Northern Funds
Semi-Annual Report
September 30, 1995
NOTICE TO INVESTORS
Shares of Northern Funds:
- -are not insured by the FDIC or guaranteed by any other governmental agency;
- -are not bank deposits or obligations of or guaranteed by The Northern Trust
Company, its parent company, or its affiliates;
- -are subject to investment risks, including possible loss of principal; and
- -there can be no assurance that the money market funds will be able to maintain
a stable net asset value of $1.00 per share.
The Northern Trust Company serves as investment adviser, custodian, transfer
agent, and servicing agent and receives compensation for such services as
disclosed in the current prospectus.
Shares of Northern Funds are distributed by Sunstone Financial Group, Inc., an
independent third-party distributor, and sold by employees of Northern Trust
Company and its affiliates.
November 1995
Dear Shareholder:
We are pleased to provide you with the enclosed Northern Funds Semi-Annual
Report for the period ended September 30, 1995. In it, you'll find information
about your investment, enabling you to better monitor its management and
performance.
This report includes a listing of securities held in each portfolio and each
fund's operating results.
Also enclosed is a revised prospectus, reflecting current management fees and
expenses, after reductions and reimbursements.
Please read these documents carefully and retain them in your files for future
reference.
To avoid duplication, we have sent only one copy of each report per mailing
address. If you would like to receive duplicate copies, please call the Northern
Funds Center at 1-800-595-9111. We will send additional copies and adjust our
records accordingly for future mailings.
Thank you for your investment in Northern Funds. Please let us know if there's
anything we can do to serve you better.
Sincerely,
/s/ Lloyd A. Wennlund
Lloyd A. Wennlund
Table of Contents
Abbreviations and Other Information
Money Market Funds
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Financial Highlights
Schedules of Investments
Money Market Fund
U.S. Government Money Market Fund
Municipal Money Market Fund
U.S. Government Select Money Market Fund
California Municipal Money Market Fund
Fixed Income Funds
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Financial Highlights
Schedules of Investments
U.S. Government Fund
Fixed Income Fund
Intermediate Tax-Exempt Fund
Tax-Exempt Fund
International Fixed Income Fund
Equity Funds
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Financial Highlights
Schedules of Investments
Income Equity Fund
Growth Equity Fund
Select Equity Fund
Small Cap Growth Fund
International Growth Equity Fund
International Select Equity Fund
Notes to the Financial Statements
Abbreviations and Other Information
With respect to the Schedules of Investments, the percentage shown for each
investment category reflects the value of investments in that category as a
percentage of total net assets.
Interest rates represent either the stated coupon rate, annualized yield on date
of purchase for discounted notes, or, for floating rate securities, the current
reset rate.
Prerefunding is a procedure in which a bond issuer floats a second bond in order
to pay off the first bond at the first call date. The proceeds from the sale of
the second bond are safely invested, usually in Treasury securities, that will
mature at the first call date of the first bond issue. Those first bonds are
said to be prerefunded after this operation has taken place.
Maturity dates represent the stated date on the security, the next interest
reset date for floating rate securities or the prerefunded date for these types
of securities.
Explanation of Abbreviations
Used Throughout the Schedules of Investments
ADR American Depository Receipt
AMBAC American Municipal Bond Assurance Corp.
BAN Bond Anticipation Note
BTP Banker's Trust Partnership
Colld. Collateralized
COP Certificates of Participation
CP Commercial Paper
FFCB Federal Farm Credit Bank
FGIC Financial Guaranty Insurance Corp.
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corp.
FNMA Federal National Mortgage Association
FRN Floating Rate Note
FSAC Financial Security Assurance Corp.
GDR General Depository Receipt
G.O. General Obligation
GNMA Government National Mortgage Association
Gtd. Guaranteed
IDA Industrial Development Authority
IDR Industrial Development Revenue
I.O. Interest Only
JPMP J.P. Morgan Partnership
LOC Letter of Credit
MBIA Municipal Bond Insurance Association
MTA Metropolitan Transit Authority
PCR Pollution Control Revenue
P.O. Principal Only
PRSV Preservation Project
PSF Permanent School Fund
RAC Revenue Anticipation Certificate
RAW Revenue Anticipation Warrant
REMIC Real Estate Mortgage Investment Conduit
Soc GenSociete Generale
SLMA Student Loan Marketing Association
TOB Tender Option Bond
TOCR Tender Option Custodial Receipt
TRAN Tax and Revenue Anticipation Note
TVA Tennessee Valley Authority
VRDN Variable Rate Demand Note
<F1> Non-Income Producing Security
<TABLE>
Statements of Assets and Liabilities September 30, 1995 (Unaudited)
MONEY MARKET FUNDS
<CAPTION>
U.S. GOVERNMENT CALIFORNIA
U.S. GOVERNMENT MUNICIPAL SELECT MUNICIPAL
MONEY MONEY MONEY MONEY MONEY
MARKET MARKET MARKET MARKET MARKET
Amounts in thousands, except per share data FUND FUND FUND FUND FUND
------- --------------- --------- -------------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (cost $826,638,
$192,214, $932,973, $111,821 and
$129,838, respectively) $826,638 $192,214 $932,973 $111,821 $129,838
Repurchase agreements, at value (cost
$100,000 and $39,807, for the Money Market
and U.S. Government Money Market
Funds, respectively) 100,000 39,807 - - -
Cash 5 1 - - -
Income receivable 1,471 199 8,217 91 943
Receivable for securities sold - - 5,114 - 600
Receivable from Adviser 46 1 24 23 4
Deferred organization costs, net of
accumulated amortization 96 36 108 16 16
Prepaid and other assets 67 21 81 23 25
------- ------- ------- ------- -------
Total Assets 928,323 232,279 946,517 111,974 131,426
------- ------- ------- ------- -------
LIABILITIES:
Due to Custodian - - 6 - 100
Dividends payable 4,277 1,060 2,882 478 408
Accrued investment advisory fees 49 12 48 3 5
Accrued administration fees 19 - 27 - 2
Accrued transfer agent fees 14 4 14 2 2
Accrued registration fees and other liabilities 15 7 68 6 6
------- ------- ------- ------- -------
Total Liabilities 4,374 1,083 3,045 489 523
------- ------- ------- ------- -------
NET ASSETS:
Capital stock 923,949 231,193 943,488 111,484 130,886
Accumulated net realized gains (losses) - 3 (16) 1 17
-------- ------- ------- ------- -------
Net Assets $923,949 $231,196 $943,472 $111,485 $130,903
======== ======== ======== ======== ========
SHARES OUTSTANDING ($.0001 PAR VALUE,
UNLIMITED AUTHORIZATION) 923,949 231,193 943,488 111,484 130,886
NET ASSET VALUE, REDEMPTION
AND OFFERING PRICE PER SHARE $1.00 $1.00 $1.00 $1.00 $1.00
<FN>
See Notes to the Financial Statements.
</TABLE>
<TABLE>
Statements of Operations Six months ending September 30, 1995 (Unaudited)
<CAPTION>
MONEY MARKET FUNDS
U.S. GOVERNMENT CALIFORNIA
U.S. GOVERNMENT MUNICIPAL SELECT MUNICIPAL
MONEY MONEY MONEY MONEY MONEY
MARKET MARKET MARKET MARKET MARKET
Amounts in thousands FUND FUND FUND FUND FUND
------- --------------- --------- -------------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $28,677 $7,240 $20,131 $3,144 $2,830
------- ------ ------- ------ ------
EXPENSES:
Investment advisory fees (net of voluntary fee
waivers of $1,183, $302, $1,239, $212 and
$244, respectively) 1,656 423 1,735 106 174
Administration fees (net of voluntary fee
waivers of $321, $86, $330, $80 and
$94, respectively) 389 95 413 - 10
Custody and accounting fees 118 46 127 29 33
Transfer agent fees 473 121 496 53 69
Registration fees 29 19 34 21 1
Professional fees 17 10 17 9 8
Trustees' fees 13 4 13 2 3
Amortization of organization costs 13 5 15 2 2
Other 23 6 24 2 2
------- ------ ------ ------ ------
Total Expenses Before Reimbursement by Adviser 2,731 729 2,874 224 302
Less: Reimbursement of Expenses by Adviser (602) (185) (644) (65) (59)
------- ------ ------ ------ ------
Net Expenses 2,129 544 2,230 159 243
------- ----- ------ ----- ------
NET INVESTMENT INCOME 26,548 6,696 17,901 2,985 2,587
------- ----- ------ ----- ------
NET REALIZED GAINS (LOSSES) ON:
Investments 1 1 (71) - (5)
------- ----- ------ ----- ------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $26,549 $6,697 $17,830 $2,985 $2,582
======= ======= ======== ======= ======
<FN>
See Notes to the Financial Statements.
</TABLE>
<TABLE>
Statements of Changes in Net Assets
MONEY MARKET FUNDS PART 1
<CAPTION>
U.S. GOVERNMENT
MONEY MARKET MONEY MARKET
FUND FUND
-------------------------- -----------------------------
Six Months Period Six Months Period
Ended Ended Ended Ended
Sept. 30, March 31, Sept. 30, March 31,
1995 1995 <F2> 1995 1995 <F2>
(Unaudited) (Unaudited)
----------- --------- ----------- ---------
Amounts in thousands
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 26,548 $ 23,695 $ 6,696 $ 6,033
Net realized gains (losses)
on investments 1 (1) 1 2
--------- --------- ------- ---------
Net Increase in Net
Assets Resulting
from Operations 26,549 23,694 6,697 6,035
--------- --------- ------- ---------
CAPITAL SHARE TRANSACTIONS:
Shares sold 1,874,891 3,122,961 579,749 1,161,715
Shares from reinvestment
of dividends 1,237 296 527 405
Shares redeemed (1,846,459) (2,228,986) (576,624) (934,580)
----------- ----------- --------- ---------
Net Increase (Decrease) in
Net Assets Resulting
from Capital Share
Transactions 29,669 894,271 3,652 227,540
-------- -------- -------- --------
DIVIDENDS PAID:
From net investment income (26,548) (23,695) (6,696) (6,033)
-------- -------- -------- --------
TOTAL INCREASE (DECREASE)
IN NET ASSETS 29,670 894,270 3,653 227,542
NET ASSETS:
Beginning of period 894,279 9 227,543 1
-------- -------- -------- --------
End of period $ 923,949 $ 894,279 $ 231,196 $ 227,543
========= ========= ========= =========
Statements of Changes in Net Assets
MONEY MARKET FUNDS PART 2
U.S. GOVERNMENT CALIFORNIA
MUNICIPAL SELECT MUNICIPAL
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND
--------------------- --------------------- ---------------------
Six Months Period Six Months Period
Ended Ended Ended Ended Ended Ended
Sept. 30, March 31, Sept. 30, March 31, Sept. 30, March 31,
1995 1995 <F2> 1995 1995 <F3> 1995 1995 <F4>
(Unaudited) (Unaudited) (Unaudited)
------------ --------- ----------- -------- ---------- ---------
OPERATIONS:
Net investment income $ 17,901 $ 17,575 $ 2,985 $ 976 $ 2,587 $ 1,545
Net realized gains (losses) on investments (71) 55 - 1 (5) 22
---------- ----------- ---------- -------- -------- ---------
Net Increase in Net Assets Resulting
from Operations 17,830 17,630 2,985 977 2,582 1,567
---------- ----------- ---------- -------- -------- ---------
CAPITAL SHARE TRANSACTIONS:
Shares sold 2,189,979 3,480,667 374,205 153,600 251,600 308,642
Shares from reinvestment of dividends 510 159 750 23 27 1
Shares redeemed (2,174,693) (2,553,135) (345,632) (71,462) (282,035) (147,349)
----------- ----------- ---------- -------- --------- ---------
Net Increase (Decrease) in
Net Assets Resulting from Capital
Share Transactions 15,796 927,691 29,323 82,161 (30,408) 161,294
----------- ----------- ---------- -------- --------- ---------
DIVIDENDS PAID:
From net investment income (17,901) (17,575) (2,985) (976) (2,587) (1,545)
----------- ----------- ---------- -------- --------- ---------
TOTAL INCREASE (DECREASE) IN NET ASSETS 15,725 927,746 29,323 82,162 (30,413) 161,316
NET ASSETS:
Beginning of period 927,747 1 82,162 - 161,316 -
----------- ----------- ---------- -------- --------- ---------
End of period $ 943,472 $ 927,747 $ 111,485 $ 82,162 $130,903 $161,316
=========== =========== ========== ======== ========= =========
<FN>
<F2> Commenced investment operations on April 11, 1994.
<F3> Commenced investment operations on December 12, 1994.
<F4> Commenced investment operations on November 29, 1994.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
Financial Highlights
MONEY MARKET FUNDS
<CAPTION>
U.S. GOVERNMENT CALIFORNIA
U.S. GOVERNMENT MUNICIPAL SELECT MUNICIPAL
MONEY MARKET MONEY MARKET MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND FUND FUND
------------------ ------------------ ----------------- ----------------- ---------------
Six Months Period Six Months Period Six Months Period Six Months Period Six Months Period
Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended
Sept.30, Mar.31, Sept.30, Mar.31, Sept.30, Mar.31, Sept.30, Mar.31, Sept.30, Mar.31,
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
(Unaudited) <F5> (Unaudited) <F5> (Unaudited) <F5> (Unaudited) <F6> (Unaudited) <F7>
--------- ------- --------- ------- --------- ------- --------- ------ --------- ------
Selected per share data
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.03 0.04 0.03 0.04 0.02 0.03 0.03 0.02 0.02 0.01
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment
income (0.03) (0.04) (0.03) (0.04) (0.02) (0.03) (0.03) (0.02) (0.02) (0.01)
-------- ------- ------- ------- ------- ------- ------- ------ ------- -------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
-------- ------- ------- ------- ------- ------- ------- ------ ------- -------
TOTAL RETURN <F8> 2.85% 4.55% 2.81% 4.47% 1.83% 2.90% 2.86% 1.75% 1.88% 1.27%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end
of period $923,949 $894,279 $231,196 $227,543 $943,472 $927,747 $111,485 $82,162 $130,903 $161,316
Ratio to average net assets
of: <F9>
Expenses, net of waivers and
reimbursements 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% 0.30% 0.30% 0.35% 0.35%
Expenses, before waivers and
reimbursements 0.90% 0.96% 0.92% 1.01% 0.90% 0.95% 0.97% 1.32% 0.92% 1.07%
Net investment income, net
of waivers and
reimbursements 5.61% 4.94% 5.55% 4.93% 3.61% 3.10% 5.62% 5.84% 3.72% 3.78%
Net investment income, before
waivers and reimbursements 5.16% 4.43% 5.08% 4.37% 3.16% 2.60% 4.95% 4.82% 3.15% 3.06%
<FN>
<F5> Commenced investment operations on April 11, 1994.
<F6> Commenced investment operations on December 12, 1994.
<F7> Commenced investment operations on November 29, 1994.
<F8> Total return is not annualized for periods less than a full year.
<F9> Annualized for periods less than a full year.
See Notes to the Financial Statements.
</TABLE>
Schedules of Investments September 30, 1995 (Unaudited)
MONEY MARKET FUND
Principal
Amount Value
(000s) (000s)
--------- --------
BANKERS' ACCEPTANCES - 3.3%
$15,000 NationsBank, Georgia,
6.00%, 12/11/95 $15,000
-------
15,000 NationsBank, Texas,
6.00%, 12/11/95 15,000
Total Bankers' Acceptances
(cost $30,000) 30,000
-------
COMMERCIAL PAPER - 71.5%
Asset Backed Securities - 7.6%
Cooperative Association of Tractor
Dealers, Inc.
2,800 5.824%, 10/3/95 2,799
1,000 5.832%, 10/25/95 996
1,000 5.823%, 10/27/95 996
2,000 5.856%, 11/1/95 1,990
9,900 6.003%, 11/9/95 9,837
2,900 5.865%, 1/8/96 2,854
5,100 5.844%, 2/9/96 4,994
2,000 Enterprise Funding, Inc.,
5.922%, 12/13/95 1,976
10,000 Fleet Funding, Inc., 5.993%, 12/8/95 9,890
18,000 Jet Funding Corp., 5.917%, 11/30/95 17,825
16,000 Thames Asset Global Securitization,
5.826%, 10/10/95 15,977
-------
70,134
-------
Business Services - 0.7%
6,250 Fleet Mortgage Group, Inc.,
5.825%, 10/27/95 6,224
-------
Chemicals and Allied Products - 2.1%
20,000 Monsanto Co.,
6.004%, 12/19/95 19,745
-------
Communications - 2.8%
GTE Corp.
17,000 5.848%, 10/10/95 16,975
9,000 5.848%, 10/19/95 8,974
-------
25,949
-------
Consumer Products - 3.7%
34,000 Philip Morris Cos., Inc.,
6.754%, 10/2/95 33,994
-------
Domestic Depository Institutions - 1.6%
15,000 Barnett Banks, Inc.,
5.868%, 10/4/95 14,993
-------
Electric Services - 1.1%
5,000 Centerior Fuel Corp. (Barclays
Bank LOC), 5.827%, 10/11/95 4,992
5,000 Vattenfall Treasury, Inc.,
5.752%, 12/14/95 4,942
------
9,934
------
Electronic and Other Electrical
Equipment - 3.7%
27,000 Cooper Industries, Inc.,
5.83%, 10/13/95 26,948
7,000 Whirlpool Financial Corp.,
5.74%, 12/5/95 6,928
-------
33,876
-------
Food and Beverages - 1.8%
17,000 Quaker Oats Co., 5.841%, 10/4/95 16,992
-------
Foreign Depository Institutions - 8.0%
17,000 Central Hispano N.A. Capital Corp.,
5.722%, 12/19/95 16,803
29,000 Indosuez North America, Inc.,
5.776%, 10/2/95 28,995
8,000 Spintab-Swedmortgage AB,
5.824%, 10/18/95 7,978
20,000 Woolwich Building Society,
5.762%, 12/11/95 19,777
-------
73,553
-------
General Merchandise Store - 1.6%
15,000 Sears Roebuck Acceptance Corp.,
5.766%, 10/27/95 14,939
-------
Holding and Other Investment
Offices - 5.0%
20,000 CSW Credit, Inc., 5.720%, 11/8/95 19,880
14,500 First Credit Corp., 5.745%, 12/12/95 14,331
11,756 Ranger Funding Corp.,
5.826%, 10/10/95 11,739
-------
45,950
-------
Nondepository Business Credit
Institutions - 5.2%
ITT Corp.
5,000 5.851%, 10/10/95 4,993
10,000 5.848%, 10/13/95 9,981
5,000 5.85%, 10/16/95 4,988
20,000 5.833%, 10/20/95 19,939
7,800 Spiegel Funding Corp. (Dresdner
Bank LOC), 5.82%, 10/31/95 7,762
-------
47,663
-------
Nondepository Personal Credit
Institutions - 4.5%
Countrywide Funding Corp.
4,000 5.814%, 10/6/95 3,997
12,000 5.835%, 10/13/95 11,977
20,000 5.931%, 10/31/95 19,902
6,250 Household Finance Corp.,
5.814%, 11/27/95 6,193
-------
42,069
-------
Security and Commodity Broker/
Dealer - 3.3%
3,000 Kubota Finance U.S.A., Inc. (Fuji
Bank LOC), 5.865%, 10/4/95 2,998
18,000 Lehman Brothers Holdings, Inc.,
5.851%, 10/11/95 17,971
10,000 Merrill Lynch & Co., Inc.,
5.813%, 2/23/96 9,772
--------
30,741
--------
Transportation Parts and Equipment - 13.9%
American Honda Finance Corp.
8,000 5.783%, 10/20/95 7,976
2,030 5.769%, 12/4/95 2,009
5,000 5.789%, 12/6/95 4,947
BMW US Capital Corp.
2,000 6.081%, 12/18/95 1,974
15,000 5.732%, 12/19/95 14,814
10,000 Chrysler Financial Corp., Canada,
6.005%, 10/2/95 9,998
Ford Motor Credit Corp.
6,500 6.001%, 11/7/95 6,461
25,000 5.73%, 12/13/95 24,714
General Motors Acceptance Corp.
10,000 6.754%, 10/2/95 9,918
1,775 5.957%, 10/4/95 1,774
10,000 5.796%, 11/22/95 9,998
14,000 5.987%, 12/1/95 13,862
15,000 Renault Credit International SA,
5.805%, 12/27/95 14,793
5,000 Volkswagen of America, Inc.,
5.752%, 11/20/95 4,961
--------
128,199
--------
Utilities - 3.8%
Public Service Electric & Gas Co.
15,893 5.883%, 10/5/95 15,883
7,500 5.835%, 10/13/95 7,486
10,000 5.836%, 10/16/95 9,976
2,000 5.848%, 10/26/95 1,992
-------
35,337
-------
Wholesale Trade - Durable Goods - 1.1%
10,500 Daewoo International (America) Corp.
(Credit Suisse LOC),
5.779%, 11/22/95 10,414
--------
Total Commercial Paper
(cost $660,706) 660,706
--------
CORPORATE NOTE - 2.7%
25,000 Beneficial Corp., FRN 6.25%, 2/1/96 25,000
-------
Total Corporate Note
(cost $25,000) 25,000
-------
EURODOLLAR TIME DEPOSITS - 4.0%
10,000 Bank One, Milwaukee, Grand Cayman
Islands, 6.625%, 10/2/95 10,000
16,935 Canadian Imperial Bank of Commerce,
Grand Cayman Islands, 6.875%, 10/2/95 16,935
10,000 Republic National Bank of New York,
Grand Cayman Islands, 6.00%, 10/2/95 10,000
-------
Total Eurodollar Time Deposits
(cost $36,935) 36,935
-------
FOREIGN CERTIFICATES OF
DEPOSIT - 5.3%
5,000 Bank of Tokyo, London Branch,
5.91%, 10/23/95 5,000
15,000 Bayerische Landesbank Girozentrale,
London Branch, 5.73%, 10/18/95 15,000
1,000 Dai-ichi Kangyo Bank, New York Branch,
5.80%, 11/27/95 1,000
5,000 Mitsubishi Bank, Ltd., New York Branch,
5.97%, 12/27/95 4,999
Norinchukin Bank, New York Branch
1,000 5.80%, 10/25/95 1,000
7,000 6.015%, 10/25/95 6,999
10,000 5.91%, 10/31/95 9,999
2,000 5.89%, 11/20/95 2,000
3,000 Sanwa Bank Ltd., New York Branch,
5.86%, 10/20/95 3,000
-------
Total Foreign Certificates of Deposit
(cost $48,997) 48,997
-------
MUNICIPAL GOVERNMENT - 2.7%
25,000 New York City Taxable FRN
(Societe Generale LOC),
5.819%, 11/13/96 25,000
-------
Total Municipal Government
(cost $25,000) 25,000
-------
REPURCHASE AGREEMENTS - 10.8%
100,000 Lehman Government Securities, Inc.,
dated 9/29/95, repurchase price
$100,054 (Colld. by TVA securities),
6.48%, 10/2/95 100,000
--------
Total Repurchase Agreements
(cost $100,000) 100,000
--------
Total Investments - 100.3%
(cost $926,638) 926,638
Liabilities less Other Assets - (0.3)% (2,689)
--------
NET ASSETS - 100.0% $923,949
========
U.S. GOVERNMENT MONEY MARKET FUND
Principal
Amount Value
(000s) (000s)
--------- -------
U.S. GOVERNMENT AGENCIES - 83.1%
Federal Farm Credit Bank - 3.0%
$ 7,000 FFCB Discount Note,
5.65%, 11/10/95 $ 6,956
-------
Federal Home Loan Bank - 32.3%
FHLB Discount Notes
3,080 5.652%, 10/6/95 3,078
4,575 6.00%, 10/10/95 4,568
10,500 5.673%, 11/6/95 10,442
7,890 5.62%, 11/10/95 7,841
2,000 5.698%, 11/13/95 1,987
15,000 5.637%, 11/28/95 14,866
15,000 5.654%, 12/12/95 14,832
2,215 6.674%, 1/8/96 2,177
5,000 FHLB Floating Rate Note,
6.07%, 10/20/95 5,000
10,000 FHLB-San Francisco (Fidelity Federal
Bank LOC), 5.757%, 11/30/95 9,905
-------
74,696
-------
Federal Home Loan Mortgage
Corporation - 25.0%
FHLMC Discount Notes
10,000 5.613%, 10/3/95 9,997
2,000 5.686%, 10/20/95 1,994
6,000 5.70%, 11/20/95 5,953
10,000 5.648%, 12/4/95 9,901
8,270 5.694%, 12/6/95 8,185
5,000 5.721%, 12/6/95 4,948
10,000 5.733%, 12/8/95 9,894
7,020 5.598%, 12/14/95 6,940
-------
57,812
-------
Federal National Mortgage
Association - 20.6%
FNMA Discount Notes
10,000 5.79%, 10/11/95 9,984
10,000 6.095%, 10/26/95 9,959
15,000 5.627%, 12/8/95 14,843
3,000 5.877%, 12/8/95 2,968
5,000 FNMA Floating Rate Note,
5.523%, 7/2/96 5,001
5,000 FNMA Medium Term Note,
5.513%, 6/20/96 4,998
47,753
-------
Student Loan Marketing
Association - 2.2%
5,000 SLMA Floating Rate Note,
5.292%, 8/9/96 4,997
-------
Total U.S. Government Agencies
(cost $192,214) 192,214
-------
REPURCHASE AGREEMENTS - 17.2%
Lehman Government Securities, Inc.,
4,517 dated 9/29/95, repurchase price $4,519
(Colld. by TVA securities),
6.30%, 10/2/95 4,517
30,000 dated 9/29/95, repurchase price
$30,016 (Colld. by U.S. Treasury
securities), 6.48%, 10/2/95 30,000
5,290 Merrill Lynch Government Securities, Inc.,
dated 9/29/95, repurchase price $5,293
(Colld. by FHLMC securities),
6.20%, 10/3/95 5,290
-------
Total Repurchase Agreements
(cost $39,807) 39,807
-------
Total Investments - 100.3%
(cost $232,021) 232,021
Liabilities less Other Assets - (0.3)% (825)
--------
NET ASSETS - 100.0% $231,196
========
MUNICIPAL MONEY MARKET FUND
Principal
Amount Value
(000s) (000s)
--------- -------
MUNICIPAL INVESTMENTS - 98.5%
Alabama - 0.3%
$ 700 City of Greenville IDR VRDN, Series: 1992,
Allied-Signal Project (Allied-Signal, Inc.
Gtd.), 4.40%, 10/6/95 $ 700
2,300 Town of Parrish, PCR VRDN, Series:
1994 A (Alabama Power Co. Project
Gtd.), 4.85%, 10/2/95 2,300
------
3,000
------
Alaska - 1.2%
5,460 Alaska Housing Finance Agency VRDN,
Series: 1994, Merrill P-Floats PT-37
(FNMA Securities Colld.), 4.10%, 12/7/95 5,460
1,675 North Slope Borough G.O., Series: B
(Capital Guaranty Ins. Co. Gtd.),
5.20%, 6/30/96 1,690
4,100 Valdez Marine Terminal CP, Series: 1994 B,
ARCO Transportation Project (Atlantic
Richfield Co. Gtd.), 4.30%, 10/6/95 4,100
-------
11,250
-------
California - 19.3%
5,000 California Housing Finance Agency, Series:
1988 D Home Mortgage Revenue TOB,
4.00%, 2/1/96 5,000
8,620 California Housing Revenue Agency VRDN,
Series: 1993 B, Merrill Lynch P-Floats PT-1,
4.45%, 10/6/95 8,620
4,000 California Pollution Control Finance
Authority, Series: 1984 A (San Diego Gas
and Electric Gtd.), 4.00%, 9/1/96 4,000
10,000 California Statewide Community
Development Authority TRAN, Series: A
(CA Statewide Communities Program
Pool Residual Fund Insured), 4.75%, 7/5/96 10,050
4,500 City of Chino TRAN,
4.50%, 7/31/96 4,516
3,200 City of Los Rios Community College District
TRAN, 4.75%, 9/19/96 3,222
5,000 City of Oakland TRAN, Series: A,
4.50%, 7/31/96 5,023
4,020 City of Riverside Sewer Refunding VRDN,
TOB to J.P. Morgan, Series: MGT-21-2D
(FGIC Insured), 4.05%, 10/6/95 4,020
7,500 County of Los Angeles TRAN (Bank of
America NT & SA LOC), 4.50%, 7/1/96 7,538
5,680 County of Orange TRAN,
5.45%, 6/30/96 <F10> 5,680
200 County of Orange VRDN, Irvine Assessment
District 88-1 (Fuji Bank LOC), 5.10%,
10/2/95 200
300 County of Orange VRDN, Sanitation Districts
1, 2, 3, 6, 7 and 11, Series: C (FGIC Insured),
4.85%, 10/2/95 300
2,500 County of Sacramento Office of Education
TRAN, Series: 1994-5, 6.00%, 12/22/95 2,504
14,000 County of Santa Clara TRAN,
4.50%, 8/2/96 14,066
5,500 Folsom-Cordova Unified School District
TRAN, 6.00%, 12/22/95 5,509
300 Irvine Ranch Water District VRDN, Series:
1985 (Sumitomo Bank Ltd. LOC),
4.70%, 10/2/95 300
3,800 Irvine Ranch Water District VRDN,
Consolidated Refunding Series:1985 B
(Sumitomo Bank Ltd. LOC), 4.85%, 10/2/95 3,800
1,200 Irvine Ranch Water District VRDN, Districts
140, 186, 188 and 240 Program (Industrial
Bank of Japan LOC), 4.85%, 10/2/95 1,200
4,400 Irvine Ranch Water District VRDN, Districts
105, 140, 240 and 250 Program (Bank of
America NT & SA LOC), 4.75%, 10/2/95 4,400
9,300 Irvine Ranch Water District VRDN, Districts
2, 102, 103 and 206 Program, Series: 1993 B
(Morgan Guarantee Trust Co. LOC),
4.75%, 10/2/95 9,300
6,000 Riverside County School Financing
Authority TRAN, (Riverside County SD
Pool Loan 1996), 4.75%, 7/18/96 6,026
8,400 Sacramento Municipal Utility District
VRDN, Series: 1993 D, Bear Stearns Muni
Trust 1995 SGA 5 (FSAC Insured),
4.45%, 10/6/95 8,400
10,955 San Diego Public Facility Finance Authority
Sewer VRDN, Merrill Soc Gen Muni
Trust - 14 (AMBAC Insured), 4.40%, 10/6/95 10,955
2,900 Sonoma Valley Unified School District
TRAN, 4.75%, 9/27/96 2,921
17,805 State of California RAW, Series: 1994 C
(Westdeutsche Landesbank Girozentral
LOC), 4.54%, 10/6/95 17,805
25,500 State of California RAW, Series: 1994 C
(Westdeutsche Landesbank Girozentral
LOC), 5.75%, 4/25/96 25,657
5,535 State of California G.O.,
11.00%, 3/1/96 5,671
1,100 State of California G.O. VRDN, TOCR
(MBIA Insured), 4.55%, 10/6/95 1,100
4,000 State of California G.O. VRDN, Citibank
TOB Series: 5027 C (FGIC Insured),
4.49%, 10/6/95 4,000
--------
181,783
--------
Colorado - 0.2%
1,100 Moffat County PCR VRDN, Series: 1984
(National Rural Utility Cooperative Finance
Gtd.), 4.35%, 10/6/95 1,100
1,000 Regional Transportation District VRDN,
Series: A (Bank of Tokyo LOC),
4.50%, 10/6/95 1,000
------
2,100
------
Connecticut - 1.4%
2,990 State of Connecticut G.O. VRDN, Series:
1992 C, BTP-74 Class B, 4.70%, 10/6/95 2,990
10,000 State of Connecticut Revenue Bond,
Series: 1993 C, Special Assessment
Unemployment Program (FGIC Insured),
3.90%, 7/1/96 10,000
-------
12,990
-------
Delaware - 0.4%
4,325 State of Delaware Economic Development
Authority PCR VRDN (Allied-Signal, Inc.
Gtd.), 4.40%, 10/6/95 4,325
------
Florida - 8.9%
1,000 Alachua County Health Facilities Authority
Academic Research Building Project
(Barnett Banks LOC), 3.70%, 10/6/95 1,000
300 County of Dade Special Obligation VRDN,
Series: 1990, Capital Asset Acquisition
(Sanwa Bank LOC), 4.55%, 10/6/95 300
1,670 County of Orange Housing Finance
Authority VRDN, Series: D, Citicorp TOB
(GNMA Securities Colld.), 4.00%, 12/1/95 1,670
17,400 County of Palm Beach Housing Finance
Authority VRDN, Series: 1988 C, Mahogany
Bay Multifamily Revenue Refunding Project
(New England Mutual Gtd.),
4.60%, 10/6/95 17,400
19,600 County of Palm Beach Housing Finance
Authority VRDN, Series: 1988 D, Multifamily
Cotton Bay Revenue Refunding Project
(New England Mutual Gtd.),
4.60%, 10/6/95 19,600
200 County of Putnam PCR VRDN, Series:
1984 S, Seminole Electric Project (National
Rural Utility Cooperative Finance Co. Gtd.),
4.35%, 10/6/95 200
1,980 Florida Municipal Power Agency VRDN,
Series: 1993, Stanton II Project
(AMBAC Insured), 4.45%, 10/6/95 1,980
10,900 Florida State Board of Education VRDN,
Series: 1993 E, 4.49%, 10/6/95 10,900
10,500 Florida State Board of Education Capital
Outlay VRDN, BTP-52 ADP Class B,
4.45%, 10/6/95 10,500
9,970 Florida State Board of Education VRDN,
Series: 1993 F, Merrill Soc Gen Muni
Trust - 22, 4.50%, 10/6/95 9,970
2,860 Florida State Department of Transportation
VRDN, Merrill P-Floats PA-102,
4.50%, 10/6/95 2,860
1,050 Fort Lauderdale G.O., Unlimited Series:
1987 (U.S. Government Securities
Colld.), 8.00%, 7/1/96 1,096
2,000 Jacksonville Health Facilities Authority
VRDN, Baptist Health Project 1990
(Barnett Banks LOC), 4.65%, 10/2/95 2,000
4,365 Orlando Utility Commission VRDN,
Merrill Soc Gen Muni Trust - 18
(Orlando Utilities Commission Sub Lien),
4.50%, 10/6/95 4,365
-------
83,841
-------
Georgia - 5.3%
6,300 County of DeKalb Development Authority
PCR VRDN, Series: 1987, General Motors
Project (General Motors Corp. Gtd.),
4.40%, 10/6/95 6,300
13,500 County of DeKalb Hospital Authority
VRDN, DeKalb Medical Center RAC
(Atlanta Trust Bank LOC), 4.40%, 10/6/95 13,500
1,400 County of Elbvert Development Authority
IDR VRDN, Series: 1992, Allied-Signal
Project (Allied-Signal, Inc. Gtd.),
4.40%, 10/6/95 1,400
1,300 County of Fulton Development Authority
IDR VRDN, General Motors Project
(General Motors Corp. Gtd.), 4.40%, 10/6/95 1,300
5,000 County of Gwinnett Water and Sewer
VRDN, PaineWebber Muni Trust, Series:
PW-17 (U.S. Government Securities Colld.),
4.50%, 10/6/95 5,000
2,000 Marietta Housing Authority Revenue Bond,
Falls at Bells Ferry (U.S. Government
Securities Colld.), 5.25%, 1/15/96 2,000
3,000 State of Georgia G.O. VRDN, Series: 1994 D,
JPMP - 19, 4.40%, 10/6/95 3,000
10,645 State of Georgia G.O. VRDN, Series: 1992 C,
BTP - 79, 4.60%, 10/6/95 10,645
6,900 State of Georgia G.O. VRDN, Series: 1993 F,
JPMP - 35, 4.40%, 10/6/95 6,900
-------
50,045
-------
Illinois - 1.0%
2,700 City of Naperville IDR VRDN, General
Motors Project (General Motors Corp. Gtd.),
4.40%, 10/6/95 2,700
4,520 Illinois Educational Facilities Authority
VRDN, Series: 1987, The Art Institute of
Chicago (Mitsubishi Bank LOC),
4.45%, 10/6/95 4,520
2,450 Illinois Health Facility Authority VRDN,
Series: 1994 (LaSalle National Bank LOC),
4.40%, 10/6/95 2,450
------
9,670
------
Indiana - 1.5%
5,000 Indiana Bond Bank Advanced Funding
G.O., Series: 1995 A-2, 5.75%, 1/10/96 5,009
9,500 Indiana Bond Bank Advanced Funding
G.O., Series: 1995 A-3, 3.995%, 1/10/96 9,500
-------
14,509
-------
Iowa - 1.1%
2,225 City of LeClaire, Electric Revenue Bond,
Series: 1986 (U.S. Government Securities
Colld.), 4.125%, 9/1/96 2,227
300 County of Louisa PCR VRDN,
Iowa-Illinois Gas & Electric Co. Project
(Iowa-Illinois Gas & Electric Co. LOC),
4.35%, 10/6/95 300
7,500 Iowa School Corp. Warrant Certificates,
Series: A (Capital Guaranty Insurance Co.
Insured), 4.75%, 6/28/96 7,535
-------
10,062
-------
Kansas - 0.3%
2,682 City of LaCygne VRDN Environmental
Revenue Bond, Series: 1994 (Kansas City
Power & Light Gtd.), 4.30%, 10/6/95 2,682
300 City of Topeka Sewer System VRDN, Series:
1984 (MBIA Insured), 3.85%, 10/1/95 300
------
2,982
------
Kentucky - 1.1%
5,525 City of Danville Municipal Pooled Lease
Program (PNC Bank LOC), 3.85%, 10/11/95 5,525
5,000 City of Greenville IDR VRDN, Series: 1991,
Wetterau Inc. Project (PNC Bank LOC),
4.50%, 10/6/95 5,000
-------
10,525
-------
Louisiana - 2.3%
6,600 Ascension Parish PCR VRDN,
Allied-Signal Project (Allied-Signal, Inc.
Gtd.), 4.40%, 10/6/95 6,600
2,500 Greater Baton Rouge Port Commission
PCR, Series: 1983 A, Dow Chemical
Company Project (Dow Chemical Gtd.),
5.30%, 12/15/95 2,500
5,700 Parish of Caddo IDR VRDN, General
Motors Project (General Motors
Corp. Gtd.), 4.40%, 10/6/95 5,700
1,915 Public Facilities Authority PCR VRDN,
Series: 1992, Allied-Signal Project (Allied-
Signal, Inc. Gtd.), 4.40%, 10/6/95 1,915
5,000 State of Louisiana G.O. VRDN, Series:
1992 A, JPMP - 29A
(MBIA Insured), 4.40%, 10/6/95 5,000
-------
21,715
-------
Maryland - 5.6%
6,800 City of Baltimore IDA VRDN, Series: 1986,
Capital Acquisition Program (Dai-Ichi
Kangyo Bank LOC), 4.60%, 10/6/95 6,800
3,500 County of Anne Arundel, Windgate Project,
JPMP Series: 1995 C (Morgan Guarantee
Trust Co. LOC), 4.20%, 12/29/95 3,494
4,000 County of Baltimore Public Improvement
BAN, Series: 1995, 3.95%, 10/11/95 4,000
3,000 County of Howard Multifamily Housing
Revenue Bond, Sherwood Crossing
(GNMA Securities Colld.), 4.25%, 6/1/96 3,000
5,600 County of Montgomery VRDN, Series: 1993
A, Single Family Housing Program, Merrill
P-Floats PA-40, 4.50%, 10/6/95 5,600
3,155 Maryland Health and Higher Education
Authority VRDN Pooled Loan Program,
Series: D (NationsBank, N.A. LOC),
4.45%, 10/6/95 3,155
998 Maryland State Community Development
Authority, Merrill P-Floats PT-12,
4.35%, 10/2/95 998
10,000 Maryland State Economic Development
Authority VRDN (NationsBank, N.A. LOC),
4.45%, 10/6/95 10,000
15,500 Washington Suburban Sanitary District
VRDN, Eagle Trust Series: 1994 G,
4.49%, 10/6/95 15,500
-------
52,547
-------
Massachusetts - 2.9%
9,700 Massachusetts Bay Transit Authority G.O.,
Series: A, (Westdeutsche Landesbank
Girozentral LOC), 3.45%, 10/11/95 9,697
5,975 Massachusetts Housing Finance Authority,
Single Family, Series: 3, 4.00%, 12/1/95 5,975
3,695 Massachusetts Housing Finance Authority,
Single Family TOCR, Series: 86-6,
4.10%, 12/1/95 3,695
8,440 Massachusetts Water Resource Authority
VRDN, Series: B - 17 (MBIA Insured),
4.50%, 10/6/95 8,440
-------
27,807
-------
Michigan - 3.5%
300 County of Berrien Economic Development
Corp. PCR VRDN, Allied-Signal Project
(Allied-Signal, Inc. Gtd.), 4.35%, 10/6/95 300
4,500 Grand Rapids Economic Development
Corp. VRDN, Series: 1993, Amway Hotel
Project (Old Kent Bank LOC),
4.35%, 10/6/95 4,500
2,435 Michigan Job Development Authority IDR
VRDN, Fisher Big Wheel Corp. Project
(Bayerische Vereinsbank LOC),
4.45%, 10/6/95 2,435
4,450 Michigan Strategic Fund PCR (Dow
Chemical Gtd.), 3.80%, 10/4/95 4,450
5,300 Michigan Strategic Fund IDR VRDN,
Allied-Signal Project (Allied-
Signal, Inc. Gtd.), 4.35%, 10/6/95 5,300
1,500 Michigan Strategic Fund PCR (Dow
Chemical Gtd.), 3.75%, 10/11/95 1,500
3,020 Michigan Strategic Fund PCR (Dow
Chemical Gtd.), 3.95%, 11/16/95 3,020
2,895 Michigan Strategic Fund VRDN, Four D
Investment Company Project (Comerica
Bank LOC), 4.45%, 10/6/95 2,895
8,175 Mona Shores Public School G.O. VRDN,
Merrill Soc Gen Muni Trust - 26
(FGIC Insured), 4.50%, 10/6/95 8,175
-------
32,575
-------
Minnesota - 1.1%
2,840 Rochester Health Care Facility VRDN,
Mayo Medical Center, Merrill P-Floats
PA-96, 4.50%, 10/6/95 2,840
3,000 Southern Minnesota Municipal Power
Agency Revenue Bond, Public Utility
Program (U.S. Government Securities
Colld.), 9.50%, 1/1/96 3,055
4,205 State of Minnesota Housing Finance
Agency IDR, Series: F, Single Family
Mortgage, 5.25%, 1/16/96 4,205
-------
10,100
-------
Missouri - 1.6%
7,910 Missouri State TOCR G.O. VRDN, Series: A,
4.55%, 10/6/95 7,910
2,880 State of Missouri G.O. VRDN, Series: 1992
A&B, Merrill P-Floats PA-41A,
4.45%, 10/6/95 2,880
4,000 State of Missouri Health and Education
Facilities Authority, SSM Health Care
Project Series: 1988 C (Mitsubishi Bank
LOC), 4.05%, 10/4/95 4,000
-------
14,790
-------
New Jersey - 0.4%
1,205 Housing and Mortgage Finance Authority
TOB (MBIA Insured), 4.35%, 10/1/95 1,205
2,500 Housing and Mortgage Finance Authority
TOB (MBIA Insured), 4.45%, 10/1/95 2,500
------
3,705
------
New Mexico - 0.5%
2,155 New Mexico Mortgage Finance Authority
Revenue Bond, Series: 1985 B, TOB
(FGIC Insured), 3.75%, 1/1/96 2,155
2,190 New Mexico Mortgage Finance Authority
Revenue Bond, Series: 3 C, TOB
(FGIC Insured), 3.75%, 1/1/96 2,190
------
4,345
------
New York - 7.7%
8,000 City of Battery Park VRDN, PaineWebber
Muni Trust - 18 (U.S. Government
Securities Colld.), 4.40%, 10/6/95 8,000
800 City of New York G.O., Series: 1993 E5
(Sumitomo Bank Ltd. LOC),
4.85%, 10/2/95 800
680 City of New York Port Authority VRDN,
Pooled Putable Floating Option PPT2
(MBIA Insured), 4.55%, 10/6/95 680
5,900 City of New York G.O. TRAN, Series:
1996 A, 4.50%, 4/11/96 5,920
27,836 Marine Midland Premium Loan Trust
VRDN, Series: 1991 A (Hong Kong &
Shanghai Bank LOC), 4.60%, 10/6/95 27,836
1,291 Marine Midland Premium Loan Trust
VRDN, Series: 1991 B (Hong Kong &
Shanghai Bank LOC), 4.70%, 10/6/95 1,291
10,000 Metropolitan Transportation Authority
VRDN, Series: K, Partnership Series: 1994
PW-14 (U.S. Government Securities Colld.),
4.40%, 10/6/95 10,000
3,000 New York Local Government Assistance Co.
VRDN, Series: 1991 C, PaineWebber Muni
Trust - 12 (U.S. Government
Securities Colld.), 4.40%, 10/6/95 3,000
3,500 New York State Energy and Research
Development Authority PCR, Series: 1985 A,
New York State Electric and Gas (J.P.
Morgan LOC), 4.65%, 3/15/96 3,500
12,000 New York State Environmental Facilities
PCR VRDN, Eagle Trust-Weekly, Series:
943204 (Capital Guaranty Insurance Co.
Insured), 4.49%, 10/6/95 12,000
-------
73,027
-------
North Carolina - 2.6%
2,250 County of Wake Industrial Finance Authority
PCR VRDN, Carolina Power and Light Project
(Sumitomo Bank Ltd. LOC),
4.50%, 10/6/95 2,250
3,000 County of Wake Industrial Finance Authority
PCR CP, Carolina Power and Light Project
(Fuji Bank LOC), 3.85%, 10/20/95 3,000
17,000 North Carolina Municipal Power Agency
CP, Catawba Project Number 1,
4.20%, 10/23/95 17,000
2,200 University of North Carolina at Chapel Hill
G.O. VRDN, Utility Systems Project, Merrill
P-Floats PA-7, 4.45%, 10/6/95 2,200
-------
24,450
-------
Ohio - 3.2%
4,940 State of Ohio Higher Education VRDN,
Series: 1990 A, Partnership BTP-29 ADP
Class B (MBIA Insured), 4.24%, 10/6/95 4,940
12,000 State of Ohio Higher Education VRDN,
Series: 1994 A, Partnership BTP-69 ADP
Class B (AMBAC Insured),
4.45%, 10/6/95 12,000
13,400 State of Ohio Water Development
Authority PCR VRDN, Series: B,
General Motors Project (General
Motors Corp. Gtd.), 4.40%, 10/6/95 13,400
-------
30,340
-------
Oregon - 0.6%
4,000 City of Klamath Falls Electric Revenue
Bond (U.S. Government Securities
Colld.), 4.40%, 5/1/96 4,000
1,350 City of Medford Hospital Facility
Authority VRDN, Series: 1991, Rogue
Valley Project (Banque Paribas LOC),
4.40%, 10/6/95 1,350
------
5,350
------
Pennsylvania - 9.0%
3,000 City of Littlestown IDA VRDN, Hanover
House Industries Project (NationsBank, N.A.
LOC), 4.45%, 10/6/95 3,000
18,500 City of Philadelphia TRAN, Series: A,
4.50%, 6/27/96 18,570
7,000 County of Allegheny Environmental
Improvement IDA CP, Series: 1987, USX
Corp. Project (Norinchukin Bank LOC),
3.90%, 11/3/95 7,000
800 County of Allegheny Hospital Development
Authority VRDN, Health Facilities Authority
Central Blood Bank Project (PNC Bank LOC),
4.50%, 10/6/95 800
10,000 County of Beaver IDA PCR CP, Series: 1994,
Duquesne Light Co. (Swiss Bank Corp.
LOC), 4.50%, 10/6/95 10,000
15,765 Delaware Valley Regional Finance
Authority VRDN, Series: 1985 A-D
(Hong Kong & Shanghai Bank LOC),
4.50%, 10/6/95 15,765
7,390 Pennsylvania Intergovernmental
Cooperative Authority, Merrill Soc Gen
Muni Trust - 16 (MBIA Insured),
4.50%, 10/6/95 7,390
5,000 Pennsylvania State University, Series: A,
University Project, 5.50%, 12/21/95 5,004
15,000 School District of Philadelphia TRAN,
4.50%, 6/28/96 15,059
2,600 Quakertown Hospital Authority VRDN,
HPS Group Financing (PNC Bank LOC),
4.35%, 10/6/95 2,600
-------
85,188
-------
Rhode Island - 0.5%
4,850 State of Rhode Island Public Building
Authority VRDN, Merrill P-Floats P-16
(AMBAC Insured), 4.55%, 10/6/95 4,850
-----
South Carolina - 0.1%
900 County of Lexington Finance Authority
IDR VRDN, Series: 1992 A, Allied-Signal
Project (Allied-Signal, Inc. Gtd.),
4.40%, 10/6/95 900
200 County of Lexington IDR VRDN, Series:
1992, Allied-Signal Project (Allied-Signal,
Inc. Gtd.), 4.40%, 10/6/95 200
------
1,100
------
Tennessee - 1.1%
3,800 City of Chattanooga-Hamilton Hospital
Authority VRDN, Series: 1987, Erlanger
Medical Center Project, 4.95%, 10/2/95 3,800
2,200 City of Greenville Industrial Development
Board IDR VRDN, Series: 1993, Pet, Inc.
Project (PNC Bank LOC), 4.50%, 10/6/95 2,200
4,300 County of Montgomery Public Building
Authority VRDN, Series: 1995
(NationsBank, N.A. LOC), 4.45%, 10/6/95 4,300
-------
10,300
-------
Texas - 8.1%
5,050 City of Corpus Christi Port Authority CP,
Series: 1989, Union Pacific Resource Project
(Union Pacific Corp. Gtd.), 4.25%, 10/2/95 5,050
7,500 City of Corpus Christi Port Authority CP,
Series: 1989, Union Pacific Resource Project
(Union Pacific Corp. Gtd.), 4.10%, 10/31/95 7,500
16,510 City of Corpus Christi Port Authority CP,
Series: 1989, Union Pacific Resource Project
(Union Pacific Corp. Gtd.), 4.25%, 11/1/95 16,510
3,455 City of Houston Water and Sewer System
VRDN, Series: 1992 C, BTP-54
(MBIA Insured), 4.33%, 10/6/95 3,455
8,000 County of Harris Toll Road Unlimited
VRDN, Series: 1994 A, Citicorp Eagle Trust
#954302, 4.49%, 10/6/95 8,000
3,400 Marine Terminal Port Development
Authority IDR CP, Mitsui and Co.
Project, Series: 1985 A (Industrial Bank of
Japan LOC), 3.95%, 10/23/95 3,400
1,000 North Central Health Facility Development
Corp. VRDN, Presbyterian Medical Center
Project (MBIA Insured), 4.75%, 10/2/95 1,000
27,000 State of Texas TRAN, Series: A,
4.75%, 8/30/96 27,165
1,000 Texas Higher Education Authority VRDN,
Series: 1985 B, Education Equipment and
Improvement Project (FGIC Gtd.),
4.30%, 10/5/95 1,000
3,500 Texas Water Development Board VRDN,
Series: 1992 A, Revolving Fund,
4.95%, 10/2/95 3,500
-------
76,580
-------
Utah - 0.3%
2,500 Intermountain Power Agency VRDN,
Series: F (Junior LOC), 3.80%, 6/15/96 2,500
-------
Virginia - 2.0%
900 City of Henrico IDA Health Facility,
Series: 1994, Hermitage at Cedarfield,
4.80%, 10/5/95 900
9,500 City of Norfolk G.O., Eagle Trust
#944601, 4.49%, 12/1/95 9,500
1,019 County of Prince William VRDN,
Series: 1993, TOCR (FGIC Insured),
4.50%, 1/1/96 1,019
7,900 State of Virginia G.O. VRDN, Series: 1994,
Citicorp Eagle Trust #954601,
4.49%, 12/1/95 7,900
-------
19,319
-------
Washington - 2.7%
2,500 Kent Economic Development Corporation
IDR VRDN, Associated Grocers Project
(Seattle First National Bank LOC),
4.68%, 10/6/95 2,500
5,120 State of Washington G.O. VRDN, Series: A,
4.49%, 10/6/95 5,120
4,900 Washington Health Care Facilities Authority
VRDN, Series: 1993, Sisters of St. Joseph
(MBIA Insured), 4.40%, 10/6/95 4,900
9,195 Washington Public Power System VRDN,
Merrill Soc Gen Muni Trust - 15
(MBIA Insured), 4.50%, 10/6/95 9,195
2,965 Washington Public Power System VRDN,
Partnership Series: BTP-85,
4.65%, 10/6/95 2,965
500 Washington State Public Power Supply
System VRDN, Series: 3A-1 (Bank of
America LOC), 4.40%, 10/6/95 500
-------
25,180
-------
Wisconsin - 0.7%
6,750 Health and Education VRDN,
Series: 1994 A, Sinai Samaritan Medical
Center (Marshall & Ilsley Bank LOC),
4.40%, 10/6/95 6,750
------
Total Municipal Investments
(cost $929,600) 929,600
--------
Number
of Shares
(000s)
---------
OTHER - 0.4%
500 AIM Tax-Free Money Market Fund 500
300 Dreyfus Tax Exempt Cash
Management Fund 300
1,228 Federated Tax Free Trust Money
Market Fund #15 1,228
500 Federated Tax Free Trust Money
Market Fund #73 500
845 Provident Municipal Fund 845
------
Total Other
(cost $3,373) 3,373
------
Total Investments - 98.9%
(cost $932,973) 932,973
Other Assets less Liabilities - 1.1% 10,499
--------
NET ASSETS - 100.0% $943,472
========
<F10> Security ineligible under Rule 2a-7. The Adviser is continuously
monitoring the status of the security and has determined that it is in the best
interest of the shareholders to continue to hold the security.
U.S. GOVERNMENT SELECT MONEY MARKET FUND
Principal
Amount Value
(000s) (000s)
--------- -------
U.S. GOVERNMENT AGENCIES - 96.9%
Federal Farm Credit Bank - 19.3%
FFCB Discount Notes
$ 1,000 5.65%, 10/10/95 $ 999
3,000 5.60%, 10/20/95 2,991
7,805 5.64%, 10/26/95 7,775
1,000 5.67%, 10/27/95 996
2,000 5.68%, 12/13/95 1,977
6,850 5.57%, 1/12/96 6,744
-------
21,482
-------
Federal Home Loan Bank - 75.8%
FHLB Discount Notes
6,000 5.65%, 10/3/95 5,998
7,000 5.68%, 10/3/95 6,998
1,500 5.65%, 10/18/95 1,496
7,000 5.67%, 10/30/95 6,968
5,000 5.73%, 10/30/95 4,977
6,615 5.68%, 11/9/95 6,575
1,500 5.60%, 11/17/95 1,489
11,500 5.69%, 11/17/95 11,415
5,000 5.62%, 11/21/95 4,961
4,000 5.60%, 11/28/95 3,964
1,605 5.73%, 12/5/95 1,589
4,000 5.79%, 12/11/95 3,956
5,000 5.72%, 12/13/95 4,944
2,880 5.73%, 12/13/95 2,847
7,500 5.61%, 12/27/95 7,400
4,000 5.75%, 1/12/96 3,936
5,000 FHLB Floating Rate Note,
5.84%, 10/20/95 5,000
-------
84,513
-------
Student Loan Marketing Association - 1.8%
2,000 SLMA Discount Note,
5.54%, 8/9/96 1,999
--------
Total U.S. Government Agencies
(cost $107,994) 107,994
--------
Number
of Shares
(000s)
---------
OTHER - 3.4%
3,827 Dreyfus Prime Money Market Fund 3,827
------
Total Other
(cost $3,827) 3,827
------
Total Investments - 100.3%
(cost $111,821) 111,821
Liabilities less Other Assets - (0.3)% (336)
--------
NET ASSETS - 100.0% $111,485
========
CALIFORNIA MUNICIPAL MONEY MARKET FUND
Principal
Amount Value
(000s) (000s)
--------- -------
MUNICIPAL INVESTMENTS - 98.2%
California - 98.0%
$3,000 Alternative Energy Source VRDN, Cogen-
eration Revenue, GE Capital Project (General
Electric Corp. Colld.), 4.03%, 10/6/95 $3,000
6,300 City of Camarillo VRDN, Series: 1989 A,
Heritage Park Apartments Project
(FNMA Securities Gtd.), 4.03%, 10/6/95 6,300
3,000 City of Indio VRDN, Multifamily Housing
Revenue, Western Federal Savings & Loan
Project (Wells Fargo Bank LOC),
4.25%, 10/6/95 3,000
2,400 City of Irvine Limited Obligation
Improvement VRDN, Assessment District
No. 89-10 (National Westminster Bank
LOC), 4.80%, 10/2/95 2,400
4,046 City of Los Angeles VRDN, Series: BTP-129
(U.S. Government Securities Colld.),
4.55%, 10/6/95 4,046
1,900 City of Oakland Multifamily Rental Revenue
Bond VRDN, Sky Line Hills Association
Project (Citibank LOC), 3.75%, 10/6/95 1,900
1,300 City of Ontario IDA VRDN,
L.D. Brinkman & Co. Project (Barclays
Bank LOC), 4.70%, 10/2/95 1,300
100 City of Palm Springs VRDN, Community
Redevelopment Agency Project 3
(Citibank LOC), 4.00%, 10/6/95 100
100 City of Palm Springs VRDN, Community
Redevelopment Agency Project 5
(Citibank LOC), 4.00%, 10/6/95 100
100 City of Palm Springs VRDN, Community
Redevelopment Agency Project 11
(Citibank LOC), 4.00%, 10/6/95 100
200 City of Palm Springs VRDN, Community
Redevelopment Agency Headquarters
Hotel Project (Citibank LOC), 4.00%, 10/6/95 200
300 City of Palm Springs VRDN, Community
Redevelopment Agency Headquarters Hotel
Project 2 (Citibank LOC), 4.00%, 10/6/95 300
3,285 City of Riverside Sewer Referendum Bond
VRDN, Series: MGT-21A (FGIC Insured),
4.05%, 10/6/95 3,285
1,900 City of Riverside Sewer Referendum Bond
VRDN, Series: MGT-21-2B (FGIC Insured),
4.05%, 10/6/95 1,900
645 City of Visalia COP VRDN, Series: 1985,
Convention Center Expansion Project
(Mitsubishi Bank LOC), 4.40%, 10/6/95 645
2,550 County of Contra Costa VRDN, Series:
1987 A, El Cerrito Royale Project
(Bank of America NT & SA LOC),
3.90%, 10/6/95 2,550
5,800 County of Los Angeles MTA Revenue Bond
VRDN, Series: 1995 A, Union Station
Gateway Project (FSAC Insured),
4.15%, 10/6/95 5,800
1,000 County of Los Angeles TRAN
(Bank of America NT & SA LOC),
4.50%, 7/1/96 1,005
1,400 County of Madera IDA VRDN, Series: 1994,
Regency Thermographer Paper Project (Fleet
National Bank LOC), 4.50%, 7/1/96 1,400
3,400 County of Orange Apartment Development
Revenue Bond VRDN, Series: 1995 Z, Bear
Brand Apartments Project (Fuji Bank LOC),
4.50%, 10/6/95 3,400
1,100 County of Orange Apartment Development
Authority VRDN, Series: B, Foothills Oaks
Apartments Project (Bank of America LOC),
4.30%, 10/6/95 1,100
500 County of Orange Apartment Development
#19 VRDN, Parkplace Irvine County Phase
1B Project (New England Mutual Gtd.),
4.40%, 10/6/95 500
900 County of Orange Apartment Development
VRDN, Series: 1984 I, Park Ridge Apartments
Project (Bank of America LOC), 4.00%, 10/6/95 900
1,900 County of Orange Apartment Development
VRDN, Series: 1988 A, Vista Verde Apartments
(Wells Fargo Bank LOC), 4.55%, 10/6/95 1,900
1,200 County of Riverside Housing Revenue Bond
VRDN, Series: 1992 A (Union Bank LOC),
4.50%, 10/6/95 1,200
2,000 County of Riverside Housing Revenue Bond
VRDN, Series: 1989 B, Amanda Park Apts.
Project (Fuji Bank LOC), 4.94%, 10/6/95 2,000
3,000 County of Riverside Housing Revenue Bond
VRDN, Series: 1992 A (Union Bank LOC),
4.75%, 7/18/96 3,013
1,100 County of Sacramento Multifamily Housing
Revenue Bond VRDN, Series: 1985 E,
River Oaks (Dai-Ichi Kangyo Bank LOC),
4.35%, 10/6/95 1,100
3,000 County of Sacramento Office of Education
TRAN, Series: 1994-95, 6.00%, 12/22/95 3,005
1,000 County of San Bernardino TRAN,
Series: 1995-96, (Banque Nationale
de Paris LOC), 4.50%, 7/5/96 1,004
5,000 County of San Bernardino, Chaffey Com-
munity College District, 4.50%, 8/30/96 5,018
5,000 County of San Bernardino, Redlands Unified
School District, 4.50%, 8/30/96 5,016
500 County of San Bernardino Housing Authority
VRDN, Series: 1992 A, Multifamily Housing
Revenue (Victoria Terrace) (FHLB of San
Francisco LOC), 4.25%, 10/6/95 500
1,400 County of Santa Clara Housing Authority
VRDN, Series: A, Multifamily Avenida Espana
Gardens (Union Bank LOC),
3.90%, 10/6/95 1,400
2,100 Housing Finance Agency VRDN, Episcopal
Home Project (First Interstate Bank of
California LOC), 4.20%, 10/6/95 2,100
2,780 Housing Finance Agency VRDN, Series:
1991 G, Merrill P-Floats PT-40D,
4.55%, 10/6/95 2,780
1,100 Housing Finance Agency VRDN, Series:
1995 B, Merrill P-Floats PT-56,
4.55%, 10/6/95 1,100
3,000 Housing Finance Agency, Series: 1988 E,
Home Mortgage Revenue TOB,
4.25%, 2/1/96 3,000
1,000 Housing Finance Agency Home Mortgage
Revenue Bond, Series: 1995 E,
4.60%, 2/1/96 1,000
2,945 Housing Financial Revenue Bond VRDN,
Series: 1995 B, Merrill P-Floats PA-58,
4.40%, 10/6/95 2,945
2,400 Irvine Ranch Consolidated Water District
VRDN, Districts 105, 140, 240 & 250
Program (Bank of America NT & SA LOC),
4.75%, 10/2/95 2,400
1,200 Irvine Ranch Consolidated Water District
VRDN, Series: 1993 B, Districts 2, 102, 103
& 206 (Morgan Guarantee Trust Co.
LOC), 4.75%, 10/2/95 1,200
1,000 Irvine Ranch Water District COP
Capital Improvement Project (Morgan
Guarantee Trust Co. LOC), 4.70%, 10/2/95 1,000
3,500 Irvine Ranch Water District VRDN, Series:
1985 (Sumitomo Bank Ltd. LOC),
4.70%, 10/2/95 3,500
1,600 Los Angeles Convention & Exhibition
Center VRDN, COP Trust Receipts, Series:
PW-10, 4.40%, 10/6/95 1,600
2,000 Los Angeles Convention & Exhibition Center
VRDN, Series: 1993, Merrill P-Floats PA-88
(MBIA Insured), 4.45%, 7/1/96 2,000
2,420 Southern California Public Power Authority,
Merrill P-Floats, Series: PA-1005 A
(MBIA Insured), 4.45%, 10/6/95 2,420
2,800 State Community Development Authority,
Apartment Development Revenue Refunding
Bond, Series: 1995 A-7 (FNMA Colld.),
4.30%, 10/6/95 2,800
2,500 State Community Development Authority,
Solid Waste Facilities Revenue, Chevron U.S.A.
Inc. Project, Series: 1994 (Chevron Oil),
4.55%, 10/2/95 2,500
600 State Community Development Authority
Housing Revenue (AMT) Kimberly Woods
Apartments, Series: 1995 B (FNMA Colld.),
4.35%, 10/6/95 600
2,500 State G.O., 11.00%, 3/1/96 2,562
8,150 State G.O. VRDN, Series: 1992 (MBIA
Insured), 4.55%, 10/6/95 8,150
1,005 State G.O. RAW VRDN, Series: BTP-92
1994 C (Westdeutsche Landesbank
Girozentral LOC), 4.54%, 10/6/95 1,005
3,000 State G.O. RAW, Series C
(Westdeutsche Landesbank Girozentral LOC),
5.75%, 10/6/95 3,017
2,800 State Pollution Control Finance Authority,
San Diego Gas and Electric Project (San
Diego Gas and Electric Gtd.),
3.95%, 8/1/96 2,800
400 State Pollution Control Finance Authority
VRDN, Series: 1986 A, Southern California
Edison Project (Southern California Edison
Co. Gtd.), 4.35%, 10/2/95 400
7,000 Statewide Community Development
Authority, TRAN, Series: A (Statewide
Communities Program Pool Residual Fund
Insured), 4.75%, 7/5/96 7,035
--------
128,301
--------
Puerto Rico - 0.2%
290 Puerto Rico State Housing Finance Corp.
VRDN, Series: 4CI, TOCR (AMBAC
Insured), 3.95%, 10/15/95 290
--------
Total Municipal Investments
(cost $128,591) 128,591
--------
Number
of Shares
(000s)
---------
OTHER - 1.0%
17 Federated Tax Exempt Money Market
Fund #80 17
1,230 Provident Institutional California
Money Fund 1,230
--------
Total Other
(cost $1,247) 1,247
--------
Total Investments - 99.2%
(cost $129,838) 129,838
Other Assets less Liabilities - 0.8% 1,065
--------
NET ASSETS - 100.0% $130,903
========
See Notes to the Financial Statements.
<TABLE>
Statements of Assets and Liabilities September 30, 1995 (Unaudited)
FIXED INCOME FUNDS
<CAPTION>
INTERNATIONAL
U.S. FIXED INTERMEDIATE FIXED
GOVERNMENT INCOME TAX-EXEMPT TAX-EXEMPT INCOME
Amounts in thousands, except per share data FUND FUND FUND FUND FUND
---------- ------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (cost $131,418, $86,813,
$220,179, $118,391 and $13,390, respectively) $132,909 $88,644 $225,659 $121,134 $14,229
Cash and foreign currency 40 9 2 8 63
Income receivable 1,674 1,122 3,173 1,806 512
Receivable for securities sold - 1,005 - - -
Receivable for foreign tax withheld - - - - 24
Receivable from Adviser 18 3 - - 2
Deferred organization costs, net of
accumulated amortization 51 40 78 51 26
Prepaid and other assets 7 6 12 9 5
-------- ------- -------- -------- --------
Total Assets 134,699 90,829 228,924 123,008 14,861
------- ------- -------- -------- --------
LIABILITIES:
Payable for securities purchased - 998 - 2,745 -
Dividends payable 75 52 102 62 10
Accrued investment advisory fees 14 9 22 11 1
Accrued administration fees 4 2 8 3 1
Accrued custody and accounting fees 1 2 3 3 3
Accrued transfer agent fees 2 1 3 2 1
Accrued registration fees and other liabilities 9 35 23 22 1
-------- ------- --------- -------- --------
Total Liabilities 105 1,099 161 2,848 17
-------- ------- --------- -------- --------
NET ASSETS:
Capital stock 133,041 87,069 222,260 117,214 13,831
Accumulated net realized gains on:
Investments 62 830 1,023 203 37
Foreign currency transactions - - - - 156
Accumulated distributions in excess
of net investment income - - - - (19)
Net unrealized appreciation
on investments 1,491 1,831 5,480 2,743 482
Net unrealized gains on translation of assets and
liabilities denominated in foreign currencies - - - - 357
-------- ------- -------- -------- -------
Net Assets $134,594 $89,730 $228,763 $120,160 $14,844
======== ======= ======== ======== =======
SHARES OUTSTANDING ($.0001 PAR VALUE,
UNLIMITED AUTHORIZATION) 13,321 8,712 22,214 11,680 1,378
NET ASSET VALUE, REDEMPTION
AND OFFERING PRICE PER SHARE $10.10 $10.30 $10.30 $10.29 $10.77
<FN>
See Notes to the Financial Statements.
</TABLE>
<TABLE>
Statements of Operations Six months ending September 30, 1995 (Unaudited)
FIXED INCOME FUNDS
<CAPTION>
INTERNATIONAL
U.S. FIXED INTERMEDIATE FIXED
GOVERNMENT INCOME TAX-EXEMPT TAX-EXEMPT INCOME
FUND FUND FUND FUND FUND
---------- ------- ----------- --------- ----------
<S> <C> <C> C> <C> <C>
Amounts in thousands
INVESTMENT INCOME:
Interest income $3,816 $2,866 $5,574 $3,308 $509<F11>
------ ------ ------ ------ --------
EXPENSES:
Investment advisory fees (net of voluntary fee
waivers of $57 and $30 for the Intermediate
Tax-Exempt and Tax-Exempt Funds, respectively) 474 308 796 415 66
Administration fees (net of voluntary fee waivers
of $21, $18, $40, $27 and $3, respectively) 74 44 130 62 8
Custody and accounting fees 29 28 43 32 39
Transfer agent fees 63 41 114 59 7
Registration fees 13 12 8 8 9
Professional fees 9 8 9 9 7
Trustees' fees 3 2 5 3 1
Amortization of organization costs 9 5 11 8 4
Other 3 4 7 7 2
------ ------ ------ ------ -------
Total Expenses Before Reimbursement by Adviser 677 452 1,123 603 143
Less: Reimbursement of Expenses by Adviser (108) (83) (157) (99) (58)
------ ------ ------ ------ -------
Net Expenses 569 369 966 504 85
------ ------ ------ ------ -------
NET INVESTMENT INCOME 3,247 2,497 4,608 2,804 424
------ ------ ------ ------ -------
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains on:
Investments 1,882 1,603 2,135 1,226 153
Foreign currency transactions - - - - 251
Net change in unrealized appreciation
on investments 1,354 2,486 3,861 1,230 429
Net change in unrealized losses on
translation of assets and liabilities
denominated in foreign currencies - - - - (682)
------ ------- ------- ------- ------
Net Gains on Investments 3,236 4,089 5,996 2,456 151
------ ------- ------- ------- ------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $6,483 $6,586 $10,604 $5,260 $575
====== ======= ======= ======= ======
<FN>
<F11> Net of $2 in non-reclaimable foreign withholding taxes.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
Statements of Changes in Net Assets
FIXED INCOME FUNDS
<CAPTION>
INTERNATIONAL
U.S. FIXED INTERMEDIATE FIXED
GOVERNMENT INCOME TAX-EXEMPT TAX-EXEMPT INCOME
FUND FUND FUND FUND FUND
------------------ ----------------- ------------------ ------------------ ------------------
Six Months Year Six Months Year Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended
Sept.30, Mar.31, Sept.30, Mar.31, Sept.30, Mar.31, Sept.30, Mar.31, Sept.30, Mar.31,
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
Amounts in thousands (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
----------- ------ --------- ------ --------- ----- --------- ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 3,247 $ 5,599 $ 2,497 $ 4,092 $ 4,608 $ 9,257 $ 2,804 $6,393 $ 424 $ 524
Net realized gains
(losses) on:
Investments 1,882 (1,820) 1,603 (773) 2,135 (1,112) 1,226 (1,023) 153 (116)
Foreign currency transactions - - - - - - - - 251 (95)
Net change in unrealized
appreciation (depreciation)
on investments 1,354 137 2,486 (655) 3,861 1,619 1,230 1,513 429 53
Net change in unrealized
gains (losses) on translation
of assets and liabilities
denominated in foreign
currencies - - - - - - - - (682) 1,039
------- ------- ------- ------- ------- ------- ------ ------ ------ ------
Net Increase in Net
Assets Resulting
from Operations 6,483 3,916 6,586 2,664 10,604 9,764 5,260 6,883 575 1,405
------- ------- ------- ------- ------- ------- ------ ------ ------ ------
CAPITAL SHARE TRANSACTIONS:
Shares sold 19,782 135,773 26,761 80,770 21,586 298,020 9,926 158,943 3,467 12,831
Shares from reinvestment
of dividends 90 90 361 124 81 107 44 66 57 17
Shares redeemed (4,957) (17,738) (7,410) (13,538) (20,151) (77,384) (10,956) (40,810) (1,859) (683)
------- -------- ------- -------- -------- -------- -------- -------- ------- ------
Net Increase (Decrease)
in Net Assets Resulting
from Capital Share
Transactions 14,915 118,125 19,712 67,356 1,516 220,743 (986) 118,199 1,665 12,165
------- ------- ------- -------- -------- -------- -------- -------- ------- ------
DIVIDENDS PAID:
From net investment income (3,247) (5,599) (2,497) (4,092) (4,608) (9,257) (2,804) (6,393) (424) (524)
In excess of net investment
income - - - - - - - - - (19)
------- ------- ------- ------- -------- -------- -------- ------- ------- -------
Total Dividends Paid (3,247) (5,599) (2,497) (4,092) (4,608) (9,257) (2,804) (6,393) (424) (543)
------- ------- ------- ------- -------- -------- -------- ------- ------- -------
TOTAL INCREASE IN NET ASSETS 18,151 116,442 23,801 65,928 7,512 221,250 1,470 118,689 1,816 13,027
NET ASSETS:
Beginning of period 116,443 1 65,929 1 221,251 1 118,690 1 13,028 1
-------- -------- ------- ------- -------- -------- -------- -------- ------- --------
End of period $134,594 $116,443 $89,730 $65,929 $228,763 $221,251 $120,160 $118,690 $14,844 $13,028
======== ======== ======= ======= ======== ======== ======== ======== ======= =======
<FN>
See Notes to the Financial Statements.
</TABLE>
<TABLE>
Financial Highlights
FIXED INCOME FUNDS
<CAPTION> INTERNATIONAL
U.S. FIXED INTERMEDIATE FIXED
GOVERNMENT INCOME TAX-EXEMPT TAX-EXEMPT INCOME
FUND FUND FUND FUND FUND
------------------ ----------------- ------------------ ------------------ ------------------
Six Months Year Six Months Year Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended
Sept.30, Mar.31, Sept.30, Mar.31, Sept.30, Mar.31, Sept.30, Mar.31, Sept.30, Mar.31,
1995 1995 1995 1995 1995 1995 1995 1995 1995 1995
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
----------- ------ --------- ------ --------- ----- --------- ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected per share data
NET ASSET VALUE, BEGINNING
OF PERIOD $ 9.84 $10.00 $ 9.78 $10.00 $10.03 $10.00 $10.08 $10.00 $10.64 $10.00
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income 0.26 0.50 0.31 0.62 0.21 0.40 0.24 0.48 0.31 0.58
Net realized and
unrealized gains (losses)
on investments and
foreign currency
transactions 0.26 (0.16) 0.52 (0.22) 0.27 0.03 0.21 0.08 0.13 0.64
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total Income from
Investment Operations 0.52 0.34 0.83 0.40 0.48 0.43 0.45 0.56 0.44 1.22
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net
investment income (0.26) (0.50) (0.31) (0.62) (0.21) (0.40) (0.24) (0.48) (0.31) (0.56)
Dividends in excess
of net investment income - - - - - - - - - (0.02)
------- ------- ------- ------- -------- -------- -------- -------- ------- -------
Total Distributions (0.26) (0.50) (0.31) (0.62) (0.21) (0.40) (0.24) (0.48) (0.31) (0.58)
------- ------- ------- ------- -------- -------- -------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD $10.10 $ 9.84 $10.30 $ 9.78 $10.30 $10.03 $10.29 $10.08 $10.77 $10.64
======= ====== ====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN 5.36% 3.49% 8.62% 4.16% 4.80% 4.38% 4.54% 5.78% 4.15% 12.77%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands,
end of period $134,594 $116,443 $89,730 $65,929 $228,763 $221,251 $120,160 $118,690 $14,844 $13,028
Ratio to average net
assets of:<F12>
Expenses, net of waivers
and reimbursements 0.90% 0.90% 0.90% 0.90% 0.85% 0.85% 0.85% 0.85% 1.15% 1.15%
Expenses, before waivers
and reimbursements 1.10% 1.12% 1.14% 1.18% 1.07% 1.09% 1.11% 1.11% 1.97% 2.42%
Net investment income,
net of waivers and
reimbursements 5.13% 5.20% 6.08% 6.48% 4.06% 4.09% 4.73% 4.95% 5.74% 5.96%
Net investment income,
before waivers and
reimbursements 4.93% 4.98% 5.84% 6.20% 3.84% 3.85% 4.47% 4.69% 4.92% 4.69%
PORTFOLIO TURNOVER RATE 82.58% 42.29% 77.37% 55.27% 53.26% 78.87% 49.80% 54.94% 42.35% 43.24%
<FN>
<F12> Annualized for periods less than a full year.
See Notes to the Financial Statements.
</TABLE>
Schedules of Investments September 30, 1995 (Unaudited)
U.S. GOVERNMENT FUND
Principal
Amount Value
(000s) (000s)
--------- -------
U.S. GOVERNMENT AGENCIES - 28.0%
Federal Home Loan Bank - 2.0%
$ 2,750 FHLB, 6.41%, 11/22/95 $ 2,753
-------
Federal Home Loan Mortgage
Corporation - 9.3%
FHLMC
4,000 Series: 1614, Class E, 5.20%, 4/15/15 3,880
4,750 Series: 1379, Class 1379-EA,
6.00%, 5/15/16 4,656
3,856 6.615%, 11/1/24 3,912
-------
12,448
-------
Federal National Mortgage Association
REMIC Trust - 13.2%
FNMA
1,530 Series: 1991-37, Class G,
8.15%, 8/25/05 1,557
1,200 Series: 1993-203, Class PC,
4.75%, 11/25/13 1,174
4,500 Series: 92-200, Class E,
6.25%, 6/25/17 4,437
571 Series: 89-15, Class D,
10.00%, 9/25/18 588
585 Series: 1991-140, Class C,
8.50%, 5/25/20 587
5,410 Series: 11-95, Class A, P.O.,
0.00%, 1/25/24 <F13> 3,743
5,500 Series: 1995-WI, Class A2,
8.20%, 4/25/25 5,617
-------
17,703
-------
Government National Mortgage
Association - 0.8%
GNMA
219 7.25%, 6/15/98 223
765 10.00%, 4/15/19 - 2/15/21 836
-------
1,059
-------
Tennessee Valley Authority - 2.7%
3,700 TVA, 6.235%, 7/15/45 3,691
-------
Total U.S. Government Agencies
(cost $37,044) 37,654
-------
U.S. GOVERNMENT OBLIGATIONS - 63.8%
U.S. Treasury Notes
8,095 7.375%, 5/15/96 8,176
23,145 6.75%, 2/28/97 23,474
29,050 6.75%, 5/31/99 29,767
8,250 7.75%, 12/31/99 8,778
4,000 7.25%, 5/15/04 4,274
10,750 7.125%, 2/15/23 11,410
-------
Total U.S. Government Obligations
(cost $84,998) 85,879
-------
SHORT-TERM INVESTMENTS - 7.0%
9,380 FHLB Discount Note,
6.39%, 10/2/95 9,376
Total Short-Term Investments
(cost $9,376) 9,376
-------
Total Investments - 98.8%
(cost $131,418) 132,909
Other Assets less Liabilities - 1.2% 1,685
--------
NET ASSETS - 100.0% $134,594
========
<F13> This stripped security represents the right to receive only principal
payments (Principal Only Stripped Security). The value of principal only
stripped securities varies inversely with changes in interest rates.
FIXED INCOME FUND
Principal
Amount Value
(000s) (000s)
--------- -------
ASSET BACKED SECURITIES - 6.4%
$1,093 ALPS, Series: 94-1, Class A-2,
7.15%, 9/15/04 $1,116
50 Capstead Securities Corp. IV,
Series: 1992-XII, Class XII-B,
8.325%, 11/25/05 50
321 DLJ Mortgage Acceptance Corp.,
7.25%, 5/25/24 323
2,911 Delta Funding Corporation,
10.00%, 1/1/06 <F15> 168
1,366 GE Capital Mortgage Services, Inc.,
4.095%, 1/25/24 704
175 National Credit Card Trust,
9.45%, 12/31/97 179
1,005 Prudential Funding,
8.30%, 7/1/25 993
25 US Home Equity Loan, Class A,
8.50%, 4/15/21 25
2,156 Western Financial Grantor Trust,
7.10%, 1/1/00 2,179
------
Total Asset Backed Securities
(cost $5,729) 5,737
------
CORPORATE/GOVERNMENT BONDS
AND NOTES - 23.9%
Brokerage Services - 1.8%
1,700 Salomon Brothers Medium Term Note,
5.20%, 1/20/97 1,669
------
Communications - 3.7%
2,135 New England Telephone & Telegraph Co.,
7.875%, 11/15/29 2,318
880 New Jersey Bell Telephone Co.,
7.85%, 11/15/29 979
------
3,297
------
Consumer Products - 1.8%
1,580 Philip Morris Cos., Inc.,
8.875%, 7/1/96 1,612
------
Financial Services - 5.7%
General Motors Acceptance Corp.
100 4.00%, 9/15/98 98
2,085 8.875%, 6/1/10 2,405
1,800 Greyhound Financial Corp.,
8.50%, 5/1/98 1,883
745 Minnesota Mutual,
8.25%, 9/15/25 744
------
5,130
------
Foreign Government Bonds and
Notes - 8.1%
355 British Columbia Hydro and Power
Authority (Canada), 15.50%, 11/15/11 412
2,685 Ferrovie Dello State (Italy),
9.125%, 7/6/09 3,123
2,435 Manitoba Province of Canada (Canada),
9.125%, 1/15/18 2,964
705 Nova Scotia Province of Canada (Canada),
8.25%, 11/15/19 784
------
7,283
------
Petroleum Products - 0.2%
175 Chevron Capital U.S., Inc.,
9.75%, 7/15/17 191
-----
Printing and Publishing - 0.0%
19 Berkshire Hathaway, Inc.,
9.75%, 1/15/18 20
-----
Supra-National - 2.6%
1,340 African Development Bank,
8.80%, 9/1/19 1,590
610 Inter American Development Bank,
8.40%, 9/1/09 714
------
2,304
------
Total Corporate/Government
Bonds and Notes
(cost $20,751) 21,506
------
U.S. GOVERNMENT AGENCIES - 10.1%
Collateralized Mortgage Obligations - 8.6%
FHLMC
1,186 Series: 1392, Class 1392-S, I.O.,
3.563%, 9/15/18 <F14> 41
245 Series: 1571, Class D, P.O.,
0.00%, 8/15/23 <F14> 146
448 Series: 1152, Class J,
8.00%, 12/15/19 452
4 Series: 1019, Class N, I.O.,
509.25%,12/15/20 <F14> 64
467 Series: 1248, Class B,
7.00%, 3/15/22 466
1 Series: 204, Class E, I.O.,
708.17%,5/15/23 <F14> 10
87 Series: 11, Class B, P.O.,
0.00%, 4/25/23 <F14> 53
FNMA REMIC Trusts
1,213 Series: 1991-26, Class E,
8.00%, 1/25/05 1,220
536 Series: 1989-15, Class D,
10.00%, 9/25/18 552
136 Series: 1991-140, Class C,
8.50%, 5/25/20 136
4 Series: G-12, Class S, I.O.,
491.746%, 5/25/21 <F14> 54
188 Series: 1993-150, Class E, P.O.,
0.00%, 8/25/22 <F14> 135
780 Series: 1993-253, Class B, P.O.,
0.00%, 2/25/23 <F14> 670
595 Series: 1993-146, Class B, P.O.,
0.00%, 5/25/23 <F14> 551
371 Series: 1994-25, Class C, P.O.,
0.00%, 11/25/23 <F14> 244
4,050 Series: 1995-11, Class A, P.O.,
0.00%, 1/25/24 <F14> 2,802
113 Series: 1994-57, Class C, P.O.,
0.00%, 1/25/24 <F14> 79
55 Series: 1991-127, Class SA,
11.157%, 9/25/98 56
------
7,731
------
Mortgage Backed Securities - 1.5%
FHLMC
2 11.00%, 11/1/00 2
239 8.75%, 9/1/01 246
15 10.25%, 4/1/06 16
15 10.00%, 11/1/10 17
9 10.75%, 6/1/12 10
106 10.50%, 11/1/13 - 5/1/18 116
7 12.75%, 2/1/14 8
16 11.50%, 3/1/15 18
18 11.25%, 12/1/15 19
2 6.50%, 6/1/04 2
FNMA
133 10.50%, 4/1/12 145
28 11.50%, 8/1/14 31
8 11.25%, 2/1/16 8
GNMA
59 10.50%, 7/15/98 - 11/15/15 62
8 11.50%, 12/15/98 - 7/20/15 10
76 12.00%, 5/15/99 - 3/15/15 83
25 10.75%, 11/15/00 - 1/15/04 27
42 11.00%, 11/15/00 - 1/15/18 46
54 7.50%, 5/15/02 55
135 10.00%, 10/15/03 - 7/15/20 147
89 9.50%, 11/20/05 - 6/15/16 95
5 12.50%, 10/15/13 - 2/20/15 5
149 9.00%, 6/15/16 - 1/15/21 157
-----
1,325
------
Total U.S. Government Agencies
(cost $8,760) 9,056
------
U.S. GOVERNMENT OBLIGATIONS - 38.9%
U.S. Treasury Bonds
14,220 6.75%, 5/31/99 14,571
19,125 7.125%, 2/15/23 20,299
------
Total U.S. Government Obligations
(cost $34,079) 34,870
------
FLOATING RATE BANK NOTES - 10.6%
4,075 Bergen Bank Euroclear,
4.125%, 2/29/96 3,077
2,720 Den Norske Credit Bank,
6.21%, 2/29/96 2,116
Hong Kong and Shanghai Bank,
1,645 6.75%, 2/23/96 1,322
1,450 Series: 2, 5.00%, 12/14/96 1,162
2,200 Lloyds Bank PLC,
6.34%, 12/13/95 1,843
------
Total Floating Rate Bank Notes
(cost $9,539) 9,520
------
SHORT-TERM INVESTMENTS - 8.9%
3,567 Berliner Handels Und Frankfurter,
Grand Cayman Islands,
6.50%, 10/2/95 3,567
4,390 FHLB Discount Note,
6.39%, 10/2/95 4,388
------
Total Short-Term Investments
(cost $7,955) 7,955
------
Total Investments - 98.8%
(cost $86,813) 88,644
Other Assets less Liabilities - 1.2% 1,086
-------
NET ASSETS - 100.0% $89,730
=======
<F14> Stripped securities represent the right to receive either future interest
payments (Interest Only Stripped Securities) or principal payments (Principal
Only Stripped Securities). The value of interest only stripped securities
varies directly with changes in interest rates, while the value of principal
only stripped securities varies inversely with changes in interest rates. At
September 30, 1995, yields on these securities ranged from approximately 5% to
15%.
<F15> These private placement securities may require registration under the
Securities Act of 1933 or an exemption therefrom in order to effect sale in the
ordinary course of business. At September 30, 1995, the value of these
securities amounted to $912,000 or 1.0% of net assets.
INTERMEDIATE TAX-EXEMPT FUND
Principal
Amount Value
(000s) (000s)
--------- ------
MUNICIPAL INVESTMENTS - 97.5%
Alabama - 1.2%
280 City of Birmingham Public Building
Authority Revenue Refunding Bond,
6.70%, 1/15/97 288
340 City of Birmingham Public Building
Authority Revenue Refunding Bond,
6.70%, 7/15/97 354
280 City of Birmingham Public Building
Authority Revenue Refunding Bond,
6.80%, 7/15/98 297
310 City of Birmingham Public Building
Authority Revenue Refunding Bond,
7.00%, 1/15/00 338
1,400 Town of Mobile PCR Refunding Bond,
Series: 1994 A (Alabama Power Co. Project),
FRN, 4.85%, 10/20/95 1,400
------
2,677
------
Alaska - 0.5%
1,250 Borough of North Slope G.O.
Refunding Bond, Series: A,
0.00%, 6/30/99 1,051
------
Arizona - 4.4%
2,250 City of Phoenix G.O. Refunding
Bond, Series: A, 4.90%, 7/1/02 2,291
1,500 City of Tucson IDA Association Project
Bond, Prerefunded, 6.25%, 11/15/03 1,656
1,000 County of Maricopa School District No.
41 Gilbert G.O. Bond, Prerefunded, Series: C
(FGIC Insured), 6.375%, 7/1/04 1,095
2,000 County of Maricopa School District No.
11 Peoria G.O. Bond, 5.60%, 7/1/07 2,000
2,000 State of Arizona Transportation Board
Highway Revenue Bond, Sub-Series: B,
Prerefunded, 6.50%, 7/1/02 2,237
340 University of Arizona Revenue Bond,
Series: A, 9.00%, 6/1/97 366
360 University of Arizona Revenue Bond,
Series: A, 9.00%, 6/1/98 402
------
10,047
------
California - 7.6%
690 City and County of San Francisco
International Airport Commission Revenue
Refunding Bond, Second Series
(MBIA Insured), 6.35%, 5/1/00 744
2,400 City of Irvine Limited Obligation
Improvement Bond District 94-15, FRN,
4.70%, 10/24/95 2,400
2,100 City of Irvine Water District
(Capital Improvement Project), FRN,
4.70%, 10/24/95 2,100
1,000 County of Foothill/Eastern Transportation
Corridor Agency Toll Road Senior
Lien Revenue Bond, Series: A,
0.00%, 1/1/05 546
530 County of Los Angeles COP, Radio
Communication Systems Project,
8.00%, 12/1/97 563
4,000 County of Los Angeles Transportation and
Communication Sales Tax Revenue Bond,
Series: A, Prerefunded, 6.75%, 7/1/02 4,566
670 County of San Bernardino Transportation
Authority Sales Tax Revenue Bond, Series: A
(MBIA Insured), 4.375%, 3/1/01 669
1,785 County of San Diego Transportation
and Communication Sales Tax Revenue
Refunding Bond, Series: A (FGIC Insured),
5.20%, 4/1/05 1,819
670 M-S-R Public Power Agency Revenue Bond,
Series: E, San Juan Project (MBIA Insured),
7.25%, 7/1/00 744
710 M-S-R Public Power Agency Revenue Bond,
Series: B, San Juan Project (MBIA Insured),
5.875%, 7/1/01 751
610 State of California Department of Water
Resources Revenue Bond, Series: F,
7.10%, 12/1/99 659
920 State of California G.O. Bond,
6.00%, 9/1/01 982
310 State of California G.O. Utilities Bond,
6.60%, 10/1/00 338
490 State of California Public Works Board
Lease Revenue Bond, Series: A,
Department of Corrections State Prisons,
7.20%, 11/1/96 513
------
17,394
------
Colorado - 2.4%
1,000 City and County of Denver Revenue
Refunding Bond, Series: D, 5.25%, 8/1/00 1,036
1,000 City and County of Denver Revenue
School District COP, Prerefunded,
6.75%, 12/1/02 1,135
310 City of Denver Metropolitan Major League
Baseball Stadium District Sales Tax Revenue
Bond (FGIC Insured), 3.40%, 10/1/96 308
380 City of Denver Metropolitan Major League
Baseball Stadium District Sales Tax Revenue
Bond (FGIC Insured), 4.00%, 10/1/99 376
310 City of Denver Metropolitan Major League
Baseball Stadium District Sales Tax Revenue
Bond (FGIC Insured), 4.15%, 10/1/00 306
1,070 City of Denver Metropolitan Major League
Baseball Stadium District Sales Tax Revenue
Bond (FGIC Insured), 4.30%, 10/1/01 1,057
610 City of Thornton G.O. Bond (FGIC Insured),
5.40%, 12/1/00 637
610 Metropolitan Wastewater Reclamation
District Gross Revenue Refunding Bond,
Series: B (MBIA Insured), 6.75%, 4/1/03 687
------
5,542
------
Connecticut - 1.1%
2,650 State of Connecticut Special Tax
Obligation Revenue Refunding Bond
(FGIC Insured), 4.40%, 10/1/01 2,625
-------
Delaware - 0.3%
710 County of New Castle G.O. Refunding
Bond, Prerefunded, 8.10%, 10/15/95 725
-------
District of Columbia - 1.0%
2,000 District of Columbia G.O. Unlimited
Revenue Bond, Prerefunded, 7.40%, 6/1/00 2,276
------
Florida - 10.2%
4,500 City of Palm Bay Prerefunded
Bond Utility Project B, 6.20%, 10/1/02 5,010
380 County of Broward School District
G.O. Bond, 6.75%, 2/15/00 413
800 County of Dade School District Revenue
Bond (FGIC Insured), 6.00%, 8/1/01 840
2,610 County of Duval School District G.O.
Refunding Bond (AMBAC Insured),
5.80%, 8/1/01 2,781
380 Jacksonville Electric Authority Revenue
Bond, St. John's River Power Systems,
9.20%, 10/1/95 380
1,530 Jacksonville Electric Authority Revenue
Bond, Fourth Series, St. John's
River Obligation, 6.40%, 10/1/00 1,652
1,500 Jacksonville Electric Authority Revenue
Bond, 6.50%, 10/1/01 1,638
2,270 State of Florida, Department of
Environmental Protection: PRSV 2000-A
(AMBAC Insured), 5.50%, 7/1/06 2,359
3,000 State of Florida, Department of
Environmental Protection: PRSV 2000-A
(AMBAC Insured), 5.50%, 7/1/07 3,086
4,500 State of Florida, Municipal Power
Agency Revenue Stanton 2 (AMBAC
Insured), Prerefunded, 6.50%, 10/1/02 5,087
-------
23,246
-------
Georgia - 6.4%
2,000 Cobb-Marietta Coliseum and Exhibition Hall
Authority Revenue Bond, Prerefunded
(MBIA Insured), 6.75%, 10/1/01 2,259
600 County of Burke Development Authority
Pollution Control Revenue Bond, FRN,
4.85%, 10/20/95 600
310 County of Gwinnett Water and Sewer
Authority, Water Revenue Improvement
Bond, Series: 1985, Escrowed to Maturity,
7.75%, 8/1/96 320
870 County of Gwinnett Water and Sewer
Authority, Water Revenue Refunding Bond,
Escrowed to Maturity, 8.20%, 8/1/99 986
310 County of Monroe Development Authority,
Oglethorp Power Corp. Pollution Control
Project Revenue Bond, 10.60%, 1/1/97 336
1,085 Georgia Municipal Electric Authority Power
Revenue Bond, Series: L, 7.50%, 1/1/98 1,146
610 State of Georgia G.O. Bond, Series: A,
7.70%, 2/1/98 658
610 State of Georgia G.O. Bond, Series: C,
7.70%, 4/1/99 678
2,235 State of Georgia G.O. Bond, Series: E,
5.50%, 7/1/03 2,365
5,000 State of Georgia G.O. Bond, Series: D,
5.50%, 8/1/06 5,241
-------
14,589
-------
Hawaii - 1.3%
310 State of Hawaii G.O. Bond, Series: BD,
Prerefunded, 8.40%, 11/1/95 316
310 State of Hawaii G.O. Bond, Series: AM,
5.25%, 2/1/97 310
610 State of Hawaii G.O. Bond, 4.50%, 4/1/97 610
1,800 State of Hawaii G.O. Refunding Bond,
Series: CI, 4.10%, 11/1/01 1,750
-------
2,986
-------
Illinois - 2.3%
2,000 Chicago Park District Tax Anticipation
Warrants, Series: A, 5.00%, 10/30/96 2,021
310 City of Joliet Gas Supply, Peoples Gas
Light and Coke Project Revenue Bond,
8.00%, 6/1/99 346
340 City of Waukegan G.O. Refunding Bond
(FGIC Insured), 8.60%, 1/1/96 344
310 County of McLean School District No. 087
G.O. Refunding Bond, 5.40%, 2/1/99 318
310 County of McLean Public Building
Commission, Law and Justice Center Project
Revenue Bond, 7.10%, 11/1/00 344
882 Illinois Toll Highway Authority of Northern
Illinois Revenue Bond, Series: 1995,
Prerefunded, 4.75%, 7/1/97 882
140 Northwest Suburban Municipal Joint Action
Water Supply System Revenue Bond
(MBIA Insured), 9.20%, 5/1/96 144
310 State of Illinois Capital Development
G.O. Bond, Series: 1972 A, 3.25%, 8/1/97 303
320 State of Illinois G.O. Bond, 8.125%, 6/1/96 329
310 State of Illinois Sales Tax Revenue Bond,
Series: J, 6.90%, 6/15/01 338
-------
5,369
-------
Indiana - 1.0%
2,000 Indiana University Revenue Refunding
Bond, Series: K, 4.80%, 8/1/04 1,979
-------
Kansas - 1.4%
3,240 City of Kansas City G.O.
Unlimited Refunding Bond,
Series: A (MBIA Insured), 5.20%, 9/1/06 3,282
-------
Kentucky - 1.4%
1,235 State of Kentucky Property and Buildings
Commission Revenue Refunding Bond,
Project No. 55 (MBIA Insured),
4.50%, 9/1/02 1,216
2,000 State of Kentucky Turnpike
Authority Revenue Refunding Bond,
(Economic Development Road
Revitalization Project) (AMBAC Insured),
5.00%, 7/1/02 2,043
-------
3,259
-------
Maine - 0.2%
310 State of Maine G.O. Bond,
8.50%, 3/1/99 350
-------
Maryland - 0.4%
1,000 Maryland Department of
Transportation Revenue Refunding
Bond, 4.375%, 12/15/03 971
-------
Massachusetts - 3.3%
2,000 State of Massachusetts G.O. Refunding Bond,
Series: A, 6.25%, 7/1/02 2,174
1,000 State of Massachusetts G.O. Refunding Bond,
Series: B, 5.10%, 11/1/02 1,022
1,500 State of Massachusetts G.O. Refunding Bond,
Series: C, 4.70%, 8/1/02 1,495
2,000 State of Massachusetts Water Reserve
Authority General Revenue Bond, Series: A,
Prerefunded, 6.50%, 7/15/02 2,245
610 State of Massachusetts Water Reserve
Authority General Revenue Bond, Series: C,
4.90%, 12/1/02 613
-------
7,549
-------
Michigan - 1.8%
3,000 Chippewa Valley Schools G.O. Building and
Site Bond, Prerefunded (FGIC Insured),
6.375%, 5/1/01 <F16> 3,302
870 City of Lansing Limited Tax G.O. Bond,
Escrowed to Maturity, 4.75%, 10/1/00 884
------
4,186
------
Missouri - 0.3%
650 State of Missouri Health and Education
Facilities Authority Revenue Refunding
Bond, Series: A, Prerefunded,
6.875%, 2/15/01 728
------
Nebraska - 1.6%
2,500 City of Omaha Public Power
Electric Revenue Refunding Bond,
Series: A, 4.85%, 2/1/00 2,542
1,000 State of Nebraska Public Power District
Supply System Revenue Bond, Series: B,
4.80%, 1/1/03 994
------
3,536
------
Nevada - 1.8%
310 City of Las Vegas G.O. Refunding Bond
(MBIA Insured), 7.10%, 11/1/97 328
590 City of Las Vegas G.O. Refunding Bond,
Prerefunded (MBIA Insured),
6.80%, 1/1/99 644
310 County of Clark Las Vegas Convention and
Visitors Refunding Bond (FGIC Insured),
8.00%, 7/1/99 328
1,240 County of Clark Sanitation District
G.O. Bond, Series: A, Prerefunded,
6.70%, 7/1/02 1,396
310 County of Clark School District
Group No. 1 G.O. Bond (FGIC Insured),
7.00%, 5/1/98 330
620 Las Vegas-Clark County Library District
G.O. Bond (FGIC Insured), 4.00%, 2/1/01 601
310 State of Nevada Bond Bank Refunding Bond,
Escrowed to Maturity, 7.625%, 5/1/01 352
150 State of Nevada Lake Tahoe Preservation
Bond, Prerefunded, 7.20%, 8/1/98 164
------
4,143
------
New Hampshire - 0.3%
620 City of Manchester G.O. Refunding Bond,
Series: B, 4.70%, 7/1/01 622
------
New Jersey - 0.7%
1,500 State of New Jersey Transportation
Authority Revenue Bond, Escrowed to
Maturity, 4.625%, 6/15/02 1,503
------
New Mexico - 0.5%
640 City of Albuquerque Joint Water and Sewer
System Revenue Bond, Series: A,
4.00%, 7/1/99 632
610 County of Bernalillo G.O. Bond,
3.875%, 8/1/03 570
------
1,202
------
New York - 8.0%
2,000 City of New York G.O. Bond, Series: C-1,
Prerefunded, 6.375%, 8/1/02 2,236
2,730 City of New York G.O. Bond, Series: C-1,
Prerefunded, 6.40%, 8/1/02 3,054
500 City of New York Variable Rate
Demand Note, Sub-Series: B-2, FRN,
4.70%, 10/20/95 500
1,000 State of New York Dormitory Authority State
University Revenue Refunding Bond,
Series: B, Prerefunded, 7.25%, 5/15/00 1,134
3,300 State of New York Local Government
Assistance Corp. Revenue Bond, Series: A,
Prerefunded, 7.00%, 4/1/01 3,753
610 State of New York Local Government
Assistance Corp. Revenue Refunding
Bond, Series: D, 4.375%, 4/1/01 600
530 State of New York Local Government
Assistance Corp. Revenue Refunding
Bond, Series: E, 4.50%, 4/1/02 521
4,250 State of New York Medical Care
Facilities Financial Agency Revenue
Refunding Bond, Series: F (MBIA Insured),
6.00%, 8/15/03 4,578
1,690 State of New York Power Authority
Revenue and General Purpose Bond,
Series: W, 6.40%, 1/1/00 1,828
-------
18,204
-------
North Carolina - 1.0%
2,410 North Carolina Eastern Municipal
Power System Revenue Refunding Bond,
Series: C, 5.00%, 1/1/02 2,353
------
Ohio - 2.0%
1,530 State of Ohio Building Authority Revenue
Refunding Bond, State Correctional
Facilities, Series: A, 3.15%, 10/1/95 1,530
770 State of Ohio Building Authority Revenue
Refunding Bond, State Correctional
Facilities, Series: A, 3.80%, 10/1/97 764
920 State of Ohio Building Authority Revenue
Refunding Bond, State Correctional
Facilities, Series: A, 4.10%, 10/1/99 910
1,435 State of Ohio Public Facilities
Community Mental Health
Facilities, Series: 2-B, 4.25%, 6/1/00 1,419
------
4,623
------
Oregon - 2.3%
540 Counties of Clackamas and Washington
School District No. 003 G.O. Bond,
7.00%, 8/1/02 612
850 County of Washington School District
No. 48J G.O. Refunding Bond, Series: B,
4.10%, 9/1/02 820
910 County of Washington School District
No. 48J G.O. Refunding Bond, Series: B,
4.20%, 9/1/03 873
940 County of Washington School District
No. 48J G.O. Refunding Bond, Series: B,
4.25%, 9/1/04 893
920 Port of Portland G.O. Bond, Series: A,
3.90%, 3/1/99 908
770 State of Oregon G.O. Bond, 7.30%, 3/1/98 817
310 State of Oregon Metropolitan Service
District Metropolitan Headquarters
Building Project General Revenue Bond,
Series: A, Prerefunded, 6.75%, 7/1/99 341
------
5,264
------
Pennsylvania - 4.4%
3,000 City of Philadelphia Hospitals and Higher
Educational Facilities Revenue Bond,
Series: A, Prerefunded (FGIC Insured),
6.50%, 2/15/02 3,351
4,320 City of Pittsburgh Water and Sewer
Authority Revenue Refunding Bond,
Series: A, Prerefunded (FGIC Insured),
6.00%, 9/1/01 4,642
1,000 State of Pennsylvania G.O. Bond,
Series: 3 (FGIC Insured), 4.50%, 9/1/02 991
1,140 State of Pennsylvania G.O. Refunding
Bond, Prerefunded, 8.00%, 12/15/95 1,172
------
10,156
------
South Carolina - 3.0%
340 City of Charleston Water Works and
Sewer Revenue Refunding and
Improvement Bond, 5.40%, 1/1/01 351
1,000 State of South Carolina G.O. Capital
Improvement Refunding Bond,
4.10%, 4/1/01 983
460 State of South Carolina G.O. Bond,
Sub-Series: U-A, 7.60%, 2/1/97 481
310 State of South Carolina G.O. Bond,
Series: W, 7.25%, 5/1/98 333
2,650 State of South Carolina Public Service
Authority Revenue Refunding Bond,
Series: B (FGIC Insured), 6.50%, 1/1/04 2,935
1,700 State of South Carolina Public Service
Authority Revenue Refunding Bond,
Series: B (FGIC Insured), 6.50%, 1/1/05 1,887
------
6,970
------
Tennessee - 1.4%
310 City of Memphis Electric System
Revenue Bond, 6.30%, 1/1/99 329
685 City of Memphis G.O. Refunding
Bond, Series: A, 4.50%, 8/1/01 684
1,870 Counties of Nashville and Davidson
Metropolitan Government G.O. Refunding
Bond, 4.50%, 5/15/02 1,854
310 State of Tennessee G.O. Bond,
5.50%, 3/1/97 317
------
3,184
------
Texas - 12.3%
640 City of Arlington Refunding G.O.
Bond, 4.90%, 8/15/02 650
610 City of Dallas G.O. Refunding Bond,
3.70%, 8/15/96 609
1,800 City of Dallas Waterworks and Sewer
System Revenue Refunding Bond,
Series: A, 4.60%, 4/1/01 1,799
2,000 City of Houston G.O. Refunding Bond,
Series: D, 8.50%, 3/1/03 2,007
460 City of Houston Water Conveyance
System COP Refunding Bond, Series: D
(AMBAC Insured), 6.375%, 12/15/00 501
770 City of Houston Water Conveyance
System COP Refunding Bond, Series: D
(AMBAC Insured), 6.375%, 12/15/01 852
310 City of San Antonio Electric and Gas
Revenue Refunding Bond, Series: A,
7.00%, 2/1/01 336
360 City of San Antonio G.O. Bond,
Escrowed to Maturity, 8.90%, 12/15/95 364
610 County of Harris Flood Control District
Refunding Bond, Prerefunded,
9.00%, 10/1/95 610
7,450 County of Harris Revenue Refunding
Senior Lien Toll Road Bond
(AMBAC Insured), 4.95%, 8/15/06 <F16> 7,376
1,600 County of Harris Health Facilities
Development Corp. Hospital Revenue
Bond, Series: 1992 A, FRN,
4.85%, 10/20/95 1,600
11,275 State of Texas TRAN, Series: A,
4.75%, 8/30/96 11,356
-------
28,060
-------
Utah - 2.4%
1,570 Intermountain Power Agency Power
Supply Revenue Refunding Bond,
Series: A, 4.75%, 7/1/02 1,562
4,030 Intermountain Power Agency Power
Supply Revenue Refunding Bond,
Series: C, 4.70%, 7/1/02 3,995
-------
5,557
-------
Virginia - 4.3%
5,000 County of Fairfax G.O. Refunding
Bond, Series: C, 4.60%, 5/1/01 5,027
1,400 County of Fairfax Industrial
Development Authority Revenue
Bond, Series: A, FRN, 3.95%, 10/4/95 1,400
1,240 State of Virginia Housing Development
Authority Multifamily Housing
Revenue Bond, 4.50%, 11/1/98 1,241
610 State of Virginia Public School Authority
Revenue Refunding Bond, Series: B,
4.50%, 1/1/00 612
1,620 State of Virginia Public School Authority
Revenue Bond, Series: 1987 C,
4.50%, 1/1/01 1,618
-------
9,898
-------
Washington - 1.9%
450 City of Seattle Limited Tax G.O. Bond,
7.00%, 3/1/01 503
370 City of Tacoma Electric System Revenue
Bond, Series: A (AMBAC Insured),
7.375%, 1/1/00 410
560 County of King G.O. Bond, Series: A,
Prerefunded, 6.90%, 12/1/00 621
920 County of King Renton School District
No. 403 G.O. Bond, 7.125%, 12/1/01 1,035
550 County of Kitsap Central Kitsap School
District No. 401 G.O. Refunding Bond,
Series: A, 6.05%, 12/1/00 586
310 County of Pierce Fife School District
No. 417 G.O. Bond, Series: A,
7.85%, 12/1/01 360
310 County of Pierce Puyallup School District
No. 003 G.O. Bond, 7.75%, 12/1/01 359
500 County of Snohomish Edmonds School
District No. 015 G.O. Refunding Bond,
7.00%, 12/1/01 560
------
4,434
------
Wisconsin - 1.1%
1,480 City of Kenosha Unit School District
No. 0001 G.O. Promissory Note,
Prerefunded, 6.80%, 4/1/99 1,593
1,000 State of Wisconsin G.O. Refunding Bond,
Series: 4, 4.00%, 11/1/00 979
-------
2,572
-------
Total Municipal Investments
(cost $217,632) 223,112
-------
Number
of Shares
(000s)
----------
OTHER - 1.1%
2,547 Provident Municipal Fund 2,547
-------
Total Other
(cost $2,547) 2,547
-------
Total Investments - 98.6%
(cost $220,179) 225,659
Other Assets less Liabilities - 1.4% 3,104
--------
NET ASSETS - 100.0% $228,763
========
<F16> A portion of this security is pledged as collateral for when-issued
purchase commitments outstanding as of September 30, 1995.
See Notes to the Financial Statements.
Schedules of Investments September 30, 1995 (Unaudited)
TAX-EXEMPT FUND
Principal
Amount Value
(000s) (000s)
--------- -------
MUNICIPAL INVESTMENTS - 100.3%
Arizona - 8.9%
$ 320 County of Cochise School District #68
Sierra Vista G.O. Bond (FGIC Insured),
9.00%, 7/1/03 $ 405
2,600 County of Maricopa Pollution Control PCR
Palo Verde Project Bond, Series: 94 C, FRN,
4.85%, 10/2/95 2,600
3,000 County of Maricopa School District #41
Gilbert G.O. Bond, 6.25%, 7/1/15 2,983
1,260 County of Maricopa School District #69
Paradise Valley G.O. Bond, Series: 91 B,
8.50%, 7/1/06 1,608
680 County of Maricopa School District #11
Peoria G.O. Bond (AMBAC Insured),
6.70%, 7/1/07 780
1,500 County of Maricopa School District #11
Peoria G.O. Bond Unified Project 1991,
5.50%, 7/1/10 1,444
800 State Transportation Board Excise Tax
Revenue Bond (AMBAC Insured),
5.75%, 7/1/05 853
------
10,673
------
California - 10.6%
90 City of Fresno Sewer System Revenue
Bond, Series: 1993 A-1 (AMBAC Insured),
4.75%, 9/1/21 76
2,760 City of Los Angeles Convention and
Exhibition Center Project Bond,
Prerefunded, 9.00%, 12/1/05 3,674
4,000 County of Foothill/Eastern Transportation
Toll Road Revenue Bond, Series: 1995 A,
6.00%, 1/1/16 3,789
1,150 State of California Public Works Revenue
Bond, Series: 1991 A-Calpatria,
6.10%, 9/1/02 1,222
4,000 State of California Public Works Revenue
Bond, Series: 1993 E-Mandera,
5.50%, 6/1/15 3,692
230 Walnut Valley Unified School District
G.O. Bond, Series: 91 A (MBIA Insured),
6.00%, 8/1/13 239
------
12,692
------
Connecticut - 0.4%
460 State Special Tax Transportation
Infrastructure Bond, Series: 1990 A,
7.125%, 6/1/10 539
------
Florida - 11.9%
1,000 City of Miami Beach Water and
Sewer Revenue Bond (FSA Insured),
5.375%, 9/1/15 957
3,120 City of Orlando Utilities Commission
Water and Electric Revenue Bond,
Series: 89 D, 6.75%, 10/1/17 3,545
630 County of Polk Utility System Revenue
Bond, Series: 91 (FGIC Insured),
6.00%, 10/1/08 679
3,000 County of St. Lucie Power and
Light Co. Project Bond, Series: 95, FRN,
4.50%, 10/2/95 3,000
480 State of Florida Board of Education Capital
Outlay G.O. Bond, Series: 1985,
9.125%, 6/1/14 667
3,670 State of Florida G.O. Bond,
Broward County, 10.00%, 7/1/14 5,462
------
14,310
------
Georgia - 3.6%
1,120 County of Gwinnett School District
G.O. Bond, Series: 1993, 4.00%, 2/1/12 913
1,060 County of Gwinnett School District
G.O. Bond, Series: 1994, 4.50%, 2/1/12 925
2,300 Georgia Municipal Electric Authority
Power Revenue Bond, Series: 1992 B
(FGIC Insured), 6.375%, 1/1/16 2,459
------
4,297
------
Illinois - 9.7%
1,835 City of Chicago G.O. Bond, Series: 1993 B
(AMBAC Insured), 5.125%, 1/1/15 1,666
4,610 City of Chicago G.O. Bond, Series: 1993 B
(AMBAC Insured), 5.125%, 1/1/22 4,096
1,480 City of Chicago Water Revenue Refunding
Bond, Series: 1993 (FGIC Insured),
4.125%, 11/1/13 1,156
1,430 County of Winnebago and Boone School
District No. 205 Rockford G.O. Bond
(FGIC Insured), 6.00%, 2/1/08 1,512
2,000 State of Illinois Educational Facilities
Authority Loyola Univ. Revenue Refunding
Bond, Series: 91, 7.125%, 7/1/21 2,147
1,150 State of Illinois Refunding G.O. Bond,
Series: 1994, 4.60%, 12/1/05 1,092
------
11,669
------
Indiana - 8.0%
400 City of Indianapolis Gas Revenue
Bond, Series: 1986 B (FGIC Insured),
5.00%, 6/1/06 395
410 City of Indianapolis Gas Revenue
Bond, Series: 1986 B (FGIC Insured),
4.00%, 6/1/08 362
690 City of Indianapolis Gas Revenue
Bond, Series: 1986 B (FGIC Insured),
3.50%, 6/1/18 484
970 County of Hamilton Public Building
Corporation First Mortgage Bond,
7.25%, 8/1/13 1,134
2,000 County of Marion Convention and
Recreational Facility Rental Revenue Bond,
Series: A (AMBAC Insured), 7.00%, 6/1/21 2,192
420 Indiana Municipal Power Agency Revenue
Bond, Series: 1993 B (MBIA Insured),
6.00%, 1/1/12 437
1,290 State of Indiana Office Building
Commission Bond, Series: 1990 B
(MBIA Insured), 7.40%, 7/1/15 1,532
3,305 State of Indiana Transportation Authority
Airport Finance Revenue Bond,
Series: 1995 A, 5.50%, 11/1/12 3,086
------
9,622
------
Massachusetts - 2.2%
2,955 State of Massachusetts Transportation
Authority Bond, Series: 95 B,
5.25%, 3/1/16 2,699
------
Montana - 0.1%
190 University of Montana Higher Education
Revenue Bond, Series: 93 A
(MBIA Insured), 4.50%, 11/15/15 161
------
Nevada - 3.4%
1,000 City of Carson School District G.O.
Refunding Bond, Series: 1993
(AMBAC Insured), 4.50%, 4/1/11 847
1,150 County of Clark Sanitation District
G.O. Bond, Prerefunded,
6.60%, 7/1/02 1,288
1,150 County of Clark Sanitation District
G.O. Bond, Prerefunded,
6.75%, 7/1/02 1,298
580 State of Nevada Municipal Bond Bank
G.O. Bond, Project 20-23A,
Escrowed to Maturity, 7.20%, 7/1/06 620
------
4,053
------
New York - 10.9%
1,600 City of New York Sub-Series: 93 E-4, FRN,
4.75%, 10/2/95 1,600
700 City of New York Municipal Assistance
Corp. Bond, Series: 67, 7.625%, 7/1/08 784
1,450 New York Power Authority Revenue Bond,
Series: 84 R, Prerefunded, 7.00%, 1/1/10 1,697
3,000 State of New York Dormitory Authority
Revenue State University Bond,
Series: 93 A, 5.25%, 5/15/15 2,702
4,000 State of New York Local Government
Assistance Corp. Revenue Bond, Series: A,
Prerefunded, 7.00%, 4/1/01 4,550
1,720 Triborough Bridge and Tunnel Authority
Bond, 6.00%, 1/1/12 1,781
-------
13,114
-------
North Carolina - 4.0%
610 North Carolina Eastern Municipal Power
Revenue Refunding Bond, Series: 91 A,
Escrowed to Maturity, 6.50%, 1/1/18 669
3,850 North Carolina Eastern Municipal Power
Revenue Refunding Bond, Series: 93 B,
7.00%, 1/1/08 4,137
------
4,806
------
Oklahoma - 1.2%
1,380 McGee Creek Water Revenue Authority
Bond, Series: 92 (MBIA Insured),
6.00%, 1/1/13 1,434
------
Oregon - 0.3%
230 State of Oregon G.O. Bond, Series: 66,
10.50%, 6/1/02 307
------
Pennsylvania - 0.9%
1,010 State of Pennsylvania G.O. Bond,
Series: 92, 6.00%, 7/1/09 1,060
------
South Carolina - 2.0%
1,090 City of Columbia Water and Sewer
System Revenue Refunding Bond,
5.50%, 2/1/09 1,089
1,270 Piedmont Municipal Power Agency
Electric Revenue Bond, Series: 88 A
(AMBAC Insured), 7.40%, 1/1/18 1,377
------
2,466
------
Texas - 13.0%
490 Channelview Independent School District
PSF Guaranteed Bond, 4.75%, 8/15/12 428
600 City of Austin Utilities System Combined
Revenue Bond, Series: 1986 C,
Prerefunded, 7.30%, 11/15/01 687
1,050 Coastal Industrial Water Authority Water
Revenue Bond, Escrowed to Maturity,
6.375%, 12/15/07 1,073
1,030 Colorado River Municipal Water District
Bond, Prerefunded, 9.50%, 1/1/01 1,260
5,500 Harris County Toll Road Revenue Bond
Senior Lien, Series: 94 (FGIC Insured),
5.375%, 8/15/20 5,132
920 Spring Independent School District Bond,
PSF Guaranteed, 4.875%, 8/15/10 847
5,000 State of Texas Tax and Revenue Bond,
Series: 95 A, 4.75%, 8/30/96 5,036
1,145 Texas Municipal Power Agency Revenue
Refunding Bond, Series: 93 (MBIA Insured),
5.25%, 9/1/08 1,138
------
15,601
------
Utah - 0.9%
1,050 Intermountain Power Agency Bond,
Series: 1987 D, 8.625%, 7/1/21 1,147
------
Virginia - 1.7%
2,000 County of Loudoun Residential Care
Facility Revenue Bond, Series: 94 B, FRN,
4.60%, 10/2/95 2,000
------
Washington - 6.0%
1,150 County of Clark School District No. 37
Vancouver G.O. Bond, 6.375%, 12/1/09 1,246
750 County of King G.O. Bond, Series: 1993 B,
4.50%, 1/1/12 633
690 State of Washington G.O. Bond,
Series: 90 A, 6.75%, 2/1/10 774
4,000 Washington Public Power Supply System
#2 Bond, Series: 90 A, Prerefunded,
7.625%, 7/1/00 4,598
------
7,251
------
Wyoming - 0.6%
690 County of Platte PCR Basin Electric Project
Refunding Bond, Series: 94 A,
5.10%, 1/1/08 670
------
Total Municipal Investments
(cost $117,828) 120,571
-------
Number
of Shares
(000s)
---------
OTHER - 0.5%
563 Provident Municipal Fund 563
--------
Total Other
(cost $563) 563
--------
Total Investments - 100.8%
(cost $118,391) 121,134
Liabilities less Other Assets - (0.8)% (974)
--------
NET ASSETS - 100.0% $120,160
========
See Notes to the Financial Statements.
Schedules of Investments September 30, 1995 (Unaudited)
INTERNATIONAL FIXED INCOME FUND
Principal
Amount/
Local
Currency Value
(000s) (000s)
--------- ------
DEBT OBLIGATIONS - 95.2%
Australian Dollar - 6.2%
490 Commonwealth of Australia,
10.00%, 10/15/02 $ 401
690 Province of Queensland - Treasury,
8.00%, 5/14/97 525
-----
926
-----
Belgian Franc - 1.9%
Kingdom of Belgium
300 10.00%, 8/2/00 12
7,000 9.00%, 6/27/01 269
-----
281
-----
British Pound Sterling - 8.3%
125 Abbey National PLC,
6.00%, 8/10/99 185
665 Treasury of Great Britain,
8.00%, 6/10/03 1,052
-----
1,237
-----
Canadian Dollar - 7.5%
525 Government of Canada,
6.50%, 9/1/98 382
375 Province of Ontario,
7.25%, 9/27/05 257
575 Province of Quebec,
10.25%, 10/15/01 471
------
1,110
------
Danish Krone - 4.6%
3,850 Kingdom of Denmark,
8.00%, 3/15/06 692
------
French Franc - 7.8%
2,300 Electric De France,
8.60%, 4/9/04 497
Government of France
2,000 8.50%, 3/12/97 420
1,100 8.25%, 2/27/04 236
------
1,153
------
German Mark - 21.3%
3,100 Federal Republic of Germany,
7.50%, 11/11/04 2,295
500 LKB Global Bond,
6.00%, 5/10/99 359
330 Republic of Austria,
8.00%, 1/30/02 249
380 Republic of Finland,
5.50%, 2/9/01 260
------
3,163
------
Italian Lira - 8.1%
Treasury of Italy
1,035,000 8.50%, 4/1/99 595
1,070,000 8.50%, 8/1/99 606
------
1,201
------
Japanese Yen - 17.2%
55,000 Asian Development Bank,
5.00%, 2/5/03 642
34,000 European Bank for
Reconstruction and Development,
4.50%, 11/5/97 371
15,000 European Investment Bank,
5.875%, 11/26/99 178
80,000 International Bank for
Reconstruction and Development,
4.50%, 3/20/03 912
29,000 International Finance Corp.,
4.375%, 6/11/98 319
10,000 Japanese Development Bank,
6.50%, 9/20/01 125
------
2,547
------
Netherlands Guilder - 2.4%
500 Dutch Government Treasury,
8.50%, 3/15/01 350
------
Spanish Peseta - 4.3%
Government of Spain
25,000 11.45%, 8/30/98 208
51,000 11.30%, 1/15/02 424
------
632
------
Swedish Krona - 3.2%
3,100 Kingdom of Sweden, 10.25%, 5/5/03 470
------
United States Dollar - 2.4%
325 U.S. Treasury Note, 7.875%, 11/15/04 361
------
Total Debt Obligations
(cost $13,284) 14,123
------
EURODOLLAR TIME DEPOSITS - 0.7%
United States Dollar
106 Berliner Handels Und Frankfurter,
Grand Cayman Islands,
6.50%, 10/2/95 106
-----
Total Eurodollar Time Deposits
(cost $106) 106
-----
Total Investments - 95.9%
(cost $13,390) 14,229
Other Assets less Liabilities - 4.1% 615
-------
NET ASSETS - 100.0% $14,844
=======
<TABLE>
Statements of Assets and Liabilities September 30, 1995 (Unaudited)
EQUITY FUNDS
<CAPTION>
SMALL INTERNATIONAL INTERNATIONAL
INCOME GROWTH SELECT CAP GROWTH SELECT
EQUITY EQUITY EQUITY GROWTH EQUITY EQUITY
Amounts in thousands, except per share data FUND FUND FUND FUND FUND FUND
-------- -------- ------- ------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (cost $41,826,
$142,314, $19,686, $124,945, $153,300 and
$81,592, respectively) $44,804 $167,596 $22,236 $133,807 $155,072 $83,580
Cash and foreign currency 7 2 3 5 1,812 111
Unrealized appreciation on
futures contracts - - - 14 - -
Income receivable 333 221 19 99 264 65
Receivable for foreign tax withheld - - - - 183 40
Receivable for securities sold 1,488 - 134 - 6,324 1,501
Receivable from Adviser 3 1 2 29 4 6
Deferred organization costs, net of
accumulated amortization 31 41 25 34 39 35
Prepaid and other assets 8 18 6 14 10 14
------- ------- ------- -------- ------- -------
Total Assets 46,674 167,879 22,425 134,002 163,708 85,352
------- ------- ------- -------- ------- -------
LIABILITIES:
Payable for securities purchased 520 485 268 1,057 2,718 754
Unrealized depreciation on forward foreign
currency contracts - - - - 70 -
Accrued investment advisory fees 5 19 2 15 19 10
Accrued administration fees 1 4 1 1 2 2
Accrued custody and accounting fees 1 1 1 1 11 1
Accrued transfer agent fees 1 2 1 1 2 1
Accrued registration fees and other liabilities 7 10 1 22 48 18
------- ------- ------- -------- ------- -------
Total Liabilities 535 521 274 1,097 2,870 786
------- ------- ------- -------- ------- -------
NET ASSETS:
Capital stock 43,187 141,436 18,918 115,586 159,083 85,001
Undistributed net investment income 49 59 65 702 1,446 336
Accumulated net realized gains (losses) on:
Investments and futures contracts (75) 204 615 7,741 (4,861) (3,841)
Foreign currency transactions - 377 3 - 4,374 1,078
Accumulated distributions in excess of net
realized gains - - - - (932) -
Net unrealized appreciation (depreciation)
on investments and futures contracts 2,978 25,282 2,550 8,876 (4,940) (2,013)
Net unrealized gains on translation of assets and
liabilities denominated in foreign currencies - - - - 6,668 4,005
------- ------- ------- -------- ------- -------
Net Assets $46,139 $167,358 $22,151 $132,905 $160,838 $84,566
------- ------- ------- -------- ------- -------
SHARES OUTSTANDING ($.0001 PAR VALUE,
UNLIMITED AUTHORIZATION) 4,315 13,653 1,804 11,245 15,888 8,277
NET ASSET VALUE, REDEMPTION
AND OFFERING PRICE PER SHARE $10.69 $12.26 $12.28 $11.82 $10.12 $10.22
<FN>
See Notes to the Financial Statements.
</TABLE>
<TABLE>
Statements of Operations Six months ending September 30, 1995 (Unaudited)
EQUITY FUNDS
<CAPTION>
SMALL INTERNATIONAL INTERNATIONAL
INCOME GROWTH SELECT CAP GROWTH SELECT
EQUITY EQUITY EQUITY GROWTH EQUITY EQUITY
Amounts in thousands FUND FUND FUND FUND FUND FUND
------ ------ ------ ------ --------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $523 $ 167 $ 34 $111 $ 161 $88
Dividend income 389 1,270 100 845 2,093<F17> 641<F18>
----- ------ ----- ----- ------ ------
Total Investment Income 912 1,437 134 956 2,254 729
----- ------ ----- ----- ------ ------
EXPENSES:
Investment advisory fees (net of voluntary fee
waivers of $32, $107, $32, $178, $145 and
$81, respectively) 181 604 77 432 725 403
Administration fees (net of voluntary fee
waivers of $8, $31, $5, $30, $30 and
$25, respectively) 24 76 9 46 79 35
Custody and accounting fees 24 34 26 57 109 68
Transfer agent fees 21 71 9 51 73 40
Registration fees 10 17 8 11 19 9
Professional fees 8 9 7 9 9 8
Trustees' fees 2 3 1 2 3 2
Amortization of organization costs 5 6 3 5 6 5
Other 1 4 2 3 4 3
----- ------ ----- ----- ------ ------
Total Expenses Before Reimbursement
by Adviser 276 824 142 616 1,027 573
Less: Reimbursement of Expenses by Adviser (63) (113) (51) (108) (120) (69)
----- ------ ----- ----- ------ ------
Net Expenses 213 711 91 508 907 504
----- ------ ----- ----- ------ ------
NET INVESTMENT INCOME 699 726 43 448 1,347 225
----- ------ ----- ----- ------ ------
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on:
Investments and futures contracts 907 2,381 858 7,910 2,250 2,810
Foreign currency transactions - 399 - - 2,354 (98)
Net change in unrealized appreciation
on investments and futures contracts 2,180 17,698 1,427 8,195 910 360
Net change in unrealized losses on
translation of assets and liabilities
denominated in foreign currencies - - - - (74) (78)
----- ------ ----- ----- ------ ------
Net Gains on Investments 3,087 20,478 2,285 16,105 5,440 2,994
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $3,786 $21,204 $2,328 $16,553 $6,787 $3,219
----- ------ ----- ----- ------ ------
<FN>
<F17> Net of $70 in non-reclaimable foreign withholding taxes.
<F18> Net of $62 in non-reclaimable foreign withholding taxes.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
Statements of Changes in Net Assets
EQUITY FUNDS PART 1
INCOME GROWTH SELECT
EQUITY EQUITY EQUITY
FUND FUND FUND
--------------------- -------------------- --------------------
Six Months Year Six Months Year Six Months Period
Ended Ended Ended Ended Ended Ended
Sept. 30, March 31, Sept. 30, March 31, Sept. 30, March 31,
1995 1995 1995 1995 1995 1995 <F19>
Amounts in thousands (Unaudited) (Unaudited) (Unaudited)
----------- ---------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 699 $ 1,033 $ 726 $ 753 $ 43 $ 68
Net realized gains (losses) on:
Investments and futures contracts 907 (982) 2,381 (2,177) 858 (243)
Foreign currency transactions - - 399 (22) - 3
Net change in unrealized
appreciation (depreciation) on
investments and futures contracts 2,180 798 17,698 7,584 1,427 1,123
Net change in unrealized gains (losses) on
translation of assets and liabilities
denominated in foreign currencies - - - - - -
------- ------- ------- -------- ------- --------
Net Increase (Decrease) in Net Assets
Resulting from Operations 3,786 849 21,204 6,138 2,328 951
------- ------- ------- -------- ------- --------
CAPITAL SHARE TRANSACTIONS:
Shares sold 7,214 47,781 41,725 117,876 6,817 18,308
Shares from reinvestment of dividends 187 12 92 26 - 21
Shares redeemed (3,243) (8,765) (8,102) (10,182) (2,117) (4,181)
------- ------- ------- -------- ------- --------
Net Increase in Net Assets Resulting from
Capital Share Transactions 4,158 39,028 33,715 107,720 4,700 14,148
------- ------- ------- -------- ------- --------
DIVIDENDS PAID:
From net investment income (759) (924) (746) (674) - (46)
In excess of accumulated net realized gains - - - - - -
------- ------- ------- -------- ------- --------
Total Dividends Paid (759) (924) (746) (674) - (46)
------- ------- ------- -------- ------- --------
TOTAL INCREASE IN NET ASSETS 7,185 38,953 54,173 113,184 7,028 15,053
NET ASSETS:
Beginning of period 38,954 1 113,185 1 15,123 70
------- ------- ------- -------- ------- --------
End of period $46,139 $38,954 $167,358 $113,185 $22,151 $15,123
------- ------- ------- -------- ------- --------
UNDISTRIBUTED NET INVESTMENT INCOME $49 $109 $59 $79 $65 $22
------- ------- ------- -------- ------- --------
Statements of Changes in Net Assets
EQUITY FUNDS PART 2
SMALL INTERNATIONAL INTERNATIONAL
CAP GROWTH SELECT
GROWTH EQUITY EQUITY
FUND FUND FUND
--------------------- -------------------- ---------------------
Six Months Year Six Months Year Six Months Period
Ended Ended Ended Ended Ended Ended
Sept.30, March 31, Sept.30, March 31, Sept.30, March 31,
1995 1995 1995 1995 1995 1995<F20>
(Unaudited) (Unaudited) (Unaudited)
----------- ---------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 448 $ 759 $ 1,347 $ 424 $ 225 $ 311
Net realized gains (losses) on:
Investments and futures contracts 7,910 (169) 2,250 (7,111) 2,810 (6,651)
Foreign currency transactions - - 2,354 2,020 (98) 1,176
Net change in unrealized
appreciation (depreciation) on
investments and futures contracts 8,195 681 910 (5,850) 360 (2,373)
Net change in unrealized gains (losses) on
translation of assets and liabilities
denominated in foreign currencies - - (74) 6,742 (78) 4,083
------- ------- ------- -------- ------- --------
Net Increase (Decrease) in Net Assets
Resulting from Operations 16,553 1,271 6,787 (3,775) 3,219 (3,454)
------- ------- ------- -------- ------- --------
CAPITAL SHARE TRANSACTIONS:
Shares sold 43,295 85,961 49,862 131,574 13,858 92,032
Shares from reinvestment of dividends - 19 - 900 - 18
Shares redeemed (3,570) (10,120) (10,484) (12,770) (4,469) (16,448)
------- ------- ------- -------- ------- --------
Net Increase in Net Assets Resulting from
Capital Share Transactions 39,725 75,860 39,378 119,704 9,389 75,602
------- ------- ------- -------- ------- --------
DIVIDENDS PAID:
From net investment income - (505) - (325) - (200)
In excess of accumulated net realized gains - - - (932) - -
------- ------- ------- -------- ------- --------
Total Dividends Paid - (505) - (1,257) - (200)
------- ------- ------- -------- ------- --------
TOTAL INCREASE IN NET ASSETS 56,278 76,626 46,165 114,672 12,608 71,948
NET ASSETS:
Beginning of period 76,627 1 114,673 1 71,958 10
------- ------- ------- -------- ------- --------
End of period $132,905 $76,627 $160,838 $114,673 $84,566 $71,958
------- ------- ------- -------- ------- --------
UNDISTRIBUTED NET INVESTMENT INCOME $702 $254 $1,446 $99 $336 $111
------- ------- ------- -------- ------- --------
<FN>
<F19> Commenced investment operations on April 6, 1994.
<F20> Commenced investment operations on April 5, 1994.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
Financial Highlights
EQUITY FUNDS PART 1
<CAPTION>
INCOME GROWTH
EQUITY EQUITY
FUND FUND
---------------------- -----------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
Sept. 30, March 31, Sept. 30, March 31,
1995 1995 1995 1995
(Unaudited) (Unaudited)
------------- ----------- -------------- ----------
<S> <C> <C> <C> <C>
Selected per share data
NET ASSET VALUE, BEGINNING OF PERIOD $9.95 $10.00 $10.61 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.17 0.29 0.05 0.08
Net realized and unrealized gains (losses) on
investments, futures contracts and
foreign currency transactions 0.75 (0.08) 1.66 0.60
------- ------- ------- -------
Total Income (Loss) from Investment Operations 0.92 0.21 1.71 0.68
------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income (0.18) (0.26) (0.06) (0.07)
Dividends in excess of accumulated net
realized gains on investment transactions - - - -
------- ------- ------- -------
Total Distributions (0.18) (0.26) (0.06) (0.07)
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $10.69 $9.95 $12.26 $10.61
------- ------- ------- -------
TOTAL RETURN 9.40% 2.21% 16.06% 6.90%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $46,139 $38,954 $167,358 $113,185
Ratio to average net assets of: <F23>
Expenses, net of waivers and reimbursements 1.00% 1.00% 1.00% 1.00%
Expenses, before waivers and reimbursements 1.49% 1.55% 1.35% 1.40%
Net investment income, net of waivers and
reimbursements 3.27% 3.08% 1.02% 0.86%
Net investment income (loss), before waivers and
reimbursements 2.78% 2.53% 0.67% 0.46%
PORTFOLIO TURNOVER RATE 22.03% 45.68% 29.62% 82.90%
Financial Highlights
EQUITY FUNDS PART 1
SMALL INTERNATIONAL INTERNATIONAL
SELECT CAP GROWTH SELECT
EQUITY GROWTH EQUITY EQUITY
FUND FUND FUND FUND
------------------- ---------------------- ------------------ ---------------------
Six Months Period Six Months Year Six Months Year Six Months Period
Ended Ended Ended Ended Ended Ended Ended Ended
Sept. 30, March 31, Sept. 30, March 31, Sept. 30, March 31, Sept. 30, March 31,
1995 1995<F21> 1995 1995 1995 1995 1995 1995<F22>
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
----------- -------- ---------- -------- --------- ------- ---------- --------
Selected per share data
NET ASSET VALUE, BEGINNING OF
PERIOD $10.77 $10.00 $9.98 $10.00 $9.61 $10.00 $9.78 $10.00
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income 0.02 0.06 0.03 0.11 0.08 0.04 0.03 0.04
Net realized and unrealized
gains (losses) on
investments, futures
contracts and foreign
currency transactions 1.49 0.75 1.81 (0.05) 0.43 (0.31) 0.41 (0.23)
-------- -------- -------- --------- -------- --------- -------- ---------
Total Income (Loss) from
Investment Operations 1.51 0.81 1.84 0.06 0.51 (0.27) 0.44 (0.19)
-------- -------- -------- --------- ------- ---------- -------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment
income - (0.04) - (0.08) - (0.03) - (0.03)
Dividends in excess of
accumulated net realized
gains on investment
transactions - - - - - (0.09) - -
-------- --------- --------- --------- ------- --------- -------- --------
Total Distributions - (0.04) - (0.08) - (0.12) - (0.03)
-------- ---------- --------- --------- ------- --------- -------- ---------
NET ASSET VALUE, END OF PERIOD $12.28 $10.77 $11.82 $9.98 $10.12 $9.61 $10.22 $9.78
-------- --------- --------- ---------- ---------- ------------------- ---------
TOTAL RETURN 14.05% 8.18% 18.47% 0.57% 5.29% (2.65)% 4.48% (1.95)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands,
end of period $22,151 $15,123 $132,905 $76,627 $160,838 $114,673 $84,566 $71,958
Ratio to average net
assets of: <F23>
Expenses, net of waivers
and reimbursements 1.00% 1.00% 1.00% 1.00% 1.25% 1.25% 1.25% 1.25%
Expenses, before waivers
and reimbursements 1.96% 2.61% 1.57% 1.76% 1.66% 1.71% 1.69% 1.75%
Net investment income,
net of waivers and
reimbursements 0.47% 0.82% 0.88% 1.36% 1.86% 0.47% 0.56% 0.47%
Net investment income (loss),
before waivers and
reimbursements 0.49% (0.79)% 0.31% 0.60% 1.45% 0.01% 0.12% (0.03)%
PORTFOLIO TURNOVER RATE 69.04% 48.88% 45.33% 82.46% 100.66% 158.31% 72.63% 97.69%
<FN>
<F21> Commenced investment operations on April 6, 1994.
<F22> Commenced investment operations on April 5, 1994.
<F23> Annualized for periods less than a full year.
See Notes to the Financial Statements.
</TABLE>
Schedules of Investments September 30, 1995 (Unaudited)
INCOME EQUITY FUND
Number Value
of Shares (000s)
--------- ------
COMMON STOCKS - 27.7%
Banking - 1.6%
20,700 Banc One Corp $ 756
------
Building Materials - 0.5%
7,700 Masco Corp 212
------
Chemicals and Allied Products - 2.9%
5,530 Hercules, Inc. 321
29,500 Witco Corp. 1,036
------
1,357
------
Communications - 0.5%
5,250 U.S. West, Inc. 247
------
Consumer Products - 2.4%
14,000 Hanson PLC ADR 228
10,600 Philip Morris Cos., Inc. 885
------
1,113
------
Electronics and Other Electrical
Equipment - 1.0%
8,000 Intel Corp. 481
------
Industrial Instruments - 1.0%
5,300 Hewlett Packard Co. 442
------
Insurance Services - 1.4%
6,500 Chubb Corp. 624
------
Oil and Gas - 5.0%
12,250 Amoco Corp. 786
21,800 Apache Corp. 572
7,900 Royal Dutch Petroleum Co. ADR 970
------
2,328
------
Pharmaceuticals - 2.8%
8,500 Abbott Laboratories 362
8,000 Bristol Myers Squibb 583
4,700 Johnson & Johnson 348
------
1,293
------
Professional Services - 3.1%
16,957 Omnicom Group, Inc. 1,104
7,900 Oracle Corp. <F1> 304
------
1,408
------
Retail - 1.6%
16,294 American Stores Co. 462
6,854 Home Depot, Inc. 273
------
735
------
Sanitary Services - 0.9%
13,125 Browning-Ferris Industries, Inc. 399
------
Transportation Parts and
Equipment - 0.8%
12,000 Trinity Industries, Inc. 372
------
Utilities - 0.8%
8,400 Northern States Power Co. 381
------
Wholesale - 1.4%
12,534 Avnet, Inc. 647
------
Total Common Stocks
(cost $12,331) 12,795
------
CONVERTIBLE PREFERRED STOCKS - 24.0%
Credit Institutions - 1.7%
16,700 First USA, Inc. 789
------
Financial Services - 1.2%
7,900 American Express Co. 411
2,600 Merrill Lynch & Co., Inc. 142
------
553
------
Food and Beverages - 2.5%
29,000 ConAgra, Inc. 1,167
------
Merchandise - 1.2%
6,600 Alco Standard Corp. 556
------
Metal Mining - 3.1%
23,300 Cyprus Amax Minerals Co. 1,448
------
Natural Gas Transmission - 0.2%
2,600 Western Gas Resources, Inc. 95
------
Oil and Gas - 6.2%
26,400 Ashland, Inc. 1,465
30,600 Atlantic Richfield Co. 780
10,200 Occidental Petroleum Corp. 601
------
2,846
------
Sanitary Services - 2.0%
28,000 Browning-Ferris Industries, Inc. 931
------
Transportation Parts and
Equipment - 2.3%
16,000 General Motors Corp. 1,038
------
Transportation Services - 3.6%
7,300 Arkansas Best Corp. 291
17,800 Burlington Northern Industries 1,375
------
1,666
------
Total Convertible Preferred Stocks
(cost $9,757) 11,089
------
CONVERTIBLE BONDS - 34.7%
Communications - 1.4%
191 Ericsson (LM) Telephone Co.,
4.25%, 6/30/00 626
------
Computer and Office Machines - 2.2%
960 Seagate Technology, Inc.,
6.75%, 5/12/12 1,037
------
Electronics and Other Electrical
Equipment - 5.1%
750 Cooper Industries, Inc.,
7.05%, 1/1/15 754
370 Liebert Corp.,
8.00%, 11/15/10 984
620 VLSI Technology, Inc.,
8.25%, 10/1/05 634
------
2,372
------
Glass, Clay and Stone Products - 1.6%
720 Lafarge Corp.,
7.00%, 7/1/13 749
------
Health Services - 2.2%
900 Integrated Health Systems,
6.00%, 1/1/03 990
------
Insurance Services - 5.6%
980 Chubb Capital Corp.,
6.00%, 5/15/98 1,091
1,320 Old Republic International Corp.,
5.75%, 8/15/02 1,492
------
2,583
------
Metal Mining - 2.0%
1,020 Horsham Corp.,
3.25%, 12/10/18 908
------
Natural Gas Transmission - 1.7%
755 Consolidated Natural Gas Co.,
7.25%, 12/15/15 781
------
Oil and Gas - 1.6%
800 Noble Affiliates, Inc.,
4.25%, 11/1/03 760
------
Printing and Publishing - 1.5%
661 Time Warner, Inc.,
8.75%, 1/10/15 692
------
Professional Services - 2.2%
860 Olsten Corp.,
4.875%, 5/15/03 995
------
Retail - 5.9%
300 Pep Boys - Manny, Moe & Jack,
4.00%, 9/1/99 291
1,440 Price Co.,
6.75%, 3/1/01 1,465
750 Starbucks Corp.,
4.50%, 8/1/03 968
------
2,724
------
Steel Products - 1.7%
455 Allegheny Ludlum Corp.,
5.875%, 3/15/02 498
250 Inco Ltd.,
7.75%, 3/15/16 267
------
765
------
Total Convertible Bonds
(cost $14,800) 15,982
------
EURODOLLAR TIME DEPOSITS - 4.0%
1,844 Berliner Handels Und Frankfurter,
Grand Cayman Islands,
6.50%, 10/2/95 1,844
------
Total Eurodollar Time Deposits
(cost $1,844) 1,844
------
U.S. GOVERNMENT AGENCIES - 6.7%
3,095 FHLB Discount Note,
6.39%, 10/2/95 3,094
------
Total U.S. Government Agencies
(cost $3,094) 3,094
------
Total Investments - 97.1%
(cost $41,826) 44,804
Other Assets less Liabilities - 2.9% 1,335
------
NET ASSETS - 100.0% $46,139
=======
See Notes to the Financial Statements.
Schedules of Investments September 30, 1995 (Unaudited)
GROWTH EQUITY FUND
Number Value
of Shares (000s)
--------- ------
COMMON STOCKS - 98.0%
Brokerage Services - 1.7%
100,000 Charles Schwab Corp. $ 2,800
-------
Building Materials - 0.8%
48,800 Masco Corp. 1,342
-------
Chemicals and Allied Products - 2.5%
39,600 Air Products & Chemicals, Inc. 2,064
24,600 American Home Products Corp. 2,088
-------
4,152
-------
Communications - 6.0%
53,300 American Telephone & Telegraph Co. 3,504
63,700 Ameritech Corp. 3,320
108,000 Ericsson (LM) Telephone Co. ADR, Class B 2,646
12,800 Viacom, Inc., Class B <F1> 637
-------
10,107
-------
Computers and Office Machines - 2.9%
82,300 Danka Business Systems PLC ADR 2,963
31,400 Tandy Corp. 1,908
-------
4,871
-------
Consumer Products - 3.8%
40,200 Philip Morris Cos., Inc. 3,357
38,900 Procter & Gamble Co. 2,995
-------
6,352
-------
Cosmetics and Personal Care - 1.7%
58,800 Gillette Co. 2,800
-------
Electrical Services - 1.8%
109,300 Wisconsin Energy Corp. 3,088
-------
Electronics and Other Electrical
Equipment - 13.7%
72,900 ADC Telecommunications, Inc. <F1> 3,317
53,600 Emerson Electric Co. 3,832
44,800 General Electric Co. 2,856
30,500 Intel Corp. 1,834
46,000 Linear Technology Corp. 1,909
82,875 Molex, Inc., Class A 2,776
51,500 Motorola, Inc. 3,933
64,000 Solectron Corp. <F1> 2,528
-------
22,985
-------
Entertainment - 1.3%
38,700 Disney (Walt) Co. 2,220
-------
Financial Services - 1.6%
108,500 Mercury Finance Co. 2,645
-------
Food and Beverages - 6.2%
49,000 Coca-Cola Co. 3,381
62,800 Lone Star Steak House <F1> 2,575
60,000 McDonald's Corp. 2,295
72,600 Sara Lee Corp. 2,160
-------
10,411
-------
Heavy Construction - 1.4%
42,700 Fluor Corp. 2,391
-------
Household Products - 1.3%
84,700 Newell Co. 2,096
-------
Industrial Instruments - 5.4%
42,700 Hewlett Packard Co. 3,560
43,800 Medtronic, Inc. 2,354
37,000 Raytheon Co. 3,145
-------
9,059
-------
Insurance Services - 4.1%
47,700 American International Group, Inc. 4,054
3,700 General Re Corp. 559
32,300 MBIA, Inc. 2,277
-------
6,890
-------
Lumber and Wood Products - 1.0%
69,600 Clayton Homes, Inc. 1,653
-------
Merchandise - 2.0%
39,300 Alco Standard Corp. 3,331
-------
Oil and Gas - 5.7%
46,500 Amoco Corp. 2,982
27,100 Atlantic Richfield Co. 2,910
11,900 Royal Dutch Petroleum Co. 1,461
33,400 Schlumberger Ltd. 2,179
-------
9,532
-------
Packaging and Container Products - 1.1%
49,600 Crown Cork & Seal Co., Inc. <F1> 1,922
-------
Pharmaceuticals - 10.0%
77,100 Abbott Laboratories 3,286
51,100 Amgen, Inc. <F1> 2,549
42,800 Johnson & Johnson 3,173
55,400 Nellcor Puritan Bennett, Inc. <F1> 2,756
64,400 Patterson Dental Co. <F1> 1,707
60,500 Pfizer, Inc. 3,229
-------
16,700
-------
Professional Services - 6.7%
19,900 Automatic Data Processing, Inc. 1,356
39,300 BMC Software, Inc. <F1> 1,808
38,250 Computer Associates International, Inc. 1,616
58,900 First Data Corp. 3,652
71,100 Oracle Corp. <F1> 2,728
-------
11,160
-------
Recreational - 1.5%
104,000 Harley Davidson, Inc. 2,535
-------
Retail - 7.9%
70,700 Circuit City Stores, Inc. 2,236
47,900 Fastenal 1,748
58,900 General Nutrition <F1> 2,680
77,800 Petsmart, Inc. <F1> 2,626
60,600 Starbucks Corp. <F1> 2,295
58,500 Walgreen Co. 1,638
-------
13,223
-------
Steel Products - 1.6%
51,700 Aluminum Co. of America 2,734
-------
Transportation Parts and
Equipment - 2.5%
60,200 Boeing Co. 4,109
-------
U.S. Government Agencies - 1.8%
29,000 Federal National Mortgage Association 3,002
-------
Total Common Stocks
(cost $138,828) 164,110
-------
Principal
Amount
(000s)
- ----------
EURODOLLAR TIME DEPOSITS - 2.1%
$3,486 Berliner Handels Und Frankfurter,
Grand Cayman Islands,
6.50%, 10/2/95 3,486
-------
Total Eurodollar Time Deposits
(cost $3,486) 3,486
-------
Total Investments - 100.1%
(cost $142,314) 167,596
Liabilities less Other Assets - (0.1)% (238)
-------
NET ASSETS - 100.0% $167,358
=========
See Notes to the Financial Statements.
Schedules of Investments September 30, 1995 (Unaudited)
SELECT EQUITY FUND
Number Value
of Shares (000s)
--------- ------
COMMON STOCKS - 97.0%
Building Materials and Housing - 3.8%
35,000 Clayton Homes, Inc. $ 831
------
Chemicals and Allied Products - 3.5%
15,000 Air Products & Chemicals, Inc. 782
------
Communications - 3.1%
17,000 Vodafone Group PLC ADR 697
------
Computers and Office Machines - 9.9%
3,000 Broderbund Software, Inc. <F1> 228
5,500 Cirrus Logic, Inc. <F1> 315
6,500 Cisco System, Inc. <F1> 448
7,000 Parametric Technology Corp. <F1> 431
4,000 Peoplesoft, Inc. <F1> 364
6,500 Sun Microsystems, Inc. <F1> 410
------
2,196
------
Electronics and Other Electrical
Equipment - 18.1%
6,000 ADC Telecommunications, Inc. <F1> 273
5,500 Andrew Corp. <F1> 336
5,500 Emerson Electric Co. 393
8,000 General Electric Co. 510
8,000 Hewlett-Packard Co. 667
7,000 Linear Technology Corp. 290
21,500 Solectron Corp. <F1> 849
13,000 Varian Associates, Inc. 689
------
4,007
------
Financial Services - 2.8%
25,000 Mercury Finance Co. 609
------
Food and Beverages - 8.8%
4,000 Coca-Cola Co. 276
15,000 Lone Star Steakhouse <F1> 615
18,000 McDonald's Corp. 689
10,000 Starbucks Corp. <F1> 379
------
1,959
------
Health Services - 2.9%
20,000 Health Management Associates,
Inc., Class A <F1> 643
------
Heavy Construction - 3.3%
13,000 Fluor Corp. 728
------
Industrial Instruments - 3.5%
3,000 Raytheon Co. 255
8,000 Sundstrand Corp. 518
------
773
------
Insurance Services - 7.3%
6,000 American International Group, Inc. 510
10,000 MBIA, Inc. 705
7,000 MGIC Investment Corp. 401
------
1,616
------
Medical Products and Equipment - 6.0%
10,000 Invacare Corp. 480
2,000 Luxottica Group, S.p.A. ADR 98
14,000 Medtronic, Inc. 753
------
1,331
------
Pharmaceuticals - 8.9%
6,000 Amgen, Inc. <F1> 299
14,000 Idexx Laboratories, Inc. <F1> 522
9,000 Johnson & Johnson 667
9,500 Nellcor Puritan Bennett, Inc. <F1> 473
------
1,961
------
Professional Services - 8.9%
20,000 CUC International, Inc. <F1> 697
4,000 Computer Sciences Corp. <F1> 257
7,000 First Financial Management Corp. 683
9,000 Oracle Corp. <F1> 345
------
1,982
------
Recreational - 3.6%
27,000 Mattel, Inc. 793
------
Retail - 2.6%
18,000 Circuit City Stores, Inc. 569
------
Total Common Stocks
(cost $18,927) 21,477
------
Principal
Amount
(000s)
- ----------
EURODOLLAR TIME DEPOSITS - 3.4%
$759 Berliner Handels Und Frankfurter,
Grand Cayman Islands,
6.50%, 10/2/95 759
------
Total Eurodollar Time Deposits
(cost $759) 759
------
Total Investments - 100.4%
(cost $19,686) 22,236
Liabilities less Other Assets - (0.4)% (85)
------
NET ASSETS - 100.0% $22,151
=======
See Notes to the Financial Statements.
Schedules of Investments September 30, 1995 (Unaudited)
SMALL CAP GROWTH FUND
Number Value
of Shares (000s)
--------- -------
COMMON STOCKS - 97.7%
Aerospace - 0.5%
12,600 Aviall, Inc. $ 109
10,500 BE Aerospace, Inc. <F1> 88
14,800 Thiokol Corp. 529
------
726
------
Apparel - 0.9%
9,100 Bell Sports Corp. <F1> 98
6,600 Chic By H.I.S., Inc. <F1> 53
15,900 Dexter Corp. 405
6,500 Farah, Inc. <F1> 48
3,300 Garan, Inc. 57
13,700 Kellwood Co. 283
5,800 Oxford Industries, Inc. 103
9,300 Salant Corp. <F1> 55
1,300 Weyco Group, Inc. 47
------
1,149
------
Banking - 7.7%
1,800 Advantage Bancorp 60
7,900 Albank Financial Corp. 237
3,800 Amfed Financial, Inc. 120
2,600 Anchor Bancorp, Inc. 101
2,700 Andover Bancorp, Inc. 58
7,800 Astoria Financial Corp. <F1> 332
5,300 Bankatlantic Bancorp, Inc. 77
8,400 Bankers Corp. 151
3,800 Bay Ridge Bancorp, Inc. <F1> 81
4,700 Bay View Capital Corp. 127
5,900 Bell Bancorp, Inc. 196
5,100 Brenton Banks, Inc. 103
7,800 Brooklyn Bancorp, Inc. <F1> 307
2,800 BSB Bancorp, Inc. 87
3,000 California Financial Holding Co. 57
1,800 Calumet Bancorp, Inc. <F1> 49
5,000 Cathay Bancorp, Inc. 67
2,300 CB Bancshares, Inc. 69
3,700 CCB Financial Corp. 189
8,300 Center Financial Corp. 158
7,200 Centura Banks, Inc. 239
3,900 Charter Bancshares, Inc. 72
2,700 Citfed Bancorp, Inc. 94
2,300 Co-Operative Bank of Concord, Mass. 43
12,000 Coast Savings Financial, Inc. <F1> 315
3,200 Coastal Bancorp, Inc. 54
2,300 Community Bank System, Inc. 78
3,100 Conestoga Bancorp, Inc. 56
3,500 CPB, Inc. 112
1,900 DS Bancor, Inc. 50
1,500 Eastern Bancorp, Inc. 34
1,700 Family Bancorp, Inc. 43
3,300 Eagle Financial Corp. 76
3,100 Evergreen Bancorp, Inc. 66
4,000 Fidelity Federal Savings Bank, Florida 64
4,700 First Federal Bancshares of Eau Claire <F1> 66
3,700 First Fed Capital Corp. 66
6,900 First Federal Financial Corp. <F1> 108
1,600 First Federal S&L, East Hartford Conn. 34
4,400 First Indiana Corp. 110
3,400 First Palm Beach Bancorp, Inc. 83
4,700 First Republic Bancorp, Inc. <F1> 61
4,200 First Savings Bank, New Jersey 58
2,400 First Savings Bank of Moore County, Inc. 46
1,700 Firstfed Bancshares, Inc. 35
12,200 Firstfed Michigan Corp. 429
4,400 GBC Bancorp 55
13,600 Glendale Federal Bank FSB <F1> 224
8,400 Greater New York Savings Bank, New York <F1> 101
2,900 Haven Bancorp, Inc. 65
4,200 Horizon Bank 55
3,700 Homeland Bankshares Corp. 110
6,900 InterWest Bancorp, Inc. 107
1,800 Jeffbanks, Inc. 43
2,700 Jefferson Savings Bancorp, Inc. <F1> 64
1,800 Kentucky Enterprise Bancorp, Inc. 37
1,700 Liberty Bancorp, Inc. 45
7,100 Life Bancorp, Inc. 114
18,400 Long Island Bancorp, Inc. 451
2,000 Maryland Federal Bancorp, Inc. 64
1,800 Massbank Corp. 55
2,800 Medford Savings Bank 59
2,700 Merchants Bancshares, Inc. <F1> 39
4,300 National City Bancorporation <F1> 80
4,700 MLF Bancorp, Inc. 109
4,000 N. S. Bancorp, Inc. 141
5,200 NBB Bancorp, Inc. 86
3,591 North Side Savings Bank 109
9,100 Onbancorp, Inc. 296
2,700 Pennfirst Bancorp, Inc. 35
4,000 Peoples Bank of Bridgeport 86
1,708 Peoples Holdings Co. 74
3,800 Poncebank (Puerto Rico) 46
3,700 Portsmouth Bankshares International 51
1,800 Progressive Bank, Inc. 47
2,600 Quaker City Bancorp, Inc. <F1> 36
4,000 Queens County Bancorp, Inc. 159
6,300 Reliance Bancorp, Inc. 92
19,700 Riggs National Corp. <F1> 254
26,100 Roosevelt Financial Group, Inc. 460
5,100 SFFED Corp. 154
1,500 Southwest Bancshares, Inc. 42
12,100 St. Paul Bancorp, Inc. 322
3,800 Sterling Financial Corp. <F1> 51
5,900 Sumitomo Bank of California 140
1,700 Today's Bancorp, Inc. 34
5,700 Triangle Bancorp, Inc. 77
2,300 Trico Bancshares 47
3,500 US Bancorp, Inc. 106
5,200 Victoria Bankshares, Inc. 149
1,800 Virginia First Financial 40
3,500 Webster Financial Corp. 92
1,700 Western Ohio Financial Corp. 37
------
10,258
------
Brokerage Services - 1.4%
5,600 Advest Group, Inc. <F1> 51
5,700 Capital Guaranty Corp. 127
2,000 FFVA Financial Corp. 58
16,900 Financial Security Assurance Holdings Ltd. 429
2,600 First Southeast Financial Corp. 47
10,200 Great Financial Corp. 236
3,800 HMN Financial, Inc. <F1> 58
4,500 Interstate/Johnson Lane, Inc. 45
5,300 Inter-Regional Financial Group, Inc. 191
16,500 John Alden Financial Corp. 373
3,600 Ottawa Financial Corp. 57
5,500 Southwest Securities Group, Inc. 55
12,000 Standard Financial, Inc. <F1> 171
------
1,898
------
Chemicals and Allied Products - 4.5%
7,600 Alpha Beta Technology, Inc. <F1> 62
11,000 Alpharma, Inc. 257
3,400 Aceto Corp. 54
12,200 Ariad Pharmaceuticals, Inc. <F1> 56
9,200 Biocraft Labs, Inc. 160
14,600 Biomira, Inc. <F1> 68
26,200 Calgon Carbon Corp. 308
3,600 Cambrex Corp. 145
37,300 Carter-Wallace, Inc. 466
8,500 Cellpro, Inc. <F1> 115
5,500 Copley Pharmaceutical, Inc. <F1> 106
12,400 COR Therapeutics, Inc. <F1> 138
13,000 Creative Biomolecules, Inc. <F1> 74
20,300 Cytrx Corp. <F1> 57
9,000 Fuller (H.B.) Co. 283
5,500 Genemedicine, Inc. <F1> 52
21,800 Gensia, Inc. <F1> 120
4,800 Great American Management & Investment<F1> 175
6,100 Guardsman Products, Inc. 81
4,200 Hauser Chemical Research, Inc. <F1> 24
6,400 Helene Curtis Industries, Inc. 193
5,000 Immucor, Inc. <F1> 69
9,800 Immulogic Pharmaceutical Corp. <F1> 120
10,900 Immune Response Corp. <F1> 82
8,100 Immunogen, Inc. <F1> 26
10,500 Incstar Corp. <F1> 50
5,700 Learonal, Inc. 127
9,700 Life Technologies, Inc. 257
8,400 LSB Industries, Inc. 43
6,600 Med-Chem Products, Inc. <F1> 61
3,600 Melamine Chemicals, Inc. <F1> 31
9,000 Mississippi Chemical Corp. 189
4,200 National Sanitary Supply Co. 56
14,900 Nexstar Pharmaceuticals, Inc. <F1> 220
8,100 OEC Medical Systems, Inc. <F1> 66
5,400 NCH Corp. 309
7,400 Petrolite Corp. 203
10,800 Pharmaceutical Resources, Inc. <F1> 103
8,200 Purepac, Inc. <F1> 69
11,800 Roberts Pharmaceutical Corp. <F1> 277
12,300 Ribi Immunochem Research, Inc. <F1> 66
5,100 St. Ives Laboratories, Inc. 45
3,600 Sybron Chemicals, Inc. <F1> 55
9,400 Systemix, Inc. <F1> 127
8,200 Tetra Technologies, Inc. <F1> 113
11,200 Vertex Pharmaceuticals, Inc. <F1> 210
------
5,968
------
Communications - 1.8%
19,000 American Mobile Satellite Corp., Inc. <F1> 455
13,000 American Paging, Inc. <F1> 101
8,000 Atlantic Tele-Network, Inc. <F1> 98
6,500 BHC Communications, Inc. Class A <F1> 590
5,500 Cablemaxx Holdings, Inc. <F1> 40
8,000 Cellular Communications, Inc. <F1> 436
4,200 Centigram Communications Corp. <F1> 75
9,900 Roseville Telephone Co. <F1> 272
15,000 True North Communications 291
------
2,358
------
Computers and Office Machines - 5.0%
7,400 Advanced Logic Research, Inc. <F1> 57
4,000 Amplicon, Inc. 65
3,300 Applied Voice Technology, Inc. <F1> 49
26,200 AST Research, Inc. <F1> 262
3,300 Astro-Medical, Inc. 35
7,100 Banctec, Inc. <F1> 153
9,441 Black Box Corp. <F1> 366
8,500 Caere Corp. <F1> 88
8,400 Chipcom Corp. <F1> 407
19,600 Concurrent Computer Corp. <F1> 39
8,300 Control Data Systems, Inc. <F1> 101
17,300 Convex Computer Corp. <F1> 78
18,100 Cray Research, Inc. <F1> 400
24,100 Data General Corp. <F1> 250
8,100 Data Switch Corp. <F1> 32
3,400 DH Technology Co. <F1> 109
11,400 Dynatech Corp. <F1> 180
14,100 Exabyte Corp. <F1> 190
10,200 General Binding Corp. 222
6,900 Genicom Corp. <F1> 32
5,800 GTI Corp. <F1> 116
45,000 Intergraph Corp. <F1> 546
10,100 Micropolis Corp. <F1> 58
5,300 Microtouch Systems, Inc. <F1> 90
12,300 MTI Technology Corp. <F1> 38
5,000 Networth, Inc. <F1> 104
5,100 Quixote Corp. 62
5,000 Par Technology Corp. <F1> 51
3,600 Rainbow Technologies, Inc. <F1> 71
6,300 Rasterops <F1> 50
10,000 Recognition Equipment, Inc. <F1> 124
29,200 Sequent Computer Systems, Inc. <F1> 580
45,500 SHL Systemhouse, Inc. <F1> 569
8,500 Standard Microsystems Corp. <F1> 147
15,300 Stratus Computer, Inc. 402
3,500 Transtechnology Corp. 52
12,300 Tseng Labs, Inc. <F1> 106
26,400 Wang Labs, Inc. <F1> 419
------
6,700
------
Credit Institutions - 0.8%
4,700 First Financial Caribbean Corp. 82
7,100 JSB Financial, Inc. 223
11,700 Money Store, Inc. 554
4,000 North American Mortgage 72
10,000 Ryland Group, Inc. 155
------
1,086
------
Electrical Services - 2.4%
4,600 Bangor Hydro-Electric Co. 56
11,200 Central Hudson Gas & Electric Corp. 342
21,100 Central Maine Power Co. 277
7,600 Central Vermont Public Service Corp. 103
2,700 Compania Boliviana de Energia
Electrica S.A. 79
12,900 Eastern Utilities Associates Co. 313
3,100 Green Mountain Power Corp. 84
6,200 Interstate Power Co. 169
8,900 Orange & Rockland Utilities, Inc. 317
27,200 Public Service Co. of New Mexico<F1> 445
19,100 Sierra Pacific Resources, Co. 437
7,000 TNP Enterprises, Inc. 124
9,200 United Illuminating Co. 323
2,800 Unitil Corp. 56
3,000 Upper Penninsula Energy Corp. 55
------
3,180
------
Electronics and Other Electrical
Equipment - 4.5%
3,900 A Plus Communications, Inc. <F1> 59
7,700 Aeroflex, Inc. <F1> 38
9,400 Amtech Corp. 61
14,400 Antec Corp. <F1> 193
14,400 Applied Magnetics Corp. <F1> 225
15,300 Augat, Inc. 289
3,300 Aydin Corp. <F1> 57
3,200 Bel Fuse, Inc. <F1> 39
2,600 Benchmark Electronics, Inc. <F1> 73
10,700 Brooktree Corp. <F1> 214
10,300 California Microwave, Inc. <F1> 260
15,800 Canadian Marconi Co. 154
9,500 Compression Labs, Inc. <F1> 75
3,500 CTS Corp. 108
16,900 Dallas Semiconductor Co. 346
2,900 Davel Communications Group, Inc. <F1> 45
13,000 Digital Sound Corp. <F1> 24
6,200 Digital Systems International, Inc. <F1> 64
3,100 Dynamics Corporation of America 72
4,400 Electromagnetic Sciences, Inc. <F1> 51
5,700 Evans & Sutherland Computer Corp. <F1> 107
30,300 Executone Information Systems, Inc. <F1> 80
5,100 Exide Electronics Group, Inc. <F1> 96
13,200 General Datacomm Industries, Inc. <F1> 195
8,400 Genlyte Group, Inc. <F1> 44
4,800 IEC Electronics Corp. <F1> 43
6,700 Intermedia Communications of Florida, Inc. <F1> 102
9,600 Jabil Circuit, Inc. <F1> 126
6,100 Kopin Corp. <F1> 102
3,500 LXE, Inc. <F1> 36
8,600 Micronics Computers, Inc. <F1> 40
4,800 National Presto Industries, Inc. 215
6,100 Netrix Corp. <F1> 29
7,400 Park Electrochemical Corp. 240
9,300 Pittencrieff Communications, Inc. <F1> 42
4,900 Pittway Corp., Class A 305
6,800 Powell Industries, Inc. <F1> 47
3,400 Quality Semiconductor, Inc. <F1> 55
7,000 QMS, Inc. <F1> 31
8,700 Quickturn Design Systems, Inc. <F1> 90
3,900 Reptron Electonics, Inc. <F1> 70
3,500 Robinson Nugent, Inc. 34
15,600 Royal Appliance Manufacturing Co. <F1> 58
3,700 Satellite Technology Management, Inc. <F1> 75
3,800 Siliconix, Inc. <F1> 108
8,600 Standard Motor Products, Inc. 163
6,600 Telco Systems, Inc. <F1> 92
8,600 Telebit Corp. <F1> 38
6,600 Thomas Industries, Inc. 133
8,000 United Industrial Corp. 45
4,400 Universal Electronics, Inc. <F1> 35
12,900 Valence Technology, Inc. <F1> 74
3,200 Vertex Communications Corp. <F1> 55
10,900 Windmere Corp. 80
9,900 Wyle Electronics 444
------
5,976
------
Financial Services - 0.8%
10,500 Downey Financial Corp. 210
12,400 Emphesys Financial Group, Inc. 460
6,800 Security Capital Corp. <F1> 362
------
1,032
------
Food and Beverages - 1.3%
3,800 American Maize-Products Co., Class A 148
2,900 Genesee Corp., Class B 127
9,400 Golden Poultry Co., Inc. 61
8,600 Interstate Bakeries Corp. 182
6,100 J&J Snack Foods Corp. <F1> 72
12,500 Michael Foods, Inc. 167
6,300 Midwest Grain Products, Inc. 109
6,500 Orange-co., Inc. <F1> 46
17,800 Pilgrims Pride Corp. 140
8,850 Sanderson Farms, Inc. 107
5,800 Sanfilippo (John B) & Son, Inc. <F1> 52
1,000 Seaboard Corp. 258
1,800 Seneca Foods Corp., Class A <F1> 35
1,800 Seneca Foods Corp., Class B <F1> 38
3,700 Thorn Apple Valley, Inc. 69
11,600 WLR Foods, Inc. 157
------
1,768
------
Food and Manufacturing - 0.5%
7,065 Chock Full O'Nuts Corp. <F1> 42
1,300 Farmer Bros. Co. 169
6,700 Imperial Holly Corp. 56
11,700 Morningstar Group, Inc. <F1> 102
17,000 Savannah Foods & Industries, Inc. 232
------
601
------
Furniture and Fixtures - 1.2%
9,200 Bassett Furniture Industries, Inc. 231
4,700 Flexsteel Industries, Inc. 53
32,500 INTERCO, Inc. <F1> 256
3,850 Knape&Vogt Manufacturing Co. 64
12,700 La-Z-Boy Chair Co. 379
3,300 LADD Furniture, Inc. 43
16,100 Miller (Herman), Inc. 439
11,600 O'Sullivan Industries Holdings, Inc. <F1> 90
3,100 Pulaski Furniture Corp. 53
------
1,608
------
General Building Contractors - 1.2%
5,300 Beazer Homes USA, Inc. <F1> 89
15,400 Eagle Hardware & Garden, Inc. <F1> 144
4,600 Engle Homes, Inc. 40
21,000 Kaufman & Broad Home Corp. 265
17,700 Lennar Corp. 385
12,900 MDC Holdings, Inc. 98
5,700 M/I Schottenstein Homes, Inc. <F1> 58
21,500 Morrison Knudsen, Corp. 167
3,100 Perini Corp. <F1> 38
20,000 Standard-Pacific Corp. 140
3,400 Turner Corp. <F1> 34
7,300 U.S. Home Corp. <F1> 182
------
1,640
------
Glass, Clay and Stone Products - 1.2%
2,500 Ameron, Inc. 91
6,200 Florida Rock Industries, Inc. 174
2,700 Green (A.P.) Industries, Inc. 65
19,700 Jannock Ltd. 219
17,500 Justin Industries 192
8,600 Kuhlman Corp. 104
3,600 Puerto Rican Cement Co., Inc. 125
18,500 Sola International, Inc. <F1> 409
11,200 Southdown, Inc. <F1> 197
------
1,576
------
Health Services - 3.9%
5,200 American Healthcorp, Inc. <F1> 36
4,900 American HomePatient, Inc. <F1> 125
18,700 Benson Eyecare Corp. <F1> 185
22,100 Coastal Physican Group, Inc. <F1> 387
35,200 Community Psychiatric Centers <F1> 414
25,700 Coram Healthcare Corp. <F1> 106
4,400 DVI, Inc. <F1> 60
9,400 Genesis Health Ventures, Inc. <F1> 336
15,100 GranCare, Inc. <F1> 262
7,500 Health Images, Inc. 53
6,000 Health Management, Inc. <F1> 83
9,900 Healthdyne, Inc. <F1> 97
35,600 Kinetic Concepts, Inc. 414
13,500 Living Centers of America, Inc. <F1> 449
7,816 Molecular Biosystems, Inc. <F1> 69
52,000 NovaCare, Inc. <F1> 390
8,500 Pacific Physician Services, Inc. <F1> 147
4,200 PCI Services, Inc. <F1> 38
10,200 Quantum Health Resources Co. <F1> 110
2,900 Rehabcare Group, Inc. <F1> 40
6,400 Renal Treatment Centers, Inc. <F1> 237
15,200 Staff Builders, Inc. <F1> 78
3,600 Sterile Concepts Holdings, Inc. 50
4,400 Summit Care Corp. <F1> 108
11,400 Transcend Services, Inc. <F1> 80
23,200 Unilab Corp. <F1> 99
11,100 Universal Health Services, Inc., Class B <F1> 380
9,900 Wellpoint Health Networks, Inc., Class A <F1> 301
4,000 Zoll Medical Corp. <F1> 38
------
5,172
------
Heavy Construction - 0.4%
6,100 Apogee Enterprises, Inc. <F1> 111
5,700 Atkinson (G.F.) Co. <F1> 56
5,000 Banister Foundation, Inc. <F1> 36
7,600 Granite Construction, Inc. 205
19,200 Kasler Holding Co. <F1> 118
------
526
------
Industrial Instruments - 4.2%
21,500 Acuson Corp. <F1> 288
8,700 Advanced Technology Laboratories, Inc. <F1> 157
12,600 Amsco International, Inc. <F1> 250
5,300 Analogic Corp. 107
3,000 Andros, Inc. <F1> 53
8,000 Applied Immune Sciences<F1> 60
2,700 Autoclave Engineers, Inc. 43
7,000 BioWhittaker, Inc. <F1> 54
5,200 Circon Corp. <F1> 105
7,400 Coherent, Inc. <F1> 270
6,400 Core Industries, Inc. 75
2,800 CPAC, Inc. <F1> 41
6,000 Crosscomm Corp. <F1> 76
3,900 Cubic Corporation Designs 93
7,800 Daniel Industries 116
10,400 Datascope Corp. <F1> 216
2,600 Datum, Inc. <F1> 28
10,400 Fisher Scientific International 337
3,100 FLIR Systems, Inc. <F1> 38
5,100 Fluke (John) Manufacturing Co. 194
7,400 Hach Co. 113
3,500 IFR System, Inc. <F1> 36
4,500 Instron Corp. 61
3,600 Isco, Inc. 41
1,400 Keithley Instruments, Inc. 42
5,300 Maxxim Medical, Inc. <F1> 85
11,600 Measurex Corp. 397
4,000 Medex, Inc. 42
4,200 Medicus Systems Corp. 39
4,700 Megatest Corp. <F1> 139
3,800 Mine Safety Appliances Co. 192
2,900 MTS Systems Corp. 82
5,500 Newport Corp. 51
5,900 Optical Coating Laboratory, Inc. 80
4,500 PolyMedica Industries, Inc. <F1> 41
4,200 Primesource Corp. 39
4,600 Protocol Systems, Inc. <F1> 53
534 Starrett (L.S.) Co., Class B 12
21,600 SCI Systems, Inc. <F1> 745
11,800 Sunrise Medical, Inc. <F1> 324
4,200 Tech-Sym Corp. <F1> 124
3,300 TSI, Inc. 37
5,000 Watkins-Johnson Co. 274
------
5,650
------
Insurance Services - 4.6%
4,600 Allcity Insurance Co. <F1> 43
5,900 Allied Group, Inc. 193
4,600 American Eagle Group, Inc. 48
6,800 American Travelers Corp. <F1> 127
3,800 Baldwin & Lyons, Inc. 58
10,800 Berkley (W.R.) Corp. 490
9,500 Capital RE Corp. 285
24,800 Citizens Corp. 471
2,700 Donegal Group, Inc. 48
6,900 EMC Insurance Group, Inc. 90
11,200 Enhance Financial Services Group, Inc. 230
7,400 First American Financial Corp. 179
10,960 Fremont General Corp. 303
4,945 Fund American Enterprises, Inc. <F1> 361
8,700 Harleysville Group, Inc. 259
4,200 Home Beneficial Corp., Class B 96
3,400 Independent Insurance Group, Inc. 85
4,900 Intercargo Corp. 66
4,000 Kansas City Life Insurance Co. 212
3,500 Laurentian Capital Corp. <F1> 49
5,800 Lawyers Title Corp. 86
2,000 Merchants Group, Inc. 38
4,400 Meridian Insurance Group, Inc. 58
2,700 Milwaukee Insurance Group, Inc. <F1> 59
3,800 Nobel Insurance Ltd. 46
7,400 Nymagic, Inc. 126
4,400 Penn Treaty American Corp. <F1> 63
4,100 Pioneer Financial Services, Inc. 60
21,900 Presidential Life Corp. 189
5,700 PXRE Corp. 155
11,800 Scor U.S. Corp. 183
4,200 Seafield Capital Corp. 156
9,500 Sierra Health Services, Inc. <F1> 237
4,050 Stewart Information Services Corp. 78
8,200 United Wisconsin Services, Inc. 196
4,700 United Fire & Casualty Co. 174
7,900 Washington National Corp. 197
11,500 Zenith National Insurance Corp. 279
------
6,073
------
Jewelry and Precious Metals - 0.2%
16,800 Jan Bell Marketing, Inc. <F1> 64
7,600 Syratech Corp. <F1> 156
------
220
------
Lumber and Wood Products - 0.5%
9,400 Ply-Gem Industries, Inc. 179
8,600 Pope & Talbot, Inc. 133
7,200 Skyline Corporation Designs 130
11,000 T.J. International, Inc. 209
------
651
------
Machinery - 2.0%
6,200 Ampco-Pittsburgh Corp. 64
4,900 Amtrol, Inc. 80
13,200 Arethusa (Off-Shore) Ltd. <F1> 272
6,500 Astec Industry, Inc. <F1> 73
3,000 Binks Manufacturing Co. 74
5,200 Dovatron International, Inc. <F1> 180
6,000 DT Industries, Inc. 82
3,100 Gardner Denver Machinery, Inc. <F1> 53
4,000 Gehl Co. <F1> 32
22,300 Giddings & Lewis, Inc. 389
14,800 INDRESCO, Inc. <F1> 265
11,200 Interpool, Inc. <F1> 193
5,800 Katy Industries 55
5,800 Kulicke & Soffa Industries, Inc. <F1> 263
4,400 Lufkin Industries, Inc. 103
13,000 Outboard Marine Corp. 279
4,341 Raymond Corp. <F1> 84
3,000 Twin Disc, Inc. 69
------
2,610
------
Manufacturing - General - 0.8%
2,500 Applied Science & Technology, Inc. <F1> 39
4,600 Bally Gaming International, Inc. <F1> 55
6,800 Bairnco Corp. 36
6,400 Chemed Corp. 226
2,500 Fuqua Enterprises, Inc. <F1> 60
10,400 Hunt Manufacturing Co. 161
4,300 LaCrosse Footwear, Inc. 48
4,500 Oil-Dri Corporation of America 69
6,900 Pratt & Lambert United, Inc. 161
3,300 Wandel & Goltermann Technologies, Inc. <F1> 34
8,000 Zurn Industries, Inc. 203
------
1,092
------
Metal Products - 0.9%
3,000 Douglas & Lomason Co. 37
3,200 Elco Industries, Inc. 114
5,500 Fansteel, Inc. 38
2,600 General Housewares Corp. 29
3,200 Howell Corp. 46
2,800 International Aluminum Corp. 89
4,800 Maverick Tube Corp. <F1> 38
8,100 Nortek, Inc. <F1> 71
5,600 Olympic Steel, Inc. <F1> 54
3,000 Pitt-Des Moines, Inc. 110
5,600 Shaw Group, Inc.<F1> 51
3,700 SPS Technologies, Inc. <F1> 144
6,300 Union Switch & Signal, Inc. <F1> 52
3,500 Varlen Corp. 95
16,800 WHX Corp. <F1> 193
------
1,161
------
Mining - 2.4%
10,400 Addington Resources, Inc. <F1> 160
52,700 Amax Gold, Inc. <F1> 323
8,900 Ashland Coal, Inc. 268
7,000 Basin Exploration, Inc. <F1> 37
23,200 Cambior, Inc. 249
75,600 Campbell Resources, Inc. <F1> 66
7,800 Cleveland-Cliffs, Inc. 321
10,100 Coeur D'Alene Mines Corp. 205
47,500 FMC Gold Co. 237
22,000 Granges, Inc. <F1> 61
31,300 Hecla Mining Co. <F1> 380
7,200 HS Resources, Inc. <F1> 106
12,600 MK Gold Co. <F1> 47
10,401 Nord Resources Corp. <F1> 25
22,500 Pegasus Gold, Inc. <F1> 307
74,300 Royal Oak Mines, Inc. <F1> 320
5,100 Zemex Corp. <F1> 49
------
3,161
------
Miscellaneous Investing Institutions - 1.5%
9,700 Acceptance Insurance Co., Inc. <F1> 150
5,000 Allied Holdings, Inc. <F1> 40
2,900 CENFED Financial Corp. 69
4,335 CFX Corp. 78
3,300 Dime Financial Corp. <F1> 38
3,700 FFY Financial Corp. 78
3,900 First Essex Bancorp, Inc. 41
2,000 First Liberty Financial Corp. 41
2,900 First Northern Savings Bank 45
200 First State Corp. 5
5,300 Gryphon Holdings, Inc. <F1> 85
5,211 Healthcare Service Group, Inc. <F1> 56
1,400 Hinsdale Financial Corp. <F1> 39
3,000 Indiana Federal Savings & Loan Association 56
900 Lynch Corp. <F1> 72
3,400 Norwich Financial Corp. 50
9,100 RCSB Financial, Inc. 220
4,000 St. Francis Capital Corp. <F1> 91
5,500 Security Connecticut Corp. 152
50 South West Property Trust 1
11,800 Sphere Drake Holdings Ltd. 177
10,100 Storage Equities, Inc. 188
6,500 T R Financial Corp. 160
2,900 WesterFed Financial Corp. 48
6,100 Winston Hotels, Inc. 69
------
2,049
------
Natural Gas Transmission - 1.1%
2,300 EnergyNorth, Inc. 39
6,000 NUI Corp. 100
3,700 Pennsylvania Enterprises, Inc. 128
9,500 Piedmont Natural Gas Co., Inc. 190
12,100 Primark Corp. <F1> 301
3,600 Providence Energy Corp. 58
7,450 Southern Union Co. <F1> 139
15,300 Southwest Gas Corp. 239
16,700 Western Gas Resources, Inc. 280
------
1,474
------
Oil and Gas - 4.2%
3,010 American Exploration Co. <F1> 35
4,300 Atwood Oceanics, Inc. <F1> 89
4,600 Belden & Blake Corp. <F1> 87
6,700 BJ Services Co. <F1> 169
3,800 Callon Petroleum Co. <F1> 43
15,000 CalMat Co. 270
16,500 Camco International, Inc. 404
10,000 Capsure Holdings Corp. <F1> 137
7,100 Chieftain International, Inc. <F1> 116
2,900 Cliffs Drilling Co. <F1> 43
3,000 Crystal Oil Co. <F1> 88
10,300 Dual Drilling Co. <F1> 102
4,200 Edisto Resources Corp. <F1> 27
18,000 Enterra Corp. <F1> 396
2,200 Gulfmark International, Inc. <F1> 51
17,300 Home Oil Co. Ltd. <F1> 221
8,500 International Colin Energy Corp. <F1> 45
13,400 Lone Star Technologies, Inc. <F1> 127
27,100 Marine Drilling Companies, Inc. <F1> 115
21,800 Nabors Industries, Inc. <F1> 206
55,000 Noble Drilling Corp. <F1> 426
4,200 Norex America, Inc. <F1> 45
13,500 Nowsco Well Service Ltd. 155
60,600 Numac Energy, Inc. <F1> 288
5,600 Petrocorp, Inc. <F1> 46
8,700 Pool Energy Services Co. <F1> 76
64,000 Ranger Oil Ltd. 384
54,800 Rowan Companies, Inc. <F1> 411
9,300 RPC, Inc. <F1> 73
26,000 Sceptre Resources Ltd. 153
14,900 Serenpet, Inc. <F1> 32
19,700 Snyder Oil Corp. 239
11,000 Stolt Comex Seaway S.A. <F1> 120
4,640 Swift Energy Co. <F1> 42
12,000 Tuboscope Vetco International Corp. <F1> 70
3,000 Union Corp. <F1> 47
13,600 Unit Corp. <F1> 51
6,100 USX-Delhi Group 62
5,800 Wiser Oil Co. 80
13,640 Zapata Corp. <F1> 60
------
5,631
------
Paper Products - 0.2%
4,200 Nashua Corp. 65
7,700 Paragon Trade Brands, Inc. <F1> 119
7,200 Sealright Co., Inc. 94
------
278
------
Personal Services - 1.4%
5,900 Angelica Corp. 148
5,500 Bally's Grand, Inc. <F1> 85
6,000 Boomtown, Inc. <F1> 56
8,900 Club Med, Inc. 285
6,100 Harveys Casino Resorts 120
9,400 Marcus Corp. 333
19,500 President Casinos, Inc. <F1> 78
20,000 Prime Hospitality Corp. <F1> 205
13,800 Rio Hotel and Casino, Inc. <F1> 179
5,300 Sholodge, Inc. <F1> 72
9,400 Stewart Enterprises, Inc., Class A 341
------
1,902
------
Petroleum Products - 0.4%
3,300 Crown Central Petroleum Corp., Class B <F1> 52
43,400 E Z Serve Corp. <F1> 68
7,600 Giant Industries, Inc. 83
5,700 Quaker Chemical Corp. 97
24,900 Total Petroleum (North America) Ltd. 255
------
555
------
Printing and Publishing - 1.2%
10,400 American Business Products, Inc. 214
11,300 Bowne & Co., Inc. 229
7,300 CSS Industries, Inc. <F1> 168
7,000 Cyrk International, Inc. <F1> 86
4,800 Duplex Products, Inc. <F1> 36
10,500 Gibson Greetings, Inc. <F1> 150
7,000 Graphic Industries, Inc. 72
18,600 Standard Register Co. 400
3,200 T/SF Communiciations Corp. <F1> 35
13,600 Western Publishing Group, Inc. <F1> 173
------
1,563
------
Professional Services - 5.1%
5,900 ABM Industries, Inc. 156
13,400 AmeriData Technologies, Inc. <F1> 157
24,700 Allwaste, Inc. <F1> 127
11,000 Banyan Systems, Inc. <F1> 111
17,800 Borland International, Inc.<F1> 260
2,000 Comnet Corp.<F1> 28
3,700 Computer Data Systems, Inc. 40
2,200 Control Center, Inc.<F1> 34
6,100 Cyberonics, Inc.<F1> 30
3,800 Dataware Technologies, Inc.<F1> 48
13,100 Dial Page, Inc.<F1> 233
7,100 Envoy Corp.<F1> 85
4,100 GBC Technologies, Inc.<F1> 31
19,200 Gerber Scientific, Inc. 343
5,100 GMIS, Inc.<F1> 82
600 Grey Advertising, Inc. 118
18,800 Ideon Group, Inc. 193
17,400 Information Resources, Inc.<F1> 233
14,600 Integrated Health Services, Inc. 412
7,400 Interim Services, Inc.<F1> 200
9,200 Interleaf, Inc.<F1> 92
4,600 Isomedix, Inc.<F1> 67
8,700 Keane, Inc.<F1> 251
11,700 Landmark Graphics Corp.<F1> 330
7,300 LaserMaster Technologies, Inc.<F1> 53
5,300 McGrath Rentcorp. 93
3,000 MTL, Inc.<F1> 45
16,700 National Auto Credit, Inc.<F1> 321
8,800 NetFRAME Systems, Inc.<F1> 59
10,300 Network Computing Devices, Inc.<F1> 71
5,000 ParcPlace Digitalk, Inc.<F1> 52
8,500 Pharmaceutical Marketing Services, Inc.<F1> 98
5,400 Pinkerton's, Inc.<F1> 108
9,400 Prime Medical Services, Inc.<F1> 46
9,900 Protein Design Labs, Inc.<F1> 197
11,300 Retix<F1> 52
29,700 Rollins Truck Leasing Co. 316
20,100 Santa Cruz Operation, Inc.<F1> 168
4,700 Serv-Tech, Inc.<F1> 37
6,700 State of the Art, Inc.<F1> 74
7,100 Syquest Technology, Inc.<F1> 94
6,000 Tadiran Ltd. 133
10,900 Telxon Corp. 260
8,500 Tricord Systems, Inc.<F1> 39
10,800 Viewlogic Systems, Inc.<F1> 151
5,900 Wall Data, Inc.<F1> 105
3,100 Volt Information Sciences, Inc.<F1> 133
8,700 Walker Interactive Systems, Inc.<F1> 76
4,100 White River Corp.<F1> 151
11,800 Xircom, Inc.<F1> 162
------
6,755
------
Real Estate - 0.4%
2,300 Cardinal Realty Services, Inc.<F1> 41
5,000 FelCor Suite Hotels, Inc. 150
10,200 NVR, Inc.<F1> 99
2,800 Penn Virginia Corp. 91
5,800 Prime Residential, Inc. 89
------
470
------
Recreational - 0.4%
5,900 Coastcast Corp.<F1> 53
4,800 Lodgenet Entertainment Corp.<F1> 50
5,200 Meridian Sports, Inc.<F1> 31
4,800 Mountasia Entertainment International, Inc.<F1> 38
10,000 Showboat, Inc. 216
22,700 Tyco Toys, Inc.<F1> 119
7,000 Video Lottery Technologies, Inc.<F1> 41
------
548
------
Recreational Services - 1.3%
3,500 AMC Entertainment, Inc.<F1> 62
8,900 American Classic Voyages Co. 91
5,600 American Recreation Centers, Inc. 34
30,200 Aztar Corp.<F1> 253
38,000 Bally Entertainment Corp.<F1> 413
5,500 Carmike Cinemas, Inc., Class A<F1> 121
74,300 Cineplex Odeon Corp. 149
5,100 GC Companies, Inc.<F1> 164
11,900 Hollywood Park, Inc.<F1> 146
6,700 Iwerks Entertainment, Inc.<F1> 39
6,000 Jackpot Enterprises, Inc. 64
19,600 Savoy Pictures Entertainment, Inc.<F1> 130
3,700 S-K-I Ltd. 47
13,600 Starsight Telecast, Inc.<F1> 51
------
1,764
------
Research and Consulting Services - 1.2%
18,300 Applied Bioscience International, Inc.<F1> 117
8,900 Cell Genesys, Inc.<F1> 56
3,100 Continental Can, Inc.<F1> 61
15,600 Dames & Moore, Inc. 250
4,300 Failure Group, Inc.<F1> 30
3,300 Greiner Engineering, Inc. 36
12,600 Mycogen Corp.<F1> 173
4,000 Nichols Research Corp.<F1> 79
11,100 Oncogene Science, Inc.<F1> 60
22,800 SciosNova, Inc.<F1> 94
6,800 SpaceLabs Medical, Inc.<F1> 192
9,400 Stone & Webster, Inc. 355
4,500 Tracor, Inc.<F1> 74
------
1,577
------
Retail - 6.8%
10,900 Aldila, Inc.<F1> 56
15,000 AnnTaylor Stores, Inc.<F1> 264
9,000 Baker (J.), Inc. 73
5,200 Bell Microproducts, Inc.<F1> 60
2,740 Ben Franklin Retail Stores, Inc.<F1> 10
5,600 Bertucci's, Inc.<F1> 40
20,300 Best Products Co., Inc.<F1> 173
7,100 Bon-Ton Stores, Inc.<F1> 54
29,900 Broadway Stores, Inc.<F1> 224
5,000 Brookstone, Inc.<F1> 46
6,800 Brothers Gourmet Coffees, Inc.<F1> 37
26,700 Burlington Coat Factory Warehouse<F1> 354
5,600 Buttrey Food & Drug Stores Co.<F1> 42
10,900 Caldor Corp.<F1> 60
7,100 Capco Automotive Products Corp. 66
10,100 Carr-Gottstein Foods Co.<F1> 61
10,700 Carson Pirie Scott & Co.<F1> 203
18,600 Cash America International, Inc. 128
5,000 Catherines Stores Corp.<F1> 59
6,900 Central Tractor Farm & Country, Inc.<F1> 78
66,900 Charming Shoppes, Inc. 301
5,300 Chart House Enterprises<F1> 40
33,800 Checkers Drive-In Restaurants, Inc.<F1> 65
3,600 Crown Books Corp.<F1> 32
4,700 Delchamps, Inc. 87
31,800 Discovery Zone, Inc.<F1> 178
14,400 Dress Barn, Inc.<F1> 149
8,500 Drug Emporium, Inc.<F1> 41
17,700 Duty Free International, Inc. 226
14,500 Edison Brothers Stores 83
8,000 Ernst Home Center, Inc.<F1> 45
3,900 Fabri-Centers of America, Inc., Class A<F1> 60
3,900 Fabri-Centers of America, Inc., Class B<F1> 48
13,300 Fay's, Inc. 110
13,300 Filene's Basement Corp.<F1> 66
4,292 Frisch's Restaurants, Inc. 43
14,426 General Host Corp.<F1> 85
6,700 Gottschalks, Inc.<F1> 48
17,000 Grossman's, Inc.<F1> 30
5,800 Haggar Corp. 108
5,500 Haverty Furniture Company, Inc. 75
6,155 Hills Stores Company<F1> 70
7,000 Hi-Lo Automotive, Inc.<F1> 51
6,400 Inacom Corp.<F1> 87
6,600 Inmac Corp.<F1> 50
6,600 InterTAN, Inc.<F1> 62
3,800 Jacobson Stores, Inc. 37
4,900 Krystal Co.<F1> 37
18,300 Meyer (Fred), Inc.<F1> 448
13,900 Michaels Stores, Inc.<F1> 226
22,200 Musicland Stores Corp.<F1> 189
6,600 One Price Clothing Stores, Inc.<F1> 35
4,500 Orchard Supply Hardware<F1> 65
3,700 Oshman's Sporting Goods, Inc.<F1> 52
15,800 Payless Cashways, Inc.<F1> 85
33,700 Petrie Stores Corp. 122
6,700 Piccadilly Cafeterias, Inc. 54
10,100 Rally's, Inc.<F1> 24
15,800 Ross Stores, Inc. 249
34,700 Ryan's Family Steak Houses, Inc.<F1> 273
3,300 Seaman Furniture Co.<F1> 59
3,200 Schultz Sav-o Stores, Inc. 46
8,400 Shoe Carnival, Inc.<F1> 42
20,700 Shopko Stores, Inc. 256
5,300 Showbiz Pizza Time, Inc.<F1> 70
18,000 Sizzler International, Inc. 101
7,300 Smith's Food & Drug Centers, Inc. 148
4,400 Sport Supply Group, Inc. 54
10,500 Stant Corp. 105
4,500 Strawbridge & Clothier 85
11,300 Sun Television & Appliance 69
11,400 Syms Corp.<F1> 104
16,500 TCBY Enterprises, Inc. 76
13,100 TPI Enterprises, Inc.<F1> 57
10,400 Taco Cabana, Class A<F1> 56
7,800 Tandycrafts, Inc.<F1> 66
4,100 Trak Auto Corp.<F1> 61
7,900 United Retail Group, Inc.<F1> 52
3,860 United Stationers, Inc. 110
20,600 Value City Department Stores, Inc.<F1> 152
11,300 Venture Stores, Inc. 65
5,800 Vicorp Restaurants, Inc.<F1> 70
21,600 Waban, Inc.<F1> 408
4,600 Wolohan Lumber Co. 52
5,800 Younkers, Inc.<F1> 99
22,700 Zale Corp.<F1> 315
------
9,002
------
Rubber and Plastics - 0.6%
11,000 ACX Technologies, Inc.<F1> 220
6,700 Blessings Corp. 88
11,400 Carlisle Plastics, Inc.<F1> 57
4,000 China Tire Holdings Ltd. 34
3,400 Essef Corp.<F1> 59
10,800 Gundle/SLT Environmental, Inc.<F1> 80
5,500 Tredegar Industries, Inc. 170
8,400 Uniroyal Technology Corp.<F1> 34
3,900 Versa/Technologies, Inc. 59
------
801
------
Sanitary Services - 0.9%
3,800 Allied Waste Industries, Inc.<F1> 32
5,200 American Ecology Corp. 25
4,100 Continental Waste Industries, Inc.<F1> 71
4,600 Groundwater Technology, Inc.<F1> 60
23,400 Horsehead Resource Development, Inc.<F1> 118
23,200 International Technology Corp.<F1> 78
6,700 Kaiser Ventures, Inc.<F1> 65
4,800 Layne, Inc.<F1> 44
16,100 Mid-American Waste Systems, Inc.<F1> 83
21,900 Omega Environmental, Inc.<F1> 81
40,300 Rollins Environmental Services, Inc.<F1> 196
4,100 Sevenson Environmental Services, Inc. 76
4,600 TRC Companies, Inc.<F1> 36
9,400 Western Waste Industries<F1> 188
------
1,153
------
Service Industry Machinery - 0.2%
3,400 Edelebrock Corp.<F1> 52
3,600 ICO, Inc.<F1> 18
5,900 Mestek, Inc.<F1> 80
5,800 Scotsman Industries, Inc. 95
------
245
------
Social Services - 1.0%
4,400 Arbor Health Care Co.<F1> 102
6,600 Berlitz International, Inc.<F1> 97
12,100 KinderCare Learning Centers, Inc.<F1> 163
16,900 Mariner Health Group, Inc.<F1> 239
19,000 National Education Corp.<F1> 152
4,600 Pacific Rehabilitation & Sports
Medicine, Inc.<F1> 31
26,900 Physician Corporation of America<F1> 424
10,700 Regency Health Services, Inc.<F1> 111
------
1,319
------
Steel Products - 2.7%
7,800 Acme Metals, Inc.<F1> 135
5,600 Amcast Industrial Corp. 108
18,500 Birmingham Steel Corp. 324
10,500 Brush Wellman, Inc. 194
19,200 Chaparral Steel Co. 206
3,300 Curtiss-Wright Corp. 146
9,200 Handy & Harman 138
9,900 Independence Holding Co.<F1> 36
5,500 Insteel Industries, Inc. 40
3,100 Laclede Steel Co.<F1> 32
9,500 Lukens, Inc. 277
5,600 Mueller Industries, Inc.<F1> 290
6,100 National Steel Corp., Class B<F1> 94
3,900 New Jersey Steel Corp.<F1> 44
7,000 Oregon Metallurgical Corp.<F1> 89
12,600 Oregon Steel Mills, Inc. 202
6,700 Reliance Steel & Aluminum Co. 123
5,250 Roanoke Electric Steel Corp. 81
8,500 Shiloh Industries, Inc.<F1> 92
4,600 Steel of West Virginia, Inc.<F1> 40
7,900 Steel Technologies, Inc. 79
7,000 Texas Industries, Inc. 369
12,800 Tyler Corp.<F1> 35
33,700 UNR Industries, Inc. 291
27,200 Weirton Steel Corp.<F1> 133
------
3,598
------
Textiles - 1.2%
3,400 Chemfab Corp.<F1> 65
5,500 Crown Crafts, Inc. 71
15,700 Delta Woodside Industries, Inc. 120
7,900 Dixie Yarns, Inc. 49
9,200 Dyersburg Corp. 44
3,900 Fab Industries, Inc. 120
5,800 Fieldcrest Cannon, Inc.<F1> 127
20,100 Griffon Corp.<F1> 173
9,700 Guilford Mills, Inc. 235
3,200 Image Industries, Inc.<F1> 40
6,300 Johnstown American Industries, Inc.<F1> 51
4,500 Oneita Industries, Inc.<F1> 38
5,500 Superior Surgical Manufacturing Co., Inc. 57
19,300 Tultex Corp.<F1> 104
13,300 Unifirst Corp. 195
9,500 Worldtex, Inc.<F1> 56
------
1,545
------
Tobacco Products - 0.1%
3,200 Culbro Corp.<F1> 129
------
Transportation Parts and
Equipment - 1.6%
10,400 AAR Corp. 190
14,500 Arvin Industries, Inc. 310
9,300 Avondale Industries, Inc.<F1> 145
11,300 Brilliance China Automotive Holdings, Ltd. 58
4,300 Durakon Industries, Inc.<F1> 64
7,200 Excel Industries, Inc. 101
8,700 Huffy Corp. 99
2,400 JPE, Inc.<F1> 32
11,200 MK Rail Corp. 95
6,600 Molecular Dynamics, Inc.<F1> 53
3,900 Oshkosh Truck Corp. 59
15,000 Orbital Sciences Corp.<F1> 244
5,200 R & B, Inc.<F1> 44
32,300 Roadmaster Industries, Inc.<F1> 93
11,700 Rohr Industries, Inc.<F1> 190
8,300 SPX Corp. 123
4,000 Stanford Telecommunications, Inc.<F1> 80
6,400 Todd Shipyards Corp.<F1> 41
3,600 Treadco, Inc. 38
11,500 UNC, Inc.<F1> 72
------
2,131
------
Transportation Services - 3.6%
13,700 Airborne Freight Corp. 336
8,700 Alaska Air Group, Inc.<F1> 136
4,900 Anuhco, Inc.<F1> 39
12,700 Arkansas Best Corp. 151
3,300 Builders Transport, Inc.<F1> 40
9,900 Careline, Inc.<F1> 93
2,500 FRP Properties, Inc.<F1> 52
5,900 Florida East Coast Industries, Inc. 423
4,900 Great Lakes Aviation Ltd.<F1> 29
3,300 Greenwich Air Services, Inc.<F1> 68
39,200 Greyhound Lines, Inc.<F1> 167
10,500 Harper Group Co. 199
26,600 Hunt (J.B.) Transportation Services, Inc. 402
18,900 IES Industries, Inc. 503
2,500 International Shipholding Corp. 62
3,300 KLLM Transport Services, Inc.<F1> 33
8,300 M.S. Carriers, Inc.<F1> 133
8,200 Maritrans, Inc. 48
1,900 Marten Transport Ltd.<F1> 30
5,700 Matlack Systems, Inc.<F1> 56
21,300 Mesa Airlines, Inc.<F1> 217
2,000 Midland Co. 93
5,500 Old Dominion Freight Line, Inc.<F1> 52
3,000 Oglebay Norton Co. 108
20,000 OMI Corp.<F1> 140
4,200 PS Group, Inc.<F1> 43
6,700 Skywest, Inc. 127
15,100 TNT Freightways Corp. 285
9,900 Tower Air, Inc. 75
3,700 Trism, Inc.<F1> 27
16,300 Werner Enterprises, Inc. 338
3,000 Worldway Corp.<F1> 33
18,300 Yellow Corp. 252
------
4,790
------
Water Supply - 0.6%
4,300 Aquarion Co. 104
4,200 California Water Service Co. 138
4,700 E'Town Corp. 126
2,100 SJW Corp. 78
5,000 Southern California Water Co. 92
20,568 United Water Resources, Inc. 262
------
800
------
Wholesale - 4.4%
4,600 AM International, Inc.<F1> 37
3,600 Atchison Casting Corp.<F1> 61
11,900 Banner Aerospace, Inc.<F1> 62
3,200 Bearings, Inc. 108
4,435 Bell Industries, Inc.<F1> 97
4,600 Bindley Western Industries, Inc. 86
5,900 BMC West Corp.<F1> 83
6,500 Cellular Communications of
Puerto Rico, Inc.<F1> 198
9,900 Commercial Metals Co. 267
8,000 Cygne Designs, Inc.<F1> 26
5,900 Deckers Footwear Corp.<F1> 48
11,800 EKCO Group, Inc. 71
5,500 Forschner Group, Inc.<F1> 66
16,438 Foxmeyer Health Corp.<F1> 370
8,200 Getty Petroleum Corp.<F1> 111
8,300 Graham-Field Health Products, Inc.<F1> 34
3,400 Greenman Bros., Inc.<F1> 42
27,100 Handleman Co. 241
4,000 Hughes Supply, Inc. 96
9,700 IGEN, Inc.<F1> 62
24,600 Intelligent Electronics, Inc. 209
11,700 International Multifoods Corp. 252
11,200 Marshall Industries<F1> 423
19,400 Merisel, Inc.<F1> 116
9,500 MicroAge, Inc.<F1> 106
5,600 Morgan Products Limited Co.<F1> 38
7,000 Nash-Finch Co. 140
11,600 NBTY, Inc.<F1> 66
13,100 Noel Group, Inc.<F1> 82
2,500 Noland Co. 46
21,200 Owens & Minor, Inc. 273
9,300 Pulte Corp. 264
7,200 Rentrak Corp.<F1> 41
15,700 Rexel, Inc.<F1> 159
7,400 Richardson Electronics Ltd. 59
13,200 Russ Berrie & Co., Inc. 201
11,000 SciClone Pharmaceuticals, Inc.<F1> 93
8,400 Shaman Pharmaceuticals, Inc.<F1> 51
3,200 Software Spectrum, Inc.<F1> 79
5,849 Standard Commercial Corp.<F1> 70
6,000 Sullivan Dental Products, Inc.<F1> 64
7,100 Super Food Services, Inc. 90
7,000 Syncor International Corp.<F1> 65
35,400 Tech Data Corp.<F1> 500
14,100 Univar Corp. 197
4,700 Vallen Corp.<F1> 95
------
5,945
------
Total Common Stocks
(cost $121,002) 129,864
-------
PREFERRED STOCKS - 0.0%
1,312 Lynx Therapeutics, Inc., Series A 1
------
Total Preferred Stocks
(cost $1) 1
------
EURODOLLAR TIME DEPOSITS - 2.9%
3,799 Berlinder Handels Und Frankfurter,
Grand Cayman Islands,
6.50%, 10/2/95 3,799
-------
Total Eurodollar Time Deposits
(cost $3,799) 3,799
-------
U.S. GOVERNMENT OBLIGATIONS - 0.1%
145 U.S. Treasury Bills , <F24>
5.29%, 12/21/95 143
-------
Total U.S. Government Obligations
(cost $143) 143
-------
Total Investments - 100.7%
(cost $124,945) 133,807
Liabilities less Other Assets - (0.7)% (902)
--------
NET ASSETS - 100.0% $132,905
========
OPEN FUTURES CONTRACTS:
Number of Principal Unrealized
Type Contracts Amount Position Expiration Gain
---- --------- ------ -------- ---------- ----
Russell
2000 14 $2,196 Long 12/15/95 $14
<F24> Security pledged as collateral to cover margin requirements
for open futures contracts.
See Notes to the Financial Statements.
Schedules of Investments September 30, 1995 (Unaudited)
INTERNATIONAL GROWTH EQUITY FUND
Number Value
of Shares (000s)
--------- ------
COMMON STOCKS - 89.6%
Australia - 1.9%
1,700,000 Foster's Brewing Group Ltd. 1,604
250,000 News Corp. Ltd. 1,389
-------
2,993
-------
Brazil - 1.0%
2,000,000 Brasmotor S.A. 512
25,000 Telebras ADR <F25> 1,181
-------
1,693
-------
China - 2.0%
18,000 Huaneng Power International, Inc. ADR <F1> 311
45,000 Jilin Chemical Industrial Co. Ltd. ADR <F1> 1,001
3,000,000 Maanshan Iron & Steel Co. 559
3,750,000 Quingling Motors Co. 863
2,000,000 Shanghai Petrochemical Co. Ltd. 582
-------
3,316
-------
Czech Republic - 0.5%
100,000 Czechoslovakia & Slovak Investment Corp. 800
8,000 Czechoslovakia & Slovak Investment
Corp. Warrants 12
-------
812
-------
Denmark - 0.6%
35,000 ISS International Service System, Class B 925
-------
France - 4.4%
20,000 Alcatel Alsthom 1,687
35,000 Cie Financiere de Paribas, Class A 1,775
20,000 Cie Generale des Eaux 1,927
12,000 Peugeot S.A. 1,644
-------
7,033
-------
Germany - 4.0%
900 Allianz Holdings A.G. 1,629
5,000 Mannesmann A.G. 1,648
45,000 Veba A.G. 1,793
4,000 Volkswagen A.G. 1,303
-------
6,373
-------
Hong Kong - 7.6%
1,500,000 Amoy Properties Ltd. 1,416
300,000 Cheung Kong (Holdings) Ltd.<F1> 1,634
250,000 China Light & Power Co. Ltd. 1,293
1,500,000 First Pacific Co. Ltd. 1,601
250,000 Great Eagle Holdings Ltd. 618
175,000 Guoco Group Ltd. 876
120,000 HSBC Holdings PLC 1,668
250,000 Hutchinson Whampoa Ltd. 1,355
450,000 New World Development Co. Ltd. 1,775
-------
12,236
-------
India - 0.5%
150,000 The India Fund, Class A<F1> 748
-------
Indonesia - 0.5%
600,000 Gadjah Tunggal 397
409,600 Indah Kiat Pulp & Paper Corp. 493
-------
890
-------
Italy - 4.6%
80,000 Assicurazioni Generali 1,852
350,000 Fiat S.p.A. 1,312
40,000 Luxottica Group S.p.A. ADR 1,955
1,200,000 Olivetti & Co. S.p.A.<F1> 1,028
800,000 Telecom Italia Mobile S.p.A.<F1> 1,335
-------
7,482
-------
Japan - 28.3%
70,000 Asahi Glass Co. Ltd. 759
7,000 Autobacs Seven Co. Ltd. 695
50,000 Canon, Inc. 897
40,000 CSK Corp. 1,204
35,000 Daiichi Corp. 699
15,000 Fanuc Ltd. 672
100,000 Fujitsu Ltd. 1,267
120,000 Hitachi Ltd. 1,314
22,000 Hitachi Software Engineering Co. 520
175,000 Hitachi Zosen Corp. 859
7,000 I-O Data Device 493
35,000 Ishiguro Homa Corp. 692
10,000 Japan Associated Finance Co. 1,115
500 JGC Corp. 6
20,000 JUSCO Ltd. 480
20,000 Kato Denki 537
300,000 Kawasaki Steel Corp. 1,083
5,000 Kyocera Corp. 413
40,000 Maeda Road Construction 750
45,000 Mitsubishi Bank 903
180,000 Mitsubishi Chemical Corp. 876
60,000 Mitsubishi Estate Co. Ltd. 675
150,000 Mitsubishi Heavy Industries Ltd. 1,156
275,000 Mitsui O.S.K. Lines Ltd.<F1> 797
100,000 Mitsui Trust & Banking 938
12,000 Murata Manufacturing Co. Ltd. 453
40,000 National House Ind. Co. 750
65,000 NEC Corp. 909
15,000 Nichiei Co. Ltd. 967
15,000 Nichiha Corp. 278
20,000 Nihon Dempa Kogyo 537
11,000 Nintendo Corp. Ltd. 808
60,000 Nippon Comsys Corp. 785
300,000 Nippon Steel Corp. 1,052
178 Nippon Telegraph & Telephone Corp. 1,539
150,000 Nissan Motor Co. Ltd. 1,085
75,000 Nomura Securities Co. Ltd. 1,475
110,000 NSK Ltd. 678
35,000 Omron Corp. 816
10,000 Rohm Co. 635
20,000 Sankyo Co. Ltd. 458
14,000 Secom 937
60,000 Sharp Corp. 845
35,000 Shin-Etsu Chemical Co. 681
350,000 Showa Denko<F1> 1,015
25,000 Sony Music Entertainment, Inc. 1,151
15,000 Square Co. Ltd. 608
100,000 Sumitomo Corp. 960
60,000 Sumitomo Electric Industries 736
120,000 Sumitomo Marine & Fire Insurance 914
15,000 Tokyo Electron Ltd. 655
160,000 Toray Industries, Inc. 976
100,000 Toshiba Corp. 735
40,000 Toyo Communication Equipment 888
35,000 Uny Co. Ltd. 571
35,000 Yamanouchi Pharmaceutical 759
-------
45,456
-------
Malaysia - 4.7%
150,000 Edaran Otomobil Nasional Berhad 1,201
175,000 Genting Berhad 1,513
500,000 Land & General Berhad, Class A 1,314
200,000 Malayan Banking Berhad 1,617
120,000 TeleKom Malaysia Berhad 903
150,000 United Engineers Ltd. 962
-------
7,510
-------
Mexico - 1.0%
200,000 Fomento Economico Mexicano,
S.A. de C.V., Class B 508
25,000 Grupo Televisa S.A. GDR 500
20,000 Panamerican Beverages, Inc. 538
-------
1,546
-------
Netherlands - 1.2%
40,000 Philips Electronics N.V. 1,959
-------
Norway - 1.3%
160,000 Saga Petroleum A.S., Class A 2,072
-------
Philippines - 0.8%
600,000 Ayala Land, Inc., Class B 668
600,000 Filinvest Land, Inc.<F1> 193
105,800 San Miguel Corp., Class B 374
-------
1,235
-------
Russia - 0.2%
50,000 Fleming Russia Securities Fund<F1> 338
-------
Singapore - 1.8%
60,000 Development Bank of Singapore Ltd. 684
275,000 Keppel Corp. Ltd. 2,206
-------
2,890
-------
South Korea - 1.3%
25,000 Cho Hung Bank 355
75,000 Korea First Bank<F1> 831
40,000 LG Chemical Ltd. GDR<F1> 940
-------
2,126
-------
Spain - 3.1%
40,000 Banco Santander S.A. 1,679
40,000 Empresa Nacional de Electricidad S.A. 2,052
30,000 Telefonica de Espana ADR 1,241
-------
4,972
-------
Switzerland - 2.4%
1,800 BBC Brown Boveri A.G. 2,098
12,000 SMH A.G. 1,700
-------
3,798
-------
Thailand - 3.0%
120,000 Bangkok Bank Co. Ltd. 1,349
325,000 Industrial Finance Corp. of Thailand 998
80,000 Italian-Thai Development PLC 893
200,000 TPI Polene Co. Ltd. 1,539
-------
4,779
-------
Taiwan - 2.6%
427,164 Acer, Inc.<F1> 1,010
175,000 Hon Hai Precision 537
56,211 Nan Ya Plastics Corp. 96
250,000 Siliconware Precision Industries Co.<F1> <F26> 665
33,000 Siliconware Precision Industries GDR<F1> 528
325,875 United Microelectronics Corp. Ltd. 885
225,000 Yageo Corp.<F1> 503
-------
4,224
-------
United Kingdom - 10.3%
550,000 Caradon PLC 1,885
75,000 Carlton Communications PLC 1,228
175,000 Great Universal Stores PLC 1,651
60,000 Guinness PLC 492
100,000 Hanson PLC, ADR 1,625
300,000 Kingfisher PLC 2,393
575,000 Landbroke Group PLC 1,533
300,000 Rank Organization PLC 2,018
30,000 Reuters Holdings PLC, ADR 1,586
125,000 RTZ Corp. PLC 1,834
10,000 Vodafone Group PLC, ADR 410
-------
16,655
-------
Total Common Stocks
(cost $142,619) 144,061
-------
PREFERRED STOCKS - 1.5%
Brazil - 0.5%
75,000 Usiminas Siderurg Minas ADR <F25> 806
-------
Switzerland - 1.0%
225 Roche Holding AG-Genusshein 1,598
-------
Total Preferred Stocks
(cost $2,074) 2,404
-------
EURODOLLAR TIME DEPOSITS - 4.0%
6,403 Berliner Handels Und Frankfurter,
Grand Cayman Islands,
6.50%, 10/2/95 6,403
-------
Total Eurodollar Time Deposits
(cost $6,403) 6,403
-------
U.S. GOVERNMENT OBLIGATIONS - 1.3%
2,205 FHLB Discount Note,
6.39%, 10/2/95 2,204
-------
Total U.S. Government Obligations
` (cost $2,204) 2,204
-------
Total Investments - 96.4%
(cost $153,300) 155,072
Other Assets less Liabilities - 3.6% 5,766
-------
NET ASSETS - 100.0% $160,838
========
<F25> Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period end,
the value of these securities amounted to $1,987,000 or 1.2% of net assets.
<F26> This private placement security may require registration under the
Securities Act of 1933 or an exemption therefrom in order to effect sale in
ordinary course of business. At September 30, 1995, the value of this
security amounted to $665,000 or 0.4% of net assets.
See Notes to the Financial Statements.
Schedules of Investments September 30, 1995 (Unaudited)
INTERNATIONAL SELECT EQUITY FUND
Number Value
of Shares (000s)
--------- ------
COMMON STOCKS - 94.4%
Austria - 4.3%
30,000 Flughafen Wien A.G. $ 1,903
15,000 VA Technologies A.G. 1,733
-------
3,636
-------
Brazil - 2.0%
35,000 Telebras ADR <F27> 1,654
-------
China - 2.1%
80,000 Jilin Chemical Industrial Co. Ltd. ADR<F1> 1,780
-------
Denmark - 2.0%
65,000 ISS International Service System, Class B 1,718
-------
France - 4.4%
5,500 Sidel S.A. 1,761
30,000 Technip S.A. 1,979
-------
3,740
-------
Germany - 1.1%
40,000 Tarkett A.G.<F1> 957
-------
Hong Kong - 10.9%
450,000 Cheung Kong (Holdings) Ltd. 2,450
900,000 Consolidated Electric Power Asia Ltd. 1,804
2,000,000 First Pacific Co. Ltd. 2,134
200,000 HSBC Holdings PLC 2,781
-------
9,169
-------
Italy - 4.4%
300,000 La Rinascente S.p.A. 1,785
40,000 Luxottica Group S.p.A. ADR 1,955
-------
3,740
-------
Japan - 21.1%
15,000 Autobacs Seven Co. Ltd. 1,490
80,000 Daiichi Corp. 1,598
90,000 Ishiguro Homa Corp. 1,779
15,000 Japan Associated Finance Co. 1,673
50,000 Murata Manufacturing Co. Ltd. 1,884
30,000 Nichiei Co. Ltd. 1,934
25,000 Nintendo Corp. Ltd. 1,837
30,000 Rohm Co. Ltd. 1,904
25,000 Secom 1,673
45,000 Sony Music Entertainment, Inc. 2,071
-------
17,843
-------
Malaysia - 7.3%
250,000 Edaran Otomobil Nasional Berhad 2,002
700,000 Land & General Berhad, Class A 1,840
500,000 Pelangi Berhad 590
500,000 Petronas Gas Berhad<F1> 1,743
-------
6,175
-------
Mexico - 6.4%
65,000 Coca-Cola Femsa S.A. ADR 1,284
500,000 Fomento Economico Mexicano S.A.
de C.V., Class B 1,271
75,000 Grupo Televisa S.A. GDR 1,500
50,000 Panamerican Beverages, Inc. 1,344
-------
5,399
-------
Netherlands - 1.9%
25,000 Polygram NV 1,632
-------
Norway - 2.3%
150,000 Saga Petroleum A.S., Class A 1,942
-------
Peru - 2.0%
900,016 Cervecer Backus & Johnston 1,730
-------
Philippines - 3.4%
1,500,000 Ayala Land, Inc., Class B 1,670
192,500 Benpres Holdings Corp. GDR<F1> 1,203
-------
2,873
-------
Singapore - 2.4%
250,000 Keppel Corp. Ltd. 2,006
-------
Switzerland - 2.5%
15,000 SMH A.G. 2,125
-------
Taiwan - 3.8%
710,000 Acer, Inc.<F1> 1,679
575,000 United Microelectronics Corp. Ltd. 1,562
-------
3,241
-------
Thailand - 4.4%
175,000 Bangkok Bank Co. Ltd. 1,968
225,000 TPI Polene Public Co. Ltd. 1,731
-------
3,699
-------
Turkey - 1.5%
1,992,000 Erciyas Biracilik Ve Malt 1,234
-------
United Kingdom - 4.2%
200,000 Great Universal Stores PLC 1,887
200,000 Guinness PLC 1,640
-------
3,527
-------
Total Common Stocks
(cost $78,000) 79,820
-------
PREFERRED STOCKS - 2.1%
Switzerland - 2.1%
250 Roche Holding AG-Genusshein 1,775
-------
Total Preferred Stocks
(cost $1,607) 1,775
-------
EURODOLLAR TIME DEPOSITS - 2.3%
1,985 Berlinder Handels Und Frankfurter,
Grand Cayman Islands,
6.50%, 10/2/95 1,985
-------
Total Eurodollar Time Deposits
(cost $1,985) 1,985
-------
Total Investments - 98.8%
(cost $81,592) 83,580
Other Assets less Liabilities - 1.2% 986
-------
NET ASSETS - 100.0% $84,566
========
<F27> Security exempt from registration under Rule 144A of the Securities Act
of 1933. This security may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At the period end, the value of
this security amounted to $1,654,000 or 2.0% of net assets.
At September 30, 1995, the International Growth Equity and International Select
Equity Funds' investments, excluding time deposits, were diversified as follows:
International International
Industry Growth Equity Select Equity
Sector Fund Fund
------ ---- ----
Basic Industries/Energy 23.0% 10.6%
Capital Goods 5.3 18.4
Consumer Goods 24.8 23.0
Financial Services 15.3 15.4
Real Estate 10.1 5.0
Technology 12.2 13.2
Other 9.3 14.4
---- -----
Total 100.0% 100.0%
====== ======
See Notes to the Financial Statements.
Notes to the Financial Statements September 30, 1995 (Unaudited)
1. Organization
Northern Funds was organized October 12, 1993 as a Massachusetts business trust
and is registered under the Investment Company Act of 1940 as an open-end
management investment company. The Money Market, U.S. Government Money Market,
Municipal Money Market, and U.S. Government Select Money Market Funds (the
"Money Market Funds"), U.S. Government, Fixed Income, Intermediate Tax-
Exempt, and Tax-Exempt Funds (the "Fixed Income Funds"), Income Equity, Growth
Equity, Select Equity, Small Cap Growth, International Growth Equity, and
International Select Equity Funds (the "Equity Funds") (collectively "the
Funds") are separate, diversified investment portfolios of Northern Funds. The
California Municipal Money Market Fund and the International Fixed Income Fund
are non-diversified portfolios of Northern Funds and are included with the Money
Market Funds and Fixed Income Funds, respectively. All of the Funds commenced
investment operations during April 1994, with the exception of the California
Municipal Money Market Fund and the U.S. Government Select Money Market Fund,
which commenced investment operations during November and December 1994,
respectively.
The Funds have entered into an Investment Advisory Agreement with The Northern
Trust Company ("Northern Trust" or the "Adviser"). Northern Trust also
serves as custodian, fund accountant and transfer agent for the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. These
policies are in conformity with generally accepted accounting principles.
a) VALUATION OF SECURITIES - Short-term investments held by the Funds are valued
using the amortized cost method, which approximates market value. Under this
method, investments purchased at a discount or premium are valued by amortizing
the difference between the original purchase price and maturity value of the
issue over the period to maturity. Securities which are traded on a recognized
U.S. or foreign securities exchange are generally valued at the last quoted
sales price on the securities exchange on which the securities are primarily
traded. If securities traded on a foreign securities exchange are not traded on
a valuation date, they will be valued at the most recent quoted sales price.
Securities that are traded in the U.S. over-the-counter markets, absent a last
quoted sales price, are valued at the last quoted bid price. Securities which
are traded in the foreign over-the-counter markets are generally valued at the
last sales price. Any securities for which no current quotations are readily
available are valued at fair value as determined in good faith by the Adviser
under the supervision of the Board of Trustees.
b) REPURCHASE AGREEMENTS - During the term of a repurchase agreement, the market
value of the underlying collateral, including accrued interest, is required to
equal or exceed the market value of the repurchase agreement. The underlying
collateral for all repurchase agreements is held in a customer-only account of
Northern Trust, as custodian for the Funds, at the Federal Reserve Bank of
Chicago.
c) FUTURES CONTRACTS - The Equity and Fixed Income Funds may enter into certain
futures contracts. Futures contracts are valued based upon their quoted daily
settlement prices; changes in initial settlement value are accounted for as un-
realized appreciation (depreciation) until the contracts are terminated at which
time realized gains and losses are recognized.
At September 30, 1995, the Small Cap Growth Fund had entered into exchange-
traded futures contracts. The Fund bears the market risk arising from changes
in these financial instruments. At the time the Fund enters into a futures
contract it is required to make a margin deposit with the custodian of a
specified amount of cash or eligible securities. Subsequently, as the market
price of the futures contract fluctuates, gains or losses are recognized and
payments are made, on a daily basis, between the Fund and the broker. The
aggregate market value of investments pledged to cover margin requirements for
open positions at September 30, 1995 was $143,000.
d) FOREIGN CURRENCY TRANSLATIONS - Values of investments denominated in foreign
currencies are converted into U.S. dollars using the spot market rate of
exchange at the time of valuation. Purchases and sales of investments and
dividend income are translated into U.S. dollars using the spot market rate of
exchange prevailing on the respective dates of such transactions. The Funds
isolate that portion of the results of operations resulting from changes in
foreign exchange rates on investments from the fluctuations arising from changes
in market prices of securities held.
e) FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS - The Equity Funds, the
International Fixed Income Fund and the Fixed Income Fund are authorized to
enter into forward foreign currency exchange contracts for the purchase of a
specific foreign currency at a fixed price on a future date as a hedge or cross-
hedge against either specific transactions or portfolio positions. The
aggregate principal amounts of the contracts for which delivery is anticipated
are reflected in a Fund's account, while the aggregate principal amounts are
reflected net in the accompanying Statements of Assets and Liabilities if the
Fund intends to settle the contract prior to delivery. All commitments are
"marked-to-market" daily at the applicable translation rates and any resulting
unrealized gains or losses are recorded in a Fund's financial statement. A Fund
records realized gains or losses at the time the forward contract is offset by
entering into a closing transaction or extinguished by delivery of the currency.
Risks may arise upon entering into these contracts from the potential inability
of counterparties to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar. The
contractual amounts of forward foreign currency exchange contracts do not
necessarily represent the amounts potentially subject to risk.
At September 30, 1995, the International Growth Equity Fund had an outstanding
contract to sell 1,500,000,000 Japanese Yen in exchange for $15,000,000.
Unrealized depreciation on this contract totalled $70,000 at September 30, 1995.
f) ORGANIZATION COSTS - Costs incurred by the Funds in connection with their
organization, initial registration and public offering of shares aggregating
$1,027,000 have been deferred and will be amortized over the period of benefit,
but not to exceed sixty months from each Fund's commencement of operations.
Organization costs have been allocated equally among the respective Funds or by
specific identification, as applicable. The proceeds of any redemption of the
initial shares by the original shareholder or any transferee will be reduced by
a pro rata share of any then unamortized organizational expenses in the same
proportion as the number of initial shares being redeemed bears to the number of
initial shares outstanding at the time of such redemption.
g) INVESTMENT TRANSACTIONS AND INCOME - Investment transactions are recorded as
of the trade date. The Funds determine the gain or loss realized from
investment transactions by using an identified cost basis method. Dividend
income is recognized on the ex-dividend date and interest income is recognized
on an accrual basis. Discounts and premiums on bonds are amortized over the
life of the respective bond.
h) EXPENSES - The Funds are charged for those expenses that are directly
attributable to each Fund. Expenses that are not directly attributable to a
Fund are typically allocated among the Funds in proportion to their respective
net assets.
i) DISTRIBUTIONS TO SHAREHOLDERS - Dividends from net investment income are
declared and paid as follows:
Declaration Payment
Frequency Frequency
----------- ---------
MONEY MARKET FUND DAILY MONTHLY
U.S. GOVERNMENT MONEY
MARKET FUND DAILY MONTHLY
MUNICIPAL MONEY MARKET FUND DAILY MONTHLY
U.S. GOVERNMENT SELECT
MONEY MARKET FUND DAILY MONTHLY
CALIFORNIA MUNICIPAL
MONEY MARKET FUND DAILY MONTHLY
U.S. GOVERNMENT FUND DAILY MONTHLY
FIXED INCOME FUND DAILY MONTHLY
INTERMEDIATE TAX-EXEMPT FUND DAILY MONTHLY
TAX-EXEMPT FUND DAILY MONTHLY
INTERNATIONAL FIXED
INCOME FUND DAILY QUARTERLY
INCOME EQUITY FUND MONTHLY MONTHLY
GROWTH EQUITY FUND QUARTERLY QUARTERLY
SELECT EQUITY FUND ANNUALLY ANNUALLY
SMALL CAP GROWTH FUND ANNUALLY ANNUALLY
INTERNATIONAL GROWTH
EQUITY FUND ANNUALLY ANNUALLY
INTERNATIONAL SELECT
EQUITY FUND ANNUALLY ANNUALLY
Distributions of net realized capital gains, if any, are declared at least
annually. Distributions to shareholders are recorded on the ex-dividend date.
The character of distributions made may differ due to differences in the
recognition of investment income and realized gains (losses) between financial
statement amounts and amounts determined in accordance with federal income tax
regulations. For the period ended March 31, 1995 distributions of $19,000 from
the International Fixed Income Fund were in excess of financial statement net
investment income, primarily due to differences in the recognition of foreign
currency gains. For the period ended March 31, 1995, distributions of $932,000
from the International Growth Equity Fund exceeded financial statement net
realized gains (losses) primarily due to the recognition of net realized losses
in that Fund subsequent to the distribution.
j) FEDERAL INCOME TAXES - No provision for federal income taxes has been made
since the Funds intend to comply with the requirements of the Internal Revenue
Code available to regulated investment companies and to distribute substan-
tially all of their taxable income to their shareholders.
3. Investment Advisory and Other Agreements
Pursuant to its advisory agreement with the Funds, the Adviser is entitled to
receive a fee, calculated daily and payable monthly, at the annual rates
presented below as applied to each Fund's daily net assets. For the period
ending September 30, 1995, the Adviser voluntarily agreed to waive a portion of
its advisory fees as applied to each Fund's daily net assets. Northern Trust
has also agreed to reimburse the Funds as shown on the accompanying Statements
of Operations to adhere to the expense limitations presented below:
Annual Advisory
Advisory Fees After Expense
Fees Waivers Limitations
-------- ---------- -----------
MONEY MARKET FUND 0.60% 0.35% 0.45%
U.S. GOVERNMENT MONEY
MARKET FUND 0.60% 0.35% 0.45%
MUNICIPAL MONEY MARKET FUND 0.60% 0.35% 0.45%
U.S. GOVERNMENT SELECT
MONEY MARKET FUND 0.60% 0.20% 0.30%
CALIFORNIA MUNICIPAL
MONEY MARKET FUND 0.60% 0.25% 0.35%
U.S. GOVERNMENT FUND 0.75% 0.75% 0.90%
FIXED INCOME FUND 0.75% 0.75% 0.90%
INTERMEDIATE TAX-EXEMPT FUND 0.75% 0.70% 0.85%
TAX-EXEMPT FUND 0.75% 0.70% 0.85%
INTERNATIONAL FIXED
INCOME FUND 0.90% 0.90% 1.15%
INCOME EQUITY FUND 1.00% 0.85% 1.00%
GROWTH EQUITY FUND 1.00% 0.85% 1.00%
SELECT EQUITY FUND 1.20% 0.85% 1.00%
SMALL CAP GROWTH FUND 1.20% 0.85% 1.00%
INTERNATIONAL GROWTH
EQUITY FUND 1.20% 1.00% 1.25%
INTERNATIONAL SELECT
EQUITY FUND 1.20% 1.00% 1.25%
The Funds have entered into an administrative agreement with Sunstone Financial
Group, Inc. ("Sunstone") for certain administrative services. Pursuant to
its administrative agreement with the Funds, Sunstone is entitled to receive a
fee, computed daily and payable monthly, at the annual rate of 0.15% of each
Fund's daily net assets. For the period ending September 30, 1995, Sunstone
voluntarily agreed to waive a portion of its administration fees as shown on the
accompanying Statements of Operations.
4. Investment Transactions
The aggregate purchases and sales of securities, excluding short-term
investments, for the Funds for the six months ending September 30, 1995 were as
follows:
Purchases Sales
----------------------- -------------------
U.S. U.S.
Amounts in thousands Government Other Government Other
- -------------------- ---------- ------ ---------- -------
U.S. GOVERNMENT FUND $106,809 $ - $91,827 $ -
FIXED INCOME FUND 62,788 8,860 50,802 5,134
INTERMEDIATE TAX-EXEMPT FUND - 112,794 - 123,651
TAX-EXEMPT FUND - 54,294 - 58,701
INTERNATIONAL FIXED INCOME FUND 223 7,039 590 5,307
INCOME EQUITY FUND - 9,385 - 8,533
GROWTH EQUITY FUND - 73,966 - 40,401
SELECT EQUITY FUND - 17,060 - 11,811
SMALL CAP GROWTH FUND - 85,411 - 44,936
INTERNATIONAL GROWTH EQUITY FUND - 171,029 - 128,573
INTERNATIONAL SELECT EQUITY FUND - 65,168 - 52,727
At September 30, 1995, for federal income tax purposes, gross unrealized
appreciation, gross unrealized depreciation, net unrealized appreciation on
investments (including the effects of foreign currency translation) and cost
basis of securities were approximately as follows:
Cost
Unrealized Unrealized Net Basis of
Amounts in thousands Appreciation Depreciation Appreciation Securities
- --------------------- ------------ ------------ ------------ -----------
U.S. GOVERNMENT FUND $1,643 $ 152 $ 1,491 $131,418
FIXED INCOME FUND 2,125 294 1,831 86,813
INTERMEDIATE TAX-EXEMPT FUND 5,577 97 5,480 220,179
TAX-EXEMPT FUND 2,980 237 2,743 118,391
INTERNATIONAL FIXED INCOME FUND 879 40 839 13,390
INCOME EQUITY FUND 3,794 816 2,978 41,826
GROWTH EQUITY FUND 26,261 979 25,282 142,314
SELECT EQUITY FUND 2,726 176 2,550 19,686
SMALL CAP GROWTH FUND 14,808 5,946 8,862 124,945
INTERNATIONAL GROWTH EQUITY FUND 7,651 5,879 1,772 153,300
INTERNATIONAL SELECT EQUITY FUND 5,606 3,618 1,988 81,592
At March 31, 1995, the Funds' most recent fiscal period end, the approximate
capital loss carryforwards (in thousands), for federal income tax purposes were
$197 for the U.S. Government Fund, $236 for the Fixed Income Fund, $213 for the
Intermediate Tax-Exempt Fund, $156 for the Tax-Exempt Fund, $37 for the
International Fixed Income Fund, $38 for the Income Equity Fund, $1,069 for the
Growth Equity Fund, $83 for the Select Equity Fund, $145 for the Small Cap
Growth Fund and $898 for the International Select Equity Fund. These capital
loss carryforwards are available to offset future capital gains and, if not
used, expire in the year 2003. The International Growth Equity Fund had no
capital loss carryforwards at March 31, 1995.
5. Capital Share Transactions
Transactions of shares of the Funds for the six months ending September 30, 1995
were as follows:
Net
Reinvestment Increase
Amounts in thousands Sold of Dividends Redeemed (Decrease)
- -------------------- ------ ------------ -------- -------
U.S. GOVERNMENT FUND 2,062 9 585 1,486
FIXED INCOME FUND 2,667 35 733 1,969
INTERMEDIATE TAX-EXEMPT FUND 2,123 8 1,978 153
TAX-EXEMPT FUND 973 4 1,075 (98)
INTERNATIONAL FIXED INCOME FUND 321 5 172 154
INCOME EQUITY FUND 710 3 313 400
GROWTH EQUITY FUND 3,688 8 707 2,989
SELECT EQUITY FUND 586 - 186 400
SMALL CAP GROWTH FUND 3,895 - 331 3,564
INTERNATIONAL GROWTH EQUITY FUND 5,012 - 1,052 3,960
INTERNATIONAL SELECT EQUITY FUND 1,357 - 439 918
Transactions of shares of the Funds for the period ending March 31, 1995 were as
follows:
Reinvestment Net
Amounts in thousands Sold of Dividends Redeemed Increase
- --------------------- ------ ------------ -------- --------
U.S. GOVERNMENT FUND 13,876 9 2,050 11,835
FIXED INCOME FUND 8,126 13 1,396 6,743
INTERMEDIATE TAX-EXEMPT FUND 29,847 11 7,797 22,061
TAX-EXEMPT FUND 15,920 7 4,149 11,778
INTERNATIONAL FIXED INCOME FUND 1,291 1 68 1,224
INCOME EQUITY FUND 4,811 1 897 3,915
GROWTH EQUITY FUND 11,656 3 995 10,664
SELECT EQUITY FUND 1,810 2 415 1,397
SMALL CAP GROWTH FUND 8,723 2 1,044 7,681
INTERNATIONAL GROWTH EQUITY FUND 13,111 90 1,273 11,928
INTERNATIONAL SELECT EQUITY FUND 9,029 2 1,673 7,358
This report has been prepared for the general information of Northern Funds
shareholders. It is not authorized for distribution to prospective investors
unless accompanied or preceded by a current Northern Funds prospectus,
which contains more information about Northern Funds investment policies,
management fees and expenses. Investors are reminded to read the prospectus
carefully before investing or sending money.
Copyright 1995 Sunstone Financial Group, Inc., Distributor
Northern Funds
P.O. Box 75986
Chicago, IL 60690-6319
1-800-595-9111
