
<TR>
<TD COLSPAN=15 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
25,580,024</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
36,566,681</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
65,363,713</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
9,997,156</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
14,584,832</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,896,544,234</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$324,597,326</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$344,194,696</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$607,258,394</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$100,817,454</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$138,160,572</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$1,892,283,185</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$324,597,326</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="87" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$344,194,696</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$607,258,394</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$100,817,454</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$138,160,572</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$1,892,283,185</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="84" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Six Months Ended
February 29, 2000 (unaudited)</I></FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Statements of
Operations</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<TABLE ALIGN="center" WIDTH="689" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B> </B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Equity
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Large-Cap
<BR>
Growth &
<BR>
Income Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Mid-Cap
<BR>
Value Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Mid-Cap
<BR>
Growth
<BR>
Fund</B></FONT><FONT SIZE="1" COLOR="#000000"><B></B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Small-Cap
<BR>
Growth
<BR>
Fund</B></FONT></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B> </B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><B>Investment
Income:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Interest
income</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 600,031</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 967,751</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 239,341</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 668,881</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 312,449</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Dividend
income</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
6,226,965</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,137,583</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">802,998</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">221,114</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">48,200</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Total income</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
6,826,996</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,105,334</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,042,339</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">889,995</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">360,649</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Expenses:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Investment adviser
fee</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,860,493</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,621,902</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">438,990</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,402,620</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">634,601</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Directors’
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">3,980</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">4,229</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">4,229</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">3,980</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">3,980</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Administrative
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">209,995</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">190,304</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">51,308</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">173,148</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">89,119</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Custodian
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">37,238</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">34,057</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">11,706</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">31,133</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">12,692</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Portfolio
accounting fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">52,041</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">47,289</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">26,971</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">43,631</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">27,315</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Transfer and
dividend
<BR>
disbursing agent
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">62,160</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">80,531</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">57,385</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">79,056</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">77,406</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Shareholder
services fees—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class Y
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">618,662</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">538,794</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">145,627</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">466,633</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">157,724</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class A
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,503</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,840</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">703</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">909</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">926</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Registration
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">9,603</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">14,015</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">7,087</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">16,966</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">10,417</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Auditing
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,374</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,374</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,374</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,374</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,374</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Legal
fees</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">2,686</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,990</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,597</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">2,239</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,990</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Printing and
postage</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,219</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">5,971</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">9,249</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,468</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,717</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Insurance
premiums</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,891</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,144</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">747</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">896</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">995</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Distribution
services fees—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class A
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,503</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,840</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">703</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">909</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">926</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Miscellaneous</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">16,214</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">14,662</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">3,744</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">14,167</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,415</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Total expenses</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,890,562</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,564,942</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">766,420</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,249,129</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,037,597</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Deduct—</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Waiver of investment
<BR>
adviser fee</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Waiver of
shareholder
<BR>
services
fees—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class Y
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class A
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(1,503</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(1,840</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(703</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(909</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(926</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Total Waivers</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(1,503</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(1,840</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(703</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(909</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(926</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><B>Net
expenses</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,889,059</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,563,102</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">765,717</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,248,220</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,036,671</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><B>Net investment
income (net
<BR>
operating loss)</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,937,937</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">542,232</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">276,622</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,358,225</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(676,022</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><B>Realized and
Unrealized Gain
<BR>
(Loss) on Investments,
<BR>
Collateral, Foreign Currency
<BR>
and Futures Contracts:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net realized gain
(loss) on
<BR>
investment transactions
<BR>
(identified cost
basis)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,861,356</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
19,411,782</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,165,378</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
44,655,896</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,939,293</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net realized gain
(loss) on
<BR>
futures contracts
<BR>
(identified cost
basis)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(804,342</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">937,215</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">162,840</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,310,209</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">593,838</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net realized loss
on foreign
<BR>
currency
contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net change in
unrealized
<BR>
appreciation
<BR>
(depreciation) on
<BR>
investments, collateral,
<BR>
futures contracts and
<BR>
foreign currency
<BR>
translation</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(90,012,050</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(6,476,501</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(15,648,314</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
174,978,138</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
75,454,526</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><B>Net realized and
unrealized
<BR>
gain (loss) on investments,
<BR>
collateral, foreign currency
<BR>
and futures contracts</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(85,955,036</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
13,872,496</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(12,320,096</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
222,944,243</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
78,987,657</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="151" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000"><B>Change in net
assets resulting
<BR>
from operations</B></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$(82,017,099</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$14,414,728</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
($12,043,474</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$221,586,018</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$78,311,635</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="77" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="70" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">(1)</FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net of Foreign
taxes withheld of $138,484.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<DIV ALIGN="right">
<FONT SIZE="2" COLOR="#000000"><B> Marshall
Funds </B></FONT></DIV>
<TABLE ALIGN="center" WIDTH="631" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>International
<BR>
Stock
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Government
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Intermediate
<BR>
Bond
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Intermediate
<BR>
Tax-Free
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Short-Term
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Money
<BR>
Market
<BR>
Fund</B></FONT></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD COLSPAN=16 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$
395,820</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$11,448,431</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$20,558,485</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$2,516,122</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$4,664,772</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$52,864,731</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
733,730(1)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,129,550</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
11,448,431</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
20,558,485</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,516,122</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,664,772</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
52,864,731</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,784,787</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,198,956</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,790,909</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">305,162</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">414,856</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,513,359</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,713</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">3,957</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">3,981</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">3,980</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">4,229</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">4,229</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
170,381</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">135,292</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">250,314</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">40,521</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">57,139</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">744,065</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
101,940</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">28,418</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">42,280</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">10,172</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">13,828</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">102,699</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
52,250</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">42,692</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">52,848</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">26,568</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">23,715</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">84,764</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
112,020</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">47,155</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">35,903</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">14,662</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">26,419</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">160,283</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
371,600</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">398,599</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">744,529</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">127,151</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">172,857</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">166,920</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
985</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,052</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,683</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">13,614</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
15,262</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">9,889</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">11,999</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">7,034</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">8,217</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">30,205</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
8,234</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,374</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,374</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,374</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,374</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,872</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,978</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">2,487</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">2,487</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,990</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,494</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">3,333</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
8,117</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,468</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,717</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,468</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,717</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">6,817</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
994</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,244</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,990</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">647</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">747</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">81,115</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000"></FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
985</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,052</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,683</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">204,213</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
7,589</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">7,601</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">18,232</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">3,579</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">4,483</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">10,150</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,641,835</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,891,236</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,971,929</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">554,308</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">741,075</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
6,132,638</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(34,809)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(159,861</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(179,091</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(131,170</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(235,085</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(2,256,679</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(366,712</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(684,967</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(116,979</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(159,028</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(985)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(1,052</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(1,683</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(35,794)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(527,625</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(865,741</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(248,149</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(394,113</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(2,256,679</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,606,041</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,363,611</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,106,188</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">306,159</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">346,962</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,875,959</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=16 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,476,491)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
10,084,820</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
18,452,297</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,209,963</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,317,810</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
48,988,772</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=16 VALIGN="bottom" ALIGN="left"><FONT SIZE="7" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
30,434,397</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(5,632,691</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(3,186,173</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,186,926</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(237,098</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,907,764)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" ALIGN="right"><FONT SIZE="7" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
116,162,941</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(327,886</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(2,853,982</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(988,074</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(881,456</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=16 VALIGN="bottom" ALIGN="left"><FONT SIZE="6" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
144,689,574</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(5,960,577</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(6,040,155</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(2,175,000</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,118,554</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=16 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="61" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$143,213,083</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 4,124,243</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$12,412,142</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 34,963</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$3,199,256</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$48,988,772</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Statements of Changes in
Net Assets</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT></DIV>
<TABLE ALIGN="center" WIDTH="765" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="1" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="top" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="top" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Equity
<BR>
Income
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Large-Cap
<BR>
Growth &
<BR>
Income Fund</B></FONT></TH>
</TR>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="1" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="top" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="top" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Year Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Year Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Increase (Decrease) in Net
Assets</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Operations—</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net investment
income (net operating loss)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 3,937,937</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 9,248,983</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 542,232</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 1,179,785</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net realized gain
(loss) on investment transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,861,356</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
43,055,381</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
19,411,782</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
21,925,688</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net realized gain
(loss) on futures contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(804,342</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">937,215</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,576,508</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net realized gain
(loss) on foreign currency contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net change in
unrealized appreciation (depreciation) of investments, collateral,
<BR>
futures contracts and
foreign currency translation</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(90,012,050</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
72,705,877</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(6,476,501</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
81,285,328</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Change in net assets resulting from operations</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(82,017,099</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
125,010,241</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
14,414,728</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
107,967,309</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Distributions to
Shareholders—</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Dividends to
shareholders from net investment income</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class Y Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(4,315,987</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(9,616,451</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(454,676</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,225,905</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class A Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(9,984</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(1,539</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(1,291</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(125</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class I Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Distributions to
shareholders from net realized gain on investments</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class Y Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(42,936,447</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(33,129,352</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(23,537,005</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(16,057,392</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class A Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(111,257</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(83,328</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Class I Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Change in net assets from distributions to
shareholders</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(47,373,675</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(42,747,342</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(24,076,300</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(17,283,422</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Capital Stock
Transactions—</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Proceeds from sale
of shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
27,595,299</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
62,127,664</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
36,738,688</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
68,746,185</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Proceeds from
shares issued in connection with the tax-free transfer of assets
<BR>
from a Common Trust
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
9,150,163</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Net asset value of
shares issued to shareholders in payment of distributions
<BR>
declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
44,207,775</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
36,072,765</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
23,275,895</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
16,617,460</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Cost of shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(73,554,964</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(101,277,886</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(29,349,402</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(42,926,207</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Change in net assets from capital stock
transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,751,890</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(3,077,457</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
39,815,344</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
42,437,438</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Change in net assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(131,142,664</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
79,185,442</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
30,153,772</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
133,121,325</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Net Assets:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Beginning of
period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
538,050,228</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
458,864,786</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
407,942,729</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
274,821,404</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
End of
period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$406,907,564</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$538,050,228</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$438,096,501</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$407,942,729</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="373" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
Undistributed net investment income
included in net assets at end of period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (127,863</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 260,171</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 285,453</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 199,188</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I></FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV><FONT SIZE="3"> </FONT></DIV>
<DIV ALIGN="right">
<FONT SIZE="2" COLOR="#000000"> Marshall
Funds </FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="704" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=4 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Mid-Cap
<BR>
Value Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Mid-Cap
<BR>
Growth Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Small-Cap
<BR>
Growth
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=4 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>International
<BR>
Stock
<BR>
Fund</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Government
<BR>
Income
<BR>
Fund</B></FONT></TH>
</TR>
<TR>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=4 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Year Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Year Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Year Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Year Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Year Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD COLSPAN=28 VALIGN="bottom" ALIGN="left"><FONT SIZE="5" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 276,622</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 1,260,293</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (1,358,225</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (1,872,909</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (676,022</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (894,516</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (1,476,491)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 1,470,281</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 10,084,820</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 17,052,816</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,165,378</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
14,240,749</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
44,655,896</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
27,484,765</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,939,293</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,267,142</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
30,434,397</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
27,402,838</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(5,632,691</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(5,532,998</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">162,840</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,310,209</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,139,745</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">593,838</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,241,740</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,907,764)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,420,206</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(15,648,314</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
11,987,900</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
174,978,138</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
73,510,212</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
75,454,526</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
20,790,088</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
116,162,941</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
21,406,193</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(327,886</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(10,156,936</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(12,043,474</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
27,488,942</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
221,586,018</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
101,261,813</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
78,311,635</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
22,404,454</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
143,213,083</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
48,859,106</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,124,243</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,362,882</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(462,773</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,460,404</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(2,736,198)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(4,598,552</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(9,931,931</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(17,129,836</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(2,133</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(311</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(8,345)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(26,092</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(4,991</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(821,256)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(14,371,587</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(11,609,645</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(28,643,051</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(12,958,800</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(3,312,795</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(187,364</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(22,691,202)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(74,697</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(59,592</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(19,849</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(67,976)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(6,273,934)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(14,911,190</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(13,070,360</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(28,702,643</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(12,958,800</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(3,332,644</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(187,364</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(32,598,911)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(4,598,552</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(9,958,023</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(17,134,827</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
10,968,034</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
16,163,437</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
95,146,965</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
91,239,828</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
42,324,225</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
48,531,026</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
401,384,976</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
220,340,936</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
122,460,634</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
101,047,566</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
14,460,692</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
12,077,431</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
28,303,949</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
12,799,676</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,289,762</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">185,274</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
30,622,693</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,562,588</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,013,237</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
10,213,574</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(28,064,852</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(48,348,363</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(94,768,643</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(82,203,575</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(51,756,486</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(47,405,727</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(335,184,183)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(221,668,862</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(108,947,767</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(57,763,948</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(2,636,126</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(20,107,495</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
28,682,271</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
21,835,929</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(6,142,499</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,310,573</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
96,823,486</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,234,662</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
18,526,104</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
53,497,192</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(29,590,790</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(5,688,913</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
221,565,646</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
110,138,942</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
68,836,492</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
23,527,663</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
207,437,658</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
45,495,216</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
12,692,324</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
37,725,247</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
128,930,897</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
134,619,810</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
297,527,357</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
187,388,415</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
103,385,668</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
79,858,005</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
270,743,726</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
225,248,510</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
318,037,861</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
280,312,614</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 99,340,107</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$128,930,897</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$519,093,003</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$297,527,357</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$172,222,160</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$103,385,668</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$478,181,384</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$270,743,726</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$330,730,185</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$318,037,861</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (17,066</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ 171,218</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (1,358,225</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (676,022</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="66" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (5,171,797)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (129,507</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
$ (126,797</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B>Statements of Changes in
Net Assets</B></FONT></DIV>
</TD>
</TR>
</TABLE>
<TABLE ALIGN="center" WIDTH="690" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TH VALIGN="top" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
<BR>
Intermediate
<BR>
Bond Fund</B></FONT></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B></B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>
</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="top" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000
<BR>
(unaudited)</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000">Year
<BR>
Ended
<BR>
August 31,
<BR>
1999</FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Increase
(Decrease) in Net Assets
<BR>
Operations—</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net investment income (net operating
loss)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 18,452,297</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 34,735,372</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net realized gain (loss) on investment
transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(3,186,173</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(2,982,509</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net change in unrealized appreciation
(depreciation) of investments, collateral, futures contracts
<BR>
and foreign currency translation</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(2,853,982</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(24,215,629</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Change in net assets
resulting from operations</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
12,412,142</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,537,234</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Distributions to
Shareholders—</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Dividends to shareholders from net
investment income:</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Class Y
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(18,226,099</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(34,884,036</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Class A
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">(39,736</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">(10,464</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Distributions from shareholders from net
realized gain on investments</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Class Y
Shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Change in net assets from
distributions to shareholders</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(18,265,835</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(34,894,500</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Capital Stock
Transactions—</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Proceeds from
sale of shares</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
41,642,677</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
109,483,038</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Proceeds from
shares issued in connection with the tax-free transfer of assets from a
Common
<BR>
Trust Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Net asset
value of shares issued to shareholders in payment of dividends
declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,448,917</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
13,956,200</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Cost of
shares redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(48,412,478</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(85,827,857</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Change in net assets from
capital stock transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">(320,884</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
37,611,381</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Change in net
assets</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
(6,174,577</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
10,254,115</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Net
Assets:</B></FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Beginning of
period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
599,923,142</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
589,669,027</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
End of
period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$593,748,565</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$599,923,142</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="583" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Undistributed net
investment income included in net assets at end of period</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$
—</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ (186,462</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I>(See Notes which
are an integral part of the Financial Statements)</I>
<B>1. Organization</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Marshall Funds, Inc.
(the “Corporation”) is registered under the Investment Company Act
of 1940, as amended (the “Act”), as an open-end management
investment company. The Corporation consists of eleven diversified
portfolios (individually referred to as the “Fund”, or
collectively as the “Funds”) which are presented
herein:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="767" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Portfolio Name</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Investment Objective</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" WIDTH="398" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marshall Equity
Income Fund (“Equity Income Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Capital
appreciation and above-average dividend income.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="398" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marshall Large-Cap
Growth & Income Fund
<BR>
(“Large-Cap Growth & Income Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Capital
appreciation and income.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="398" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marshall Mid-Cap
Value Fund (“Mid-Cap Value Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Capital
appreciation.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="398" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marshall Mid-Cap
Growth Fund (“Mid-Cap Growth Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Capital
appreciation.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="398" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marshall Small-Cap
Growth Fund (“Small-Cap Growth Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Capital
appreciation.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="398" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marshall
International Stock Fund (“International Stock Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Capital
appreciation.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="398" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marshall Government
Income Fund (“Government Income Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Current
Income.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="398" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marshall
Intermediate Bond Fund (“Intermediate Bond Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Maximize total
return consistent with current income.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="398" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marshall
Intermediate Tax-Free Fund (“Intermediate Tax-Free
Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Provide a high
level of income that is exempt from federal
<BR>
income tax and is consistent with preservation of capital.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="398" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marshall Short-Term
Income Fund (“Short-Term Income Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Maximize total
return consistent with current income.</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="398" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Marshall Money
Market Fund (“Money Market Fund”)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Current income
consistent with stability of principal.</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
The Funds (except
Short-Term Income Fund and Intermediate Tax-Free Fund) are offered in two
classes of shares: Class Y Shares and Class A Shares. Effective September 1,
1999, International Stock Fund began offering a third class of shares, Class
I Shares. The assets of each portfolio are segregated and a
shareholder’s interest is limited to the portfolio in which shares are
held. The Financial Highlights of Class A Shares and Class I Shares of the
Funds are presented in separate semi-annual reports.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Effective September
10, 1999, the following Funds’ Class Y Shares received a tax-free
transfer of assets from the M&I Bank Common Trust Funds.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE WIDTH="766" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Fund
<BR>
Shares
<BR>
Issued</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Common
<BR>
Trust Fund
<BR>
Net Assets
<BR>
Received</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Unrealized
<BR>
Appreciation/
<BR>
Depreciation(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="515" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">514,343</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$9,150,163</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$6,068,327</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="515" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Short-Term Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">676,798</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,375,440</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">(44,412</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE BORDER="0" WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="3%" ALIGN="left" VALIGN="top"><DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
(1) </FONT></DIV>
</TD>
<TD WIDTH="97%" ALIGN="left" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Unrealized
appreciation/depreciation is included in the Common Trust Fund net assets
received.</FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000">
<B>2. Significant Accounting
Policies</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
The following is a
summary of significant accounting policies consistently followed by the
Funds in the preparation of their financial statements. These policies are
in conformity with generally accepted accounting principles.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Investment
Valuations</I>—Listed equity securities are valued at the last sale
price reported on a national securities exchange. U.S. government
securities, listed corporate bonds, other fixed income and asset-backed
securities, and unlisted securities and private placement securities are
generally valued at the mean of the latest bid and asked price as furnished
by an independent pricing service. Municipal bonds are valued by an
independent pricing service, taking into consideration yield, liquidity,
risk, credit quality, coupon, maturity, type of issue, and any other factors
or market data the pricing service deems relevant. Money Market Fund’s
use of the amortized cost method to value portfolio securities is in
accordance with Rule 2a-7 under the Act. For fluctuating net asset value
funds within the Corporation, short-term securities are valued at the prices
provided by an independent pricing service. However, short-term securities
purchased with remaining maturities of sixty days or less may be valued at
amortized cost, which approximates fair market value. Investments in other
open-end regulated investment companies are valued at net asset
value.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Repurchase
Agreements</I>—It is the policy of the Funds 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 under repurchase agreement
transactions. Additionally, procedures have been established by the Funds to
monitor, on a daily basis, the market value of each repurchase
agreement’s collateral to ensure that the value of collateral at least
equals the repurchase price to be paid under the repurchase agreement,
including accrued interest.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
The Funds will only
enter into repurchase agreements with banks and other recognized financial
institutions, such as broker/dealers, which are deemed by the Funds’
adviser (or sub-adviser with respect to International Stock Fund) to be
creditworthy pursuant to the guidelines and/or standards reviewed or
established by the Board of Directors (the “Directors”). Risks may
arise from the potential inability of counterparties to honor the terms of
the repurchase agreement. Accordingly, the Funds could receive less than the
repurchase price on the sale of collateral securities.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Funds </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Investment Income,
Expenses and Distributions</I>—Interest income and expenses are accrued
daily. Bond premium and discount, if applicable, are amortized as required
by the Internal Revenue Code, as amended (the “Code”). Dividend
income and distributions to shareholders are recorded on the ex-dividend
date. Non-cash dividends included in dividend income, if any, are recorded
at fair market value. The Funds offer multiple classes of shares (except
Intermediate Tax-Free Fund and Short-Term Income Fund), which differ in
their respective distribution and service fees. All shareholders bear the
common expenses of the Funds based on average daily net assets of each
class, without distinction between share classes. Dividends are declared
separately for each class. No class has preferential dividend rights;
differences in per share dividend rates are generally due to differences in
separate class expenses.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Federal
Taxes</I>—It is the Funds’ policy to comply with the provisions of
Subchapter M of the Code applicable to regulated investment companies and to
distribute to shareholders each year substantially all of their income.
Accordingly, no provision for federal tax is necessary.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Withholding taxes on
foreign dividends have been provided for in accordance with the applicable
country’s tax rules and rates.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
At August 31, 1999,
the following Funds had capital loss carryforwards for federal tax purposes,
which will reduce each Fund’s taxable income arising from future net
realized gain on investments, if any, to the extent permitted by the Code,
and thus will reduce the amount of the distributions to shareholders which
would otherwise be necessary to relieve each Fund of any liability for
federal tax. Pursuant to the Code, such capital loss carryforwards will
expire as listed below:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="768" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Capital Loss
<BR>
Carryforward
<BR>
to Expire in
<BR>
2002</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Capital Loss
<BR>
Carryforward
<BR>
to Expire in
<BR>
2003</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Capital Loss
<BR>
Carryforward
<BR>
to Expire in
<BR>
2004</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Capital Loss
<BR>
Carryforward
<BR>
to Expire in
<BR>
2005</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Capital Loss
<BR>
Carryforward
<BR>
to Expire in
<BR>
2006</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Capital Loss
<BR>
Carryforward
<BR>
to Expire in
<BR>
2007</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Total
<BR>
Capital Loss
<BR>
Carryforward</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="89" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Government
<BR>
Income
<BR>
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ —</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ —</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ —</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$385,369</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ —</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ —</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 385,369</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="89" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intermediate
<BR>
Bond Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
15,540,740</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
6,100,494</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
21,641,234</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="89" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Short-Term
<BR>
Income
<BR>
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">302,405</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,898,650</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">556,158</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">545,815</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">618,371</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">952,637</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
4,874,036</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>When-Issued and
Delayed Delivery Transactions</I>—The Funds may engage in when-issued
or delayed delivery transactions. The Funds record when-issued securities on
the trade date and maintain 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.
Losses may occur on these transactions due to changes in market conditions
or the failure of counterparties to perform under the contract.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I> Futures
Contracts</I>—Equity Income Fund, Large-Cap Growth & Income Fund,
Mid-Cap Value Fund, Mid-Cap Growth Fund and Small-Cap Growth Fund purchase
stock index futures contracts to manage cashflows, enhance yield, and to
potentially reduce transaction costs. Upon entering into a stock index
futures contract with a broker, the Fund is required to deposit in a
segregated account a specified amount of cash or U.S. government securities.
Futures contracts are valued daily and unrealized gains or losses are
recorded in a “variation margin” account. Daily, the Fund receives
from or pays to the broker a specified amount of cash based upon changes in
the variation margin account. When a contract is closed, the Fund recognizes
a realized gain or loss. Futures contracts have market risks, including the
risk that the change in the value of the contract may not correlate with
changes in the value of the underlying securities.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
At February 29, 2000,
Equity Income Fund and Large-Cap Growth & Income Fund had no outstanding
futures contracts.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
At February 29, 2000,
the Mid-Cap Value Fund had outstanding futures contracts as set forth
below:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="456" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Expiration Date</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Contracts to Receive</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Position</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Unrealized Appreciation</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="68" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
March 2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">9 S&P
500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Long</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$61,759</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
At February 29, 2000,
the Mid-Cap Growth Fund had outstanding futures contracts as set forth
below:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="456" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Expiration Date</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Contracts to Receive</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Position</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Unrealized Appreciation</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">March
2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="96" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">50 NASDAQ
100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Long</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$4,053,069</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
At February 29, 2000,
the Small-Cap Growth Fund had outstanding futures contracts as set forth
below:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="456" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Expiration Date</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Contracts to Receive</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Position</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Unrealized Appreciation</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">March
2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="96" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">20 NASDAQ
100</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">Long</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$1,825,348</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2"><B></B>Notes to Financial
Statements</FONT><FONT SIZE="2">
<B><I></I></B></FONT><FONT SIZE="2"><B><I>
(continued)</I></B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Foreign Exchange
Contracts</I>—International Stock Fund may enter into foreign currency
exchange contracts as a way of managing foreign exchange rate risk. The Fund
may enter into these contracts for the purchase or sale of a specific
foreign currency at a fixed price on a future date as a hedge or cross hedge
against either specific transactions or portfolio positions. The objective
of the Fund’s foreign currency hedging transactions is to reduce the
risk that the U.S. dollar value of the Fund’s foreign currency
denominated securities will decline in value due to changes in foreign
currency exchange rates. All foreign currency exchange contracts are
marked-to-market daily at the applicable translation rates resulting in
unrealized gains or losses. Realized gains or losses are recorded at the
time the foreign currency exchange contract is offset by entering into a
closing transaction or by the delivery or receipt of the currency. Risks may
arise upon entering into these contracts from the potential inability of
counterparties to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar. As
of February 29, 2000, International Stock Fund had outstanding foreign
exchange contracts as set forth below:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="586" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Settlement Date</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Foreign Currency Units
<BR>
to Deliver/Receive </B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>In Exchange For</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Contracts at
<BR>
Value</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Unrealized
<BR>
Appreciation
<BR>
(Depreciation)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Contracts
Sold:</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
03/31/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="141" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">5,413,131 Euro
Dollar</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$5,353,586</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$5,219,880</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$133,706</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Contracts
Purchased:</I></FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
03/01/2000</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" WIDTH="141" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">2,302,830 Swiss
Franc</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,395,655</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,381,837</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">(13,818</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="49" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Net Unrealized
Appreciation on Foreign Exchange Contracts</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$119,888</FONT></TD>
<TD><FONT SIZE="2" COLOR="#000000"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Foreign Currency
Translation</I>—The accounting records of International Stock Fund are
maintained in U.S. dollars. All assets and liabilities denominated in
foreign currencies (“FCs”) are translated into U.S. dollars based
on the rates of exchange of such currencies against U.S. dollars on the date
of valuation. Purchases and sales of securities, income and expenses are
translated at the rate of exchange quoted on the respective date that such
transactions are recorded. The Funds do not isolate that portion of the
results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Reported net realized
foreign exchange gains or losses arise from sales of portfolio securities,
sales and maturities of short-term securities, sales of FCs, currency gains
or losses realized between the trade and settlement dates on securities
transactions, the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the Funds’ books, and the U.S.
dollar equivalent of the amounts actually received or paid. Net unrealized
foreign exchange gains and losses arise from changes in the value of assets
and liabilities other than investments in securities at period end,
resulting from changes in the exchange rate.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Dollar Roll
Transactions</I>—The Funds, except for Money Market Fund, may enter
into dollar roll transactions, with respect to mortgage securities issued by
Government National Mortgage Association, Federal National Mortgage
Association and Federal Home Loan Mortgage Corporation, in which the Funds
loan mortgage securities to financial institutions and simultaneously agree
to accept substantially similar (same type, coupon and maturity) securities
at a later date at an agreed upon price. Dollar roll transactions involve
“to be announced” securities and are treated as short-term
financing arrangements which will not exceed twelve months. The Funds will
use the proceeds generated from the transactions to invest in short-term
investments, which may enhance the Funds’ current yield and total
return.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Securities
Lending</I>—The Funds participate in a securities lending program
providing for the lending of corporate bonds, equity and government
securities to qualified brokers. The Funds receive cash as collateral in
return for the securities and record a corresponding payable for collateral
due to the respective broker. The amount of cash collateral received is
maintained at a minimum level of 100% of the market value on securities
loaned plus interest. Collateral is reinvested in short-term securities
including overnight repurchase agreements, commercial paper, master notes,
floating rate corporate notes (with at least quarterly reset rates) and
money market funds. The Funds reimburse the custodian for the costs directly
associated with the Funds’ participation in the securities lending
program.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
As of February 29,
2000, the value of securities loaned, the payable on collateral due to
broker and the value of reinvested cash collateral securities were as
follows:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="766" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Market Value of
<BR>
Securities Loaned</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Payable on Collateral
<BR>
Due to Broker</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Reinvested Collateral
<BR>
Securities</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="325" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Equity Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$20,193,927</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$20,460,852</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$20,460,852</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="325" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
52,104,361</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
50,574,358</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
50,574,358</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="325" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,163,819</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,229,400</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
7,229,400</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="325" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
94,179,019</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
94,616,900</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
94,616,900</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="325" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
56,642,680</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
57,937,500</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
57,937,500</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="325" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
140,658,583</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
144,818,479</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
144,818,479</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Funds </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Individual reinvested cash
collateral securities in excess of 5% of fund net assets at February 29,
2000 are as follows:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="892" CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="bottom" WIDTH="307" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Repurchase
Agreements:</I></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="307" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">First Boston,
6.01%, 3/1/00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 25,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="307" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Goldman Sachs,
6.0775%, 3/1/00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
100,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="307" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Morgan Stanley Dean
Witter 6.0375%, 3/1/00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
60,000,000</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="307" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">NationsBank, 5.94%,
3/1/00</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
50,000,000</FONT></TD>
</TR>
<TR>
<TD COLSPAN=5 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="307" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Investment
Company:</I></FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="307" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Provident
Institutional Temp Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$ 5,229,400</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Restricted
Securities</I>—Restricted securities are securities that may only be
resold upon registration under federal securities laws or in transactions
exempt from such registration. In some cases, the issuer of restricted
securities has agreed to register such securities for resale, at the
issuer’s expense either upon demand by the Fund or in connection with
another registered offering of the securities. Many restricted securities
may be resold in the secondary market in transactions exempt from
registration. Such restricted securities may be determined to be liquid
under criteria established by the Directors. The Funds will not incur any
registration costs upon such resales. The Funds’ restricted securities
are valued at the price provided by dealers in the secondary market or, if
no market prices are available, at the fair value as determined by the
Funds’ pricing committee.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Other</I>—Investment transactions are accounted for on a trade
date basis.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000">
<B>3. Capital Stock</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
The Articles of
Incorporation permit the Directors to issue an indefinite number of full and
fractional shares of common stock, par value $0.0001 per share. At February
29, 2000, the capital paid-in was as follows:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="684" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Capital Paid-In</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="519" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Equity Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$385,087,899</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="519" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
273,878,275</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="519" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
95,624,601</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="519" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
231,924,017</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="519" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Small-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
90,502,376</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="519" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">International Stock
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
311,188,430</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="519" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
349,578,786</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="519" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
639,239,512</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="519" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intermediate
Tax-Free Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
99,985,401</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="519" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Short-Term Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
144,073,777</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="519" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Money Market
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
1,896,544,234</FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Transactions in
capital stock were as follows:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="767" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Equity Income Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Large-Cap Growth
<BR>
& Income Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Mid-Cap Value Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class Y Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" WIDTH="263" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,804,897</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,774,192</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,035,082</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,118,807</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,075,605</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,402,187</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="263" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued in
connection with the tax-free transfer of
<BR>
assets from a Common Trust Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">514,343</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="263" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued to
shareholders in payment of
<BR>
distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,042,220</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,268,227</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,333,913</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,056,636</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,484,141</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,089,157</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="263" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(5,044,608</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(6,266,153</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,654,751</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(2,637,363</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(2,735,969</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(4,344,171</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="263" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Class Y Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(197,491</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(223,734</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,228,587</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,538,080</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(176,223</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,852,827</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Notes to Financial
Statements </B></FONT><FONT SIZE="2" COLOR="#000000">
<B><I></I></B></FONT><FONT SIZE="2" COLOR="#000000">
<B><I>(continued)</I></B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT></DIV>
<TABLE ALIGN="center" WIDTH="768" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Equity Income Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Large-Cap Growth
<BR>
& Income Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Mid-Cap Value Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class A Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" WIDTH="272" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">57,317</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">47,914</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">59,099</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">52,607</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">39,244</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">31,174</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="272" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued to
shareholders in payment of
<BR>
distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">8,342</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">89</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">4,865</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">7</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">7,913</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">27</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="272" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(4,209</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(2,821</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(6,539</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(432</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(5,561</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(9</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="272" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Class A Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">61,450</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">45,182</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">57,425</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">52,182</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">41,596</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">31,192</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="272" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Fund Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(136,041</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(178,552</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,286,012</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,590,262</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(134,627</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,821,635</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE WIDTH="767" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Mid-Cap Growth Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Small-Cap
<BR>
Growth Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>International
<BR>
Stock Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class Y Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000 </B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999 </B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" WIDTH="263" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,243,463</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,935,509</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,554,343</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,158,729</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
19,974,627</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
16,904,131</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="263" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued to
shareholders in payment of
<BR>
distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,383,854</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">950,942</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">215,985</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">15,715</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,321,710</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">201,461</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="263" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(4,363,310</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(5,364,366</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(3,137,939</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(3,987,720</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(20,610,937</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(17,084,034</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="263" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Class Y Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,264,007</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,522,085</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(367,611</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">186,724</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">685,400</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">21,558</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE WIDTH="768" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Mid-Cap Growth Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Small-Cap
<BR>
Growth Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>International
<BR>
Stock Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class A Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" WIDTH="272" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">31,043</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">16,470</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">37,211</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">31,896</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">37,793</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">31,064</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="272" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued to
shareholders in payment of
<BR>
distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">2,915</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,304</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">4,262</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="272" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(430</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(368</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(7,882</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(86</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(5,239</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(86</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="272" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Class A Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">33,528</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">16,102</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">30,633</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">31,810</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">36,816</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">30,978</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="272" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Fund Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,297,535</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,538,187</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(336,978</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">218,534</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE WIDTH="767" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=4 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>International
<BR>
Stock Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class I Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Period
<BR>
Ended
<BR>
February 29,
<BR>
2000(2)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="top" WIDTH="548" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,182,915</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="548" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued to
shareholders in payment of
<BR>
distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">382,886</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="548" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(279,606</FONT></TD>
<TD VALIGN="top" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="548" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Class I Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,286,195</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
<TR>
<TD VALIGN="top" WIDTH="548" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Fund Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
6,008,411</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="top" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">52,536</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I> </I></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I> </I></FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I> </I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Funds </FONT></DIV>
<TABLE ALIGN="center" WIDTH="767" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Government
<BR>
Income Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Intermediate
<BR>
Bond Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD COLSPAN=13 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class Y Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="406" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
13,390,847</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
10,534,385</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
4,469,508</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
11,475,295</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="406" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued to
shareholders in payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">546,174</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,074,105</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">701,917</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,480,740</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="406" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(11,906,704</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(6,073,360</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(5,274,449</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(9,072,476</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="406" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Class Y Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,030,317</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,535,130</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(103,024</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,883,559</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="768" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Government
<BR>
Income Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Intermediate
<BR>
Bond Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD COLSPAN=13 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class A Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six
<BR>
Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six
<BR>
Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Period
<BR>
Ended
<BR>
August 31,
<BR>
1999(1)</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="412" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">43,127</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">91,212</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">92,171</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">105,916</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="412" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued to
shareholders in payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,654</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">453</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">3,523</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">1,116</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="412" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(15,569</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(9,811</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(26,072</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(3,200</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="412" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Class A Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">29,212</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">81,854</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">69,622</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">103,832</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="412" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Fund Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,059,529</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,616,984</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">(33,402</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
3,987,391</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="767" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Intermediate
<BR>
Tax-Free Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Short-Term
<BR>
Income Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD COLSPAN=13 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class Y Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="406" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">603,144</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,685,986</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,627,903</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
7,225,319</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="406" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued in
connection with the tax-free
<BR>
transfer of assets from a Common Trust Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">676,798</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">—</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="406" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued to
shareholders in payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">16,158</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">103,681</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">215,056</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">484,372</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="406" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,660,383</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,581,808</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(6,283,117</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(7,217,328</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="406" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Class Y Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(1,041,081</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
1,207,859</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">236,640</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">492,363</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="768" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Money Market Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class Y Shares </B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="526" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,718,516,958</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,558,732,228</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="526" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued to
shareholders in payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
8,906,205</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
19,002,349</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="526" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(2,655,151,292</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(5,502,811,648</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="526" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Class Y Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
72,271,871</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
74,922,929</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="2"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="767" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" ALIGN="center"><FONT SIZE="2" COLOR="#000000"> </FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=5 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Money Market Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD COLSPAN=7 VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<B>Class A Shares</B></FONT></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Six Months
<BR>
Ended
<BR>
February 29,
<BR>
2000</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="1" COLOR="#000000"><B>Year Ended
<BR>
August 31,
<BR>
1999</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="542" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
sold</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
363,912,613</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
554,642,702</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="542" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares issued to
shareholders in payment of distributions declared</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
2,846,134</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
5,002,963</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="542" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Shares
redeemed</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(324,578,591</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
(546,418,132</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="1" COLOR="#000000">)</FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="1" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="542" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Class A Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
42,180,156</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
13,227,533</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="542" NOWRAP ALIGN="left"><FONT SIZE="1" COLOR="#000000">Net change
resulting from Fund Share transactions</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
114,452,027</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="1" COLOR="#000000">
88,150,462</FONT></TD>
<TD><FONT SIZE="1" COLOR="#000000"> </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD><FONT SIZE="1"></FONT><HR ALIGN="right" WIDTH="100%" SIZE="2" NOSHADE></TD>
<TD><FONT SIZE="1"> </FONT></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
(1) For the period from December 31, 1998
(start of performance) to August 31, 1999.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
(2) For the period from September 1, 1999
(start of performance) to February 29, 2000.</FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Notes to Financial
Statements </B></FONT><FONT SIZE="2" COLOR="#000000">
<B><I></I></B></FONT><FONT SIZE="2" COLOR="#000000">
<B><I>(continued)</I></B></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"></FONT></DIV>
<DIV ALIGN="right"><FONT SIZE="2"><B></B></FONT><FONT SIZE="2"><B></B></FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"> <B>4. Investment
Adviser Fee and Other Transactions with Affiliates</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Investment Adviser
Fee</I>—M&I Investment Management Corp., the Funds’ investment
adviser (the “Adviser”), receives for its services an annual
investment adviser fee based on a percentage of each Fund’s average
daily net assets as listed below. The Adviser may voluntarily choose to
waive any portion of its fee. The Adviser can modify or terminate this
voluntary waiver at any time at its sole discretion. Effective April 1,
2000, the Money Market Fund will change its investment adviser fee to
0.15%.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="767" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH COLSPAN=2 VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Annual Rate</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Equity Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">0.75</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">0.75</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">0.75</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">0.75</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Small-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">1.00</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">International Stock
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">1.00</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">0.75</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">0.60</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intermediate
Tax-Free Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">0.60</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Short-Term Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">0.60</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">%</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="611" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Money Market
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">0.50</FONT></TD>
<TD VALIGN="bottom" ALIGN="left"><FONT SIZE="2" COLOR="#000000">%</FONT></TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
International Stock
Fund’s sub-adviser is BPI Global Asset Management LLP (the
“Sub-Adviser”). The Adviser compensates the Sub-Adviser based on
the level of average aggregate daily net assets of International Stock
Fund.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Administrative
Fee</I>—Prior to January 1, 2000, Federated Administrative Services
(“FAS”), under the Administrative Services Agreement, provided the
Funds with administrative personnel and services. The fee paid to FAS was
based on the level of average aggregate daily net assets of the Corporation
for the period, except for the Small-Cap Growth Fund, which was based on the
Fund’s average daily net assets. Effective January 1, 2000, Marshall
& Ilsley Trust Company became the Fund’s administrator. The fee
paid to M&I Trust Company is based on a scale that ranges from 0.15% to
0.075% of the average aggregate net assets of the Corporation for the
period. Also effective January 1, 2000, Federated Services Company
(“FServ”) became the Funds’ sub-administrator. All fees of
the sub-administrator will be paid by M&I Trust Company, and not by the
Funds.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Distribution
Services Fee</I>—The Funds have adopted a Distribution Plan (the
“Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of
the Plan, the Funds will compensate Federated Securities Corp.
(“FSC”), the principal distributor, from the net assets of the
Funds to finance activities intended to result in the sale of shares of the
Funds’ Class A Shares. The Plan provides that the Funds may incur
distribution expenses up to 0.25% of the average daily net assets of
Funds’ Class A Shares (except Money Market Fund’s Class A Shares
which may accrue up to 0.30%) annually, to compensate FSC.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Shareholder
Services Fee</I>—Under the terms of a Shareholder Services Agreement
with Marshall Funds Investor Services (“MFIS”), each Fund will pay
MFIS up to 0.25% of average daily net assets of the Funds’ Class Y
Shares for the period (except Money Market Fund which will pay approximately
0.02%). The fee paid to MFIS is used to finance certain services for
shareholders and to maintain shareholder accounts. MFIS may voluntarily
choose to waive any portion of its fee. MFIS can modify or terminate this
voluntary waiver at any time at its sole discretion. Effective April 1,
2000, the Money Market Fund will change its shareholder service fee to
0.25%.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Transfer and
Dividend Disbursing Agent Fees and Expenses</I>—FServ, through its
subsidiary FSSC, serves as transfer and dividend disbursing agent for the
Funds. The fee paid to FSSC is based on the size, type, and number of
accounts and transactions made by shareholders.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Portfolio
Accounting Fees</I>—FServ maintains the Funds’ accounting records
for which it receives a fee. The fee is based on the level of each
Fund’s average daily net assets for the period, plus out-of-pocket
expenses.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Custodian
Fees</I>—Marshall & Ilsley Trust Company is the Funds’
custodian. M&I Trust Company receives fees based on the level of each
Fund’s average daily net assets for the period. The custodian also
charges a fee in connection with securities lending activities of the
Funds.</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I> </I></FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I> </I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I> </I></FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000"><I> </I></FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD WIDTH="1%" ALIGN="left" VALIGN="top"></TD>
<TD ALIGN="left" WIDTH="99%" VALIGN="top"> <DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I> </I></FONT></DIV>
</TD>
</TR>
</TABLE>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="right">
<FONT SIZE="2"> Marshall
Funds </FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Organizational
Expenses</I>—Organizational expenses were borne initially by FAS. The
Funds have reimbursed FAS for these expenses. These expenses have been
deferred and are being amortized over the five-year period following each
Fund’s effective date. For the period ended February 29, 2000, the
Funds expensed the following organizational expenses:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="767" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Organizational
<BR>
Expenses</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000"><B>Organizational
<BR>
Expenses Paid</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="503" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Small-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$35,592</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">$3,736</FONT></TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>General</I>—Certain of the Officers and Directors of the
Corporation are Officers and Directors or Trustees of the above
companies.</FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="3" COLOR="#000000"><B>5. Investment
Transactions</B></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
Purchases and sales
of investments, excluding short-term securities, for the six-month period
ended February 29, 2000, were as follows:</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE ALIGN="center" WIDTH="766" CELLSPACING=0 CELLPADDING=0>
<TR>
<TH VALIGN="bottom" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Fund</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="left" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Purchases</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
<TH><FONT SIZE="1"> </FONT></TH>
<TH VALIGN="bottom" NOWRAP ALIGN="center"><FONT SIZE="2" COLOR="#000000">
<B>Sales</B></FONT><FONT SIZE="1"></FONT><HR ALIGN="center" WIDTH="100%" SIZE="1" NOSHADE></TH>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="509" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Equity Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$178,773,056</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
$220,536,640</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="509" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Large-Cap Growth
& Income Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
173,299,907</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
136,372,922</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="509" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Value
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
57,513,196</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
84,872,551</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="509" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Mid-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
216,619,787</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
227,152,638</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="509" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Small-Cap Growth
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
67,381,404</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
76,256,126</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="509" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">International Stock
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
358,473,428</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
325,129,473</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="509" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Government Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
392,027,415</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
328,712,932</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="509" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intermediate Bond
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
738,383,991</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
673,369,642</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="509" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Intermediate
Tax-Free Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
46,285,597</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
55,627,762</FONT></TD>
</TR>
<TR>
<TD VALIGN="bottom" WIDTH="509" NOWRAP ALIGN="left"><FONT SIZE="2" COLOR="#000000">Short-Term Income
Fund</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
51,672,024</FONT></TD>
<TD><FONT SIZE="1"> </FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT SIZE="2" COLOR="#000000">
40,740,004</FONT></TD>
</TR>
</TABLE>
<HR SIZE=1 NOSHADE> <DIV><FONT SIZE="5"> </FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<TABLE WIDTH="100%" ALIGN="center" CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="top" ALIGN="left"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<B>Directors</B></FONT></DIV>
</TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><B>Officers</B></FONT></DIV>
</TD>
<TD WIDTH="1%"></TD>
</TR>
</TABLE>
<DIV ALIGN="right"><FONT SIZE="2" COLOR="#000000"><B></B></FONT><FONT SIZE="2" COLOR="#000000"><B></B></FONT></DIV>
<DIV><FONT SIZE="5"> </FONT></DIV>
<TABLE WIDTH="100%" ALIGN="center" CELLSPACING=0 CELLPADDING=0>
<TR>
<TD VALIGN="top" ALIGN="left"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"> John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">John
DeVincentis</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Duane E.
Dingmann</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">James
Mitchell</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Barbara J.
Pope</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">David W.
Schulz</FONT></DIV>
</TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="top" ALIGN="center"> <DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">John M.
Blaser</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>President</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Jo A.
Dales</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Vice
President</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Brooke J.
Billick</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Secretary</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Ann K.
Peirick</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">
<I>Treasurer</I></FONT></DIV>
<DIV><FONT SIZE="1"> </FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000">Janet D.
Olsen</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="2" COLOR="#000000"><I>Assistant
Secretary</I></FONT></DIV>
</TD>
<TD WIDTH="1%"></TD>
</TR>
</TABLE>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">Mutual funds are not
bank deposits or obligations, are not guaranteed by any bank, and
<BR>
are not insured or guaranteed by the U.S. government, the Federal Deposit
Insurance
<BR>
Corporation, the Federal Reserve Board, or any other government agency.
Investment in
<BR>
mutual funds involves investment risk, including the possible loss of
principal.
<BR>
</FONT></DIV>
<DIV><FONT SIZE="2"> </FONT></DIV>
<DIV ALIGN="center"><FONT SIZE="2" COLOR="#000000">This report is
authorized for distribution to prospective investors only when preceded
<BR>
or accompanied by the Funds’ prospectus, which contains facts concerning
each
<BR>
Fund’s objective and policies, management fees, expenses, and other
information.</FONT></DIV>
<DIV ALIGN="left"><FONT SIZE="1" COLOR="#000000">
<I> </I></FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<DIV><FONT SIZE="7"> </FONT></DIV>
<P>[Graphic Representation Omitted - See Appendix]</P>
<P>
</P>
<P ALIGN=CENTER> Marshall Funds Investor Services<br>
P.O. Box 1348<BR>
Milwaukee, Wisconsin 53201-1348<br>
1-800-236-FUND (3863) or 414-287-8595</P>
<P ALIGN=CENTER> TDD: Speech and Hearing Impaired Services<br>
800-209-3520<br>
www.marshallfunds.com</P>
<P ALIGN=CENTER>
Federated Securities Corp., Distributor G00406-02 (4/00)</P>
<P ALIGN=CENTER>
</P>
<P ALIGN=RIGHT>
1a. The graphic representation displayed for the Marshall International Stock
Fund in the Class I Semi-Annual Report consists of a line graph. The
corresponding components of the line graph are listed beneath the graphic
presentation. The Marshall International Stock Fund (Class I Shares) is
represented by a solid line, whereas the Morgan Stanley Capital International
Europe, Australia and Far East Index (EAFE) is represented by a broken dotted
line and the Lipper International Funds Index (LIFI) is represented by a dotted
line. The line graph is a visual representation of a comparison of change in
value of a hypothetical investment of $10,000 in the Marshall International
Stock Fund, the EAFE and the LIFI from its inception on September 1, 1999 to
February 29, 2000. The "y" axis reflects the cost of the investment. The "x"
axis reflects computation periods from the ending value of the hypothetical
investment in the Marshall International Stock Fund as compared to the EAFE and
the LIFI; the ending values are $14,670; $12,558; and $11,363, respectively.
1b. The graphic representation displayed for the Marshall International Stock
Fund in the Class A Semi-Annual Report consists of a line graph. The
corresponding components of the line graph are listed beneath the graphic
presentation. The Marshall International Stock Fund (Class A Shares) is
represented by a solid line, whereas the Morgan Stanley Capital International
Europe, Australia and Far East Index (EAFE) is represented by a broken dotted
line and the Lipper International Funds Index (LIFI) is represented by a dotted
line. The line graph is a visual representation of a comparison of change in
value of a hypothetical investment of $10,000 in the Marshall International
Stock Fund, the EAFE and the LIFI from its inception on December 31, 1998 to
February 29, 2000. The "y" axis reflects the cost of the investment. The "x"
axis reflects computation periods from the ending value of the hypothetical
investment in the Marshall International Stock Fund as compared to the EAFE and
the LIFI; the ending values are $15,064; $12,210; and $13,834, respectively.
1c. The graphic representation displayed for the Marshall International Stock
Fund in the Class Y Semi-Annual Report consists of a line graph. The
corresponding components of the line graph are listed beneath the graphic
presentation. The Marshall International Stock Fund (Class Y Shares) is
represented by a solid line, whereas the Morgan Stanley Capital International
Europe, Australia and Far East Index (EAFE) is represented by a broken dotted
line and the Lipper International Funds Index (LIFI) is represented by a dotted
line. The line graph is a visual representation of a comparison of change in
value of a hypothetical investment of $10,000 in the Marshall International
Stock Fund, the EAFE and the LIFI from its inception on September 1, 1994 to
February 29, 2000. The "y" axis reflects the cost of the investment. The "x"
axis reflects computation periods from the ending value of the hypothetical
investment in the Marshall International Stock Fund as compared to the EAFE and
the LIFI; the ending values are $22,805; $16,860; and $19,392, respectively.
2a. The graphic representation displayed for the Marshall Equity Income Fund in
the Class A Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Equity Income Fund (Class A Shares) is represented by a solid line,
whereas the Standard & Poor's 500 Index (S & P 500) is represented by a broken
dotted line and the Lipper Equity Income Funds Index (LEIFI) is represented by a
dotted line. The line graph is a visual representation of a comparison of change
in value of a hypothetical investment of $10,000 in the Marshall Equity Income
Fund, the S&P 500 and the LEIFI from its inception on December 31, 1998 to
February 29, 2000. The "y" axis reflects the cost of the investment. The "x"
axis reflects computation periods from the ending value of the hypothetical
investment in the Marshall Equity Income Fund as compared to the S&P 500 and the
LEIFI; the ending values are $9,381; $11,279; and $9,459, respectively.
2b. The graphic representation displayed for the Marshall Equity Income Fund in
the Class Y Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Equity Income Fund (Class Y Shares) is represented by a solid line,
whereas the Standard & Poor's 500 Index (S&P 500) is represented by a broken
dotted line and the Lipper Equity Income Funds Index (LEIFI) is represented by a
dotted line. The line graph is a visual representation of a comparison of change
in value of a hypothetical investment of $10,000 in the Marshall Equity Income
Fund, the S&P 500 and the LEIFI from its inception on September 30, 1993 to
February 29, 2000. The "y" axis reflects the cost of the investment. The "x"
axis reflects computation periods from the ending value of the hypothetical
investment in the Marshall Equity Income Fund as compared to the S&P 500 and the
LEIFI; the ending values are $20,441; $33,930; and $20,210, respectively.
3a. The graphic representation displayed for the Marshall Large-Cap Growth &
Income Fund in the Class A Semi-Annual Report consists of a line graph. The
corresponding components of the line graph are listed beneath the graphic
presentation. The Marshall Large-Cap Growth & Income Fund (Class A Shares) is
represented by a solid line, whereas the Standard & Poor's 500 Index (S&P 500)
is represented by a broken dotted line and the Lipper Growth & Income Funds
Index (LGIFI) is represented by a dotted line. The line graph is a visual
representation of a comparison of change in value of a hypothetical investment
of $10,000 in the Marshall Large-Cap Growth & Income Fund, the S&P 500 and the
LGIFI from its inception on December 31, 1998 to February 29, 2000. The "y" axis
reflects the cost of the investment. The "x" axis reflects computation periods
from the ending value of the hypothetical investment in the Marshall Large-Cap
Growth & Income Fund as compared to the S&P 500 and the LGIFI; the ending values
are $10,442; $11,279; and $10,398, respectively.
3b. The graphic representation displayed for the Marshall Large-Cap Growth &
Income Fund in the Class Y Semi-Annual Report consists of a line graph. The
corresponding components of the line graph are listed beneath the graphic
presentation. The Marshall Large-Cap Growth & Income Fund (Class Y Shares) is
represented by a solid line, whereas the Standard & Poor's 500 Index (S&P 500)
is represented by a broken dotted line and the Lipper Growth & Income Funds
Index (LGIFI) is represented by a dotted line. The line graph is a visual
representation of a comparison of change in value of a hypothetical investment
of $10,000 in the Marshall Large-Cap Growth & Income Fund, the S&P 500 and the
LGIFI from its inception on November 20, 1992 to February 29, 2000. The "y" axis
reflects the cost of the investment. The "x" axis reflects computation periods
from the ending value of the hypothetical investment in the Marshall Large-Cap
Growth & Income Fund as compared to the S&P 500 and the LGIFI; the ending values
are $26,638; $36,960; and $26,897, respectively.
4a. The graphic representation displayed for the Marshall Mid-Cap Value Fund in
the Class A Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Mid-Cap Value Fund (Class A Shares) is represented by a solid line,
whereas the Standard & Poor's Mid-Cap 400 Index (S&P 400) is represented by a
broken dotted line and the Lipper Mid-Cap Value Funds Index (LMCVFI) is
represented by a dotted line. The line graph is a visual representation of a
comparison of change in value of a hypothetical investment of $10,000 in the
Marshall Mid-Cap Value Fund, the S&P 400 and the LMCVFI from its inception on
December 31, 1998 to February 29, 2000. The "y" axis reflects the cost of the
investment. The "x" axis reflects computation periods from the ending value of
the hypothetical investment in the Marshall Mid-Cap Value Fund as compared to
the S&P 400 and the LMCVFI; the ending values are $8,950; $11,932; and $11,330,
respectively.
4b. The graphic representation displayed for the Marshall Mid-Cap Value Fund in
the Class Y Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Mid-Cap Value Fund (Class Y Shares) is represented by a solid line,
whereas the Standard & Poor's Mid-Cap 400 Index (S&P 400) is represented by a
broken dotted line and the Lipper Mid-Cap Value Funds Index (LMCVFI) is
represented by a dotted line. The line graph is a visual representation of a
comparison of change in value of a hypothetical investment of $10,000 in the
Marshall Mid-Cap Value Fund, the S&P 400 and the LMCVFI from its inception on
September 30, 1993 to February 29, 2000. The "y" axis reflects the cost of the
investment. The "x" axis reflects computation periods from the ending value of
the hypothetical investment in the Marshall Mid-Cap Value Fund as compared to
the S&P 400 and the LMCVFI; the ending values are $17,845; $29,036; and $19,760,
respectively.
5a. The graphic representation displayed for the Marshall Mid-Cap Growth Fund in
the Class A Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Mid-Cap Growth Fund (Class A Shares) is represented by a solid line,
whereas the Standard & Poor's Mid-Cap 400 Index (S&P 400) is represented by a
broken dotted line and the Lipper Mid-Cap Growth Funds Index (LMCGFI) is
represented by a dotted line. The line graph is a visual representation of a
comparison of change in value of a hypothetical investment of $10,000 in the
Marshall Mid-Cap Growth Fund, the S&P 400 and the LMCGFI from its inception on
December 31, 1998 to February 29, 2000. The "y" axis reflects the cost of the
investment. The "x" axis reflects computation periods from the ending value of
the hypothetical investment in the Marshall Mid-Cap Growth Fund as compared to
the S&P 400 and the LMCGFI; the ending values are $18,914; $11,932; and $21,239,
respectively.
5b. The graphic representation displayed for the Marshall Mid-Cap Growth Fund in
the Class Y Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Mid-Cap Growth Fund (Class Y Shares) is represented by a solid line,
whereas the Standard & Poor's Mid-Cap 400 Index (S&P 400) is represented by a
broken dotted line and the Lipper Mid-Cap Growth Funds Index (LMCGFI) is
represented by a dotted line. The line graph is a visual representation of a
comparison of change in value of a hypothetical investment of $10,000 in the
Marshall Mid-Cap Growth Fund, the S&P 400 and the LMCGFI from its inception on
September 30, 1993 to February 29, 2000. The "y" axis reflects the cost of the
investment. The "x" axis reflects computation periods from the ending value of
the hypothetical investment in the Marshall Mid-Cap Growth Fund as compared to
the S&P 400 and the LMCGFI; the ending values are $43,049; $29,036; and $43,472,
respectively.
6a. The graphic representation displayed for the Marshall Small-Cap Growth Fund
in the Class A Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Small-Cap Growth Fund (Class A Shares) is represented by a solid line,
whereas the Russell 2000 Index (Russell 2000) is represented by a broken dotted
line and the Lipper Small-Cap Funds Index (LSCFI) is represented by a dotted
line. The line graph is a visual representation of a comparison of change in
value of a hypothetical investment of $10,000 in the Marshall Small-Cap Growth
Fund, the Russell 2000 and the LSCFI from its inception on December 31, 1998 to
February 29, 2000. The "y" axis reflects the cost of the investment. The "x"
axis reflects computation periods from the ending value of the hypothetical
investment in the Marshall Small-Cap Growth Fund as compared to the Russell 2000
and the LSCFI; the ending values are $16,339; $13,901; and $16,809,
respectively.
6b. The graphic representation displayed for the Marshall Small-Cap Growth Fund
in the Class Y Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Small-Cap Growth Fund (Class Y Shares) is represented by a solid line,
whereas the Russell 2000 Index (Russell 2000) is represented by a broken dotted
line and the Lipper Small-Cap Funds Index (LSCFI) is represented by a dotted
line. The line graph is a visual representation of a comparison of change in
value of a hypothetical investment of $10,000 in the Marshall Small-Cap Growth
Fund, the Russell 2000 and the LSCFI from its inception on November 1, 1995 to
February 29, 2000. The "y" axis reflects the cost of the investment. The "x"
axis reflects computation periods from the ending value of the hypothetical
investment in the Marshall Small-Cap Growth Fund as compared to the Russell 2000
and the LSCFI; the ending values are $38,168; $20,651; and $22,645,
respectively.
7a. The graphic representation displayed for the Marshall Government Income Fund
in the Class A Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Government Income Fund (Class A Shares) is represented by a solid line,
whereas the Lehman Brothers Mortgage-Backed Securities Index (LMI) is
represented by a broken dotted line and the Lipper U.S. Mortgage Funds Index
(LUSMI) is represented by a dotted line. The line graph is a visual
representation of a comparison of change in value of a hypothetical investment
of $10,000 in the Marshall Government Income Fund, the LMI and the LUSMI from
its inception on December 31, 1998 to February 29, 2000. The "y" axis reflects
the cost of the investment. The "x" axis reflects computation periods from the
ending value of the hypothetical investment in the Marshall Government Income
Fund as compared to the LMI and the LUSMI; the ending values are $9,572;
$10,214; and $10,078, respectively.
7b. The graphic representation displayed for the Marshall Government Income Fund
in the Class Y Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Government Income Fund (Class Y Shares) is represented by a solid line,
whereas the Lehman Brothers Mortgage-Backed Securities Index (LMI) is
represented by a broken dotted line and the Lipper U.S. Mortgage Funds Index
(LUSMI) is represented by a dotted line. The line graph is a visual
representation of a comparison of change in value of a hypothetical investment
of $10,000 in the Marshall Government Income Fund, the LMI and the LUSMI from
its inception on December 13, 1992 to February 29, 2000. The "y" axis reflects
the cost of the investment. The "x" axis reflects computation periods from the
ending value of the hypothetical investment in the Marshall Government Income
Fund as compared to the LMI and the LUSMI; the ending values are $14,537;
$15,673; and $14,519, respectively.
8a. The graphic representation displayed for the Marshall Intermediate Bond Fund
in the Class A Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Intermediate Bond Fund (Class A Shares) is represented by a solid line,
whereas the Lehman Brothers Intermediate Government/Corporate Bond Index (LGCI)
is represented by a broken dotted line and the Lipper Short/Intermediate
Investment Grade Bond Index (LSIBF) is represented by a dotted line. The line
graph is a visual representation of a comparison of change in value of a
hypothetical investment of $10,000 in the Marshall Intermediate Bond Fund, the
LGCI and the LSIBF from its inception on December 31, 1998 to February 29, 2000.
The "y" axis reflects the cost of the investment. The "x" axis reflects
computation periods from the ending value of the hypothetical investment in the
Marshall Intermediate Bond Fund as compared to the LGCI and the LSIBF; the
ending values are $9,699; $10,085; and $10,208, respectively.
8b. The graphic representation displayed for the Marshall Intermediate Bond Fund
in the Class Y Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Intermediate Bond Fund (Class Y Shares) is represented by a solid line,
whereas the Lehman Brothers Intermediate Government/Corporate Bond Index (LGCI)
is represented by a broken dotted line and the Lipper Short/Intermediate
Investment Grade Bond Index (LSIBF) is represented by a dotted line. The line
graph is a visual representation of a comparison of change in value of a
hypothetical investment of $10,000 in the Marshall Intermediate Bond Fund, the
LGCI and the LSIBF from its inception on November 23, 1992 to February 29, 2000.
The "y" axis reflects the cost of the investment. The "x" axis reflects
computation periods from the ending value of the hypothetical investment in the
Marshall Intermediate Bond Fund as compared to the LGCI and the LSIBF; the
ending values are $10,400; $15,296; and $14,624, respectively.
9. The graphic representation displayed for the Marshall Intermediate Tax-Free
Fund in the Class Y Semi-Annual Report consists of a line graph. The
corresponding components of the line graph are listed beneath the graphic
presentation. The Marshall Intermediate Tax-Free Fund (Class Y Shares) is
represented by a solid line, whereas the Lipper Intermediate Municipal Funds
Index (LIMI) is represented by a broken dotted line and the Lehman Brothers
7-Year General Obligations Index (L7GO) is represented by a dotted line. The
line graph is a visual representation of a comparison of change in value of a
hypothetical investment of $10,000 in the Marshall Intermediate Tax-Free Fund,
the LIMI and the L7GO from its inception on February 2, 1994 to February 29,
2000. The "y" axis reflects the cost of the investment. The "x" axis reflects
computation periods from the ending value of the hypothetical investment in the
Marshall Intermediate Tax-Free Fund as compared to the LIMI and the L7GO; the
ending values are $12,535; $12,533; and $13,132, respectively.
10. The graphic representation displayed for the Marshall Short-Term Income Fund
in the Class Y Semi-Annual Report consists of a line graph. The corresponding
components of the line graph are listed beneath the graphic presentation. The
Marshall Short-Term Income Fund (Class Y Shares) is represented by a solid line,
whereas the Lipper Short-Term Investment Grade Bond Fund Index (LSTIBI) is
represented by a broken dotted line and the Merrill Lynch 1-3 Year U.S.
Government/Corporate Index (ML13) is represented by a dashed line. The line
graph is a visual representation of a comparison of change in value of a
hypothetical investment of $10,000 in the Marshall Short-Term Income Fund, the
LSTIBI and the ML13 from its inception on November 1, 1992 to February 29, 2000.
The "y" axis reflects the cost of the investment. The "x" axis reflects
computation periods from the ending value of the hypothetical investment in the
Marshall Short-Term Income Fund as compared to the LSTIBI and the ML13; the
ending values are $14,247; $14,396; and $13,816, respectively.
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