<PAGE>
STAGECOACH FUNDS(C)
Semi-Annual Report
LIFEPATH FUNDS(TM)
LifePath Opportunity Fund
LifePath 2010(TM) Fund
LifePath 2020(TM) Fund
LifePath 2030(TM) Fund
LifePath 2040(TM) Fund
August 31, 1998
<PAGE>
LifePath Funds Table of Contents
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Letter to Shareholders ........................... 1
Investment Advisor Commentary and
Performance at a Glance
LifePath Funds ............................... 4
Portfolio Review ............................. 6
Strategic Outlook ............................ 8
LifePath Funds
Statement of Assets and Liabilities .......... 10
Statement of Operations ...................... 12
Statement of Changes in Net Assets ........... 14
Financial Highlights ......................... 18
Notes to Financial Statements
Significant Accounting Policies .............. 28
Agreements and Other Transactions
with Affiliates .......................... 30
Capital Share Transactions ................... 33
Portfolio Securities Loaned .................. 35
LifePath Master Portfolios
Schedule of Investments ...................... 36
Statement of Assets and Liabilities .......... 106
Statement of Operations ...................... 108
Statements of Changes in Net Assets .......... 110
Notes to Financial Statements
Significant Accounting Policies .............. 114
Agreements and Other Transactions
with Affiliates .......................... 116
Investment Portfolio Transactions ............ 117
Portfolio Securities Loaned .................. 117
Financial Highlights ......................... 118
I
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II
<PAGE>
Letter to Shareholders LifePath Funds
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To Our Shareholders
Thank you for your investment in the Stagecoach Funds.
We are pleased to present this Semi-Annual Report to you for the period
ended August 31, 1998. The purpose of the Semi-Annual Report is to provide
important information and an in-depth review of your investment. In the
following pages, we will highlight three major topics for the LifePath Funds,
including a performance summary, portfolio review, and strategic outlook.
For the six-month reporting period ended August 31, 1998, most domestic
long-term investors experienced increased market volatility. Stocks, as measured
by the S&P 500/1/ Index dropped 8.07% as a result of slower corporate earnings
and economic uncertainty in foreign markets. Conversely, government bonds
benefited from low inflation, stock market apprehension and favorable supply and
demand factors, with returns of 6.90% as measured by the Lehman Brothers Long
Government Bond Index/2/.
During the period, the biggest event impacting the financial markets and
U.S. economy was the economic crisis in Asia. The crisis began to unfold in late
1997 as Asian companies and governments could not afford to pay for excessive
borrowing that had accumulated over several years. In addition, Asian currencies
began to lose value, negatively affecting businesses within the region. These
factors combined to create a destabilizing effect on markets throughout Asia.
Lack of confidence in Asian markets prompted Asian investors to make a "flight
to quality" by investing in U.S. Treasury securities, which increased U.S.
Treasury security prices.
The challenges of investing in today's markets make mutual funds one of the
most popular investment vehicles. Investors poured more than $462 billion into
mutual funds for the twelve-month period ended July 31, 1998 according to
Strategic Insight, an industry research firm. We understand that you have a
variety of investment options and we appreciate your confidence in selecting us
to manage your money.
1
<PAGE>
LifePath Funds Letter to Shareholders
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Over the years, the Stagecoach Funds have built a reputation for
innovation, leadership and commitment to investors. The LifePath Funds are five
of eight asset allocation funds in the Stagecoach Fund family. Each Fund offers
a unique asset allocation strategy that can provide a solid foundation for any
investment portfolio.
As part of our commitment to investor education, we completely redesigned
and restructured our prospectuses to make investing as simple and as informative
as possible. You will find that our marketing materials and shareholder
correspondence are designed to help you better understand your investment.
We encourage you to review this Semi-Annual Report. We hope that you will
find it useful and informative, and recommend that you continually review your
investment portfolio with a financial consultant to determine an appropriate mix
of investments to meet your ongoing needs. Thank you for your continued
investment with the Stagecoach Funds.
Sincerely,
/s/ Michael J. Hogan /s/ R. Greg Feltus
Michael J. Hogan R. Greg Feltus
Senior Vice President Chairman and President
Wells Fargo Bank, of Stagecoach Funds
Mutual Fund Group
/1/ The "S&P 500 Index" is a trademark of Standard and Poor's Corporation. The
S&P 500 Index is an unmanaged index of 500 widely held common stocks
representing, among others, industrial, financial, utility and
transportation companies listed or traded on national exchanges or over-the-
counter markets.
/2/ The Lehman Brothers Long Government Bond Index is an unmanaged index
composed of U.S. Treasury bonds with 20-year or longer maturities.
2
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3
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LifePath Funds Investment Advisor Commentary
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LifePath Funds
The LifePath Funds are globally diversified asset allocation funds designed
to gradually reduce investment risk over specific investment time horizons.
Your LifePath Fund investment may be allocated across as many as 17 asset
classes, covering a variety of equity, fixed-income and cash indexes. Included
in each Fund's investment options are three indexes that offer international
exposure. Allocations among these asset classes are determined by an investment
model that examines a large amount of information, including economic trends,
pricing and other financial data.
The Funds are managed by Barclays Global Fund Advisors, one of the largest
providers of index products in the world.
Fund Data (as of August 31, 1998)
- --------------------------------------------------------------------------------
Total Assets Net Asset Net Asset Quarterly
($MM) Value Value Dividend
8/31/98 2/28/98 8/31/98 6/30/98
LifePath Opportunity Class A $ 61.6 $10.83 $10.66 $0.101
LifePath Opportunity Class B $ 0.1 N/A $10.65 N/A
LifePath 2010 Class A $ 84.0 $13.16 $12.64 $0.084
LifePath 2010 Class B $ 10.8 $13.10 $12.61 $0.057
LifePath 2020 Class A $150.5 $14.70 $13.77 $0.076
LifePath 2020 Class B $ 17.8 $14.55 $13.64 $0.050
LifePath 2030 Class A $116.7 $16.51 $15.19 $0.065
LifePath 2030 Class B $ 17.7 $16.28 $14.98 $0.039
LifePath 2040 Class A $223.0 $17.07 $15.36 $0.036
LifePath 2040 Class B $ 42.4 $16.76 $15.08 $0.012
LifePath 2040 Class C $ 0.3 N/A $15.08 N/A
Performance Summary
The table above lists the net asset values of the LifePath Funds. Because
the longer-term LifePath Funds generally invest more heavily in equity
securities, they
4
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Investment Advisor Commentary LifePath Funds
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will tend to be more volatile than the earlier-dated Funds. For example, the
LifePath 2040 Fund's Class A share net asset value decreased $1.71 during the
six-month period, while the LifePath Opportunity Fund's Class A share net asset
value decreased $0.17 over the same period. In a period of high market
volatility, the Funds performed as expected, with the longer-term LifePath Funds
experiencing more price fluctuations than the earlier-dated Funds. The LifePath
2040 Fund's Class A shares declined 9.74% and the LifePath Opportunity Fund's
Class A shares returned 0.23% during the six-month period, excluding sales
charges.
The Funds have three benchmarks representing each of the major asset
classes in which the Funds can invest. The S&P 500 Index lost 8.07%, the Lehman
Brothers U.S. Treasury Bond Index returned 9.16%, and the IBC All Taxable Money
Fund Average returned 2.85% over the six-month period. A portion of the Funds'
performance, especially the higher risk tolerance Funds, can be attributed to
the fact that on the last day of the reporting period, August 31, the market
experienced a substantial decline, with the Dow Jones Industrial Average
dropping more than 500 points.
Economic and market factors, including strong bond prices, a decline in
corporate earnings estimates and continued record low yields, affected the
different LifePath Funds in various ways. The LifePath Opportunity Fund, for
example, with a large component of fixed income securities, benefited from
higher bond prices. On the other hand, the LifePath 2040 Fund, which has a
higher risk tolerance and is comprised of 100% stocks, was affected by increased
volatility in the stock market.
5
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LifePath Funds Investment Advisor Commentary
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Average Annual Returns#1 (as of August 31, 1998)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Excluding Sales Charge Including Sales Charge/2/
------------------------------ -------------------------------
Year-to- 1- 3- Since Year-to- 1- 3- Since
Date Year Year Inception Date Year Year Inception
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LifePath
Opportunity Cl A 2.70 6.39 7.83 7.45 (1.94) 1.62 6.20 6.36
- -----------------------------------------------------------------------------------------------
LifePath
Opportunity Cl B 2.41 5.94 7.36 6.97 (2.59) 1.05 6.49 6.62
- -----------------------------------------------------------------------------------------------
LifePath 2010 Cl A 1.66 6.42 11.44 10.81 (2.89) 1.65 9.76 9.68
- -----------------------------------------------------------------------------------------------
LifePath 2010 Cl B 1.34 5.95 10.83 10.23 (3.66) 1.06 10.01 9.91
- -----------------------------------------------------------------------------------------------
LifePath 2020 Cl A 0.23 6.02 13.59 12.80 (4.28) 1.25 11.86 11.66
- -----------------------------------------------------------------------------------------------
LifePath 2020 Cl B (0.07) 5.52 12.95 12.20 (5.04) 0.65 12.16 11.90
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LifePath 2030 Cl A (0.81) 5.90 15.29 14.31 (5.29) 1.15 13.54 13.15
- -----------------------------------------------------------------------------------------------
LifePath 2030 Cl B (1.16) 5.31 14.62 13.67 (6.09) 0.36 13.85 13.38
- -----------------------------------------------------------------------------------------------
LifePath 2040 Cl A (2.18) 4.16 16.57 15.64 (6.57) (0.53) 14.79 14.46
- -----------------------------------------------------------------------------------------------
LifePath 2040 Cl B (2.45) 3.70 15.86 14.97 (7.33) (1.00) 15.11 14.70
- -----------------------------------------------------------------------------------------------
LifePath 2040 Cl C (2.45) 3.70 15.86 14.97 (3.43) 2.76 15.86 14.97
- -----------------------------------------------------------------------------------------------
</TABLE>
Portfolio Review
The Funds invest for higher returns early on, and will reallocate toward a
more conservative asset mix as their target date approaches. The LifePath
Opportunity Fund, for example, suitable for investors with shorter time
horizons, decreased its allocation in stocks over the sixth-month reporting
period. The Fund began the period with an allocation of 24% stocks, 51% bonds
and 25% cash as of February 27, 1998, and ended the period at 20% stocks, 52%
bonds and 28% cash as of August 31,1998. Conversely, since the LifePath 2040
Fund has 42 years before reaching its target date, and is appropriate for
investors with longer time horizons, the Fund remained weighted in 100% stocks
over the same period.
As the years go by, the Funds will continually progress to a more
conservative allocation. Forty years from now, the allocation of the LifePath
2040 Fund will look very similar to the allocation of the LifePath Opportunity
Fund.
6
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Investment Advisor Commentary LifePath Funds
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Portfolio Allocation (as of August 31, 1998)
[BAR CHART APPEARS HERE]
Stocks Bonds Cash
LifePath Opportunity 20% 52% 28%
LifePath 2010 45% 44% 11%
LifePath 2020 67% 26% 7%
LifePath 2030 82% 14% 4%
LifePath 2040 100%
7
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LifePath Funds Investment Advisor Commentary
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Breakdown by Type of Security/2/ (as of August 31, 1998)
Security LifePath
Oppor- LifePath LifePath LifePath LifePath
tunity 2010 2020 2030 2040
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
U.S. Treasury Bills 27.88% 11.32% 6.67% 4.21% 0.00%
- --------------------------------------------------------------------------------
Intermediate Government 50.26% 42.09% 21.53% 1.17% 0.00%
- --------------------------------------------------------------------------------
Long Government 2.09% 1.45% 4.59% 13.21% 0.00%
- --------------------------------------------------------------------------------
Intermediate Corporate 0.00% 0.00% 0.00% 0.00% 0.00%
- --------------------------------------------------------------------------------
Long Corporate 0.00% 0.00% 0.00% 0.00% 0.00%
- --------------------------------------------------------------------------------
Mortgage Backed Securities 0.00% 0.00% 0.00% 0.00% 0.00%
- --------------------------------------------------------------------------------
Large Value 4.85% 13.95% 21.25% 25.58% 29.24%
- --------------------------------------------------------------------------------
Large Growth 5.44% 14.68% 22.59% 26.55% 37.40%
- --------------------------------------------------------------------------------
Intermediate Value 2.02% 2.92% 3.71% 4.74% 5.93%
- --------------------------------------------------------------------------------
Intermediate Growth 1.78% 2.64% 3.35% 4.35% 5.38%
- --------------------------------------------------------------------------------
Intermediate Utilities 0.00% 0.00% 0.41% 0.00% 0.00%
- --------------------------------------------------------------------------------
Small Value 0.18% 0.13% 0.18% 0.19% 0.21%
- --------------------------------------------------------------------------------
Small Growth 0.51% 0.30% 0.43% 0.42% 0.43%
- --------------------------------------------------------------------------------
Micro 0.15% 0.29% 0.47% 0.53% 0.61%
- --------------------------------------------------------------------------------
Non-U.S. WGBI 0.00% 0.00% 0.00% 0.00% 0.00%
- --------------------------------------------------------------------------------
EAFE ex-Japan 3.77% 7.56% 11.01% 14.08% 15.37%
- --------------------------------------------------------------------------------
Japan 1.07% 2.66% 3.81% 4.98% 5.45%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TOTAL 100% 100% 100% 100% 100%
Strategic Outlook
Three factors contributing to the strength of the overall U.S. market
continue to be low inflation, moderate economic growth and low interest rates.
We believe that the U.S. dollar will continue to be strong and inflation will
remain at stable to low levels. Given these views, we feel that long-term
interest rates may drift lower and short-term rates will remain relatively
stable without much action from the Federal Reserve Board.
8
<PAGE>
Investment Advisor Commentary LifePath Funds
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We still believe the crisis in Asia will continue to be a key factor in
future market movements. U.S. corporations deriving a large portion of their
profits from Asia could see continued share price volatility. Although the
problems in Asia could last several years, we believe that the U.S. economy will
continue to remain strong.
As always, the Funds will continue to apply quantitative strategies to
allocate assets among stocks, bonds and cash. Overall, we feel that the Funds
are well positioned for the upcoming months and we expect them to produce solid
long-term performance.
- --------------------------------------------------------------------------------
/1/ Investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
their original cost. Figures quoted represent past performance, which is no
guarantee of future results.
The Fund's manager has voluntarily waived all or a portion of its management
fees or assumed responsibility for other expenses, which reduces operating
expenses and increases total return to shareholders. Without these
reductions the Fund's returns would have been lower.
For the periods prior to March 1997, performance shown for the
LifePath Funds Class B shares, with the exception of the LifePath
Opportunity Fund, reflects the performance of the respective LifePath Funds
Class A shares, adjusted to reflect the expenses of Class B shares.
For the periods prior to August 1998, performance shown for the LifePath
Opportunity Fund Class B shares reflects the performance of the LifePath
Opportunity Fund Class A shares, adjusted to reflect the expenses of Class B
shares.
For the periods prior to July 1998, performance shown for the LifePath 2040
Fund Class C shares reflects the performance of the LifePath 2040 Fund Class
A shares, adjusted to reflect the expenses of Class C shares.
/2/ For Class A shares, the maximum front-end sales charge is 4.50%. The maximum
contingent deferred sales charge for Class B shares is 5.00%. The maximum
contingent deferred sales charge for Class C shares is 1.00%.
/3/ Allocation percentages do not include repurchase agreements and money market
securities held by the Funds.
The LifePath Funds invest in a master portfolio which in turn invests in
individual securities. "LifePath Funds" are trademarks of Barclay's Global
Investors, N.A.
9
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<TABLE>
<CAPTION>
LifePath Funds Statement of Assets and Liabilities (Unaudited) - August 31, 1998
- ------------------------------------------------------------------------------------------------
LifePath LifePath
Opportunity 2010
Fund Fund
- ------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
Investments:
In corresponding Master Portfolio, at market value (Note 1) $61,746,368 $94,915,056
Receivables:
Receivable from WFB (Note 2) 11,588 16,992
Fund shares sold 0 30,144
Total Assets 61,757,956 94,962,192
- ------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------
Payables:
Due to sponsor and distributor 14,381 35,725
Due to WFB 0 0
Due to Trustees 300 360
Capital shares redeemed 500 105,456
Accrued expenses 17,940 14,663
Total Liabilities 33,121 156,204
TOTAL NET ASSETS $61,724,835 $94,805,988
Net assets consist of:
Paid-in capital $55,843,385 $79,649,540
Undistributed net investment income 365,100 431,494
Undistributed net realized gain on investment 3,239,180 4,388,897
Net unrealized appreciation (depreciation) of investments 2,277,170 10,336,057
TOTAL NET ASSETS $61,724,835 $94,805,988
- ------------------------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
- ------------------------------------------------------------------------------------------------
Net Assets - Class A $61,645,729 $84,005,707
Shares outstanding - Class A 5,782,745 6,644,997
Net asset value and offering price per share - Class A $ 10.66 $ 12.64
Net Assets - Class B $ 65,108 $10,771,603
Shares outstanding - Class B 6,111 854,340
Net asset value and offering price per share - Class B $ 10.65 $ 12.61
Net Assets - Class C 0 0
Shares outstanding - Class C 0 0
Net asset value and offering price per share - Class C 0 0
Net Assets - Institutional class $ 13,998 $ 28,678
Shares outstanding - Institutional class 1,355 2,558
Net asset value and offering price per share - Institutional class $ 10.33 $ 11.21
- ------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities (Unaudited) - August 31, 1998 LifePath Funds
- ------------------------------------------------------------------------------------------------------------------
LifePath LifePath LifePath
2020 2030 2040
Fund Fund Fund
- ------------------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investments:
In corresponding Master Portfolio, at market value (Note 1) $168,553,917 $134,495,541 $265,924,944
Receivables:
Receivable from WFB (Note 2) 7,576 12,565 0
Fund shares sold 51,446 34,270 344,094
Total Assets 168,612,939 134,542,376 266,269,038
- ------------------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------------------
Payables:
Due to sponsor and distributor 53,605 45,932 84,580
Due to WFB 0 0 41,786
Due to Trustees 372 372 372
Capital shares redeemed 140,281 91,348 324,742
Accrued expenses 20,574 10,407 31,420
Total Liabilities 214,832 148,059 482,900
TOTAL NET ASSETS $168,398,107 $134,394,317 $265,786,138
Net assets consist of:
Paid-in capital $131,220,661 $102,493,038 $215,985,088
Undistributed net investment income 500,403 259,239 75,360
Undistributed net realized gain on investment 9,388,749 6,761,088 12,138,976
Net unrealized appreciation (depreciation) of investments 27,288,294 24,880,952 37,586,714
TOTAL NET ASSETS $168,398,107 $134,394,317 $265,786,138
- ------------------------------------------------------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
- ------------------------------------------------------------------------------------------------------------------
Net Assets - Class A $150,508,627 $116,667,327 $223,039,852
Shares outstanding - Class A 10,932,510 7,682,197 14,518,035
Net asset value and offering price per share - Class A $ 13.77 $ 15.19 $ 15.36
Net Assets - Class B $ 17,848,153 $ 17,693,644 $ 42,447,738
Shares outstanding - Class B 1,308,103 1,181,326 2,815,254
Net asset value and offering price per share - Class B $ 13.64 $ 14.98 $ 15.08
Net Assets - Class C 0 0 $ 277,375
Shares outstanding - Class C 0 0 18,392
Net asset value and offering price per share - Class C 0 0 $ 15.08
Net Assets - Institutional class $ 41,327 $ 33,346 $ 21,173
Shares outstanding - Institutional class 3,191 2,254 1,441
Net asset value and offering price per share - Institutional class $ 12.95 $ 14.80 $ 14.70
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
LifePath Funds Statement of Operations (Unaudited) - For the Six Months Ended August 31, 1998
- ---------------------------------------------------------------------------------------------
LifePath LifePath
Opportunity 2010
Fund Fund
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
NET INVESTMENT INCOME ALLOCATED FROM
MASTER PORTFOLIO
Dividends $ 143,132 $ 435,010
Interest 1,440,657 1,476,680
Expenses (183,504) (280,114)
Net Investment Income Allocated from
Master Portfolio 1,400,285 1,631,576
EXPENSES (NOTE 2)
Administration fees 31,741 48,391
Shareholder servicing fees 69,411 106,114
Transfer agency fees 34,944 54,330
Distribution Costs-Class A 82,936 115,903
Distribution Costs-Class B 15 34,220
Distribution Costs-Class C 0 0
Compensation of Trustees 300 360
Legal and accounting services 2,250 2,745
Registration costs 2,386 2,790
Miscellaneous 2,715 2,765
Less expenses waived by Advisor (2,895) (6,932)
Total Expenses 223,803 360,686
NET INVESTMENT INCOME 1,176,482 1,270,890
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
ALLOCATED FROM MASTER PORTFOLIO
Net realized gain (loss) on sale of investments 1,717,898 2,591,881
Net change in unrealized appreciation
(depreciation) of investments (2,629,298) (6,531,447)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 265,082 $(2,668,676)
- ---------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
<TABLE>
<CAPTION>
Statement of Operations (Unaudited) - For the Six Months Ended August 31, 1998 LifePath Funds
- -----------------------------------------------------------------------------------------------------
LifePath LifePath LifePath
2020 2030 2040
Fund Fund Fund
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET INVESTMENT INCOME ALLOCATED FROM MASTER PORTFOLIO
Dividends $ 1,174,584 $ 1,157,198 $ 2,615,456
Interest 1,694,160 732,248 124,680
Expenses (519,391) (417,219) (843,288)
Net Investment Income Allocated from
Master Portfolio 2,349,353 1,472,227 1,896,848
EXPENSES (NOTE 2)
Administration fees 89,801 72,065 145,760
Shareholder servicing fees 196,553 143,653 319,509
Transfer agency fees 100,630 80,905 163,582
Distribution Costs-Class A 215,883 168,231 330,344
Distribution Costs-Class B 60,412 64,090 159,249
Distribution Costs-Class C 0 0 230
Compensation of Trustees 372 372 372
Legal and accounting services 3,100 3,410 4,030
Registration costs 5,208 4,194 8,804
Miscellaneous 2,789 2,794 2,854
Less expenses waived by Advisor (14,365) (19,736) (23,944)
Total Expenses 660,383 519,978 1,110,790
NET INVESTMENT INCOME 1,688,970 952,249 786,058
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
ALLOCATED FROM MASTER PORTFOLIO
Net realized gain (loss) on sale of investments 5,757,401 4,435,222 7,875,030
Net change in unrealized appreciation
(depreciation) of investments (17,306,056) (16,642,019) (38,484,478)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ (9,859,685) $(11,254,548) $(29,823,390)
- -----------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
LifePath Funds Statements of Changes in Net Assets
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LifePath Opportunity Fund
-------------------------------------
(Unaudited)
For the For the
Six Months Ended Year Ended
August 31, 1998 February 28, 1998
- ---------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Net investment income $ 1,176,482 $ 2,801,621
Net realized gain (loss) on sale of investments 1,717,898 4,301,793
Net change in unrealized appreciation (depreciation) of
investments (2,629,298) 1,145,265
Net increase (decrease) in net assets resulting from operations 265,082 8,248,679
Distributions to shareholders:
From net investment income
Class A (1,196,844) (2,974,734)
Class B 0(1) N/A
Class C 0 N/A
Institutional class 0 0
From net realized gain from sale of investments
Class A 0 (4,075,304)
Class B 0(1) N/A
Class C 0 N/A
Institutional class 0 (862)
Capital shares transactions:
Proceeds from shares sold - Class A 6,339,620 11,675,990
Reinvestment of dividends - Class A 1,157,055 6,867,295
Cost of shares redeemed - Class A (12,829,801) (36,779,860)
Net increase (decrease) in net assets resulting from
capital share transactions - Class A (5,333,126) (18,236,575)
Proceeds from shares sold - Class B 66,550(1) N/A
Reinvestment of dividends - Class B 0(1) N/A
Cost of shares redeemed - Class B 0(1) N/A
Net increase (decrease) in net assets resulting from
capital share transactions - Class B 66,550(1) N/A
Proceeds from shares sold - Class C N/A N/A
Reinvestment of dividends - Class C N/A N/A
Cost of shares redeemed - Class C N/A N/A
Net increase (decrease) in net assets resulting from
capital share transactions - Class C N/A N/A
Proceeds from shares sold - Institutional class 0 0
Reinvestment of dividends - Institutional class 0 862
Cost of shares redeemed - Institutional class 0 0
Net increase (decrease) in net assets resulting from
capital share transactions - Institutional class 0 862
Increase (Decrease) in Net Assets (6,198,338) (17,037,934)
- ---------------------------------------------------------------------------------------------------
NET ASSETS:
- ---------------------------------------------------------------------------------------------------
Beginning net assets 67,923,173 84,961,107
Ending net assets $ 61,724,835 $ 67,923,173
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) This class of shares commenced operations on August 1, 1998.
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets LifePath Funds
- ------------------------------------------------------------------------------------------------------------------------------------
LifePath 2010 Fund LifePath 2020 Fund
- ------------------------------------------------------------------------------------------------------------------------------------
(Unaudited) (Unaudited)
For the For the For the For the
Six Months Ended Year Ended Six Months Ended Year Ended
August 31, 1998 February 28, 1998 August31,1998 February 28, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations:
Net investment income $ 1,270,890 $ 2,485,645 $ 1,688,970 $ 3,241,426
Net realized gain (loss) on sale of investments 2,591,881 5,714,054 5,757,401 10,898,128
Net change in unrealized appreciation (depreciation) of
investments (6,531,447) 6,828,482 (17,306,056) 20,358,807
Net increase (decrease) in net assets resulting from operations (2,668,676) 15,028,181 (9,859,685) 34,498,361
Distributions to shareholders:
From net investment income
Class A (1,150,097) (2,575,007) (1,541,256) (3,252,950)
Class B (74,551) (31,698) (90,849) (47,199)
Class C 0 N/A 0 N/A
Institutional class (419) (1,221) (905) (1,772)
From net realized gain from sale of investments
Class A 0 (5,401,825) 0 (10,821,255)
Class B 0 (261,495) 0 (555,904)
Class C 0 N/A 0 N/A
Institutional class 0 (1,957) 0 (5,732)
Capital shares transactions:
Proceeds from shares sold - Class A 7,866,371 15,777,443 11,100,586 28,343,707
Reinvestment of dividends - Class A 1,130,855 7,917,812 1,526,398 13,987,631
Cost of shares redeemed - Class A (11,299,037) (23,646,888) (18,261,959) (41,621,895)
Net increase (decrease) in net assets resulting from
capital share transactions - Class A (2,301,811) 48,367 (5,634,975) 709,443
Proceeds from shares sold - Class B 5,532,574 6,169,331 8,016,875 11,509,114
Reinvestment of dividends - Class B 72,287 288,508 86,218 588,214
Cost of shares redeemed - Class B (540,403) (321,968) (948,139) (509,483)
Net increase (decrease) in net assets resulting from
capital share transactions - Class B 5,064,458 6,135,871 7,154,954 11,587,845
Proceeds from shares sold - Class C N/A N/A N/A N/A
Reinvestment of dividends - Class C N/A N/A N/A N/A
Cost of shares redeemed - Class C N/A N/A N/A N/A
Net increase (decrease) in net assets resulting from
capital share transactions - Class C N/A N/A N/A N/A
Proceeds from shares sold - Institutional class 0 2 0 0
Reinvestment of dividends - Institutional class 419 3,178 905 7,501
Cost of shares redeemed - Institutional class (30) (24,970) (43,073) (90)
Net increase (decrease) in net assets resulting from
capital share transactions - Institutional class 389 (21,790) (42,168) 7,411
Increase (Decrease) in Net Assets (1,130,707) 12,917,426 (10,014,884) 32,118,248
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning net assets 95,936,695 83,019,269 178,412,991 146,294,743
Ending net assets $ 94,805,988 $ 95,936,695 $ 168,398,107 $ 178,412,991
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
15
<PAGE>
<TABLE>
<CAPTION>
LifePath Funds Statements of Changes in Net Assets
- ---------------------------------------------------------------------------------------------
LifePath 2030 Fund
-----------------------------------
(Unaudited)
For the For the
Six Months Ended Year Ended
August 31, 1998 February 28, 1998
- --------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Net investment income $ 952,249 $ 1,721,243
Net realized gain (loss) on sale of investments 4,435,222 6,664,486
Net change in unrealized appreciation (depreciation) of
investments (16,642,019) 20,833,854
Net increase (decrease) in net assets resulting from
operations (11,254,548) 29,219,583
Distributions to shareholders:
From net investment income
Class A (842,224) (1,721,740)
Class B (59,821) (28,281)
Class C 0 N/A
Institutional class (371) (1,108)
From net realized gain from sale of investments
Class A 0 (6,317,229)
Class B 0 (448,302)
Class C 0 N/A
Institutional class 0 (2,388)
Capital shares transactions:
Proceeds from shares sold - Class A 12,653,906 20,334,470
Reinvestment of dividends - Class A 817,989 7,987,742
Cost of shares redeemed - Class A (12,632,620) (23,153,085)
Net increase (decrease) in net assets resulting from
capital share transactions - Class A 839,275 5,169,127
Proceeds from shares sold - Class B 7,638,156 11,536,495
Reinvestment of dividends - Class B 57,830 473,399
Cost of shares redeemed - Class B (620,009) (351,165)
Net increase (decrease) in net assets resulting from
capital share transactions - Class B 7,075,977 11,658,729
Proceeds from shares sold - Class C N/A N/A
Reinvestment of dividends - Class C N/A N/A
Cost of shares redeemed - Class C N/A N/A
Net increase (decrease) in net assets resulting from
capital share transactions - Class C N/A N/A
Proceeds from shares sold - Institutional class 0 0
Reinvestment of dividends - Institutional class 372 3,494
Cost of shares redeemed - Institutional class (11,364) (4,321)
Net increase (decrease) in net assets resulting from
capital share transactions - Institutional class (10,992) (827)
Increase (Decrease) in Net Assets (4,252,704) 37,527,564
NET ASSETS:
Beginning net assets 138,647,021 101,119,457
Ending net assets $ 134,394,317 $ 138,647,021
- --------------------------------------------------------------------------------------------
</TABLE>
/(2)/ This class of shares commenced operations on July 1, 1998. The
accompanying notes are an integral part of these financial statements.
16
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets LifePath Funds
- -----------------------------------------------------------------------------------------------
LifePath 2040 Fund
--------------------------------------
(Unaudited)
For the For the
Six Months Ended Year Ended
August 31, 1998 February 28, 1998
- -----------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Net investment income $ 786,058 $ 1,791,179
Net realized gain (loss) on sale of investments 7,875,030 20,942,146
Net change in unrealized appreciation (depreciation) of
investments (38,484,478) 39,110,252
Net increase (decrease) in net assets resulting from
operations (29,823,390) 61,843,577
Distributions to shareholders:
From net investment income
Class A (803,246) (1,930,509)
Class B (31,745) (14,585)
Class C 0/(2)/ N/A
Institutional class (112) (263)
From net realized gain from sale of investments
Class A 0 (21,055,603)
Class B 0 (1,893,805)
Class C 0/(2)/ N/A
Institutional class 0 (2,348)
Capital shares transactions:
Proceeds from shares sold - Class A 28,439,729 53,851,530
Reinvestment of dividends - Class A 797,243 22,961,611
Cost of shares redeemed - Class A (29,429,140) (53,765,333)
Net increase (decrease) in net assets resulting from
capital share transactions - Class A (192,168) 23,047,808
Proceeds from shares sold - Class B 20,131,725 28,753,908
Reinvestment of dividends - Class B 36,691 1,908,390
Cost of shares redeemed - Class B (2,830,470) (1,263,288)
Net increase (decrease) in net assets resulting from
capital share transactions - Class B 17,337,946 29,399,010
Proceeds from shares sold - Class C 326,463/(2)/ N/A
Reinvestment of dividends - Class C 0/(2)/ N/A
Cost of shares redeemed - Class C 0/(2)/ N/A
Net increase (decrease) in net assets resulting from
capital share transactions - Class C 326,463/(2)/ 0
Proceeds from shares sold - Institutional class 23 0
Reinvestment of dividends - Institutional class 111 2,609
Cost of shares redeemed - Institutional class (3,560) 0
Net increase (decrease) in net assets resulting from
capital share transactions - Institutional class (3,426) 2,609
Increase (Decrease) in Net Assets (13,189,678) 89,395,891
NET ASSETS:
Beginning net assets 278,975,816 189,579,925
Ending net assets $ 265,786,138 $ 278,975,816
- -----------------------------------------------------------------------------------------------
</TABLE>
17
<PAGE>
LifePath Funds Financial Highlights
- --------------------------------------------------------------------------------
For a share outstanding throughout each period is as follows:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
For the Six Months Ended
August 31, 1998 (Unaudited)
--------------------------------------------
Class Class Institutional
A B* Class
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, beginning of period $10.83 $10.91 $10.29
---------- ---------- ----------
Income from investment operations:
Net investment income 0.20 0.01 0.20
Net realized and unrealized gain (loss)
on investments (0.17) (0.27) (0.16)
---------- ---------- ----------
Total from investment operations 0.03 (0.26) 0.04
Less distributions:
Distributions from net investment income (0.20) 0.00 0.00
Distributions from net realized capital gains 0.00 0.00 0.00
---------- ---------- ----------
Total from Distributions (0.20) 0.00 0.00
---------- ---------- ----------
Net Asset Value, end of period $10.66 $10.65 $10.33
========== ========== ==========
Total Return 0.23% (2.38)% 0.39%
Ratios/Supplemental Data:
Net assets, end of period (000) $61,646 $65 $14
Number of shares outstanding,
end of period (000) 5,783 6 1
Ratios to average net assets:/(1)/
Ratio of expenses to average net assets 1.23% 1.80% 0.95%
Ratio of net investment income to
average net assets 3.55% 2.25% 3.78%
- -------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses 1.23% 52.90% 1.34%
Ratio of net investment income to average net
assets prior to waived fees and reimbursed expenses 3.55% (48.85%) 3.39%
- -------------------------------------------------------------------------------------------------------
</TABLE>
*Period from August 1, 1998 (commencement of operations) to August 31, 1998.
(1)These ratios include expenses charged to the Master Portfolio.
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights LifePath Funds
- --------------------------------------------------------------------------------------------------------------------
LifePath Opportunity Fund
- --------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
Feb. 28, 1998 Feb. 28, 1997
--------------------------- ---------------------------
Class Institutional Class Institutional
A Class A Class
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net Asset Value, beginning of period $10.71 $9.79 $10.64 $10.67
---------- ---------- ---------- ----------
Income from investment operations:
Net investment income 0.43 0.39 0.42 1.29
Net realized and unrealized gain (loss)
on investments 0.81 0.79 0.28 (0.60)
---------- ---------- ---------- ----------
Total from investment operations 1.24 1.18 0.70 0.69
Less distributions:
Distributions from net investment income (0.44) 0.00 (0.42) (1.36)
Distributions from net realized capital gains (0.68) (0.68) (0.21) (0.21)
---------- ---------- ---------- ----------
Total from Distributions (1.12) (0.68) (0.63) (1.57)
---------- ---------- ---------- ----------
Net Asset Value, end of period $10.83 $10.29 $10.71 $9.79
========== ========== ========== ==========
Total Return 11.99% 12.25% 6.74% 7.23%
Ratios/Supplemental Data:
Net assets, end of period (000) $67,909 $14 $84,949 $12
Number of shares outstanding,
end of period (000) 6,272 1 7,934 1
Ratios to average net assets:(1)
Ratio of expenses to average net assets 1.20% 0.95% 1.20% 0.95%
Ratio of net investment income to
average net assets 3.83% 4.06% 3.93% 4.17%
- --------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses N/A N/A N/A N/A
Ratio of net investment income to average net
assets prior to waived fees and reimbursed expenses N/A N/A N/A N/A
- --------------------------------------------------------------------------------------------------------------------
<CAPTION>
LifePath Opportunity Fund
- --------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
Feb. 28, 1996 Feb. 28, 1995
--------------------------- ---------------------------
Class Institutional Class Institutional
A Class A Class
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net Asset Value, beginning of period $9.92 $9.94 $10.00 $10.00
---------- ---------- ---------- ----------
Income from investment operations:
Net investment income 0.40 0.42 0.34 0.35
Net realized and unrealized gain (loss)
on investments 0.86 0.86 (0.14) (0.12)
---------- ---------- ---------- ----------
Total from investment operations 1.26 1.28 0.20 0.23
Less distributions:
Distributions from net investment income (0.41) (0.42) (0.27) (0.28)
Distributions from net realized capital gains (0.13) (0.13) (0.01) (0.01)
---------- ---------- ---------- ----------
Total from Distributions (0.54) (0.55) (0.28) (0.29)
---------- ---------- ---------- ----------
Net Asset Value, end of period $10.64 $10.67 $9.92 $9.94
========== ========== ========== ==========
Total Return 12.98% 13.19% 2.10% 2.38%
Ratios/Supplemental Data:
Net assets, end of period (000) $100,070 $17,262 $54,617 $7,499
Number of shares outstanding,
end of period (000) 9,406 1,618 5,503 754
Ratios to average net assets:(1)
Ratio of expenses to average net assets 1.20% 0.95% 1.20% 0.95%
Ratio of net investment income to
average net assets 4.00% 4.23% 4.62% 4.89%
- --------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses N/A N/A N/A N/A
Ratio of net investment income to average net
assets prior to waived fees and reimbursed expenses N/A N/A N/A N/A
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
19
<PAGE>
<TABLE>
<CAPTION>
LifePath Funds Financial Highlights
- ---------------------------------------------------------------------------------------------------------
For a share outstanding throughout each period is as follows:
- ---------------------------------------------------------------------------------------------------------
For the Six Months Ended
August 31, 1998 (Unaudited)
---------------------------------------------
Class Class Institutional
A B Class
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, beginning of period $ 13.16 $ 13.10 $ 11.67
---------- ---------- ----------
Income from investment operations:
Net investment income 0.17 0.12 0.16
Net realized and unrealized gain (loss)
on investments (0.52) (0.50) (0.45)
---------- ---------- ----------
Total from investment operations (0.35) (0.38) (0.29)
Less distributions:
Distributions from net investment income (0.17) (0.11) (0.17)
Distributions from net realized capital gains 0.00 0.00 0.00
---------- ---------- ----------
Total from Distributions (0.17) (0.11) (0.17)
---------- ---------- ----------
Net Asset Value, end of period $ 12.64 $ 12.61 $ 11.21
========== ========== ==========
Total Return (2.67%) (2.92%) (2.61%)
Ratios/Supplemental Data:
Net assets, end of period (000) $ 84,006 $ 10,772 $ 29
Number of shares outstanding,
end of period (000) 6,645 854 3
Ratios to average net assets/(1)/
Ratio of expenses to average net assets 1.22% 1.72% 0.95%
Ratio of net investment income to
average net assets 2.55% 2.03% 2.66%
- ---------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses 1.23% 1.74% 0.97%
Ratio of net investment income to average net
assets prior to waived fees and reimbursed expenses 2.54% 2.01% 2.64%
- ---------------------------------------------------------------------------------------------------------
</TABLE>
(1)These ratios include expenses charged to the Master Portfolio.
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights LifePath Funds
- ---------------------------------------------------------------------------------------------------------------------------
LifePath 2010 Fund
- ----------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
Feb. 28, 1998 Feb. 28, 1997
---------------------------------- -------------------------
Class Class Institutional Class Institutional
A B Class A Class
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 12.20 $ 12.02 $ 10.94 $ 11.42 $ 11.47
--------- -------- ---------- --------- ---------
Income from investment operations:
Net investment income 0.36 0.19 0.38 0.34 1.57
Net realized and unrealized gain (loss)
on investments 1.82 1.88 1.59 0.95 (0.36)
--------- -------- ---------- --------- ---------
Total from investment operations 2.18 2.07 1.97 1.29 1.21
Less distributions:
Distributions from net investment income (0.38) (0.15) (0.40) (0.34) (1.57)
Distributions from net realized capital gains (0.84) (0.84) (0.84) (0.17) (0.17)
--------- -------- ---------- --------- ---------
Total from Distributions (1.22) (0.99) (1.24) (0.51) (1.74)
--------- -------- ---------- --------- ---------
Net Asset Value, end of period $ 13.16 $13.10 $ 11.67 $ 12.20 $ 10.94
========= ======== ========== ========= =========
Total Return 18.45% 17.64% 18.75% 11.60% 11.89%
Ratios/Supplemental Data:
Net assets, end of period (000) $89,659 $6,248 $ 29 $82,971 $ 49
Number of shares outstanding,
end of period (000) 6,815 477 3 6,801 4
Ratios to average net assets(1)
Ratio of expenses to average net assets 1.20% 1.70% 0.95% 1.20% 0.95%
Ratio of net investment income to
average net assets 2.85% 2.15% 3.14% 3.16% 3.41%
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses N/A N/A N/A N/A N/A
Ratio of net investment income to average net
assets prior to waived fees and reimbursed expenses N/A N/A N/A N/A N/A
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Financial Highlights LifePath Funds
- ------------------------------------------------------------------------------------------------------------------
LifePath 2010 Fund
- ------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
Feb. 29, 1996 Feb. 28, 1995
------------------------ ------------------------
Class Institutional Class Institutional
A Class A Class
------------------------ ------------------------
<S> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 9.99 $ 10.02 $ 10.00 $ 10.00
--------- --------- --------- ---------
Income from investment operations:
Net investment income 0.32 0.34 0.34 0.33
Net realized and unrealized gain (loss)
on investments 1.58 1.60 (0.02) 0.01
--------- --------- --------- ---------
Total from investment operations 1.90 1.94 0.32 0.34
Less distributions:
Distributions from net investment income (0.33) (0.35) (0.28) (0.27)
Distributions from net realized capital gains (0.14) (0.14) (0.05) (0.05)
--------- --------- --------- ---------
Total from Distributions (0.47) (0.49) (0.33) (0.32)
--------- --------- --------- ---------
Net Asset Value, end of period $ 11.42 $ 11.47 $ 9.99 $ 10.02
========= ========= ========= =========
Total Return 19.40% 19.69% 3.31% 3.53%
Ratios/Supplemental Data:
Net assets, end of period (000) $ 67,178 $ 34,458 $ 36,764 $ 13,028
Number of shares outstanding,
end of period (000) 5,883 3,004 3,679 1,300
Ratios to average net assets(1)
Ratio of expenses to average net assets 1.20% 0.95% 1.20% 0.95%
Ratio of net investment income to
average net assets 3.06% 3.27% 4.40% 4.61%
- ------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses N/A N/A N/A N/A
Ratio of net investment income to average net
assets prior to waived fees and reimbursed
expenses N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
21
<PAGE>
<TABLE>
<CAPTION>
LifePath Funds Financial Highlights
- --------------------------------------------------------------------------------------------------------
For a share outstanding throughout each period is as follows:
- --------------------------------------------------------------------------------------------------------
For the Six Months Ended
August 31, 1998 (Unaudited)
---------------------------------------------
Class Class Institutional
A B Class
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Asset Value, beginning of period $ 14.70 $ 14.55 $ 13.85
----------- ----------- -----------
Income from investment operations:
Net investment income 0.14 0.09 0.16
Net realized and unrealized gain on investments (0.93) (0.91) (0.91)
----------- ----------- -----------
Total from investment operations (0.79) (0.82) (0.75)
Less distributions:
Distributions from net investment income (0.14) (0.09) (0.15)
Distributions from net realized capital gains (0.00) (0.00) (0.00)
----------- ----------- -----------
Total from Distributions (0.14) (0.09) (0.15)
----------- ----------- -----------
Net Asset Value, end of period $ 13.77 $ 13.64 $ 12.95
=========== =========== ===========
Total Return (5.48)% (5.70)% (5.55)%
Ratios/Supplemental Data:
Net assets, end of period (000) $ 150,509 $ 17,848 $ 41
Number of shares outstanding, end of period (000) 10,933 1,308 3
Ratios to average net assets:/(1)/
Ratio of expenses to average net assets 1.20% 1.72% 0.95%
Ratio of net investment income to average net assets 1.84% 1.31% 1.99%
- --------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses 1.22% 1.75% 1.07%
Ratio of net investment income to average net
assets prior to waived fees and reimbursed expenses 1.82% 1.28% 1.87%
- --------------------------------------------------------------------------------------------------------
</TABLE>
/(1)/ These ratios include expenses charged to the Master Portfolio.
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights LifePath Funds
- ------------------------------------------------------------------------------------------------------------------------------------
LifePath 2020 Fund
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
Feb. 28, 1998 Feb. 28, 1997 Feb. 29, 1996 Feb. 28, 1995
-------------------------- --------------- ------------------ -----------------
Insti- Insti- Insti- Insti-
Class Class tutional Class tutional Class tutional Class tutional
A B Class A Class A Class A Class
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 12.98 $ 12.79 $ 12.28 $ 11.98 $ 11.98 $ 10.17 $ 10.17 $ 10.00 $ 10.00
-------- ------- ------- -------- ------- -------- ------- ------- -------
Income from investment operations:
Net investment income 0.28 0.14 0.30 0.27 0.96 0.27 0.29 0.28 0.30
Net realized and unrealized gain on investments 2.73 2.74 2.58 1.43 0.72 2.03 2.03 0.12 0.12
-------- ------- ------- -------- ------- -------- ------- ------- -------
Total from investment operations 3.01 2.88 2.88 1.70 1.68 2.30 2.32 0.40 0.42
Less distributions:
Distributions from net investment income (0.29) (0.12) (0.31) (0.28) (0.96) (0.28) (0.30) (0.23) (0.25)
Distributions from net realized capital gains (1.00) (1.00) (1.00) (0.42) (0.42) (0.21) (0.21) 0.00 0.00
-------- ------- ------- -------- ------- -------- ------- ------- -------
Total from Distributions (1.29) (1.12) (1.31) (0.70) (1.38) (0.49) (0.51) (0.23) (0.25)
-------- ------- ------- -------- ------- -------- ------- ------- -------
Net Asset Value, end of period $ 14.70 $ 14.55 $ 13.85 $ 12.98 $ 12.28 $ 11.98 $ 11.98 $ 10.17 $ 10.17
======== ======= ======= ======== ======= ======== ======= ======= =======
Total Return 23.97% 23.05% 24.27% 14.65% 15.14% 22.94% 23.18% 4.12% 4.39%
Ratios/Supplemental Data:
Net assets, end of period (000) $166,198 $12,129 $ 86 $146,226 $ 69 $122,488 $40,570 $66,036 $16,618
Number of shares outstanding, end of period (000) 11,304 884 6 11,264 6 10,224 3,385 6,494 1,634
Ratios to average net assets:(1)
Ratio of expenses to average net assets 1.20% 1.70% 0.95% 1.20% 0.95% 1.20% 0.95% 1.20% 0.95%
Ratio of net investment income to average net
assets 2.05% 1.33% 2.30% 2.33% 2.57% 2.45% 2.68% 3.64% 3.88%
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses N/A N/A N/A N/A N/A N/A N/A N/A N/A
Ratio of net investment income to average net
assets prior to waived fees and reimbursed
expenses N/A N/A N/A N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
23
<PAGE>
LifePath Funds Financial Highlights
- -------------------------------------------------------------------------------
For a share outstanding throughout each period is as follows:
- --------------------------------------------------------------------------------
For the Six Months Ended
August 31, 1998 (Unaudited)
Class Class Institutional
A B Class
- -------------------------------------------------------------------------------
Net Asset Value, beginning of period $ 16.51 $ 16.28 $ 16.09
-------- -------- --------
Income from investment operations:
Net investment income 0.12 0.06 0.13
Net realized and unrealized gain on
investments (1.33) (1.30) (1.29)
-------- -------- --------
Total from investment operations (1.21) (1.24) (1.16)
Less distributions:
Distributions from net investment income (0.11) (0.06) (0.13)
Distributions from net realized capital
gains (0.00) (0.00) (0.00)
-------- -------- --------
Total from Distributions (0.11) (0.06) (0.13)
-------- -------- --------
Net Asset Value, end of period $ 15.19 $ 14.98 $ 14.80
======== ======== ========
Total Return (7.41)% (7.66)% (7.33)%
Data:
Net assets, end of period (000) $116,667 $ 17,694 $ 33
Number of shares outstanding, end of
period (000) 7,682 1,181 2
Ratios to average net assets:(1)
Ratio of expenses to average net assets 1.21% 1.72% 0.95%
Ratio of net investment income to average
net assets 1.32% 0.80% 1.44%
- -------------------------------------------------------------------------------
Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses 1.23% 1.75% 1.09%
Ratio of net investment income to average net
assets prior to waived fees and reimbursed
expenses 1.30% 0.77% 1.30%
- -------------------------------------------------------------------------------
(1) These ratios include expenses charged to the Master Portfolio.
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights LifePath Funds
- -----------------------------------------------------------------------------------------------------------------------------------
LifePath 2030 Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
Feb. 28, 1998 Feb. 28, 1997 Feb. 29, 1996 Feb. 28, 1995
---------------------------- -------------------- -------------------- --------------------
Class Class Institutional Class Institutional Class Institutional Class Institutional
A B Class A Class A Class A Class
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning
of period $13.83 $13.63 $13.70 $12.34 $12.37 $10.17 $10.18 $10.00 $10.00
------ ------ ------ ------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income 0.23 0.10 0.26 0.22 0.49 0.21 0.23 0.26 0.29
Net realized and unrealized gain
on investments 3.54 3.50 3.37 1.83 1.66 2.45 2.47 0.13 0.14
------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations 3.77 3.60 3.63 2.05 2.15 2.66 2.70 0.39 0.43
Less distributions:
Distributions from net investment
income (0.23) (0.09) (0.38) (0.23) (0.49) (0.22) (0.24) (0.22) (0.25)
Distributions from net realized
capital gains (0.86) (0.86) (0.86) (0.33) (0.33) (0.27) (0.27) 0.00 0.00
------ ------ ------ ------ ------ ------ ------ ------ ------
Total from Distributions (1.09) (0.95) (1.24) (0.56) (0.82) (0.49) (0.51) (0.22) (0.25)
------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, end of period $16.51 $16.28 $16.09 $13.83 $13.70 $12.34 $12.37 $10.17 $10.18
====== ====== ====== ====== ====== ====== ====== ====== ======
Total Return 28.01% 26.93% 27.48% 17.01% 18.13% 26.53% 26.88% 4.03% 4.42%
Ratios/Supplemental Data:
Net assets, end of period (000) $126,131 $12,469 $47 $101,078 $41 $83,012 $25,447 $41,153 $9,682
Number of shares outstanding,
end of period (000) 7,642 766 3 7,307 3 6,728 2,058 4,045 951
Ratios to average net assets:/(1)/
Ratio of expenses to average net
assets 1.20% 1.70% 0.95% 1.20% 0.95% 1.20% 0.95% 1.20% 0.95%
Ratio of net investment income
to average net assets 1.50% 0.76% 1.74% 1.81% 2.06% 1.92% 2.15% 3.35% 3.59%
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average
net assets prior to waived fees
and reimbursed expenses N/A N/A N/A N/A N/A N/A N/A N/A N/A
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses N/A N/A N/A N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
25
<PAGE>
LifePath Funds Financial Highlights
- --------------------------------------------------------------------------------
For a share outstanding throughout each period is as follows:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
For the Six Months Ended
August 31, 1998 (Unaudited)
-----------------------------------------------------------
Class Class Class Institutional
A B C* Class
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net Asset Value, beginning of period $ 17.07 $ 16.76 $ 18.02 $ 16.35
------------ ------------- ------------- -------------
Income from investment operations:
Net investment income 0.05 0.01 (0.01) 0.06
Net realized and unrealized gain on investments (1.70) (1.68) (2.93) (1.63)
------------ ------------- ------------- -------------
Total from investment operations (1.65) (1.67) (2.94) (1.57)
Less distributions:
Distributions from net investment income (0.06) (0.01) (0.00) (0.08)
Distributions from net realized capital gains 0.00 0.00 0.00 0.00
------------ ------------- ------------- -------------
Total from Distributions (0.06) (0.01) (0.00) (0.08)
------------ ------------- ------------- -------------
Net Asset Value, end of period $ 15.36 $ 15.08 $ 15.08 $ 14.70
============ ============= ============= =============
Total Return (9.74)% (9.96)% (16.13)% (9.76)%
Ratios/Supplemental Data:
Net assets, end of period (000) $ 223,040 $ 42,448 $ 277 $ 21
Number of shares outstanding, end of period (000) 14,518 2,815 18 1
Ratios to average net assets:/(1)/
Ratio of expenses to average net assets 1.21% 1.71% 1.75% 0.95%
Ratio of net investment income to average net assets 0.59% 0.06% 0.00% 0.63%
- --------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
prior to waived fees and reimbursed expenses 1.22% 1.73% 10.70% 1.21%
Ratio of net investment income to average
net assets prior to waived fees and
reimbursed expenses 0.58% 0.04% (8.95%) 0.37%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) These ratios include expenses charged to the Master Portfolio.
The accompanying notes are an integral part of these financial statements.
26
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights LifePath Funds
- ------------------------------------------------------------------------------------------------------------------------------------
LifePath 2040 Fund
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
Feb. 28, 1998 Feb. 28, 1997 Feb. 29, 1996 Feb. 28, 1995
----------------------------- -------------------- --------------------- ---------------------
Class Class Institutional Class Institutional Class Institutional Class Institutional
A B Class A Class A Class A Class
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, beginning of
period $ 14.50 $ 14.29 $ 13.94 $ 12.84 $ 12.86 $ 10.37 $ 10.37 $ 10.00 $10.00
------- ------- -------- -------- ------- -------- ------- ------- ------
Income from investment operations:
Net investment income 0.13 0.03 0.16 0.16 0.63 0.15 0.17 0.18 0.20
Net realized and unrealized gain
on investments 4.17 4.06 4.02 2.35 1.78 2.82 2.84 0.34 0.34
------- ------- -------- -------- ------- -------- ------- ------- ------
Total from investment operations 4.30 4.09 4.18 2.51 2.41 2.97 3.01 0.52 0.54
Less distributions:
Distributions from net
investment income (0.14) (0.03) (0.18) (0.16) (0.64) (0.16) (0.18) (0.15) (0.17)
Distributions from net realized
capital gains (1.59) (1.59) (1.59) (0.69) (0.69) (0.34) (0.34) 0 0
-------- ------- -------- -------- ------- -------- ------- ------- ------
Total from Distributions (1.73) (1.62) (1.77) (0.85) (1.33) (0.50) (0.52) (0.15) (0.17)
-------- ------- -------- -------- ------- -------- ------- ------- ------
Net Asset Value, end of period $ 17.07 $ 16.76 $ 16.35 $ 14.50 $ 13.94 $ 12.84 $ 12.86 $ 10.37 $10.37
======== ======= ======== ======== ======= ======== ======= ======= ======
Total Return 30.66% 29.47% 31.02% 20.17% 19.89% 28.91% 29.32% 5.26% 5.55%
Ratios/Supplemental Data:
Net assets, end of period (000) $248,195 $30,754 $27 $189,560 $20 $142,738 $33,386 $56,737 $9,976
Number of shares outstanding,
end of period (000) 14,537 1,835 2 13,073 1 11,114 2,596 5,472 962
Ratios to average net assets:(1)
Ratio of expenses to average
net assets 1.20% 1.70% 0.95% 1.20% 0.95% 1.20% 0.95% 1.20% 0.95%
Ratio of net investment income
to average net assets 0.82% 0.08% 1.07% 1.22% 1.47% 1.29% 1.53% 2.35% 2.61%
- ------------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net
assets prior to waived fees and
reimbursed expenses N/A N/A N/A N/A N/A N/A N/A N/A N/A
Ratio of net investment income to
average net assets prior to waived
fees and reimbursed expenses N/A N/A N/A N/A N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
27
<PAGE>
LifePath Funds Notes to Financial Statements (Unaudited)
- --------------------------------------------------------------------------------
Notes to the Financial Statements (Unaudited)
1. Significant Accounting Policies
Organization
Stagecoach Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust was organized as a Massachusetts business trust pursuant to
an Agreement and Declaration of Trust dated October 18, 1993. The Trust
currently issues the following separate funds, which commenced operations on
March 1, 1994: LifePath Opportunity, formerly known as LifePath 2000, LifePath
2010, LifePath 2020, LifePath 2030 and LifePath 2040 (each, a "Fund,"
collectively, the "Funds"). The following significant accounting policies are
consistently followed by the Trust in the preparation of its financial
statements, and such policies are in conformity with generally accepted
accounting principles for investment companies.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
The LifePath Opportunity, LifePath 2010, LifePath 2020 and LifePath 2030
Funds are authorized to issue three classes of shares: Class A, Class B and an
Institutional Class. LifePath Opportunity Class B shares commenced operations on
August 1, 1998. LifePath 2040 is authorized to issue four classes of shares:
Class A, Class B, Class C and an Institutional Class. LifePath 2040 Class C
shares commenced operations on July 1, 1998. On March 1, 1997, the Retail Class'
name was changed to Class A and all Funds except Lifepath Opportunity commenced
offering Class B shares. Institutional Class shares are no longer offered by the
Funds. The four classes of shares differ principally in their respective
distribution, shareholder servicing and transfer agency fees. Shareholders of
each class bear certain expenses that pertain to that particular class. All
shareholders bear the common expenses of the Fund and earn income from the
portfolio, pro rata based on the average daily net assets of each class.
Dividends are determined separately for each class based on income and expenses
allocable to each class. Gains are allocated to each class pro rata based upon
net assets of each class on the date of distribution. Neither class has
preferential dividend rights; differences in per share dividend rates are
generally due to differences in separate class expenses, including distribution
fees and from the weightings of pro rata income and gain allocations.
28
<PAGE>
Notes to Financial Statements (Unaudited) LifePath Funds
- --------------------------------------------------------------------------------
Investment Policy and Security Valuation
Each Fund invests all of its assets in a separate series (each, a "Master
Portfolio") of Master Investment Portfolio ("MIP"). Each Master Portfolio has
the same investment objective as the Fund bearing the corresponding name. The
value of each Fund's investment in its corresponding Master Portfolio reflects
that Fund's interest in the net assets of that Master Portfolio (57.08%, 45.62%,
54.36%, 59.64%, and 67.92%) for the LifePath Opportunity, LifePath 2010,
LifePath 2020, LifePath 2030 and LifePath 2040 Funds, respectively, at August
31, 1998. The Master Portfolios invest in a wide range of U.S. and foreign
equity, debt securities and money market instruments. Each Master Portfolio
follows an asset allocation strategy among three broad investing classes: equity
and debt securities of issuers located throughout the world and cash in the form
of money market instruments. The equity securities of the Master Portfolios are
valued at the last reported sale price on the primary securities exchange or
national securities market on which such securities are traded. Securities not
listed on an exchange or national securities market, or securities in which
there was no last reported sales price, are valued at the most recent bid
prices. Debt securities are generally traded in the over-the-counter market and
are valued at a price deemed best to reflect fair value as quoted by dealers who
make markets in those securities or by an independent pricing source. U.S.
Government obligations are valued at the last reported bid price. Debt
securities and money market instruments maturing in 60 days or less are valued
at amortized cost, which approximates market value. Any securities, restricted
securities or other assets for which market quotations are not readily available
are valued at fair value as determined in good faith in accordance with policies
approved by the Master Portfolios' Board of Trustees.
Security Transactions and Income Recognition
Security transactions are accounted for by each Master Portfolio on the
date the securities are purchased or sold (trade date). Revenue is recognized by
each Master Portfolio as follows: dividend income is recognized on the
ex-dividend date, and interest income is recognized on a daily accrual basis.
Realized gains or losses are reported on the basis of identified cost of
securities delivered. Bond discounts and premiums are amortized as required by
the Internal Revenue Code of 1986, as amended (the "Code"). All net investment
income and realized and unrealized capital gains and losses of each Master
Portfolio are allocated as required by the Code.
The performance of each Fund is directly affected by the performance of its
corresponding Master Portfolio. The financial statements of each Master
Portfolio, including the Portfolio of Investments, are included elsewhere in
this report and should be read in conjunction with the corresponding Fund's
financial statements.
29
<PAGE>
LifePath Funds Notes to Financial Statements (Unaudited)
- --------------------------------------------------------------------------------
Dividends and Distributions to Shareholders
Each Fund declares and pays dividends to shareholders from net investment
income quarterly. Distributions to shareholders from any net realized capital
gains are declared and distributed annually, generally in December.
Due to the timing of dividend distributions and the differences in
accounting for income and realized gains (losses) for financial statement and
federal income tax purposes, the fiscal year in which amounts are distributed
may differ from the year in which the income and realized gains (losses) were
recorded by the Fund.
Federal Income Taxes
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund to continue to qualify as a regulated investment
company by complying with the provisions applicable to investment companies, as
set forth in the Code, and to make distributions of investment company taxable
income and net capital gains (after reduction for capital loss carryforwards)
sufficient to relieve it from all, or substantially all, federal income and
excise taxes. Accordingly, no provision for federal taxes was required.
2. Agreements and Other Transactions with Affiliates
The Trust has entered into an agreement on behalf of the Funds with Wells
Fargo Bank ("WFB") to provide transfer and dividend disbursing agency services.
For providing the transfer and dividend disbursing agency services, the Trust
has agreed to pay a monthly fee at the annual rate of 0.10% for the
Institutional Class and 0.14% for Class A, Class B and Class C of each Fund's
average daily net assets.
On behalf of the Funds, the Trust may enter into servicing agreements with
certain financial institutions, securities dealers and other industry
professionals (collectively, "Shareholder Servicing Agents") for the provision
of certain services to Fund shareholders. For the services provided pursuant to
a Shareholder Servicing Agreement, Class A, Class B and Class C may pay each
Shareholder Servicing Agent a fee of up to 0.25% and the Institutional Class may
pay up to 20% of the average daily net asset value of each Fund's shares
beneficially owned by customers of the Shareholder Servicing Agent. The Trust
has entered into a Shareholder Servicing Agreement with Barclays Global
Investors, N.A. ("BGI").
Stephens Inc. ("Stephens"), is the Funds' co-administrator and distributor.
The Trust has entered into an agreement with Stephens on behalf of its
shares for distribution services and has adopted a Plan of Distribution pursuant
to Rule 12b-1 under the 1940 Act, whereby Stephens may be compensated for
services rendered and reimbursed for expenses incurred on behalf of the Class A,
Class B and
30
<PAGE>
Notes to Financial Statements (Unaudited) LifePath Funds
- -------------------------------------------------------------------------------
Class C shares. For providing these services, Stephens is entitled to receive
0.25% of the average daily net assets of Class A shares on an annual basis and
0.75% of the average daily net assets of Class B and Class C shares on an annual
basis.
Certain officers and directors of the Trust are also officers of Stephens.
At August 31, 1998, these officers of Stephens collectively owned less than 1%
of the Funds' outstanding shares.
Investors Bank & Trust Company ("IBT") serves as the Sub-Administrator to
each Fund. IBT is entitled to receive a separate fee from WFB for its services
as Sub-Administrator of the Funds.
Prior to August 1, 1998 the Trust had entered into administration services
arrangements with WFB and Stephens, as co-administrators, who had agreed jointly
to provide general administration services to the Funds, such as managing and
coordinating third-party service relationships. Under the arrangement, WFB and
Stephens were entitled to receive for these services a combined fee (expressed
as a percentage of average daily net assets) from each Fund of 0.10%. This fee
was an "all-in" or "semi-unified" fee and WFB and Stephens, in consideration
thereof, had agreed to bear all of the Funds' ordinary operating expenses,
excluding, generally, advisory fees and costs related to securities
transactions. WFB and Stephens may delegate certain of their administration
duties to sub-administrators.
Effective August 1, 1998 under the new administration services agreement,
WFB and Stephens are entitled to receive for administration services 0.03% and
0.04% (expressed as a percentage of average daily net assets) respectively, from
each Fund.
The chart below shows the class specific expenses allocated to Class A,
Class B, Class C and the Institutional Class from August 1, 1998 to August 31,
1998.
31
<PAGE>
LifePath Funds Notes to Financial Statements (Unaudited)
- --------------------------------------------------------------------------------
LifePath Funds class specific expenses
from August 1, 1998 to August 31, 1998
-----------------------------------------------
Class Class Class Institutional
A B C Class
- --------------------------------------------------------------------------------
LifePath Opportunity $ 21,994 $ 1,093 $ 0 $ 35
Class specific waiver (1,785) (1,082) 0 (28)
-------- -------- -------- --------
Total net expenses 20,209 11 0 7
LifePath 2010 31,006 4,870 0 39
Class specific waiver (6,208) (721) 0 (3)
-------- -------- -------- --------
Total net expenses 24,799 4,149 0 36
LifePath 2020 56,828 8,646 0 106
Class specific waiver (11,972) (2,341) 0 (52)
-------- -------- -------- --------
Total net expenses 44,856 6,305 0 54
LifePath 2030 45,136 8,344 0 72
Class specific waiver (16,504) (3,199) 0 (33)
-------- -------- -------- --------
Total net expenses 28,631 5,145 0 39
LifePath 2040 86,948 18,398 2,899 68
Class specific waiver (16,948) (4,149) (2,813) (34)
-------- -------- -------- --------
Total net expenses $ 70,000 $ 14,249 $ 86 $ 34
32
<PAGE>
Notes to Financial Statements (Unaudited) LifePath Funds
- -------------------------------------------------------------------------------
3. Capital Share Transactions
As of August 31, 1998, the Trust has authorized an unlimited number of
shares of beneficial interest. Transactions in capital shares for each Fund were
as follows:
<TABLE>
<CAPTION>
LifePath Opportunity Fund
----------------------------------
(Unaudited)
For the Six For the
Months Ended Year Ended
August 31, 1998 February 28, 1998
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Shares Issued And Redeemed:
Shares sold - Class A 579,085 1,069,311
Shares issued in reinvestments of dividends -
Class A 106,104 642,199
Shares redeemed - Class A (1,173,543) (3,374,501)
Net increase (decrease) in shares outstanding -
Class A (488,354) (1,662,991)
Shares sold - Class B 6,111 0
Shares issued in
reinvestments of dividends - Class B 0 0
Shares redeemed - Class B 0 0
Net increase (decrease) in shares outstanding -
Class B 6,111 0
Shares sold - Institutional Class 0 0
Shares issued in reinvestments of dividends -
Institutional Class 0 86
Shares redeemed - Institutional Class 0 0
Net increase (decrease) in shares outstanding -
Institutional Class 0 86
</TABLE>
<TABLE>
<CAPTION>
LifePath 2010 Fund
----------------------------------
(Unaudited)
For the Six For the
Months Ended Year Ended
August 31, 1998 February 28, 1998
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Shares Issued And Redeemed:
Shares sold - Class A 584,981 1,237,645
Shares issued in reinvestments of dividends -
Class A (83,900) 625,584
Shares redeemed - Class A (839,348) (1,849,051)
Net increase (decrease) in shares outstanding -
Class A (170,467) 14,178
Shares sold - Class B 412,551 479,146
Shares issued in reinvestments of dividends - Class B 5,367 22,852
Shares redeemed - Class B (40,494) (25,082)
Net increase (decrease) in shares outstanding -
Class B 377,424 476,916
Shares sold - Institutional Class 0 0
Shares issued in reinvestments of dividends -
Institutional Class 35 283
Shares redeemed - Institutional Class (3) (2,200)
Net increase (decrease) in shares outstanding -
Institutional Class 32 (1,917)
</TABLE>
33
<PAGE>
<TABLE>
<CAPTION>
LifePath Funds Notes to Financial Statements (Unaudited)
- ---------------------------------------------------------------------------------------
LifePath 2020 Fund
----------------------------------
(Unaudited)
For the Six For the
Months Ended Year Ended
August 31, 1998 February 28, 1998
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Shares Issued And Redeemed:
Shares sold - Class A 730,110 2,024,326
Shares issued in reinvestments of dividends -
Class A 99,846 1,004,243
Shares redeemed - Class A (1,201,715) (2,988,127)
Net increase (decrease) in shares outstanding -
Class A (371,759) 40,442
Shares sold - Class B 531,336 826,855
Shares issued in reinvestments of dividends - Class B 5,678 42,494
Shares redeemed - Class B (62,571) (35,689)
Net increase (decrease) in shares outstanding -
Class B 474,443 833,660
Shares sold - Institutional Class 0 0
Shares issued in reinvestments of dividends -
Institutional Class 63 572
Shares redeemed - Institutional Class (3,052) (7)
Net increase (decrease) in shares outstanding -
Institutional Class (2,989) 565
</TABLE>
<TABLE>
<CAPTION>
LifePath 2030 Fund
----------------------------------
(Unaudited)
For the Six For the
Months Ended Year Ended
August 31, 1998 February 28, 1998
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Shares Issued And Redeemed:
Shares sold - Class A 728,882 1,342,637
Shares issued in reinvestments of dividends -
Class A 47,056 518,299
Shares redeemed - Class A (735,420) (1,526,062)
Net increase (decrease) in shares outstanding -
Class A 40,518 334,874
Shares sold - Class B 448,276 757,631
Shares issued in reinvestments of dividends - Class B 3,366 30,895
Shares redeemed - Class B (36,405) (22,437)
Net increase (decrease) in shares outstanding -
Class B 415,237 766,089
Shares sold - Institutional Class 0 0
Shares issued in reinvestments of dividends -
Institutional Class 22 236
Shares redeemed - Institutional Class (697) (297)
Net increase (decrease) in shares outstanding -
Institutional Class (675) (61)
</TABLE>
34
<PAGE>
<TABLE>
<CAPTION>
Notes to Financial Statements (Unaudited) LifePath Funds
- ---------------------------------------------------------------------------------------
LifePath 2040 Fund
----------------------------------
(Unaudited)
For the Six For the
Months Ended Year Ended
August 31, 1998 February 28, 1998
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Shares Issued And Redeemed:
Shares sold - Class A 1,583,277 3,374,578
Shares issued in reinvestments of dividends -
Class A 43,899 1,443,325
Shares redeemed - Class A (1,646,393) (3,354,023)
Net increase (decrease) in shares outstanding -
Class A (19,217) 1,463,880
Shares sold - Class B 1,139,403 1,791,429
Shares issued in reinvestments of dividends - Class B 2,042 122,045
Shares redeemed - Class B (161,148) (78,517)
Net increase (decrease) in shares outstanding -
Class B 980,297 1,834,957
Shares sold - Class C 18,392 0
Shares issued in reinvestment of dividends - Class C 0 0
Shares redeemed - Class C 0 0
Net increase (decrease) in shares outstanding -
Class C 18,392 0
Shares sold - Institutional Class 2 0
Shares issued in reinvestments of dividends -
Institutional Class 6 171
Shares redeemed - Institutional Class (202) 0
Net increase (decrease) in shares outstanding -
Institutional Class (194) 171
</TABLE>
4. Portfolio Securities Loaned
As of August 31, 1998, certain Master Portfolios had loaned securities
which were collateralized by cash, money market mutual funds, and repurchase
agreements. Each Master Portfolio receives transaction fees for providing
services in connection with the securities lending program. The value of the
securities on loan and the value of the related collateral are disclosed in the
corresponding Master Portfolio's financial statements.
35
<PAGE>
<TABLE>
<CAPTION>
LifePath Funds LifePath Master Portfolios - August 31, 1998 (Unaudited)
- -----------------------------------------------------------------------------------------------
LifePath 2000 LifePath 2010
Shares Value Shares Value
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS
Percent of Net Assets 19.16% 43.11%
LARGE CAP GROWTH STOCKS
Percent of Net Assets 5.40% 14.49%
Abbott Laboratories 2,188 $ 84,238 11,524 $ 443,674
Aeroquip-Vickers Inc 52 2,096 244 9,836
Airtouch Communications* 910 51,188 4,068 228,825
ALZA Corp* 122 4,392 699 25,164
American Express Corp 661 51,558 3,459 269,802
American Home Products Corp 1,930 96,741 9,818 492,127
American International Group Inc 1,490 115,157 7,872 608,604
Ameritech Corp 1,714 80,772 8,202 386,519
Amgen Inc* 377 22,950 1,889 114,993
Anheuser-Busch Inc 752 34,686 3,700 170,663
Armco Inc* 111 458 953 3,931
Ascend Communications Inc* 250 8,750 1,500 52,500
Autodesk Inc 86 2,010 416 9,724
Automatic Data Processing 409 26,074 2,288 145,860
Avery Dennison Corp 100 5,369 866 46,493
Avon Products Inc* 160 10,060 987 62,058
Baxter International Inc 470 25,028 2,097 111,665
Becton Dickinson & Co 318 10,593 1,774 59,096
Bell Atlantic Corp 2,284 100,782 11,590 511,409
Bestfoods 486 24,391 2,164 108,606
Biomet Inc 132 3,548 926 24,886
Boston Scientific Corp* 301 20,844 1,468 101,659
Bristol-Myers Squibb Co 1,384 135,459 7,394 723,688
Campbell Soup Co 700 35,263 3,429 172,736
Capital One Financial Corp -- -- 100 8,750
Cardinal Health Inc* 306 26,775 1,074 93,975
Ceridian Corp* 131 6,354 532 25,802
Charles Schwab & Co Inc 278 8,305 2,047 61,154
Chase Manhattan Bank 1,258 66,674 6,368 337,504
Cisco Systems Inc* 1,464 119,865 7,591 621,513
Clorox Co 94 9,065 808 77,922
Coca-Cola Co 3,537 230,347 18,399 1,198,235
Colgate-Palmolive Co 479 34,548 2,258 162,858
Comcast Corp Class A 455 17,006 2,744 102,557
Computer Associates International Inc 764 20,628 4,167 112,509
Computer Sciences Corp 282 15,951 1,232 69,685
ConAgra Inc 888 21,978 3,727 92,243
Corning Inc 320 7,880 1,743 42,921
CVS Corp 494 17,969 2,816 102,432
Dayton-Hudson Corp 568 20,448 3,288 118,368
Dell Computer Corp* 908 90,800 4,776 477,600
Dollar General Corp* 515 13,841 1,041 27,977
</TABLE>
36
<PAGE>
<TABLE>
<CAPTION>
LifePath Master Portfolios - August 31, 1998 (Unaudited) LifePath Funds
- ----------------------------------------------------------------------------------------------------------------------------
LifePath 2020 LifePath 2030 LifePath 2040
------------------------ ------------------------ ------------------------
Shares Value Shares Value Shares Value
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS
Percent of Net Assets 65.41% 81.85% 99.73%
LARGE CAP GROWTH STOCKS
Percent of Net Assets 22.69% 27.43% 39.05%
Abbott Laboratories 26,866 $ 1,034,341 23,644 $ 910,294 58,292 $ 2,244,242
Aeroquip-Vickers Inc 552 22,253 433 17,455 996 40,151
Airtouch Communications* 9,966 560,588 8,797 494,831 21,655 1,218,094
ALZA Corp* 1,513 54,468 1,336 48,096 2,786 100,296
American Express Corp 8,002 624,156 7,043 549,354 17,451 1,361,178
American Home Products Corp 22,818 1,143,752 20,080 1,006,510 49,586 2,485,498
American International Group Inc 18,275 1,412,848 16,074 1,242,683 39,695 3,068,882
Ameritech Corp 19,138 901,878 16,796 791,512 41,604 1,960,589
Amgen Inc* 4,515 274,851 3,871 235,647 9,648 587,322
Anheuser-Busch Inc 8,438 389,203 7,466 344,369 18,312 844,641
Armco Inc* 1,943 8,015 1,647 6,794 3,846 15,865
Ascend Communications Inc* 3,500 122,500 3,110 108,850 7,460 261,100
Autodesk Inc 971 22,697 759 17,742 1,817 42,472
Automatic Data Processing 5,279 336,536 4,654 296,693 12,148 774,435
Avery Dennison Corp 1,922 103,187 1,659 89,068 4,073 218,669
Avon Products Inc* 2,243 141,029 2,020 127,008 5,222 328,333
Baxter International Inc 4,915 261,724 4,326 230,360 11,368 605,346
Becton Dickinson & Co 4,342 144,643 3,860 128,586 7,940 264,501
Bell Atlantic Corp 27,002 1,191,463 23,788 1,049,646 58,694 2,589,873
Bestfoods 5,070 254,451 4,466 224,137 11,544 579,365
Biomet Inc 1,946 52,299 1,742 46,816 4,260 114,488
Boston Scientific Corp* 3,406 235,866 3,067 212,390 7,829 542,158
Bristol-Myers Squibb Co 17,357 1,698,816 15,230 1,490,636 37,571 3,677,262
Campbell Soup Co 7,922 399,071 6,971 351,164 18,429 928,361
Capital One Financial Corp 100 8,750 100 8,750 300 26,250
Cardinal Health Inc* 2,415 211,313 2,250 196,875 5,313 464,888
Ceridian Corp* 1,316 63,826 1,169 56,697 3,133 151,951
Charles Schwab & Co Inc 4,757 142,115 4,045 120,844 10,709 319,931
Chase Manhattan Bank 14,830 785,990 13,090 693,770 32,272 1,710,416
Cisco Systems Inc* 17,853 1,461,714 15,647 1,281,099 38,701 3,168,644
Clorox Co 1,810 174,552 1,597 154,011 4,205 405,520
Coca-Cola Co 42,957 2,797,575 37,807 2,462,181 93,360 6,080,070
Colgate-Palmolive Co 5,119 369,208 4,546 327,880 11,223 809,459
Comcast Corp Class A 6,525 243,872 5,637 210,683 14,100 526,988
Computer Associates International Inc 9,686 261,522 8,303 224,181 22,060 595,620
Computer Sciences Corp 2,752 155,660 2,496 141,180 5,032 284,623
ConAgra Inc 8,272 204,732 7,653 189,412 18,871 467,057
Corning Inc 4,238 104,361 3,778 93,033 9,091 223,866
CVS Corp 6,638 241,457 5,998 218,177 15,540 565,268
Dayton-Hudson Corp 7,756 279,216 6,726 242,136 17,770 639,720
Dell Computer Corp* 11,204 1,120,400 9,822 982,200 24,388 2,438,800
Dollar General Corp* 2,506 67,349 2,220 59,663 5,346 143,674
</TABLE>
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COMMON STOCKS (continued)
Dover Corp 310 $ 8,448 1,748 $ 47,633
Dun & Bradstreet Corp 180 4,230 1,435 33,723
DuPont (E I) de Nemours 1,640 94,608 8,423 485,902
Ecolab Inc 124 3,449 1,006 27,979
EMC Corp* 638 28,830 3,800 171,713
Emerson Electric Co 655 37,335 3,378 192,546
Equifax Inc 216 7,695 1,165 41,503
Federal Home Loan Mortgage Corp 993 39,224 5,034 198,843
Fifth Third Bancorp 409 21,754 1,923 102,280
Fort James Corp 276 8,039 1,746 50,852
Franklin Resources Inc 388 12,513 1,600 51,600
Freeport-McMoRan Copper & Gold Inc Class B 231 2,685 1,382 16,066
Frontier Corp 290 8,809 1,300 39,488
Fruit of the Loom Inc Class A* 117 2,625 655 14,697
Gannett Co Inc 478 28,202 2,145 126,555
Gap Inc 578 29,514 2,955 150,890
Gateway 2000 Inc* 200 9,463 700 33,119
General Electric Co 4,683 374,640 24,282 1,942,560
General Instrument Corp* -- -- -- --
General Mills Inc 210 13,742 1,232 80,619
Gillette Co 1,642 67,527 8,342 343,065
GTE Corp 1,466 73,300 7,143 357,150
Guidant Corp 206 12,721 1,109 68,481
Halliburton Co 461 12,245 2,021 53,683
HBO & Co 618 13,133 3,366 71,528
Heinz (H J) Co 490 26,123 2,738 145,970
Hershey Foods Corp 214 14,980 1,055 73,850
Hilton Hotels Corp 304 6,308 1,911 39,653
Home Depot Inc 2,166 83,391 10,942 421,267
Illinois Tool Works Inc 359 17,389 1,913 92,661
IMS Health Inc 180 9,900 1,232 67,760
Intel Corp 2,401 170,921 12,601 897,034
International Business Machines Corp 1,380 155,423 7,002 788,600
International Flavors & Fragrances 176 6,820 843 32,666
Interpublic Group Cos Inc 128 7,296 1,029 58,653
Johnson & Johnson 1,933 133,377 9,995 689,655
Jostens Inc 107 2,127 280 5,565
Kellogg Co 556 16,958 3,059 93,300
Kimberly-Clark Corp 786 29,966 4,154 158,371
Kohls Corp* 672 30,534 1,740 79,061
Kroger Co* 341 15,345 1,901 85,545
Lilly (Eli) & Co 1,599 104,735 8,271 541,751
Lucent Technologies Inc 1,938 137,356 9,808 695,142
Marriott International Class A 356 9,990 2,012 56,462
Mattel Inc 371 12,011 2,214 71,678
</TABLE>
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COMMON STOCKS (continued)
Dover Corp 4,052 $ 110,417 3,418 $ 93,141 8,794 $ 239,637
Dun & Bradstreet Corp 3,141 73,814 2,743 64,461 6,906 162,291
DuPont (E I) de Nemours 19,601 1,130,733 17,308 998,455 42,640 2,459,795
Ecolab Inc 2,478 68,919 2,058 57,238 4,878 135,669
EMC Corp* 8,688 392,589 7,594 343,154 20,046 905,829
Emerson Electric Co 7,695 438,615 6,766 385,662 14,523 827,811
Equifax Inc 2,594 92,411 2,381 84,823 5,971 212,717
Federal Home Loan Mortgage Corp 11,847 467,957 10,428 411,906 22,816 901,232
Fifth Third Bancorp 4,317 229,610 3,769 200,464 9,265 492,782
Fort James Corp 3,964 115,452 3,319 96,666 6,863 199,885
Franklin Resources Inc 3,188 102,813 2,939 94,783 6,395 206,239
Freeport-McMoRan Copper & Gold Inc Class B 3,143 36,537 3,247 37,746 7,341 85,339
Frontier Corp 3,037 92,249 2,654 80,615 5,422 164,693
Fruit of the Loom Inc Class A* 1,442 32,355 1,251 28,069 2,293 51,449
Gannett Co Inc 5,051 298,009 4,436 261,724 11,514 679,326
Gap Inc 6,883 351,463 6,016 307,192 15,920 812,915
Gateway 2000 Inc* 2,800 132,475 2,500 118,281 2,600 123,013
General Electric Co 56,704 4,536,320 49,893 3,991,440 123,137 9,850,960
General Instrument Corp* 2,800 55,650 2,400 47,700 -- --
General Mills Inc 2,730 178,644 2,497 163,397 6,422 420,240
Gillette Co 19,548 803,912 17,208 707,679 42,422 1,744,605
GTE Corp 16,762 838,100 14,729 736,450 36,397 1,819,850
Guidant Corp 2,717 167,775 2,367 146,162 6,073 375,008
Halliburton Co 4,776 126,863 4,214 111,934 10,650 282,891
HBO & Co 7,598 161,458 6,582 139,868 17,006 361,378
Heinz (H J) Co 6,320 336,935 5,602 298,657 14,766 787,212
Hershey Foods Corp 2,453 171,710 2,219 155,330 5,798 405,860
Hilton Hotels Corp 4,372 90,719 4,093 84,930 9,873 204,865
Home Depot Inc 25,612 986,062 22,472 865,172 55,546 2,138,521
Illinois Tool Works Inc 4,372 211,769 3,804 184,256 10,087 488,589
IMS Health Inc 2,870 157,850 2,465 135,575 6,360 349,800
Intel Corp 29,506 2,100,458 25,925 1,845,536 64,112 4,563,973
International Business Machines Corp 16,410 1,848,176 14,448 1,627,206 36,083 4,063,848
International Flavors & Fragrances 1,874 72,618 1,798 69,673 4,289 166,199
Interpublic Group Cos Inc 2,325 132,525 2,058 117,306 4,960 282,720
Johnson & Johnson 23,411 1,615,359 20,549 1,417,881 50,805 3,505,545
Jostens Inc 690 13,714 567 11,269 1,398 27,785
Kellogg Co 7,101 216,581 6,470 197,335 16,603 506,392
Kimberly-Clark Corp 9,713 370,308 8,477 323,186 21,041 802,188
Kohls Corp* 3,408 154,851 2,416 109,777 7,216 327,877
Kroger Co* 4,430 199,350 3,869 174,105 10,329 464,805
Lilly (Eli) & Co 19,223 1,259,107 16,922 1,108,391 41,815 2,738,883
Lucent Technologies Inc 22,798 1,615,808 20,032 1,419,768 49,604 3,515,684
Marriott International Class A 4,410 123,756 3,856 108,209 10,302 289,100
Mattel Inc 5,113 165,533 4,665 151,029 11,763 380,827
</TABLE>
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COMMON STOCKS (continued)
Maytag Corp 116 $ 5,003 779 $ 33,594
MBNA Corp* 644 15,134 3,840 90,240
Medtronic Inc 720 36,990 3,514 180,532
Merck & Co Inc 1,673 193,963 8,936 1,036,018
Meredith Corp 102 3,423 434 14,566
Microsoft Corp* 3,538 339,427 18,322 1,757,767
Millipore Corp 52 1,128 376 8,155
Minnesota Mining & Manufacturing Co 585 40,073 3,065 209,953
Monsanto Co 840 45,938 4,481 245,055
National City Corp 436 25,615 2,496 146,640
Newell Co 259 12,367 1,230 58,733
Northern Telecom Ltd 802 38,296 3,874 184,984
Omnicom Group 276 13,145 1,340 63,818
Oracle Systems Corp* 1,406 28,032 7,418 147,896
Oryx Energy Co* 199 2,475 842 10,472
Owens Corning Fiberglass Corp 28 982 411 14,411
Parametric Technology Corp* 250 2,563 2,106 21,587
Pepsico Inc 2,162 59,860 11,152 308,771
Perkin-Elmer Corp 29 1,678 406 23,497
Pfizer Inc 1,895 176,235 9,709 902,937
Philip Morris Co Inc 3,481 144,679 18,097 752,157
Pioneer Hi Bred International 405 13,669 1,437 48,499
Pitney Bowes Inc 416 20,644 2,046 101,533
Procter & Gamble Co 1,903 145,580 9,984 763,776
Providian Financial Corp 155 9,949 688 44,161
Quaker Oats Co 142 7,544 1,073 57,003
Ralston-Ralston Purina Group 465 12,235 2,388 62,834
Sara Lee Corp 633 28,643 3,553 160,773
SBC Communications Inc 2,706 102,828 13,672 519,536
Schering-Plough Corp 1,083 93,138 5,429 466,894
Schlumberger Ltd 675 29,573 3,780 165,611
Sealed Air Corp* 222 7,992 740 26,640
Shared Medical 42 2,242 155 8,273
SLM Holding Corp 250 8,969 1,300 46,638
Southwest Airlines Inc 519 9,245 2,504 44,594
Stanley Works 112 4,410 766 30,161
State Street Corp 245 12,755 1,267 65,963
Stone Container Corp* 87 908 850 8,872
Synovus Financial 337 6,129 2,115 38,467
Sysco Corp 410 8,277 2,574 51,963
Tele-Communications Inc* 776 25,608 3,851 127,083
Tellabs Inc* 257 10,858 1,381 58,347
Times Mirror Co 152 8,693 659 37,687
TJX Cos Inc 326 7,274 2,436 54,353
Tricon Global Restaurants Inc* 226 8,376 1,275 47,255
</TABLE>
40
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<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS (continued)
Maytag Corp 1,699 $ 73,269 1,439 $ 62,057 3,064 $ 132,135
MBNA Corp* 8,745 205,508 7,858 184,663 20,291 476,839
Medtronic Inc 8,214 421,994 7,198 369,797 17,713 910,005
Merck & Co Inc 20,815 2,413,239 18,250 2,115,859 45,196 5,239,911
Meredith Corp 926 31,079 908 30,475 1,646 55,244
Microsoft Corp* 42,940 4,119,556 37,728 3,619,530 93,116 8,933,316
Millipore Corp 788 17,090 686 14,878 1,628 35,307
Minnesota Mining & Manufacturing Co 7,072 484,432 6,229 426,687 15,246 1,044,351
Monsanto Co 10,379 567,602 9,124 498,969 22,600 1,235,938
National City Corp 5,749 337,754 5,006 294,103 12,449 731,379
Newell Co 2,804 133,891 2,586 123,482 6,330 302,258
Northern Telecom Ltd 9,060 432,615 7,948 379,517 19,672 939,338
Omnicom Group 3,040 144,780 2,620 124,778 6,416 305,562
Oracle Systems Corp* 16,917 337,283 14,916 297,388 36,817 734,039
Oryx Energy Co* 1,889 23,494 1,713 21,305 4,063 50,534
Owens Corning Fiberglass Corp 1,017 35,659 946 33,169 1,995 69,950
Parametric Technology Corp* 4,698 48,155 4,124 42,271 10,008 102,582
Pepsico Inc 25,949 718,463 22,765 630,306 56,369 1,560,717
Perkin-Elmer Corp 889 51,451 743 43,001 1,887 109,210
Pfizer Inc 22,765 2,117,145 19,953 1,855,629 49,305 4,585,365
Philip Morris Co Inc 42,259 1,756,390 37,208 1,546,458 91,862 3,818,014
Pioneer Hi Bred International 4,205 141,919 3,699 124,841 8,268 279,045
Pitney Bowes Inc 4,888 242,567 4,164 206,639 10,374 514,810
Procter & Gamble Co 23,358 1,786,887 20,527 1,570,316 50,716 3,879,774
Providian Financial Corp 1,702 109,247 1,496 96,025 3,097 198,789
Quaker Oats Co 2,405 127,766 2,095 111,297 5,509 292,666
Ralston-Ralston Purina Group 5,471 143,956 4,875 128,273 12,714 334,537
Sara Lee Corp 8,137 368,199 7,173 324,578 17,602 796,491
SBC Communications Inc 32,030 1,217,140 28,152 1,069,776 69,450 2,639,100
Schering-Plough Corp 12,788 1,099,768 11,269 969,134 27,728 2,384,608
Schlumberger Ltd 8,694 380,906 7,646 334,990 19,746 865,122
Sealed Air Corp* 1,622 58,392 1,339 48,204 4,853 174,708
Shared Medical 461 24,606 364 19,429 904 48,251
SLM Holding Corp 3,050 109,419 2,700 96,863 7,400 265,475
Southwest Airlines Inc 6,201 110,455 5,132 91,414 13,149 234,217
Stanley Works 1,559 61,386 1,487 58,551 3,570 140,569
State Street Corp 2,832 147,441 2,415 125,731 6,526 339,760
Stone Container Corp* 2,014 21,021 1,679 17,525 3,154 32,920
Synovus Financial 4,636 84,317 4,222 76,788 10,618 193,115
Sysco Corp 6,170 124,557 5,498 110,991 13,474 272,006
Tele-Communications Inc* 8,784 289,872 7,934 261,822 20,522 677,226
Tellabs Inc* 3,217 135,918 2,856 120,666 7,388 312,143
Times Mirror Co 1,574 90,013 1,439 82,293 2,921 167,045
TJX Cos Inc 5,858 130,707 4,914 109,644 12,982 289,661
Tricon Global Restaurants Inc* 2,675 99,142 2,387 88,468 4,867 180,383
</TABLE>
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COMMON STOCKS (continued)
Tupperware Corp 63 $ 1,189 500 $ 9,438
Tyco International Ltd 924 51,282 4,220 234,210
Unisys Corp* 280 5,023 1,892 33,938
United Technologies 306 22,204 1,701 123,429
UST Inc 292 7,629 1,528 39,919
U.S. Air Group* 133 7,747 663 38,620
U.S. Bancorp 1,041 35,524 5,518 188,302
Walgreen Co 680 26,180 3,684 141,834
Wal-Mart Stores Inc 3,248 190,786 16,793 986,639
Warner Lambert Co 1,137 74,189 6,091 397,438
Wrigley (Wm) Jr Co 184 14,260 879 68,123
Xerox Corp 485 42,589 2,441 214,350
----------- -----------
TOTAL LARGE CAP GROWTH STOCKS
- VALUE $ 5,837,669 $30,140,581
- COST $ 4,332,349 $18,409,804
LARGE CAP VALUE STOCKS
Percent of Net Assets 4.42% 13.42%
3Com Corp* 590 $ 13,976 2,875 $ 68,102
Adobe Systems Inc 122 3,203 563 14,779
Advanced Micro Devices* 200 2,638 1,086 14,322
Aetna Inc 174 10,473 1,200 72,225
Ahmanson (H F) & Co 134 7,144 872 46,489
Air Products & Chemicals Inc 260 7,946 1,896 57,947
Alberto Culver Co Class B 102 2,040 485 9,700
Albertson's Inc 305 15,422 1,980 100,114
Alcan Aluminum Ltd 327 6,213 1,795 34,105
Allegheny Teledyne Inc 263 3,961 1,538 23,166
Allergan Inc 65 3,071 504 23,814
Allied Signal Inc 822 28,205 4,565 156,637
Allstate Corp 1,144 42,900 6,802 255,075
Alltel Corp 329 14,846 2,237 100,945
Aluminum Co of America 274 16,406 1,570 94,004
Amerada Hess Corp 142 6,976 750 36,844
Ameren Corp 208 8,229 1,097 43,400
American Electric Power Inc 306 13,847 1,550 70,138
American General Corp 306 19,661 2,028 130,299
American Greetings Corp Class A 133 5,019 605 22,158
American Stores Co 461 13,369 2,187 63,423
Amoco Corp -- -- 7,700 348,906
AMP Inc 289 10,314 1,720 61,383
AMR Corp* 274 14,933 1,492 81,314
Anadarko Petroleum Corp 182 5,233 950 27,313
Andrew Corp* 160 2,370 762 11,287
Aon Corp 267 16,704 1,310 81,957
Apache Corp 166 3,797 758 17,339
</TABLE>
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COMMON STOCKS (continued)
Tupperware Corp 1,136 $ 21,442 1,009 $ 19,045 2,302 $ 43,450
Tyco International Ltd 10,149 563,270 8,942 496,281 22,024 1,222,332
Unisys Corp* 4,511 80,916 4,000 71,750 8,191 146,926
United Technologies 4,057 294,386 3,540 256,871 7,610 552,201
UST Inc 3,453 90,210 3,035 79,289 7,426 194,004
U.S. Air Group* 1,693 98,617 1,470 85,628 3,662 213,312
U.S. Bancorp 12,879 439,496 11,365 387,831 28,073 957,991
Walgreen Co 8,662 333,487 7,556 290,906 20,070 772,695
Wal-Mart Stores Inc 39,060 2,294,817 34,380 2,019,843 84,854 4,985,173
Warner Lambert Co 14,260 930,465 12,525 817,256 30,983 2,021,641
Wrigley (Wm) Jr Co 2,064 159,960 1,864 144,460 4,689 363,398
Xerox Corp 5,710 501,409 5,027 441,433 12,925 1,134,977
------------ ------------ ------------
TOTAL LARGE CAP GROWTH STOCKS
- VALUE $ 70,347,501 $ 61,866,187 $152,894,608
- COST $ 43,367,338 $ 38,938,886 $106,612,133
LARGE CAP VALUE STOCKS
Percent of Net Assets 20.59% 25.82% 28.71%
3Com Corp* 6,587 $ 156,030 5,778 $ 136,866 11,626 $ 275,391
Adobe Systems Inc 1,223 32,104 1,247 32,734 2,304 60,480
Advanced Micro Devices* 2,577 33,984 2,422 31,940 4,484 59,133
Aetna Inc 2,668 160,580 2,416 145,413 4,854 292,150
Ahmanson (H F) & Co 2,005 106,892 1,884 100,441 3,615 192,725
Air Products & Chemicals Inc 4,270 130,502 4,052 123,839 7,636 233,375
Alberto Culver Co Class B 1,110 22,200 982 19,640 1,769 35,380
Albertson's Inc 4,530 229,048 4,138 209,228 7,984 403,691
Alcan Aluminum Ltd 4,135 78,565 3,904 74,176 7,507 142,633
Allegheny Teledyne Inc 3,498 52,689 3,398 51,182 6,198 93,357
Allergan Inc 1,189 56,180 1,098 51,881 2,108 99,603
Allied Signal Inc 10,396 356,713 9,537 327,238 18,537 636,051
Allstate Corp 15,446 579,225 14,066 527,475 27,214 1,020,525
Alltel Corp 5,047 227,735 3,240 146,205 6,039 272,510
Aluminum Co of America 3,561 213,215 3,078 184,295 6,347 380,027
Amerada Hess Corp 1,724 84,692 1,646 80,860 2,978 146,294
Ameren Corp 2,536 100,331 2,410 95,346 4,405 174,273
American Electric Power Inc 3,501 158,420 3,250 147,063 6,220 281,455
American General Corp 4,662 299,534 4,301 276,339 8,348 536,359
American Greetings Corp Class A 1,336 48,931 1,292 47,320 2,380 87,168
American Stores Co 5,044 146,276 4,745 137,605 8,930 258,970
Amoco Corp 17,692 801,669 16,084 728,806 31,096 1,409,038
AMP Inc 4,069 145,212 3,870 138,111 7,163 255,630
AMR Corp* 3,384 184,428 3,092 168,514 6,004 327,218
Anadarko Petroleum Corp 2,222 63,883 1,978 56,868 3,812 109,595
Andrew Corp* 1,659 24,574 1,415 20,960 3,373 49,963
Aon Corp 3,119 195,132 2,854 178,553 5,434 339,965
Apache Corp 1,841 42,113 1,648 37,698 3,074 70,318
</TABLE>
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COMMON STOCKS (continued)
Apple Computer Inc* 235 $ 7,329 1,090 $ 33,994
Applied Materials Inc* 515 12,650 2,946 72,361
Archer-Daniels-Midland Co* 945 14,175 4,834 72,517
Armstrong World Industries Inc 102 4,896 294 14,112
ASARCO Inc 25 398 302 4,813
Ashland Inc 109 4,966 606 27,611
Associates First Capital Corp 466 27,552 2,818 166,614
AT & T Corp 2,497 125,157 14,547 729,173
Atlantic Richfield Corp 423 24,534 2,575 149,350
AutoZone Inc* 256 6,640 1,211 31,410
Baker Hughes Inc 590 10,764 3,706 67,625
Ball Corp 54 2,018 196 7,326
Baltimore Gas & Electric Co 237 7,303 1,179 36,328
Banc One Corp 922 35,036 5,668 215,399
Bank Of New York Inc* 988 23,897 6,004 145,222
BankAmerica Corp 971 62,205 5,513 353,177
BankBoston Corp 412 14,703 2,404 85,793
Bankers Trust Corp 94 6,985 769 57,146
Bard (C R) Inc 143 4,683 455 14,901
Barrick Gold Corp 623 8,099 2,938 38,194
Battle Mountain Gold Co 337 1,032 1,957 5,993
Bausch & Lomb Inc 56 2,370 491 20,775
Bay Networks* 302 9,060 1,780 53,400
BB&T Corp 400 11,275 2,254 63,535
Bear Stearns Co Inc 200 7,388 955 35,275
Bellsouth Corp 1,380 94,616 7,952 545,209
Bemis Co 42 1,507 448 16,072
Bethlehem Steel Corp* 67 482 938 6,742
Black & Decker Corp 126 5,245 761 31,677
Block (H R) Inc 115 4,499 828 32,396
Boeing Co 1,342 41,518 8,117 251,120
Boise Cascade Corp 69 1,686 403 9,848
Briggs & Stratton Corp 52 1,914 168 6,185
Brown-Forman Corp Class B 74 4,440 543 32,580
Browning-Ferris Industries Inc 247 8,028 1,523 49,498
Brunswick Corp 196 2,928 835 12,473
Burlington Northern Santa Fe 196 18,240 1,313 122,191
Burlington Resources Inc 284 8,396 1,426 42,156
Cabletron Systems Inc* 257 1,799 1,334 9,338
Canadian National Railway Co 4 180 6 285
Carolina Power & Light Co 263 11,325 1,183 50,943
Case Corp 103 2,781 604 16,308
Caterpillar Inc 530 22,359 2,959 124,833
CBS Corp 1,010 26,260 5,777 150,202
Cendant Corp* 772 8,926 6,877 79,515
44
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<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS (continued)
Apple Computer Inc* 2,447 $ 76,316 2,328 $ 72,605 4,244 $ 132,360
Applied Materials Inc* 6,712 164,864 5,919 145,385 12,020 295,241
Archer-Daniels-Midland Co* 10,927 163,910 10,433 156,492 19,432 291,485
Armstrong World Industries Inc 738 35,424 689 33,072 1,303 62,544
ASARCO Inc 875 13,945 621 9,897 1,370 21,834
Ashland Inc 1,405 64,015 1,295 59,003 2,404 109,532
Associates First Capital Corp 6,381 377,277 5,862 346,591 11,318 669,177
AT & T Corp 33,383 1,673,303 29,101 1,458,668 56,461 2,830,103
Atlantic Richfield Corp 5,892 341,736 5,352 310,416 10,520 610,160
AutoZone Inc* 2,821 73,170 2,633 68,293 5,008 129,895
Baker Hughes Inc 8,439 154,004 5,432 99,129 10,401 189,820
Ball Corp 642 23,995 538 20,108 904 33,787
Baltimore Gas & Electric Co 2,668 82,208 2,589 79,774 4,887 150,581
Banc One Corp 12,949 492,054 11,748 446,416 22,959 872,442
Bank Of New York Inc* 13,890 335,964 12,646 305,875 24,736 598,302
BankAmerica Corp 12,534 802,959 11,461 734,220 22,164 1,419,881
BankBoston Corp 5,388 192,284 5,018 179,080 9,554 340,958
Bankers Trust Corp 1,799 133,688 1,627 120,906 3,175 235,942
Bard (C R) Inc 1,108 36,287 997 32,652 1,896 62,094
Barrick Gold Corp 6,757 87,841 6,482 84,266 12,274 159,562
Battle Mountain Gold Co 4,566 13,983 4,060 12,434 7,516 23,018
Bausch & Lomb Inc 1,050 44,428 975 41,255 1,755 74,258
Bay Networks* 4,071 122,130 3,864 115,920 7,210 216,300
BB&T Corp 5,204 146,688 4,662 131,410 9,324 262,820
Bear Stearns Co Inc 2,109 77,901 1,969 72,730 3,683 136,041
Bellsouth Corp 18,213 1,248,729 16,690 1,144,308 32,049 2,197,360
Bemis Co 975 34,978 892 32,001 1,634 58,620
Bethlehem Steel Corp* 2,551 18,335 2,252 16,186 4,089 29,390
Black & Decker Corp 1,757 73,135 1,659 69,056 3,034 126,290
Block (H R) Inc 1,884 73,712 1,843 72,107 3,490 136,546
Boeing Co 18,588 575,066 16,957 524,607 32,785 1,014,286
Boise Cascade Corp 1,147 28,030 996 24,340 1,823 44,550
Briggs & Stratton Corp 457 16,823 459 16,897 829 30,518
Brown-Forman Corp Class B 1,255 75,300 1,245 74,700 2,195 131,700
Browning-Ferris Industries Inc 3,388 110,110 3,051 99,158 6,169 200,493
Brunswick Corp 1,962 29,307 1,660 24,796 3,140 46,904
Burlington Northern Santa Fe 2,929 272,580 2,685 249,873 5,134 477,783
Burlington Resources Inc 3,318 98,088 3,054 90,284 5,682 167,974
Cabletron Systems Inc* 3,094 21,658 2,697 18,879 4,926 34,482
Canadian National Railway Co 12 541 11 496 24 1,082
Carolina Power & Light Co 2,824 121,609 2,584 111,274 4,954 213,332
Case Corp 1,393 37,611 1,311 35,397 2,408 65,016
Caterpillar Inc 6,710 283,078 6,208 261,900 12,259 517,177
CBS Corp 13,174 342,524 12,122 315,172 23,406 608,556
Cendant Corp* 15,652 180,976 13,082 151,261 27,788 321,299
</TABLE>
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COMMON STOCKS (continued)
Centex Corp 114 $ 4,033 498 $ 17,617
Central & South West Corp 340 8,883 1,698 44,360
Champion International Corp 142 4,686 801 26,433
Chevron Corp 920 68,138 5,255 389,198
Chrysler Corp 919 41,010 5,150 229,819
Chubb Corp 215 13,438 1,324 82,750
CIGNA Corp 237 13,790 1,753 102,003
Cincinnati Financial Corp 190 6,389 1,338 44,990
Cincinnati Milacron Inc 61 1,182 362 7,014
Cinergy Corp 227 7,888 1,227 42,638
Circuit City Stores Inc 147 4,539 784 24,206
Citicorp 597 64,551 3,616 390,980
Clear Channel Communications Inc* 408 18,360 1,984 89,280
Coastal Corp 324 8,424 1,708 44,408
Columbia Gas System Inc 62 3,060 677 33,656
Columbia/HCA Healthcare Corp 940 21,209 5,159 116,400
Comerica Inc 214 11,182 1,232 64,372
Compaq Computer Corp 2,267 63,334 13,322 372,183
Conseco Inc 392 10,829 2,502 69,118
Consolidated Edison Inc 345 16,323 1,944 91,976
Consolidated Natural Gas Co 142 6,221 751 32,903
Consolidated Stores Corp* 118 3,717 868 27,342
Cooper Industries Inc 133 5,661 984 41,882
Cooper Tire & Rubber Co 125 2,000 649 10,384
Coors (Adolph) Co Class B 69 2,846 243 10,024
Costco Co Inc* 315 14,825 1,716 80,759
Countrywide Credit Industries Inc 104 3,894 845 31,635
Crane Co* 80 3,220 395 15,899
Crown Cork & Seal Co 185 6,059 969 31,735
CSX Corp 277 10,457 1,813 68,441
Cummins Engine Co Inc 25 1,017 298 12,125
Cyprus Amax Minerals 140 1,286 800 7,350
Dana Corp 250 9,780 1,352 52,979
Darden Restaurants Inc 160 2,480 1,129 17,500
Data General Corp* 64 480 444 3,330
Deere & Co 339 11,166 1,949 64,195
Delta Air Lines Inc* 141 14,382 564 57,528
Deluxe Corp 174 5,046 649 18,821
Dillards Inc Class A 128 3,696 848 24,486
Disney (Walt) Co 2,769 75,974 16,516 453,158
Dominion Resources Inc 278 11,589 1,545 64,407
Donnelley (R R) & Sons Co 159 5,764 1,100 39,875
Dow Chemical Co 341 26,598 1,789 139,542
Dow Jones & Co Inc 104 5,181 788 39,252
Dresser Industries Inc 214 5,470 1,399 35,762
</TABLE>
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COMMON STOCKS (continued)
Centex Corp 1,090 $ 38,559 1,104 $ 39,054 1,812 $ 64,100
Central & South West Corp 3,820 99,798 3,677 96,062 6,978 182,300
Champion International Corp 1,832 60,456 1,643 54,219 3,114 102,762
Chevron Corp 12,033 891,194 10,961 811,799 21,189 1,569,310
Chrysler Corp 11,930 532,376 10,846 484,003 20,864 931,056
Chubb Corp 3,068 191,750 2,835 177,188 5,567 347,938
CIGNA Corp 3,996 232,517 3,616 210,406 6,980 406,149
Cincinnati Financial Corp 3,135 105,414 2,920 98,185 5,285 177,708
Cincinnati Milacron Inc 802 15,539 767 14,861 1,215 23,541
Cinergy Corp 2,986 103,764 2,746 95,424 5,214 181,187
Circuit City Stores Inc 1,783 55,050 1,773 54,741 3,170 97,874
Citicorp 8,330 900,681 7,550 816,344 14,667 1,585,869
Clear Channel Communications Inc* 4,596 206,820 4,138 186,210 8,098 364,410
Coastal Corp 3,852 100,152 3,620 94,120 6,990 181,740
Columbia Gas System Inc 1,499 74,575 1,485 73,879 2,736 136,116
Columbia/HCA Healthcare Corp 11,836 267,050 10,867 245,187 21,254 479,543
Comerica Inc 2,917 152,413 2,630 137,418 5,169 270,080
Compaq Computer Corp 30,437 850,334 26,894 751,351 54,036 1,509,631
Conseco Inc 5,661 156,385 5,195 143,512 10,140 280,118
Consolidated Edison Inc 4,333 205,005 4,067 192,420 7,753 366,814
Consolidated Natural Gas Co 1,725 75,577 1,641 71,896 3,113 136,388
Consolidated Stores Corp* 1,929 60,764 1,775 55,913 3,487 109,841
Cooper Industries Inc 2,238 95,255 2,150 91,509 3,937 167,569
Cooper Tire & Rubber Co 1,631 26,096 1,328 21,248 2,507 40,112
Coors (Adolph) Co Class B 738 30,443 656 27,060 1,159 47,809
Costco Co Inc* 3,963 186,509 3,434 161,613 7,096 333,956
Countrywide Credit Industries Inc 2,007 75,137 1,876 70,233 3,464 129,684
Crane Co* 815 32,804 861 34,655 1,498 60,295
Crown Cork & Seal Co 2,329 76,275 2,055 67,301 4,137 135,487
CSX Corp 4,043 152,623 3,783 142,808 7,177 270,932
Cummins Engine Co Inc 746 30,353 624 25,389 1,256 51,104
Cyprus Amax Minerals 1,856 17,052 1,645 15,113 3,034 27,875
Dana Corp 3,065 120,129 2,804 109,868 5,198 203,694
Darden Restaurants Inc 2,679 41,525 2,566 39,773 4,853 75,222
Data General Corp* 1,001 7,508 772 5,790 1,522 11,415
Deere & Co 4,540 149,536 4,182 137,745 8,205 270,252
Delta Air Lines Inc* 1,343 136,986 1,275 130,050 2,475 252,450
Deluxe Corp 1,421 41,209 1,377 39,933 2,599 75,371
Dillards Inc Class A 1,975 57,028 1,978 57,115 3,580 103,373
Disney (Walt) Co 37,698 1,034,339 34,404 943,960 66,483 1,824,127
Dominion Resources Inc 3,604 150,242 3,349 139,611 6,311 263,090
Donnelley (R R) & Sons Co 2,628 95,265 2,433 88,196 4,705 170,556
Dow Chemical Co 4,111 320,658 3,778 294,684 7,497 584,766
Dow Jones & Co Inc 1,730 86,176 1,604 79,899 3,115 155,166
Dresser Industries Inc 3,238 82,771 3,027 77,378 5,774 147,598
</TABLE>
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COMMON STOCKS (continued)
DSC Communications Corp* 226 $ 5,452 948 $ 22,871
DTE Energy Co 238 10,026 1,130 47,601
Duke Power Co 451 28,131 2,890 180,264
Eastern Enterprises 39 1,543 200 7,913
Eastman Chemical Co 124 6,394 646 33,309
Eastman Kodak Co 393 30,703 2,572 200,938
Eaton Corp 86 5,036 584 34,201
Edison International 527 14,987 2,933 83,407
EG & G Inc 25 586 353 8,273
Electronic Data Systems Corp 1,788 59,898 4,530 151,755
Engelhard Corp 270 4,961 1,171 21,517
Enron Corp 428 18,110 2,623 110,986
Entergy Corp 340 9,796 1,936 55,781
Exxon Corp 3,357 219,674 19,708 1,289,642
FDX Corp* 232 11,615 1,187 59,424
Federal National Mortgage Assn 1,361 77,322 8,334 473,475
Federated Department Stores Inc* 259 11,283 1,703 74,187
First Chicago NBD Corp 347 21,991 2,346 148,678
First Data Corp 563 11,647 3,600 74,475
First Union Corp of New England 1,341 65,039 7,793 377,962
FirstEnergy Corp 350 10,106 1,810 52,264
Fleet Financial Group Inc* 366 23,996 2,271 148,892
Fleetwood Enterprises Inc 32 1,070 328 10,968
Fluor Corp 123 4,866 649 25,676
FMC Corp* 2 104 238 12,317
Ford Motor Co 1,681 73,964 9,792 430,848
Fortune Brands Inc 260 7,166 1,416 39,029
Foster Wheeler Corp 102 1,256 341 4,199
FPL Group Inc 241 16,042 1,428 95,051
Fred Myer Inc* 200 7,863 1,200 47,175
General Dynamics Corp 126 5,993 1,004 47,753
General Motors Corp Class A 911 52,610 5,427 313,409
General Re Corp 101 20,958 651 135,083
General Signal Corp 35 1,286 341 12,532
Genuine Parts Co 259 8,110 1,444 45,215
Georgia-Pacific Corp 137 5,874 693 29,712
Golden West Financial 64 4,872 500 38,063
Goodrich (B F) Co 92 2,490 626 16,941
Goodyear Tire & Rubber Co 247 12,103 1,245 61,005
GPU Inc 242 9,090 1,073 40,305
Grainger (W W) Inc 82 3,213 794 31,115
Great Atlantic & Pacific Tea Co 69 1,643 293 6,977
Great Lakes Chemical Corp 77 3,013 438 17,137
Harcourt General Inc 89 4,322 582 28,263
Harnischfeger Industries Inc 110 1,767 405 6,505
</TABLE>
48
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<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS (continued)
DSC Communications Corp* 2,139 $ 51,603 2,076 $ 50,084 3,737 $ 90,155
DTE Energy Co 2,643 111,336 2,547 107,292 4,721 198,872
Duke Power Co 6,626 413,297 6,049 377,306 11,801 736,087
Eastern Enterprises 426 16,854 382 15,113 686 27,140
Eastman Chemical Co 1,415 72,961 1,375 70,898 2,585 133,289
Eastman Kodak Co 5,916 462,188 5,391 421,172 10,631 830,547
Eaton Corp 1,274 74,609 1,294 75,780 2,419 141,663
Edison International 6,587 187,318 6,115 173,895 12,382 352,113
EG & G Inc 972 22,781 723 16,945 1,467 34,383
Electronic Data Systems Corp 9,091 304,549 8,876 297,346 19,000 636,500
Engelhard Corp 2,601 47,793 2,522 46,342 4,626 85,003
Enron Corp 6,085 257,472 5,496 232,550 10,835 458,456
Entergy Corp 4,475 128,936 4,234 121,992 8,009 230,759
Exxon Corp 45,066 2,949,006 41,126 2,691,183 79,342 5,191,942
FDX Corp* 2,658 133,066 2,489 124,606 4,758 238,197
Federal National Mortgage Assn 19,126 1,086,596 17,193 976,777 33,621 1,910,093
Federated Department Stores Inc* 3,866 168,413 3,622 157,783 6,911 301,060
First Chicago NBD Corp 5,244 332,339 4,853 307,559 9,277 587,930
First Data Corp 8,248 170,631 7,509 155,342 14,049 290,639
First Union Corp of New England 17,858 866,113 16,323 791,664 31,422 1,523,967
FirstEnergy Corp 4,250 122,719 4,015 115,933 7,420 214,253
Fleet Financial Group Inc* 5,278 346,039 4,755 311,750 8,944 586,391
Fleetwood Enterprises Inc 713 23,841 670 22,403 1,165 38,955
Fluor Corp 1,539 60,887 1,486 58,790 2,728 107,927
FMC Corp* 628 32,499 681 35,242 1,198 61,997
Ford Motor Co 22,367 984,148 20,343 895,092 39,375 1,732,500
Fortune Brands Inc 3,194 88,035 2,994 82,522 5,592 154,130
Foster Wheeler Corp 732 9,013 683 8,409 1,254 15,440
FPL Group Inc 3,344 222,585 3,130 208,341 5,989 398,643
Fred Myer Inc* 2,800 110,075 2,100 82,556 4,500 176,906
General Dynamics Corp 2,302 109,489 2,224 105,779 4,092 194,626
General Motors Corp Class A 12,337 712,462 11,229 648,475 21,815 1,259,816
General Re Corp 1,413 293,198 1,329 275,768 2,474 513,355
General Signal Corp 861 31,642 799 29,363 1,598 58,727
Genuine Parts Co 3,274 102,517 3,148 98,572 5,851 183,209
Georgia-Pacific Corp 1,689 72,416 1,636 70,144 2,997 128,496
Golden West Financial 1,002 76,277 997 75,897 1,901 144,714
Goodrich (B F) Co 1,413 38,239 1,211 32,773 2,353 63,678
Goodyear Tire & Rubber Co 2,908 142,492 2,687 131,663 5,071 248,479
GPU Inc 2,342 87,971 2,181 81,924 4,067 152,767
Grainger (W W) Inc 1,812 71,008 1,770 69,362 3,286 128,770
Great Atlantic & Pacific Tea Co 732 17,431 612 14,573 1,177 28,027
Great Lakes Chemical Corp 1,100 43,038 1,045 40,886 1,912 74,807
Harcourt General Inc 1,319 64,054 1,211 58,809 2,253 109,411
Harnischfeger Industries Inc 998 16,030 854 13,717 1,480 23,773
</TABLE>
49
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- --------------------------------------------------------------------------------
COMMON STOCKS (continued)
Harrah's Entertainment Inc* 108 $ 1,559 797 $ 11,507
Harris Corp Inc 104 3,315 692 22,058
Hartford Financial Services Group 272 12,172 1,862 83,325
Hasbro Inc 198 6,200 1,105 34,600
Healthsouth Corp* 610 11,552 3,390 64,198
Helmerich & Payne Inc 90 1,463 420 6,825
Hercules Inc 92 2,352 778 19,888
Hewlett-Packard Co 1,374 66,725 8,303 403,214
Homestake Mining Co 222 1,970 1,787 15,860
Honeywell Inc 184 11,500 1,039 64,938
Household International Inc 569 21,017 3,966 146,494
Houston Industries Inc 434 12,505 2,418 69,669
Humana Inc* 257 3,341 1,270 16,510
Huntington Bancshares Inc 279 6,347 1,689 38,425
Ikon Office Solutions Inc 194 1,079 1,028 5,718
Inco Ltd 236 1,977 1,269 10,628
Ingersoll-Rand Co 272 10,812 1,350 53,663
International Paper Co 422 15,614 2,516 93,092
ITT Industries Inc 236 7,110 981 29,553
JC Penney Co Inc 356 17,644 2,063 102,247
Jefferson-Pilot Corp 160 9,080 858 48,692
Johnson Controls Inc 96 4,110 700 29,969
K Mart Corp* 804 10,251 3,867 49,304
Kaufman & Broad Home Corp 59 1,261 308 6,584
Kerr-McGee Corp 43 1,661 348 13,442
KeyCorp 664 16,932 3,588 91,494
KingWorld Productions* 104 2,184 580 12,180
KLA Instruments Corp* 104 2,210 736 15,640
Knight-Ridder Inc 144 6,858 597 28,432
Laidlaw Inc 495 4,269 2,679 23,106
Lehman Brothers Holdings 200 7,875 1,000 39,375
Limited Inc 277 5,782 1,809 37,763
Lincoln National Corp 144 12,384 836 71,896
Liz Claiborne Inc 91 2,594 485 13,823
Lockheed Martin Corp 260 22,734 1,599 139,813
Loews Corp 155 13,078 883 74,503
Longs Drug Stores Corp 76 2,594 349 11,910
Louisiana-Pacific Corp 123 2,322 942 17,780
Lowe's Co Inc 514 18,022 2,780 97,474
LSI Logic Corp* 128 1,568 1,164 14,259
Mallinckrodt Group Inc 87 1,990 584 13,359
Manor Care Inc 61 1,464 501 12,024
Marsh & McLennan Co Inc 300 14,550 2,077 100,713
Masco Corp 512 11,776 2,768 63,664
May Department Stores Co 294 16,538 1,818 102,263
50
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<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS (continued)
Harrah's Entertainment Inc* 1,832 $ 6,450 1,702 $ 4,573 3,218 $ 6,460
Harris Corp Inc 1,470 46,856 1,433 45,677 2,527 80,548
Hartford Financial Services Group 4,330 193,768 3,986 178,374 7,700 344,575
Hasbro Inc 2,523 79,001 2,312 72,395 4,261 133,423
Healthsouth Corp* 7,777 147,277 6,319 119,666 13,105 248,176
Helmerich & Payne Inc 920 14,950 840 13,650 1,620 26,325
Hercules Inc 1,716 43,865 1,661 42,459 3,223 82,388
Hewlett-Packard Co 19,120 928,515 16,901 820,755 33,799 1,641,364
Homestake Mining Co 4,161 36,929 3,596 31,915 6,826 60,581
Honeywell Inc 2,289 143,063 2,152 134,500 4,172 260,750
Household International Inc 9,033 333,656 8,207 303,146 15,956 589,375
Houston Industries Inc 5,464 157,432 4,880 140,605 9,322 268,590
Humana Inc* 2,972 38,636 2,822 36,686 5,215 67,795
Huntington Bancshares Inc 3,888 88,452 3,710 84,403 6,868 156,247
Ikon Office Solutions Inc 2,671 14,857 2,325 12,933 4,316 24,008
Inco Ltd 3,005 25,167 2,850 23,869 5,233 43,826
Ingersoll-Rand Co 3,007 119,528 2,862 113,765 5,417 215,326
International Paper Co 5,688 210,456 5,233 193,621 9,964 368,668
ITT Industries Inc 2,216 66,757 2,044 61,576 3,942 118,753
JC Penney Co Inc 4,661 231,011 4,257 210,988 8,225 407,652
Jefferson-Pilot Corp 1,925 109,244 1,902 107,939 3,469 196,866
Johnson Controls Inc 1,581 67,687 1,435 61,436 2,750 117,734
K Mart Corp* 9,017 114,967 8,437 107,572 15,826 201,782
Kaufman & Broad Home Corp 734 15,689 647 13,830 1,189 25,415
Kerr-McGee Corp 862 33,295 784 30,282 1,574 60,796
KeyCorp 8,074 205,887 7,412 189,006 14,474 369,087
KingWorld Productions* 1,398 29,358 1,268 26,628 2,324 48,804
KLA Instruments Corp* 1,684 35,785 1,460 31,025 2,628 55,845
Knight-Ridder Inc 1,424 67,818 1,381 65,770 2,603 123,968
Laidlaw Inc 5,933 51,172 5,652 48,749 10,412 89,804
Lehman Brothers Holdings 2,200 86,625 1,800 70,875 3,300 129,938
Limited Inc 4,117 85,942 3,867 80,724 7,326 152,930
Lincoln National Corp 1,879 161,594 1,670 143,620 3,351 288,186
Liz Claiborne Inc 1,299 37,022 1,214 34,599 2,128 60,648
Lockheed Martin Corp 3,590 313,901 3,268 285,746 6,397 559,338
Loews Corp 2,082 175,669 2,012 169,763 3,813 321,722
Longs Drug Stores Corp 794 27,095 671 22,898 1,256 42,861
Louisiana-Pacific Corp 2,021 38,146 1,874 35,372 3,516 66,365
Lowe's Co Inc 6,398 224,330 5,884 206,308 11,418 400,344
LSI Logic Corp* 2,742 33,590 2,441 29,902 4,460 54,635
Mallinckrodt Group Inc 1,443 33,009 1,305 29,852 2,292 52,430
Manor Care Inc 1,199 28,776 1,112 26,688 2,037 48,888
Marsh & McLennan Co Inc 4,765 231,103 4,183 202,876 8,375 406,188
Masco Corp 6,228 143,244 5,834 134,182 10,842 249,366
May Department Stores Co 4,285 241,031 3,834 215,663 7,597 427,331
</TABLE>
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COMMON STOCKS (continued)
MBIA Inc 104 $ 5,837 764 $ 42,880
McDermott International Inc 146 2,929 456 9,149
McDonald's Corp 969 54,325 5,490 307,783
McGraw-Hill Inc 176 13,420 840 64,050
MCI Communications Corp 994 49,700 5,797 289,850
Mead Corp 112 3,066 875 23,953
Mellon Bank Corp 337 17,524 2,073 107,796
Mercantile Bancorp 154 6,766 1,205 52,945
Merrill Lynch & Co 430 28,380 2,774 183,084
MGIC Investment Corp 105 4,358 884 36,686
Micron Technology Inc* 335 7,621 1,712 38,948
Mirage Resorts Inc* 297 4,418 1,376 20,468
Mobil Corp 1,029 71,130 6,320 436,870
Moore Corp Ltd 104 995 783 7,487
Morgan Stanley Dean Witter Discover & Co 784 45,521 4,816 279,629
Morgan (J P) & Co Inc 246 22,878 1,484 138,012
Morton International Inc 238 5,296 1,072 23,852
Motorola Inc 826 35,570 4,801 206,743
NACCO Industries Inc Class A 18 1,715 48 4,572
Nalco Chemical Co 74 2,141 539 15,597
National Semiconductor* 266 2,427 1,312 11,972
National Service Industries Inc 39 1,453 342 12,740
NationsBank Corp 1,262 71,934 7,697 438,729
Navistar International Corp* 134 2,814 581 12,201
New York Times Co Class A 232 6,728 1,498 43,442
Newmont Mining Corp 164 2,245 1,236 16,918
NEXTEL Communications Class A* 368 6,647 2,180 39,376
Niagara Mohawk Power Corp* 131 2,031 1,497 23,204
NICOR Inc 44 1,708 350 13,584
Nike Inc Class B 383 13,285 2,311 80,163
Nordstrom Inc 244 7,305 1,190 35,626
Norfolk Southern Corp 592 16,687 3,000 84,563
Northern States Power Co 140 3,710 1,180 31,270
Northern Trust Corp 134 7,471 920 51,290
Northrop Grumman Corp 139 8,809 554 35,110
Norwest Corp 1,047 31,148 6,118 182,011
Novell Inc* 535 5,083 2,846 27,037
Nucor Corp 131 4,708 734 26,378
Occidental Petroleum Corp 600 11,100 2,960 54,760
ONEOK Inc 49 1,473 240 7,215
Owens Illinois Inc* 206 6,425 1,258 39,234
P P & L Resources Inc 257 6,056 1,370 32,281
PACCAR Inc 103 4,223 587 24,067
PacifiCorp 507 11,439 2,393 53,992
Pall Corp 183 3,752 987 20,234
52
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- ------------------------------------------------------------------------------------------------------------------------------
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Shares Value Shares Value Shares Value
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MBIA Inc 1,767 $ 99,173 1,710 $ 95,974 3,205 $ 179,881
McDermott International Inc 1,093 21,928 1,047 21,005 1,893 37,978
McDonald's Corp 12,681 710,929 11,587 649,596 22,244 1,247,054
McGraw-Hill Inc 1,865 142,206 1,737 132,446 3,190 243,238
MCI Communications Corp 13,302 665,100 12,159 607,950 22,899 1,144,950
Mead Corp 1,911 52,314 1,840 50,370 3,312 90,666
Mellon Bank Corp 4,756 247,312 4,432 230,464 8,361 434,772
Mercantile Bancorp 2,803 123,157 2,196 96,487 4,910 215,733
Merrill Lynch & Co 6,338 418,308 5,794 382,404 10,912 720,192
MGIC Investment Corp 2,091 86,777 1,813 75,240 3,694 153,301
Micron Technology Inc* 3,911 88,975 3,635 82,696 6,977 158,727
Mirage Resorts Inc* 3,280 48,790 3,129 46,544 5,674 84,401
Mobil Corp 14,426 997,197 13,173 910,584 25,365 1,753,356
Moore Corp Ltd 1,808 17,289 1,536 14,688 2,924 27,961
Morgan Stanley Dean Witter Discover & Co 11,091 643,971 9,628 559,026 19,652 1,141,044
Morgan (J P) & Co Inc 3,272 304,296 3,030 281,790 5,797 539,121
Morton International Inc 2,376 52,866 2,344 52,154 4,114 91,537
Motorola Inc 11,057 476,142 10,008 430,970 19,599 843,982
NACCO Industries Inc Class A 152 14,478 149 14,192 269 25,622
Nalco Chemical Co 1,188 34,378 1,152 33,336 2,099 60,740
National Semiconductor* 3,284 29,967 2,844 25,952 5,246 47,870
National Service Industries Inc 771 28,720 774 28,832 1,319 49,133
NationsBank Corp 17,648 1,005,936 16,066 915,762 30,902 1,761,414
Navistar International Corp* 1,312 27,552 1,259 26,439 2,384 50,064
New York Times Co Class A 3,452 100,108 3,254 94,366 6,266 181,714
Newmont Mining Corp 2,805 38,393 2,693 36,860 4,961 67,904
NEXTEL Communications Class A* 4,988 90,096 4,701 84,912 9,525 172,045
Niagara Mohawk Power Corp* 3,427 53,119 2,486 38,533 4,609 71,440
NICOR Inc 909 35,281 801 31,089 1,509 58,568
Nike Inc Class B 5,319 184,503 4,886 169,483 9,502 329,601
Nordstrom Inc 2,806 84,005 2,726 81,610 4,952 148,251
Norfolk Southern Corp 6,946 195,790 6,543 184,431 12,357 348,313
Northern States Power Co 2,694 71,391 2,586 68,529 4,748 125,822
Northern Trust Corp 2,056 114,622 1,876 104,587 3,730 207,948
Northrop Grumman Corp 1,268 80,360 1,184 75,036 2,173 137,714
Norwest Corp 13,885 413,079 12,708 378,063 24,786 737,384
Novell Inc* 6,445 61,228 6,017 57,162 11,183 106,239
Nucor Corp 1,581 56,817 1,560 56,063 2,837 101,955
Occidental Petroleum Corp 6,727 124,450 5,879 108,762 11,085 205,073
ONEOK Inc 603 18,128 507 15,242 920 27,658
Owens Illinois Inc* 2,841 88,604 2,301 71,762 5,015 156,405
P P & L Resources Inc 3,082 72,620 2,923 68,873 5,427 127,874
PACCAR Inc 1,463 59,983 1,328 54,448 2,518 103,238
PacifiCorp 5,405 121,950 5,116 115,430 9,774 220,526
Pall Corp 2,250 46,125 2,123 43,522 3,943 80,832
</TABLE>
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- --------------------------------------------------------------------------------
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------------------ ------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS (continued)
Parker-Hannifin Corp 158 $ 4,582 887 $ 25,723
Peco Energy Co 322 11,029 1,788 61,239
Pennzoil 32 1,144 338 12,084
Peoples Energy Corp 63 2,087 260 8,613
PG & E Corp 556 17,862 3,120 100,230
Pharmacia & Upjohn Inc 737 30,632 4,070 169,159
Phelps Dodge Corp 76 3,401 440 19,690
Phillips Petroleum Co 319 13,019 2,079 84,849
Placer Dome Inc 353 2,846 1,924 15,512
PNC Bank Corp 419 18,017 2,425 104,275
Polaroid Corp 34 956 337 9,478
Potlatch Corp 102 3,353 245 8,054
PPG Industries Inc 205 10,417 1,464 74,390
Praxair Inc 218 7,821 1,291 46,315
Progressive Corp 85 8,282 550 53,591
Provident Co Inc 294 10,584 932 33,552
Public Service Ent Group Inc 388 14,211 1,835 67,207
Pulte Corp 100 2,888 374 10,799
Raychem Corp 54 1,566 709 20,561
Raytheon Co Class B 384 17,520 2,773 126,518
Reebok International Ltd* 97 1,570 429 6,944
Regions Financial Corp 940 32,548 2,527 87,497
Republic New York Corp 104 4,290 882 36,383
Reynolds Metals Co 59 2,828 606 29,050
Rite Aid Corp 218 7,889 2,078 75,198
Rockwell International Corp 320 11,600 1,579 57,239
Rohm & Haas Co* 71 6,128 535 46,177
Rowan Cos Inc* 126 1,166 704 6,512
Rubbermaid Inc 162 4,121 1,229 31,263
Russell Corp 75 2,372 298 9,424
Ryder System 139 3,275 587 13,831
Safeco Corp 176 7,150 1,108 45,013
Safety-Kleen Corp* 349 1,025 1,727 5,073
Scientific Atlanta Inc 85 1,503 684 12,098
Seagate Technology Inc* 397 6,948 1,979 34,633
Seagrams Co Ltd 444 13,709 2,775 85,678
Sears Roebuck & Co 508 23,082 3,105 141,083
Sempra Energy 229 5,814 1,959 49,824
Service Corp International 409 13,855 2,018 68,360
Sherwin Williams Co 261 6,231 1,419 33,879
Sigma Aldrich Corp 128 3,552 798 22,145
Silicon Graphics* 284 2,574 1,549 14,038
Snap-On Inc 138 3,623 477 12,521
Sonat Inc 132 3,572 936 25,331
Southern Co 1,015 28,547 5,570 156,656
54
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--------------------- ---------------------- ----------------------
Shares Value Shares Value Shares Value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Parker-Hannifin Corp 2,008 $ 58,232 1,938 $ 56,202 3,509 $ 101,761
Peco Energy Co 4,107 140,665 3,830 131,178 7,287 249,580
Pennzoil 932 33,319 887 31,710 1,484 53,053
Peoples Energy Corp 674 22,326 582 19,279 1,141 37,796
PG & E Corp 6,984 224,361 6,526 209,648 12,372 397,451
Pharmacia & Upjohn Inc 9,384 390,023 8,554 355,526 16,658 692,348
Phelps Dodge Corp 1,095 49,001 1,038 46,451 1,912 85,562
Phillips Petroleum Co 4,846 197,777 4,375 178,555 8,604 351,151
Placer Dome Inc 4,869 39,256 4,318 34,814 7,878 63,516
PNC Bank Corp 5,522 237,446 5,091 218,913 9,970 428,710
Polaroid Corp 906 25,481 747 21,009 1,402 39,431
Potlatch Corp 540 17,753 532 17,490 865 28,437
PPG Industries Inc 3,243 164,785 2,991 151,980 5,821 295,780
Praxair Inc 2,940 105,473 2,692 96,576 5,200 186,550
Progressive Corp 1,369 133,392 1,248 121,602 2,361 230,050
Provident Co Inc 1,812 65,232 1,702 61,272 3,666 131,976
Public Service Ent Group Inc 4,244 155,437 4,016 147,086 7,664 280,694
Pulte Corp 786 22,696 742 21,425 1,266 36,556
Raychem Corp 1,623 47,067 1,366 39,614 3,262 94,598
Raytheon Co Class B 6,200 282,875 5,723 261,112 11,151 508,764
Reebok International Ltd* 1,041 16,851 923 14,941 2,094 33,897
Regions Financial Corp 4,931 170,719 4,991 172,796 10,588 366,610
Republic New York Corp 1,980 81,675 1,904 78,540 3,598 148,418
Reynolds Metals Co 1,304 62,511 1,306 62,606 2,354 112,845
Rite Aid Corp 4,732 171,239 4,304 155,751 8,506 307,811
Rockwell International Corp 3,564 129,195 3,348 121,365 6,551 237,474
Rohm & Haas Co* 1,160 100,123 1,033 89,161 1,972 170,208
Rowan Cos Inc* 1,764 16,317 1,472 13,616 3,279 30,331
Rubbermaid Inc 2,751 69,979 2,610 66,392 4,926 125,305
Russell Corp 752 23,782 721 22,802 1,106 34,977
Ryder System 1,367 32,210 1,303 30,702 2,460 57,964
Safeco Corp 2,607 105,909 2,498 101,481 4,523 183,747
Safety-Kleen Corp* 3,949 11,600 3,467 10,184 5,948 17,472
Scientific Atlanta Inc 1,559 27,575 1,365 24,143 2,554 45,174
Seagate Technology Inc* 4,413 77,228 4,238 74,165 7,966 139,405
Seagrams Co Ltd 6,386 197,168 5,840 180,310 11,229 346,695
Sears Roebuck & Co 7,187 326,559 6,526 296,525 12,875 585,008
Sempra Energy 4,349 110,626 2,159 54,931 4,015 102,135
Service Corp International 4,712 159,619 4,446 150,608 8,309 281,467
Sherwin Williams Co 3,262 77,880 3,018 72,055 5,670 135,371
Sigma Aldrich Corp 1,849 51,310 1,719 47,702 3,169 87,940
Silicon Graphics* 3,639 32,978 3,278 29,707 5,761 52,209
Snap-On Inc 1,061 27,851 1,087 28,534 1,908 50,085
Sonat Inc 1,960 53,043 1,874 50,715 3,526 95,422
Southern Co 12,855 361,547 11,751 330,497 22,665 637,453
</TABLE>
55
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- --------------------------------------------------------------------------------
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------------------ ------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS (continued)
Springs Industries Inc 33 $ 1,091 195 $ 6,447
Sprint Corp 595 39,902 3,423 229,555
St Jude Medical Inc* 152 3,354 696 15,356
St Paul Cos 354 10,819 1,875 57,305
Summit BanCorp 204 6,962 1,455 49,652
Sun Co Inc 115 3,802 758 25,061
Sun Microsystems Inc* 522 20,684 3,050 120,856
Sunamerica Inc 309 19,139 1,533 94,950
Suntrust Banks Inc 239 13,384 1,672 93,632
Supervalu Inc 156 3,169 986 20,028
Tandy Corp 126 6,875 795 43,377
Tektronix Inc 3 46 376 5,711
Temple Inland Inc 49 2,196 485 21,734
Tenet Healthcare Corp* 424 10,945 2,482 64,067
Tenneco Inc 278 8,809 1,340 42,461
Texaco Inc 742 41,227 4,386 243,697
Texas Instruments 560 26,705 3,097 147,688
Texas Utilities Co 351 14,918 2,264 96,220
Textron Inc 267 16,754 1,269 79,630
The Pep Boys 59 867 499 7,329
Thermo Electron Corp* 239 3,884 1,236 20,085
Thomas & Betts Corp 68 2,316 454 15,464
Time Warner Inc 787 63,255 4,798 385,639
Timken Co 102 1,855 500 9,094
Torchmark Corp 162 5,792 1,097 39,218
Toys "R" Us Inc Holding Co* 471 8,743 2,221 41,227
Transamerica Corp 76 7,795 542 55,589
Travelers Property Casualty 1,573 69,802 9,265 411,135
Tribune Co 141 9,086 967 62,311
TRW Inc 131 5,617 960 41,160
Unicom Corp 308 10,973 1,744 62,130
Union Camp Corp 75 2,780 544 20,162
Union Carbide Corp 145 5,827 1,071 43,041
Union Pacific Corp 368 14,651 2,039 81,178
Union Pacific Resources Group 332 2,843 2,058 17,622
United Healthcare Corp 297 10,729 1,539 55,596
United States Surgical Corp 152 6,071 599 23,923
Unocal Corp 384 12,024 1,991 62,343
Unum Corp 172 7,568 1,156 50,864
US West Inc 689 35,828 4,078 212,071
USX-Marathon Group 415 10,790 2,320 60,320
USX-US Steel Group Inc 136 2,848 690 14,447
Venator Group Inc* 187 1,695 1,047 9,488
VF Corp 130 4,924 1,011 38,292
Viacom Inc* 487 24,167 2,910 144,409
56
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- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Springs Industries Inc 403 $ 13,324 319 $ 10,547 650 $ 21,491
Sprint Corp 7,930 531,806 7,239 485,465 14,081 944,307
St Jude Medical Inc* 1,635 36,072 1,534 33,844 2,835 62,547
St Paul Cos 4,298 131,358 4,060 124,084 7,618 232,825
Summit BanCorp 3,257 111,145 3,071 104,798 5,817 198,505
Sun Co Inc 1,813 59,942 1,626 53,760 3,087 102,064
Sun Microsystems Inc* 6,929 274,562 6,142 243,377 12,427 492,420
Sunamerica Inc 3,597 222,789 3,390 209,968 6,399 396,338
Suntrust Banks Inc 3,854 215,824 3,576 200,256 6,943 388,808
Supervalu Inc 2,188 44,444 2,088 42,413 3,836 77,919
Tandy Corp 1,822 99,413 1,817 99,140 3,358 183,221
Tektronix Inc 924 14,033 808 12,272 1,874 28,461
Temple Inland Inc 1,041 46,650 959 42,975 1,835 82,231
Tenet Healthcare Corp* 5,683 146,692 5,354 138,200 9,920 256,060
Tenneco Inc 3,053 96,742 2,947 93,383 5,642 178,781
Texaco Inc 9,972 554,069 9,133 507,452 17,503 972,510
Texas Instruments 7,181 342,444 6,345 302,577 12,757 608,349
Texas Utilities Co 5,158 219,215 4,336 184,280 7,986 339,405
Textron Inc 2,986 187,372 2,744 172,186 5,368 336,842
The Pep Boys 1,272 18,683 1,009 14,820 2,060 30,256
Thermo Electron Corp* 2,866 46,573 2,746 44,623 5,171 84,029
Thomas & Betts Corp 1,010 34,403 973 33,143 1,754 59,746
Time Warner Inc 10,919 877,615 9,887 794,668 18,946 1,522,785
Timken Co 1,240 22,553 1,078 19,606 1,984 36,084
Torchmark Corp 2,606 93,165 2,418 86,444 4,644 166,023
Toys "R" Us Inc Holding Co* 5,070 94,112 4,917 91,272 9,313 172,873
Transamerica Corp 1,199 122,972 1,044 107,075 2,087 214,048
Travelers Property Casualty 21,213 941,327 19,304 856,621 37,241 1,652,570
Tribune Co 2,199 141,698 1,995 128,553 3,999 257,686
TRW Inc 2,260 96,898 2,140 91,753 4,003 171,629
Unicom Corp 3,987 142,037 3,784 134,805 7,157 254,968
Union Camp Corp 1,274 47,218 1,251 46,365 2,201 81,575
Union Carbide Corp 2,504 100,630 2,179 87,569 3,954 158,901
Union Pacific Corp 4,505 179,355 4,158 165,540 8,035 319,893
Union Pacific Resources Group 4,633 39,670 4,322 37,007 8,093 69,296
United Healthcare Corp 3,529 127,485 3,247 117,298 6,162 222,602
United States Surgical Corp 1,465 58,508 1,276 50,960 2,442 97,527
Unocal Corp 4,385 137,305 4,066 127,317 8,144 255,009
Unum Corp 2,574 113,256 2,391 105,204 4,559 200,596
US West Inc 9,250 481,000 8,387 436,118 16,360 850,720
USX-Marathon Group 5,339 138,814 4,866 126,516 9,357 243,282
USX-US Steel Group Inc 1,564 32,746 1,494 31,281 2,692 56,364
Venator Group Inc* 2,678 24,269 2,311 20,943 4,309 39,050
VF Corp 2,254 85,370 2,131 80,712 3,991 151,159
Viacom Inc * 6,602 327,624 6,039 299,685 11,580 574,658
</TABLE>
57
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Shares Value Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS (continued)
Wachovia Corp 312 $ 22,874 1,644 $120,526
Washington Mutual Inc 510 16,320 3,133 100,256
Waste Management Inc* 1,337 58,885 4,179 184,272
Wells Fargo & Co 156 43,973 674 189,984
Wendy's International Inc 211 4,233 1,070 21,467
Westvaco Corp 206 4,326 832 17,472
Weyerhaeuser Co 269 10,104 1,619 60,814
Whirlpool Corp 83 4,119 605 30,023
Willamette Industries Inc 219 5,393 920 22,655
Williams Co Inc 610 14,030 3,428 78,844
Winn Dixie 166 6,184 1,209 45,035
Worldcom Inc* 1,444 59,114 8,291 339,413
Worthington Industries 137 1,781 797 10,361
WR Grace* 42 541 636 8,189
--------- ---------
TOTAL LARGE CAP VALUE STOCKS
- VALUE $4,780,337 $27,914,797
- COST $4,689,078 $25,116,493
MEDIUM CAP GROWTH STOCKS
Percent of Net Assets 1.82% 2.73%
Accustaff Inc* 500 $ 6,250 1,400 $ 17,500
ADC Telecommunications* 672 14,910 1,860 41,269
Advanced Fibre Communication* 300 2,138 700 4,988
Allied Waste Industries Inc* 500 9,500 1,400 26,600
Altera Corp* 420 12,233 1,220 35,533
Amazon.com Inc* 100 8,350 200 16,750
America Online Inc 1,100 90,131 3,000 245,813
American Power Conversion* 300 8,100 1,180 31,860
Analog Devices Inc* 801 11,264 2,326 32,709
Apollo Group Inc* 200 6,075 550 16,706
Arterial Vascular Engineering Co* -- -- 200 7,000
Associated Banc Corp 250 8,000 925 29,600
At Home Corp* 100 2,825 300 8,550
Barnes & Noble* 400 10,825 700 18,944
Bea Systems Inc* -- -- 100 1,525
Bed Bath & Beyond Inc* 400 7,225 1,400 25,288
Best Buy Co Inc* 400 15,750 1,100 43,313
Betzdearborn Inc 96 5,904 440 27,060
Biogen Inc* 418 19,333 960 44,400
BMC Software Inc* 1,024 43,328 3,060 129,476
Borders Group Inc* 300 5,681 1,000 18,938
Cadence Design Systems Inc* 964 20,365 2,824 59,657
Callaway Golf Co 296 2,942 980 9,739
Cambridge Technology Partners Inc* 100 3,244 400 13,000
Camco International Inc 200 10,050 500 25,125
58
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- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Wachovia Corp 3,795 $ 278,221 3,438 $ 252,048 6,728 $ 493,247
Washington Mutual Inc 7,122 227,904 6,217 198,944 12,604 403,328
Waste Management Inc* 9,630 424,821 8,683 383,037 18,104 798,735
Wells Fargo & Co 1,575 443,953 1,424 401,390 2,773 781,639
Wendy's International Inc 2,334 46,826 2,263 45,401 4,251 85,286
Westvaco Corp 1,803 37,863 1,807 37,947 3,274 68,754
Weyerhaeuser Co 3,699 138,944 3,441 129,253 6,592 247,612
Whirlpool Corp 1,360 67,490 1,298 64,413 2,449 121,532
Willamette Industries Inc 2,062 50,777 1,958 48,216 3,576 88,059
Williams Co Inc 7,749 178,227 7,129 163,967 13,847 318,481
Winn Dixie 2,758 102,736 2,605 97,036 4,866 181,259
Worldcom Inc* 18,975 776,789 17,380 711,494 33,221 1,359,985
Worthington Industries 1,935 25,155 1,689 21,957 3,092 40,196
WR Grace* 1,336 17,201 1,126 14,497 2,898 37,312
---------- ---------- ----------
TOTAL LARGE CAP VALUE STOCKS
- VALUE $ 63,846,677 $ 58,240,051 $ 112,406,109
- COST $ 55,726,122 $ 50,532,236 $ 109,662,173
MEDIUM CAP GROWTH STOCKS
Percent of Net Assets 3.50% 4.57% 5.58%
Accustaff Inc* 2,700 $ 33,750 2,400 $ 30,000 5,100 $ 63,750
ADC Telecommunications* 3,596 79,786 3,416 75,793 7,220 160,194
Advanced Fibre Communication* 1,300 9,263 1,300 9,263 2,800 19,950
Allied Waste Industries Inc* 2,700 51,300 2,600 49,400 5,500 104,500
Altera Corp* 2,436 70,949 2,296 66,871 4,880 142,130
Amazon.com Inc* 300 25,125 300 25,125 600 50,250
America Online Inc 5,700 467,044 5,400 442,463 11,600 950,475
American Power Conversion* 2,194 59,238 2,109 56,943 4,460 120,420
Analog Devices Inc* 4,438 62,409 4,161 58,514 8,929 125,564
Apollo Group Inc* 1,100 33,413 1,050 31,894 2,200 66,825
Arterial Vascular Engineering Co* 300 10,500 200 7,000 600 21,000
Associated Banc Corp 1,725 55,200 1,650 52,800 3,500 112,000
At Home Corp* 500 14,250 500 14,250 1,100 31,350
Barnes & Noble* 1,300 35,181 1,200 32,475 2,600 70,363
Bea Systems Inc* 200 3,050 200 3,050 400 6,100
Bed Bath & Beyond Inc* 2,400 43,350 2,400 43,350 5,000 90,313
Best Buy Co Inc* 2,200 86,625 2,100 82,688 4,400 173,250
Betzdearborn Inc 827 50,861 707 43,481 1,605 98,708
Biogen Inc* 1,782 82,418 1,722 79,643 3,690 170,663
BMC Software Inc* 5,764 243,889 5,504 232,888 11,760 497,595
Borders Group Inc* 1,800 34,088 1,700 32,194 3,700 70,069
Cadence Design Systems Inc* 5,350 113,019 5,090 107,526 10,930 230,896
Callaway Golf Co 1,858 18,464 1,756 17,450 3,816 37,922
Cambridge Technology Partners Inc* 700 22,750 600 19,500 1,400 45,500
Camco International Inc 900 45,225 900 45,225 1,900 95,475
</TABLE>
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Shares Value Shares Value
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS (continued)
Carlisle Corp 100 $ 3,788 400 $ 15,150
Carnival Corp Class A 1,400 40,425 4,000 115,500
Catellus Development Corp* 400 5,025 1,000 12,563
CDW Computer Centers Inc* -- -- 100 3,850
Centocor Inc* 346 11,245 940 30,550
Central Newspapers Class A 100 6,200 300 18,600
Chancellor Media Corp* 600 21,413 1,700 60,669
Chiron Corp* 496 7,130 1,192 17,135
Ciber Inc* 200 5,025 400 10,050
CIENA Corp* 200 5,625 600 16,875
Cintas Corp 420 17,115 900 36,675
Citrix Systems Inc* 200 11,525 550 31,694
CKE Restaurants Inc 200 6,200 400 12,400
Coca-Cola Co 1,036 24,605 3,130 74,338
Coltec Industries* 200 2,875 700 10,063
Comair Holdings Inc 300 7,631 800 20,350
CompUSA Inc* 400 4,750 1,200 14,250
Compuware Corp* 800 36,350 2,200 99,963
Comverse Technology Inc* 200 7,700 600 23,100
Concord EFS Inc* 450 8,888 1,200 23,700
Cooper Cameron Corp* 200 4,250 700 14,875
Cornerstone Properties Inc 500 7,188 1,400 20,125
Corporate Express Inc* 650 6,256 1,250 12,031
Corrections Corp of America* 400 6,125 1,100 16,844
Crompton & Knowles Corp 450 6,581 1,040 15,210
Cytec Industries Inc* 100 2,288 500 11,438
Danaher Corp 400 14,500 1,160 42,050
Dekalb Genetics Corp Class B 100 8,663 300 25,988
Dial Corp 536 10,452 1,480 28,860
Diamond Offshore Drilling Inc 400 8,350 900 18,788
Diebold Inc 366 8,006 1,035 22,641
Dole Food Co 246 10,640 710 30,708
Dollar Tree Stores Inc* 200 5,800 550 15,950
Electronic Arts Inc* 300 11,438 800 30,500
Ensco International Inc 700 7,350 1,900 19,950
Estee Lauder Co Class A 200 11,775 400 23,550
Ethan Allen Interiors Inc 100 3,250 400 13,000
EVI Weatherford Inc* 580 8,845 1,175 17,919
Excel Communications Inc* 400 8,075 900 18,169
Family Dollar Stores Inc 560 7,105 1,840 23,345
Fastenal Co 100 2,919 400 11,675
Federal Mogul Corp 396 21,137 800 42,700
Felcor Lodging Trust Inc 200 4,075 800 16,300
First Health Group Corp* 568 11,467 880 17,765
First Tennessee National Corp 616 14,669 1,980 47,149
</TABLE>
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COMMON STOCKS (continued)
Carlisle Corp 700 $ 26,513 700 $ 26,513 1,500 $ 56,813
Carnival Corp Class A 7,600 219,450 7,200 207,900 15,400 444,675
Catellus Development Corp* 2,000 25,125 1,900 23,869 4,100 51,506
CDW Computer Centers Inc* 200 7,700 100 3,850 300 11,550
Centocor Inc* 1,881 61,133 1,766 57,395 3,820 124,150
Central Newspapers Class A 500 31,000 500 31,000 1,100 68,200
Chancellor Media Corp* 3,200 114,200 3,000 107,063 6,500 231,969
Chiron Corp* 2,324 33,408 2,200 31,625 4,652 66,873
Ciber Inc* 800 20,100 800 20,100 1,700 42,713
CIENA Corp* 1,300 36,563 1,200 33,750 2,700 75,938
Cintas Corp 1,740 70,905 1,730 70,498 3,580 145,885
Citrix Systems Inc* 1,050 60,506 1,050 60,506 2,200 126,775
CKE Restaurants Inc 800 24,800 800 24,800 1,700 52,700
Coca-Cola Co 5,964 141,645 5,644 134,045 12,065 286,544
Coltec Industries* 1,300 18,688 1,300 18,688 2,700 38,813
Comair Holdings Inc 1,500 38,156 1,400 35,613 3,000 76,313
CompUSA Inc* 2,400 28,500 2,300 27,313 4,800 57,000
Compuware Corp* 4,100 186,294 3,900 177,206 8,400 381,675
Comverse Technology Inc* 1,200 46,200 1,100 42,350 2,400 92,400
Concord EFS Inc* 2,350 46,413 2,150 42,463 4,700 92,825
Cooper Cameron Corp* 1,300 27,625 1,200 25,500 2,600 55,250
Cornerstone Properties Inc 2,700 38,813 2,500 35,938 5,400 77,625
Corporate Express Inc* 2,250 21,656 2,250 21,656 4,700 45,238
Corrections Corp of America* 2,100 32,156 2,000 30,625 4,200 64,313
Crompton & Knowles Corp 1,985 29,031 1,870 27,349 4,030 58,939
Cytec Industries Inc* 900 20,588 900 20,588 1,800 41,175
Danaher Corp 2,224 80,620 2,144 77,720 4,560 165,300
Dekalb Genetics Corp Class B 500 43,313 500 43,313 1,000 86,625
Dial Corp 2,841 55,400 2,628 51,246 5,708 111,306
Diamond Offshore Drilling Inc 1,800 37,575 1,700 35,488 3,600 75,150
Diebold Inc 1,909 41,759 1,791 39,178 3,855 84,328
Dole Food Co 1,308 56,571 1,168 50,516 2,625 113,531
Dollar Tree Stores Inc* 950 27,550 950 27,550 2,000 58,000
Electronic Arts Inc* 1,500 57,188 1,500 57,188 3,100 118,188
Ensco International Inc 3,700 38,850 3,500 36,750 7,400 77,700
Estee Lauder Co Class A 700 41,213 600 35,325 1,400 82,425
Ethan Allen Interiors Inc 800 26,000 700 22,750 1,500 48,750
EVI Weatherford Inc* 2,204 33,611 2,055 31,339 5,105 77,851
Excel Communications Inc* 1,700 34,319 1,600 32,300 3,300 66,619
Family Dollar Stores Inc 3,470 44,026 3,280 41,615 6,984 88,610
Fastenal Co 800 23,350 700 20,431 1,500 43,781
Federal Mogul Corp 1,453 77,554 1,398 74,618 2,980 159,058
Felcor Lodging Trust Inc 1,600 32,600 800 16,300 1,700 34,638
First Health Group Corp* 1,732 34,965 1,692 34,157 3,530 71,262
First Tennessee National Corp 3,740 89,059 3,500 83,344 7,460 177,641
</TABLE>
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COMMON STOCKS (continued)
Flowers Industries Inc 509 $ 9,067 1,220 $21,731
Flowserve Corp 200 3,750 600 11,250
Foundation Health Systems* 491 5,493 1,326 14,835
Galileo International Inc 200 6,538 500 16,344
Gartner Group Inc Class A* 200 4,625 700 16,188
General Nutrition Co Inc* 400 5,325 1,200 15,975
Global Marine Inc* 700 6,563 2,100 19,688
Global Telesystems Group Inc* 200 6,275 500 16,000
Gulfstream Aerospace Corp* 200 7,025 600 21,075
Harley-Davidson Inc 736 22,678 2,200 67,788
Harte-Hanks Inc 200 4,388 600 13,163
Health Care & Retirement Corp* 150 3,825 600 15,300
Health Management Associates Inc Class A* 1,162 20,989 3,162 57,114
Hearst-Argyle Television Inc* 200 6,400 700 23,056
Heftel Broadcasting Corp* 100 2,988 300 9,075
Hillenbrand Industries Inc 300 16,069 700 37,494
HON Industries Inc 306 6,579 640 13,760
Howmet International Inc* -- -- 200 2,000
I2 Technologies Inc* -- -- 200 2,825
ICG Communications Inc* 200 3,575 600 10,763
ICN Pharmaceuticals Inc 300 4,613 1,006 15,467
Immunex Corp* 100 5,038 300 15,188
International Game Technology 497 9,629 1,600 31,000
International Home Foods Inc* -- -- 400 6,700
Interstate Bakeries Corp 200 5,213 600 15,638
Intuit Inc* 200 6,838 700 23,931
Iomega Corp* 1,200 4,650 3,300 12,169
IXC Communications Inc* -- -- 100 2,450
Jabil Circuit Inc* -- -- 200 4,700
JD Edwards & Co* 100 4,000 400 16,200
Jefferson Smurfit Corp* 700 7,875 800 9,000
Jones Apparel Group Inc* 400 7,750 1,000 19,375
Kansas City Southern Industries 543 17,851 1,610 52,929
Keane Inc* 300 12,600 1,000 42,000
Keebler Food Co* 200 5,163 500 12,906
Knoll Inc* -- -- 200 5,188
Lancaster Colony Corp 207 5,977 490 14,149
Leggett & Platt Inc 916 18,377 2,600 52,163
Lexmark International Group Class A* 300 18,169 800 48,450
LHS Group Inc* 100 4,050 200 8,450
Lincare Holdings Inc* 200 6,788 400 13,575
Linear Technology Corp 386 18,142 1,120 52,640
Loral Space & Communications* 842 13,367 2,582 40,989
Manpower Inc 400 8,150 1,100 22,413
Maxim Intergrated Products Inc* 600 16,500 1,800 49,500
62
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COMMON STOCKS (continued)
Flowers Industries Inc 2,318 $ 41,289 2,236 $ 39,829 4,715 $ 83,986
Flowserve Corp 1,100 20,625 1,100 20,625 2,300 43,125
Foundation Health Systems* 2,654 29,692 2,513 28,114 5,441 60,871
Galileo International Inc 1,000 32,688 900 29,419 2,000 65,375
Gartner Group Inc Class A* 1,300 30,063 1,200 27,750 2,500 57,813
General Nutrition Co Inc* 2,200 29,288 2,100 27,956 4,500 59,906
Global Marine Inc* 4,015 37,641 3,800 35,625 8,200 76,875
Global Telesystems Group Inc* 900 28,800 900 28,800 1,900 60,800
Gulfstream Aerospace Corp* 1,100 38,638 1,100 38,638 2,300 80,788
Harley-Davidson Inc 4,218 129,967 3,988 122,880 8,580 264,371
Harte-Hanks Inc 1,100 24,131 1,000 21,938 2,200 48,263
Health Care & Retirement Corp* 1,150 29,325 1,000 25,500 2,250 57,375
Health Management Associates Inc Class A* 5,912 106,776 5,650 102,053 12,080 218,186
Hearst-Argyle Television Inc* 1,300 42,819 1,300 42,819 2,700 88,931
Heftel Broadcasting Corp* 700 21,175 600 18,150 1,300 39,325
Hillenbrand Industries Inc 1,300 69,631 1,300 69,631 2,700 144,619
HON Industries Inc 1,268 27,262 1,208 25,972 2,670 57,405
Howmet International Inc* 400 4,000 300 3,000 600 6,000
I2 Technologies Inc* 300 4,238 200 2,825 400 5,650
ICG Communications Inc* 1,100 19,731 1,100 19,731 2,300 41,256
ICN Pharmaceuticals Inc 1,962 30,166 1,860 28,598 4,060 62,423
Immunex Corp* 500 25,313 500 25,313 1,000 50,625
International Game Technology 3,072 59,520 2,917 56,517 6,145 119,059
International Home Foods Inc* 800 13,400 600 10,050 1,600 26,800
Interstate Bakeries Corp 1,100 28,669 1,100 28,669 2,300 59,944
Intuit Inc* 1,300 44,444 1,300 44,444 2,700 92,306
Iomega Corp* 6,100 22,494 6,000 22,125 12,900 47,569
IXC Communications Inc* 300 7,350 200 4,900 400 9,800
Jabil Circuit Inc* 400 9,400 300 7,050 600 14,100
JD Edwards & Co* 700 28,350 700 28,350 1,400 56,700
Jefferson Smurfit Corp* 1,600 18,000 1,600 18,000 3,300 37,125
Jones Apparel Group Inc* 1,900 36,813 1,800 34,875 3,900 75,563
Kansas City Southern Industries 2,995 98,461 2,855 93,858 6,080 199,880
Keane Inc* 1,900 79,800 1,800 75,600 3,800 159,600
Keebler Food Co* 1,000 25,813 900 23,231 1,900 49,044
Knoll Inc* 300 7,781 200 5,188 600 15,563
Lancaster Colony Corp 905 26,132 860 24,833 1,892 54,632
Leggett & Platt Inc 4,848 97,263 4,668 93,652 9,860 197,816
Lexmark International Group Class A* 1,600 96,900 1,500 90,844 3,300 199,856
LHS Group Inc* 400 16,900 300 12,675 800 33,800
Lincare Holdings Inc* 800 27,150 800 27,150 1,600 54,300
Linear Technology Corp 2,100 98,700 2,010 94,470 4,350 204,450
Loral Space & Communications* 4,912 77,978 4,674 74,200 9,966 158,210
Manpower Inc 2,200 44,825 2,100 42,788 4,400 89,650
Maxim Intergrated Products Inc* 3,400 93,500 3,200 88,000 6,800 187,000
</TABLE>
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COMMON STOCKS (continued)
McCormick & Co Inc 288 $ 8,370 800 $ 23,250
McLeod Inc Class A* 200 5,800 500 14,500
Mediaone Group Inc* 820 33,620 4,940 202,540
Meritor Automotive Inc 370 6,568 1,030 18,283
Miller (Herman) Inc 476 9,758 1,240 25,420
National Commerce Bancorp 400 6,700 1,200 20,100
National Data Corp 200 7,000 500 17,500
Network Associates Inc* 625 20,156 1,875 60,469
Newmont Gold Co 100 1,488 100 1,488
Northwest Airlines Corp Class A* 400 11,125 1,000 27,813
Novellus System Inc* 200 5,325 500 13,313
Ocwen Financial Corp* -- -- 300 4,575
Outdoor Systems Inc* 450 10,463 1,300 30,225
Paging Network Inc* 500 3,625 700 5,075
Palrgain Technologies Inc* -- -- 600 5,288
Panasmat Corp* -- -- 200 8,475
Paychex Inc 727 27,626 1,990 75,620
Peoplesoft* 800 22,500 2,300 64,688
Pier 1 Imports Inc 450 4,472 1,450 14,409
Pittston Brink's Group 323 10,134 620 19,453
Pixar Inc* -- -- 100 2,881
Platinum Technology Inc* 300 5,625 1,000 18,750
Primedia Inc* -- -- 200 2,000
Promus Hotel Corp* 441 13,561 1,218 37,454
Quintiles Transnational Corp* 200 7,150 800 28,600
Qwest Communications International Inc* 700 17,456 1,800 45,000
Readers Digest Association Inc 300 5,888 1,100 21,588
Renaissance Worldwide Inc* -- -- 400 4,000
Republic Industries Inc* 1,800 31,838 5,100 90,206
Rexall Sundown Inc* 200 3,638 500 9,125
Reynolds & Reynolds Inc 346 4,368 920 11,615
Robert Half International Inc* 300 14,400 1,050 50,400
Ross Stores Inc 200 7,275 700 25,463
Rouse Co 400 11,500 900 25,875
R&B Falcon Corp* 472 4,248 1,426 12,834
Safeskin Corp* 200 6,750 600 20,250
Safeway Inc* 1,298 51,109 3,554 139,939
Sanmina Corp* 200 6,125 400 12,350
Security Dynamics Tech Inc* -- -- 500 4,688
Servicemaster Co* 900 18,844 2,550 53,391
Siebel Systems Inc* 300 5,625 702 13,163
Smith International Inc* 214 3,772 700 12,338
Snyder Communications Inc* 100 3,013 400 12,050
Sofamor/Danek Group Inc* 100 8,344 300 25,031
Solectron Corp* 500 20,656 1,500 61,969
64
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COMMON STOCKS (continued)
McCormick & Co Inc 1,555 $ 45,192 1,505 $ 43,739 3,155 $ 91,692
McLeod Inc Class A* 900 26,100 900 26,100 1,800 52,200
Mediaone Group Inc* 11,184 458,544 10,197 418,077 19,985 819,385
Meritor Automotive Inc 1,917 34,027 1,832 32,518 4,310 76,503
Miller (Herman) Inc 2,396 49,118 2,316 47,478 4,940 101,270
National Commerce Bancorp 2,300 38,525 2,200 36,850 4,800 80,400
National Data Corp 900 31,500 900 31,500 1,900 66,500
Network Associates Inc* 3,600 116,100 3,112 100,362 6,575 212,044
Newmont Gold Co 300 4,463 200 2,975 300 4,463
Northwest Airlines Corp Class A* 2,000 55,625 1,900 52,844 4,000 111,250
Novellus System Inc* 900 23,963 900 23,963 1,900 50,588
Ocwen Financial Corp* 500 7,625 400 6,100 1,100 16,775
Outdoor Systems Inc* 2,525 58,706 2,325 54,056 5,025 116,831
Paging Network Inc* 1,500 10,875 1,300 9,425 2,900 21,025
Palrgain Technologies Inc* 1,300 11,456 1,200 10,575 2,600 22,913
Panasmat Corp* 300 12,713 300 12,713 700 29,663
Paychex Inc 3,706 140,828 3,560 135,280 7,568 287,584
Peoplesoft* 4,400 123,750 4,200 118,125 9,000 253,125
Pier 1 Imports Inc 2,800 27,825 2,700 26,831 5,700 56,644
Pittston Brink's Group 1,157 36,301 1,143 35,862 2,304 72,288
Pixar Inc* 300 8,644 200 5,763 400 11,525
Platinum Technology Inc* 1,900 35,625 1,600 30,000 3,500 65,625
Primedia Inc* 400 4,000 300 3,000 600 6,000
Promus Hotel Corp* 2,385 73,339 2,289 70,387 4,845 148,984
Quintiles Transnational Corp* 1,400 50,050 1,400 50,050 2,900 103,675
Qwest Communications International Inc* 3,499 87,475 3,300 82,500 7,000 175,000
Readers Digest Association Inc 2,000 39,250 1,900 37,288 4,100 80,463
Renaissance Worldwide Inc* 800 8,000 600 6,000 1,700 17,000
Republic Industries Inc* 9,600 169,800 9,100 160,956 19,600 346,675
Rexall Sundown Inc* 1,000 18,250 1,000 18,250 2,100 38,325
Reynolds & Reynolds Inc 1,712 21,614 1,652 20,857 3,500 44,188
Robert Half International Inc* 1,900 91,200 1,850 88,800 3,900 187,200
Ross Stores Inc 1,400 50,925 1,300 47,288 2,800 101,850
Rouse Co 1,700 48,875 1,600 46,000 3,400 97,750
R&B Falcon Corp* 2,816 25,344 2,698 24,282 5,742 51,678
Safeskin Corp* 1,100 37,125 1,100 37,125 2,300 77,625
Safeway Inc* 6,776 266,805 6,378 251,134 13,752 541,485
Sanmina Corp* 800 24,700 800 24,700 1,600 49,400
Security Dynamics Tech Inc* 1,000 9,375 1,000 9,375 2,100 19,688
Servicemaster Co* 4,950 103,641 4,650 97,359 10,050 210,422
Siebel Systems Inc* 1,308 24,525 1,306 24,488 2,716 50,925
Smith International Inc* 1,297 22,860 1,227 21,626 2,600 45,825
Snyder Communications Inc* 700 21,088 700 21,088 1,400 42,175
Sofamor/Danek Group Inc* 600 50,063 600 50,063 1,300 108,469
Solectron Corp* 2,900 119,806 2,800 115,675 6,000 247,875
</TABLE>
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COMMON STOCKS (continued)
Solutia Inc 543 $12,184 1,646 $36,932
Sonoco Products Co 426 10,916 1,464 37,515
Staples Inc* 1,094 29,675 3,095 83,952
Star Banc Corp 500 27,438 1,400 76,825
Starbucks Corp* 400 12,625 1,300 41,031
Starwood Lodging Trust 964 35,186 2,666 97,309
Steris Corp* 400 9,550 900 21,488
Sterling Commerce Inc* 377 12,441 1,137 37,521
Stryker Corp 348 11,180 1,120 35,980
Suiza Foods Corp* 100 4,838 400 19,350
Sunbeam Corp* 300 2,250 1,000 7,500
Sundstrand Corp 326 14,853 760 34,628
Sungard Data Sys Inc* 400 12,675 1,300 41,194
Sybron Corp* 600 10,913 1,500 27,281
Symantec* 378 6,190 800 13,100
Synopsys Inc* 400 10,450 800 20,900
T Rowe Price Assoc Inc 400 12,175 1,400 42,613
Tech Data Corp* 200 7,563 600 22,688
Tel-Save Holdings Inc* -- -- 500 7,500
Teradyne Inc* 376 6,533 1,220 21,198
Thermo Instrument Systems* 250 3,813 256 3,904
Tiffany & Co 126 4,686 400 14,875
Total System Services Inc 450 7,256 550 8,869
UCAR International Inc* 200 3,625 500 9,063
Univision Communications Inc* -- -- 300 7,988
USG Corp 200 8,600 500 21,500
Valassis Communications Inc* 100 2,981 300 8,944
Valspar 200 6,650 600 19,950
Varco International Inc* 584 4,161 400 2,850
Vastar Resources Inc 200 7,600 200 7,600
Veritas Software Corp* 200 8,975 600 26,925
Viad Corp 436 9,047 1,280 26,560
Vitesse Semiconductor Corp* 300 8,081 900 24,413
Vornado Realty Trust 300 9,413 900 28,238
Warnaco Group Inc 300 8,175 800 21,800
Watson Pharmaceutical Inc* 400 18,025 1,100 49,569
West Point Stevens* 200 5,900 600 17,775
Westamerica Bancorp 200 4,800 600 14,550
Whole Foods Market Inc* 100 4,138 400 16,550
Xilinx Inc* 247 7,534 1,000 30,500
Yahoo! Inc * 200 13,600 300 20,700
Young & Rubicam Inc* -- -- 200 6,113
Zions BanCorp 400 15,350 1,000 38,375
-------- --------
TOTAL MEDIUM CAP GROWTH STOCKS
- VALUE $ 1,969,994 $ 5,676,502
- COST 1,851,063 $ 5,759,378
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COMMON STOCKS (continued)
Solutia Inc 3,197 $ 71,733 3,020 $ 67,761 6,439 $ 144,475
Sonoco Products Co 2,780 71,238 2,684 68,778 5,720 146,575
Staples Inc* 5,844 158,519 5,560 150,815 11,885 322,381
Star Banc Corp 2,600 142,675 2,500 137,188 5,400 296,325
Starbucks Corp* 2,400 75,750 2,300 72,594 4,900 154,656
Starwood Lodging Trust 5,068 184,982 6,693 244,295 10,355 377,968
Steris Corp* 1,700 40,588 1,600 38,200 3,600 85,950
Sterling Commerce Inc* 2,154 71,082 1,996 65,868 4,274 141,042
Stryker Corp 2,068 66,435 1,988 63,865 4,200 134,925
Suiza Foods Corp* 800 38,700 700 33,863 1,500 72,563
Sunbeam Corp* 2,000 15,000 1,900 14,250 4,200 31,500
Sundstrand Corp 1,490 67,888 1,430 65,154 2,990 136,232
Sungard Data Sys Inc* 2,600 82,388 2,400 76,050 5,200 164,775
Sybron Corp* 2,800 50,925 2,700 49,106 5,700 103,669
Symantec* 1,636 26,790 1,561 25,561 3,200 52,400
Synopsys Inc* 1,600 41,800 1,500 39,188 3,300 86,213
T Rowe Price Assoc Inc 2,600 79,138 2,500 76,094 5,400 164,363
Tech Data Corp* 1,200 45,375 1,100 41,594 2,300 86,969
Tel-Save Holdings Inc* 900 13,500 600 9,000 1,900 28,500
Teradyne Inc* 2,290 39,789 2,200 38,225 4,650 80,794
Thermo Instrument Systems* 450 6,863 312 4,758 921 14,045
Tiffany & Co 880 32,725 860 31,981 1,700 63,219
Total System Services Inc 1,000 16,125 1,000 16,125 2,100 33,863
UCAR International Inc* 1,000 18,125 900 16,313 2,000 36,250
Univision Communications Inc* 500 13,313 400 10,650 1,000 26,625
USG Corp 900 38,700 900 38,700 1,800 77,400
Valassis Communications Inc* 600 17,888 500 14,906 1,100 32,794
Valspar 1,100 36,575 1,000 33,250 2,100 69,825
Varco International Inc* 1,048 7,467 748 5,330 1,900 13,538
Vastar Resources Inc 500 19,000 400 15,200 900 34,200
Veritas Software Corp* 1,100 49,363 1,050 47,119 2,200 98,725
Viad Corp 2,441 50,651 2,328 48,306 5,008 103,916
Vitesse Semiconductor Corp* 1,700 46,113 1,600 43,400 3,400 92,225
Vornado Realty Trust 1,700 53,338 1,700 53,338 3,600 112,950
Warnaco Group Inc 1,500 40,875 1,400 38,150 3,000 81,750
Watson Pharmaceutical Inc* 2,100 94,631 2,000 90,125 4,300 193,769
West Point Stevens* 1,100 32,588 1,100 32,588 2,300 68,138
Westamerica Bancorp 1,200 29,100 1,100 26,675 2,300 55,775
Whole Foods Market Inc* 700 28,963 700 28,963 1,500 62,063
Xilinx Inc* 1,859 56,700 1,774 54,107 3,820 116,510
Yahoo! Inc * 600 41,400 600 41,400 1,200 82,800
Young & Rubicam Inc* 500 15,281 400 12,225 900 27,506
Zions BanCorp 1,900 72,913 1,800 69,075 3,900 149,663
--------- --------- ---------
TOTAL MEDIUM CAP GROWTH STOCKS
- VALUE $ 10,845,346 $ 10,315,312 $ 21,853,401
- COST $ 10,717,836 $ 10,570,306 $ 23,534,946
</TABLE>
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COMMON STOCKS (continued)
MEDIUM CAP VALUE STOCKS
Percent of Net Assets 2.01% 2.88%
Adaptec Inc* 500 $ 5,750 1,700 $19,550
AFLAC Corp 1,392 34,974 3,940 98,993
AG Edwards Inc 382 10,362 1,230 33,364
AGCO Corp 300 2,588 800 6,900
Airborne Freight Corp 300 5,850 700 13,650
Airgas Inc* 400 4,750 700 8,313
Albemarle Corp 313 5,262 260 4,371
Alexander & Baldwin Inc 204 4,794 590 13,865
Alleghany Corp* 2 416 102 21,216
Allegiance Corp 562 15,877 1,656 46,782
Allmerica Financial Corp 124 7,394 330 19,676
AMB Property Corp -- -- 200 4,700
AMBAC Inc 300 14,156 900 42,469
American Bankers Insurance Group Inc -- -- 400 20,750
American Financial Group Inc 304 10,108 490 16,293
American National Insurance Co 100 9,025 100 9,025
American Standard Co Inc* 200 7,825 700 27,388
American Water Works Co Inc 300 8,250 900 24,750
AMF Bowling Inc* -- -- 200 2,413
AmSouth Bancorp 600 20,625 1,625 55,859
Archstone Communities Trust 600 11,625 1,600 31,000
Arden Realty Group Inc 300 6,338 800 16,900
Arrow Electronics Inc* 386 5,066 1,192 15,645
Astoria Financial Corp 100 3,600 400 14,400
Atmel Corp* 662 3,993 1,360 8,203
Autoliv Inc 544 16,048 1,499 44,221
Avnet Inc 230 10,868 550 25,988
AVX Corp 300 4,463 300 4,463
Beckman Coulter Inc 94 5,205 450 24,919
Belo (A H) Corp 512 9,472 980 18,130
Bergen Brunswig Corp Class A 225 7,678 745 25,423
Beverly Enterprises Inc* 575 4,528 1,346 10,600
BJ Services Co* 400 5,050 1,000 12,625
Boston Properties Inc 200 5,713 600 17,138
Bowater Inc 195 7,373 810 30,628
Cabot Corp 310 6,743 1,040 22,620
Cali Realty Corp 300 8,644 800 23,050
CarrAmercia Realty Corp 300 6,750 800 18,000
CCB Financial Corp* 100 9,506 200 19,013
Centura Banks Inc 100 5,625 400 22,500
Charter One Financial Inc* 702 16,146 1,802 41,446
Chicago Title Corp 6 211 206 7,249
Circus Circus Entertainment Inc* 629 6,447 1,230 12,608
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- -------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
<S> ` <C> <C> <C> <C> <C> <C>
MEDIUM CAP VALUE STOCKS
Percent of Net Assets 3.67% 4.74% 5.86%
Adaptec Inc* 3,200 $ 36,800 2,900 $ 33,350 6,200 $ 71,300
AFLAC Corp 7,434 186,779 7,074 177,734 15,054 378,232
AG Edwards Inc 2,425 65,778 2,265 61,438 4,837 131,204
AGCO Corp 1,600 13,800 1,600 13,800 3,300 28,463
Airborne Freight Corp 1,400 27,300 1,300 25,350 2,800 54,600
Airgas Inc* 1,400 16,625 1,400 16,625 3,000 35,625
Albemarle Corp 612 10,289 432 7,263 986 16,577
Alexander & Baldwin Inc 1,114 26,179 1,109 26,062 2,280 53,580
Alleghany Corp* 104 21,632 104 21,632 304 63,232
Allegiance Corp 3,260 92,095 2,996 84,637 6,614 186,846
Allmerica Financial Corp 579 34,523 572 34,106 1,203 71,729
AMB Property Corp 300 7,050 200 4,700 600 14,100
AMBAC Inc 1,700 80,219 1,600 75,500 3,500 165,156
American Bankers Insurance Group Inc 700 36,313 600 31,125 1,500 77,813
American Financial Group Inc 1,013 33,682 908 30,191 1,980 65,835
American National Insurance Co 300 27,075 300 27,075 600 54,150
American Standard Co Inc* 1,300 50,863 1,200 46,950 2,600 101,725
American Water Works Co Inc 1,800 49,500 1,700 46,750 3,600 99,000
AMF Bowling Inc* 400 4,825 300 3,619 500 6,031
AmSouth Bancorp 3,150 108,281 3,025 103,984 6,425 220,859
Archstone Communities Trust 3,100 60,063 2,900 56,188 6,200 120,125
Arden Realty Group Inc 1,500 31,688 1,400 29,575 3,100 65,488
Arrow Electronics Inc* 2,298 30,161 2,220 29,138 4,750 62,344
Astoria Financial Corp 700 25,200 600 21,600 1,400 50,400
Atmel Corp* 2,666 16,079 2,688 16,212 5,626 33,932
Autoliv Inc 2,869 84,636 2,733 80,624 5,810 171,395
Avnet Inc 1,014 47,912 959 45,313 2,015 95,209
AVX Corp 600 8,925 400 5,950 900 13,388
Beckman Coulter Inc 850 47,069 805 44,577 1,580 87,493
Belo (A H) Corp 1,928 35,668 1,888 34,928 3,980 73,630
Bergen Brunswig Corp Class A 1,386 47,297 875 29,859 2,050 69,956
Beverly Enterprises Inc* 2,800 22,050 2,642 20,806 5,600 44,100
BJ Services Co* 1,900 23,988 1,900 23,988 4,000 50,500
Boston Properties Inc 1,100 31,419 1,100 31,419 2,300 65,694
Bowater Inc 1,452 54,904 1,107 41,858 2,275 86,023
Cabot Corp 1,972 42,891 1,832 39,846 3,990 86,783
Cali Realty Corp 1,600 46,100 1,500 43,219 3,100 89,319
CarrAmercia Realty Corp 1,500 33,750 1,400 31,500 3,100 69,750
CCB Financial Corp* 400 38,025 400 38,025 900 85,556
Centura Banks Inc 700 39,375 700 39,375 1,400 78,750
Charter One Financial Inc* 3,504 80,592 3,242 74,566 7,076 162,748
Chicago Title Corp 412 14,497 812 28,572 1,012 35,610
Circus Circus Entertainment Inc* 2,322 23,801 2,262 23,186 4,795 49,149
</TABLE>
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COMMON STOCKS (continued)
City National Corp 200 $ 5,575 600 $16,725
Clayton Homes Inc 626 9,664 1,283 19,806
CMAC Investment Corp 100 3,850 300 11,550
CNA Financial Corp* 200 7,325 400 14,650
CNF Transportation Inc 262 8,188 661 20,656
Comdisco Inc 648 8,060 1,634 20,323
Commerce Bancshares Inc 235 9,400 835 33,400
Compass Bancshares Inc 400 13,200 1,000 33,000
Comsat Corp 510 11,124 800 17,450
Consolidated Papers Inc 172 4,311 760 19,048
ContiFinancial Corp* -- -- 100 1,263
Continental Airlines Class B* 200 8,250 700 28,875
Cordant Technologies Inc 232 8,265 500 17,813
Cox Communications Inc Class A* 313 13,146 974 40,908
Cracker Barrel Old Country Store Inc 249 6,085 910 22,238
Crescent Real Estate Equities Co 500 11,500 1,600 36,800
Crestar Financial Corp 604 30,502 1,640 82,820
Dean Foods Co 224 9,856 540 23,760
Dentsply International Inc 400 8,538 600 12,806
Depuy Inc -- -- 200 6,875
Dime Bancorp Inc 500 9,500 1,700 32,300
Donaldson Lufkin & Jenrette Inc 100 3,500 400 14,000
DST Systems Inc* 200 11,300 400 22,600
Duke Realty Investments 400 8,300 1,100 22,825
Enron Oil & Gas Co 300 3,900 900 11,700
Equitable Co Inc 400 22,875 1,100 62,906
Equity Office Properties 1,000 22,688 2,962 67,200
Equity Residential Properties Trust 400 15,975 1,300 51,919
Everest Reinsurance Holdings Inc 300 10,500 600 21,000
EW Scripps Co 100 4,719 300 14,156
Extended Stay America Inc* -- -- 900 7,875
Finova Group Inc 300 13,388 800 35,700
First American Corp 600 21,525 1,568 56,252
First Hawaiian Inc 200 5,875 300 8,813
First Security Corp 841 13,036 2,655 41,153
First Virginia Banks Inc 338 14,534 770 33,110
Firstar Corp 600 23,250 1,800 69,750
Firstmerit Corp 300 6,638 1,000 22,125
Firstplus Financial Group * 200 4,550 400 9,100
Fiserv Inc * 325 12,675 1,095 42,705
Food Lion Inc Class A 1,100 11,344 2,300 23,719
Food Lion Inc Class B 1,400 13,913 2,600 25,838
FORE Systems Inc * 400 6,900 1,200 20,700
Forest Labs Inc Class A * 364 11,921 1,140 37,335
Fremont General Corp 100 4,275 400 17,100
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COMMON STOCKS (continued)
City National Corp 1,100 $ 30,663 1,000 $ 27,875 2,100 $ 58,538
Clayton Homes Inc 2,445 37,745 2,320 35,815 4,907 75,752
CMAC Investment Corp 600 23,100 600 23,100 1,200 46,200
CNA Financial Corp* 800 29,300 800 29,300 1,600 58,600
CNF Transportation Inc 1,310 40,938 1,273 39,781 2,638 82,438
Comdisco Inc 3,122 38,830 3,008 37,412 6,526 81,167
Commerce Bancshares Inc 1,663 66,520 1,524 60,960 3,326 133,040
Compass Bancshares Inc 1,850 61,050 1,750 57,750 3,850 127,050
Comsat Corp 1,419 30,952 1,414 30,843 2,890 63,038
Consolidated Papers Inc 1,540 38,596 1,380 34,586 3,040 76,190
ContiFinancial Corp* 200 2,525 200 2,525 300 3,788
Continental Airlines Class B* 1,300 53,625 1,300 53,625 2,700 111,375
Cordant Technologies Inc 890 31,706 920 32,775 1,900 67,688
Cox Communications Inc Class A* 1,794 75,348 1,627 68,334 3,549 149,058
Cracker Barrel Old Country Store Inc 1,711 41,813 1,571 38,391 3,325 81,255
Crescent Real Estate Equities Co 3,000 69,000 2,900 66,700 6,200 142,600
Crestar Financial Corp 3,070 155,035 2,930 147,965 6,270 316,635
Dean Foods Co 1,107 48,708 1,037 45,628 2,205 97,020
Dentsply International Inc 1,200 25,613 1,100 23,478 2,300 49,091
Depuy Inc 400 13,750 300 10,313 900 30,938
Dime Bancorp Inc 3,300 62,700 3,100 58,900 6,700 127,300
Donaldson Lufkin & Jenrette Inc 700 24,500 700 24,500 1,400 49,000
DST Systems Inc* 800 45,200 800 45,200 1,700 96,050
Duke Realty Investments 2,100 43,575 2,000 41,500 4,200 87,150
Enron Oil & Gas Co 1,700 22,100 1,700 22,100 3,500 45,500
Equitable Co Inc 2,100 120,094 2,000 114,375 4,400 251,625
Equity Office Properties 5,665 128,525 5,384 122,150 11,568 262,449
Equity Residential Properties Trust 2,400 95,850 2,300 91,856 4,800 191,700
Everest Reinsurance Holdings Inc 1,200 42,000 1,100 38,500 2,400 84,000
EW Scripps Co 700 33,031 600 28,313 1,300 61,344
Extended Stay America Inc* 1,700 14,875 1,700 14,875 3,600 31,500
Finova Group Inc 1,500 66,938 1,400 62,475 3,100 138,338
First American Corp 3,019 108,307 2,919 104,719 6,155 220,811
First Hawaiian Inc 600 17,625 500 14,688 1,300 38,188
First Security Corp 4,992 77,380 4,729 73,300 10,088 156,360
First Virginia Banks Inc 1,486 63,898 1,441 61,963 3,017 129,731
Firstar Corp 3,500 135,625 3,300 127,875 7,100 275,125
Firstmerit Corp 1,900 42,038 1,800 39,825 3,800 84,075
Firstplus Financial Group * 800 18,200 800 18,200 1,700 38,675
Fiserv Inc * 2,099 81,842 1,993 77,727 4,242 165,438
Food Lion Inc Class A 4,400 45,375 4,200 43,313 8,900 91,781
Food Lion Inc Class B 5,000 49,688 4,700 46,706 10,000 99,375
FORE Systems Inc * 2,300 39,675 2,200 37,950 4,700 81,075
Forest Labs Inc Class A * 2,132 69,823 1,972 64,583 4,320 141,480
Fremont General Corp 700 29,925 600 25,650 1,400 59,850
</TABLE>
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COMMON STOCKS (continued)
GATX Corp 246 $ 8,118 740 $ 24,420
General Motors Corp Class H* 500 18,063 1,500 54,188
Genzyme Corp--General Division* 326 8,802 420 11,340
Georgia Pacific Corp 437 8,795 1,293 26,022
Golden State Bancorp* 200 3,175 600 9,525
Greenpoint Financial Corp 400 10,075 1,300 32,744
GTech Holdings Corp* 100 2,625 500 13,125
Hanna (M A) Co 280 3,483 650 8,084
Hannaford Brothers Co 236 9,809 460 19,119
Harsco Corp 338 12,400 720 26,415
Hawaiian Electric Industries Inc 192 7,212 440 16,528
Hertz Corp Class A 100 3,775 300 11,325
Hibernia Corp Class A 800 10,800 2,200 29,700
Highwoods Properties Inc 300 7,631 900 22,894
Horace Mann Educators 200 5,575 700 19,513
Hormel Foods Corp 200 5,513 700 19,294
Host Marriott Corp* 800 11,200 2,500 35,000
HRPT Properties Trust 600 9,375 1,900 29,688
HSB Group Inc 345 14,964 420 18,218
Hubbell Inc Class B 332 11,869 866 30,960
IBP Inc 432 7,155 1,320 21,863
IMC Global Inc 436 8,012 1,426 26,203
Indymac Mortgage Holdings 300 5,888 900 17,663
Ingram Micro Inc* -- -- 200 9,000
Inland Steel Industries Inc 151 2,860 316 5,984
International Specialty Products Inc* -- -- 200 3,063
Jacor Communications Inc* -- -- 100 5,900
Johns Manville Corp -- -- 400 5,475
Kelly Services Inc Class A 106 2,716 220 5,638
Keystone Financial Inc 300 8,363 700 19,513
Kimco Realty Corp 300 10,650 650 23,075
Lafarge Corp 300 8,569 400 11,425
Lattice Semiconductor Corp* 100 2,400 300 7,219
Lear Corp* 200 8,113 700 28,394
Legg Mason Inc 100 4,750 300 14,250
Leucadia National Corp 200 5,538 600 16,613
Liberty Media Group-Class A* 1,579 51,614 4,307 140,785
Litton Industries Inc* 201 9,648 490 23,520
Long Island Bancorp Inc 100 3,750 400 15,000
LTV Corp 900 4,894 1,400 7,613
Lubrizol Corp 329 7,526 860 19,673
Lyondell PetroChemical 176 3,795 580 12,506
M & T Bank Corp -- -- 100 41,000
Mark IV Industries Inc 247 3,504 532 7,548
Marshall & Ilsley Corp 558 24,552 1,540 67,760
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- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
GATX Corp 1,304 $ 43,032 1,234 $ 40,722 2,720 $ 89,760
General Motors Corp Class H* 2,900 104,763 2,800 101,150 5,900 213,138
Genzyme Corp--General Division* 734 19,818 744 20,088 1,500 40,500
Georgia Pacific Corp 2,489 50,091 3,236 65,125 5,697 114,652
Golden State Bancorp* 1,200 19,050 1,200 19,050 2,500 39,688
Greenpoint Financial Corp 2,400 60,450 2,300 57,931 5,000 125,938
GTech Holdings Corp* 900 23,625 900 23,625 1,900 49,875
Hanna (M A) Co 1,167 14,515 900 11,194 2,462 30,621
Hannaford Brothers Co 845 35,120 765 31,795 1,740 72,319
Harsco Corp 1,348 49,455 1,258 46,153 2,620 96,121
Hawaiian Electric Industries Inc 823 30,914 803 30,163 1,780 66,861
Hertz Corp Class A 600 22,650 500 18,875 1,100 41,525
Hibernia Corp Class A 4,200 56,700 4,000 54,000 8,600 116,100
Highwoods Properties Inc 1,600 40,700 1,300 33,069 2,900 73,769
Horace Mann Educators 1,200 33,450 1,200 33,450 2,500 69,688
Hormel Foods Corp 1,200 33,075 1,200 33,075 2,500 68,906
Host Marriott Corp* 4,700 65,800 4,500 63,000 9,600 134,400
HRPT Properties Trust 3,700 57,813 3,500 54,688 7,400 115,625
HSB Group Inc 863 37,433 836 36,262 1,730 75,039
Hubbell Inc Class B 1,508 53,911 1,434 51,266 3,202 114,472
IBP Inc 2,452 40,611 2,342 38,789 5,000 82,813
IMC Global Inc 2,745 50,439 2,593 47,646 5,510 101,246
Indymac Mortgage Holdings 1,700 33,363 1,600 31,400 3,400 66,725
Ingram Micro Inc* 300 13,500 300 13,500 700 31,500
Inland Steel Industries Inc 998 18,900 926 17,536 1,794 33,974
International Specialty Products Inc* 300 4,594 300 4,594 700 10,719
Jacor Communications Inc* 300 17,700 200 11,800 600 35,400
Johns Manville Corp 900 12,319 600 8,213 1,800 24,638
Kelly Services Inc Class A 389 9,968 319 8,174 885 22,678
Keystone Financial Inc 1,400 39,025 1,300 36,238 2,800 78,050
Kimco Realty Corp 1,350 47,925 900 31,950 2,000 71,000
Lafarge Corp 800 22,850 800 22,850 1,700 48,556
Lattice Semiconductor Corp* 600 14,438 500 12,031 1,300 31,281
Lear Corp* 1,300 52,731 1,200 48,675 2,600 105,463
Legg Mason Inc 700 33,250 600 28,500 1,300 61,750
Leucadia National Corp 1,100 30,456 1,100 30,456 2,300 63,681
Liberty Media Group-Class A* 8,180 267,384 7,788 254,570 16,738 547,123
Litton Industries Inc* 908 43,584 903 43,344 1,979 94,992
Long Island Bancorp Inc 700 26,250 600 22,500 1,400 52,500
LTV Corp 2,800 15,225 2,700 14,681 5,900 32,081
Lubrizol Corp 1,617 36,989 1,442 32,986 3,200 73,200
Lyondell PetroChemical 1,117 24,085 1,092 23,546 2,245 48,408
M & T Bank Corp 100 41,000 100 41,000 300 123,000
Mark IV Industries Inc 1,070 15,181 862 12,230 2,175 30,858
Marshall & Ilsley Corp 2,903 127,732 2,783 122,452 6,020 264,880
</TABLE>
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COMMON STOCKS (continued)
Martin Marietta Inc -- $ -- 100 $ 4,263
McKesson Corp 400 30,000 1,100 82,500
Meditrust Co 702 10,887 1,280 19,846
Medpartners Inc * 710 1,775 1,889 4,723
Mercantile Bankshares 454 12,712 1,035 28,980
Mercury General Corp 200 7,313 400 14,625
Metro-Goldwyn-Mayer Inc * -- -- 200 3,438
MGM Grand Inc * 100 2,869 100 2,869
Microchip Technology Inc * 400 7,325 800 14,650
Millenium Chemicals Inc 310 6,704 1,135 24,544
Molex Inc 316 7,663 596 14,453
Molex Inc Class A 312 7,254 978 22,739
Murphy Oil Corp 293 10,347 580 20,481
Mylan Laboratories 603 13,794 1,770 40,489
Nabisco Holdings Corp Class A 200 6,613 100 3,306
Nabors Industries Inc * 600 7,088 1,300 15,356
NCR Corp * 471 12,452 1,459 38,572
Neiman Marcus Group Inc * -- -- 300 7,294
Netscape Communications Corp * 301 5,437 905 16,347
New Plan Realty Trust 400 8,100 800 16,200
Noble Affiliates Inc 338 7,816 730 16,881
Noble Drilling Corp * 600 6,600 1,800 19,800
North Fork BanCorp Inc 700 13,300 2,000 38,000
Oakwood Homes Corp 200 2,850 600 8,550
Ocean Energy Inc * 500 4,438 1,620 14,378
Office Depot Inc * 1,038 26,469 2,950 75,225
Officemax Inc * 500 5,250 1,850 19,425
Ogden Corp 101 2,329 625 14,414
Ohio Casualty Corp 100 3,750 400 15,000
Old Kent Financial Corp 522 16,835 1,485 47,891
Old Republic International Corp 525 11,714 1,725 38,489
Olin Corp 270 7,594 660 18,563
Omnicare Inc 400 12,475 1,200 37,425
Outback Steakhouse Inc * 200 6,013 500 15,031
Oxford Health Plans Inc * 500 3,063 900 5,513
lPacific Century Financial Corp 748 11,033 2,920 43,070
lPacifiCare Health Systems Inc Class B * 174 10,962 295 18,585
Paine Webber Group Inc 500 17,375 1,500 52,125
Patriot American Hospitality Inc 500 6,750 1,700 22,950
Payless Shoesource Inc * 217 8,924 511 21,015
Pentair Inc 200 5,575 500 13,938
Peoples Bank Bridgeport 100 2,050 400 8,400
Phycor Inc * 300 2,081 800 5,550
Pioneer Natural Resources Co 376 5,523 1,297 19,050
Precision Castparts Corp 100 3,769 300 11,306
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<S> <C> <C> <C> <C> <C> <C>
Martin Marietta Inc 200 $ 8,525 200 $ 8,525 400 $ 17,050
McKesson Corp 2,000 150,000 1,900 142,500 4,100 307,500
Meditrust Co 2,951 45,733 2,610 40,453 5,915 91,687
Medpartners Inc * 3,720 9,300 2,752 6,880 7,862 19,655
Mercantile Bankshares 1,919 53,732 1,862 52,136 3,920 109,760
Mercury General Corp 700 25,594 700 25,594 1,500 54,844
Metro-Goldwyn-Mayer Inc * 300 5,156 200 3,438 400 6,875
MGM Grand Inc * 200 5,738 200 5,738 450 12,909
Microchip Technology Inc * 1,400 25,638 1,350 24,722 2,900 53,106
Millenium Chemicals Inc 2,112 45,672 1,946 42,082 4,246 91,820
Molex Inc 1,140 27,645 1,118 27,112 2,283 55,363
Molex Inc Class A 1,845 42,896 1,788 41,571 3,776 87,792
Murphy Oil Corp 1,077 38,032 997 35,207 2,270 80,159
Mylan Laboratories 3,265 74,687 3,127 71,530 6,652 152,165
Nabisco Holdings Corp Class A 300 9,919 200 6,613 400 13,225
Nabors Industries Inc * 2,385 28,173 2,329 27,511 5,000 59,063
NCR Corp * 2,781 73,523 2,664 70,430 5,725 151,355
Neiman Marcus Group Inc * 600 14,588 500 12,156 1,100 26,744
Netscape Communications Corp * 1,716 30,995 1,620 29,261 3,545 64,032
New Plan Realty Trust 1,600 32,400 1,500 30,375 3,200 64,800
Noble Affiliates Inc 1,373 31,751 1,258 29,091 2,820 65,213
Noble Drilling Corp * 3,400 37,400 3,300 36,300 7,000 77,000
North Fork BanCorp Inc 3,700 70,300 3,500 66,500 7,550 143,450
Oakwood Homes Corp 1,200 17,100 1,200 17,100 2,500 35,625
Ocean Energy Inc * 2,610 23,164 2,380 21,123 5,190 46,061
Office Depot Inc * 5,942 151,521 5,567 141,959 11,980 305,490
Officemax Inc * 3,500 36,750 3,250 34,125 7,050 74,025
Ogden Corp 1,284 29,612 1,206 27,813 2,544 58,671
Ohio Casualty Corp 800 30,000 700 26,250 1,600 60,000
Old Kent Financial Corp 2,808 90,558 2,680 86,430 5,616 181,116
Old Republic International Corp 3,250 72,516 3,075 68,611 6,550 146,147
Olin Corp 1,278 35,944 1,258 35,381 2,660 74,813
Omnicare Inc 2,300 71,731 2,200 68,613 4,700 146,581
Outback Steakhouse Inc * 1,000 30,063 900 27,056 2,000 60,125
Oxford Health Plans Inc * 1,800 11,025 1,300 7,963 3,700 22,663
lPacific Century Financial Corp 5,514 81,332 4,954 73,072 4,470 65,933
lPacifiCare Health Systems Inc Class B * 626 39,438 511 32,193 1,195 75,285
Paine Webber Group Inc 2,950 102,513 2,800 97,300 5,950 206,763
Patriot American Hospitality Inc 3,300 44,550 2,700 36,450 5,700 76,950
Payless Shoesource Inc * 1,043 42,893 1,015 41,742 2,104 86,527
Pentair Inc 876 24,419 906 25,255 1,800 50,175
Peoples Bank Bridgeport 700 14,700 700 14,700 1,400 29,400
Phycor Inc * 1,550 10,753 1,150 7,978 2,450 16,997
Pioneer Natural Resources Co 2,434 35,749 2,286 33,576 4,962 72,879
Precision Castparts Corp 600 22,613 513 19,334 1,200 45,225
</TABLE>
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<S> <C> <C> <C> <C>
COMMON STOCKS (continued)
Premark International Inc 461 $12,188 806 $21,309
Proffitt's Inc * 400 10,200 1,100 28,050
Protective Life Corp 200 6,175 800 24,700
Provident Financial Group 100 3,763 300 11,475
Public Storage Inc 400 9,350 1,100 25,713
Qualcom Inc * 300 13,181 900 39,544
Quantum Corp * 500 5,719 1,900 21,731
Questar Corp 454 7,378 1,080 17,550
Quorum Health Group Inc * 150 2,850 550 10,450
Rayonier Inc 156 6,084 450 17,550
Reliance Group Holdings 300 3,788 900 11,363
Reliastar Financial Corp 400 15,700 1,300 51,025
RJR Holdings Group Inc 1,370 29,712 3,943 85,514
RPM Inc 472 6,166 1,358 17,739
Saks Holdings * 200 4,188 300 6,281
SCI Sys Inc * 200 4,588 800 18,350
Shaw Inds 1,260 19,058 1,630 24,654
Simon Debartolo Group Inc 300 8,719 1,100 31,969
Southdown Inc 175 7,394 600 25,350
Southtrust Corp 706 22,857 2,170 70,254
Sovereign Bancorp Inc 600 7,313 1,900 23,156
Spieker Properties Inc 300 10,669 800 28,450
St Joe Corp 300 6,019 400 8,025
Sterling Software * 300 6,169 900 18,506
Stewart Enterprises Inc 500 9,813 1,300 25,513
Storage Technology Corp * 518 11,267 1,570 34,148
Stratus Computer Inc * 161 4,045 310 7,789
Symbol Technologies Inc 285 11,685 672 27,552
TCF Financial Corp 400 8,825 1,400 30,888
Tele-Communications International * 300 6,225 300 6,225
Tele-Communications TCI Ventures Group
Class A * 1,816 30,191 5,490 91,271
Teleflex Inc 350 11,025 500 15,750
The PMI Group Inc 100 5,538 300 16,613
Tidewater Inc 365 7,665 750 15,750
TIG Holdings Inc 200 2,763 600 8,288
Tosco Corp 671 14,762 1,940 42,680
Transatlantic Holdings Inc 126 10,230 250 20,297
Transocean Offshore Inc 400 9,825 1,200 29,475
Travelers Property Casualty 100 3,294 100 3,294
Trinity Industries 322 9,741 640 19,360
Trustmark Corp 300 5,213 1,000 17,375
Tyson Food Inc 591 9,752 1,390 22,761
UAL Corp * 300 18,094 900 54,281
UICI * 200 3,025 500 7,594
</TABLE>
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- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Premark International Inc 1,533 $ 40,529 1,496 $ 39,551 3,150 $ 83,278
Proffitt's Inc * 2,100 53,550 2,000 51,000 4,300 109,650
Protective Life Corp 1,500 46,313 1,400 43,225 3,100 95,713
Provident Financial Group 500 19,125 500 19,125 1,100 42,075
Public Storage Inc 2,200 51,425 2,100 49,088 4,400 102,850
Qualcom Inc * 1,700 74,694 1,600 70,300 3,400 149,388
Quantum Corp * 3,580 40,946 2,970 33,969 6,300 72,056
Questar Corp 2,020 32,825 1,880 30,550 4,060 65,975
Quorum Health Group Inc * 1,000 19,000 950 18,050 2,100 39,900
Rayonier Inc 862 33,618 826 32,214 1,619 63,141
Reliance Group Holdings 1,700 21,463 1,600 20,200 3,400 42,925
Reliastar Financial Corp 2,500 98,125 2,400 94,200 5,100 200,175
RJR Holdings Group Inc 7,405 160,596 7,051 152,919 15,118 327,872
RPM Inc 2,597 33,923 2,507 32,748 5,385 70,342
Saks Holdings * 700 14,656 500 10,469 1,300 27,219
SCI Sys Inc * 1,500 34,406 1,400 32,113 3,100 71,106
Shaw Inds 3,015 45,602 2,905 43,938 6,200 93,775
Simon Debartolo Group Inc 2,100 61,031 2,000 58,125 4,200 122,063
Southdown Inc 1,053 44,489 978 41,321 2,200 92,950
Southtrust Corp 4,105 132,899 3,980 128,853 8,402 272,015
Sovereign Bancorp Inc 3,700 45,094 3,200 39,000 6,800 82,875
Spieker Properties Inc 1,500 53,344 1,400 49,788 3,000 106,688
St Joe Corp 800 16,050 600 12,038 1,600 32,100
Sterling Software * 1,800 37,013 1,700 34,956 3,600 74,025
Stewart Enterprises Inc 2,500 49,063 2,300 45,138 5,000 98,125
Storage Technology Corp * 2,968 64,554 2,834 61,640 6,050 131,588
Stratus Computer Inc * 666 16,733 471 11,834 1,350 33,919
Symbol Technologies Inc 1,377 56,457 1,332 54,612 2,787 114,267
TCF Financial Corp 2,600 57,363 2,500 55,156 5,300 116,931
Tele-Communications International * 500 10,375 400 8,300 800 16,600
Tele-Communications TCI Ventures Group
Class A * 10,502 174,596 9,968 165,718 23,096 383,971
Teleflex Inc 908 28,602 788 24,822 1,800 56,700
The PMI Group Inc 600 33,225 600 33,225 1,300 71,988
Tidewater Inc 1,525 32,025 1,485 31,185 3,265 68,565
TIG Holdings Inc 1,200 16,575 1,200 16,575 2,500 34,531
Tosco Corp 3,667 80,674 3,477 76,494 7,435 163,570
Transatlantic Holdings Inc 532 43,192 490 39,782 960 77,940
Transocean Offshore Inc 2,200 54,038 2,100 51,581 4,500 110,531
Travelers Property Casualty 300 9,881 200 6,588 400 13,175
Trinity Industries 1,205 36,451 1,135 34,334 2,305 69,726
Trustmark Corp 1,800 31,275 1,700 29,538 3,700 64,288
Tyson Food Inc 2,511 41,118 2,473 40,495 5,145 84,249
UAL Corp * 1,600 96,500 1,500 90,469 3,300 199,031
UICI * 1,000 15,188 900 13,669 2,000 30,375
</TABLE>
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Shares Value Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS (continued)
Ultramar Diamond Shamrock Corp 410 $ 9,481 1,255 $29,022
Unifi Inc* 268 5,963 800 17,800
Union Planters Corp 693 27,893 1,887 75,952
Unionbancal Corp 100 7,488 200 14,975
United Asset Mgmt Corp 500 10,875 1,000 21,750
United Dominion Realty Trust 500 5,813 1,500 17,438
Unitrin Inc 100 5,638 400 22,550
Universal Corp 181 5,702 500 15,750
Universal Health Services Class B* 100 3,875 400 15,500
US Office Products Co* -- -- 231 1,729
USA Networks Inc* 522 10,244 1,428 28,025
Usec Inc* 500 7,313 1,400 20,475
U.S. Filter Corp* 700 12,600 2,200 39,600
U.S. Industries Inc 327 4,537 1,330 18,454
Valero Energy Corp 180 3,218 770 13,764
Valley National Bank 300 8,175 800 21,800
Varian Associates Inc 177 6,029 490 16,691
Ventas Inc* 500 5,313 900 9,563
Vulcan Materials Co 200 22,300 400 44,600
Wallace Computer Services 90 1,457 200 3,238
Washington Federal Inc 312 7,059 753 17,037
Washington Post Co 27 13,838 100 51,250
Weismarkets Inc 200 6,963 200 6,963
Wellpoint Health Networks Inc* 100 5,338 200 10,675
Wesco Financial Corp -- -- -- --
Western Digital* 700 5,775 1,300 10,725
Westfield America Inc -- -- 200 3,175
Whitman Corp 564 8,742 1,477 22,894
Wilmington Trust Corp 192 8,976 510 23,843
Wisconsin Central Transport* 400 5,025 700 8,794
Witco Corp 316 6,636 780 16,380
York International Corp 202 6,994 620 21,468
Ziff Davis Inc* -- -- 300 2,400
--------- ---------
TOTAL MEDIUM CAP VALUE STOCKS
- VALUE $ 2,170,911 $ 6,000,669
- COST $ 2,133,472 $ 6,536,250
MEDIUM CAP UTILITY STOCKS
Percent of Net Assets 0.00% 0.00%
AES Corp* -- $ -- -- $ --
Allegheny Energy Inc -- -- -- --
Calenergy Inc* -- -- -- --
Century Telephone Enterprise -- -- -- --
CMS Energy Corp -- -- -- --
Dynegy Inc -- -- -- --
El Paso Energy Corp -- -- -- --
78
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---------------------- ---------------------- ----------------------
Shares Value Shares Value Shares Value
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Ultramar Diamond Shamrock Corp 2,443 $ 56,494 2,336 $ 54,020 4,925 $ 113,891
Unifi Inc* 1,582 35,200 1,482 32,975 3,140 69,865
Union Planters Corp 3,478 139,990 3,281 132,067 7,052 283,843
Unionbancal Corp 300 22,463 300 22,463 600 44,925
United Asset Mgmt Corp 1,800 39,150 1,700 36,975 3,700 80,475
United Dominion Realty Trust 2,800 32,550 2,400 27,900 5,200 60,450
Unitrin Inc 800 45,100 700 39,463 1,600 90,200
Universal Corp 1,039 32,729 894 28,161 1,965 61,898
Universal Health Services Class B* 800 31,000 700 27,125 1,600 62,000
US Office Products Co* 480 3,600 403 3,024 912 6,838
USA Networks Inc* 2,699 52,968 2,544 49,926 5,512 108,173
Usec Inc* 2,800 40,950 2,600 38,025 5,600 81,900
U.S. Filter Corp* 4,100 73,800 3,600 64,800 7,700 138,600
U.S. Industries Inc 2,583 35,839 2,528 35,076 5,337 74,051
Valero Energy Corp 1,464 26,169 1,384 24,739 2,860 51,123
Valley National Bank 1,500 40,875 1,400 38,150 3,000 81,750
Varian Associates Inc 835 28,442 790 26,909 1,765 60,120
Ventas Inc* 1,700 18,063 1,580 16,788 3,374 35,849
Vulcan Materials Co 800 89,200 800 89,200 1,700 189,550
Wallace Computer Services 300 4,856 210 3,399 400 6,475
Washington Federal Inc 1,528 34,571 1,395 31,562 3,037 68,712
Washington Post Co 180 92,250 133 68,163 325 166,563
Weismarkets Inc 300 10,444 200 6,963 500 17,406
Wellpoint Health Networks Inc* 400 21,350 400 21,350 800 42,700
Wesco Financial Corp -- -- -- -- 100 28,475
Western Digital* 2,500 20,625 2,400 19,800 5,100 42,075
Westfield America Inc 400 6,350 300 4,763 600 9,525
Whitman Corp 2,851 44,191 2,694 41,757 5,765 89,358
Wilmington Trust Corp 949 44,366 904 42,262 1,875 87,656
Wisconsin Central Transport* 1,400 17,588 1,300 16,331 2,800 35,175
Witco Corp 1,552 32,592 1,522 31,962 3,195 67,095
York International Corp 1,159 40,130 1,114 38,572 2,385 82,581
Ziff Davis Inc* 700 5,600 500 4,000 1,100 8,800
---------- ---------- ----------
TOTAL MEDIUM CAP VALUE STOCKS
- VALUE $ 11,385,605 $ 10,682,270 $ 22,959,634
- COST $ 12,048,539 $ 11,685,602 $ 26,182,083
MEDIUM CAP UTILITY STOCKS
Percent of Net Assets 0.41% 0.00% 0.00%
AES Corp* 2,296 $ 62,566 -- $ -- -- $ --
Allegheny Energy Inc 1,809 48,165 -- -- -- --
Calenergy Inc* 900 22,894 -- -- -- --
Century Telephone Enterprise 1,242 56,356 -- -- -- --
CMS Energy Corp 1,314 55,599 -- -- -- --
Dynegy Inc 1,600 15,300 -- -- -- --
El Paso Energy Corp 1,684 41,784 -- -- -- --
</TABLE>
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Shares Value Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS (continued)
Energy East Corp -- $-- -- $ --
Florida Progress Corp -- -- -- --
Idaho Power Co -- -- -- --
Illinova Corp -- -- -- --
IPALCO Enterprises Inc -- -- -- --
Kansas City Power & Light Co -- -- -- --
LG & E Energy Corp -- -- -- --
Marketspan Corp -- -- -- --
MCN Corp -- -- -- --
Midamerican Energy Co -- -- -- --
Montana Power Co -- -- -- --
National Fuel Gas Co -- -- -- --
New Century Energies Inc -- -- -- --
New England Electric System -- -- -- --
NIPSCO Industries Inc -- -- -- --
Northeast Utilities* -- -- -- --
OGE Energy Corp -- -- -- --
Pinnacle West Capital Corp -- -- -- --
Potomac Electric Power -- -- -- --
Puget Sound Power & Light -- -- -- --
Scana Corp -- -- -- --
Southern New England Telecom -- -- -- --
Teco Energy -- -- -- --
Telephone & Data System -- -- -- --
Utilicorp United Inc -- -- -- --
Wisconsin Energy Corp -- -- -- --
------- -------
TOTAL MEDIUM CAP UTILITY STOCKS
- VALUE $ -- $ --
- COST $ -- $ --
SMALL CAP GROWTH STOCKS
Percent of Net Assets 0.17% 0.13%
Adtran Inc* 100 $ 2,150 200 $ 4,300
Agouron Pharmaceuticals Inc* -- -- 300 5,775
APAC Teleservices Inc* 100 313 200 625
Arrow International Inc -- -- 100 2,713
Aspect Telecommunication Corp* -- -- 500 11,906
Bally Total Fitness Holdings Corp* 26 393 76 1,159
BJ's Wholesale Club Inc* 365 12,319 -- --
Breed Technologies Inc -- -- -- --
Broderbund Software Inc* 200 2,788 200 2,788
C-Cube Microsystems Inc* 100 1,481 300 4,444
Choice Hotels International Inc* 59 708 505 6,060
Choicepoint Inc* 141 5,587 140 5,548
Cognex Corp* -- -- 300 4,200
Coleman Co Inc* -- -- 200 2,02
80
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------------------------- ------------------------- -------------------------
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- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS (continued)
Energy East Corp 1,087 $ 48,915 -- $ -- -- $ --
Florida Progress Corp 1,434 60,497 -- -- -- --
Idaho Power Co 585 17,806 -- -- -- --
Illinova Corp 1,153 29,762 -- -- -- --
IPALCO Enterprises Inc 882 38,808 -- -- -- --
Kansas City Power & Light Co 955 27,158 -- -- -- --
LG & E Energy Corp 992 25,420 -- -- -- --
Marketspan Corp 719 19,683 -- -- -- --
MCN Corp 930 16,333 -- -- -- --
Midamerican Energy Co 680 16,873 -- -- -- --
Montana Power Co 824 32,136 -- -- -- --
National Fuel Gas Co 582 23,935 -- -- -- --
New Century Energies Inc 1,535 70,802 -- -- -- --
New England Electric System 1,008 40,698 -- -- -- --
NIPSCO Industries Inc 2,030 59,378 -- -- -- --
Northeast Utilities* 1,916 28,740 -- -- -- --
OGE Energy Corp 1,224 33,737 -- -- -- --
Pinnacle West Capital Corp 1,334 57,612 -- -- -- --
Potomac Electric Power 1,806 44,247 -- -- -- --
Puget Sound Power & Light 971 24,396 -- -- -- --
Scana Corp 1,446 44,374 -- -- -- --
Southern New England Telecom 975 63,192 -- -- -- --
Teco Energy 1,789 47,520 -- -- -- --
Telephone & Data System 827 27,394 -- -- -- --
Utilicorp United Inc 675 23,245 -- -- -- --
Wisconsin Energy Corp 1,645 47,808 -- -- -- --
------------- --------- ----------
TOTAL MEDIUM CAP UTILITY STOCKS
- VALUE $ 1,273,133 $ -- $ --
- COST $ 887,788 $ -- $ --
SMALL CAP GROWTH STOCKS
Percent of Net Assets 0.18% 0.19% 0.20%
Adtran Inc* 200 $ 4,300 300 $ 6,450 700 $ 15,050
Agouron Pharmaceuticals Inc* 500 9,625 500 9,625 1,100 21,175
APAC Teleservices Inc* 400 1,250 400 1,250 600 1,875
Arrow International Inc -- -- -- -- 200 5,425
Aspect Telecommunication Corp* -- -- -- -- 1,100 26,194
Bally Total Fitness Holdings Corp* 185 2,821 116 1,769 223 3,401
BJ's Wholesale Club Inc* 497 16,774 367 12,386 -- --
Breed Technologies Inc -- -- -- -- 100 731
Broderbund Software Inc* 200 2,788 200 2,788 500 6,969
C-Cube Microsystems Inc* 300 4,444 400 5,925 700 10,369
Choice Hotels International Inc* 1,105 13,260 807 9,684 1,217 14,604
Choicepoint Inc* 364 14,424 267 10,580 484 19,179
Cognex Corp* 700 9,800 600 8,400 1,300 18,200
Coleman Co Inc* -- -- -- -- 200 2,025
</TABLE>
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Shares Value Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS (continued)
Collins & Aikman Corp* -- $ -- -- $ --
Commscope Inc* 50 663 346 4,585
Covance Inc* 90 2,003 581 12,927
Dal Tile International Inc* -- -- -- --
Donelley (RH) Corp* 36 475 287 3,785
DSP Communications Inc* -- -- 500 5,719
EEX Corp* 137 608 1,213 5,383
Electronics for Imaging Inc* 400 5,850 500 7,313
Etec Systems Inc* -- -- 200 4,825
Federal Signal Corp 498 10,147 490 9,984
GenCorp Inc -- -- -- --
General Semiconductor Inc* 37 238 260 1,674
Georgia Gulf Corp 237 4,073 360 6,188
Global DirectMail Corp* 200 2,663 200 2,663
Halter Marine Group Inc* 273 2,457 282 2,538
Health Care Property Investors Inc 300 9,394 300 9,394
Host Marriott Services Corp* 240 2,370 240 2,370
Hussmann International Inc 32 420 438 5,749
Informix Corp* 1,390 4,865 1,320 4,620
Kaydon Corp -- -- -- --
Lance Inc -- -- -- --
Land's End Inc* -- -- -- --
Lawter International Inc -- -- -- --
Lee Enterprises Inc 498 11,765 -- --
Macromedia Inc* 400 5,025 400 5,025
Magne Tek Inc* -- -- -- --
Mascotech Inc -- -- 300 5,250
MAXXAM Inc* -- -- -- --
Micron Electronics Inc* -- -- 200 2,350
Mid Atlantic Medical Services* 400 2,225 500 2,781
Newport News Shipbuilding 64 1,504 292 6,862
Nordson Corp 214 9,122 160 6,820
Oakley Inc* 600 6,038 600 6,038
Objective Systems Integrator Corp* -- -- 100 513
Omnipoint Corp* 200 2,200 300 3,300
Pogo Producing Co 300 3,581 300 3,581
Presstek Inc* 200 1,638 400 3,275
Rambus Inc* -- -- 100 4,775
Rational Software Corp* -- -- 900 10,013
Richfood Holdings Inc -- -- 500 10,281
Rollins Inc 388 7,105 210 3,846
Schweitzer-Mauduit International 20 496 92 2,283
Skytel Communications Inc* -- -- 400 5,250
Sodexho Marriott Services Inc* 44 1,095 251 6,244
Sotheby's Inc 611 10,463 -- --
82
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------------------------- ------------------------ ------------------------
Shares Value Shares Value Shares Value
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS (continued)
Collins & Aikman Corp* -- $ -- -- $ -- 400 $ 2,600
Commscope Inc* 792 10,494 612 8,109 1,552 20,564
Covance Inc* 1,029 22,895 877 19,513 1,546 34,399
Dal Tile International Inc* -- -- -- -- 200 1,700
Donelley (RH) Corp* 628 8,284 549 7,235 1,381 18,215
DSP Communications Inc* -- -- 600 6,863 1,000 11,438
EEX Corp* 1,934 8,582 2,344 10,402 4,867 21,597
Electronics for Imaging Inc* 1,000 14,625 1,000 14,625 2,000 29,250
Etec Systems Inc* 400 9,650 300 7,238 700 16,888
Federal Signal Corp 807 16,443 802 16,341 1,780 36,268
GenCorp Inc 485 10,185 -- -- -- --
General Semiconductor Inc* 594 3,824 459 2,955 1,164 7,493
Georgia Gulf Corp 745 12,805 465 7,992 640 11,000
Global DirectMail Corp* 300 3,994 200 2,663 400 5,325
Halter Marine Group Inc* 369 3,321 330 2,970 630 5,670
Health Care Property Investors Inc 400 12,525 500 15,656 700 21,919
Host Marriott Services Corp* 380 3,753 320 3,160 680 6,715
Hussmann International Inc 1,025 13,453 797 10,461 1,532 20,108
Informix Corp* 3,118 10,913 2,138 7,483 5,180 18,130
Kaydon Corp 500 13,531 -- -- -- --
Lance Inc 478 8,843 -- -- -- --
Land's End Inc* 547 11,214 -- -- -- --
Lawter International Inc 677 5,162 -- -- -- --
Lee Enterprises Inc 708 16,727 510 12,049 -- --
Macromedia Inc* 700 8,794 500 6,281 900 11,306
Magne Tek Inc* 367 4,771 -- -- -- --
Mascotech Inc -- -- 400 7,000 800 14,000
MAXXAM Inc* 128 7,296 -- -- -- --
Micron Electronics Inc* 400 4,700 300 3,525 500 5,875
Mid Atlantic Medical Services* 700 3,894 500 2,781 1,300 7,231
Newport News Shipbuilding 615 14,453 465 10,928 846 19,881
Nordson Corp 293 12,489 208 8,866 385 16,411
Oakley Inc* 1,200 12,075 800 8,050 1,200 12,075
Objective Systems Integrator Corp* -- -- -- -- 200 1,025
Omnipoint Corp* 400 4,400 400 4,400 600 6,600
Pogo Producing Co 600 7,163 500 5,969 1,100 13,131
Presstek Inc* 400 3,275 400 3,275 600 4,913
Rambus Inc* 300 14,325 200 9,550 500 23,875
Rational Software Corp* 1,800 20,025 1,600 17,800 3,200 35,600
Richfood Holdings Inc -- -- 600 12,338 1,000 20,563
Rollins Inc 645 11,812 400 7,325 675 12,361
Schweitzer-Mauduit International 214 5,310 176 4,367 351 8,709
Skytel Communications Inc* -- -- -- -- -- --
Sodexho Marriott Services Inc* 588 14,627 494 12,288 1,237 30,770
Sotheby's Inc 848 14,522 623 10,669 -- --
</TABLE>
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- --------------------------------------------------------------------------------
COMMON STOCKS (continued)
SPX Corp* 22 $ 1,095 46 $ 2,289
Steel Dynamics Inc* -- -- 300 3,338
Structural Dynamics Research* 303 2,727 -- --
Superior Industries International Inc 322 6,702 260 5,411
TCA Cable TV Inc* 532 12,236 -- --
Teletech Holdings Inc* -- -- 100 838
Thermo Cardiosystems Inc* 150 2,250 250 3,750
Tootsie Roll Inds Inc* 436 14,715 437 14,743
Transtexas Gas Corp* -- -- -- --
Vanguard Cellular Systems Inc* 411 7,706 330 6,188
Wausau-Mosinee Paper Corp 392 4,998 316 4,029
West Teleservices* -- -- -- --
Williams-Sonoma Inc* -- -- -- --
Xylan Corp* 100 1,525 100 1,525
Zenith Electronics Corp* 44 17 89 35
--------- ---------
TOTAL SMALL CAP GROWTH STOCKS
- VALUE $ 188,193 $ 271,893
- COST $ 288,149 $ 447,462
SMALL CAP VALUE STOCKS
Percent of Net Assets 0.51% 0.29%
A Schulman Inc 403 $ 6,398 420 $ 6,668
Acnielson Corp* 73 1,465 453 9,088
Advanta Corp Class B 163 1,671 163 1,671
AGL Resources Inc 538 9,852 440 8,058
Aliant Communications Inc -- -- -- --
American Oncology Resources Corp* -- -- 200 1,700
Anixter International Inc* 500 8,125 500 8,125
AnnTaylor Stores Inc* 247 6,005 195 4,741
Apria Healthcare Group Inc* 500 2,094 600 2,513
Argonaut Group Inc -- -- 100 2,575
Bandag Inc -- -- 100 3,013
Bandag Inc Class A 100 2,863 100 2,863
Bassett Furniture Industries Inc 25 553 50 1,106
Bob Evans Farms Inc 468 8,629 360 6,638
Boise Cascade Office Products Corp* -- -- 100 1,369
Boston Chicken Inc* 600 581 500 484
Boyd Gaming Corp* -- -- 200 800
Brinker International Inc* 1,056 18,084 990 16,954
Burlington Industries Inc* 729 6,926 477 4,532
Capstead Mortgage Corp -- -- 400 1,200
Charming Shoppes Inc* 59 258 -- --
ChemFirst Inc 35 602 84 1,444
Chesapeake Corp 256 8,384 200 6,550
Chesapeake Energy Corp -- -- 400 625
Chris-Craft Industries Inc* 119 4,953 268 11,156
84
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------------------------ ------------------------ ------------------------
Shares Value Shares Value Shares Value
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS (continued)
SPX Corp* 226 $ 11,244 83 $ 4,129 248 $ 12,338
Steel Dynamics Inc* 600 6,675 400 4,450 1,000 11,125
Structural Dynamics Research* 434 3,906 319 2,871 -- --
Superior Industries International Inc 454 9,449 331 6,889 510 10,614
TCA Cable TV Inc* 742 17,066 552 12,696 -- --
Teletech Holdings Inc* -- -- -- -- 300 2,513
Thermo Cardiosystems Inc* 300 4,500 300 4,500 450 6,750
Tootsie Roll Inds Inc* 654 22,073 437 14,737 1,104 37,260
Transtexas Gas Corp* -- -- -- -- 300 1,144
Vanguard Cellular Systems Inc* 595 11,156 427 8,006 390 7,313
Wausau-Mosinee Paper Corp 572 7,293 407 5,189 371 4,730
West Teleservices* -- -- -- -- 200 2,100
Williams-Sonoma Inc* -- -- -- -- 400 10,200
Xylan Corp* -- -- 100 1,525 200 3,050
Zenith Electronics Corp* 279 109 230 90 367 143
--------- --------- -----------
TOTAL SMALL CAP GROWTH STOCKS
- VALUE $ 558,111 $ 425,066 $ 788,082
- COST $ 751,590 $ 636,638 $ 1,219,034
SMALL CAP VALUE STOCKS
Percent of Net Assets 0.42% 0.42% 0.44%
A Schulman Inc 686 $ 10,890 616 $ 9,779 1,185 $ 18,812
Acnielson Corp* 918 18,417 707 14,184 1,530 30,696
Advanta Corp Class B 272 2,788 217 2,224 380 3,895
AGL Resources Inc 798 14,613 558 10,218 520 9,523
Aliant Communications Inc 490 12,128 -- -- -- --
American Oncology Resources Corp* -- -- 200 1,700 400 3,400
Anixter International Inc* 500 8,125 700 11,375 1,200 19,500
AnnTaylor Stores Inc* 351 8,534 253 6,151 237 5,762
Apria Healthcare Group Inc* 800 3,350 800 3,350 1,300 5,444
Argonaut Group Inc -- -- 200 5,150 300 7,725
Bandag Inc 200 6,025 100 3,013 300 9,038
Bandag Inc Class A 200 5,725 200 5,725 400 11,450
Bassett Furniture Industries Inc 200 4,425 120 2,655 206 4,558
Bob Evans Farms Inc 752 13,865 472 8,703 1,250 23,047
Boise Cascade Office Products Corp* 800 10,950 200 2,738 400 5,475
Boston Chicken Inc* 700 678 700 678 1,100 1,066
Boyd Gaming Corp* -- -- 300 1,200 700 2,800
Brinker International Inc* 1,871 32,041 1,171 20,053 2,130 36,476
Burlington Industries Inc* 1,136 10,792 749 7,116 1,902 18,069
Capstead Mortgage Corp 800 2,400 700 2,100 1,500 4,500
Charming Shoppes Inc* 2,288 10,010 1,620 7,088 3,364 14,718
ChemFirst Inc 314 5,397 224 3,850 348 5,981
Chesapeake Corp 361 11,823 266 8,712 650 21,288
Chesapeake Energy Corp 1,000 1,563 500 781 1,000 1,563
Chris-Craft Industries Inc* 506 21,062 344 14,319 232 9,657
</TABLE>
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- --------------------------------------------------------------------------------
COMMON STOCKS (continued)
Cirrus Logic Inc* 634 $ 3,844 780 $ 4,729
Conectiv Inc 1,067 21,740 855 17,421
Corn Product International Inc* 60 1,421 295 6,988
Credit Acceptance Corp* 200 1,275 200 1,275
Cypress Semiconductor Corp* 800 4,900 840 5,145
Department 56 Inc* 200 5,900 200 5,900
Devon Energy Corp -- -- 200 5,288
Dura Pharmaceuticals Inc* -- -- 500 8,250
Earthgrains Co 56 1,540 292 8,030
Enesco Group Inc 220 5,308 170 4,101
Ethyl Corp 1,031 4,382 1,010 4,293
Federal Realty Investment Trust -- -- -- --
Ferro Corp 457 9,226 375 7,570
Fingerhut Co* 505 12,246 400 9,700
First Brands Corp 486 9,690 480 9,570
Fleming Co Inc 2 24 291 3,474
Footstar Inc* 46 1,340 245 7,136
Franchise Finance Corp -- -- 100 2,338
Fritz Co Inc* 200 1,600 200 1,600
Fuller (H B) Co -- -- -- --
Gaylord Entertainment Co Class A 105 2,802 105 2,802
Geon Co -- -- -- --
Getchell Gold Corp* 24 216 259 2,331
Glatfelter (P H) Co 486 5,650 280 3,255
Glenayre Technologies Inc* 650 4,388 650 4,388
Grand Casinos Inc* 400 3,500 400 3,500
Granite Construction Inc -- -- -- --
Harland (John H) Co 55 718 248 3,240
Heilig Meyers Co 524 5,961 410 4,664
Homestead Village Property Inc* 75 614 87 712
Houghton Mifflin Co 304 9,177 240 7,245
Hunt (J B) Transport Services -- -- -- --
Idexx Laboratories Inc* 400 7,000 500 8,750
Imation Corp* 276 4,330 516 8,095
Indiana Energy Inc* -- -- -- --
Information Resources Inc* -- -- -- --
Input/Output Inc* 500 4,875 500 4,875
Integrated Device Technology Inc* 700 3,216 800 3,675
Intergraph Corp* 54 341 367 2,317
International Multifoods Corp -- -- -- --
International Rectifier Corp* 500 2,125 500 2,125
Interstate Energy Corp 341 10,273 260 7,833
IVAX Corp* 1,230 9,533 1,240 9,610
Jacobs Engineering Group* -- -- -- --
JM Smucker Co 305 6,615 -- --
86
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- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS (continued)
Cirrus Logic Inc* 1,496 $ 9,070 1,066 $ 6,463 1,510 $ 9,154
Conectiv Inc 1,525 31,072 1,090 22,209 1,027 20,925
Corn Product International Inc* 696 16,487 569 13,478 1,368 32,405
Credit Acceptance Corp* -- -- 200 1,275 500 3,188
Cypress Semiconductor Corp* 1,364 8,355 1,424 8,722 3,170 19,416
Department 56 Inc* 300 8,850 200 5,900 600 17,700
Devon Energy Corp 500 13,219 400 10,575 900 23,794
Dura Pharmaceuticals Inc* 1,000 16,500 800 13,200 1,700 28,050
Earthgrains Co 668 18,370 536 14,740 1,224 33,660
Enesco Group Inc 299 7,213 214 5,163 210 5,066
Ethyl Corp 2,029 8,623 1,308 5,559 2,530 10,753
Federal Realty Investment Trust -- -- -- -- 400 8,050
Ferro Corp 654 13,203 496 10,013 1,222 24,669
Fingerhut Co* 714 17,315 509 12,343 180 4,365
First Brands Corp 694 13,837 704 14,036 1,060 21,134
Fleming Co Inc 801 9,562 589 7,031 1,206 14,397
Footstar Inc* 521 15,174 382 11,126 654 19,048
Franchise Finance Corp -- -- -- -- 200 4,675
Fritz Co Inc* 300 2,400 -- -- 400 3,200
Fuller (H B) Co 225 10,688 -- -- -- --
Gaylord Entertainment Co Class A 140 3,736 171 4,564 250 6,672
Geon Co -- -- -- -- 300 5,813
Getchell Gold Corp* 222 1,998 458 4,122 646 5,814
Glatfelter (P H) Co 769 8,940 489 5,685 770 8,951
Glenayre Technologies Inc* 1,175 7,931 800 5,400 1,425 9,619
Grand Casinos Inc* 700 6,125 500 4,375 900 7,875
Granite Construction Inc 405 9,619 -- -- -- --
Harland (John H) Co 620 8,099 616 8,047 1,015 13,258
Heilig Meyers Co 834 9,487 544 6,188 1,300 14,788
Homestead Village Property Inc* 100 819 113 925 188 1,539
Houghton Mifflin Co 460 13,886 310 9,358 890 26,867
Hunt (J B) Transport Services 596 10,095 -- -- -- --
Idexx Laboratories Inc* 800 14,000 600 10,500 1,000 17,500
Imation Corp* 702 11,013 731 11,468 1,617 25,367
Indiana Energy Inc* 352 10,098 -- -- -- --
Information Resources Inc* 403 3,929 -- -- -- --
Input/Output Inc* 1,000 9,750 700 6,825 1,100 10,725
Integrated Device Technology Inc* 1,700 7,809 800 3,675 2,100 9,647
Intergraph Corp* 861 5,435 586 3,699 992 6,262
International Multifoods Corp 274 4,761 -- -- -- --
International Rectifier Corp* 1,000 4,250 700 2,975 1,100 4,675
Interstate Energy Corp 473 14,249 343 10,333 667 20,093
IVAX Corp* 2,323 18,003 1,963 15,213 3,995 30,961
Jacobs Engineering Group* 373 9,512 -- -- -- --
JM Smucker Co 436 9,456 331 7,179 -- --
</TABLE>
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COMMON STOCKS (continued)
John Alden Financial Corp -- $ -- -- $ --
Kennametal Inc 300 7,781 300 7,781
Komag Inc* 400 1,100 600 1,650
Lam Research Corp* 300 3,281 300 3,281
Lone Star Steakhouse & Saloon* 300 2,550 400 3,400
Longview Fibre Co 554 5,402 540 5,265
Luby's Cafeteria Inc 45 686 219 3,340
Medaphis Corp* 800 3,250 900 3,656
Media General Inc Class A 280 11,900 220 9,350
MEMC Electronic Materials Inc* 300 1,613 300 1,613
Mentor Graphics Corp* 600 4,163 700 4,856
Michael Foods Inc -- -- -- --
Michaels Stores Inc* -- -- -- --
Micro Warehouse Inc* 300 4,875 300 4,875
Mid American Waste Systems Inc* -- -- -- --
Minnesota Power & Light Co 349 14,854 270 11,492
Mississippi Chemical Corp 11 138 28 352
Mobile Media Corp* 300 150 200 100
Modine Manufacturing Co 309 8,594 250 6,953
NCH Corp -- -- -- --
Nevada Power Co 444 11,017 360 8,933
Nielson Media Research Corp* 60 540 444 3,996
Nine West Group Inc* 200 3,188 300 4,781
Novacare Inc* -- -- -- --
Octel Corp* 19 292 134 2,060
OEA Inc -- -- -- --
Old National Bancorp 345 16,840 231 11,276
Olsten Corp 291 1,710 525 3,084
Oregon Steel Mills Inc -- -- -- --
Overseas Shipholding Group 393 5,600 310 4,418
PacifiCare Health Systems Inc Class A* 112 6,776 70 4,235
Parker Drilling* -- -- -- --
Paymentech Inc* -- -- 100 1,144
Perrigo Co* 812 6,902 550 4,675
Petsmart Inc* 1,200 5,925 1,300 6,419
PharMerica Inc* 35 137 338 1,320
Pittston Burlington Group 61 484 160 1,270
Planet Hollywood International* -- -- 200 950
Policy Management System Corp* 496 20,708 340 14,195
Pride International Inc* -- -- 400 3,175
Primadonna Resorts Inc* -- -- -- --
Public Service Co of New Mexico -- -- -- --
Quaker State Corp -- -- -- --
Quest Diagnostics Inc* 46 765 240 3,990
Readers Digest Association Inc 200 4,050 300 6,075
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COMMON STOCKS (continued)
John Alden Financial Corp -- $ -- -- $ -- 300 $ 6,731
Kennametal Inc 411 10,660 300 7,781 600 15,563
Komag Inc* 1,100 3,025 800 2,200 1,100 3,025
Lam Research Corp* 500 5,469 500 5,469 1,200 13,125
Lone Star Steakhouse & Saloon* 700 5,950 500 4,250 900 7,650
Longview Fibre Co 890 8,678 575 5,606 1,330 12,968
Luby's Cafeteria Inc 480 7,320 369 5,627 621 9,470
Medaphis Corp* 1,100 4,469 1,200 4,875 2,000 8,125
Media General Inc Class A 410 17,425 290 12,325 570 24,225
MEMC Electronic Materials Inc* 400 2,150 400 2,150 800 4,300
Mentor Graphics Corp* 852 5,911 1,000 6,938 1,600 11,100
Michael Foods Inc 229 5,668 -- -- -- --
Michaels Stores Inc* -- -- -- -- 200 4,700
Micro Warehouse Inc* 600 9,750 400 6,500 700 11,375
Mid American Waste Systems Inc* 372 163 -- -- -- --
Minnesota Power & Light Co 480 20,430 350 14,897 335 14,258
Mississippi Chemical Corp 105 1,319 74 930 116 1,457
Mobile Media Corp* 400 200 300 150 700 350
Modine Manufacturing Co 465 12,933 335 9,317 500 13,906
NCH Corp 124 7,053 89 5,062 -- --
Nevada Power Co 652 16,178 472 11,712 450 11,166
Nielson Media Research Corp* 1,023 9,210 888 7,995 2,120 19,080
Nine West Group Inc* 300 4,781 400 6,375 1,000 15,938
Novacare Inc* 975 7,130 710 5,192 -- --
Octel Corp* 300 4,613 261 4,013 478 7,349
OEA Inc 308 2,387 223 1,728 -- --
Old National Bancorp 463 22,600 347 16,938 810 39,538
Olsten Corp 1,117 6,562 988 5,805 2,216 13,019
Oregon Steel Mills Inc 299 2,822 199 1,878 -- --
Overseas Shipholding Group 550 7,838 405 5,771 375 5,344
PacifiCare Health Systems Inc Class A* 459 27,770 135 8,168 242 14,641
Parker Drilling* 844 3,376 619 2,476 -- --
Paymentech Inc* -- -- 200 2,288 400 4,575
Perrigo Co* 1,252 10,642 842 7,157 1,680 14,280
Petsmart Inc* 2,200 10,863 1,600 7,900 3,000 14,813
PharMerica Inc* 955 3,731 792 3,094 1,547 6,043
Pittston Burlington Group 328 2,604 221 1,754 402 3,191
Planet Hollywood International* 500 2,375 400 1,900 600 2,850
Policy Management System Corp* 606 25,301 516 21,543 880 36,740
Pride International Inc* 800 6,350 800 6,350 1,700 13,494
Primadonna Resorts Inc* -- -- -- -- 400 3,050
Public Service Co of New Mexico 650 13,000 470 9,400 -- --
Quaker State Corp 419 5,264 299 3,756 -- --
Quest Diagnostics Inc* 515 8,562 389 6,467 825 13,716
Readers Digest Association Inc 300 6,075 300 6,075 600 12,150
</TABLE>
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COMMON STOCKS (continued)
Read-Rite Corp* 400 $ 2,200 500 $ 2,750
Roadway Express Inc 46 696 158 2,390
Ruby Tuesday Inc 384 5,400 200 2,813
Ruddick Corp -- -- -- --
Ryans Family Steak House* 119 1,212 516 5,257
Sabre Group Holdings Inc* -- -- 200 6,400
Santa Fe Energy Resources Inc* 83 623 809 6,068
Sbarro Inc* -- -- -- --
Scholastic Corp* 200 7,750 200 7,750
Seagull Energy Corp* 391 3,470 610 5,414
Sensormatic Electronics Corp* 535 4,079 870 6,634
Sequa Corp* 110 7,019 -- --
Sequent Computer* 340 2,189 -- --
Shiva Corp* 300 1,294 300 1,294
Southland Corp* 1,800 4,134 1,400 3,216
Spelling Entertainment Group* -- -- -- --
SPS Transaction Services Corp* -- -- 100 3,119
Standard Register 301 9,444 -- --
Stewart & Stevenson Services 364 4,755 380 4,964
Stride Rite Corp 63 551 375 3,281
Sunglass Hut Inc* 600 3,450 500 2,875
Sybase Inc* 700 4,813 700 4,813
Talbots Inc 200 4,213 200 4,213
TCI Satellite Entertainment* 107 428 543 2,172
Tecumseh Products Co 241 11,463 190 9,037
Terra Industries Inc 500 2,500 400 2,000
The Fund American Co -- -- -- --
Unisource Worldwide Inc 94 623 665 4,406
Universal Foods Corp 558 11,788 640 13,520
UNOVA Inc* 34 542 434 6,917
Valhi Inc -- -- -- --
Vencor Inc* 500 1,813 700 2,538
Vishay Intertechnology Inc* 463 4,862 468 4,914
Vlasic Foods International* 80 1,160 362 5,249
VLSI Technology* 200 1,813 400 3,625
Washington Gas Light 464 11,020 360 8,550
Watts Industries Inc 308 5,140 -- --
Weingarten 200 7,700 200 7,700
Wellman Inc 363 4,152 280 3,203
Xtra Corp 200 11,775 200 11,775
Yellow Corp* 49 585 223 2,662
--------- -----------
TOTAL SMALL CAP VALUE STOCKS
- VALUE $ 553,140 $ 611,577
- COST $ 942,680 $ 1,105,331
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COMMON STOCKS (continued)
Read-Rite Corp* 600 $ 3,300 800 $ 4,400 1,700 $ 9,350
Roadway Express Inc 270 4,084 243 3,675 359 5,430
Ruby Tuesday Inc 642 9,028 398 5,597 774 10,884
Ruddick Corp 714 10,799 524 7,926 -- --
Ryans Family Steak House* 1,012 10,310 679 6,917 1,039 10,585
Sabre Group Holdings Inc* 400 12,800 300 9,600 500 16,000
Santa Fe Energy Resources Inc* 1,875 14,063 1,239 9,293 2,826 21,195
Sbarro Inc* 319 6,320 219 4,339 -- --
Scholastic Corp* 200 7,750 200 7,750 400 15,500
Seagull Energy Corp* 1,248 11,076 1,103 9,789 2,275 20,191
Sensormatic Electronics Corp* 1,723 13,138 1,048 7,991 1,885 14,373
Sequa Corp* 137 8,742 102 6,509 -- --
Sequent Computer* 471 3,032 341 2,195 -- --
Shiva Corp* 600 2,588 400 1,725 600 2,588
Southland Corp* 2,600 5,972 1,800 4,134 4,200 9,647
Spelling Entertainment Group* -- -- -- -- 400 2,400
SPS Transaction Services Corp* -- -- -- -- 200 6,238
Standard Register 432 13,554 312 9,789 -- --
Stewart & Stevenson Services 495 6,466 365 4,768 845 11,038
Stride Rite Corp 893 7,814 707 6,186 1,450 12,688
Sunglass Hut Inc* 1,000 5,750 700 4,025 1,300 7,475
Sybase Inc* 1,400 9,625 1,200 8,250 2,500 17,188
Talbots Inc -- -- 200 4,213 400 8,425
TCI Satellite Entertainment* 1,150 4,600 883 3,532 1,866 7,464
Tecumseh Products Co 345 16,409 249 11,843 431 20,499
Terra Industries Inc 700 3,500 500 2,500 1,100 5,500
The Fund American Co -- -- -- -- 100 12,800
Unisource Worldwide Inc 1,174 7,778 1,092 7,235 2,674 17,715
Universal Foods Corp 818 17,280 978 20,660 1,540 32,533
UNOVA Inc* 1,058 16,862 818 13,037 1,661 26,472
Valhi Inc -- -- -- -- 300 3,731
Vencor Inc* 1,500 5,438 1,180 4,278 2,474 8,968
Vishay Intertechnology Inc* 926 9,723 809 8,495 1,731 18,176
Vlasic Foods International* 832 12,064 727 10,542 1,802 26,129
VLSI Technology* 1,000 9,063 800 7,250 1,700 15,406
Washington Gas Light 624 14,820 454 10,783 440 10,450
Watts Industries Inc 464 7,743 334 5,574 -- --
Weingarten 400 15,400 400 15,400 900 34,650
Wellman Inc 495 5,662 365 4,175 845 9,665
Xtra Corp 300 17,663 200 11,775 500 29,438
Yellow Corp* 585 6,983 299 3,569 437 5,217
----------- ----------- -----------
TOTAL SMALL CAP VALUE STOCKS $ 1,314,345 $ 954,757 $ 1,703,831
- VALUE $ 2,165,515 $ 1,655,715 $ 2,986,172
- COST
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COMMON STOCKS (continued)
MICRO CAP STOCKS
Percent of Net Assets 0.03% 0.02%
Abercrombie & Fitch Co* 6 $ 258 30 $1,290
AirTran Holdings Inc* 300 1,275 200 850
Alliance Semiconductor Corp* -- -- -- --
Ascent Entertainment Group Inc* 249 1,930 293 2,271
Aztec Technology Partners Corp* -- -- 184 968
Brown Group Inc 31 457 180 2,655
Castle & Cooke Inc* 215 3,225 136 2,040
Consolidated Freightways* 31 271 181 1,584
Crescent Operating Inc* -- -- 80 645
Crown Vantage Inc* 21 79 48 180
Dave & Buster's Inc* -- -- -- --
Deltic Timber Corp 140 3,168 165 3,733
Echelon International Corp* 68 1,560 53 1,216
Ennis Business Forms -- -- -- --
Exabyte Corp* -- -- -- --
Freeport-McMoRan Sulphur Inc* 74 657 76 675
Genzyme Corp--Tissue Repair* 44 127 12 35
Gibson Greetings Inc* -- -- -- --
Golden Books Family Entertainment Inc* 234 322 -- --
Hancock Fabrics Inc -- -- -- --
Handleman Co* 59 380 132 850
Hartmarx Corp* 81 537 230 1,524
Highlands Insurance Group* 37 463 76 950
Homebase Inc* 365 2,236 -- --
Imperial Holly Corp -- -- -- --
International Technology* -- -- -- --
Interneuron Pharmaceuticals Corp* -- -- 400 1,050
John Nuveen & Co Inc Class A -- -- 100 3,413
Laboratory Corp America Holdings* 660 743 418 470
Lawson Products Inc -- -- -- --
Marvel Entertainment Group Inc* -- -- 200 30
Midas Inc 10 226 146 3,303
Morrison Health Care Inc 128 2,256 66 1,163
National Presto Industries -- -- -- --
Navigant International Inc* -- -- 92 547
NPC International Inc* -- -- -- --
OshKosh B'Gosh Class A* 26 949 49 1,789
Phillips-Van Heusen -- -- -- --
Picturetel Corp* 400 2,350 400 2,350
Primex Technologies Inc 47 1,727 56 2,058
School Specialty Inc* -- -- 102 1,167
Service Merchandise Co* 771 1,060 -- --
Shoneys Inc* 97 230 370 879
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COMMON STOCKS (continued)
MICRO CAP STOCKS
Percent of Net Assets 0.04% 0.03% 0.03%
Abercrombie & Fitch Co* 71 $ 3,053 63 $ 2,709 113 $ 4,859
AirTran Holdings Inc* 400 1,700 200 850 700 2,975
Alliance Semiconductor Corp* -- -- -- -- 250 625
Ascent Entertainment Group Inc* 400 3,100 397 3,077 679 5,262
Aztec Technology Partners Corp* 384 2,016 323 1,694 729 3,829
Brown Group Inc 338 4,986 221 3,260 253 3,732
Castle & Cooke Inc* 336 5,040 222 3,330 341 5,115
Consolidated Freightways* 405 3,544 286 2,503 569 4,979
Crescent Operating Inc* -- -- -- -- 200 1,613
Crown Vantage Inc* 104 390 81 304 132 495
Dave & Buster's Inc* 103 1,597 -- -- -- --
Deltic Timber Corp 307 6,946 199 4,502 334 7,557
Echelon International Corp* 96 2,202 70 1,606 65 1,491
Ennis Business Forms 247 2,485 -- -- -- --
Exabyte Corp* 340 1,828 -- -- -- --
Freeport-McMoRan Sulphur Inc* 144 1,278 75 666 143 1,269
Genzyme Corp--Tissue Repair* 71 204 52 150 54 155
Gibson Greetings Inc* 244 4,743 -- -- -- --
Golden Books Family Entertainment Inc* 313 430 233 320 -- --
Hancock Fabrics Inc 342 3,249 -- -- -- --
Handleman Co* 467 3,006 307 1,976 521 3,354
Hartmarx Corp* 389 2,577 354 2,345 618 4,094
Highlands Insurance Group* 172 2,150 136 1,700 216 2,700
Homebase Inc* 497 3,044 367 2,248 -- --
Imperial Holly Corp 134 888 94 623 -- --
International Technology* 137 788 -- -- -- --
Interneuron Pharmaceuticals Corp* -- -- 600 1,575 900 2,363
John Nuveen & Co Inc Class A -- -- -- -- -- --
Laboratory Corp America Holdings* 1,043 1,173 684 770 1,337 1,504
Lawson Products Inc 197 4,272 -- -- -- --
Marvel Entertainment Group Inc* 1,400 210 200 30 600 90
Midas Inc 341 7,715 265 5,996 510 11,539
Morrison Health Care Inc 214 3,772 132 2,327 258 4,547
National Presto Industries 116 4,256 81 2,972 -- --
Navigant International Inc* 192 1,140 161 958 365 2,165
NPC International Inc* 374 3,880 284 2,947 -- --
OshKosh B'Gosh Class A* 228 8,322 85 3,103 222 8,103
Phillips-Van Heusen 410 3,869 290 2,737 -- --
Picturetel Corp* 700 4,113 500 2,938 800 4,700
Primex Technologies Inc 107 3,932 85 3,124 126 4,631
School Specialty Inc* 213 2,436 179 2,047 405 4,632
Service Merchandise Co* 1,516 2,085 1,111 1,528 -- --
Shoneys Inc* 751 1,784 596 1,416 1,304 3,097
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COMMON STOCKS (continued)
Sizzler International Inc* 254 $ 460 -- $ --
Skyline Corp 20 565 44 1,243
Strattec Security Corp* 10 278 28 777
Sunburst Hospitality Corp* 19 83 168 735
Thermolase Corp* -- -- 100 613
Topp Inc (The)* 512 1,280 -- --
Western Wireless Corp* -- -- 100 1,563
Workflow Management Inc* -- -- 122 648
Xoma Corp* 188 388 -- --
-------- ----------
TOTAL MICRO CAP STOCKS
- VALUE $ 29,540 $ 45,264
- COST $ 67,196 $ 80,987
INTERNATIONAL STOCKS
(except Japan)
Percent of Net Assets 3.74% 7.00%
Aegon NV ADR (Netherlands) 22 $ 1,881 329 $ 28,130
Alcatel Alsthom Compagnie Generale
d'electricite ADR (France) 3,265 98,562 11,620 350,779
Allied Irish Banks PLC ADR (Ireland) 1,516 117,490 5,302 410,905
Astra AB ADR Series B (Sweden) 3,938 63,500 14,004 225,815
Axa UAP ADR (France) 1,875 101,836 6,608 358,897
Banco Bilbao Vizcaya ADR (Spain)* 3,720 46,733 13,008 163,413
Banco Central Hispanoamericano
SA ADR (Spain)* 5,148 47,297 18,117 166,450
Banco Santander SA ADR (Spain)* 1,805 32,272 6,324 113,042
BAT Industries PLC ADR (UK) 4,303 80,681 15,554 291,638
Benetton SpA ADR (Italy) 1,917 55,593 6,962 201,898
British Airways PLC ADR (UK) 560 41,160 2,100 154,350
British Petroleum Co PLC ADR (UK) 1,078 78,829 3,900 285,188
British Sky Broadcasting Group
PLC ADR (UK)* 617 28,883 2,285 106,967
British Steel PLC ADR (UK) 578 10,404 1,872 33,696
British Telecommunications PLC ADR (UK)* 1,874 239,755 6,923 885,711
Broken Hill Proprierty Co Ltd ADR
(Australia)* 590 8,113 2,278 31,323
Cadbury Schweppes PLC ADR (UK)* 1,257 69,921 4,362 242,636
Coles Myer Ltd ADR (Australia)* 924 26,219 3,432 97,383
Courtaulds PLC ADR (UK) 11,958 80,717 42,819 289,028
Daimler-Benz Aktiengesellschaft ADR
(Germany)* 4,017 341,445 14,586 1,239,810
Deutsche Telekom ADR (Germany) 4,076 97,824 14,658 351,792
Diageo PLC ADR (UK) 3,357 126,937 11,995 453,561
Elf Aquitaine ADR (France) 1,306 63,831 4,812 235,187
Elsevier NV ADR (Netherlands)* 3,287 82,175 11,861 296,525
Fiat SpA ADR (Italy) 3,488 53,192 12,530 191,083
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<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS (continued)
Sizzler International Inc* 434 $ 787 319 $ 578 -- $ --
Skyline Corp 222 6,272 78 2,204 133 3,757
Strattec Security Corp* 72 1,998 49 1,360 -- --
Sunburst Hospitality Corp* 368 1,610 269 1,177 405 1,772
Thermolase Corp* -- -- -- -- 300 1,838
Topp Inc (The)* 722 1,805 527 1,318 -- --
Western Wireless Corp* -- -- -- -- 300 4,688
Workflow Management Inc* 255 1,355 215 1,142 486 2,582
Xoma Corp* 193 398 193 398 -- --
---------- ----------- ----------
TOTAL MICRO CAP STOCKS
- VALUE
- COST $ 128,428 $ 76,508 $ 116,112
INTERNATIONAL STOCKS $ 222,328 $ 149,416 $ 230,669
(except Japan)
Percent of Net Assets 10.46% 14.12% 14.85%
Aegon NV ADR (Netherlands) 1,504 $ 128,592 588 $ 50,274 910 $ 77,805
Alcatel Alsthom Compagnie Generale
d'electricite ADR (France) 25,951 783,396 25,515 770,234 46,611 1,407,070
Allied Irish Banks PLC ADR (Ireland) 11,853 918,608 11,741 909,928 21,391 1,657,803
Astra AB ADR Series B (Sweden) 31,150 502,294 30,660 494,393 56,134 905,161
Axa UAP ADR (France) 14,697 798,231 14,404 782,317 26,332 1,430,157
Banco Bilbao Vizcaya ADR (Spain)* 29,205 366,888 28,749 361,159 52,470 659,154
Banco Central Hispanoamericano
SA ADR (Spain)* 40,251 369,806 39,576 363,605 72,396 665,138
Banco Santander SA ADR (Spain)* 14,280 255,255 13,974 249,785 25,296 452,166
BAT Industries PLC ADR (UK) 34,608 648,900 34,081 639,019 62,406 1,170,113
Benetton SpA ADR (Italy) 15,562 451,298 15,272 442,888 27,981 811,449
British Airways PLC ADR (UK) 4,725 347,288 4,700 345,450 8,550 628,425
British Petroleum Co PLC ADR (UK) 8,587 627,924 8,382 612,934 15,237 1,114,206
British Sky Broadcasting Group
PLC ADR (UK)* 5,117 239,540 5,040 235,935 9,202 430,769
British Steel PLC ADR (UK) 4,262 76,716 4,165 74,970 7,566 136,188
British Telecommunications PLC ADR (UK)* 15,243 1,950,151 15,012 1,920,598 27,469 3,514,315
Broken Hill Proprierty Co Ltd ADR
(Australia)* 5,041 69,314 5,193 71,404 9,571 131,601
Cadbury Schweppes PLC ADR (UK)* 9,781 544,068 9,627 535,502 17,462 971,324
Coles Myer Ltd ADR (Australia)* 7,675 217,778 7,532 213,721 13,740 389,873
Courtaulds PLC ADR (UK) 95,146 642,236 93,553 631,483 171,045 1,154,554
Daimler-Benz Aktiengesellschaft ADR
(Germany)* 32,403 2,754,255 31,775 2,700,875 58,168 4,944,280
Deutsche Telekom ADR (Germany) 32,515 780,360 31,944 766,656 58,501 1,404,024
Diageo PLC ADR (UK) 26,742 1,011,182 26,282 993,788 48,024 1,815,908
Elf Aquitaine ADR (France) 10,829 529,267 10,649 520,470 19,403 948,322
Elsevier NV ADR (Netherlands)* 26,326 658,150 25,863 646,575 47,359 1,183,975
Fiat SpA ADR (Italy) 27,870 425,018 27,375 417,469 50,080 763,720
</TABLE>
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- --------------------------------------------------------------------------------
LifePath 2000 LifePath 2010
----------------- -----------------
Shares Value Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS (continued)
Glaxo Holdings PLC ADR (UK)* 3,100 $172,244 10,992 $610,743
Hanson PLC ADR (UK) 2,129 52,427 7,456 183,604
Hong Kong Telecommunications Ltd ADR
(Hong Kong) 9,762 161,683 34,944 578,760
Imperial Chemical Industries PLC ADR (UK)* 959 40,877 3,641 155,198
Jefferson Smurfit Group PLC ADR (Ireland) 685 14,385 2,460 51,660
KLM Royal Dutch Airlines ADR (Netherlands) 313 9,625 923 28,382
Koninklijke Ahold NV ADR (Netherlands) 2,565 72,141 9,208 258,975
LVMH (Moet Hennessy Louis Vuitton) ADR
(France) 837 26,679 3,021 96,294
Montedison SpA ADR (Italy) 4,254 42,274 15,207 151,120
National Australia Bank Ltd ADR (Australia) 1,013 61,603 3,531 214,729
National Power PLC ADR (UK) 828 25,979 2,900 90,988
Nokia Corp ADR (Finland)* 506 33,807 1,788 119,461
Novo Nordisk A/S ADR (Denmark) 2,132 142,711 7,761 519,502
Philips Electronics NV ADR (Netherlands) 443 26,552 1,747 104,711
Premier Farnell PLC ADR (UK) 2,249 15,462 8,119 55,818
Repsol SA ADR (Spain) 637 27,988 2,500 109,844
Reuters Group PLC ADR (UK)* 654 31,147 2,213 105,394
Rhone Poulenc SA ADR (France) 1,934 88,964 7,055 324,530
Royal Dutch Petroleum ADR (Netherlands) 3,356 133,401 12,068 479,703
SKF AB ADR (Sweden) 681 10,215 2,331 34,965
Smithkline Beecham PLC ADR (UK) 1,955 111,191 6,895 392,153
Swedish Match AB ADR (Sweden)* 552 17,112 2,102 65,162
Tele Danmark A/S ADR (Denmark) 1,409 72,564 5,078 261,517
Telecom Of New Zealand ADR
(New Zealand)* 969 29,070 3,458 103,740
Telefonaktiebolaget LM Ericsson ADR
(Sweden)* 2,182 46,640 7,926 169,418
Telefonica De Espana SA ADR (Spain) 508 55,436 1,825 199,153
The News Corp Limited ADR (Australia)* 854 20,549 2,880 69,300
Total SA ADR (France) 1,828 87,858 6,475 311,205
Unilever NV ADR (Netherlands) 3,272 207,363 11,812 748,586
Vodafone Group PLC ADR (UK) 908 114,068 3,182 399,739
Westpac Banking Ltd ADR (Australia) 1,496 38,990 5,158 134,430
WMC Limited Sponsored ADR (Australia) 940 9,165 3,437 33,511
Zeneca Group PLC ADR (UK)* 1,474 53,801 5,331 194,582
--------- ---------
TOTAL INTERNATIONAL STOCKS
(except Japan)
- VALUE $ 4,049,221 $ 14,562,084
- COST $ 3,107,200 $ 11,289,544
96
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<CAPTION>
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- ------------------------------------------------------------------------------------------------------------------------------
LifePath 2020 LifePath 2030 LifePath 2040
Shares Value Shares Value Shares Value
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS (continued)
Glaxo Holdings PLC ADR (UK)* 24,501 $ 1,361,337 24,113 $ 1,339,779 44,134 $ 2,452,195
Hanson PLC ADR (UK) 16,587 408,455 16,287 401,064 29,795 733,702
Hong Kong Telecommunications Ltd ADR
(Hong Kong) 77,475 1,283,180 76,335 1,264,298 140,241 2,322,742
Imperial Chemical Industries PLC ADR (UK)* 8,053 343,259 7,860 335,033 14,380 612,948
Jefferson Smurfit Group PLC ADR (Ireland) 5,490 115,290 5,337 112,077 9,735 204,435
KLM Royal Dutch Airlines ADR (Netherlands) 2,058 63,284 1,998 61,439 3,980 122,385
Koninklijke Ahold NV ADR (Netherlands) 20,507 576,759 20,149 566,691 36,868 1,036,913
LVMH (Moet Hennessy Louis Vuitton) ADR
(France) 6,822 217,451 6,683 213,021 12,213 389,289
Montedison SpA ADR (Italy) 33,629 334,188 33,130 329,229 60,617 602,381
National Australia Bank Ltd ADR (Australia) 7,822 475,675 7,674 466,675 14,048 854,294
National Power PLC ADR (UK) 6,411 201,145 6,356 199,420 11,558 362,632
Nokia Corp ADR (Finland)* 3,866 258,297 3,852 257,362 7,002 467,821
Novo Nordisk A/S ADR (Denmark) 17,106 1,145,033 16,879 1,129,838 30,797 2,061,474
Philips Electronics NV ADR (Netherlands) 3,781 226,624 3,697 221,589 6,766 405,537
Premier Farnell PLC ADR (UK) 18,099 124,431 17,484 120,203 32,610 224,194
Repsol SA ADR (Spain) 5,425 238,361 5,350 235,066 9,750 428,391
Reuters Group PLC ADR (UK)* 4,944 235,458 4,831 230,076 8,853 421,624
Rhone Poulenc SA ADR (France) 15,736 723,856 15,506 713,276 28,375 1,305,250
Royal Dutch Petroleum ADR (Netherlands) 26,752 1,063,392 26,287 1,044,908 48,174 1,914,917
SKF AB ADR (Sweden) 5,117 76,755 5,246 78,690 9,048 135,720
Smithkline Beecham PLC ADR (UK) 15,291 869,676 15,063 856,708 27,489 1,563,437
Swedish Match AB ADR (Sweden)* 4,727 146,537 4,655 144,305 8,593 266,383
Tele Danmark A/S ADR (Denmark) 11,291 581,487 11,116 572,474 20,228 1,041,742
Telecom Of New Zealand ADR
(New Zealand)* 7,783 233,490 7,648 229,440 13,938 418,140
Telefonaktiebolaget LM Ericsson ADR
(Sweden)* 17,574 375,644 17,356 370,985 31,610 675,664
Telefonica De Espana SA ADR (Spain) 4,043 441,192 3,929 428,752 7,200 785,700
The News Corp Limited ADR (Australia)* 6,384 153,615 6,249 150,367 11,313 272,219
Total SA ADR (France) 14,304 687,486 14,078 676,624 25,719 1,236,119
Unilever NV ADR (Netherlands) 26,120 1,655,355 25,664 1,626,456 46,992 2,978,118
Vodafone Group PLC ADR (UK) 7,096 891,435 6,909 867,943 12,702 1,595,689
Westpac Banking Ltd ADR (Australia) 11,559 301,256 11,324 295,132 20,465 533,369
WMC Limited Sponsored ADR (Australia) 7,559 73,700 7,868 76,713 14,098 137,456
Zeneca Group PLC ADR (UK)* 11,817 431,321 11,618 424,057 21,283 776,830
--------- --------- ---------
TOTAL INTERNATIONAL STOCKS
(except Japan)
- VALUE $ 32,410,939 $ 31,791,122 $ 58,107,210
- COST $ 25,186,179 $ 25,989,180 $ 48,307,152
</TABLE>
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- --------------------------------------------------------------------------------
LifePath 2000 LifePath 2010
------------------ -------------------
Shares Value Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS (continued)
JAPANESE STOCKS
Percent of Net Assets 1.06% 2.15%
Canon Inc ADR* 1,390 $ 28,495 5,530 $113,365
CSK Corp ADR 1,916 34,009 7,500 133,125
Fuji Photo Film Co Ltd ADR* 975 31,688 3,270 106,275
Hitachi Ltd ADR 732 36,143 2,984 147,335
Honda Motor Co Ltd ADR 533 35,711 2,195 147,065
Ito Yokado Co Ltd ADR* 1,720 78,475 6,360 290,175
Japan Air Lines Co ADR* 9,808 47,201 38,100 183,356
Kirin Brewery Co ADR* 1,597 133,948 6,002 503,418
Kubota Corp ADR* 1,434 52,341 5,703 208,160
Kyocera Corp ADR* 430 37,571 1,519 132,723
Makita Corp ADR 1,420 15,975 4,803 54,034
Matsushita Corp ADR 257 35,289 1,033 141,844
Mitsubishi Corp ADR 3,294 35,602 17,925 193,735
Mitsui & Co Ltd ADR 660 71,198 2,415 260,518
NEC Corp ADR 1,183 42,292 4,563 163,127
Nippon Telegraph & Telegraph ADR 1,824 68,286 6,939 259,779
Nissan Motor Co Ltd ADR 3,635 17,948 11,246 55,527
Pioneer Electronics ADR 2,192 36,168 8,617 142,181
Ricoh Co Ltd ADR 677 32,414 2,679 128,267
Sony Corp ADR 468 33,082 1,822 128,793
Tokio Marine & Fire Insurance ADR 3,718 148,720 15,400 616,000
Toyota Motor Corp ADR 2,178 91,476 8,651 363,342
--------- ---------
TOTAL JAPANESE STOCKS
- VALUE $ 1,144,032 $ 4,472,144
- COST $ 1,561,640 $ 6,174,666
98
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- -----------------------------------------------------------------------------------------------------------------------
LifePath 2020 LifePath 2030 LifePath 2040
----------------------- ----------------------- -----------------------
Shares Value Shares Value Shares Value
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COMMON STOCKS (continued)
JAPANESE STOCKS
Percent of Net Assets 3.45% 4.53% 5.01%
Canon Inc ADR* 14,245 $ 292,023 13,605 $ 278,903 26,020 $ 533,410
CSK Corp ADR 17,900 317,725 17,111 303,720 32,802 582,236
Fuji Photo Film Co Ltd ADR* 9,234 300,105 8,836 287,170 16,900 549,250
Hitachi Ltd ADR 7,158 353,426 6,814 336,441 13,076 645,628
Honda Motor Co Ltd ADR 5,287 354,229 5,092 341,164 9,744 652,848
Ito Yokado Co Ltd ADR* 14,800 675,250 14,112 643,860 27,104 1,236,620
Japan Air Lines Co ADR* 91,675 441,186 87,674 421,931 168,287 809,881
Kirin Brewery Co ADR* 14,486 1,215,013 13,780 1,155,798 26,502 2,222,855
Kubota Corp ADR* 13,686 499,539 13,035 475,778 25,060 914,690
Kyocera Corp ADR* 3,631 317,259 3,505 306,249 6,702 585,587
Makita Corp ADR 12,909 145,226 12,447 140,029 23,783 267,559
Matsushita Corp ADR 2,561 351,657 2,371 325,568 4,616 633,835
Mitsubishi Corp ADR 42,788 462,457 40,900 442,051 78,390 847,247
Mitsui & Co Ltd ADR 5,822 628,048 5,584 602,374 10,595 1,142,936
NEC Corp ADR 11,010 393,608 10,514 375,876 20,099 718,539
Nippon Telegraph & Telegraph ADR 16,460 616,221 15,758 589,940 30,174 1,129,639
Nissan Motor Co Ltd ADR 34,144 168,586 32,849 162,192 62,607 309,122
Pioneer Electronics ADR 20,604 339,966 19,837 327,311 37,956 626,274
Ricoh Co Ltd ADR 6,249 299,194 6,025 288,469 11,533 552,185
Sony Corp ADR 4,240 299,715 4,083 288,617 7,816 552,494
Tokio Marine & Fire Insurance ADR 34,176 1,367,040 32,669 1,306,760 62,608 2,504,320
Toyota Motor Corp ADR 20,571 863,982 19,669 826,098 37,744 1,585,248
--------- --------- ---------
TOTAL JAPANESE STOCKS
- VALUE $ 10,701,455 $ 10,226,299 $ 19,602,403
- COST $ 14,537,403 $ 13,887,830 $ 26,779,441
</TABLE>
99
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<CAPTION>
LifePath Funds LifePath Master Portfolios - August 31, 1998 (Unaudited)
- ------------------------------------------------------------------------------------
LifePath 2000 LifePath 2010
------------------------ ---------------------
Shares Value Shares Value
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WARRANTS
Percent of Net Assets 0.00% 0.00%
Edison Brothers Stores Inc* -- $ -- -- $ --
Golden State Bancorp* 200 856 500 2,250
Morrison Knudsen Corp* 4 14 17 61
Petrofina SA (Spain)* -- -- 100 431
------------ -----------
TOTAL WARRANTS
- VALUE $ 870 $ 2,742
- COST $ 1,154 $ 2,258
RIGHTS
Percent of Net Assets 0.00% 0.00%
Swedish Match AB ADR* -- $ -- 2 $ --
------------ -----------
TOTAL RIGHTS
- VALUE $ -- $ --
- COST $ -- $ --
TOTAL COMMON STOCKS
- VALUE $ 20,723,975 $89,698,253
- COST $ 18,974,047 $74,922,173
</TABLE>
100
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<CAPTION>
LifePath Master Portfolios - August 31, 1998 (Unaudited) LifePath Funds
- ------------------------------------------------------------------------------------------------------------------------------------
LifePath 2020 LifePath 2030 LifePath 2040
--------------------------- --------------------------- ---------------------------
Shares Value Shares Value Shares Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
WARRANTS
Percent of Net Assets 0.00% 0.00% 0.00%
Edison Brothers Stores Inc* 16 $ 17 -- $ -- -- $ --
Golden State Bancorp* 800 3,425 900 4,050 1,900 8,134
Morrison Knudsen Corp* 27 96 25 89 42 150
Petrofina SA (Spain)* 100 431 100 431 200 863
------------ ------------ ------------
TOTAL WARRANTS
- VALUE $ 3,969 $ 4,570 $ 9,147
- COST $ 9,202 $ 4,845 $ 7,982
RIGHTS
Percent of Net Assets 0.00% 0.00% 0.00%
Swedish Match AB ADR* 7 $ -- 11 $ -- 1 $ --
------------ ------------ ------------
TOTAL RIGHTS
- VALUE $ -- $ -- $ --
- COST $ -- $ -- $ --
TOTAL COMMON STOCKS
- VALUE $202,815,509 $184,582,142 $390,440,537
- COST $165,619,840 $154,050,654 $345,521,785
</TABLE>
101
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<TABLE>
<CAPTION>
LifePath Funds LifePath Master Portfolios - August 31, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------
LifePath 2000 LifePath 2010
-------------------------- ----------------------------
Principal Value Principal Value
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LONG-TERM
GOVERNMENT BONDS
Percent of Net Assets 11.30% 5.59%
U.S. Treasury Bonds, 6.00%-13.75%,
05/15/01-11/15/27 $ 9,550,000 $12,223,274 $ 8,950,000 $11,630,836
----------- -----------
TOTAL LONG-TERM GOVERNMENT
BONDS
- VALUE $12,223,274 $11,630,836
- COST $11,881,077 $11,202,835
INTERMEDIATE-TERM
GOVERNMENT BONDS
Percent of Net Assets 40.79% 38.90%
U.S. Treasury Notes, 5.25%-8.75%,
08/31/99-05/15/08 $42,300,000 $44,131,163 $77,370,000 $80,933,282
----------- -----------
TOTAL INTERMEDIATE-TERM
GOVERNMENT BONDS
- VALUE $44,131,163 $80,933,282
- COST $42,917,294 $78,487,159
</TABLE>
102
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<CAPTION>
LifePath Master Portfolios - August 31, 1998 (Unaudited) LifePath Funds
- -----------------------------------------------------------------------------------------------------------------------------------
LifePath 2020 LifePath 2030 LifePath 2040
--------------------------- ---------------------------- -----------------------------
Principal Value Principal Value Principal Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LONG-TERM
GOVERNMENT BONDS
Percent of Net Assets 5.74% 14.23% 0.00%
U.S. Treasury Bonds, 6.00%-13.75%,
05/15/01-11/15/27 $13,850,000 $ 17,804,120 $ 24,440,000 $ 32,100,652 $ -- $ --
------------ ------------ -----------
TOTAL LONG-TERM GOVERNMENT
BONDS
- VALUE $ 17,804,120 $ 32,100,652 $ --
- COST $ 16,223,048 $ 28,643,553 $ --
INTERMEDIATE-TERM
GOVERNMENT BONDS
Percent of Net Assets 21.60% 0.88% 0.00%
U.S. Treasury Notes, 5.25%-8.75%,
08/31/99-05/15/08 $63,855,000 $ 66,994,910 $ 1,850,000 $ 1,988,874 $ -- $ --
TOTAL INTERMEDIATE-TERM $ 66,994,910 $ 1,988,874 $ --
GOVERNMENT BONDS $ 65,013,445 $ 1,933,595 $ --
- VALUE
- COST
</TABLE>
103
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<TABLE>
<CAPTION>
LifePath Funds LifePath Master Portfolios - August 31, 1998 (Unaudited)
- --------------------------------------------------------------------------------------------------------
LifePath 2000 LifePath 2010
---------------------------- ----------------------------
Principal/ Principal/
Shares Value Shares Value
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. TREASURY BILLS
Percent of Net Assets 28.15% 11.82%
U.S. Treasury Bills, 4.37%-5.28%**,
09/03/98-11/12/98 30,645,000 $ 30,455,756 24,755,000 $ 24,616,385
------------ ------------
TOTAL U.S. TREASURY BILLS
- VALUE $ 30,455,756 $ 24,616,385
- COST $ 30,455,510 $ 24,616,712
CASH EQUIVALENTS
Percent of Net Assets 7.31% 6.37%
Dreyfus Cash Plus Institutional Money
Market Fund# 1,705,753 $ 1,705,753 1,653,903 $ 1,653,903
Janus Institutional Money Market Fund# 3,700,000 3,700,000 1,600,000 1,600,000
Merrimac Institutional Money Market Fund# 2,500,000 2,500,000 10,000,000 10,000,000
------------ ------------
TOTAL CASH EQUIVALENTS
- VALUE $ 7,905,753 $ 13,253,903
- COST $ 7,905,753 $ 13,253,903
REPURCHASE AGREEMENTS
Percent of Net Assets 9.24% 4.33%
Goldman Sachs Repurchase Agreements#,
dated 08/31/98, due 09/01/98 with a
maturity value of $66,010,615 and a
effective yield of 5.79%, collateralized by
Federal Home Loan Mortgage Association
obligations with rates ranging from 6.60%
to 7.00%, with maturity dates ranging
from 02/01/28 to 06/01/36 and with an
aggregate market value of $67,320,000. $ 10,000,000 $ 10,000,000 $ 9,000,000 $9,000,000
------------- ------------
TOTAL INVESTMENTS IN SECURITIES
(Notes 1 and 3) - VALUE $125,439,921 $229,132,659
- COST## $122,133,681 $211,482,782
------------ ------------
TOTAL INVESTMENTS IN SECURITIES 115.95% $125,439,921 110.12% $229,132,659
Other Assets and Liabilities, Net (15.95)% (17,256,386) (10.12)% (21,065,102)
------------ ------------ ----------- ------------
TOTAL NET ASSETS 100.00% $108,183,535 100.00% $208,067,557
============ ============ =========== ============
- --------------------------------------------------------------------------------------------------------
</TABLE>
* Non-income earning securities
# Represent investment of collateral received from securities lending
transactions (see Note 4 of the notes to the financial statements)
** Yield to maturity
<TABLE>
<S> <C> <C>
## Cost for federal income tax purposes is: $ 122,133,681 $211,482,782
Net unrealized appreciation consists of:
Gross Unrealized Appreciation 5,823,672 24,902,218
Gross Unrealized Depreciation (2,517,432) (7,252,341)
------------- ------------
Net Unrealized Appreciation $ 3,306,240 $ 17,649,877
============= ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<CAPTION>
LifePath Master Portfolios - August 31, 1998 (Unaudited) LifePath Funds
- -----------------------------------------------------------------------------------------------------------------------------------
LifePath 2020 LifePath 2030 LifePath 2040
------------------------------ ------------------------------ -------------------------
Principal/ Principal/ Principal/
Shares Value Shares Value Shares Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
U.S. TREASURY BILLS
Percent of Net Assets 6.91% 2.86% 0.23%
U.S. Treasury Bills, 4.37%-5.28%**,
09/03/98-11/12/98 $ 21,593,000 $ 21,425,646 6,483,000 $ 6,439,721 907,000 $ 902,911
------------- ------------- ------------
TOTAL U.S. TREASURY BILLS
- VALUE $ 21,425,646 $ 6,439,721 $ 902,911
- COST $ 21,425,453 $ 6,439,670 $ 902,898
CASH EQUIVALENTS
Percent of Net Assets 6.68% 6.52% 5.69%
Dreyfus Cash Plus Institutional Money
Market Fund# $ 119,302 $ 119,302 1,008,395 $ 1,008,395 1,280,462 $ 1,280,462
Janus Institutional Money Market Fund# 5,200,000 5,200,000 3,700,000 3,700,000 2,000,000 2,000,000
Merrimac Institutional Money Market Fund# 15,400,000 15,400,000 10,000,000 10,000,000 19,000,000 19,000,000
------------- ------------- ------------
TOTAL CASH EQUIVALENTS
- VALUE $ 20,719,302 $ 14,708,395 $ 22,280,462
- COST $ 20,719,302 $ 14,708,395 $ 22,280,462
REPURCHASE AGREEMENTS
Percent of Net Assets 6.13% 3.99% 4.85%
Goldman Sachs Repurchase Agreements#,
dated 08/31/98, due 09/01/98 with a
maturity value of $66,010,615 and a
effective yield of 5.79%, collateralized by
Federal Home Loan Mortgage Association
obligations with rates ranging from 6.60%
to 7.00%, with maturity dates ranging
from 02/01/28 to 06/01/36 and with an
aggregate market value of $67,320,000. $ 19,000,000 $ 19,000,000 $9,000,000 $ 9,000,000 $19,000,000 $ 19,000,000
------------- ------------- ------------
TOTAL INVESTMENTS IN SECURITIES
(Notes 1 and 3) - VALUE $ 348,759,487 $ 248,819,784 $ 432,623,910
- COST## $ 308,001,088 $ 214,775,867 $ 387,705,145
------------- ------------- -------------
TOTAL INVESTMENTS IN SECURITIES 112.48% $ 348,759,487 110.33% $ 248,819,784 110.50% $ 432,623,910
Other Assets and Liabilities, Net (12.48)% (38,701,499) (10.33)% (23,301,346) (10.50)% (41,122,534)
------------ ------------- ----------- ------------- ---------- -------------
TOTAL NET ASSETS 100.00% $ 310,057,988 100.00% $ 225,518,438 100.00% $ 391,501,376
============ ============= =========== ============= ========== =============
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Non-income earning securities
# Represent investment of collateral received from securities lending
transactions (see Note 4 of the notes to the financial statements)
** Yield to maturity
<TABLE>
<S> <C> <C> <C>
## Cost for federal income tax purposes is: $ 308,001,088 $ 214,775,867 $ 387,705,145
Net unrealized appreciation consists of:
Gross Unrealized Appreciation 55,825,734 48,247,767 77,725,869
Gross Unrealized Depreciation (15,067,335) (14,203,850) (32,807,104)
------------- ------------- -------------
Net Unrealized Appreciation $ 40,758,399 $ 34,043,917 $ 44,918,765
============= ============= =============
</TABLE>
105
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<CAPTION>
LifePath Funds Statement of Assets and Liabilities (Unaudited)-August 31, 1998
- --------------------------------------------------------------------------------
LifePath LifePath
2000 2010
Master Master
Portfolio Portfolio
- --------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments:
In securities, at market value (see cost below)
(Note 1) $ 125,439,921 $ 229,132,659
Cash 449 244
Receivables:
Dividends and interest 805,669 1,492,296
Total Assets 126,246,039 230,625,199
LIABILITIES
Payables:
Collateral for securities loaned (Note 4) 17,905,753 22,253,903
Due to BGI (Note 2) 156,751 303,739
Total Liabilities 18,062,504 22,557,642
TOTAL NET ASSETS $ 108,183,535 $ 208,067,557
INVESTMENTS AT COST $ 122,133,681 $ 211,482,782
- --------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
106
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<CAPTION>
Statement of Assets and Liabilities (Unaudited) - August 31, 1998 LifePath Funds
- ----------------------------------------------------------------------------------------------------------------
LifePath LifePath LifePath
2020 2030 2040
Master Master Master
Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments:
In securities, at market value (see cost below)
(Note 1) $ 348,759,487 $ 248,819,784 $ 432,623,910
Cash 444 931 311
Receivables:
Dividends and interest 1,490,885 753,893 765,668
Total Assets 350,250,816 249,574,608 433,389,889
LIABILITIES
Payables:
Collateral for securities loaned (Note 4) 39,719,302 23,708,395 41,280,462
Due to BGI (Note 2) 473,526 347,775 608,051
Total Liabilities 40,192,828 24,056,170 41,888,513
TOTAL NET ASSETS $ 310,057,988 $ 225,518,438 $ 391,501,376
INVESTMENTS AT COST $ 308,001,088 $ 214,775,867 $ 387,705,145
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
107
<PAGE>
<TABLE>
<CAPTION>
LifePath Funds Statement of Operations - For the Six Months Ended August 31, 1998 (Unaudited)
- ------------------------------------------------------------------------------------------------
LifePath 2000 LifePath 2010
Master Portfolio Master Portfolio
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Dividends $ 249,711 $ 953,591
Interest+ 2,511,466 3,229,959
Total Investment Income 2,761,177 4,183,550
EXPENSES (NOTE 2)
Advisory Fees 319,895 613,489
Total Expenses 319,895 613,489
NET INVESTMENT INCOME 2,441,282 3,570,061
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain (loss) on sale of investments 2,619,070 4,890,342
Net change in unrealized appreciation
(depreciation) of investments (4,237,744) (13,559,349)
Net Gain (Loss) on Investments (1,618,674) (8,669,007)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 822,608 $ (5,098,946)
- ------------------------------------------------------------------------------------------------
+ Interest income includes security lending income of: $ 11,575 $ 26,103
</TABLE>
The accompanying notes are an integral part of these financial statements.
108
<PAGE>
<TABLE>
<CAPTION>
Statement of Operations - For the Six Months Ended August 31, 1998 (Unaudited) LifePath Funds
- ------------------------------------------------------------------------------------------------------------------------
LifePath 2020 LifePath 2030 LifePath 2040
Master Portfolio Master Portfolio Master Portfolio
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Dividends $ 2,162,313 $ 1,957,988 $ 3,858,861
Interest+ 3,117,266 1,238,031 183,843
Total Investment Income 5,279,579 3,196,019 4,042,704
EXPENSES (NOTE 2)
Advisory Fees 955,619 705,423 1,242,901
Total Expenses 955,619 705,423 1,242,901
NET INVESTMENT INCOME 4,323,960 2,490,596 2,799,803
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain (loss) on sale of investments 9,274,323 6,605,306 10,647,981
Net change in unrealized appreciation (depreciation) of
investments (30,680,646) (27,034,449) (56,178,376)
Net Gain (Loss) on Investments (21,406,323) (20,429,143) (45,530,395)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ (17,082,363) $ (17,938,547) $ (42,730,592)
- ----------------------------------------------------------------------------------------------------------------------------
+ Interest income includes security lending income of: $ 49,272 $ 44,147 $ 81,825
</TABLE>
The accompanying notes are an integral part of these financial statements.
109
<PAGE>
<TABLE>
<CAPTION>
LifePath Funds Statements of Changes in Net Assets
- -----------------------------------------------------------------------------------------
LifePath 2000 Master Portfolio
------------------------------------
(Unaudited)
For the For the
Six Months Ended Year Ended
August 31, 1998 February 28, 1998
- ------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE IN NET ASSETS
Net investment income $ 2,441,282 $ 5,325,967
Net realized gain (loss) on sale of investments 2,619,070 5,800,419
Net change in unrealized appreciation (depreciation)
of investments (4,237,744) 3,089,773
Net increase (decrease) in net assets resulting
from operations 822,608 14,216,159
Net increase (decrease) in net assets resulting
from beneficial interests transactions (8,838,074) (29,290,156)
Increase (decrease) in Net Assets (8,015,466) (15,073,997)
NET ASSETS:
Beginning net assets 116,199,001 131,272,998
Ending net assets $ 108,183,535 $ 116,199,001
- ------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
110
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets LifePath Funds
- --------------------------------------------------------------------------------------------------------------------------------
LifePath 2010 Master Portfolio LifePath 2020 Master Portfolio
----------------------------------- -----------------------------------
(Unaudited) (Unaudited)
For the For the For the For the
Six Months Ended Year Ended Six Months Ended Year Ended
August 31, 1998 February 28, 1998 August 31, 1998 February 28, 1998
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS
Net investment income $ 3,570,061 $ 6,460,247 $ 4,323,960 $ 7,680,647
Net realized gain (loss) on sale of investments 4,890,342 9,734,287 9,274,323 16,445,704
Net change in unrealized appreciation (depreciation)
of investments (13,559,349) 16,696,571 (30,680,646) 39,706,672
Net increase (decrease) in net assets resulting
from operations (5,098,946) 32,891,105 (17,082,363) 63,833,023
Net increase (decrease) in net assets resulting
from beneficial interests transactions 4,948,804 5,815,674 869,589 10,995,106
Increase (decrease) in Net Assets (150,142) 38,706,779 (16,212,774) 74,828,129
NET ASSETS:
Beginning net assets 208,217,699 169,510,920 326,270,762 251,442,633
Ending net assets $ 208,067,557 $ 208,217,699 $ 310,057,988 $ 326,270,762
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
111
<PAGE>
<TABLE>
<CAPTION>
LifePath Funds Statements of Changes in Net Assets
- -----------------------------------------------------------------------------------------
LifePath 2030 Master Portfolio
-------------------------------------
(Unaudited)
For the For the
Six Months Ended Year Ended
August 31, 1998 February 28, 1998
- -----------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE IN NET ASSETS
Net investment income $ 2,490,596 $ 4,066,385
Net realized gain (loss) on investments 6,605,306 9,255,193
Net realized gain (loss) on sale of futures contracts 0 0
Net change in unrealized appreciation (depreciation)
of investments (27,034,449) 35,383,133
Net change in unrealized appreciation (depreciation)
of futures contracts 0 0
Net increase (decrease) in net assets resulting
from operations (17,938,547) 48,704,711
Net increase (decrease) in net assets resulting
from beneficial interests transactions 9,846,612 26,100,829
Net increase (decrease) in Net Assets (8,091,935) 74,805,540
NET ASSETS:
Beginning net assets 233,610,373 158,804,833
Ending net assets $ 225,518,438 $ 233,610,373
- -----------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
112
<PAGE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets LifePath Funds
- ------------------------------------------------------------------------------------------------
LifePath 2040 Master Portfolio
-------------------------------------
(Unaudited)
For the For the
Six Months Ended Year Ended
August 31, 1998 February 28, 1998
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE IN NET ASSETS
Net investment income $ 2,799,803 $ 4,675,068
Net realized gain (loss) on investments 10,647,981 26,380,392
Net realized gain (loss) on sale of futures contracts 0 14,539
Net change in unrealized appreciation (depreciation)
of investments (56,178,376) 58,037,494
Net change in unrealized appreciation (depreciation)
of futures contracts 0 (52,500)
Net increase (decrease) in net assets resulting
from operations (42,730,592) 89,054,993
Net increase (decrease) in net assets resulting
from beneficial interests transactions 29,502,861 57,589,386
Net increase (decrease) in Net Assets (13,227,731) 146,644,379
NET ASSETS:
Beginning net assets 404,729,107 258,084,728
Ending net assets $ 391,501,376 $ 404,729,107
- ------------------------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
113
<PAGE>
LifePath Funds Notes to Financial Statements (Unaudited)
- --------------------------------------------------------------------------------
Notes to the Financial Statements (Unaudited)
1. Significant Accounting Policies
Organization
Master Investment Portfolio ("MIP") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company. MIP was organized on October 21, 1993, as a Delaware
business trust pursuant to an Agreement and Declaration of Trust dated May 14,
1993, and had no operations prior to May 26, 1994. MIP currently issues the
following separate portfolios (the "Master Portfolios"): the Asset Allocation,
Bond Index, LifePath 2000, LifePath 2010, LifePath 2020, LifePath 2030, LifePath
2040, S&P 500 Index and U.S. Treasury Allocation Master Portfolios. The
financial statements for the Asset Allocation, Bond Index, S&P 500 Index and
U.S. Treasury Allocation Master Portfolios are presented separately.
The following significant accounting policies are consistently followed by
MIP in the preparation of its financial statements, and such policies are in
conformity with generally accepted accounting principles for investment
companies. The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
Investment Policy and Security Valuation
Each Master Portfolio covered by this report follows an asset allocation
strategy among three broad investment classes: equity and debt securities of
issuers located throughout the world and cash in the form of money market
instruments. The equity securities of the Master Portfolios are valued at the
last reported sale price on the primary securities exchange or national
securities market on which such securities are traded. Securities not listed on
an exchange or national securities market, or securities in which there was no
last reported sales price, are valued at the most recent bid prices. Debt
securities are generally traded in the over-the-counter market and are valued at
a price deemed best to reflect fair value as quoted by dealers who make markets
in those securities or by an independent pricing source. U.S. Government
obligations are valued at the last reported bid price. Debt securities maturing
in 60 days or less are valued at amortized cost, which approximates market
value. Any securities, restricted securities or other assets for which market
quotations are not readily available, are valued at fair value as determined in
good faith in accordance with policies approved by MIP's Board of Trustees.
114
<PAGE>
Notes to Financial Statements (Unaudited) LifePath Funds
- --------------------------------------------------------------------------------
Security Transactions and Income Recognition
Security transactions are accounted for on the date the securities are
purchased or sold (trade date). Dividend income is recognized on the ex-dividend
date, and interest income is recognized on a daily accrual basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Bond discounts and premiums are amortized under provisions of the Internal
Revenue Code of 1986, as amended (the "Code").
Federal Income Taxes
Each Master Portfolio of MIP intends to qualify as a partnership for federal
income tax purposes. Each Master Portfolio therefore believes that it will not
be subject to any federal income tax on its income and net realized capital
gains (if any). However, each investor in a Master Portfolio will be taxed on
its allocable share of the partnership's income and capital gains for purposes
of determining its federal income tax liability. The determination of such share
will be made in accordance with the applicable sections of the Code.
It is intended that each Master Portfolio's assets, income and allocations
will be managed in such a way that a regulated investment company investing in a
Master Portfolio will be able to satisfy the requirements of Subchapter M of the
Code, assuming that the investment company invested all of its assets in the
corresponding Master Portfolio.
Futures Contracts
The LifePath 2000, LifePath 2010, LifePath 2020, LifePath 2030, and LifePath
2040 Master Portfolios may purchase futures contracts to gain exposure to market
changes, as this may be more efficient or cost effective than actually buying
the securities. A futures contract is an agreement between two parties to buy or
sell a security at a set price on a future date and is exchange traded. Upon
entering into a futures contract, the LifePath 2000, LifePath 2010, LifePath
2020, LifePath 2030, and LifePath 2040 Master Portfolios are required to pledge
to the broker an amount of cash, U.S. Government securities or other
high-quality debt securities equal to the minimum "initial margin" requirements
of the exchange. Pursuant to the contract, the Master Portfolios agree to
receive from or pay to the broker an amount of cash equal to the daily
fluctuation in the value of the contract. Such receipts or payments are known as
"variation margin" and are recorded by the Master Portfolios as unrealized gains
or losses. When the contract is closed, the Master Portfolios record a gain or
loss equal to the difference between the value of the contract at the time it
was opened and the value at the time it was closed. Pursuant to regulations
and/or published positions of the Securities and Exchange
115
<PAGE>
LifePath Funds Notes to Financial Statements (Unaudited)
- --------------------------------------------------------------------------------
Commission, the Master Portfolios are required to segregate cash, U.S.
Government obligations or high quality, liquid debt instruments in connection
with futures transactions in an amount generally equal to the entire contract
amount. Risks of entering into futures contracts include the possibility that
there may be an illiquid market and that a change in the value of the contracts
may not correlate with changes in the value of the underlying securities. As of
August 31, 1998, the Master Portfolios had no open futures contracts
outstanding.
Repurchase Agreements
Transactions involving purchases of securities under agreements to resell
such securities at a specified price and time ("repurchase agreements") are
treated as collateralized financing transactions and are recorded at their
contracted resale amounts. These repurchase agreements, if any, are detailed in
each Master Portfolio's Portfolio of Investments. The adviser to the Master
Portfolios may pool each Master Portfolio's cash and invest in repurchase
agreements entered into by the other Master Portfolios. Each Master Portfolio's
prospectus requires that the cash investments be fully collateralized based on
values that are marked to market daily. The collateral is generally held by an
agent bank under a tri-party agreement. It is the adviser's responsibility to
value collateral daily and to obtain additional collateral as necessary to
maintain the value at equal to or greater than 102% of market value. The
repurchase agreements entered into on August 31, 1998, by the Master Portfolios
are collateralized by U.S. Government Securities.
2. Agreements and Other Transactions with Affiliates
Pursuant to an Investment Advisory Contract with each Master Portfolio,
Barclays Global Fund Advisors ("BGFA") provides investment guidance and policy
direction in connection with the management of each Master Portfolio's assets.
BGFA is entitled to receive 0.55% of the average daily net assets of the
LifePath Master Portfolios as compensation for its advisory services to such
Master Portfolios. BGFA is an indirect subsidiary of Barclays Bank PLC.
Investors Bank & Trust Company ("IBT") serves as the custodian to each Master
Portfolio. IBT will not be entitled to receive fees for its custodial services
so long as it is entitled to receive a separate fee from Barclays Global
Investors, N.A. ("BGI") for its services as SubAdministrator of each Master
Portfolio.
Stephens Inc. ("Stephens"), is the co-administrator, and placement agent for
the Master Portfolios.
Certain officers and directors of MIP are also officers of Stephens. As of
August 31, 1998, these officers of Stephens collectively owned less than 1% of
the Master Portfolios' outstanding shares of beneficial interests.
116
<PAGE>
Notes to Financial Statements (Unaudited) LifePath Funds
- --------------------------------------------------------------------------------
3. Investment Portfolio Transactions
Purchases and sales of investments, exclusive of short-term securities, for
each Master Portfolio for the six months ended August 31, 1998, are as follows:
<TABLE>
<CAPTION>
LifePath LifePath LifePath LifePath LifePath
Aggregate 2000 2010 2020 2030 2040
Purchases Master Master Master Master Master
and Sales of: Portfolio Portfolio Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
U.S. Government
Obligations
Purchases at cost $17,927,713 $36,440,709 $26,873,341 $7,303,772 $ 0
Sales proceeds 21,566,340 32,107,000 23,637,026 3,105,471 0
- ----------------------------------------------------------------------------------------------
Other Securities:
Purchases at cost $1,567,744 $8,941,861 $16,678,417 $21,183,041 $54,213,803
Sales proceeds 5,566,610 9,242,143 24,992,349 11,901,706 19,130,609
</TABLE>
4. Portfolio Securities Loaned
As of August 31, 1998, certain Master Portfolios had loaned securities which
were collateralized by cash. Each Master Portfolio receives transaction fees for
providing services in connection with the securities lending program. The value
of the securities on loan and the value of the related collateral were as
follows:
Securities Collateral
- -------------------------------------------------------------------------------
LifePath 2000 Master Portfolio $17,697,595 $17,905,753
- -------------------------------------------------------------------------------
LifePath 2010 Master Portfolio $21,832,824 $22,253,903
- -------------------------------------------------------------------------------
LifePath 2020 Master Portfolio $38,841,359 $39,719,302
- -------------------------------------------------------------------------------
LifePath 2030 Master Portfolio $23,083,844 $23,708,395
- -------------------------------------------------------------------------------
LifePath 2040 Master Portfolio $39,967,235 $41,280,462
117
<PAGE>
LifePath Funds Notes to Financial Statements (Unaudited)
- --------------------------------------------------------------------------------
5. Financial Highlights
The portfolio turnover rates, excluding short-term securities, for the Master
Portfolios are as follows:
<TABLE>
<CAPTION>
LifePath LifePath LifePath LifePath LifePath
2000 2010 2020 2030 2040
Master Master Master Master Master
Portfolio Turnover Portfolio Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
For the Six Months Ended August 31, 1998
(Unaudited) 23% 21% 14% 6% 4%
- ----------------------------------------------------------------------------------------------
For the Year Ended February 28, 1998 39% 46% 41% 27% 34%
- ----------------------------------------------------------------------------------------------
For the Year Ended February 28, 1997 108% 73% 61% 42% 48%
- ----------------------------------------------------------------------------------------------
For the Year Ended February 29, 1996 84% 39% 49% 39% 29%
- ----------------------------------------------------------------------------------------------
For the Year Ended February 28, 1995 17% 24% 28% 40% 5%
</TABLE>
118
<PAGE>
Wells Fargo Bank, N.A. provides investment advisory services, shareholder
services, and certain other services for the Stagecoach Funds. Barclays Global
Fund Advisors ("BGFA") provides investment advisory and sub-advisory services to
certain Stagecoach Funds. Each of the Stagecoach LifePath Funds invest in a
master portfolio which in turn invests in individual securities. LifePath is a
registered trademark of Barclays Global Investors, N.A. The Funds are
distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo Bank, N.A. and BGFA
are not affiliated with Stephens Inc.
This report and the financial statements contained herein are submitted for the
general information of the shareholders of the Stagecoach Funds. If this report
is used for promotional purposes, distribution of the report must be accompanied
or preceded by a current prospectus. For a prospectus containing more complete
information, including charges and expenses, call 1-800-222-8222. Read the
prospectus carefully before you invest or send money.
(C)Stagecoach Funds
- --------------------------------------------------------------------------------
---------------
STAGECOACH FUNDS(C) Bulk Rate
P.O. Box 7066 U.S. POSTAGE
San Francisco, CA 94120-7066 PAID
Permit No. 19
Hudson, MA
Dated Material ---------------
Please Expedite
SC LP SAR (10/98)
