NORTHERN FUNDS
MONEY MARKET FUNDS 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 U.S. GOVERNMENT FUND
FIXED INCOME FUND INTERMEDIATE TAX-EXEMPT FUND FLORIDA INTERMEDIATE TAX-
EXEMPT FUND TAX-EXEMPT FUND CALIFORNIA TAX-EXEMPT FUND INTERNATIONAL FIXED
INCOME FUND EQUITY FUNDS INCOME EQUITY FUND STOCK INDEX FUND GROWTH
EQUITY FUND SELECT EQUITY FUND SMALL CAP FUND INTERNATIONAL GROWTH EQUITY
FUND INTERNATIONAL SELECT EQUITY FUND TECHNOLOGY FUND
SEMI-ANNUAL REPORT
September 30, 1997
TABLE OF CONTENTS
PAGE
Abbreviations and Other Information................................ 1
Money Market Funds
Statements of Assets and Liabilities ............................ 2
Statements of Operations ........................................ 3
Statements of Changes in Net Assets ............................. 4
Financial Highlights ............................................ 6
Schedules of Investments
Money Market Fund............................................. 9
U.S. Government Money Market Fund............................ 14
Municipal Money Market Fund.................................. 15
U.S. Government Select Money Market Fund..................... 26
California Municipal Money Market Fund....................... 27
Fixed Income Funds
Statements of Assets and Liabilities ............................30
Statements of Operations ....................................... 31
Statements of Changes in Net Assets ............................ 32
Financial Highlights ........................................... 34
Schedules of Investments
U.S. Government Fund......................................... 37
Fixed Income Fund............................................ 38
Intermediate Tax-Exempt Fund................................. 40
Florida Intermediate Tax-Exempt Fund......................... 45
Tax-Exempt Fund.............................................. 47
California Tax-Exempt Fund................................... 51
International Fixed Income Fund.............................. 53
Equity Funds
Statements of Assets and Liabilities ........................... 55
Statements of Operations ....................................... 56
Statements of Changes in Net Assets ............................ 57
Financial Highlights ........................................... 59
Schedules of Investments
Income Equity Fund........................................... 63
Stock Index Fund............................................. 66
Growth Equity Fund........................................... 74
Select Equity Fund........................................... 76
Small Cap Fund............................................... 78
International Growth Equity Fund............................. 91
International Select Equity Fund............................. 93
Technology Fund.............................................. 95
Notes to the Financial Statements................................. 97
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
ACES Automatically Convertible
Equity Securities
ADP Automated Data Processing
ADR American Depository Receipt
AMBAC American Municipal Bond
Assurance Corp.
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
BTP Banker's Trust Partnership
CGIC Capital Guaranty
Insurance Co.
COLLD. Collateralized
COP Certificate of Participation
CP Commercial Paper
CVP Central Valley Project
DECS Dividend Enhanced Convertible
Stock
FFCB Federal Farm Credit Bank
FGIC Financial Guaranty
Insurance Corp.
FHLB Federal Home Loan Bank
FHLMC Freddie Mac
FMC Fidelity Mortgage Corp.
FNMA Fannie Mae
FRN Floating Rate Note
FSA Financial Security Assurance
G.O. General Obligation
GDR Global Depository Receipt
GNMA Government National
Mortgage Association
GTD. Guaranteed
HFA Housing Finance Authority
HUD Housing and Urban Development
I.O. Interest Only Stripped Security
IDA Industrial Development
Authority
IDR Industrial Development Revenue
LOC Letter of Credit
MBIA Municipal Bond Insurance
Association
MTN Medium Term Note
NYS New York Shares
P-FLOATS Puttable Floating Rate Security
P.O. Principal Only Stripped Security
PCR Pollution Control Revenue
PFA Public Finance Authority
PRIDES Preferred Redeemable Increased
Dividend Securities
PRSV Preservation Project
PSF Permanent School Fund
RAN Revenue Anticipation Note
REMIC Real Estate Mortgage
Investment Conduit
SAILS Stock Appreciation Income
Linked Securities
SFM Single Family Mortgage
SLMA SLM Holding Corp.
SOC GEN Societe Generale
STRYPES Structured Yield Product
Exchangeable for Stock
TOB Tender Option Bond
TOCR Tender Option Custodial Receipt
TRACES Treasury-Backed ACES
TRAN Tax and Revenue
Anticipation Note
VRDN Variable Rate Demand Note
* Non-Income Producing Security
-----------------
NOT FDIC-INSURED
-----------------
May lose value
No bank guarantee
-----------------
Northern Funds are not insured or guaranteed by the U.S. government, nor can
there be any assurance that the money market funds will be able to maintain a
stable net asset value of $1.00 per share.
Shares of Northern Funds are distributed by an independent third party, Sunstone
Distribution Services, LLC, and sold by The Northern Trust Company and its bank
affiliates.
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES SEPTEMBER 30, 1997 (UNAUDITED)
MONEY MARKET FUNDS
U.S.
U.S. GOV'T. CALIFORNIA
GOV'T. 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 amortized cost $2,410,670 $194,996 $1,408,370 $205,925 $234,876
Repurchase agreements, at cost
which approximates market value 171,643 101,007 - - -
Cash 3 - 8 64 81
Income receivable 7,994 846 10,685 406 1,660
Receivable for fund shares sold 23,703 21,621 31,182 6,443 3,438
Receivable for securities sold - - 3,980 - 200
Receivable from Adviser 18 3 9 2 2
Deferred organization costs, net of
accumulated amortization 41 16 46 8 8
Prepaid and other assets 51 15 35 17 8
- -----------------------------------------------------------------------------------------------------------------------------
Total Assets 2,614,123 318,504 1,454,315 212,865 240,273
- -----------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Dividends payable 10,196 1,247 3,836 864 635
Payable for fund shares redeemed 31,349 5,002 35,349 448 8,908
Payable for securities purchased - - 7,300 - -
Accrued investment advisory fees 146 16 79 7 10
Accrued transfer agent fees 36 4 19 3 3
Accrued administration fees 34 2 44 2 1
Accrued custody and accounting fees 1 - 8 1 1
Accrued registration fees and other liabilities 57 23 67 13 21
- -----------------------------------------------------------------------------------------------------------------------------
Total Liabilities 41,819 6,294 46,702 1,338 9,579
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets $2,572,304 $312,210 $1,407,613 $211,527 $230,694
=============================================================================================================================
ANALYSIS OF NET ASSETS:
Capital stock $2,572,223 $312,185 $1,407,575 $211,517 $230,685
Accumulated undistributed net
investment income 77 21 153 10 9
Accumulated undistributed net
realized gains (losses) 4 4 (115) - -
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets $2,572,304 $312,210 $1,407,613 $211,527 $230,694
=============================================================================================================================
SHARES OUTSTANDING ($.0001 PAR VALUE,
UNLIMITED AUTHORIZATION) 2,572,296 312,205 1,407,657 211,526 230,694
NET ASSET VALUE, REDEMPTION AND OFFERING
PRICE PER SHARE $1.00 $1.00 $1.00 $1.00 $1.00
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS SIX MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
MONEY MARKET FUNDS
U.S.
U.S. GOV'T. CALIFORNIA
GOV'T. 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 $52,522 $9,216 $27,590 $5,259 $3,868
- -----------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 5,496 988 4,287 569 619
Administration fees 1,374 247 1,072 143 155
Transfer agent fees 916 165 715 95 103
Custody and accounting fees 203 54 170 36 41
Registration fees 56 12 36 11 6
Professional fees 18 10 17 9 9
Amortization of organization costs 14 5 16 2 2
Trustees' fees and expenses 10 3 9 2 2
Other 68 43 60 10 10
- -----------------------------------------------------------------------------------------------------------------------------
Total Expenses 8,155 1,527 6,382 877 947
Less voluntary waivers of:
Investment advisory fees (1,832) (329) (1,429) (332) (310)
Administration fees (800) (134) (567) (81) (91)
Less: Reimbursement of expenses by Adviser (485) (159) (456) (84) (82)
- -----------------------------------------------------------------------------------------------------------------------------
Net Expenses 5,038 905 3,930 380 464
- -----------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 47,484 8,311 23,660 4,879 3,404
- -----------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAINS (LOSSES) ON:
Investments 3 4 (6) 1 -
- -----------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $47,487 $8,315 $23,654 $4,880 $3,404
=============================================================================================================================
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
MONEY MARKET FUNDS
U.S. GOVERNMENT
MONEY MARKET MONEY MARKET
FUND FUND
---------------------- -----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, SEPT. 30, MAR. 31,
1997 1997 1997 1997
AMOUNTS IN THOUSANDS (UNAUDITED) (UNAUDITED)
- --------------------- ----------------------- -----------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 47,484 $ 64,325 $ 8,311 $ 11,819
Net realized gains (losses) on investments 3 1 4 -
- -----------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
from Operations 47,487 64,326 8,315 11,819
- -----------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 5,700,246 7,318,021 752,283 1,755,453
Shares from reinvestment of dividends 6,439 6,771 1,411 2,684
Shares redeemed (4,741,571) (6,779,419) (755,747) (1,650,983)
- -----------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting
from Capital Share Transactions 965,114 545,373 (2,053) 107,154
- -----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income (47,484) (64,325) (8,311) (11,819)
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 965,117 545,374 (2,049) 107,154
NET ASSETS:
Beginning of year 1,607,187 1,061,813 314,259 207,105
- -----------------------------------------------------------------------------------------------------------------------------
End of period $2,572,304 $1,607,187 $312,210 $314,259
=============================================================================================================================
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME $77 $77 $21 $21
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
MONEY MARKET FUNDS
U.S. GOVERNMENT
MUNICIPAL SELECT
MONEY MARKET MONEY MARKET
FUND FUND
----------------------- -----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, SEPT. 30, MAR. 31,
1997 1997 1997 1997
AMOUNTS IN THOUSANDS (UNAUDITED) (UNAUDITED)
- --------------------- ----------------------- -----------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 23,660 $ 37,048 $ 4,879 $ 5,924
Net realized gains (losses) on investments (6) (109) 1 (1)
- -----------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
from Operations 23,654 36,939 4,880 5,923
- -----------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 3,503,656 6,319,359 527,797 483,126
Shares from reinvestment of dividends 2,466 2,651 1,623 2,092
Shares redeemed (3,518,544) (6,004,649) (486,022) (402,489)
- -----------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting
from Capital Share Transactions (12,422) 317,361 43,398 82,729
- -----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income (23,660) (37,048) (4,879) (5,924)
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (12,428) 317,252 43,399 82,728
NET ASSETS:
Beginning of year 1,420,041 1,102,789 168,128 85,400
- -----------------------------------------------------------------------------------------------------------------------------
End of period $1,407,613 $1,420,041 $211,527 $168,128
=============================================================================================================================
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME $153 $153 $10 $10
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
CALIFORNIA
MUNICIPAL
MONEY MARKET
FUND
-------------------------
SIX MONTHS YEAR
ENDED ENDED
SEPT. 30, MAR. 31,
1997 1997
AMOUNTS IN THOUSANDS (UNAUDITED)
- --------------------- -------------------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 3,404 $ 5,177
Net realized gains (losses) on investments - -
- ------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
from Operations 3,404 5,177
- ------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 618,861 1,517,961
Shares from reinvestment of dividends 417 337
Shares redeemed (589,573) (1,482,396)
- ------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting
from Capital Share Transactions 29,705 35,902
- ------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income (3,404) (5,177)
- ------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 29,705 35,902
NET ASSETS:
Beginning of year 200,989 165,087
- ------------------------------------------------------------------------------------------
End of period $230,694 $200,989
==========================================================================================
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME $9 $9
==========================================================================================
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
MONEY MARKET FUNDS
U.S. GOVERNMENT
MONEY MARKET MONEY MARKET
FUND FUND
----------------------------------------- ----------------------------------------------
SIX MONTHS YEAR YEAR PERIOD SIX MONTHS YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31, SEPT. 30, MAR. 31, MAR. 31, MAR. 31,
1997 1997 1996 1995<F1> 1997 1997 1996 1995<F1>
(UNAUDITED) (UNAUDITED)
- ------------------------- ----------------------------------------- ----------------------------------------------
SELECTED PER SHARE DATA
<S> <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
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.03 0.05 0.05 0.04 0.03 0.05 0.05 0.04
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.03) (0.05) (0.05) (0.04) (0.03) (0.05) (0.05) (0.04)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
==================================================================================================================================
TOTAL RETURN<F3> 2.62% 5.05% 5.57% 4.55% 2.56% 4.93% 5.46% 4.47%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end
of period $2,572,304 $1,607,187 $1,061,813 $894,279 $312,210 $314,259 $207,105 $227,543
Ratio to average net
assets of<F4>:
Expenses, net of waivers and
reimbursements 0.55% 0.55% 0.49% 0.45% 0.55% 0.55% 0.49% 0.45%
Expenses, before waivers and
reimbursements 0.89% 0.90% 0.91% 0.96% 0.93% 0.96% 0.94% 1.01%
Net investment income, net of
waivers and reimbursements 5.18% 4.94% 5.42% 4.94% 5.05% 4.82% 5.33% 4.93%
Net investment income, before
waivers and reimbursements 4.84% 4.59% 5.00% 4.43% 4.67% 4.41% 4.88% 4.37%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (CONTINUED)
MONEY MARKET FUNDS
U.S. GOVERNMENT
MUNICIPAL SELECT
MONEY MARKET MONEY MARKET
FUND FUND
----------------------------------------- ----------------------------------------------
SIX MONTHS YEAR YEAR PERIOD SIX MONTHS YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31, SEPT. 30, MAR. 31, MAR. 31, MAR. 31,
1997 1997 1996 1995<F1> 1997 1997 1996 1995<F2>
(UNAUDITED) (UNAUDITED)
SELECTED PER SHARE DATA
- ------------------------- ----------------------------------------- ----------------------------------------------
<S> <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
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income 0.02 0.03 0.03 0.03 0.03 0.05 0.05 0.02
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.02) (0.03) (0.03) (0.03) (0.03) (0.05) (0.05) (0.02)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
==================================================================================================================================
TOTAL RETURN<F3> 1.67% 3.14% 3.54% 2.90% 2.60% 5.07% 5.55% 1.75%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end
of period $1,407,613 $1,420,041 $1,102,789 $927,747 $211,527 $168,128 $85,400 $82,162
Ratio to average net
assets of<F4>:
Expenses, net of waivers and
reimbursements 0.55% 0.55% 0.49% 0.45% 0.40% 0.40% 0.33% 0.30%
Expenses, before waivers and
reimbursements 0.89% 0.90% 0.91% 0.95% 0.95% 0.97% 1.00% 1.32%
Net investment income, net of
waivers and reimbursements 3.31% 3.08% 3.46% 3.10% 5.31% 4.95% 5.43% 5.84%
Net investment income, before
waivers and reimbursements 2.97% 2.73% 3.04% 2.60% 4.76% 4.38% 4.76% 4.82%
- ----------------------------------------------------------------------------------------------------------------------------------
<FN>
<F1> Commenced investment operations on April 11, 1994.
<F2> Commenced investment operations on December 12, 1994.
<F3> Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a
complete redemption of the investment at net asset value at the end of the period. Total return is not annualized for periods
less than one year.
<F4> Annualized for periods less than a full year.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (CONTINUED)
MONEY MARKET FUNDS
CALIFORNIA
MUNICIPAL
MONEY MARKET
FUND
-----------------------------------------------------
SIX MONTHS YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31,
1997 1997 1996 1995<F1>
(UNAUDITED)
- ------------------------ -----------------------------------------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.02 0.03 0.04 0.01
- ---------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.02) (0.03) (0.04) (0.01)
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00
=========================================================================================================
TOTAL RETURN<F2> 1.67% 3.19% 3.63% 1.27%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $230,694 $200,989 $165,087 $161,316
Ratio to average net assets of<F3>:
Expenses, net of waivers and
reimbursements 0.45% 0.45% 0.39% 0.35%
Expenses, before waivers and
reimbursements 0.92% 0.94% 0.94% 1.07%
Net investment income, net of
waivers and reimbursements 3.30% 3.13% 3.55% 3.78%
Net investment income, before
waivers and reimbursements 2.83% 2.64% 3.00% 3.06%
- ----------------------------------------------------------------------------------------------------------------------------------
<FN>
<F1> Commenced investment operations on November 29, 1994.
<F2> Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a
complete redemption of the investment at net asset value at the end of the period. Total return is not annualized for periods
less than one year.
<F3> Annualized for periods less than a full year.
See Notes to the Financial Statements.
</TABLE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MONEY MARKET FUND
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
CERTIFICATES OF DEPOSIT - 14.0%
DOMESTIC CERTIFICATES OF DEPOSIT - 3.3%
$25,000 Bankers Trust New York Corp.,
5.88%, 7/14/98 $24,994
First Tennessee Bank
15,000 5.51%, 10/3/97 15,000
20,000 5.58%, 12/23/97 20,000
25,000 Huntington National Bank, Columbus,
5.89%, 9/18/98 24,993
------------
84,987
------------
FOREIGN CERTIFICATES OF DEPOSIT - 10.7%
Bank of Tokyo-Mitsubishi, London Branch
10,000 5.63%, 11/17/97 10,000
13,000 5.63%, 11/24/97 13,000
12,000 Bankers Trust Co., London Branch,
5.67%, 11/20/97 12,001
15,000 Barclays Bank, New York Branch,
5.94%, 6/25/98 14,994
2,000 Commerzbank, New York Branch,
5.58%, 11/21/97 2,000
15,000 Credito Italiano, London Branch,
5.60%, 10/28/97 15,000
10,000 National Westminster Bank, New York
Branch, 5.94%, 6/26/98 9,996
20,000 Norinchukin Bank, New York Branch,
5.69%, 10/10/97 20,000
10,000 Sanwa Bank, London Branch,
5.65%, 11/24/97 10,000
15,000 Sanwa Bank, New York Branch,
5.66%, 11/3/97 15,000
Societe Generale, New York Branch
6,000 5.80%, 1/13/98 5,998
10,000 5.87%, 3/3/98 9,998
26,000 5.89%, 7/17/98 25,994
15,000 5.84%, 8/21/98 14,992
Sumitomo Bank, New York Branch
22,000 5.68%, 10/31/97 22,000
5,000 5.66%, 11/10/97 5,000
5,000 5.65%, 11/17/97 5,000
30,000 Svenska Handlesbanken, London Branch,
5.63%, 11/17/97 30,001
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
FOREIGN CERTIFICATES OF DEPOSIT - 10.7% (CONT'D.)
$33,000 Toronto Dominion Bank, London Branch,
5.61%, 10/10/97 $ 33,000
------------
273,974
------------
Total Certificates of Deposit
(cost $358,961) 358,961
------------
COMMERCIAL PAPER - 56.2%
ASSET BACKED SECURITIES - 27.3%
5,000 Ascot Capital Corp.,
5.55%, 10/14/97 4,990
6,378 Atlantic Asset Securitization Corp.,
5.65%, 10/17/97 6,362
18,000 Budget Funding Corp.,
5.52%, 10/16/97 17,959
1,300 Centric Funding,
5.60%, 12/16/97 1,285
3,000 Corporate Receivables Corp.,
5.55%, 11/7/97 2,983
37,500 CPI Funding,
5.59%, 11/25/97 37,180
10,000 CXC, Inc.,
5.55%, 10/15/97 9,978
27,500 Duke Capital Corp.,
5.55%, 10/6/97 27,479
Eureka Securitization, Inc.
20,000 5.55%, 10/10/97 19,972
12,900 5.55%, 12/18/97 12,745
Four Winds Funding Corp.
11,260 5.55%, 10/17/97 11,232
5,135 5.54%, 11/17/97 5,098
Galleon Capital Corp.
10,000 5.55%, 10/24/97 9,965
5,000 5.60%, 10/27/97 4,980
Gotham Funding Corp.
5,000 5.60%, 10/7/97 4,995
5,000 5.60%, 10/16/97 4,988
13,000 5.625%, 10/16/97 12,970
2,000 5.56%, 10/17/97 1,995
International Securitization Corp.
5,000 5.55%, 10/15/97 4,989
13,148 5.53%, 10/16/97 13,118
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
ASSET BACKED SECURITIES - 27.3% (CONT'D.)
Lexington Parker Capital Company LLC
$10,485 5.55%, 10/7/97 $10,475
25,000 5.55%, 10/7/97 24,977
5,000 5.55%, 10/22/97 4,984
16,174 5.60%, 11/4/97 16,088
20,000 Mont Blanc Capital Corp.,
5.55%, 10/17/97 19,951
15,000 Monte Rosa Capital Corp.,
5.55%, 10/21/97 14,954
10,762 Nebhelp Capital Services, Inc.,
5.65%, 10/2/97 10,760
15,000 NFC Asset Trust,
5.55%, 10/3/97 14,995
16,007 Old Line Funding Corp.,
5.70%, 10/3/97 16,001
Park Avenue Receivables Corp.
3,665 5.54%, 10/10/97 3,660
27,273 5.55%, 10/15/97 27,214
17,129 5.58%, 10/20/97 17,079
2,585 Pooled Account Receivables Corp.,
5.65%, 10/21/97 2,577
5,421 Ranger Funding Corp.,
5.65%, 10/6/97 5,417
Receivables Capital Corp.
9,521 5.55%, 10/10/97 9,508
29,739 5.55%, 10/16/97 29,670
ROSE, Inc.
26,081 5.54%, 10/2/97 26,077
6,400 5.55%, 10/21/97 6,380
19,000 5.59%, 10/21/97 18,941
35,000 5.54%, 10/29/97 34,849
14,000 SALTS (II) Cayman Islands Corp.,
5.77%, 12/18/97 14,000
30,000 SALTS (III) Cayman Islands Corp.,
5.94%, 1/23/98 30,000
10,200 Sheffield Receivables Corp.,
5.55%, 11/14/97 10,131
25,000 Special Purpose Accounts Receivable
Cooperative Corp., 5.55%, 10/20/97 24,927
2,000 SRD Finance, Inc.,
5.57%, 10/23/97 1,993
11,278 Thames Assets Global Securitization,
5.55%, 10/10/97 11,262
15,000 Three Rivers Funding Corp.,
5.53%, 10/9/97 14,982
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
ASSET BACKED SECURITIES - 27.3% (CONT'D.)
$20,000 Trident Capital Finance, Inc.,
5.55%, 10/1/97 $ 20,000
Variable Funding Capital Corp.
600 5.57%, 10/10/97 599
14,254 5.57%, 10/20/97 14,211
10,000 5.60%, 11/7/97 9,942
20,000 WCP Funding, Inc.,
5.55%, 10/14/97 19,960
347 Windmill Funding Corp.,
5.55%, 10/22/97 346
------------
702,173
------------
BUSINESS SERVICES - 2.1%
Sanwa Business Credit Corp.
10,000 5.53%, 10/6/97 9,992
35,000 5.60%, 10/6/97 34,973
10,000 5.55%, 12/15/97 9,884
------------
54,849
------------
DOMESTIC DEPOSITORY INSTITUTIONS - 0.5%
12,000 ABC Funding,
5.55%, 11/24/97 11,900
------------
ELECTRIC SERVICES - 0.5%
11,700 CSW Credit, Inc.,
5.65%, 10/16/97 11,672
------------
ENTERTAINMENT - 1.0%
Tribune Co.
5,000 5.53%, 10/2/97 4,999
20,000 5.53%, 10/14/97 19,960
------------
24,959
------------
FOOD AND BEVERAGES - 0.5%
8,400 Cofco Capital Corp.,
5.55%, 10/17/97 8,379
6,000 PepsiCo, Inc.,
5.65%, 10/6/97 5,995
------------
14,374
------------
FOREIGN DEPOSITORY INSTITUTIONS - 2.4%
15,000 Creditanstalt Finance, Inc.,
5.52%, 10/31/97 14,931
1,335 Hailfax Building Society,
5.52%, 12/23/97 1,318
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
FOREIGN DEPOSITORY INSTITUTIONS - 2.4% (CONT'D.)
$25,000 Nationwide Building Society,
5.50%, 10/28/97 $24,897
20,000 Swedbank, Inc.,
5.55%, 11/3/97 19,898
------------
61,044
------------
GENERAL MERCHANDISE STORES - 0.9%
25,000 Sears Roebuck Acceptance Corp.,
5.55%, 3/13/98 24,372
------------
HEALTH SERVICES - 0.6%
Columbia/HCA Healthcare Corp.
10,000 5.60%, 10/6/97 9,992
6,000 5.58%, 10/10/97 5,992
------------
15,984
------------
INSURANCE COMPANIES - 2.5%
AON Corp.
17,000 5.54%, 10/17/97 16,958
10,000 5.55%, 10/23/97 9,966
10,000 5.55%, 10/27/97 9,960
10,833 5.55%, 10/30/97 10,785
Torchmark, Inc.
7,500 5.60%, 10/10/97 7,490
3,700 5.57%, 11/17/97 3,673
5,000 5.55%, 11/24/97 4,958
------------
63,790
------------
MUNICIPAL AGENCIES - 0.5%
13,300 Texas Municipal Power Agency,
5.75%, 10/14/97 13,300
------------
NONDEPOSITORY BUSINESS
CREDIT INSTITUTIONS - 3.1%
15,000 BEX America Finance, Inc.,
5.55%, 10/14/97 14,970
3,250 Countrywide Home Loans,
5.60%, 10/29/97 3,236
Finova Capital Corp.
10,000 5.60%, 10/1/97 10,000
1,000 5.55%, 10/16/97 998
19,300 5.55%, 11/7/97 19,190
9,900 5.55%, 11/14/97 9,833
22,000 Heller Financial, Inc.,
5.65%, 12/16/97 21,738
------------
79,965
------------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
NONDEPOSITORY PERSONAL CREDIT INSTITUTIONS - 0.3%
$ 7,350 MEPC Finance, Inc.,
5.60%, 12/4/97 $ 7,277
------------
SECURITY AND COMMODITY BROKER DEALERS - 1.3%
Morgan Stanley, Dean Witter, Discover & Co.
300 5.55%, 10/2/97 300
15,000 5.55%, 10/6/97 14,989
19,000 5.51%, 10/24/97 18,933
------------
34,222
------------
TRANSPORTATION PARTS AND EQUIPMENT - 9.3%
BMW US Capital Corp.
20,000 5.55%, 11/7/97 19,886
30,000 5.53%, 11/12/97 29,806
36,000 5.55%, 12/15/97 35,584
40,000 Ford Credit Canada Ltd.,
5.55%, 11/18/97 39,704
General Motors Acceptance Corp.
10,000 5.55%, 10/2/97 9,998
15,000 5.65%, 10/8/97 14,984
2,400 5.55%, 11/5/97 2,387
3,400 5.55%, 11/12/97 3,378
10,000 5.57%, 12/3/97 9,903
10,000 5.59%, 3/12/98 9,748
25,000 5.58%, 3/31/98 24,299
Mitsubishi Motors Credit of America, Inc.
12,000 5.57%, 10/1/97 12,000
20,000 5.59%, 10/1/97 20,000
3,000 5.55%, 10/7/97 2,997
3,589 Volkswagen of America, Inc.,
5.65%, 10/17/97 3,580
------------
238,254
------------
WHOLESALE TRADE - DURABLE GOODS - 3.4%
Newell Co.
5,000 5.65%, 10/1/97 5,000
6,625 5.60%, 10/10/97 6,616
30,000 5.55%, 10/17/97 29,926
25,000 5.55%, 10/22/97 24,919
10,000 5.60%, 10/27/97 9,960
10,000 Sinochem American Holdings, Inc.,
5.55%, 11/10/97 9,938
------------
86,359
------------
Total Commercial Paper
(cost $1,444,494) 1,444,494
------------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
CORPORATE BONDS - 8.7%
$25,000 Associates Corporation N.A.,
5.73%, 3/2/98 $ 24,992
20,000 Bayerische Landesbank,
6.15%, 8/14/98 20,042
7,250 Chapel Oaks, Inc.,
5.90%, 10/1/97 7,250
CIT Group Holdings
3,000 8.75%, 4/15/98 3,038
10,000 6.75%, 4/30/98 10,046
26,000 First Wachovia Bank,
6.10%, 4/6/98 25,987
1,861 GE Engine Receivables 1995-1 Trust,
5.565%, 10/15/97 1,861
15,607 GE Engine Receivables 1996-1 Trust,
5.646%, 10/15/97 15,607
2,000 General Motors Acceptance Corp.,
7.50%, 11/4/97 2,003
14,000 Huntington National Bank, Columbus,
5.80%, 9/22/98 13,990
5,000 Key Bank N.A.,
5.58%, 12/15/97 4,942
20,000 Key Bank N.A., Fixed Rate Note,
6.19%, 4/13/98 19,994
30,000 Key Bank N.A., FRN,
5.55%, 3/19/98 30,000
20,000 Morgan Guaranty Trust Co.,
5.97%, 6/22/98 19,995
18,600 Physicians Plus Medical Group,
5.70%, 10/1/97 18,600
6,000 SunTrust Banks, Inc.,
5.83%, 7/14/98 5,998
------------
Total Corporate Bonds
(cost $224,345) 224,345
------------
EURODOLLAR TIME DEPOSITS - 9.6%
50,000 Banque Brussels Lambert, Grand
Cayman Islands, 6.50%, 10/1/97 50,000
30,000 Banque Paribas Lambert, Grand
Cayman Islands, 6.50%, 10/1/97 30,000
33,000 Credit Suisse First Boston, Grand
Cayman Islands, 6.50%, 10/1/97 33,000
45,000 Norddeutsche Landesbank Girozentrale,
6.50%, 10/1/97 45,000
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
EURODOLLAR TIME DEPOSITS - 9.6% (CONT'D.)
$90,000 Union Bank of Switzerland, Grand
Cayman Islands, 6.50%, 10/1/97 $ 90,000
------------
Total Eurodollar Time Deposits
(cost $248,000) 248,000
------------
GUARANTEED INVESTMENT
CONTRACTS - 1.9%
25,000 General American Life Insurance Co.,
5.86%, 10/23/97 25,000
10,000 Integrity Life Insurance Co.,
5.95%, 10/1/97 10,000
15,000 Transamerica Life Insurance
and Annuity Co., 5.66%, 10/1/97 15,000
------------
Total Guaranteed Investment Contracts
(cost $50,000) 50,000
------------
MUNICIPAL INVESTMENTS - 3.3%
14,000 Flint, Michigan Hospital Building
Authority, 5.65%, 10/1/97 14,000
3,900 Health Insurance Plan of Greater
New York, 5.48%, 10/1/97 3,900
9,000 Hydro-Quebec Corp., 5.741%, 1/15/98 9,000
12,500 New Jersey Economic Development
Authority, 5.66%, 10/1/97 12,500
9,360 Seattle, Washington Limited Tax G.O.,
5.45%, 10/1/97 9,360
10,000 Stanislaus County, California Pension
Obligation, 5.756%, 2/15/98 10,000
10,215 State of Texas-Veterans Land Bond,
5.756%, 12/1/97 10,215
12,745 State of Virginia, Housing Development
Authority Multi-Family Housing Bond,
5.756%, 11/1/97 12,745
3,150 Waukesha, Wisconsin Health
Systems, Inc., 5.65%, 10/1/97 3,150
------------
Total Municipal Investments
(cost $84,870) 84,870
------------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
REPURCHASE AGREEMENTS - 6.7%
$40,000 Bear, Stearns & Co., dated 9/30/97,
repurchase price $40,007 (Colld. by U.S.
Government Securities),
6.70%, 10/1/97 $ 40,000
31,643 Donaldson, Lufkin & Jenrette Securities,
Inc., dated 9/30/97, repurchase price
$31,648 (Colld. by U.S. Government
Securities), 6.25%, 10/1/97 31,643
25,000 J.P. Morgan Securities, Inc.,
dated 9/30/97, repurchase price $25,004
(Colld. by U.S. Government Securities),
5.90%, 10/1/97 25,000
75,000 SBC Capital Markets, dated 9/30/97,
repurchase price $75,012 (Colld. by U.S.
Government Securities),
5.92%, 10/1/97 75,000
------------
Total Repurchase Agreements
(cost $171,643) 171,643
------------
Total Investments - 100.4%
(cost $2,582,313) 2,582,313
Liabilities less Other Assets - (0.4)% (10,009)
------------
NET ASSETS - 100.0% $2,572,304
===========
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
U.S. GOVERNMENT MONEY MARKET FUND
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES - 62.5%
FEDERAL FARM CREDIT BANK - 3.2%
FFCB MTN
$3,000 5.75%, 7/1/98 $ 2,997
7,000 5.70%, 9/2/98 6,992
------------
9,989
------------
FEDERAL HOME LOAN BANK - 42.6%
FHLB MTN
6,000 5.72%, 7/7/98 5,998
12,000 5.72%, 7/21/98 11,998
FHLB Discount Notes
100,000 6.00%, 10/1/98 100,000
15,000 5.68%, 10/23/98 14,948
------------
132,944
------------
FANNIE MAE - 4.2%
5,000 FNMA Discount Note,
5.68%, 10/20/97 4,985
FNMA MTN
5,000 5.89%, 5/21/98 4,997
3,000 5.63%, 8/14/98 2,994
------------
12,976
------------
OVERSEAS PRIVATE INVESTMENT CO. - 5.8%
18,000 FRN, 5.58%, 10/1/97 18,000
------------
SLM HOLDING CORP. - 6.7%
SLMA MTN
7,500 5.54%, 2/25/98 7,498
6,000 5.86%, 6/10/98 5,996
3,000 5.63%, 8/6/98 2,997
1,600 5.60%, 8/11/98 1,597
3,000 5.79%, 9/16/98 2,998
------------
21,086
------------
Total U.S. Government Agencies
(cost $194,995) 194,995
------------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
OTHER - 0.0%
1 Dreyfus Prime Money Market Fund
(cost $1) $ 1
------------
PRINCIPAL
AMOUNT
(000S)
- ----------------------------------------------------------------------
REPURCHASE AGREEMENTS - 32.3%
$26,007 Donaldson, Lufkin & Jenrette Securities,
Inc., dated 9/30/97, repurchase price
$26,012 (Colld. by U.S. Government
Securities), 6.25%, 10/1/97 26,007
23,000 J.P. Morgan Securities, Inc.,
dated 9/30/97, repurchase price $23,004
(Colld. by U.S. Government Securities),
5.90%, 10/1/97 23,000
52,000 SBC Capital Markets, dated 9/30/97,
repurchase price $52,008 (Colld. by U.S.
Government Securities),
5.92%, 10/1/97 52,000
------------
Total Repurchase Agreements
(cost $101,007) 101,007
------------
Total Investments - 94.8%
(cost $296,003) 296,003
Other Assets less Liabilities - 5.2% 16,207
------------
NET ASSETS - 100.0% $ 312,210
============
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
MUNICIPAL INVESTMENTS - 99.8%
ALABAMA - 2.4%
$ 1,800 City of Ashland Industrial Development
Board IDR (AMT), Russell Corp. Project
(SunTrust Banks, Inc. LOC),
4.25%, 10/7/97 $ 1,800
1,575 City of Columbia Industrial Development
Board IDR (AMT), Russell Corp. Project
(SunTrust Banks, Inc. LOC),
4.25%, 10/7/97 1,575
700 City of Greenville IDR VRDN,
Series 1992, Allied-Signal Project
(FMC Corp. Gtd.), 4.20%, 10/7/97 700
2,700 City of Selma IDR VRDN,
Series 1996 A, Meadowcraft, Inc. Project
(NationsBank LOC), 4.30%, 10/7/97 2,700
4,300 City of Stevenson Environment
Improvement IDR VRDN, Series 1996 (AMT),
Mead Corp. Project (Soc Gen LOC),
3.95%, 10/1/97 4,300
2,575 County of Geneva Industrial Development
Board IDR (AMT), Russell Corp. Project
(SunTrust Banks, Inc. LOC),
4.25%, 10/7/97 2,575
20,500 County of Phenix Environment
Improvement IDR VRDN,
Series 1990 A (AMT), Mead Corp. Project
(Sumitomo Bank Ltd. LOC),
4.00%, 10/1/97 20,500
------------
34,150
------------
ALASKA - 1.0%
8,200 Alaska Housing Finance Corp.,
Series PT-37, Merrill P-Floats
(Banque Nationale Paris LOC),
4.10%, 10/7/97 8,200
5,000 Alaska Industrial Development and
Export Authority, Series 1996 B (AMT)
(Seafirst Bank LOC), 4.10%, 10/7/97 5,000
------------
13,200
------------
ARIZONA - 0.5%
3,000 City of Salt River Improvement and Power
Agricultural Project, 3.80%, 10/3/97 3,000
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
ARIZONA - 0.5% (CONT'D.)
$ 1,400 County of Apache IDR VRDN
(AMT), Imperial Components, Inc.
Project (Harris Trust & Savings Bank
LOC), 4.20%, 10/7/97 $ 1,400
2,700 Special Fund of the Industrial
Commission of Arizona CP,
3.85%, 12/8/97 2,700
------------
7,100
------------
ARKANSAS - 0.4%
3,250 City of Lowell IDR VRDN, Series 1996
(AMT), Little Rock Newspapers, Inc.
Project (Bank of New York LOC),
4.20%, 10/7/97 3,250
2,200 City of West Memphis IDR VRDN (AMT),
Proform Co. LLC Project
(First Bank LOC), 4.30%, 10/7/97 2,200
------------
5,450
------------
CALIFORNIA - 2.4%
2,746 City of Los Angeles IDR VRDN,
Series BTP-129 (Colld. by U.S. Government
Securities), 3.80%, 12/8/97 2,746
10,600 County of Irvine Ranch Consolidated
Water District VRDN, Series 1993 B,
Districts 2, 102, 103, 106, 3(203) & 206
(Morgan Guaranty Trust Co. LOC),
3.75%, 10/1/97 10,600
5,000 County of Los Angeles TRAN,
Series A, 4.50%, 6/30/98 5,024
9,420 County of Riverside TRAN, Series A,
4.50%, 6/30/98 9,456
State of California G.O. Bond
(FGIC Insured)
200 Series CR-152, 4.13%, 10/7/97 200
800 Series CR-153, 4.13%, 10/7/97 800
2,000 State of California G.O. Bond,
Series A3 (First Chicago Bank LOC),
4.30%, 10/7/97 2,000
3,000 State of California G.O. Bond,
Series SG-91, Merrill Floating Rate Receipts,
4.10%, 10/7/97 3,000
------------
33,826
------------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
COLORADO - 1.4%
$ 4,800 City and County of Denver
Airport System, Series 1997 A (AMT),
3.75%, 10/17/97 $ 4,800
9,900 Colorado HFA SFM VRDN,
Series 1996 C-1 (AMT), 4.18%, 10/7/97 9,900
5,000 Colorado HFA VRDN (AMT), Metal Sales
Manufacturing Corp. Project,
4.30%, 10/7/97 5,000
------------
19,700
------------
DELAWARE - 0.1%
1,325 State of Delaware Economic Development
Authority PCR VRDN, Allied-Signal Corp.
Project (FMC Corp. Gtd.), 4.20%, 10/7/97 1,325
------------
DISTRICT OF COLUMBIA - 1.7%
District of Columbia Metro Airport
Authority Passenger Facility CP (AMT)
15,000 4.00%, 11/17/97 15,000
5,000 3.78%, 11/18/97 5,000
4,000 3.84%, 12/17/97 4,000
------------
24,000
------------
FLORIDA - 6.4%
7,600 City of Jacksonville Electric Authority CP,
Series D-1, 3.60%, 11/7/97 7,600
10,300 City of Jacksonville PCR, Series 1994,
Florida Power and Light Project,
3.65%, 10/17/97 10,300
2,550 County of Alachua Health Facilities
Authority, Academic Research Building
Project (Barnett Bank LOC),
3.75%, 11/18/97 2,550
2,350 County of Dade Resource Recovery Facility
Refunding Revenue Bond, Series 1996
(AMT) (AMBAC Insured), 4.00%, 10/1/97 2,350
4,950 County of Duval HFA Mortgage Revenue
VRDN, Series 1996-3A (AMT), Clipper
Trust Certificate, 4.28%, 10/7/97 4,950
1,300 County of Highlands Health Facilities
VRDN, Series 1996 A, Adventist Health
System, 4.10%, 10/7/97 1,300
5,200 County of Orange HFA Series 1987 A
(Colld. by GNMA Securities),
4.18%, 10/7/97 5,200
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
FLORIDA - 6.4% (CONT'D.)
Florida State Board of Education Capital
Outlay VRDN
$ 8,860 Series BTP-52 ADP Class B,
4.25%, 10/7/97 $ 8,860
6,595 Series BTP-233, 3.80%, 12/8/97 6,595
13,000 Florida State Board of Education
G.O. Bond, Series 1989 A, Eagle Trust,
3.70%, 12/1/97 13,000
1,400 Florida State Board of Education VRDN,
Series 1994 E, Eagle Trust, 4.23%, 10/7/97 1,400
7,585 State of Florida Department of
Environmental Protection VRDN,
Series 1994 A BTP-64 (MBIA Insured),
4.25%, 10/7/97 7,585
18,600 Sunshine State Government Finance
Commission, Series 1986 (Union Bank
of Switzerland LOC), 3.60%, 11/19/97 18,600
------------
90,290
------------
GEORGIA - 2.5%
3,000 City of Savannah Economic Development
Authority, Series 1997 (AMT), Kaolin
Terminals Project (NationsBank LOC),
4.25%, 10/7/97 3,000
5,300 County of Clayton IDA IDR (AMT),
Blue Circle Aggregates, Inc. Project
(Denmark Danske Bank LOC),
4.25%, 10/7/97 5,300
3,000 County of Clayton Housing Authority
Revenue (AMT), Williamsburg South
Apartments Project (PNC Bank LOC),
4.20%, 10/7/97 3,000
5,200 County of DeKalb Housing Authority
Revenue VRDN, Series 1995 (AMT), Cedar
Creek Apartment Project (General Electric
Capital Corp. LOC), 4.25%, 10/7/97<F1> 5,200
1,400 County of Elbvert Development Authority
IDR VRDN, Series 1992, Allied-Signal
Project (FMC Corp. Gtd.), 4.20%, 10/7/97 1,400
2,500 County of Floyd IDA (AMT), Marglens
Industries, Inc. Project (SunTrust Banks,
Inc. LOC), 4.25%, 10/7/97 2,500
2,000 County of Fulton Development Authority,
General Motors Corp. Project,
4.15%, 10/7/97 2,000
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
GEORGIA - 2.5% (CONT'D.)
$4,150 County of Henry Development Authority,
Series 1997 (AMT), Atlas Roofing Corp.
Project (SunTrust Banks, Inc. LOC),
4.25%, 10/7/97 $ 4,150
Georgia HFA Conventional Mortgage TOB
(AMT), Various Programs
3,900 Series C, 3.80%, 12/1/97 3,900
1,575 Series D, 3.80%, 12/1/97 1,575
3,000 Georgia Municipal Gas Authority,
Series B, Gas Portfolio II Project (Morgan
Guaranty Trust Co. LOC), 4.15%, 10/7/97 3,000
------------
35,025
------------
ILLINOIS - 9.4%
7,000 City of Bolingbrook Multifamily Housing,
Series 1997 A (AMT), Amberton Apartments
Project (LaSalle National Bank LOC),
4.25%, 10/7/97 7,000
3,000 City of Chicago Board of Education FRN,
School Reform Equipment Acquisition,
4.10%, 12/1/97 3,002
2,700 City of Chicago IDR, Series B (AMT),
Guernsey Bel, Inc. Project (Harris Trust
& Savings Bank LOC), 4.20%, 10/7/97 2,700
4,500 City of Chicago Midway Airport
Revenue VRDN, Series 1995 (AMT),
American Trans Air, Inc. Project (National
Bank of Detroit LOC), 4.25%, 10/7/97 4,500
2,500 City of Chicago O'Hare International
Airport Revenue VRDN, Series 1988 A
(AMT) (Bayerische Landesbank LOC),
4.20%, 10/7/97 2,500
1,855 City of Des Plaines IDR VRDN,
Series 1996 (AMT), Finzer Roller, Inc. Project
(Harris Trust & Savings Bank LOC),
4.20%, 10/7/97 1,855
3,950 City of Frankfort IDR, Series 1996 (AMT),
Bimba Manufacturing Co. Project
(Harris Trust & Savings Bank LOC),
4.20%, 10/7/97 3,950
1,195 City of Joliet G.O. Bond, 4.00%, 1/1/98 1,196
2,500 City of Romeoville IDR VRDN,
Series 1997 (AMT), Metropolitan Industries,
Inc. Project (Harris Trust & Savings Bank
LOC), 4.20%, 10/7/97 2,500
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
ILLINOIS - 9.4% (CONT'D.)
$ 6,000 City of Savanna IDR VRDN, Series 1994
(AMT), Metform Corp. Project (First
National Bank of Chicago LOC),
4.15%, 10/7/97 $ 6,000
1,755 Illinois Development Finance Authority
IDR VRDN (AMT), Bimba Manufacturing
Co. Project (Harris Trust & Savings Bank
LOC), 4.20%, 10/7/97 1,755
3,950 Illinois Development Finance Authority
IDR VRDN, Enterprise Office Campus
(FNMA LOC), 3.90%, 12/1/97 3,950
2,400 Illinois Development Finance Authority
IDR VRDN, Series 1997 A (AMT), Randall
Metals Corp. Project (LaSalle National
Bank LOC), 4.35%, 10/7/97 2,400
1,400 Illinois Development Finance Authority
VRDN, Series 1990 (AMT), Solar Press, Inc.
Project (First National Bank of Chicago
LOC), 4.15%, 10/7/97 1,400
1,700 Illinois Development Finance Authority
VRDN, WBEZ Alliance, Inc. Project
(LaSalle National Bank LOC),
4.05%, 10/7/97 1,700
2,500 Illinois Educational Facilities Authority
VRDN, Series 1996, The Art Institute of
Chicago Project, 4.10%, 10/7/97 2,500
7,000 Illinois Health Facilities Authority VRDN,
Series 1985 B, Evanston Hospital Corp.
Project (First National Bank of Chicago
LOC), 3.75%, 1/31/98 7,000
5,285 Illinois Health Facilities Authority VRDN,
Series 1997, Glenkirk Project (Harris Trust
& Savings Bank LOC), 4.10%, 10/7/97 5,285
Illinois Housing Development Authority
Homeowner Mortgage (AMT)
10,300 Series 1996 F-2, 3.70%, 12/18/97 10,300
15,000 Series 1997 B-2, 4.15%, 7/7/98 15,000
Illinois Housing Development Authority
Residential Mortgage Program (AMT)
5,320 Series 1987-C, 3.75%, 2/1/98 5,320
2,100 Series 1987-D, 3.85%, 2/1/98 2,100
1,795 Series 1987-E, 3.75%, 2/1/98 1,795
15,806 Illinois Metropolitan Pier and Exposition
Authority Dedicated Sales Tax Revenue,
Series BTP-230-A, 3.82%, 1/28/98 15,806
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
ILLINOIS - 9.4% (CONT'D.)
$10,000 Pooled Puttable Float Option (AMT),
Series PT6, Various State and Housing
Agencies, 4.075%, 11/1/97 $ 10,000
7,500 Village of Ladd IDR VRDN, Series 1996
(AMT), O'Neal Metals, Inc. Project
(NationsBank LOC), 4.30%, 10/7/97 7,500
3,150 Village of Niles IDR VRDN, Series 1996
(AMT), Lewis Spring and Manufacturing
Co. Project (Harris Trust & Savings Bank
LOC), 4.20%, 10/7/97 3,150
------------
132,164
------------
INDIANA - 2.9%
2,790 City of Anderson Economic Development
VRDN, Series 1996 (AMT), Gateway Village
Project (FHLB LOC), 4.25%, 10/7/97 2,790
1,500 City of Greencastle IDR VRDN, Series 1996
(AMT), Crown Equipment Corp. Project
(Mellon Bank LOC), 4.25%, 10/7/97 1,500
2,640 City of Hammond Economic Development
VRDN, Series 1996 A (AMT), Annex at
Douglas Point Project (FHLB LOC),
4.25%, 10/7/97 2,640
60,000 City of Indianapolis Local Public
Improvement Revenue Bond, Series D,
Capital Appreciation, Prerefunded,
0.00%, 2/1/98 11,325
4,000 City of Rushville Economic Development
VRDN (AMT), Fujitsu Ten Corp. of America
Project, 4.20%, 10/7/97 4,000
3,100 City of Shelbyville Economic Development
VRDN, Series DTC 2794 (AMT),
Nippisun Indiana Corp. Project
(Industrial Bank of Japan LOC),
4.70%, 10/7/97 3,100
2,000 County of Jasper PCR, Series 1988D,
Northern Indiana Public Service Project,
3.70%, 12/12/97 2,000
5,655 County of Sullivan PCR,
Series L5, National Rural Hoosier,
3.65%, 11/20/97 5,655
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
INDIANA - 2.9% (CONT'D.)
Indiana Development Finance Authority
IDR VRDN (AMT), Red Gold, Inc. Project
(Harris Trust & Savings Bank LOC)
$3,900 Series 1994 A, 4.20%, 10/7/97 $ 3,900
3,200 Series 1994 B, 4.20%, 10/7/97 3,200
------------
40,110
------------
IOWA - 0.1%
Iowa Finance Authority Waste Disposal
Revenue VRDN (AMT), Cedar River Paper Co.
Project (Swiss Bank Corp. LOC)
700 Series 1995 A, 4.10%, 10/1/97 700
1,100 Series 1997 A, 4.10%, 10/1/97 1,100
------------
1,800
------------
KANSAS - 0.6%
7,000 City of Topeka Temporary Notes,
Series A, 4.00%, 7/15/98 7,005
1,500 County of Johnson G.O. School District
No. 512, Series B, Shawnee Mission
Project, 6.75%, 10/1/97 1,500
------------
8,505
------------
KENTUCKY - 5.0%
1,000 City of Greenville IDR VRDN,
Wetterau, Inc. Project, 4.10%, 10/7/97 1,000
1,000 City of Hopkinsville Industrial Building
VRDN, Series A (AMT), CoPar, Inc. Project
(Dai-Ichi Kangyo Bank LOC),
4.50%, 10/7/97 1,000
2,000 City of Mayfield Lease Revenue VRDN,
Series 1996, Kentucky League of Cities
Pooled Project (PNC Bank LOC),
4.20%, 10/7/97 2,000
Counties of Louisville and Jefferson VRDN
(AMT), Regional Airport Authority System
7,000 Series 1997 A-1, 4.20%, 10/7/97 7,000
5,000 Series 1997 AA-1, 4.20%, 10/7/97 5,000
3,951 County of Carroll Solid Waste Disposal
Revenue VRDN (AMT), North American
Stainless Project (Banco Bilbao Vizcaya LOC),
4.25%, 10/7/97 3,951
3,265 County of Clark Industrial Building IDR
VRDN, Series 1996 (AMT), Bluegrass Art
Cast Project (Bank One LOC),
4.25%, 10/7/97 3,265
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
KENTUCKY - 5.0% (CONT'D.)
$ 5,000 County of Clark PCR, Series J-2,
East Kentucky Power Project,
3.75%, 10/15/97 $ 5,000
County of Daviess Waste Disposal Facility
IDR VRDN (AMT), Scott Paper Co. Project
(Kimberly-Clark Corp. Gtd.)
3,400 Series 1993 A, 3.95%, 10/1/97 3,400
10,800 Series 1993 B, 3.95%, 10/1/97 10,800
8,500 Series 1994 A, 3.95%, 10/1/97 8,500
10,000 Kentucky Interlocal School Transportation
Association TRAN, 4.09%, 6/30/98 10,002
9,500 Kentucky Rural Water Finance Corp. Notes,
Series 1996, Public Construction Project,
4.375%, 4/1/98 9,524
------------
70,442
------------
LOUISIANA - 1.8%
2,200 Ascension Parish VRDN, Series 1995
(AMT), BASF Corp. Project, 4.10%, 10/1/97 2,200
Louisiana HFA Mortgage Revenue Bond (AMT)
(Colld. by U.S. Government Securities)
5,530 Series CR-85, 3.90%, 11/1/97 5,530
2,995 Series CR-86, 3.90%, 11/1/97 2,995
7,915 Louisiana Public Facilities Authority PCR
VRDN, Series 1992, Allied-Signal Project
(FMC Corp. Gtd.), 4.20%, 10/7/97 7,915
2,200 Parish of Caddo IDR VRDN, General Motors
Corp. Project (General Motors Corp. Gtd.),
4.15%, 10/7/97 2,200
4,000 South Louisiana Port Commission, Series
1997 (AMT), Holnam, Inc. Project,
4.20%, 10/7/97 4,000
------------
24,840
------------
MAINE - 0.4%
5,000 Maine Public Utility Finance Bank
Revenue VRDN, Series 1996 (AMT),
Maine Public Service Co. Project (Bank of
New York LOC), 4.20%, 10/7/97 5,000
------------
MARYLAND - 1.1%
3,300 City of Baltimore IDR VRDN, Series 1986,
Capital Acquisition Program (Dai-Ichi
Kangyo Bank LOC), 4.30%, 10/7/97 3,300
9,000 County of Montgomery CP BAN,
Series 1995, 3.70%, 10/7/97 9,000
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
MARYLAND - 1.1% (CONT'D.)
$ 11 Maryland State Community
Development Administration, Series
PT-12, Merrill P-Floats (Commerzbank A.G.
LOC), 4.10%, 10/1/97 $ 11
1,200 Maryland State Health and Higher
Educational Facilities Authority Revenue
VRDN (NationsBank LOC),
4.10%, 10/7/97 1,200
1,500 Maryland State IDA, Townsend Culinary,
Inc. Project (SunTrust Banks, Inc. LOC),
4.20%, 10/7/97 1,500
------------
15,011
------------
MASSACHUSETTS - 0.4%
4,030 Massachusetts State HFA VRDN, Series
1996-5A (AMT), Clipper Trust Certificate
(AMBAC Insured), 4.28%, 10/7/97 4,030
2,200 Massachusetts State HFA VRDN, Series
PA-132 (AMT), Harbor Point Project,
4.25%, 10/7/97 2,200
------------
6,230
------------
MICHIGAN - 2.6%
6,000 City of Detroit School District State School
Aid Notes, Series 1997, 4.50%, 5/1/98 6,020
3,000 County of Midland Economic Development
Corp., Series 1993 A (AMT), Dow Chemical
Corp. Project, 4.10%, 10/1/97 3,000
5,000 Michigan State Building Authority CP,
Series 1, 3.70%, 10/9/97 5,000
7,000 Michigan Strategic Fund Ltd. PCR,
ATS-Dow Chemical Co. Project,
3.60%, 11/5/97 7,000
6,900 Michigan Strategic Fund Ltd. VRDN, Series
1992 (AMT), Dow Chemical Co. Project
(Dow Chemical Gtd.), 4.00%, 10/1/97 6,900
2,330 Michigan Strategic Fund Ltd. VRDN (AMT),
Kruger Commodities, Inc. Project (Harris
Trust & Savings Bank LOC),
4.20%, 10/7/97 2,330
2,890 Michigan Strategic Fund Ltd. VRDN, Four D
Investment Co. Project (Comerica Bank
LOC), 4.25%, 10/7/97 2,890
4,000 State of Michigan TRAN, Series 1997 B,
4.50%, 7/2/98 4,019
------------
37,159
------------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
MINNESOTA - 0.2%
$ 3,060 County of Stearns Housing &
Redevelopment Authority VRDN
(AMT), Cold Spring Granite Co. Project
(First Bank LOC), 4.30%, 10/7/97 $ 3,060
------------
MISSISSIPPI - 0.7%
9,325 State of Mississippi G.O. Refunding
Bonds, Series BTP-207, 4.00%, 3/30/98 9,325
------------
MISSOURI - 3.3%
8,000 City of St. Louis TRAN, Series 1997,
4.50%, 6/30/98 8,037
7,000 County of Perry IDR VRDN, Series 1996
(AMT), T.G. (USA) Corp. Project
(Bank of Tokyo-Mitsubishi LOC),
4.20%, 10/7/97 7,000
4,000 County of St. Louis IDR, Series PA-120,
P-Floats, 4.25%, 10/7/97 4,000
1,500 Missouri Higher Education Loan Authority
VRDN (National Westminster LOC),
Series 1990 A, 4.10%, 10/7/97 1,500
10,800 Missouri Higher Education Loan Authority
VRDN, Series 1991 B (AMT)
(MBIA Insured), 4.00%, 10/7/97 10,800
6,410 Missouri Housing Development VRDN,
Series 1994 A (AMT), Merrill P-Floats
PA-116 (Colld. by U.S. Government
Securities), 4.25%, 10/7/97 6,410
8,860 Missouri State TOCR G.O. VRDN,
Series A, 4.35%, 10/7/97 8,860
------------
46,607
------------
MONTANA - 3.6%
Montana Board of Housing SFM VRDN,
Merrill P-Floats
3,920 Series 1996-A-2, PT-87, 4.25%, 10/7/97 3,920
4,000 Series 1997, PA-158, 4.25%, 10/7/97 4,000
43,100 Montana Board of Investment Resources
Recovery Revenue VRDN (AMT), Colstrip
Energy L.P. Project (Credit Locale de
France LOC), 4.10%, 10/7/97 43,100
------------
51,020
------------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
NEBRASKA - 0.5%
$4,000 Nebraska Investment Finance Authority
IDA IDR VRDN, Series 1989 (AMT),
Fremont Beef Project (Sanwa Bank LOC),
4.50%, 10/7/97 $ 4,000
2,835 Nebraska Investment Finance Authority
GNMA Mortgage SFM Revenue TOB,
Series B, 3.80%, 1/15/98 2,835
------------
6,835
------------
NEW YORK - 2.2%
City of New York Municipal Water
Finance Authority VRDN
6,300 Series A1, 4.13%, 10/7/97 6,300
9,345 Series A2, 4.13%, 10/7/97 9,345
Marine Midland Premium Loan Trust
VRDN COP (Hong Kong and Shanghai
Banking Corp. LOC)<F1>
7,300 Series 1991 A, 4.10%, 10/7/97 7,300
271 Series 1991 B, 4.20%, 10/7/97 271
5,800 New York State Environmental Facilities
Corp. PCR VRDN, Series No. 94302,
Eagle Trust-Weekly (CGIC Insured),
4.18%, 10/7/97 5,800
2,565 Pooled VRDN, P-Floats, Series PPT2,
3.75%, 10/7/97 2,565
------------
31,581
------------
NORTH CAROLINA - 2.2%
5,900 Capital Regional Airport Commission
Passenger Facility Charge Revenue VRDN
(AMT) (First Union National Bank of
Charlotte LOC), 4.25%, 10/7/97 5,900
2,500 County of Brunswick PCR IDR VRDN,
Series 1996 (AMT), Armada Project
(NationsBank LOC), 4.25%, 10/7/97 2,500
8,900 County of Catawba PCR IDR, Series 1996
(AMT), Hooker Furniture Corp. Project
(NationsBank LOC), 4.25%, 10/7/97 8,900
2,500 County of Mecklenburg PCR IDR VRDN,
Series 1996 (AMT), SteriGenics
International Project (Comerica Bank
LOC), 4.10%, 10/7/97 2,500
6,300 North Carolina Medical Care Community
Hospital Revenue, ACES-Pooled Equipment
Financing Project (MBIA Insured),
3.85%, 10/7/97 6,300
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
NORTH CAROLINA - 2.2% (CONT'D.)
$ 800 North Carolina Medical Care Community
VRDN, Series 1998, Park Ridge Hospital
Project (NationsBank LOC),
4.10%, 10/7/97 $ 800
3,900 North Carolina State Ports Authority
VRDN, Series 1996 (AMT), Morehead
City Terminals, Inc. (NationsBank LOC),
4.25%, 10/7/97 3,900
------------
30,800
------------
NORTH DAKOTA - 0.5%
2,100 County of Mercer Solid Waste Disposal
Revenue (AMT), National Rural Utilities-
United Power Project, 3.80%, 12/1/97 2,100
5,000 North Dakota HFA Revenue, Series 1996 E
(AMT), Home Mortgage Program
(Bayerische Landesbank Gtd.),
4.45%, 4/2/98 5,012
------------
7,112
------------
OHIO - 2.5%
2,500 County of Union IDR VRDN (AMT),
Union Aggregates Co. Project
(PNC Bank LOC), 4.25%, 10/7/97 2,500
6,825 Dublin Inn Tax-Exempt Mortgage IDR
Adjustable Rate Certificate, Series 1987
(Huntington National Bank LOC),
4.57%, 4/2/98 6,825
4,000 State of Ohio Air Quality Development
Authority, Series A, Pollution Control-
Duquesne (Union Bank of Switzerland
LOC), 3.95%, 7/10/98 4,000
5,355 State of Ohio HFA VRDN, Series 1989 A
(AMT), 4.35%, 10/7/97 5,355
1,940 State of Ohio Higher Education Facility
Revenue TOB, Series BTP-29 ADP, Class B
(MBIA Insured), 4.12%, 10/7/97<F2> 1,940
5,875 State of Ohio Infrastructure Improvement
VRDN, Series 1994, BTP-170,
3.80%, 1/15/98 5,875
8,910 State of Ohio Public Facilities Commission
Series 2A BTP-237, Higher Education
Facilities Project, 4.15%, 11/1/97 8,910
------------
35,405
------------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
OKLAHOMA - 1.9%
$ 1,400 City of Muskogee Industrial PCR Trust,
Series 1997 A, Oklahoma Gas & Electric
Co. Project, 4.20%, 10/7/97 $ 1,400
7,245 City of Tulsa Airport Improvement
VRDN, Series B-1 (AMT), 4.23%, 10/7/97 7,245
7,820 Oklahoma Housing Finance Agency SFM
Revenue, Series PT-78 (AMT), P-Floats,
3.90%, 10/7/97 7,820
10,695 Oklahoma Water Resources Board,
Series 1994 A, State Loan Program,
(Swiss Bank Corp. Gtd.), 3.75%, 3/2/98 10,695
------------
27,160
------------
OREGON - 1.2%
5,000 City of Portland Multifamily Revenue
VRDN, Series 1996 (AMT), Union Station
Project - Phase B (US National Bank LOC),
4.25%, 10/7/97 5,000
1,600 City of Portland Sewer System Revenue,
Series PA-169, P-Floats, 4.15%, 10/7/97 1,600
4,820 County of Multnomah School District
G.O. Bond, Series 1996 BTP-208,
3.75%, 10/21/97 4,820
1,100 Metropolitan Service District Riedel Oregon
Compost Waste Disposal VRDN (AMT)
(US National Bank LOC), 4.30%, 10/7/97 1,100
3,900 Oregon State Economic Development
Revenue, Series 176 (AMT), Cascade Steel
Rolling Mills Project (Commerzbank A.G.
LOC), 4.15%, 10/7/97 3,900
------------
16,420
------------
PENNSYLVANIA - 8.5%
2,800 City of Philadelphia IDR,
Series 1988, Franklin Institute Project
(PNC Bank LOC), 4.10%, 10/7/97 2,800
City of Philadelphia School District TRAN
20,000 Series 1997, 4.50%, 6/30/98 20,079
5,000 Series 1997 A, 4.50%, 6/30/98 5,018
8,700 County of Allegheny IDR CP,
Series 1985, US Steel Corp. Project
(Commerzbank A.G. LOC),
3.65%, 11/7/97 8,700
3,200 County of Allegheny IDR CP,
Series 1986, US Steel Corp. Project
(Dresdner Bank A.G. LOC),
3.60%, 11/6/97 3,200
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
PENNSYLVANIA - 8.5% (CONT'D.)
$11,500 County of Montgomery IDR PCR
(Deutsche Bank A.G. LOC),
3.75%, 12/8/97 $ 11,500
13,000 County of Montgomery IDR PCR CP,
Series 1996 A, Peco Energy Co. Project
(Canadian Imperial Bank LOC),
3.80%, 10/9/97 13,000
2,250 County of Washington IDR,
Series 1996 (AMT), Accutrex Products,
Inc. Project (Mellon Bank LOC),
4.30%, 10/7/97 2,250
Delaware Valley Regional Finance
Authority Local Government Revenue
VRDN (Midland Bank PLC LOC)
2,000 Series 1985 A, 4.15%, 10/7/97 2,000
1,000 Series 1985 C, 4.15%, 10/7/97 1,000
4,000 Series 1997 A, 3.80%, 12/4/97 4,000
3,700 Pennsylvania Economic Development
Finance Authority IDR VRDN, Series
1996 A1-8 (AMT) (PNC Bank LOC),
4.25%, 10/7/97 3,700
Pennsylvania Higher Education
Assistance Agency VRDN (AMT),
Student Loan Program (SLMA LOC)
14,500 Series 1994 A, 4.10%, 10/7/97 14,500
19,500 Series 1995 A, 4.10%, 10/7/97 19,500
8,500 Series 1997 A, 4.10%, 10/7/97 8,500
------------
119,747
------------
RHODE ISLAND - 0.2%
3,000 Rhode Island Housing and Mortgage
Finance Corp., Series 22-B (AMT),
Homeownership Opportunity Project
(FGIC Insured), 3.70%, 12/2/97 3,000
------------
SOUTH CAROLINA - 0.7%
4,700 County of Cherokee IDR VRDN,
Series 1989 (AMT), Oshkosh Truck
Corp. Project (NationsBank LOC),
4.30%, 10/7/97 4,700
County of Lexington IDR VRDN,
Allied-Signal Project (FMC Corp. Gtd.)
200 Series 1992, 4.20%, 10/7/97 200
900 Series 1992 A, 4.20%, 10/7/97 900
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
SOUTH CAROLINA - 0.7% (CONT'D.)
$ 4,500 University of South Carolina Athletic
Facilities Revenue BAN, 4.00%, 2/26/98 $ 4,506
------------
10,306
------------
SOUTH DAKOTA - 1.8%
8,410 South Dakota Economic Development
Finance Authority VRDN, Series 1996
(AMT), Hastings Filters, Inc. Project
(Harris Trust & Savings Bank LOC),
4.20%, 10/7/97 8,410
South Dakota Housing Development
Authority Homeowner Mortgage VRDN
(AMT), Merrill P-Floats
2,320 Series PA-119, 4.25%, 10/7/97 2,320
14,225 Series PT-73-A, 4.15%, 10/7/97 14,225
------------
24,955
------------
TENNESSEE - 4.5%
1,200 City of Greeneville IDR VRDN, Series
1993, Pet, Inc. Project (Credit Suisse LOC),
4.10%, 10/7/97 1,200
6,000 City of Jackson Waste Facility IDR VRDN,
Series 1995 (AMT), Florida Steel Corp.
Project (NationsBank LOC), 4.25%, 10/7/97 6,000
1,000 City of Morristown IDR VRDN, Series 1997,
BOS Automotive Products, Inc. (Bayerische
Vereinsbank LOC), 4.25%, 10/7/97 1,000
5,000 Counties of Nashville and Davidson
Housing VRDN (AMT), Old Hickory Towers
Project (FHLB LOC), 4.30%, 10/7/97 5,000
1,500 County of Dickson IDR VRDN, Series
1996 (AMT), Tennessee Bun Co. LLC
Project (PNC Bank LOC), 4.25%, 10/7/97 1,500
1,400 County of Hamilton IDR VRDN, Series
1995, Tennessee Aquarium Project (Bank
of New York LOC), 4.10%, 10/7/97 1,400
4,960 County of Montgomery Public Building
Authority Adjustable Loan Pool, Series 1996
(NationsBank LOC), 4.10%, 10/7/97 4,960
2,000 County of Shelby G.O. Bond, Series 1996 B,
4.25%, 10/7/97 2,000
4,890 County of Shelby G.O. FRN, Series B BTP,
3.70%, 11/6/97 4,890
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
TENNESSEE - 4.5% (CONT'D.)
$ 1,000 County of Shelby Health and Education
Authority (AMT), Arbor Lake Project
(PNC Bank LOC), 4.25%, 10/7/97 $ 1,000
8,550 State of Tennessee G.O. TOB,
Series 1997 BTP-242, 4.20%, 10/7/97 8,550
7,500 State of Tennessee Housing Development
Agency, Series 1997-2 (AMT), Homeowner
Program, 4.00%, 6/4/98 7,500
18,200 Volunteer State Student Funding Corp.
Student Loan Revenue, Series 1988 A-2
(AMT) (Sumitomo Bank LOC),
4.15%, 10/7/97 18,200
------------
63,200
------------
TEXAS - 12.2%
1,100 Brazos River Authority, Series 1997 (AMT),
Houston Light and Power Co. Project
(AMBAC Insured), 4.10%, 10/1/97 1,100
Brazos River Harbor Navigation District
PCR VRDN, Dow Chemical Co. Project
1,500 Series 1987, 3.75%, 11/12/97 1,500
2,000 Series 1988 (AMT), 3.85%, 12/16/97 2,000
Brazos River Harbor Navigation District
VRDN (AMT), BASF Corp. Project
(BASF Corporation Gtd.)
1,000 Series 1996, 4.10%, 10/1/97 1,000
1,100 Series 1997, 4.10%, 10/1/97 1,100
1,500 Capital Industrial Development Corp. IDR,
Series 1985, W.L. Gore & Associates, Inc.
Project (Morgan Guaranty Trust LOC),
3.75%, 12/4/97 1,500
3,300 Cities of Hurst, Euless and Bedford
Independent School Districts Floating Rate
Receipts, Series SG-98, 4.20%, 10/7/97 3,300
5,000 City of Austin Combined Utility Systems
CP, Series 1997, 3.70%, 11/19/97 5,000
2,525 City of Austin Independent School District
Building VRDN, Series 1996 SG-68 (PSF of
Texas Gtd.), 4.20%, 10/7/97 2,525
3,500 City of El Paso Housing Finance Corp.
VRDN, Series 1993 (AMT), Viva Apartments
Project (General Electric Corp. LOC),
4.30%, 10/7/97 3,500
11,000 City of Fort Worth Water and Sewer System
Revenue, Series 1990 A, 3.85%, 11/13/97 11,000
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
TEXAS - 12.2% (CONT'D.)
City of Houston Water & Sewer System TOB
(MBIA Insured)
$10,000 Series A, 3.80%, 10/6/97 $10,000
3,455 Series 1992 C, BTP-54, 4.31%, 10/7/97<F2> 3,455
11,245 City of Pearland Independent School
District G.O., Series 1997 SG-106
(Soc Gen LOC), 4.20%, 10/7/97 11,245
9,880 City of San Antonio Electric and Gas
Revenue Merrill Lynch Trust Receipts,
Series 1997 SG-107, 4.20%, 10/7/97 9,880
5,000 County of Calhoun Navigation IDR VRDN
(AMT), Formosa Plastics Corp. U.S.A.
(Bank of America LOC), 4.20%, 10/7/97 5,000
6,500 County of Denton Independent School
District G.O., Series B (PSF of Texas Gtd.),
3.90%, 8/15/98 6,500
3,800 County of Harris Toll Road Unlimited
VRDN, Series 1994 A, Citicorp Eagle Trust
No. 954302, 4.23%, 10/7/97<F2> 3,800
Gulf Coast Waste Disposal Authority
VRDN (AMT), Amoco Oil Co. Project
(Amoco Oil Company Gtd.)
2,300 Series 1991, 3.80%, 4/1/98 2,300
1,800 Series 1994, 4.00%, 10/1/97 1,800
5,000 North Harris Montgomery Community
College District G.O., Series 1997
(FGIC Insured), 3.89%, 1/15/98 5,001
North Texas Higher Education Authority
VRDN (AMT), Student Loan Program
(SLMA LOC)
10,000 Series 1993 A, 4.10%, 10/7/97 10,000
5,000 Series 1996 A, 4.10%, 10/7/97 5,000
25,000 Port Development of Corpus Christi
Solid Waste Disposal, Series 1997 (AMT),
Koch Refining Co. Project, 4.35%, 10/7/97 25,000
14,450 Port Development of Corpus Christi
Union Pacific Corp. Project,
4.10%, 10/23/97 14,450
4,700 Sabine River Authority PCR VRDN,
Series 1995 C (AMT), Texas Utilities Electric
Co. Project (Union Bank of Switzerland
LOC), 4.20%, 10/1/97 4,700
1,600 Sherman Independent School District
G.O., Series 1985 A, 4.20%, 10/7/97 1,600
5,000 State of Texas TRAN, Series 1997 A,
4.75%, 8/31/98 5,040
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
TEXAS - 12.2% (CONT'D.)
$ 6,545 Texas Department of Housing and
Community Affairs SFM, Series PA-128
(AMT), Merrill P-Floats,
4.25%, 10/7/97 $ 6,545
6,580 Texas Veterans Housing Program VRDN,
Series 1994 D PT-83 (AMT), Merrill
P-Floats, 3.85%, 10/7/97 6,580
------------
171,421
------------
UTAH - 2.2%
31,200 Utah State Board of Regents VRDN, Series
1996 Q (AMT), Student Loan Program
(AMBAC Insured), 4.10%, 10/7/97 31,200
------------
VIRGINIA - 1.6%
3,200 City of Norfolk G.O. VRDN, Eagle Trust
No. 944601, 4.23%, 10/7/97<F1> 3,200
1,500 County of Bedford IDR, Nekoosa Packaging
Project (Canadian Imperial Bank LOC),
4.20%, 10/7/97 1,500
2,100 County of Botetourt IDR VRDN (AMT),
Valley Forge Company Project (Harris
Trust & Savings Bank LOC),
4.20%, 10/7/97 2,100
2,000 County of Charles Solid Waste Disposal
Facility IDR (AMT), Chambers Development,
Inc. Project (Morgan Guaranty LOC),
4.05%, 10/7/97 2,000
9,500 County of Grant Waste Disposal, Series
1996 (AMT), Virginia Electric Power Co.
Project, 3.85%, 10/30/97 9,500
3,900 State of Virginia G.O. VRDN, Series 1994,
Citicorp Eagle Trust No. 954601,
4.23%, 10/7/97<F2> 3,900
------------
22,200
------------
WASHINGTON - 1.2%
3,000 City of Grandview Public Corp. IDR, Series
1989 (AMT), Shonan USA Project (Bank
of America LOC), 4.20%, 10/7/97 3,000
2,000 City of Kent Economic Development Corp.
IDR VRDN, Associated Grocers Project
(Seattle-First National Bank LOC),
4.50%, 10/30/97 2,000
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
WASHINGTON - 1.2% (CONT'D.)
$12,520 Washington Public Power Supply System
Revenue, Series 1990 B, Nuclear Project
No. 2, Prerefunded, 3.80%, 1/14/98 $12,520
------------
17,520
------------
WEST VIRGINIA - 0.4%
3,000 County of Marion Waste Disposal IDR
VRDN, Series 1990 B (AMT), Granttown
Project (National Westminster Bank LOC),
4.15%, 10/7/97 3,000
2,000 County of Ritchie IDR VRDN (AMT),
Simonton Building Products, Inc. Project
(PNC Bank LOC), 4.25%, 10/7/97 2,000
------------
5,000
------------
WISCONSIN - 4.6%
3,165 City of Elkhorn Area School District
BAN, 4.25%, 4/1/98 3,169
1,100 City of Franklin Public School District
BAN, 4.35%, 4/1/98 1,102
4,435 City of Kaukauna Area School District
BAN, 4.35%, 2/26/98 4,439
3,905 City of Milwaukee G.O. Bond, Series B7,
4.00%, 2/15/98 3,910
9,000 City of Milwaukee RAN, Series A,
4.25%, 2/19/98 9,021
3,300 City of Milwaukee Redevelopment VRDN,
Series 1996 (AMT), Starline Manufacturing,
Inc. (Harris Trust & Savings Bank LOC),
4.20%, 10/7/97 3,300
4,290 City of Pewaukee IDR VRDN, Series 1992
(AMT), HUSCO International, Inc. Project
(Bank One LOC), 4.15%, 10/7/97 4,290
8,210 State of Wisconsin G.O. Bond,
Series 1996 A, 3.75%, 10/21/97 8,210
1,900 Wisconsin Health and Education Revenue
Bond, Series 1994 A, Sinai Samaritan
Medical Center Project (M&I Bank LOC),
4.15%, 10/7/97 1,900
3,645 Wisconsin Health and Education Revenue
Bond, Series 1997, Froedtert Memorial
Lutheran Hospital Trust, 4.15%, 10/7/97 3,645
5,000 Wisconsin Housing and Economic
Development Authority Revenue Floating
Rate Trust Receipts, Series 1997-18 (AMT),
4.40%, 10/7/97 5,000
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
MUNICIPAL MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
WISCONSIN - 4.6% (CONT'D.)
Wisconsin Housing and Economic
Development Authority Revenue VRDN,
Home Ownership Revenue Program
$ 3,875 Series 1991 A, 3.85%, 3/1/98 $ 3,875
13,305 Series 1991 B (AMT), 3.85%, 3/1/98 13,305
------------
65,166
------------
Total Municipal Investments
(cost $1,404,367) 1,404,367
------------
NUMBER
OF SHARES
(000S)
- ----------------------------------------------------------------------
OTHER - 0.3%
130 AIM Tax-Free Money Market Fund 130
800 Dreyfus Tax Exempt Cash Management
Fund 800
647 Federated Tax Free Trust Money Market
Fund No. 15 647
500 Federated Tax Free Trust
Money Market Fund No. 73 500
1,587 Provident Municipal Cash Fund (AMT) 1,587
339 Provident Municipal Fund 339
------------
Total Other
(cost $4,003) 4,003
------------
Total Investments - 100.1%
(cost $1,408,370) 1,408,370
Liabilities less Other Assets - (0.1)% (757)
------------
NET ASSETS - 100.0% $ 1,407,613
============
<F1> 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, 1997, the value of
these securities amounted to approximately $15,971,000 or 1.1% of net
assets.
<F2> Securities exempt from registration under Rule 144A of the Securities
Exchange Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At
September 30, 1997, the value of these securities amounted to
approximately $13,095,000 or 0.9% of net assets.
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
U.S. GOVERNMENT SELECT MONEY MARKET FUND
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES - 97.3%
FEDERAL FARM CREDIT BANK - 5.3%
FFCB Discount Notes
$ 3,700 5.69%, 10/1/97 $ 3,700
7,500 5.75%, 7/1/98 7,492
------------
11,192
------------
FEDERAL HOME LOAN BANK - 83.7%
FHLB Discount Notes
21,600 5.42%, 10/1/97 21,600
25,000 5.90%, 10/1/97 25,000
83,585 6.00%, 10/1/97 83,585
10,000 5.60%, 10/27/97 9,960
16,000 5.39%, 11/7/97 15,911
2,000 5.595%, 11/13/97 1,987
10,000 5.395%, 11/19/97 9,927
FHLB Bonds
4,000 5.96%, 6/9/98 3,999
5,000 5.715%, 7/21/98 4,999
------------
176,968
------------
SLM HOLDING CORP. - 8.3%
SLMA MTN
1,500 5.535%, 2/25/98 1,500
3,000 5.86%, 6/10/98 2,998
3,000 5.60%, 8/11/98 2,993
4,000 5.79%, 9/16/98 3,997
6,000 5.82%, 9/16/98 6,003
------------
17,491
------------
Total U.S. Government Agencies
(cost $205,651) 205,651
------------
NUMBER
OF SHARES VALUE
(000S) (000S)
- ----------------------------------------------------------------------
OTHER - 0.1%
274 Dreyfus Prime Money Market Fund
(cost $274) $ 274
------------
Total Investments - 97.4%
(cost $205,925) 205,925
Other Assets less Liabilities - 2.6% 5,602
------------
NET ASSETS - 100.0% $211,527
============
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
CALIFORNIA MUNICIPAL MONEY MARKET FUND
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
MUNICIPAL INVESTMENTS - 101.0%
CALIFORNIA - 96.9%
$ 2,975 City and County of San Francisco
Variable Rate Certificates, Series C-6,
4.13%, 10/7/97 $ 2,975
City of Chula Vista IDR, San Diego
Gas & Electric Company
1,050 Series 1996 A, 4.15%, 10/1/97 1,050
10,000 Series 1997 B, 3.90%, 10/1/97 10,000
1,300 City of Irvine Limited Obligation
Improvement Assessment Bond
District 94-15, 3.70%, 10/1/97 1,300
2,050 City of Irvine Special Assessment Bond,
Series A (Kredietbank N.V. LOC),
3.65%, 10/7/97 2,050
2,500 City of Los Angeles Community
Redevelopment Agency Tender Option
Certificates, Series BTP-129,
4.18%, 10/7/97 2,500
1,025 City of Los Angeles Convention and
Exhibition Center VRDN, Merrill P-Floats
PA-88 (MBIA Insured), 3.95%, 10/7/97 1,025
1,700 City of Los Angeles Housing Refunding
Bond, Series 1995 D (AMT), Coral Wood
Court Project, 4.15%, 10/7/97 1,700
2,500 City of Los Angeles Housing Revenue
Bond, Clipper Trust Certificates,
Series 1996-6A, 3.80%, 12/8/97 2,500
3,955 City of San Diego Public Facility Water
and Sewer VRDN, Merrill Soc Gen Muni
Trust, Series SG-14 (AMBAC Insured),
4.10%, 10/7/97 3,955
4,830 City of San Marcos Public Facility Authority
Revenue Bond, Series BTP-188, Civic
Center Project, 3.90%, 3/30/98 4,830
300 City of Tustin District 95-2 Improvement
VRDN, Series A (Kredietbank N.V. LOC),
3.65%, 10/1/97 300
13,685 County of Contra Costa Home Mortgage
Revenue Variable Rate Certificate,
Series 1997 C, 4.18%, 10/7/97 13,685
4,000 County of Irvine Ranch Consolidated
Water District VRDN, Series 1993 B, Districts
2, 102, 103, 106, 3(203) & 206 (Morgan
Guaranty Trust Co. LOC), 3.75%, 10/1/97 4,000
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
CALIFORNIA - 96.9% (CONT'D.)
$1,500 County of Irvine Ranch Consolidated Water
District Improvement G.O. Bond, Districts
105, 140, 240 & 250, Series 95,
3.65%, 10/1/97 $1,500
1,400 County of Irvine Ranch Consolidated Water
District VRDN, Districts 105, 140, 240 & 250
(Commerzbank LOC), 3.65%, 10/1/97 1,400
2,500 County of Irvine Ranch Consolidated Water
District VRDN, Series 1985, 3.65%, 10/1/97 2,500
3,900 County of Los Angeles Municipal Trust
Receipts, Soc Gen Trust SGB-2, Union
Station Project, 4.15%, 10/7/97 3,900
5,000 County of Los Angeles TRAN,
4.50%, 6/30/98 5,023
9,000 County of Orange Apartment Development
Authority VRDN, Series 1992 B, Aliso
Creek Project, 4.20%, 10/7/97 9,000
1,900 County of Orange Apartment Development
Authority VRDN, Series 1988 A, Vista Verde
Apartments (Wells Fargo Bank LOC),
4.10%, 10/7/97 1,900
8,240 County of Orange Sanitation Districts COP,
Districts 1-3, 5-7, 11, 13 & 14 (National
Westminster LOC), 3.65%, 10/1/97 8,240
900 County of Riverside Ambergate Multifamily
Housing Revenue, Series 1992 A,
4.15%, 10/7/97 900
2,000 County of Riverside TRAN, Series A,
4.50%, 6/30/98 2,008
County of Riverside Transportation Sales
Commission Tax Revenue Bond
4,100 3.65%, 10/6/97 4,100
5,000 3.80%, 10/6/97 5,000
County of Sacramento Multifamily Housing
VRDN (Dai-Ichi Kangyo Bank LOC)
1,400 Series 1985 A, 4.10%, 10/7/97 1,400
900 Series 1985 C, 4.10%, 10/7/97 900
2,575 Series 1985 E, 4.10%, 10/7/97 2,575
4,100 County of Sacramento Yolo Port District
VRDN, Series 1997 A (AMT), Free Trade
Zone Project, 4.00%, 10/7/97 4,100
3,000 County of San Luis Obispo TRAN,
4.50%, 7/8/98 3,014
1,400 County of Santa Ana Health Facility
Revenue Bond, Town & County Manor
Project, 3.80%, 10/1/97 1,400
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
CALIFORNIA MUNICIPAL MONEY MARKET FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
CALIFORNIA - 96.9% (CONT'D.)
$ 845 County of Santa Clara Housing Authority
Multifamily VRDN, Series A, Avenida
Espana Gardens (Union Bank LOC),
3.75%, 10/7/97 $ 845
2,900 Eagle Tax Exempt Trust Certificates,
Series 1997A-C05Q2, Optional Put
(MBIA Insured), 3.65%, 11/1/97 2,900
3,400 Foothill/Eastern Transportation Corridor
Agency Toll Road Revenue Bonds,
Series 1995-B, 3.85%, 10/7/97 3,400
5,200 Metro Water District of Southern California
CP, Series B, 3.45%, 10/22/97 5,200
2,500 Moreno Valley Unified School District
TRAN, 4.50%, 6/30/98 2,511
1,650 Oxnard School District TRAN,
4.50%, 8/13/98 1,658
4,250 Paramount Housing Authority Multifamily
VRDN, Series 1989 A, Century Place
(Heller Financial, Inc. LOC),
4.29%, 10/7/97 4,250
2,260 Pleasant Hill Redevelopment Agency
Housing Revenue VRDN, Series
1996 A, Chateau III Project
(Commerzbank A.G. LOC), 4.15%, 10/7/97 2,260
5,000 State Community College Finance
Authority, Series A, 4.50%, 6/30/98 5,025
600 State Community Development Authority
Revenue Refunding Bond, Series 1995A-1,
3.90%, 10/7/97 600
7,455 State Department of Water Resources
Water and Sewer VRDN, CVP Merrill Soc
Gen Muni Trust, Series SG-5,
4.10%, 10/7/97 7,455
3,300 State Economic Development VRDN,
Volk Enterprises Project (Harris Trust &
Savings Bank LOC), 3.90%, 10/7/97 3,300
1,500 State G.O. TOB, Series 5027C, Citibank,
4.13%, 10/7/97 1,500
8,550 State G.O. VRDN, Series 1995, Bear
Stearns/Soc Gen Trust (FSA Insured),
4.30%, 10/7/97 8,550
9,000 State G.O. VRDN, Series 1997H,
Bank of America, 4.18%, 10/7/97 9,000
1,200 State G.O. VRDN, Series 5027C,
4.13%, 10/7/97 1,200
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- -----------------------------------------------------------------------
CALIFORNIA - 96.9% (CONT'D.)
State G.O. VRDN, Series A
$4,000 3.60%, 10/29/97 $ 4,000
6,000 3.55%, 10/31/97 6,000
6,200 State G.O. VRDN TOB, Series CR-52,
Citibank (FGIC Insured), 4.13%, 10/7/97 6,200
1,180 State HFA VRDN, Merrill P-Floats PT-14,
3.95%, 10/7/97 1,180
2,060 State HFA VRDN, Merrill P-Floats PT-40D,
Series 1991 G, 4.05%, 10/7/97 2,060
760 State HFA VRDN, Merrill P-Floats PT-56,
Series 1995 B, 4.05%, 10/7/97 760
State PCR, Southern California Edison
2,300 Series B, 3.85%, 10/1/97 2,300
1,000 Series C, 3.85%, 10/1/97 1,000
1,000 Statewide Community Development
Authority COP, Sutter Health Obligation
Group (AMBAC Insured), 3.65%, 10/1/97 1,000
5,800 State Pollution Finance Authority PCR,
Series F, Pacific Gas & Electric Co.,
3.80%, 10/1/97 5,800
7,000 State RAN Lehman Brothers Trust Receipts,
Series 1997 FR/RI-23, 4.00%, 10/1/97 7,000
6,400 State TRAN, Series 1997-8,
4.50%, 6/30/98 6,430
4,290 University of California Regents VRDN,
Merrill Soc Gen Muni Trust, Series C-SG24
(AMBAC Insured), 4.10%, 10/7/97 4,290
5,000 University of California Regents VRDN,
Series D, Multiple Purpose Projects,
4.15%, 10/7/97 5,000
------------
223,404
------------
PUERTO RICO - 4.1%
3,300 Puerto Rico Government Development
Bank, 3.65%, 10/7/97 3,300
6,240 Puerto Rico Industrial Medical and
Environmental PCR, Merck & Co., Inc.,
Series 1983 A, 4.00%, 12/1/97 6,240
------------
9,540
------------
Total Municipal Investments
(cost $232,944) 232,944
------------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
CALIFORNIA MUNICIPAL MONEY MARKET FUND (continued)
NUMBER
OF SHARES VALUE
(000S) (000S)
- ----------------------------------------------------------------------
OTHER - 0.8%
268 Federated Tax Exempt Money Market
Fund No. 80 $ 268
1,664 Provident Institutional California
Money Fund 1,664
------------
Total Other
(cost $1,932) 1,932
------------
Total Investments - 101.8%
(cost $234,876) 234,876
Liabilities less Other Assets - (1.8)% (4,182)
------------
NET ASSETS - 100.0% $230,694
============
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES SEPTEMBER 30, 1997 (UNAUDITED)
FIXED INCOME FUNDS
FLORIDA
U.S. FIXED INTERMEDIATE INTERMEDIATE
AMOUNTS IN THOUSANDS GOV'T. INCOME TAX-EXEMPT TAX-EXEMPT
EXCEPT PER SHARE DATA FUND FUND FUND FUND
- --------------------- ---- ---- ---- ----
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value (cost $200,544,
$140,921, $272,865, $18,955, $139,480,
$14,453 and $15,142, respectively) $202,564 $144,840 $280,096 $19,464
Cash and foreign currencies 8 8 2 1
Income receivable 1,936 1,699 3,969 345
Receivable for securities sold - - 6,152 -
Receivable for fund shares sold 519 722 206 27
Receivable from Adviser 2 2 3 1
Deferred organization costs, net of
accumulated amortization 21 17 34 -
Prepaid and other assets 10 14 30 9
- -------------------------------------------------------------------------------------------------------------------------------
Total Assets 205,060 147,302 290,492 19,847
- -------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Due to custodian - - - -
Dividends payable 59 47 59 -
Payable for securities purchased - - 7,208 40
Payable for fund shares redeemed 15 13 100 5
Accrued investment advisory fees 21 15 27 2
Accrued administration fees 5 3 7 -
Accrued transfer agent fees 3 2 4 -
Accrued custody and accounting fees 1 1 2 3
Accrued registration fees and other liabilities 14 13 17 6
- -------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 118 94 7,424 56
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets $204,942 $147,208 $283,068 $19,791
===============================================================================================================================
ANALYSIS OF NET ASSETS:
Capital stock $203,004 $144,248 $275,886 $19,292
Accumulated undistributed (distributions in
excess of) net investment income (94) (100) 40 -
Accumulated undistributed net realized gains
(losses) on investments, forward foreign
currency contracts and foreign currency
transactions 12 (643) - (10)
Accumulated distributions in excess of net
realized gains - (216) (89) -
Net unrealized appreciation (depreciation)
on investments 2,020 3,919 7,231 509
Net unrealized losses on translation of assets and
liabilities denominated in foreign currencies - - - -
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets $204,942 $147,208 $283,068 $19,791
===============================================================================================================================
SHARES OUTSTANDING ($.0001 PAR VALUE,
UNLIMITED AUTHORIZATION) 20,280 14,320 27,465 1,907
NET ASSET VALUE, REDEMPTION AND
OFFERING PRICE PER SHARE $10.11 $10.28 $10.31 $10.38
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES SEPTEMBER 30, 1997 (UNAUDITED) (CONTINUED)
FIXED INCOME FUNDS
INT'L.
CALIFORNIA FIXED
AMOUNTS IN THOUSANDS, TAX-EXEMPT TAX-EXEMPT INCOME
EXCEPT PER SHARE DATA FUND FUND FUND
- ---------------------- ---- ---- ----
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost $200,544,
$140,921, $272,865, $18,955, $139,480,
$14,453 and $15,142, respectively) $146,358 $14,849 $15,025
Cash and foreign currencies - 3 42
Income receivable 2,071 162 490
Receivable for securities sold - - -
Receivable for fund shares sold 448 35 14
Receivable from Adviser 2 1 2
Deferred organization costs, net of
accumulated amortization 23 - 12
Prepaid and other assets 9 11 6
- ----------------------------------------------------------------------------------------------------------
Total Assets 148,911 15,061 15,591
- ----------------------------------------------------------------------------------------------------------
LIABILITIES:
Due to custodian 4 - -
Dividends payable 2,881 3 -
Payable for securities purchased 84 1,298 -
Payable for fund shares redeemed 35 - -
Accrued investment advisory fees 14 1 2
Accrued administration fees 4 - 1
Accrued transfer agent fees 2 - -
Accrued custody and accounting fees 2 7 2
Accrued registration fees and other liabilities 14 17 7
- ----------------------------------------------------------------------------------------------------------
Total Liabilities 3,040 1,326 12
- ----------------------------------------------------------------------------------------------------------
Net Assets $145,871 $13,735 $15,579
==========================================================================================================
ANALYSIS OF NET ASSETS:
Capital stock $138,119 $13,338 $15,405
Accumulated undistributed (distributions in
excess of) net investment income (88) - 195
Accumulated undistributed net realized gains
(losses) on investments, forward foreign
currency contracts and foreign currency
transactions 962 1 102
Accumulated distributions in excess of net
realized gains - - -
Net unrealized appreciation (depreciation)
on investments 6,878 396 (117)
Net unrealized losses on translation of assets and
liabilities denominated in foreign currencies - - (6)
- ----------------------------------------------------------------------------------------------------------
Net Assets $145,871 $13,735 $15,579
==========================================================================================================
SHARES OUTSTANDING ($.0001 PAR VALUE,
UNLIMITED AUTHORIZATION) 13,693 1,301 1,524
NET ASSET VALUE, REDEMPTION AND
Offering Price Per Share $10.65 $10.56 $10.22
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS PERIOD ENDED SEPTEMBER 30, 1997 (UNAUDITED)
FIXED INCOME FUNDS
FLORIDA INT'L.
U.S. FIXED INTERMEDIATE INTERMEDIATE CALIFORNIA FIXED
GOV'T. INCOME TAX-EXEMPT TAX-EXEMPT TAX-EXEMPT TAX-EXEMPT INCOME
AMOUNTS IN THOUSANDS FUND FUND FUND FUND FUND FUND<F1> FUND
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C> <C>
Interest income $6,029 $4,450 $ 6,548 $411 $3,838 $219 $509<F2>
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 722 489 1,033 65 532 32 74
Administration fees 144 98 207 13 106 6 12
Transfer agent fees 96 65 138 9 71 4 8
Custody and accounting fees 35 30 45 25 32 28 38
Registration fees 10 11 13 5 11 6 5
Professional fees 9 9 10 8 9 25 8
Amortization of organization costs 7 6 11 - 8 - 3
Trustees' fees and expenses 2 2 3 1 2 1 1
Other 9 6 11 1 6 2 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total Expenses 1,034 716 1,471 127 777 104 152
Less voluntary waivers of:
Investment advisory fees - - (69) (5) (36) (2) -
Administration fees (78) (54) (111) (7) (57) (4) (6)
Less: Reimbursement of expenses
by Adviser (90) (75) (120) (42) (81) (62) (52)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Expenses 866 587 1,171 73 603 36 94
- ------------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 5,163 3,863 5,377 338 3,235 183 415
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on:
Investments 306 (643) 351 (10) 962 1 94
Forward foreign currency contracts - - - - - - 12
Foreign currency transactions - - - - - - (10)
Net change in unrealized appreciation
on investments 4,041 5,932 5,993 593 4,595 396 130
Net change in unrealized gains on
translation of assets and liabilities
denominated in foreign currencies - - - - - - 6
- ------------------------------------------------------------------------------------------------------------------------------------
Net Gains on Investments 4,347 5,289 6,344 583 5,557 397 232
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $9,510 $9,152 $11,721 $921 $8,792 $580 $647
====================================================================================================================================
<FN>
<F1> Commenced investment operations on April 8, 1997.
<F2> Net of $10 in non-reclaimable foreign withholding taxes.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FIXED INCOME FUNDS
FIXED INTERMEDIATE
U.S. GOVERNMENT INCOME TAX-EXEMPT
FUND FUND FUND
--------------------- ---------------------- -----------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, SEPT. 30, MAR. 31, SEPT. 30, MAR. 31,
1997 1997 1997 1997 1997 1997
AMOUNTS IN THOUSANDS (UNAUDITED) (UNAUDITED) (UNAUDITED)
- --------------------- --------------------- ---------------------- -----------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 5,163 $ 8,540 $ 3,863 $ 6,209 $ 5,377 $ 9,847
Net realized gains (losses) on
investments, forward foreign
currency contracts and
foreign currency transactions 306 (347) (643) (226) 351 (441)
Net change in unrealized appreciation
(depreciation) on investments 4,041 (1,738) 5,932 (1,313) 5,993 (1,011)
Net change in unrealized gains (losses) on
translation of assets and liabilities
denominated in foreign currencies - - - - - -
- -----------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets
Resulting from Operations 9,510 6,455 9,152 4,670 11,721 8,395
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 31,692 51,631 35,664 42,687 37,572 71,873
Shares from reinvestment of dividends 272 1,442 512 2,244 339 2,492
Shares redeemed (13,290) (16,979) (16,701) (20,929) (25,817) (50,113)
- -----------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Capital Share
Transactions 18,674 36,094 19,475 24,002 12,094 24,252
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income (5,163) (8,500) (3,863) (6,154) (5,377) (9,864)
From net realized gains - (793) - (1,090) - (1,852)
In excess of net investment income - (50) - (96) - -
In excess of net realized gains - (347) - (227) - (440)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid (5,163) (9,690) (3,863) (7,567) (5,377) (12,156)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 23,021 32,859 24,764 21,105 18,438 20,491
NET ASSETS:
Beginning of period 181,921 149,062 122,444 101,339 264,630 244,139
- -----------------------------------------------------------------------------------------------------------------------------------
End of period $204,942 $181,921 $147,208 $122,444 $283,068 $264,630
===================================================================================================================================
ACCUMULATED UNDISTRIBUTED (DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT INCOME $(94) $(94) $(100) $(100) $40 $40
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FIXED INCOME FUNDS (CONTINUED)
FLORIDA
INTERMEDIATE
TAX-EXEMPT TAX-EXEMPT
FUND FUND
--------------------- ----------------------
SIX MONTHS PERIOD SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, SEPT. 30, MAR. 31,
1997 1997<F1> 1997 1997
AMOUNTS IN THOUSANDS (UNAUDITED) (UNAUDITED)
- --------------------- --------------------- ----------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 338 $ 245 $ 3,235 $ 5,981
Net realized gains (losses) on
investments, forward foreign
currency contracts and
foreign currency transactions (10) - 962 248
Net change in unrealized appreciation
(depreciation) on investments 593 (84) 4,595 (786)
Net change in unrealized gains (losses) on
translation of assets and liabilities
denominated in foreign currencies - - - -
- -----------------------------------------------------------------------------------------------------
Net Increase in Net Assets
Resulting from Operations 921 161 8,792 5,443
- -----------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 6,398 18,631 13,435 26,848
Shares from reinvestment of dividends 57 36 107 829
Shares redeemed (2,054) (3,776) (9,600) (14,872)
- -----------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Capital Share
Transactions 4,401 14,891 3,942 12,805
- -----------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income (338) (245) (3,235) (6,007)
From net realized gains - - - (665)
In excess of net investment income - - - (317)
In excess of net realized gains - - - -
- -----------------------------------------------------------------------------------------------------
Total Distributions Paid (338) (245) (3,235) (6,989)
- -----------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 4,984 14,807 9,499 11,259
NET ASSETS:
Beginning of period 14,807 - 136,372 125,113
- -----------------------------------------------------------------------------------------------------
End of period $19,791 $14,807 $145,871 $136,372
=====================================================================================================
ACCUMULATED UNDISTRIBUTED (DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT INCOME $ - $ - $(88) $(88)
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FIXED INCOME FUNDS (CONTINUED)
INTERNATIONAL
CALIFORNIA FIXED
TAX-EXEMPT INCOME
FUND FUND
--------- ------------------------
PERIOD SIX MONTHS YEAR
ENDED ENDED ENDED
SEPT. 30, SEPT. 30, MAR. 31,
1997<F2> 1997 1997
AMOUNTS IN THOUSANDS (UNAUDITED) (UNAUDITED)
- --------------------- ---------- -------------------------
<S> <C> <C> <C>
OPERATIONS:
Net investment income $ 183 $ 415 $ 894
Net realized gains (losses) on
investments, forward foreign
currency contracts and
foreign currency transactions 1 96 97
Net change in unrealized appreciation
(depreciation) on investments 396 130 (785)
Net change in unrealized gains (losses) on
translation of assets and liabilities
denominated in foreign currencies - 6 (9)
- -----------------------------------------------------------------------------------------------
Net Increase in Net Assets
Resulting from Operations 580 647 197
- -----------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 14,350 1,049 4,412
Shares from reinvestment of dividends 39 70 302
Shares redeemed (1,051) (2,197) (3,077)
- -----------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Capital Share
Transactions 13,338 (1,078) 1,637
- -----------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income (183) (416) (892)
From net realized gains - - (159)
In excess of net investment income - - -
In excess of net realized gains - - (22)
- -----------------------------------------------------------------------------------------------
Total Distributions Paid (183) (416) (1,073)
- -----------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 13,735 (847) 761
NET ASSETS:
Beginning of period - 16,426 15,665
- -----------------------------------------------------------------------------------------------
End of period $13,735 $15,579 $16,426
===============================================================================================
ACCUMULATED UNDISTRIBUTED (DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT INCOME $ - $195 $196
===============================================================================================
<FN>
<F1> Commenced investment operations on August 15, 1996.
<F2> Commenced investment operations on April 8, 1997.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
FIXED INCOME FUNDS
U.S. GOVERNMENT
FUND
----------------------------------------------------
SIX MONTHS YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31,
1997 1997 1996 1995
(UNAUDITED)
- ----------------------- ----------------------------------------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.88 $10.06 $ 9.84 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.27 0.51 0.51 0.50
Net realized and unrealized gains (losses)
on investments 0.23 (0.11) 0.29 (0.16)
- -----------------------------------------------------------------------------------------------------
Total Income from Investment Operations 0.50 0.40 0.80 0.34
- -----------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.27) (0.51) (0.51) (0.50)
From net realized gains - (0.05) (0.07) -
In excess of net investment income - - - -
In excess of net realized gains - (0.02) - -
- -----------------------------------------------------------------------------------------------------
Total Distributions Paid (0.27) (0.58) (0.58) (0.50)
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.11 $9.88 $10.06 $9.84
- -----------------------------------------------------------------------------------------------------
TOTAL RETURN<F2> 5.15% 3.98% 7.65% 3.49%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $204,942 $181,921 $149,062 $116,443
Ratio to average net assets of<F3>:
Expenses, net of waivers and
reimbursements 0.90% 0.90% 0.90% 0.90%
Expenses, before waivers and
reimbursements 1.08% 1.09% 1.10% 1.12%
Net investment income, net of waivers
and reimbursements 5.37% 5.19% 5.07% 5.20%
Net investment income, before waivers
and reimbursements 5.19% 5.00% 4.87% 4.98%
Portfolio Turnover Rate 13.03% 83.41% 112.00% 42.29%
- -----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (CONTINUED)
FIXED INCOME FUNDS (CONTINUED)
FIXED
INCOME
FUND
-----------------------------------------------------
SIX MONTHS YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31,
1997 1997 1996 1995
(UNAUDITED)
- ----------------------- -----------------------------------------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.86 $10.10 $ 9.78 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.30 0.57 0.58 0.62
Net realized and unrealized gains (losses)
on investments 0.42 (0.12) 0.50 (0.22)
- -----------------------------------------------------------------------------------------------------
Total Income from Investment Operations 0.72 0.45 1.08 0.40
- -----------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.30) (0.56) (0.59) (0.62)
From net realized gains - (0.10) (0.17) -
In excess of net investment income - (0.01) - -
In excess of net realized gains - (0.02) - -
- -----------------------------------------------------------------------------------------------------
Total Distributions Paid (0.30) (0.69) (0.76) (0.62)
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.28 $9.86 $10.10 $9.78
- -----------------------------------------------------------------------------------------------------
TOTAL RETURN<F2> 7.42% 4.59% 11.18% 4.16%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $147,208 $122,444 $101,339 $65,929
Ratio to average net assets of<F3>:
Expenses, net of waivers and
reimbursements 0.90% 0.90% 0.90% 0.90%
Expenses, before waivers and
reimbursements 1.10% 1.12% 1.14% 1.18%
Net investment income, net of waivers
and reimbursements 5.92% 5.69% 5.79% 6.48%
Net investment income, before waivers
and reimbursements 5.72% 5.47% 5.55% 6.20%
Portfolio Turnover Rate 22.25% 87.64% 116.22% 55.27%
- -----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (CONTINUED)
FIXED INCOME FUNDS (CONTINUED)
FLORIDA
INTERMEDIATE INTERMEDIATE
TAX-EXEMPT TAX-EXEMPT
FUND FUND
--------------------------------------------------- -----------------------
SIX MONTHS YEAR YEAR YEAR SIX MONTHS PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31, SEPT. 30, MAR. 31,
1997 1997 1996 1995 1997 1997<F1>
(UNAUDITED) (UNAUDITED)
- ----------------------- --------------------------------------------------- -----------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.07 $10.22 $10.03 $10.00 $10.03 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.20 0.40 0.41 0.40 0.20 0.24
Net realized and unrealized gains (losses)
on investments 0.24 (0.06) 0.26 0.03 0.35 0.03
- ----------------------------------------------------------------------------------------------------------------------------------
Total Income from Investment Operations 0.44 0.34 0.67 0.43 0.55 0.27
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.20) (0.40) (0.41) (0.40) (0.20) (0.24)
From net realized gains - (0.07) (0.07) - - -
In excess of net investment income - - - - - -
In excess of net realized gains - (0.02) - - - -
- ----------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid (0.20) (0.49) (0.48) (0.40) (0.20) (0.24)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.31 $10.07 $10.22 $10.03 $10.38 $10.03
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN<F2> 4.40% 3.39% 6.81% 4.38% 5.58% 2.63%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $283,068 $264,630 $244,139 $221,251 $19,791 $14,807
Ratio to average net assets of<F3>:
Expenses, net of waivers and
reimbursements 0.85% 0.85% 0.85% 0.85% 0.85% 0.85%
Expenses, before waivers and
reimbursements 1.07% 1.07% 1.08% 1.09% 1.47% 2.31%
Net investment income, net of waivers
and reimbursements 3.90% 3.90% 4.01% 4.09% 3.92% 3.84%
Net investment income, before waivers
and reimbursements 3.68% 3.68% 3.78% 3.85% 3.30% 2.38%
Portfolio Turnover Rate 21.14% 61.39% 137.85% 78.87% 11.28% 50.77%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (CONTINUED)
FIXED INCOME FUNDS (CONTINUED)
TAX-EXEMPT
FUND
-----------------------------------------------------
SIX MONTHS YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31,
1997 1997 1996 1995
(UNAUDITED)
- ------------------------ -----------------------------------------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.24 $10.35 $10.08 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.24 0.50 0.48 0.48
Net realized and unrealized gains (losses)
on investments 0.41 (0.06) 0.29 0.08
- -----------------------------------------------------------------------------------------------------
Total Income from Investment Operations 0.65 0.44 0.77 0.56
- -----------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.24) (0.47) (0.48) (0.48)
From net realized gains - (0.05) (0.02) -
In excess of net investment income - (0.03) - -
In excess of net realized gains - - - -
- -----------------------------------------------------------------------------------------------------
Total Distributions Paid (0.24) (0.55) (0.50) (0.48)
- -----------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.65 $10.24 $10.35 $10.08
- -----------------------------------------------------------------------------------------------------
TOTAL RETURN<F2> 6.49% 4.32% 7.80% 5.78%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $145,871 $136,372 $125,113 $118,690
Ratio to average net assets of<F3>:
Expenses, net of waivers and
reimbursements 0.85% 0.85% 0.85% 0.85%
Expenses, before waivers and
reimbursements 1.10% 1.10% 1.10% 1.11%
Net investment income, net of waivers
and reimbursements 4.56% 4.61% 4.62% 4.95%
Net investment income, before waivers
and reimbursements 4.31% 4.36% 4.37% 4.69%
Portfolio Turnover Rate 23.91% 8.10% 60.50% 54.94%
- -----------------------------------------------------------------------------------------------------
<FN>
<F1> Commenced investment operations on August 15, 1996.
<F2> Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a
complete redemption of the investment at net asset value at the end of the period. Total return is not annualized for periods
less than one year.
<F3> Annualized for periods less than a full year.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (CONTINUED)
FIXED INCOME FUNDS (CONTINUED)
INTERNATIONAL
CALIFORNIA FIXED
TAX-EXEMPT INCOME
FUND FUND
--------- ----------------------------------------------------
PERIOD SIX MONTHS YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
SEPT. 30, SEPT. 30, MAR. 31, MAR. 31, MAR. 31,
1997<F1> 1997 1997 1996 1995
(UNAUDITED) (UNAUDITED)
- ------------------------ --------- ----------------------------------------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.00 $10.08 $10.62 $10.64 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.20 0.27 0.56 0.78 0.58
Net realized and unrealized gains (losses)
on investments, forward foreign currency
contracts and foreign currency transactions 0.56 0.13 (0.40) (0.16) 0.64
- --------------------------------------------------------------------------------------------------------------------
Total Income from Investment Operations 0.76 0.40 0.16 0.62 1.22
- --------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.20) (0.26) (0.58) (0.62) (0.56)
From net realized gains - - (0.11) (0.02) -
In excess of net investment income - - - - (0.02)
In excess of net realized gains - - (0.01) - -
- --------------------------------------------------------------------------------------------------------------------
Total Distributions Paid (0.20) (0.26) (0.70) (0.64) (0.58)
- --------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.56 $10.22 $10.08 $10.62 $10.64
- --------------------------------------------------------------------------------------------------------------------
TOTAL RETURN<F2> 7.66% 4.06% 1.39% 5.84% 12.77%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $13,735 $15,579 $16,426 $15,665 $13,028
Ratio to average net assets of<F3>:
Expenses, net of waivers and
reimbursements 0.85% 1.15% 1.15% 1.15% 1.15%
Expenses, before waivers and
reimbursements 2.45% 1.86% 1.96% 2.00% 2.42%
Net investment income, net of waivers
and reimbursements 4.29% 5.08% 5.49% 5.75% 5.96%
Net investment income, before waivers
and reimbursements 2.69% 4.37% 4.68% 4.90% 4.69%
Portfolio Turnover Rate 16.50% 17.16% 37.76% 52.05% 43.24%
- --------------------------------------------------------------------------------------------------------------------
<FN>
<F1> Commenced investment operations on April 8, 1997.
<F2> Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a
complete redemption of the investment at net asset value at the end of the period. Total return is not annualized for periods
less than one year.
<F3> Annualized for periods less than a full year.
See Notes to the Financial Statements.
</TABLE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
U.S. GOVERNMENT FUND
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES - 27.9%
FREDDIE MAC - 9.2%
$ 8,226 Series 1033, Class F,
8.00%, 5/15/05 $ 8,311
4,000 Series 1614, Class E,
5.20%, 4/15/15 3,979
4,623 Series 1379, Class EA,
6.00%, 5/15/16 4,614
1,798 Pool #410092, 7.89%, 11/1/24 1,855
----------
18,759
----------
FANNIE MAE REMIC TRUST - 16.6%
7,530 Series 1996-M7, Class A,
6.52%, 9/17/04 7,556
1,530 Series 1991-37, Class G,
8.15%, 8/25/05 1,555
10,000 Series 1997-M5, Class C,
6.74%, 8/25/07 10,160
3,311 Series 1994-40, Class C,
5.00%, 9/25/13 3,291
139 Series 1993-203, Class PC,
4.75%, 11/25/13 139
6,551 Series 1996-M4, Class A,
7.75%, 3/17/17 6,721
4,500 Series 1992-200, Class E,
6.25%, 6/25/17 4,492
147 Series 1989-15, Class D,
10.00%, 9/25/18 150
----------
34,064
----------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 0.3%
37 Pool #69178, 7.25%, 6/15/98 38
574 10.00%, 4/15/19-2/15/21 640
----------
678
----------
TENNESSEE VALLEY AUTHORITY - 1.8%
3,700 Series B, 6.24%, 7/15/45 3,727
----------
Total U.S. Government Agencies
(cost $56,250) 57,228
----------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
U.S. GOVERNMENT
OBLIGATIONS - 60.5%
U.S. TREASURY NOTES - 56.8%
$23,000 7.75%, 1/31/00 $ 23,931
11,000 5.75%, 10/31/00 10,947
27,175 6.625%, 6/30/01 27,752
11,940 6.625%, 7/31/01 12,201
2,000 6.25%, 2/15/03 2,019
7,500 5.75%, 8/15/03 7,384
29,900 7.50%, 2/15/05 32,283
----------
116,517
----------
U.S. TREASURY BOND - 3.7%
7,000 7.125%, 2/15/23 7,547
----------
Total U.S. Government Obligations
(cost $123,022) 124,064
----------
SHORT-TERM INVESTMENT - 10.4%
21,275 FHLB Discount Note,
6.00%, 10/1/97
(cost $21,272) 21,272
----------
Total Investments - 98.8%
(cost $200,544) 202,564
Other Assets less Liabilities - 1.2% 2,378
----------
NET ASSETS - 100.0% $204,942
==========
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
FIXED INCOME FUND
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
ASSET BACKED SECURITIES - 13.1%
$ 931 ALPS Ltd., Series 1994-1 A-2,
7.15%, 9/15/04 $ 935
5,000 Banc One Credit Card Master Trust,
7.80%, 12/15/00 5,083
182 DLJ Mortgage Acceptance Corp.,
7.25%, 5/25/24 183
1,298 Delta Funding Mortgage Corp., I.O.,
Series 1991-1, Class A-4,
3.24%, 3/15/06(1)(2) 21
1,377 Olympic Automobile Receivables,
7.875%, 7/15/01 1,402
2,460 PaineWebber Mortgage Acceptance Corp.,
Series 1993-9, Class A-15,
7.00%, 10/25/23 2,433
2,148 PNC Mortgage Securities Corp.,
8.25%, 4/28/27(1) 2,211
3,500 Residential Asset Securitization Trust,
Series 1997-A8 C, Class A3,
7.00%, 10/25/27 3,511
Western Financial Grantor Trust
647 Series 1994-4, Class A-1, 7.10%, 1/1/00 650
2,786 Series 1995-4, Class A-1, 6.20%, 2/1/02 2,801
----------
Total Asset Backed Securities
(cost $19,175) 19,230
----------
CORPORATE/GOVERNMENT BONDS
AND NOTES - 31.2%
BROKERAGE SERVICES - 4.2%
Lehman Brothers Holdings, MTN
2,650 7.375%, 5/15/00 2,754
1,350 6.90%, 1/29/01 1,371
2,000 Salomon, Inc., MTN,
5.50%, 1/31/98 1,996
----------
6,121
----------
COMMUNICATIONS - 0.7%
880 New Jersey Bell Telephone Co.,
7.85%, 11/15/29 1,002
----------
FINANCIAL SERVICES - 2.9%
General Motors Acceptance Corp.
9 4.00%, 9/15/98 9
2,085 8.875%, 6/1/10 2,449
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
FINANCIAL SERVICES - 2.9% (CONT'D.)
$1,800 Greyhound Financial Corp.,
8.50%, 5/1/98 $ 1,826
----------
4,284
----------
FOREIGN GOVERNMENT BONDS - 4.9%
2,905 Nova Scotia, Province of Canada,
8.25%, 11/15/19 3,349
3,675 Quebec, Province of Canada,
7.22%, 7/22/36 3,926
----------
7,275
----------
INDUSTRIAL INSTRUMENTS - 9.6%
3,900 Grand Metropolitan Investment Corp.,
7.45%, 4/15/35 4,210
4,540 Penney (J.C.) & Co., Inc.,
6.90%, 8/15/26 4,679
5,000 WMX Technologies, Inc.,
7.10%, 8/1/26 5,210
----------
14,099
----------
INSURANCE SERVICES - 6.4%
2,900 Anthem Insurance, Inc.,
9.00%, 4/1/27(1) 3,103
2,100 Lumberman's Mutual Casualty Co.,
9.15%, 7/1/26(1) 2,384
3,750 Prudential Insurance,
8.30%, 7/1/25(1) 3,992
----------
9,479
----------
PETROLEUM PRODUCTS - 2.5%
37 Chevron Capital U.S.A.,
9.75%, 7/15/17 39
3,450 Petrozuata Finance, Inc.,
8.22%, 4/1/17(1) 3,627
----------
3,666
----------
PRINTING AND PUBLISHING - 0.0%
19 Berkshire Hathaway, Inc.,
9.75%, 1/15/18 20
----------
Total Corporate/Government Bonds
and Notes
(cost $43,960) 45,946
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
FIXED INCOME FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES - 2.4%
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.4%
FHLMC - 1.0%
$ 61 Series 1152, Class J,
8.00%, 12/15/19 $ 61
299 Series 1248, Class B,
7.00%, 3/15/22 299
810 Series 1591, Class SH,
5.45%, 9/15/22 623
440 Series 1591, Class FH,
6.75%, 9/15/22 443
----------
1,426
----------
FNMA REMIC Trusts - 1.4%
36 Series 1991-127, Class SA,
12.30%, 9/25/98 37
138 Series 1989-15, Class D,
10.00%, 9/25/18 140
1,005 Series 1993-205, Class E, P.O.,
0.00%, 9/25/23(2) 749
20,387 Series 1997-20, I.O.,
1.84%, 3/25/27(2) 1,200
----------
2,126
----------
MORTGAGE BACKED SECURITIES - 0.0%
1 FHLMC, 6.50%, 6/1/04 1
2 GNMA, 11.50%, 3/15/99 2
----------
3
----------
Total U.S. Government Agencies
(cost $3,558) 3,555
----------
U.S. GOVERNMENT OBLIGATIONS - 36.5%
U.S. TREASURY BONDS
8,675 6.625%, 7/31/01 8,865
29,610 7.50%, 2/15/05 31,970
11,895 7.125%, 2/15/23 12,824
----------
Total U.S. Government Obligations
(cost $52,389) 53,659
----------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
FLOATING RATE BANK NOTES - 6.1%
Hong Kong and Shanghai Bank
$1,600 6.84%, 2/26/98 $ 1,445
1,450 Series 2, 5.875%, 12/17/97 1,297
2,800 Lloyds Bank PLC, 6.19%, 12/15/97 2,566
4,150 National Westminster Bank,
5.875%, 11/28/97 3,722
----------
Total Floating Rate Bank Notes
(cost $8,419) 9,030
----------
SHORT-TERM INVESTMENTS - 9.1%
5,861 Banco Santander, Madrid, Spain,
6.56%, 10/1/97 5,861
7,560 FHLB Discount Note,
6.25%, 10/1/97 7,559
----------
Total Short-Term Investments
(cost $13,420) 13,420
----------
Total Investments - 98.4%
(cost $140,921) 144,840
Other Assets less Liabilities - 1.6% 2,368
----------
NET ASSETS - 100.0% $147,208
==========
<F1> 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, 1997, the value of
these securities amounted to approximately $15,338,000 or 10.4% of net
assets.
<F2> 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 variable rate interest
only stripped securities varies directly with changes in interest rates,
while the value of fixed rate interest only stripped securities and
principal only stripped securities varies inversely with changes in
interest rates. At September 30, 1997, yields on these securities ranged
from approximately 5.00% to 15.00%.
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INTERMEDIATE TAX-EXEMPT FUND
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
MUNICIPAL INVESTMENTS - 98.0%
ALABAMA - 0.2%
City of Birmingham Public Building
Authority Revenue Refunding Bond
$ 280 6.80%, 7/15/98 $ 286
310 7.00%, 1/15/00 329
----------
615
----------
ALASKA - 4.6%
Borough of North Slope G.O.
Refunding Bond, Series A (MBIA Insured)
6,250 0.00%, 6/30/99 5,809
2,000 0.00%, 6/30/00 1,775
6,400 0.00%, 6/30/01 5,423
----------
13,007
----------
ARIZONA - 4.3%
500 Arizona State University Revenue Bond,
Prerefunded, 7.10%, 7/1/01 559
5,000 City of Mesa Project of 1987
G.O. Bond (MBIA Insured),
5.70%, 7/1/08 5,306
1,500 City of Tucson IDR Bond,
Prerefunded, 6.25%, 11/15/03 1,655
2,000 County of Maricopa School District
No. 11 Peoria G.O. Bond,
5.60%, 7/1/07 2,135
2,000 State of Arizona Transportation Board
Highway Revenue Bond, Sub-Series B,
Prerefunded, 6.50%, 7/1/02 2,217
360 University of Arizona Revenue Bond,
Series A, 9.00%, 6/1/98 372
----------
12,244
----------
CALIFORNIA - 4.5%
3,100 City of Los Angeles TRAN,
4.50%, 6/30/98 3,116
2,860 County of Los Angeles COP, Correctional
Facilities Project (MBIA Insured),
Prerefunded, 6.50%, 9/1/00 3,110
530 County of Los Angeles COP, Radio
Communication Systems Project,
8.00%, 12/1/97 533
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
CALIFORNIA - 4.5% (CONT'D.)
$1,000 Foothill/Eastern Transportation
Corridor Agency Toll Road Senior
Lien Revenue, Series A,
0.00%, 1/1/05 $ 697
610 State of California Department of Water
Resources Revenue Bond, Series F,
7.10%, 12/1/99 632
State of California Public Works Board
Lease Revenue Bond, Series A,
Various University of California Projects
2,700 5.60%, 10/1/01 2,837
1,200 5.90%, 10/1/04 1,304
490 State of California Public Works Board
Lease Revenue Bond, Department of
Corrections State Prisons, Series A,
7.20%, 11/1/98 501
----------
12,730
----------
COLORADO - 4.7%
2,500 Arapahoe County School District
No. 5 Cherry Creek G.O. Refunding Bond,
Series A, 5.25%, 12/15/04 2,617
City of Denver Metropolitan Major League
Baseball Stadium District Sales
Tax Revenue Bond (FGIC Insured)
380 4.00%, 10/1/99 380
310 4.15%, 10/1/00 311
2,025 6.00%, 10/1/00 2,133
1,070 4.30%, 10/1/01 1,075
5,470 County of Jefferson School District
No. R-001 G.O. Refunding Bond
(MBIA Insured), 6.25%, 12/15/08 6,197
610 Metropolitan Wastewater Reclamation
District Gross Revenue Refunding Bond,
Series B (MBIA Insured), 6.75%, 4/1/03 682
----------
13,395
----------
DISTRICT OF COLUMBIA - 0.8%
2,000 District of Columbia G.O. Bond,
Prerefunded, 7.40%, 6/1/00 2,197
----------
FLORIDA - 11.9%
3,610 City of Orlando Utilities Commission
Water and Electric Revenue Bond,
Series A, Multi Modal, 4.25%, 10/1/01 3,635
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INTERMEDIATE TAX-EXEMPT FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
FLORIDA - 11.9% (CONT'D.)
$5,000 City of Venice Health Facilities Revenue
Bonds, Venice Hospital, Inc. Project,
Prerefunded, 6.00%, 12/1/04 $ 5,558
County of Broward School District
G.O. Bond
380 6.75%, 2/15/00 400
1,000 6.00%, 2/15/06 1,074
3,375 County of Dade Water and Sewer System
Revenue Bond (FGIC Insured),
6.25%, 10/1/06 3,806
Jacksonville Electric Authority Revenue
Refunding Bond, Series 6-C, St. John's
River Power System
1,530 6.40%, 10/1/00 1,629
1,500 6.50%, 10/1/01 1,620
3,000 6.00%, 10/1/04 3,279
State of Florida Board of Education
Capital Outlay Public Education G.O. Bond
1,750 5.50%, 1/1/03 1,848
2,000 4.70%, 1/1/09 1,981
3,195 State of Florida Dade County Road G.O.
Refunding Bond, 5.00%, 7/1/10 3,258
State of Florida Department of
Environmental Protection Revenue Bond,
PRSV 2000-A (AMBAC Insured)
2,270 5.50%, 7/1/06 2,428
3,000 5.50%, 7/1/07 3,193
----------
33,709
----------
GEORGIA - 7.3%
City of Atlanta Airport Facilities Revenue
Refunding Bond (AMBAC Insured)
1,200 5.50%, 1/1/01 1,249
3,500 6.00%, 1/1/02 3,736
2,000 Cobb-Marietta Coliseum and Exhibition
Hall Authority Revenue Bond (MBIA
Insured), Prerefunded, 6.75%, 10/1/01 2,220
County of Clarke School District
G.O. Bond (FSA Insured)
2,150 4.55%, 3/1/00 2,173
2,000 4.75%, 3/1/02 2,038
870 County of Gwinnett Water and Sewer
Authority Revenue Refunding and
Improvement Bond, Escrowed to Maturity,
8.20%, 8/1/99 934
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
GEORGIA - 7.3% (CONT'D.)
Municipal Electric Authority of Georgia
General Resolution Project Revenue
Bond (MBIA Insured)
$7,075 5.00%, 1/1/00 $ 7,212
1,000 4.50%, 1/1/02 1,025
----------
20,587
----------
ILLINOIS - 0.6%
1,000 City of Chicago Wastewater
Transmission Revenue Bond (FGIC
Insured), Prerefunded, 6.30%, 1/1/03 1,108
310 County of McLean Public Building
Commission Revenue Bond, Law and
Justice Center Project, 7.10%, 11/1/00 336
310 State of Illinois Sales Tax Revenue Bond,
Series J, 6.90%, 6/15/01 330
----------
1,774
----------
KANSAS - 0.6%
1,700 City of Kansas City G.O. Refunding
Bond, Series A (MBIA Insured),
5.20%, 9/1/06 1,775
----------
KENTUCKY - 1.5%
2,000 State of Kentucky Property and Buildings
Commission Revenue Refunding Bond,
Project No. 59, 5.00%, 11/1/01 2,054
2,000 State of Kentucky Turnpike
Authority Economic Development Road
Revenue Refunding Bond,
Revitalization Project, 5.50%, 1/1/01 2,074
----------
4,128
----------
MAINE - 0.1%
310 State of Maine G.O. Bond,
8.50%, 3/1/99 329
----------
MARYLAND - 3.5%
State of Maryland State and Local Facilities
G.O. Bond
1,500 5.00%, 10/15/00 1,541
1,650 4.30%, 7/15/03 1,653
6,840 4.125%, 2/15/04 6,738
----------
9,932
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INTERMEDIATE TAX-EXEMPT FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
MASSACHUSETTS - 10.5%
$3,000 State of Massachusetts G.O. Bond,
Series A (MBIA Insured),
4.80%, 1/1/08 $ 3,008
1,500 State of Massachusetts G.O. Bond,
Series C, 4.70%, 8/1/02 1,523
8,500 State of Massachusetts G.O.
Refunding Bond, Series A, 5.00%, 8/1/00 8,691
6,000 State of Massachusetts G.O.
Refunding Bond (FSA Insured),
5.00%, 8/1/00 6,143
3,500 State of Massachusetts Health and
Educational Facility Authority Revenue
Bond, Series D, Newton Wellesley
Hospital (MBIA Insured), Prerefunded,
6.90%, 7/1/01 3,882
1,430 State of Massachusetts Municipal
Wholesale Electric Power System Revenue,
Series B, Prerefunded, 6.75%, 7/1/02 1,604
2,500 State of Massachusetts Water Reserve
Authority General Revenue Bond,
Series A, 7.25%, 4/1/01 2,701
2,000 State of Massachusetts Water Reserve
Authority General Revenue Bond,
Series A, Prerefunded, 6.50%, 7/15/02 2,223
----------
29,775
----------
MICHIGAN - 1.3%
870 City of Lansing Limited Tax Incremental
Finance Authority G.O. Bond,
Escrowed to Maturity, 4.75%, 10/1/00 886
2,500 State of Michigan Building Authority
Revenue Refunding Bonds, Series I
(AMBAC Insured), 6.25%, 10/1/03 2,743
----------
3,629
----------
MISSISSIPPI - 1.5%
State of Mississippi G.O. Refunding Bond
2,000 Series E, 5.00%, 9/1/02 2,066
2,000 6.05%, 8/15/03 2,181
----------
4,247
----------
MISSOURI - 0.3%
650 State of Missouri Health and Education
Facilities Improvement Revenue Bond
(FGIC Insured), Prerefunded,
6.875%, 2/15/01 715
----------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
NEBRASKA - 0.4%
$1,000 State of Nebraska Public Power District
Supply System Revenue Bond, Series B,
4.80%, 1/1/03 $1,017
----------
NEVADA - 0.6%
310 City of Las Vegas G.O. Bond
(MBIA Insured), 7.10%, 11/1/97 311
620 County of Clark Library District
G.O. Bond (FGIC Insured),
4.00%, 2/1/01 616
310 County of Clark School District
Group No. 1 G.O. Bond (FGIC Insured),
7.00%, 5/1/98 316
310 State of Nevada Bank Municipal G.O. Bond,
Project No. 3-C, Escrowed to Maturity,
7.625%, 5/1/01 337
150 State of Nevada Lake Tahoe PRSV
Bond, Prerefunded, 7.20%, 8/1/98 157
----------
1,737
----------
NEW HAMPSHIRE - 0.7%
620 City of Manchester G.O. Refunding Bond,
Series B, 4.70%, 7/1/01 631
1,200 State of New Hampshire Municipal
Bond Bank Revenue Refunding Bond,
Series A (MBIA Insured),
4.875%, 1/15/08 1,215
----------
1,846
----------
NEW JERSEY - 1.3%
3,500 State of New Jersey G.O. Bond,
Series E, 5.00%, 7/15/04 3,626
----------
NEW MEXICO - 0.6%
1,000 City of Santa Fe Revenue Bond,
Series A (AMBAC Insured), Prerefunded,
6.30%, 6/1/04 1,108
610 County of Bernalillo G.O. Bond,
3.875%, 8/1/03 590
----------
1,698
----------
NEW YORK - 19.8%
3,735 City of Middletown New York School
District G.O. Bond (FGIC Insured),
4.75%, 11/1/00 3,808
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INTERMEDIATE TAX-EXEMPT FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
NEW YORK - 19.8% (CONT'D.)
$2,730 City of New York G.O. Bond,
Series C-1 (AMBAC Insured),
Prerefunded, 6.40%, 8/1/02 $ 3,020
2,000 City of New York G.O. Bond,
Series C-1 (MBIA Insured),
Prerefunded, 6.375%, 8/1/02 2,210
New York City Municipal Assistance
Corp. Revenue Bonds
2,000 Series E, 5.50%, 7/1/00 2,072
2,500 Series G, 5.50%, 7/1/00 2,590
7,115 Series E, 4.70%, 7/1/02 7,233
2,000 Series G, 6.00%, 7/1/05 2,190
3,500 State of New York Dormitory Authority
City University Revenue Refunding Bond,
Series 2 (MBIA Insured), Prerefunded,
6.75%, 7/1/04 4,035
State of New York Dormitory Authority
State University Revenue Refunding Bond,
Series A
2,500 5.40%, 5/15/02 2,585
2,500 5.50%, 5/15/03 2,601
1,000 State of New York Dormitory Authority
State University Revenue Refunding Bond,
Series B, Prerefunded, 7.25%, 5/15/00 1,097
State of New York G.O. Refunding Bond
2,500 Series B, 6.375%, 8/15/00 2,651
2,500 6.625%, 8/1/01 2,710
1,000 Series C, 6.00%, 10/1/06 1,099
8,000 State of New York Housing Corp.
Revenue Bond, Series A,
Prerefunded, 0.00%, 11/1/00 7,158
1,690 State of New York Power Authority
and General Purpose Revenue Bond,
Series W, 6.40%, 1/1/00 1,773
4,250 State of New York Urban Development
Corp. State Facilities Revenue Bond,
Prerefunded, 7.50%, 4/1/01 4,784
2,500 State of New York Urban Development
Corp. Sub Lien Revenue Bond,
5.50%, 7/1/16 2,502
----------
56,118
----------
NORTH CAROLINA - 0.5%
1,460 State of North Carolina G.O. Bond,
5.00%, 6/1/02 1,511
----------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
OHIO - 0.4%
$1,000 State of Ohio Highway G.O. Bond,
Series S, 4.50%, 5/15/03 $1,011
----------
OKLAHOMA - 1.1%
2,850 Grand River Dam Authority Revenue
Refunding Bond (MBIA Insured),
5.70%, 6/1/05 3,058
----------
OREGON - 1.1%
540 Counties of Clackamas and Washington
School District No. 003 G.O. Bond,
7.00%, 8/1/02 604
County of Washington School District
No. 48J G.O. Refunding Bond, Series B
850 4.10%, 9/1/02 845
910 4.20%, 9/1/03 906
770 State of Oregon G.O. Bond,
7.30%, 3/1/98 781
----------
3,136
----------
PENNSYLVANIA - 3.1%
3,000 City of Philadelphia Hospitals and Higher
Educational Facilities Revenue Bond,
Series A (FGIC Insured), Prerefunded,
6.50%, 2/15/02 3,310
3,300 City of Philadelphia Intergovernmental
Funding Special Tax Revenue Bond
(FGIC Insured), Prerefunded,
6.75%, 6/15/05 3,779
1,610 County of Montgomery Higher Education
and Health Authority Hospital Revenue
Bond, Bryn Mawr Hospital Project,
Prerefunded, 7.375%, 12/1/99 1,751
----------
8,840
----------
SOUTH CAROLINA - 1.8%
310 State of South Carolina G.O. Bond,
Series W, 7.25%, 5/1/98 316
State of South Carolina Public Service
Authority Revenue Refunding Bond,
Series B (FGIC Insured)
2,650 6.50%, 1/1/04 2,936
1,700 6.50%, 1/1/05 1,900
----------
5,152
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INTERMEDIATE TAX-EXEMPT FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
TENNESSEE - 2.2%
$2,000 City of Memphis Electric Revenue
Refunding Bond, 5.80%, 1/1/03 $ 2,135
1,870 Counties of Nashville and Davidson
Metropolitan Government G.O.
Bond, 4.50%, 5/15/02 1,891
2,370 State of Tennessee G.O. Bond,
Series A, 4.60%, 5/1/08 2,367
----------
6,393
----------
TEXAS - 3.7%
165 City of San Antonio Electric and Gas
Revenue Refunding Bond, Series A,
7.00%, 2/1/01 173
145 City of San Antonio Electric and Gas
Revenue Refunding Bond, Series A,
Prerefunded, 7.00%, 2/1/99 153
County of Harris Revenue Refunding
Sub Lien Toll Road Bond (MBIA Insured)
1,340 0.00%, 8/15/99 1,240
1,340 0.00%, 8/15/01 1,131
7,450 County of Harris Revenue Refunding
Senior Sub Lien Toll Road Bond
(AMBAC Insured), 4.95%, 8/15/06 7,676
----------
10,373
----------
VIRGINIA - 1.5%
3,230 State of Virginia G.O. Bond,
5.375%, 6/1/05 3,433
710 State of Virginia Housing Development
Authority Multifamily Housing
Revenue Bond (HUD Insured),
4.50%, 11/1/98 713
----------
4,146
----------
WASHINGTON - 1.0%
450 City of Seattle Limited Tax G.O. Bond,
7.00%, 3/1/01 490
560 County of King G.O. Bond, Series A,
Prerefunded, 6.90%, 12/1/00 604
550 County of Kitsap School District
No. 401 G.O. Bond, Series A,
6.05%, 12/1/00 580
310 County of Pierce Fife School District
No. 417 G.O. Bond, Series A,
7.85%, 12/1/01 350
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
WASHINGTON - 1.0% (CONT'D.)
$ 310 County of Pierce Puyallup School District
No. 003 G.O. Bond, Series A,
7.75%, 12/1/01 $ 350
500 County of Snohomish Edmonds School
District No. 015 G.O. Bond,
7.00%, 12/1/01 551
----------
2,925
----------
Total Municipal Investments
(cost $270,144) 277,375
----------
NUMBER
OF SHARES
(000S)
- ----------------------------------------------------------------------
SHORT-TERM INVESTMENT - 1.0%
2,721 Provident Municipal Fund
(cost $2,721) 2,721
----------
Total Investments - 99.0%
(cost $272,865) 280,096
Other Assets less Liabilities - 1.0% 2,972
----------
NET ASSETS - 100.0% $283,068
==========
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
FLORIDA INTERMEDIATE TAX-EXEMPT FUND
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
MUNICIPAL INVESTMENTS - 96.2%
ARIZONA - 4.0%
$750 County of Maricopa High School District
#210, Phoenix Project of 1995,
Series B, 5.50%, 7/1/03 $793
----------
FLORIDA - 92.2%
300 City of Gainesville Utility Systems
Revenue Refunding Bond, Series
1996 A, 5.75%, 10/1/05 326
500 City of Jacksonville Electric Authority
Revenue Refunding Bond, St. John's
River Issue, 5.50%, 10/1/06 534
500 City of Jacksonville Health Facilities
Authority Revenue Bond, Series A,
Charity Obligation Group,
5.00%, 8/15/11 497
450 City of Kissimmee Suburban Water
and Sewer System Revenue Refunding
Bond (AMBAC Insured), 5.75%, 10/1/01 476
100 City of Kissimmee Utility Authority
Electric System Revenue Refunding
Bond, Series 1991 (FGIC Insured),
Prerefunded, 6.50%, 10/1/01 110
100 City of Miami G.O. Bond, Series 1992
(FGIC Insured), 5.90%, 12/1/07 110
100 City of Orlando Utility Commission
Water and Electric Revenue Refunding
Bond, Series 1992, 5.75%, 10/1/05 108
600 City of Orlando Utility Commission
Water and Electric Revenue Bond,
Series A, Multi Modal,
4.25%, 10/1/01 604
400 City of Santa Rosa Bay Bridge Authority
Capital Appreciation Bond, Series
1996 A, 0.00%, 7/1/06 249
200 City of Sunrise Utility Systems Revenue
Bond, Series 1996 A (AMBAC Insured),
0.00%, 10/1/01 168
750 City of Tampa Sports Authority Revenue
Bond, Stadium Project (MBIA Insured),
6.00%, 1/1/06 825
250 City of Venice Health Facilities Revenue
Bond, Venice Hospital, Inc. Project,
Prerefunded, 6.00%, 12/1/04 278
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
FLORIDA - 92.2% (CONT'D.)
$ 185 County of Bay Public Improvement
Revenue Bond, Series 1996 A
(FSA Insured), 5.00%, 10/1/04 $ 192
750 County of Broward School Board Refunding
Bond, Series A (AMBAC Insured),
5.00%, 7/1/08 766
200 County of Broward School District G.O.
Bond, Series 1988, 7.00%, 2/15/99 206
100 County of Charlotte Utility Systems
Revenue Refunding Bond, Series 1994
(FGIC Insured), 5.50%, 10/1/00 104
225 County of Dade Public Service Tax Revenue
Refunding Bond (FSA Insured),
5.00%, 10/1/01 232
500 County of Dade Sales Tax Revenue Bond
(AMBAC Insured), 6.00%, 10/1/01 534
1,250 County of Dade School District G.O.
Bond, Series 1996 (MBIA Insured),
4.75%, 7/15/09 1,245
400 County of Dade Seaport Revenue
Refunding Bond (MBIA Insured),
6.50%, 10/1/10 463
700 County of Dade Water and Sewer System
Revenue Bond (FGIC Insured),
5.00%, 10/1/00 719
150 County of Duval School District G.O.
Bond, Series 1992 (AMBAC Insured),
6.13%, 8/1/04 164
370 County of Lee Refunding Bond, Series A
(MBIA Insured), 5.75%, 10/1/11 402
500 County of Manatee Public Utilities Revenue
Bond, Series 1991 A (MBIA Insured),
Prerefunded, 6.75%, 10/1/01 556
200 County of Orange Tourist Development
Tax Revenue Bond, Series 1992 B
(AMBAC Insured), 5.90%, 10/1/00 210
700 County of Palm Beach G.O. Refunding
Bond, Series 1996 B, 4.25%, 7/1/08 671
490 County of Polk Constitutional Fuel Tax
Revenue Bond (FGIC Insured), 4.90%, 7/1/08 499
900 County of Polk Utility System Revenue
Refunding Bond (FGIC Insured),
5.00%, 10/1/10 903
250 Reedy Creek Improvement District
Refunding Bond, Series 1991 A,
6.00%, 6/1/02 266
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
FLORIDA INTERMEDIATE TAX-EXEMPT FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
FLORIDA - 92.2% (CONT'D.)
$ 920 State of Florida Board of Education
Capital Outlay Revenue Bond,
Series 1989 A, Prerefunded,
7.25%, 6/1/00 $ 1,010
State of Florida Board of Education
Capital Outlay Revenue Bond
100 Series 1992 B, 5.30%, 6/1/03 105
1,475 Series 1996 A, 4.80%, 1/1/10 1,460
1,000 State of Florida Board of Education
G.O. Bond, Series 1978 C,
Escrowed to Maturity, 6.00%, 5/1/03 1,084
500 State of Florida Department of
Transportation Right of Way Revenue
Refunding Bond, 6.00%, 7/1/04 547
750 State of Florida Finance Department
General Services Revenue Bond,
Series A (MBIA Insured), 5.25%, 7/1/10 767
200 State of Florida Municipal Power Agency
Revenue Bond, Power Supply Project
(AMBAC Insured), Prerefunded,
6.25%, 10/1/01 219
350 State of Florida Municipal Power Agency
Revenue Bond, St. Lucie Project
(FGIC Insured), 5.40%, 10/1/05 369
250 State of Florida Sunshine Skyway
Revenue Refunding Bond, Series 1991,
6.40%, 7/1/04 269
----------
18,247
----------
Total Municipal Investments
(cost $18,531) 19,040
----------
NUMBER
OF SHARES VALUE
(000S) (000S)
- -----------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 2.1%
28 Dreyfus Tax Exempt Cash
Management Fund $ 28
396 Federated Tax Free Trust Money
Market Fund #15 396
----------
Total Short-Term Investments
(cost $424) 424
----------
Total Investments - 98.3%
(cost $18,955) 19,464
Other Assets less Liabilities - 1.7% 327
----------
NET ASSETS - 100.0% $19,791
==========
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
TAX-EXEMPT FUND
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
MUNICIPAL INVESTMENTS - 95.6%
ALABAMA - 1.4%
$2,000 Jefferson County Alabama Sewer Revenue
Refunding Bond, Series A (FGIC Insured),
5.625%, 2/1/22 $2,038
----------
ARIZONA - 5.2%
320 County of Cochise School District No. 68,
Sierra Vista G.O. Bond (FGIC Insured),
9.00%, 7/1/03 394
1,500 County of Maricopa School District No. 11,
Peoria G.O. Bond Unified Project 1991,
5.50%, 7/1/10 1,555
3,000 County of Maricopa School District No. 41,
Gilbert G.O. Bond, 6.25%, 7/1/15 3,188
1,260 County of Maricopa School District No. 69,
Paradise Valley G.O. Bond, Series 1991 B,
8.50%, 7/1/06 1,610
800 State of Arizona Transportation Board
Excise Tax Revenue Bond (AMBAC Insured),
5.75%, 7/1/05 866
----------
7,613
----------
CALIFORNIA - 10.7%
3,000 City of Fremont Unified School District
Alameda County Refunding Bond
(MBIA Insured), 5.25%, 9/1/19 2,954
90 City of Fresno Sewer System Revenue
Bond, Series 1993 A-1 (AMBAC Insured),
4.75%, 9/1/21 83
2,760 City of Los Angeles Convention and
Exhibition Center Project Bond,
Prerefunded, 9.00%, 12/1/05 3,636
2,500 City of Los Angeles Unified School
District Bond, Series 1997 A (FGIC Insured),
5.00%, 7/1/21 2,380
1,000 State of California Health Facility Financing
Authority Revenue Bond, Series 1997 A
(MBIA Insured), 5.00%, 7/1/17 954
State of California Public Works
Revenue Bond
1,150 Series 1991 A-Calpatria,
6.10%, 9/1/02 1,241
4,000 Series 1993 E-Madera,
5.50%, 6/1/15 4,123
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
CALIFORNIA - 10.7% (CONT'D.)
$ 230 Walnut Valley Unified School District
G.O. Bond, Series 1991 A (MBIA Insured),
6.00%, 8/1/13 $ 256
----------
15,627
----------
CONNECTICUT - 0.4%
460 State of Connecticut Transportation
Infrastructure Special Tax Revenue Bond,
Series 1990 A, 7.125%, 6/1/10 552
----------
FLORIDA - 6.9%
2,335 City of Orlando Utilities Commission
Water and Electric Revenue Bond,
Series 1989 D, 6.75%, 10/1/17 2,792
3,670 County of Broward G.O. Bond,
10.00%, 7/1/14 5,553
1,000 County of Reedy Creek Utilities Revenue
Bond, Series 1 (AMBAC Insured),
5.00%, 10/1/05 1,069
480 State of Florida Board of Education Capital
Outlay G.O. Bond, Series 1985,
9.125%, 6/1/14 684
----------
10,098
----------
GEORGIA - 2.5%
1,120 County of Gwinnett School District
G.O. Bond, Series 1993,
4.00%, 2/1/12 990
2,300 Georgia Municipal Electric Authority
Power Revenue Bond, Series 1992 B
(FGIC Insured), 6.375%, 1/1/16 2,622
----------
3,612
----------
ILLINOIS - 13.0%
City of Chicago G.O. Bond, Series 1993 B
(AMBAC Insured)
1,835 5.125%, 1/1/15 1,822
4,610 5.125%, 1/1/22 4,427
1,100 City of Chicago O'Hare Airport Revenue
Bond FRN, Series 1983 A (Royal Bank of
Canada LOC), 3.90%, 10/1/97 1,100
City of Chicago Water Revenue Refunding
Bond (FGIC Insured)
1,480 Series 1993, 4.125%, 11/1/13 1,292
4,000 Series 1995, 5.00%, 11/1/25 3,748
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
TAX-EXEMPT FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
ILLINOIS - 13.0% (CONT'D.)
$2,000 State of Illinois Educational Facilities
Authority Revenue Bond,
Series 1991, Loyola University,
Prerefunded, 7.125%, 7/1/01 $ 2,232
1,150 State of Illinois G.O. Refunding Bond,
Series 1994, 4.60%, 12/1/05 1,150
3,400 State of Illinois Health Facilities
Authority Revenue Bond, Series A
(MBIA Insured), Loyola University,
5.00%, 7/1/24 3,176
----------
18,947
----------
INDIANA - 8.1%
City of Indianapolis Gas Revenue
Bond, Series 1986 B (FGIC Insured)
400 5.00%, 6/1/06 408
910 4.00%, 6/1/08 838
970 3.50%, 6/1/18 747
970 County of Hamilton Public Building
Corporation First Mortgage Bond,
7.25%, 8/1/13 1,186
2,000 County of Marion Convention and
Recreational Facility Revenue Bond,
Series A (AMBAC Insured), 7.00%, 6/1/21 2,204
420 Indiana Municipal Power Agency Revenue
Bond, Series 1993 B (MBIA Insured),
6.00%, 1/1/12 463
1,000 State of Indiana Bond Bank Revenue
Revolving Fund, Series 1997 A,
5.00%, 2/1/13 985
1,290 State of Indiana Office Building
Capital Complex Revenue Bond,
Series 1990 B (MBIA Insured),
7.40%, 7/1/15 1,628
3,305 State of Indiana Transportation Authority
Airport Finance Lease Revenue Bond,
Series 1995 A, 5.50%, 11/1/12 3,333
----------
11,792
----------
MASSACHUSETTS - 2.1%
3,000 State of Massachusetts Refunding
Bond, Series 1996 A (MBIA Insured),
5.00%, 11/1/09 3,033
----------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
MICHIGAN - 0.7%
$1,000 State of Michigan Hospital Finance
Authority Revenue Bond,
Series A, Henry Ford Health,
5.25%, 11/15/25 $ 969
----------
MONTANA - 0.1%
190 University of Montana Higher Education
Revenue Bond, Series 1993 A
(MBIA Insured), 4.50%, 11/15/15 171
----------
NEVADA - 3.3%
1,000 City of Carson School District G.O.
Refunding Bond, Series 1993
(AMBAC Insured), 4.50%, 4/1/11 931
1,150 County of Clark Sanitation District
G.O. Bond, Series A (AMBAC Insured),
Prerefunded, 6.60%, 7/1/02 1,273
2,000 County of Washoe Airport Authority
Revenue Bond, Series A (MBIA Insured),
5.70%, 7/1/26 2,050
580 State of Nevada G.O. Refunding
Bond, Project 20-23A, Escrowed to Maturity,
7.20%, 7/1/06 606
----------
4,860
----------
NEW YORK - 12.1%
700 City of New York Municipal Assistance
Corporate Revenue Bond, Series 67
(MBIA Insured), 7.625%, 7/1/08 757
1,065 New York Metropolitan Transportation
Authority Facilities Revenue Bond,
Series 1997 B-2 (MBIA Insured),
5.00%, 7/1/20 1,016
1,450 New York Power Authority Revenue Bond,
Series 1984 R, Prerefunded, 7.00%, 1/1/10 1,735
3,000 State of New York Dormitory Authority
Revenue State University Bond,
Series 1993 A, 5.25%, 5/15/15 2,959
4,000 State of New York Local Government
Assistance Corp. Revenue Bond, Series A,
Prerefunded, 7.00%, 4/1/01 4,240
5,000 State of New York Urban Development Corp.
Refunding Bond (Colld. by HUD 236),
5.50%, 7/1/16 5,004
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
TAX-EXEMPT FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
NEW YORK - 12.1% (CONT'D.)
$1,720 Triborough Bridge and Tunnel Authority
Revenue Bond, 6.00%, 1/1/12 $ 1,899
----------
17,610
----------
NORTH CAROLINA - 4.8%
2,000 Charlotte-Mecklenberg Hospital Authority
Health Care System Revenue Bond,
Series 1997 A, 5.125%, 1/15/22 1,928
610 North Carolina Eastern Municipal Power
Revenue Refunding Bond,
Series 1991 A, Escrowed to Maturity,
6.50%, 1/1/18 714
3,850 North Carolina Eastern Municipal Power
Revenue Refunding Bond,
Series 1993 B, 7.00%, 1/1/08 4,382
----------
7,024
----------
OKLAHOMA - 1.0%
1,380 McGee Creek Water Authority Revenue
Bond, Series 1992 (MBIA Insured),
6.00%, 1/1/13 1,526
----------
OREGON - 0.7%
230 State of Oregon G.O. Bond,
10.50%, 6/1/02 290
750 University of Oregon Health Sciences
Revenue Bond, Series A (MBIA Insured),
5.25%, 7/1/28 734
----------
1,024
----------
PENNSYLVANIA - 3.6%
1,010 State of Pennsylvania G.O. Bond,
Series 1992, 6.00%, 7/1/09 1,114
4,000 State of Pennsylvania G.O. Bond
(AMBAC Insured), 5.125%, 9/15/06 4,159
----------
5,273
----------
PUERTO RICO - 2.0%
Puerto Rico Public Buildings Authority
Government Facility Revenue Bond,
Series 1997 B (MBIA Insured)
2,000 5.00%, 7/1/15 1,962
1,000 5.00%, 7/1/16 988
----------
2,950
----------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
SOUTH CAROLINA - 5.1%
$1,090 City of Columbia Water and Sewer
System Revenue Refunding Bond,
5.50%, 2/1/09 $ 1,160
5,000 Piedmont Municipal Power Agency
Electric Revenue Bond, Series 1996 A,
6.55%, 1/1/16 5,013
1,270 Piedmont Municipal Power Agency
Electric Revenue Bond, Series 1988 A
(AMBAC Insured), 7.40%, 1/1/18 1,306
----------
7,479
----------
TEXAS - 5.8%
490 Channelview Independent School District
Bond (PSF Gtd.), 4.75%, 8/15/12 466
600 City of Austin Utilities System
Revenue Bond, Series 1986 C,
Prerefunded, 7.30%, 11/15/01 670
1,050 Coastal Industrial Water Authority Water
Revenue Bond, Escrowed to Maturity,
6.375%, 12/15/07 1,103
1,030 Colorado River Municipal Water District
Revenue Bond, Prerefunded, 9.50%, 1/1/01 1,192
5,000 State of Texas Transportation Revenue
Bond, Series 1997 A, 4.75%, 8/31/98 5,043
----------
8,474
----------
WASHINGTON - 6.1%
1,150 County of Clark School District No. 37
Vancouver G.O. Bond, 6.375%, 12/1/09 1,311
750 County of King G.O. Bond, Series 1993 B,
4.50%, 1/1/12 695
1,500 State of Washington G.O. Bond,
Series A, Prerefunded, 6.375%, 2/1/02 1,634
690 State of Washington G.O. Bond,
Series 1990 A, 6.75%, 2/1/10 808
4,000 State of Washington Public Power
Supply System Revenue Refunding Bond,
Series 1990 A, Project II,
Prerefunded, 7.625%, 7/1/00 4,428
----------
8,876
----------
Total Municipal Investments
(cost $132,670) 139,548
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
TAX-EXEMPT FUND (continued)
NUMBER
OF SHARES VALUE
(000S) (000S)
- ----------------------------------------------------------------------
SHORT-TERM INVESTMENT - 4.7%
6,810 Provident Municipal Fund
(cost $6,810) $ 6,810
----------
Total Investments - 100.3%
(cost $139,480) 146,358
Liabilities less Other Assets - (0.3)% (487)
----------
NET ASSETS - 100.0% $145,871
==========
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
CALIFORNIA TAX-EXEMPT FUND
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
MUNICIPAL INVESTMENTS - 97.9%
CALIFORNIA - 97.9%
$ 250 Anaheim PFA Tax Allocation Revenue
Bond, Redevelopment Project,
Series A (MBIA Insured),
5.25%, 2/1/18 $ 247
400 Dry Creek Joint Elementary School
District Bond, Series A (FSA Insured),
0.00%, 8/1/09 222
200 East Bay Municipal Utility District
Water System Revenue Refunding Bond
(FGIC Insured), 5.00%, 6/1/14 197
150 Escondido Unified High School District
Bond (MBIA Insured), 5.60%, 11/1/09 161
515 Fillmore Unified School District Bond,
Series A (FGIC Insured), 0.00%, 7/1/10 270
200 Folsom School Facilities Project Bond,
Series D (FGIC Insured), 5.70%, 8/1/13 211
295 Fontana Unified School District Bond,
Series D (FGIC Insured), 0.00%, 5/1/02 265
375 Foothill/Eastern Transportation Corridor
Agency Toll Road Senior Lien Revenue
Bond, Series A, 0.00%, 1/1/05 261
1,000 Galt Schools Joint Powers Authority
Revenue Refunding Bond, Series A, High
School and Elementary School Projects
(MBIA Insured), 5.75%, 11/1/16 1,052
200 Imperial Irrigation District COP, Electricity
System Project (AMBAC Insured),
5.20%, 11/1/09 209
200 Irvine Ranch Consolidated Water District
Refunding FRN, Series B (Morgan Guarantee
Trust Insured), 3.75%, 10/1/97 200
200 Lemoore Unified High School District
(AMBAC Insured), 6.00%, 1/1/12 222
100 Los Angeles Convention and Exhibition
Center Authority Lease FRN (MBIA Insured),
3.95%, 10/1/97 100
300 Los Angeles County Metropolitan
Transportation Authority Sales Tax Revenue
Bond, Series A (MBIA Insured),
5.125%, 7/1/10 306
200 Los Angeles Department of Water and
Power Electricity Plant Revenue Refunding
Bond (FGIC Insured), 4.75%, 8/15/17 183
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
CALIFORNIA - 97.9% (CONT'D.)
$405 Los Angeles Department of Water and
Power Waterworks Revenue Refunding
Bond (FGIC Insured), 4.50%, 5/15/14 $367
25 Los Angeles Harbor Department Revenue
Bond, 7.60%, 10/1/18 31
450 Los Angeles Unified School District Bond,
Series A (FGIC Insured), 6.00%, 7/1/15 497
200 Los Angeles Wastewater System Revenue
Bond, Series B, Prerefunded,
7.00%, 6/1/05 219
720 Monrovia Unified School District Bond,
Series A (MBIA Insured), 0.00%, 8/1/10 376
250 M-S-R Public Power Agency Revenue
Refunding Bond, Series G, San Juan Project
(MBIA Insured), 5.25%, 7/1/11 256
200 Oakland Measure Bond (FGIC Insured),
5.60%, 12/15/14 207
195 Pomona Unified School District Refunding
Bond, Series A (MBIA Insured),
5.45%, 2/1/06 208
500 Redding Joint Powers Financing Authority
Electrical Systems Revenue Bond, Series A
(MBIA Insured), 5.25%, 6/1/15 501
200 Riverside County Multiple Family Mortgage
Revenue FRN (Union Bank of California
LOC), 4.15%, 10/1/97 200
250 Riverside Sewer Revenue Refunding Bond
(FGIC Insured), 5.00%, 8/1/11 254
200 Roseville Water Utility Revenue Bond
(FGIC Insured), 5.20%, 12/1/15 199
San Diego Public Facilities Financing Authority
Sewer Revenue Bond (FGIC Insured)
250 Series A, 5.20%, 5/15/11 254
450 Series B, 5.375%, 5/15/17 451
200 San Diego Unified School District Bond,
Series A, 5.00%, 7/1/00 205
Santa Rosa Water Revenue Refunding Bond
(FGIC Insured)
35 Series A, 5.25%, 9/1/16 35
200 Series B, 4.75%, 9/1/16 189
200 Southern California Metropolitan Water
District Waterworks Revenue Refunding
Bond, Series B (MBIA Insured),
5.00%, 7/1/14 197
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
CALIFORNIA TAX-EXEMPT FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
CALIFORNIA - 97.9% (CONT'D.)
$ 300 Southern California Metropolitan Water
District Waterworks Revenue Bond,
Series C, 5.125%, 7/1/12 $ 302
750 State Department Water Project Revenue
Bond, Series O, 4.75%, 12/1/16 697
150 State G.O. Bond, 6.60%, 2/1/10 174
650 State Health Facility Financing Authority
Revenue Bond, Catholic HealthCare West
(MBIA Insured), 5.00%, 7/1/17 620
500 State Health Facility Financing Authority
Revenue Refunding Bond, Series C,
Sutter Health (FSA Insured), 5.00%, 8/15/17 479
1,000 State Public Works Board Lease Revenue
Refunding Bond (AMBAC Insured),
5.625%, 3/1/16 1,038
600 State RAN Bond, 4.50%, 6/30/98 603
200 Statewide Communities Development
Authority Revenue Refunding FRN,
Sub-Series A-1 (Colld. by FNMA Securities),
4.00%, 10/1/97 200
100 Statewide Communities Development
Authority Solid Waste Facilities Revenue
FRN, 4.00%, 10/1/97 100
250 University of California Revenue Refunding
Multiple Purpose Project Bond, Series C
(AMBAC Insured), 5.00%, 9/1/14 244
230 West Basin Municipal Water District Revenue
Refunding Bond, Series 1992 A
(AMBAC Insured), 5.25%, 8/1/11 234
----------
Total Municipal Investments
(cost $13,047) 13,443
----------
NUMBER
OF SHARES VALUE
(000S) (000S)
- ----------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 10.2%
25 Federated California Municipal Cash
Trust Money Market Fund $ 25
1,381 Smith Barney Municipal Bond Funds
California Portfolio 1,381
----------
Total Short-Term Investments
(cost $1,406) 1,406
----------
Total Investments - 108.1%
(cost $14,453) 14,849
Liabilities less Other Assets - (8.1)% (1,114)
----------
NET ASSETS - 100.0% $13,735
==========
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INTERNATIONAL FIXED INCOME FUND
PRINCIPAL AMOUNT/
LOCAL CURRENCY VALUE
(000S) (000S)
- ----------------------------------------------------------------------
DEBT OBLIGATIONS - 96.2%
AUSTRALIAN DOLLAR - 2.7%
490 Commonwealth of Australia,
10.00%, 10/15/02 $ 421
----------
BELGIAN FRANC - 1.6%
8,175 Kingdom of Belgium,
7.50%, 7/29/08 256
----------
BRITISH POUND STERLING - 16.6%
125 Abbey National PLC,
6.00%, 8/10/99 198
375 Lloyds Bank PLC,
7.375%, 3/11/04 618
1,025 Treasury of Great Britain,
7.50%, 12/7/06 1,773
----------
2,589
----------
CANADIAN DOLLAR - 7.6%
500 Government of Canada,
7.50%, 12/1/03 397
375 Province of Ontario,
7.25%, 9/27/05 294
575 Province of Quebec,
10.25%, 10/15/01 490
----------
1,181
----------
DANISH KRONE - 4.2%
3,850 Kingdom of Denmark,
8.00%, 3/15/06 655
----------
FRENCH FRANC - 5.4%
2,300 Electric de France,
8.60%, 4/9/04 459
2,250 Government of France,
5.50%, 4/25/07 381
----------
840
----------
GERMAN MARK - 13.5%
Federal Republic of Germany
1,100 7.50%, 11/11/04 704
1,175 6.25%, 1/4/24 673
500 LKB Global Bond,
6.00%, 5/10/99 291
330 Republic of Austria,
8.00%, 1/30/02 209
PRINCIPAL AMOUNT/
LOCAL CURRENCY VALUE
(000S) (000S)
- ----------------------------------------------------------------------
GERMAN MARK - 13.5% (CONT'D.)
380 Republic of Finland,
5.50%, 2/9/01 $ 221
----------
2,098
----------
ITALIAN LIRA - 10.5%
2,500,000 Republic of Italy,
8.50%, 4/1/04 1,645
----------
JAPANESE YEN - 17.1%
55,000 Asian Development Bank,
5.00%, 2/5/03 538
69,000 European Bank for
Reconstruction and Development,
4.50%, 11/5/97 574
15,000 European Investment Bank,
5.875%, 11/26/99 138
80,000 International Bank for
Reconstruction and Development,
4.50%, 3/20/03 768
64,000 International Finance Corp.,
4.375%, 6/11/98 545
10,000 Japanese Development Bank,
6.50%, 9/20/01 100
----------
2,663
----------
NETHERLANDS GUILDER - 4.1%
1,130 Dutch Government Treasury,
8.50%, 3/15/01 636
----------
SPANISH PESETA - 6.2%
Government of Spain
51,000 11.30%, 1/15/02 420
65,000 10.00%, 2/28/05 548
----------
968
----------
SWEDISH KRONA - 3.2%
3,100 Kingdom of Sweden,
10.25%, 5/5/03 497
----------
UNITED STATES DOLLAR - 3.5%
500 U.S. Treasury Bond,
7.125%, 2/23/15 539
----------
Total Debt Obligations
(cost $15,105) 14,988
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INTERNATIONAL FIXED INCOME FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
SHORT-TERM INVESTMENT - 0.2%
UNITED STATES DOLLAR
$37 Banco Santander, Madrid, Spain,
6.56%, 10/1/97
(cost $37) $ 37
----------
Total Investments - 96.4%
(cost $15,142) 15,025
Other Assets less Liabilities - 3.6% 554
----------
NET ASSETS - 100.0% $ 15,579
==========
See Notes to the Financial Statements.
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES SEPTEMBER 30, 1997 (UNAUDITED)
EQUITY FUNDS
INT'L. INT'L.
INCOME STOCK GROWTH SELECT SMALL GROWTH SELECT TECH-
AMOUNTS IN THOUSANDS, EQUITY INDEX EQUITY EQUITY CAP EQUITY EQUITY NOLOGY
EXCEPT PER SHARE DATA FUND FUND FUND FUND FUND FUND FUND FUND
- ---------------------- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (cost $85,454,
$47,827, $283,452, $78,692,
$230,628, $167,907,
$102,210 and $65,862, respectively) $99,083 $54,638 $396,611 $98,495 $314,216 $183,968 $121,835 $85,190
Cash and foreign currencies 3 3 3 3 3 1,181 444 2
Income receivable 569 74 357 85 153 475 203 17
Receivable for foreign tax withheld - - - - - 270 58 -
Receivable for securities sold 1,053 38 6,512 82 - 2,792 763 502
Receivable for fund shares sold 181 940 507 417 1,127 194 161 461
Receivable from Adviser 1 12 3 2 3 2 2 -
Deferred organization costs, net of
accumulated amortization 14 - 18 10 14 17 15 -
Prepaid and other assets 7 14 10 9 10 12 7 10
- -------------------------------------------------------------------------------------------------------------------------
Total Assets 100,911 55,719 404,021 99,103 315,526 188,911 123,488 86,182
- -------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Outstanding options written, at value
(premium received $272) - - 157 - - - - -
Payable for securities purchased 1,637 50 56 390 - 2,715 583 1,184
Payable for fund shares redeemed 7 2 224 118 209 630 102 50
Accrued investment advisory fees 11 3 47 11 36 25 17 12
Accrued custody and accounting fees 4 2 1 - - 6 3 3
Accrued administration fees 2 - 6 - 3 5 3 -
Accrued transfer agent fees 1 1 5 1 4 3 2 1
Accrued registration fees and other
liabilities 13 8 19 8 14 23 11 12
- -------------------------------------------------------------------------------------------------------------------------
Total Liabilities 1,675 66 515 528 266 3,407 721 1,262
- -------------------------------------------------------------------------------------------------------------------------
Net Assets $99,236 $55,653 $403,506 $98,575 $315,260 $185,504 $122,767 $84,920
=========================================================================================================================
ANALYSIS OF NET ASSETS:
Capital stock $79,584 $46,361 $264,741 $69,366 $216,281 $163,462 $106,967 $61,971
Accumulated undistributed net
investment income (loss) 98 14 90 151 691 670 - (307)
Accumulated distributions in excess
of net investment income - - - - - - (62) -
Accumulated undistributed net
realized gains (losses) on
investments, options, futures and
foreign currency transactions 5,925 2,467 25,401 9,255 14,401 5,317 (3,758) 3,928
Net unrealized appreciation on
investments, options and futures
contracts 13,629 6,811 113,274 19,803 83,887 16,061 19,625 19,328
Net unrealized losses on translation
of assets and liabilities
denominated in foreign
currencies - - - - - (6) (5) -
- -------------------------------------------------------------------------------------------------------------------------
Net Assets $99,236 $55,653 $403,506 $98,575 $315,260 $185,504 $122,767 $84,920
=========================================================================================================================
SHARES OUTSTANDING ($.0001 PAR VALUE,
UNLIMITED AUTHORIZATION) 7,330 4,141 22,538 5,169 18,989 16,389 10,342 4,816
NET ASSET VALUE, REDEMPTION AND
OFFERING PRICE PER SHARE $13.54 $13.44 $17.90 $19.07 $16.60 $11.32 $11.87 $17.63
- -------------------------------------------------------------------------------------------------------------------------
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS SIX MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
EQUITY FUNDS
INT'L. INT'L.
INCOME STOCK GROWTH SELECT SMALL GROWTH SELECT TECH-
EQUITY INDEX EQUITY EQUITY CAP EQUITY EQUITY NOLOGY
AMOUNTS IN THOUSANDS FUND FUND FUND FUND FUND FUND FUND FUND
- ---------------------- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $ 907 $ 14 $ 364 $ 49 $ 330 $ 257 $ 213 $ 49
Dividend income 1,174 405 1,965 446 1,305 1,966 1,025 48
- -------------------------------------------------------------------------------------------------------------------------
Total Investment Income 2,081 419 2,329<F1> 495 1,635 2,223<F2> 1,238<F3> 97
- -------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 441 139 1,821 497 1,448 1,076 700 388
Administration fees 66 35 273 62 181 134 87 48
Transfer agent fees 44 23 182 41 121 90 58 32
Custody and accounting fees 31 62 53 28 51 118 84 30
Registration fees 10 8 12 7 9 13 7 10
Professional fees 8 8 10 8 10 9 9 8
Amortization of organization costs 4 - 6 4 5 6 5 -
Trustees' fees and expenses 2 1 3 2 2 2 2 2
Other 7 4 15 4 10 8 6 3
- -------------------------------------------------------------------------------------------------------------------------
Total Expenses 613 280 2,375 653 1,837 1,456 958 521
Less voluntary waivers of:
Investment advisory fees (66) (46) (273) (145) (422) (179) (117) (65)
Administration fees (37) (22) (153) (37) (106) (72) (46) (30)
Less: Reimbursement of expenses
by Adviser (69) (84) (128) (57) (102) (84) (66) (22)
- -------------------------------------------------------------------------------------------------------------------------
Net Expenses 441 128 1,821 414 1,207 1,121 729 404
- -------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 1,640 291 508 81 428 1,102 509 (307)
- -------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on:
Investments 2,786 1,444 19,261 7,068 6,386 6,705 3,580 2,704
Options - - 1,031 - - - - -
Futures contracts - (17) - - 1,695 - - -
Foreign currency transactions - - - - - (42) (17) -
Net change in unrealized appreciation
on investments, options and futures
contracts 9,120 8,174 66,831 13,842 65,043 12,877 11,177 20,815
Net change in unrealized gains on
translation of assets and liabilities
denominated in foreign currencies - - - - - 15 6 -
- -------------------------------------------------------------------------------------------------------------------------
Net Gains on Investments 11,906 9,601 87,123 20,910 73,124 19,555 14,746 23,519
- -------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $13,546 $9,892 $87,631 $20,991 $73,552 $20,657 $15,255 $23,212
=========================================================================================================================
<FN>
<F1> Net of $17 in non-reclaimable foreign withholding taxes.
<F2> Net of $168 in non-reclaimable foreign withholding taxes.
<F3> Net of $76 in non-reclaimable foreign withholding taxes.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
EQUITY FUNDS
INCOME EQUITY STOCK INDEX
FUND FUND
--------------------------- -----------------------------
SIX MONTHS YEAR SIX MONTHS PERIOD
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, SEPT. 30, MAR. 31,
1997 1997 1997 1997<F1>
AMOUNTS IN THOUSANDS (UNAUDITED) (UNAUDITED)
- --------------------- ---------- --------- ----------- ---------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 1,640 $ 2,436 $ 291 $ 167
Net realized gains on investments,
options and futures contracts 2,786 6,869 1,427 1,051
Net change in unrealized appreciation
(depreciation) on investments
and options 9,120 (774) 8,174 (1,363)
- ---------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations 13,546 8,531 9,892 (145)
- ---------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 15,278 25,427 26,961 41,842
Shares from reinvestment of dividends 217 5,302 102 85
Shares redeemed (5,308) (10,238) (16,853) (5,776)
- ---------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets
Resulting from Capital Share
Transactions 10,187 20,491 10,210 36,151
- ---------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income (1,599) (2,419) (289) (155)
From net realized gains - (5,420) - (11)
- ---------------------------------------------------------------------------------------------------------------
Total Distributions Paid (1,599) (7,839) (289) (166)
- ---------------------------------------------------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS 22,134 21,183 19,813 35,840
NET ASSETS:
Beginning of period 77,102 55,919 35,840 -
- ---------------------------------------------------------------------------------------------------------------
End of period $99,236 $77,102 $55,653 $35,840
===============================================================================================================
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME $98 $57 $14 $12
===============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
EQUITY FUNDS
GROWTH EQUITY SELECT EQUITY
FUND FUND
--------------------------- -----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, SEPT. 30, MAR. 31,
1997 1997 1997 1997
AMOUNTS IN THOUSANDS (UNAUDITED) (UNAUDITED)
- --------------------- ---------- --------- ----------- ---------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 508 $ 1,504 $ 81 $ 104
Net realized gains on investments,
options and futures contracts 20,292 8,004 7,068 2,763
Net change in unrealized appreciation
(depreciation) on investments
and options 66,831 18,160 13,842 2,605
- ---------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations 87,631 27,668 20,991 5,472
- ---------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 35,589 90,928 24,020 36,755
Shares from reinvestment of dividends 85 13,333 - 1,871
Shares redeemed (21,949) (38,483) (10,113) (12,016)
- ---------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets
Resulting from Capital Share
Transactions 13,725 65,778 13,907 26,610
- ---------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income (455) (1,525) - (62)
From net realized gains - (13,887) - (2,185)
- ---------------------------------------------------------------------------------------------------------------
Total Distributions Paid (455) (15,412) - (2,247)
- ---------------------------------------------------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS 100,901 78,034 34,898 29,835
NET ASSETS:
Beginning of period 302,605 224,571 63,677 33,842
- ---------------------------------------------------------------------------------------------------------------
End of period $403,506 $302,605 $98,575 $63,677
===============================================================================================================
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME $90 $37 $151 $70
===============================================================================================================
<FN>
<F1> Commenced investment operations on October 7, 1996.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
EQUITY FUNDS
INTERNATIONAL
SMALL CAP GROWTH EQUITY
FUND FUND
--------------------------- -----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, SEPT. 30, MAR. 31,
1997 1997 1997 1997
AMOUNTS IN THOUSANDS (UNAUDITED) (UNAUDITED)
- --------------------- ---------- --------- ----------- ---------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $ 428 $ 953 $ 1,102 $ 1,425
Net realized gains (losses) on
investments, futures contracts
and foreign currency transactions 8,081 12,542 6,663 5,757
Net change in unrealized appreciation
(depreciation) on investments
and futures contracts 65,043 6,088 12,877 (2,628)
Net change in unrealized gains (losses)
on translation of assets and liabilities
denominated in foreign currencies - - 15 (19)
- ---------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations 73,552 19,583 20,657 4,535
- ---------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 59,098 54,431 13,425 32,031
Shares from reinvestment of dividends - 8,775 - 6,380
Shares redeemed (14,503) (30,899) (14,470) (50,531)
- ---------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Capital Share
Transactions 44,595 32,307 (1,045) (12,120)
- ---------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income - (833) - (1,123)
From net realized gains - (9,182) - (3,947)
In excess of net investment income - - - (494)
In excess of net realized gains - - - (2,196)
- ---------------------------------------------------------------------------------------------------------------
Total Distributions Paid - (10,015) - (7,760)
- ---------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 118,147 41,875 19,612 (15,345)
NET ASSETS:
Beginning of year 197,113 155,238 165,892 181,237
- ---------------------------------------------------------------------------------------------------------------
End of period $315,260 $197,113 $185,504 $165,892
===============================================================================================================
ACCUMULATED UNDISTRIBUTED
(DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT
INCOME (LOSS) $691 $263 $670 $(432)
===============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
EQUITY FUNDS
INTERNATIONAL
SELECT EQUITY TECHNOLOGY
FUND FUND
--------------------------- -----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, SEPT. 30, MAR. 31,
1997 1997 1997 1997
AMOUNTS IN THOUSANDS (UNAUDITED) (UNAUDITED)
- --------------------- ---------- --------- ----------- ---------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $ 509 $ 528 $ (307) $ (178)
Net realized gains (losses) on
investments, futures contracts
and foreign currency transactions 3,563 (5,977) 2,704 1,762
Net change in unrealized appreciation
(depreciation) on investments
and futures contracts 11,177 3,053 20,815 (1,487)
Net change in unrealized gains (losses)
on translation of assets and liabilities
denominated in foreign currencies 6 (1) - -
- ---------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations 15,255 (2,397) 23,212 97
- ---------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 10,620 33,624 23,049 46,004
Shares from reinvestment of dividends - 833 - 338
Shares redeemed (12,052) (24,242) (5,095) (2,325)
- ---------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Capital Share
Transactions (1,432) 10,215 17,954 44,017
- ---------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income - (302) - -
From net realized gains - - - (360)
In excess of net investment income - (467) - -
In excess of net realized gains - (824) - -
- ---------------------------------------------------------------------------------------------------------------
Total Distributions Paid - (1,593) - (360)
- ---------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 13,823 6,225 41,166 43,754
NET ASSETS:
Beginning of year 108,944 102,719 43,754 -
- ---------------------------------------------------------------------------------------------------------------
End of period $122,767 $108,944 $84,920 $43,754
===============================================================================================================
ACCUMULATED UNDISTRIBUTED (DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT
INCOME (LOSS) $(62) $(571) $(307) $-
===============================================================================================================
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
EQUITY FUNDS
INCOME EQUITY STOCK INDEX
FUND FUND
---------------------------------------- --------------------
SIX MONTHS YEAR YEAR YEAR SIX MONTHS PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31, SEPT. 30, MAR. 31,
1997 1997 1996 1995 1997 1997<F1>
(UNAUDITED) (UNAUDITED)
- ------------------------ ---------------------------------------- --------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $11.81 $11.59 $9.95 $10.00 $10.74 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.23 0.44 0.34 0.29 0.08 0.08
Net realized and unrealized gains (losses)
on investments and futures contracts 1.73 1.19 1.66 (0.08) 2.69 0.74
- -------------------------------------------------------------------------------------------------------------------------
Total Income from
Investment Operations 1.96 1.63 2.00 0.21 2.77 0.82
- -------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.23) (0.44) (0.36) (0.26) (0.07) (0.07)
From net realized gains - (0.97) - - - (0.01)
- -------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid (0.23) (1.41) (0.36) (0.26) (0.07) (0.08)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $13.54 $11.81 $11.59 $9.95 $13.44 $10.74
=========================================================================================================================
TOTAL RETURN<F2> 16.72% 14.42% 20.41% 2.21% 25.83% 8.21%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $99,236 $77,102 $55,919 $38,954 $55,653 $35,840
Ratio to average net assets of<F3>:
Expenses, net of waivers and
reimbursements 1.00% 1.00% 1.00% 1.00% 0.55% 0.55%
Expenses, before waivers and
reimbursements 1.39% 1.42% 1.48% 1.55% 1.21% 2.23%
Net investment income, net of waivers
and reimbursements 3.72% 3.71% 3.17% 3.08% 1.25% 1.92%
Net investment income, before
waivers and reimbursements 3.33% 3.29% 2.69% 2.53% 0.59% 0.24%
Portfolio Turnover Rate 41.70% 72.04% 67.32% 45.68% 24.82% 64.94%
Average Commission Per Share $0.0578 $0.0583 NA NA $0.0301 $0.0253
- -------------------------------------------------------------------------------------------------------------------------
<F1> Commenced investment operations on October 7, 1996.
<F2> Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a
complete redemption of the investment at net asset value at the end of the period. Total return is not annualized for periods
less than one year.
<F3> Annualized for periods less than a full year.
NA - Disclosure not applicable to these periods.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (CONTINUED)
EQUITY FUNDS
GROWTH EQUITY SELECT EQUITY
FUND FUND
--------------------------------------- ------------------------------------------
SIX MONTHS YEAR YEAR YEAR SIX MONTHS YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31, SEPT. 30, MAR. 31, MAR. 31, MAR. 31,
1997 1997 1996 1995 1997 1997 1996 1995<F1>
(UNAUDITED) (UNAUDITED)
- ------------------------ --------------------------------------- ------------------------------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $13.93 $13.15 $10.61 $10.00 $14.55 $13.12 $10.77 $10.00
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income 0.02 0.08 0.08 0.08 0.01 0.02 0.02 0.06
Net realized and unrealized gains
(losses) on investments, options,
futures contracts
and foreign currency transactions 3.97 1.49 2.59 0.60 4.51 2.05 2.73 0.75
- -------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) from
Investment Operations 3.99 1.57 2.67 0.68 4.52 2.07 2.75 0.81
- -------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.02) (0.08) (0.08) (0.07) - (0.02) (0.03) (0.04)
From net realized gains - (0.71) (0.05) - - (0.62) (0.37) -
In excess of net investment income - - - - - - - -
In excess of net realized gains - - - - - - - -
- -------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid (0.02) (0.79) (0.13) (0.07) - (0.64) (0.40) (0.04)
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $17.90 $13.93 $13.15 $10.61 $19.07 $14.55 $13.12 $10.77
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN<F2> 28.68% 11.72% 25.13% 6.90% 31.05% 15.64% 25.70% 8.18%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end
of period $403,506 $302,605 $224,571 $113,185 $98,575 $63,677 $33,842 $15,123
Ratio to average net assets of<F3>:
Expenses, net of waivers and
reimbursements 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Expenses, before waivers and
reimbursements 1.30% 1.33% 1.36% 1.40% 1.58% 1.67% 1.91% 2.61%
Net investment income, net of
waivers and reimbursements 0.28% 0.56% 0.70% 0.86% 0.19% 0.21% 0.22% 0.82%
Net investment income (loss),
before waivers and
reimbursements (0.02)% 0.23% 0.34% 0.46% (0.39)% (0.46)% (0.69)% (0.79)%
Portfolio Turnover Rate 30.87% 67.34% 73.20% 82.90% 61.99% 72.68% 137.99% 48.88%
Average Commission Per Share $0.0598 $0.0630 NA NA $0.0637 $0.0653 NA NA
- -------------------------------------------------------------------------------------------------------------------------
<FN>
<F1> Commenced investment operations on April 6, 1994.
<F2> Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a
complete redemption of the investment at net asset value at the end of the period. Total return is not annualized for periods
less than one year.
<F3> Annualized for periods less than a full year.
NA - Disclosure not applicable to these periods.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (CONTINUED)
EQUITY FUNDS
SMALL CAP
FUND
--------------------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31,
1997 1997 1996 1995
(UNAUDITED)
- --------------------- ---------- --------- ----------- ---------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.31 $11.58 $9.98 $10.00
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income 0.02 0.07 0.05 0.11
Net realized and unrealized gains
(losses) on investments, options,
futures contracts and foreign
currency transactions 4.27 1.37 2.29 (0.05)
- ---------------------------------------------------------------------------------------------------------------
Total Income (Loss) from
Investment Operations 4.29 1.44 2.34 0.06
- ---------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income - (0.06) (0.07) (0.08)
From net realized gains - (0.65) (0.67) -
In excess of net investment income - - - -
In excess of net realized gains - - - -
- ---------------------------------------------------------------------------------------------------------------
Total Distributions Paid - (0.71) (0.74) (0.08)
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $16.60 $12.31 $11.58 $9.98
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN<F2> 34.72% 12.48% 24.09% 0.57%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end
of period $315,260 $197,113 $155,238 $76,627
Ratio to average net assets of<F3>:
Expenses, net of waivers and
reimbursements 1.00% 1.00% 1.00% 1.00%
Expenses, before waivers and
reimbursements 1.52% 1.54% 1.61% 1.76%
Net investment income, net of
waivers and reimbursements 0.35% 0.54% 0.65% 1.36%
Net investment income (loss),
before waivers and
reimbursements (0.17)% 0.00% 0.04% 0.60%
Portfolio Turnover Rate 7.72% 18.92% 46.59% 82.46%
Average Commission Per Share $0.0281 $0.0370 NA NA
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (CONTINUED)
EQUITY FUNDS
INTERNATIONAL
GROWTH EQUITY
FUND
--------------------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31,
1997 1997 1996 1995
(UNAUDITED)
- --------------------- ---------- --------- ----------- ---------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.05 $10.23 $ 9.61 $10.00
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income 0.07 0.09 0.17 0.04
Net realized and unrealized gains
(losses) on investments, options,
futures contracts
and foreign currency transactions 1.20 0.18 0.65 (0.31)
- ---------------------------------------------------------------------------------------------------------------
Total Income (Loss) from
Investment Operations 1.27 0.27 0.82 (0.27)
- ---------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income - (0.09) (0.11) (0.03)
From net realized gains - (0.23) - -
In excess of net investment income - - (0.09) -
In excess of net realized gains - (0.13) - (0.09)
- ---------------------------------------------------------------------------------------------------------------
Total Distributions Paid - (0.45) (0.20) (0.12)
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $11.32 $10.05 $10.23 $9.61
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN<F2> 12.62% 2.61% 8.61% (2.65)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end
of period $185,504 $165,892 $181,237 $114,673
Ratio to average net assets of<F3>:
Expenses, net of waivers and
reimbursements 1.25% 1.25% 1.25% 1.25%
Expenses, before waivers and
reimbursements 1.62% 1.63% 1.65% 1.71%
Net investment income, net of
waivers and reimbursements 1.23% 0.78% 0.92% 0.47%
Net investment income (loss),
before waivers and
reimbursements 0.86% 0.40% 0.52% 0.01%
Portfolio Turnover Rate 72.86% 190.94% 216.86% 158.31%
Average Commission Per Share $0.0286 $0.0201 NA NA
- ---------------------------------------------------------------------------------------------------------------
<FN>
<F1> Commenced investment operations on April 6, 1994.
<F2> Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a
complete redemption of the investment at net asset value at the end of the period. Total return is not annualized for periods
less than one year.
<F3> Annualized for periods less than a full year.
NA - Disclosure not applicable to these periods.
See Notes to the Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (CONTINUED)
EQUITY FUNDS
INTERNATIONAL
SELECT EQUITY TECHNOLOGY
FUND FUND
--------------------------------------- ------------------
SIX MONTHS YEAR YEAR PERIOD SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
SEPT. 30, MAR. 31, MAR. 31, MAR. 31, SEPT. 30, MAR. 31,
1997 1997 1996 1995<F1> 1997 1997
(UNAUDITED) (UNAUDITED)
- ------------------------ ---------------------------------------- --------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.37 $10.73 $ 9.78 $10.00 $11.95 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.05 0.04 0.01 0.04 (0.06) -
Net realized and unrealized gains (losses)
on investments and foreign currency
transactions 1.45 (0.25) 0.99 (0.23) 5.74 2.10
- -------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) from
Investment Operations 1.50 (0.21) 1.00 (0.19) 5.68 2.10
- -------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income - (0.03) (0.02) (0.03) - -
From net realized gains - - - - - (0.15)
In excess of net investment income - (0.04) (0.03) - - -
In excess of net realized gains - (0.08) - - - -
- -------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid - (0.15) (0.05) (0.03) - (0.15)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $11.87 $10.37 $10.73 $9.78 $17.63 $11.95
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN<F2> 14.53% (1.95)% 10.20% (1.95)% 47.56% 20.82%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $122,767 $108,944 $102,719 $71,958 $84,920 $43,754
Ratio to average net assets of<F3>:
Expenses, net of waivers and
reimbursements 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%
Expenses, before waivers and
reimbursements 1.64% 1.66% 1.71% 1.75% 1.61% 2.02%
Net investment income (loss), net of
waivers and reimbursements 0.87% 0.47% 0.12% 0.47% (0.95)% (0.75)%
Net investment income (loss), before
waivers and reimbursements 0.48% 0.06% (0.34)% (0.03)% (1.31)% (1.52)%
Portfolio Turnover Rate 39.34% 97.60% 176.71% 97.69% 31.60% 67.89%
Average Commission Per Share $0.0263 $0.0210 NA NA $0.0685 $0.0651
- ---------------------------------------------------------------------------------------------------------------
<F1> Commenced investment operations on April 5, 1994.
<F2> Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a
complete redemption of the investment at net asset value at the end of the period. Total return is not annualized for periods
less than one year.
<F3> Annualized for periods less than a full year.
NA - Disclosure not applicable to these periods.
See Notes to the Financial Statements.
</TABLE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INCOME EQUITY FUND
NUMBER
OF SHARES VALUE
(000S) (000S)
- ----------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCKS - 41.9%
BANKING - 6.4%
14,300 Banc One Corp., Series C $1,527
60,000 National Australia Bank 1,763
12,700 NationsBank/Jefferson-Pilot ACES 1,397
52,000 Westpac Banking Corp. STRYPES 1,637
----------
6,324
----------
COMMUNICATIONS - 1.3%
23,200 Cincinnati Bell, Inc. DECS 1,305
----------
FINANCIAL SERVICES - 1.8%
7,000 Finova Finance Trust 461
35,000 FSA Holdings DECS 1,326
----------
1,787
----------
FOOD AND BEVERAGES - 2.2%
33,000 IBC/Ralston Purina SAILS 2,223
----------
HEALTH SERVICES - 1.8%
84,000 MedPartners, Inc. 1,801
----------
INSURANCE SERVICES - 3.3%
16,500 American Bankers Insurance Group, Inc. 1,353
4,000 American Heritage Life Investment Corp. 248
23,100 St. Paul Capital LLC 1,657
----------
3,258
----------
MEDIA - 5.0%
19,850 Sinclair Broadcast Group, Inc. 1,069
34,000 TCI Communications, Inc. 1,751
40,000 Time Warner/Houston Industries ACES 2,080
----------
4,900
----------
PAPER PRODUCTS - 1.8%
31,200 International Paper Co. 1,751
----------
PETROLEUM PRODUCTS - 1.6%
26,000 Unocal Capital Trust 1,576
----------
PROFESSIONAL SERVICES - 1.6%
60,000 Snyder Communications, Inc. STRYPES 1,624
----------
NUMBER
OF SHARES VALUE
(000S) (000S)
- ----------------------------------------------------------------------
REAL ESTATE - 5.5%
80,000 Equity Residential Properties Trust $ 2,065
36,500 Security Capital Industrial Trust, Series B 1,104
34,600 Rouse Co. 1,721
8,750 Vornado Realty Trust 547
----------
5,437
----------
RESTAURANTS - 1.9%
36,500 Wendy's Financing I 1,903
----------
RETAIL - 2.4%
40,000 Kmart Financing I 2,340
----------
SANITARY SERVICES - 1.4%
39,600 Browning-Ferris Industries, Inc. 1,396
----------
TRANSPORTATION SERVICES - 1.8%
60,000 Republic Industries, Inc. TRACES 1,841
----------
UTILITIES - 2.1%
9,800 MCN FELINE STRYPES PRIDES 530
38,200 MCN STRYPES 1,165
8,000 US WEST, Inc. 424
----------
2,119
----------
Total Convertible Preferred Stocks
(cost $36,389) 41,585
----------
PRINCIPAL
AMOUNT
(000S)
- ----------------------------------------------------------------------
CONVERTIBLE BONDS - 35.0%
BUILDING MATERIALS - 1.2%
$1,050 Masco Corp.,
5.25%, 2/15/12 1,176
----------
COMPUTERS AND OFFICE MACHINES - 2.4%
1,000 EMC Corp.,
3.25%, 3/15/02(1) 1,415
1,000 Read-Rite Corp.,
6.50%, 9/1/04 1,002
----------
2,417
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INCOME EQUITY FUND (continued)
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
ELECTRONICS AND OTHER ELECTRICAL
EQUIPMENT - 7.6%
$2,000 Micron Technology, Inc.,
7.00%, 7/1/04 $1,925
1,900 Park Electrochemical Corp.,
5.50%, 3/1/06 1,881
900 Reptron Electronics, Inc.,
6.75%, 8/1/04 931
800 SCI Systems, Inc.,
5.00%, 5/1/06(1) 1,588
1,170 VLSI Technology, Inc.,
8.25%, 10/1/05 1,229
----------
7,554
----------
HEALTH SERVICES - 4.7%
1,600 ALZA Corp.,
5.00%, 5/1/06 1,608
1,600 Chiron Corp.,
1.90%, 11/17/00(1) 1,496
1,650 Novacare, Inc.,
5.50%, 1/15/00 1,567
----------
4,671
----------
MANUFACTURING - 0.7%
800 MascoTech, Inc.,
4.50%, 12/15/03 724
----------
MEDIA - 2.0%
2,400 Tele-Communications International,
4.50%, 2/15/06 2,022
----------
METAL MINING - 0.9%
850 Inco Ltd.,
7.75%, 3/15/16 895
----------
OIL AND GAS - 2.1%
750 Consolidated Natural Gas Co.,
7.25%, 12/15/15 852
1,200 Loews Corp./Diamond Offshore
Drilling, Inc., 3.125%, 9/15/07 1,224
----------
2,076
----------
PROFESSIONAL SERVICES - 1.2%
1,000 CUC International, Inc.,
3.00%, 2/15/02(1) 1,147
----------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
RECREATIONAL SERVICES - 1.1%
$ 836 WMS Industries, Inc.,
5.75%, 12/1/02 $ 1,045
----------
RETAIL - 7.5%
850 Boston Chicken, Inc.,
7.75%, 5/1/04 769
1,000 Hasbro, Inc.,
6.00%, 11/15/98 1,439
1,475 Home Depot (The), Inc.,
3.25%, 10/1/01 1,803
1,050 Pier 1 Imports, Inc.,
5.75%, 10/1/03 1,738
Sports Authority (The), Inc.
1,050 5.25%, 9/15/01 967
750 5.25%, 9/15/01(1) 691
----------
7,407
----------
TECHNOLOGICAL EQUIPMENT - 1.0%
1,000 Cymer, Inc.,
3.50%, 8/6/04(1) 956
----------
TRANSPORTATION PARTS AND
EQUIPMENT - 1.0%
750 Magna International, Inc.,
5.00%, 10/15/02 992
----------
TRAVEL AND LEISURE - 1.6%
1,375 Hilton Hotels Corp.,
5.00%, 5/15/06 1,616
----------
Total Convertible Bonds
(cost $31,340) 34,698
----------
NUMBER
OF SHARES
- ----------------------------------------------------------------------
COMMON STOCKS - 19.4%
BUILDING MATERIALS - 0.8%
17,900 Masco Corp. 820
----------
COMMUNICATIONS - 2.3%
18,500 Ameritech Corp. 1,230
24,000 AT&T Corp. 1,063
----------
2,293
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INCOME EQUITY FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMPUTERS AND OFFICE MACHINES - 3.3%
32,000 Adaptec, Inc. $ 1,496
40,000 Digital Equipment Corp.* 1,733
----------
3,229
----------
FOOD AND BEVERAGES - 0.9%
14,000 ConAgra, Inc. 924
----------
MANUFACTURING - 2.1%
20,000 Bandag, Inc. 1,059
50,001 MascoTech, Inc. 1,025
----------
2,084
----------
OIL AND GAS - 3.6%
9,500 Amoco Corp. 916
14,000 Ashland, Inc. 761
12,000 Consolidated Natural Gas Co. 698
20,800 Royal Dutch Petroleum Co. 1,154
----------
3,529
----------
PHARMACEUTICALS - 1.0%
11,600 Bristol-Myers Squibb Co. 960
----------
PROFESSIONAL SERVICES - 1.0%
13,100 Omnicom Group, Inc. 953
----------
RECREATION AND LEISURE SERVICES - 1.2%
15,000 Disney (The Walt) Co. 1,209
----------
RETAIL - 1.7%
14,500 Costco Cos., Inc.* 546
37,000 TJX Cos., Inc. 1,131
----------
1,677
----------
TRANSPORTATION PARTS AND
EQUIPMENT - 1.1%
24,000 Ford Motor Co. 1,086
----------
UTILITIES - 0.4%
8,800 Northern States Power Co. 438
----------
Total Common Stocks
(cost $14,127) 19,202
----------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
SHORT-TERM INVESTMENT - 3.6%
$3,598 Banco Santander, Madrid, Spain,
6.56%, 10/1/97
(cost $3,598) $ 3,598
----------
Total Investments - 99.9%
(cost $85,454) 99,083
Other Assets less Liabilities - 0.1% 153
----------
NET ASSETS - 100.0% $99,236
==========
<F1> Securities 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 September
30, 1997, the value of these securities amounted to approximately
$7,293,000 or 7.3% of net assets.
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
STOCK INDEX FUND
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMMON STOCKS - 94.9%
AGRICULTURE - 0.1%
600 Pioneer Hi-Bred International, Inc. $ 55
----------
APPAREL - 0.1%
500 Liz Claiborne, Inc. 27
500 VF Corp. 46
----------
73
----------
BANKING - 7.5%
700 Ahmanson (H.F.) & Co. 40
4,200 Banc One Corp. 234
5,000 BankAmerica Corp. 366
1,000 BankBoston Corp. 88
700 Bankers Trust New York Corp. 86
2,700 Bank of New York Co., Inc. 130
1,400 Barnett Banks, Inc. 99
3,000 Chase Manhattan Corp. 354
3,300 Citicorp 442
800 Comerica, Inc. 63
1,500 CoreStates Financial Corp. 99
1,150 Fifth Third Bancorp 75
2,100 First Chicago NBD Corp. 158
4,000 First Union Corp. 200
400 Golden West Financial Corp. 36
1,100 Huntington Bancshares, Inc. 40
1,600 KeyCorp 102
1,800 Mellon Bank Corp. 99
1,300 Morgan (J.P.) & Co., Inc. 148
1,500 National City Corp. 92
5,122 NationsBank Corp. 317
2,700 Norwest Corp. 165
2,200 PNC Bank Corp. 107
400 Republic New York Corp. 45
1,200 State Street Corp. 73
1,500 SunTrust Banks, Inc. 102
1,755 U.S. Bancorp 169
1,100 Wachovia Corp. 79
600 Wells Fargo & Co. 165
----------
4,173
----------
BITUMINOUS COAL AND LIGNITE SURFACE
MINING - 0.1%
2,074 Houston Industries, Inc. 45
100 NACCO Industries, Inc. 12
----------
57
----------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
BROKERAGE AND FINANCIAL SERVICES - 2.0%
3,400 American Express Co. $ 278
1,900 Charles Schwab (The) Corp. 68
1,800 Fleet Financial Group, Inc. 118
1,000 Green Tree Financial Corp. 47
2,400 Merrill Lynch & Co., Inc. 178
4,250 Morgan Stanley, Dean Witter,
Discover and Co. 230
800 Salomon, Inc. 60
1,810 Washington Mutual, Inc. 126
----------
1,105
----------
CHEMICALS, PHARMACEUTICALS AND
ALLIED PRODUCTS - 10.0%
5,500 Abbott Laboratories 352
800 Air Products and Chemicals, Inc. 66
500 Allergan, Inc. 18
4,700 American Home Products Corp. 343
1,900 Amgen, Inc.* 91
2,000 Baxter International, Inc. 105
7,200 Bristol-Myers Squibb Co. 596
700 Clorox (The) Co. 52
2,100 Colgate-Palmolive Co. 146
1,600 Dow Chemical Co. 145
8,100 du Pont (E.I.) de Nemours & Co. 499
600 Eastman Chemical Co. 37
500 Ecolab, Inc. 24
300 FMC Corp.* 27
400 Goodrich (B.F.) Co. 18
500 Grace (W.R.) & Co. 37
400 Great Lakes Chemical Corp. 20
700 Hercules, Inc. 35
800 International Flavors & Fragrances, Inc. 39
4,000 Lilly (Eli) & Co. 482
8,700 Merck & Co., Inc. 869
1,000 Morton International, Inc. 36
500 Nalco Chemical Co. 20
9,300 Pfizer, Inc. 559
3,700 Pharmacia & Upjohn, Inc. 135
1,300 PPG Industries, Inc. 81
1,100 Praxair, Inc. 56
400 Rohm & Haas Co. 38
5,300 Schering-Plough Corp. 273
1,200 Sherwin-Williams Co. 35
700 Sigma-Aldrich Corp. 23
900 Union Carbide Corp. 44
2,000 Warner-Lambert Co. 270
----------
5,571
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
STOCK INDEX FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMMUNICATIONS - 7.1%
3,600 AirTouch Communications, Inc.* $ 127
1,300 ALLTEL Corp. 45
4,000 Ameritech Corp. 266
11,700 AT&T Corp. 518
5,604 Bell Atlantic Corp. 451
7,100 BellSouth Corp. 328
700 Clear Channel Communications, Inc.* 45
2,500 Comcast Corp., Class A Special 64
1,200 Frontier Corp. 28
6,900 GTE Corp. 313
4,600 Lucent Technologies, Inc. 374
500 Mallinckrodt, Inc. 18
5,000 MCI Communications Corp. 147
1,100 NextLevel Systems, Inc.* 18
700 Providian Corp. 28
6,628 SBC Communications, Inc. 407
3,100 Sprint Corp. 155
1,300 Tellabs, Inc.* 67
3,400 US WEST Communications Group 131
4,400 US WEST Media Group* 98
2,500 Viacom, Inc., Class B* 79
6,500 WorldCom, Inc.* 230
----------
3,937
----------
COMPUTERS AND OFFICE MACHINES - 6.5%
500 Adobe Systems, Inc. 25
900 Apple Computer, Inc.* 19
1,400 Bay Networks, Inc.* 54
1,100 Cabletron Systems, Inc.* 35
600 Ceridian Corp.* 22
4,800 Cisco Systems, Inc.* 351
5,420 Compaq Computer Corp.* 405
300 Data General Corp.* 8
2,400 Dell Computer Corp.* 233
1,100 Digital Equipment Corp.* 48
1,800 EMC Corp.* 105
7,100 International Business Machines Corp. 752
8,600 Microsoft Corp.* 1,138
900 Parametric Technology Co.* 40
1,000 Pitney Bowes, Inc. 83
1,800 Seagate Technology, Inc.* 65
1,300 Silicon Graphics, Inc.* 34
800 Tandy Corp. 27
2,500 3Com Corp.* 128
1,300 Unisys Corp.* 20
----------
3,592
----------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
CONSTRUCTION - 0.2%
800 Dover Corp. $ 54
1,300 Dresser Industries, Inc. 56
----------
110
----------
CONSUMER PRODUCTS - 4.7%
1,000 Avon Products, Inc. 62
1,200 Fortune Brands, Inc. 40
4,000 Gillette Co. 345
9,600 Johnson & Johnson 553
4,000 Kimberly-Clark Corp. 196
17,400 Philip Morris Cos., Inc. 723
9,700 Procter & Gamble Co. 670
----------
2,589
----------
CREDIT INSTITUTIONS - 0.5%
400 Beneficial Corp. 30
800 Countrywide Credit Industries, Inc. 29
800 Household International, Inc. 90
2,450 MBNA Corp. 99
800 MGIC Investment Corp. 46
----------
294
----------
ELECTRONICS AND OTHER ELECTRICAL
EQUIPMENT - 7.8%
1,000 Advanced Micro Devices, Inc.* 33
1,600 AMP, Inc. 86
650 Andrew Corp.* 17
1,300 Applied Materials, Inc.* 124
900 Cooper Industries, Inc. 49
800 DSC Communications Corp.* 22
3,200 Emerson Electric Co. 184
23,600 General Electric Co. 1,606
600 Harris Corp. 27
11,800 Intel Corp. 1,089
800 ITT Corp.* 54
600 KLA-Tencor Corp.* 41
1,000 LSI Logic Corp.* 32
700 Maytag Corp. 24
1,500 Micron Technology, Inc.* 52
4,300 Motorola, Inc. 309
1,000 National Semiconductor Corp.* 41
300 National Service Industries, Inc. 13
1,900 Northern Telecom Ltd. 197
300 Raychem Corp. 25
600 Scientific-Atlanta, Inc. 14
3,600 Tele-Communications, Inc.* 74
1,400 Texas Instruments, Inc. 189
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
STOCK INDEX FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
ELECTRONICS AND OTHER ELECTRICAL
EQUIPMENT - 7.8% (CONT'D.)
400 Thomas & Betts Corp. $ 22
500 Whirlpool Corp. 33
----------
4,357
----------
FOOD AND BEVERAGES - 6.5%
3,500 Anheuser-Busch Cos., Inc. 158
3,985 Archer-Daniels-Midland Co. 95
500 Brown-Forman Corp., Class B 25
3,300 Campbell Soup Co. 162
17,900 Coca-Cola (The) Co. 1,091
1,700 ConAgra, Inc. 112
300 Coors (Adolph) Co., Class B 11
1,000 CPC International, Inc. 93
1,200 General Mills, Inc. 83
2,700 Heinz (H.J.) Co. 125
1,000 Hershey Foods Corp. 57
3,000 Kellogg Co. 126
5,000 McDonalds Corp. 238
11,000 PepsiCo, Inc. 446
1,000 Quaker Oats (The) Co. 50
800 Ralston-Ralston Purina Group 71
3,500 Sara Lee Corp. 180
2,700 Seagram (The) Co. Ltd. 95
1,200 Unilever N.V. 255
1,300 UST, Inc. 40
700 Whitman Corp. 19
800 Wrigley (Wm.) Jr. Co. 60
----------
3,592
----------
FURNITURE - 0.1%
1,200 Masco Corp. 55
----------
GENERAL BUILDING CONTRACTORS - 0.1%
200 Centex Corp. 12
900 Honeywell, Inc. 60
300 Kaufman & Broad Home Corp. 7
----------
79
----------
GLASS, CLAY AND STONE PRODUCTS - 0.2%
1,700 Corning, Inc. 80
1,100 Newell Co. 44
----------
124
----------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
HEALTH SERVICES - 1.2%
600 ALZA Corp.* $ 17
800 Beverly Enterprises, Inc.* 14
800 Cardinal Health, Inc. 57
4,700 Columbia/HCA Healthcare Corp. 135
1,100 Guidant Corp. 62
2,500 HEALTHSOUTH Corp.* 67
1,200 Humana, Inc.* 28
500 Manor Care, Inc. 17
3,400 Medtronic, Inc. 160
700 St. Jude Medical, Inc.* 25
2,200 Tenet Healthcare Corp.* 64
----------
646
----------
HEAVY CONSTRUCTION - 0.2%
600 Fluor Corp. 32
300 Foster Wheeler Corp. 13
1,800 Halliburton Co. 94
----------
139
----------
INDUSTRIAL INSTRUMENTS - 2.2%
400 Bard (C.R.), Inc. 14
400 Bausch & Lomb, Inc. 16
900 Becton, Dickinson & Co. 43
800 Biomet, Inc. 19
1,400 Boston Scientific Corp.* 77
2,300 Eastman Kodak Co. 149
7,500 Hewlett-Packard Co. 522
600 Johnson Controls, Inc. 30
300 Millipore Corp. 15
300 Perkin-Elmer Corp. 22
300 Polaroid Corp. 15
1,700 Raytheon Co. 101
200 Tektronix, Inc. 13
500 US Surgical Corp. 15
2,300 Xerox Corp. 194
----------
1,245
----------
INSURANCE SERVICES - 4.5%
1,100 Aetna, Inc. 89
3,100 Allstate Corp. 249
1,821 American General Corp. 94
5,050 American International Group, Inc. 521
1,250 Aon Corp. 66
1,200 Chubb (The) Corp. 85
500 CIGNA Corp. 93
1,400 Conseco, Inc. 68
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
STOCK INDEX FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
INSURANCE SERVICES - 4.5% (CONT'D.)
600 General Re Corp. $ 119
800 Hartford Financial Services Group (The), Inc. 69
500 Jefferson-Pilot Corp. 40
700 Lincoln National Corp. 49
800 Loews Corp. 90
1,200 Marsh & McLennan Cos., Inc. 92
300 MBIA, Inc. 38
500 Progressive Corp. 54
900 SAFECO Corp. 48
600 St. Paul Cos., Inc. 49
1,450 SunAmerica, Inc. 57
1,000 Torchmark Corp. 39
500 Transamerica Corp. 50
4,566 Travelers Group, Inc. 312
1,400 United Healthcare Corp. 70
1,000 UNUM Corp. 46
800 USF&G Corp. 18
----------
2,505
----------
JEWELRY AND PRECIOUS METALS - 0.0%
300 Jostens, Inc. 8
----------
LEATHER PRODUCTS - 0.0%
300 Stride Rite Corp. 4
----------
LUMBER AND WOOD PRODUCTS - 0.0%
800 Louisiana-Pacific Corp. 20
----------
MACHINERY - 1.4%
1,200 Baker Hughes, Inc. 52
700 Black & Decker Corp. 26
200 Briggs & Stratton Corp. 10
700 Brunswick Corp. 25
500 Case Corp. 33
2,700 Caterpillar, Inc. 146
300 Cincinnati Milacron, Inc. 8
300 Cummins Engine Co., Inc. 23
1,800 Deere & Co. 97
400 General Signal Corp. 17
400 Harnischfeger Industries, Inc. 17
1,200 Ingersoll-Rand Co. 52
1,200 Tenneco, Inc. 57
1,100 Thermo Electron Corp.* 44
500 Timken (The) Co. 20
1,900 Tyco International Ltd. 156
----------
783
----------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
MANUFACTURING - 0.1%
200 Aeroquip-Vickers, Inc. $ 10
400 Alberto-Culver Co., Class B 12
900 ITT Industries, Inc. 30
200 Pulte Corp. 8
----------
60
----------
MERCHANDISE - GENERAL - 0.1%
400 Snap-On, Inc. 18
600 Stanley Works (The) 26
----------
44
----------
METAL MINING - 0.5%
2,700 Barrick Gold Corp. 67
1,700 Battle Mountain Gold Co. 12
700 Cyprus Amax Minerals Co. 17
1,000 Echo Bay Mines Ltd. 6
1,400 Freeport-McMoRan Copper & Gold,
Inc., Class B 40
1,100 Homestake Mining Co. 17
1,200 Inco, Ltd. 30
1,144 Newmont Mining Corp. 51
1,700 Placer Dome, Inc. 33
----------
273
----------
METAL PRODUCTS - 0.2%
1,300 Allegheny Teledyne, Inc. 37
200 Ball Corp. 7
350 Crane Co. 14
400 McDermott International, Inc. 15
850 Parker-Hannifin Corp. 38
----------
111
----------
MORTGAGE AGENCIES - 1.0%
5,000 Freddie Mac 176
7,600 Fannie Mae 357
----------
533
----------
NATURAL GAS - 0.7%
600 Apache Corp. 26
800 Coastal Corp. 49
400 Columbia Gas System, Inc. 28
700 Consolidated Natural Gas Co. 41
100 Eastern Enterprises 4
2,200 Enron Corp. 85
300 NICOR, Inc. 11
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
STOCK INDEX FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
NATURAL GAS - 0.7% (CONT'D.)
200 ONEOK, Inc. $ 7
600 Pacific Enterprises 20
300 Peoples Energy Corp. 11
600 Sonat, Inc. 31
1,100 Williams Cos. (The), Inc. 51
----------
364
----------
OFFICE EQUIPMENT - 0.0%
1,000 IKON Office Solutions, Inc. 26
----------
OIL AND GAS - 5.4%
400 Anadarko Petroleum Corp. 29
900 Burlington Resources, Inc. 46
4,700 Chevron Corp. 391
17,800 Exxon Corp. 1,140
200 Helmerich & Payne, Inc. 16
200 Louisiana Land & Exploration Co. 16
2,400 Occidental Petroleum Corp. 62
800 Oryx Energy Co.* 20
600 Rowan Cos., Inc.* 21
15,400 Royal Dutch Petroleum Co. 855
3,600 Schlumberger Ltd. 303
1,869 Union Pacific Resources Group, Inc. 49
400 Western Atlas, Inc.* 35
----------
2,983
----------
PACKAGING AND CONTAINER PRODUCTS - 0.1%
900 Crown Cork & Seal Co., Inc. 42
1,000 Owens-Illinois, Inc.* 34
----------
76
----------
PAPER PRODUCTS - 1.5%
700 Avery Dennison Corp. 28
400 Bemis Co., Inc. 18
400 Boise Cascade Corp. 17
700 Champion International Corp. 43
1,400 Fort James Corp. 64
700 Georgia-Pacific Corp. 73
2,200 International Paper Co. 121
400 Mead Corp. 29
3,000 Minnesota Mining & Manufacturing Co. 278
700 Stone Container Corp. 11
400 Temple-Inland, Inc. 26
500 Union Camp Corp. 31
700 Westvaco Corp. 25
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
PAPER PRODUCTS - 1.5% (CONT'D.)
1,400 Weyerhaeuser Co. $ 83
----------
847
----------
PERSONAL SERVICES - 0.6%
700 Block (H&R), Inc. 27
1,100 HFS, Inc.* 82
1,800 Hilton Hotels Corp. 61
900 Marriott International, Inc. 64
1,800 Service Corp. International 58
800 Willamette Industries, Inc. 31
----------
323
----------
PETROLEUM - 2.8%
700 Amerada Hess Corp. 43
3,500 Amoco Corp. 337
500 Ashland, Inc. 27
2,300 Atlantic Richfield Co. 196
300 Kerr-McGee Corp. 21
5,700 Mobil Corp. 422
300 Pennzoil Co. 24
1,900 Phillips Petroleum Co. 98
500 Sun Co., Inc. 22
3,800 Texaco, Inc. 233
1,800 Unocal Corp. 78
2,100 USX - Marathon Group 78
----------
1,579
----------
PRINTING AND PUBLISHING - 1.2%
500 American Greetings Corp., Class A 18
600 Deluxe Corp. 20
1,100 Donnelley (R.R.) & Sons Co. 39
700 Dow Jones & Co., Inc. 33
1,000 Gannett Co., Inc. 108
200 Harland (John H.) Co. 5
600 Knight-Ridder, Inc. 33
700 McGraw Hill Cos., Inc. 47
400 Meredith Corp. 13
600 Moore Corp. Ltd. 11
700 New York Times Co., Class A 37
4,000 Time Warner, Inc. 217
700 Times Mirror Co., Class A 38
900 Tribune Co. 48
----------
667
----------
PROFESSIONAL SERVICES - 1.9%
300 Autodesk, Inc. 14
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
STOCK INDEX FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
PROFESSIONAL SERVICES - 1.9% (CONT'D.)
2,100 Automatic Data Processing, Inc. $ 105
2,600 Computer Associates International, Inc. 187
600 Computer Sciences Corp.* 42
2,900 CUC International, Inc.* 90
1,100 Equifax, Inc. 35
3,200 First Data Corp. 120
850 Interpublic Group of Cos., Inc. 44
2,500 Novell, Inc.* 22
7,050 Oracle Corp.* 257
600 Ryder System, Inc. 22
400 Safety-Kleen Corp. 10
200 Shared Medical Systems Corp. 11
2,700 Sun Microsystems, Inc.* 126
----------
1,085
----------
RECREATION AND LEISURE SERVICES - 1.0%
4,900 Disney (The Walt) Co. 395
500 Harcourt General, Inc. 25
700 Harrah's Entertainment, Inc.* 16
300 King World Productions, Inc. 13
2,100 Mattel, Inc. 70
1,300 Mirage Resorts, Inc.* 39
----------
558
----------
RESEARCH AND CONSULTING SERVICES - 0.2%
1,200 Cognizant Corp. 49
1,200 Dun & Bradstreet (The) Corp. 34
300 EG&G, Inc. 6
----------
89
----------
RETAIL - 4.7%
1,800 Albertson's, Inc. 63
2,000 American Stores Co. 49
1,100 Autozone, Inc.* 33
800 Charming Shoppes, Inc.* 5
700 Circuit City Stores, Inc. 28
1,500 Costco Cos., Inc.* 56
1,200 CVS Corp. 68
1,100 Darden Restaurants, Inc. 13
1,600 Dayton-Hudson Corp. 96
800 Dillard's, Inc., Class A 35
1,500 Federated Department Stores, Inc.* 65
1,900 Gap (The), Inc. 95
400 Giant Food, Inc., Class A 13
300 Great Atlantic & Pacific Tea Co., Inc. 10
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
RETAIL - 4.7% (CONT'D.)
950 Hasbro, Inc. $ 27
5,250 Home Depot (The), Inc. 274
3,500 Kmart Corp.* 49
1,800 Kroger (The) Co.* 54
1,900 Limited (The), Inc. 46
300 Longs Drug Stores, Inc. 8
1,300 Lowe's Cos., Inc. 51
1,700 May Department Stores Co. 93
300 Mercantile Stores Co., Inc. 19
2,100 NIKE, Inc., Class B 111
600 Nordstrom, Inc. 38
1,800 Penney (J.C.) Co., Inc. 105
500 Pep Boys - Manny, Moe & Jack 14
400 Reebok International Ltd.* 19
900 Rite Aid Corp. 50
2,800 Sears, Roebuck & Co. 159
400 SUPERVALU, Inc. 16
1,200 TJX Cos., Inc. 37
2,100 Toys "R" Us, Inc.* 75
16,300 Wal-Mart Stores, Inc. 597
3,500 Walgreen Co. 90
900 Wendy's International, Inc. 19
1,100 Winn-Dixie Stores, Inc. 39
1,000 Woolworth Corp.* 22
----------
2,641
----------
RUBBER AND PLASTICS - 0.6%
300 Armstrong World Industries, Inc. 20
600 Cooper Tire & Rubber Co. 16
1,100 Goodyear (The) Tire & Rubber Co. 76
4,200 Monsanto Co. 164
1,100 Rubbermaid, Inc. 28
400 Tupperware Corp. 11
----------
315
----------
SANITARY SERVICES - 0.4%
1,500 Browning-Ferris Industries, Inc. 57
2,400 Laidlaw, Inc. 36
3,223 Waste Management, Inc. 113
----------
206
----------
SERVICE INDUSTRY MACHINERY - 0.3%
900 Pall Corp. 19
4,700 Westinghouse Electric Corp. 127
----------
146
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
STOCK INDEX FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
STEEL PRODUCTS - 0.7%
1,600 Alcan Aluminium Ltd. $ 56
1,300 Aluminum Co. of America 107
800 Armco, Inc.* 5
300 ASARCO, Inc. 10
800 Bethlehem Steel Corp.* 8
1,000 Engelhard Corp. 22
300 Inland Steel Industries, Inc. 7
600 Nucor Corp. 32
400 Owens Corning 15
400 Phelps Dodge Corp. 31
500 Reynolds Metals Co. 35
600 USX - U.S. Steel Group 21
700 Worthington Industries, Inc. 14
----------
363
----------
TEXTILES -- 0.1%
500 Fruit of the Loom, Inc., Class A* 14
300 Russell Corp. 9
100 Springs Industries, Inc., Class A 5
----------
28
----------
TRANSPORTATION PARTS AND EQUIPMENT - 4.2%
4,100 AlliedSignal, Inc. 174
7,252 Boeing (The) Co. 395
4,900 Chrysler Corp. 180
800 Dana Corp. 40
600 Eaton Corp. 55
500 Echlin, Inc. 18
300 Fleetwood Enterprises, Inc. 10
8,600 Ford Motor Co. 389
400 General Dynamics Corp. 35
5,200 General Motors Corp. 348
1,800 Illinois Tool Works, Inc. 90
1,400 Lockheed Martin Corp. 149
500 Navistar International Corp.* 14
500 Northrop Grumman Corp. 61
600 PACCAR, Inc. 34
1,500 Rockwell International Corp. 94
1,200 Textron, Inc. 78
900 TRW, Inc. 49
1,700 United Technologies Corp. 138
----------
2,351
----------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
TRANSPORTATION SERVICES - 1.2%
700 AMR Corp.* $ 77
1,100 Burlington Northern Santa Fe Corp. 106
300 Caliber System, Inc. 16
1,600 CSX Corp. 94
500 Delta Air Lines, Inc. 47
800 Federal Express Corp.* 64
900 Norfolk Southern Corp. 93
1,000 Southwest Airlines Co. 32
1,800 Union Pacific Corp. 113
600 US Airways Group, Inc.* 25
----------
667
----------
UTILITIES - 2.2%
1,400 American Electric Power Co. 64
1,100 Baltimore Gas & Electric Co. 30
1,100 Carolina Power & Light Co. 39
1,500 Central & South West Corp. 33
1,100 Cinergy Corp. 37
1,700 Consolidated Edison Co. of New York, Inc. 58
1,300 Dominion Resources, Inc. 49
1,000 DTE Energy Co. 30
2,544 Duke Energy Co. 126
2,900 Edison International 73
1,700 Entergy Corp. 44
1,300 FPL Group, Inc. 67
900 GPU, Inc. 32
1,000 Niagara Mohawk Power Corp.* 10
500 Northern States Power Co. 25
1,100 Ohio Edison Co. 26
3,100 PG&E Corp. 72
2,100 PacifiCorp 47
1,600 PECO Energy Co. 38
1,200 PP&L Resources, Inc. 26
1,700 Public Service Enterprise Group, Inc. 44
4,900 Southern Co. 111
1,712 Texas Utilities Co. 62
1,600 Unicom Corp. 37
700 Union Electric Co. 27
----------
1,207
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
STOCK INDEX FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
WHOLESALE - 0.2%
300 Fleming Cos., Inc. $ 5
1,250 Genuine Parts Co. 38
400 Grainger (W.W.), Inc. 36
200 Potlatch Corp. 10
1,300 Sysco Corp. 48
----------
137
----------
Total Common Stocks
(cost $46,030) 52,792
----------
OTHER INVESTMENT - 3.3%
19,400 Standard & Poor's Depository Receipt
Unit Trust, Series 1
(cost $1,782) 1,831
----------
PRINCIPAL
AMOUNT
(000S)
- ---------------------------------------------------------------------
SHORT-TERM INVESTMENT - 0.0%
$15 Banco Santander, Madrid, Spain,
6.56%, 10/1/97
(cost $15) 15
----------
Total Investments - 98.2%
(cost $47,827) 54,638
Other Assets less Liabilities - 1.8% 1,015
----------
NET ASSETS - 100.0% $55,653
==========
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
GROWTH EQUITY FUND
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMMON STOCKS - 96.2%
Banking - 6.9%
43,300 Chase Manhattan Corp. $ 5,109
109,650 Fifth Third Bancorp 7,168
255,500 State Street Corp. 15,570
----------
27,847
----------
BROKERAGE AND FINANCIAL SERVICES - 5.8%
167,000 Merrill Lynch & Co., Inc. 12,389
22,700 Metris Cos., Inc. 983
147,800 Price (T. Rowe), Associates, Inc. 9,940
----------
23,312
----------
CHEMICALS AND ALLIED PRODUCTS - 1.8%
114,800 du Pont (E.I.) de Nemours & Co. 7,067
----------
COMMUNICATIONS - 4.2%
119,200 ADC Telecommunications, Inc.* 3,874
29,200 Ascend Communications, Inc.* 945
69,000 Newbridge Networks Corp.* 4,131
88,000 P-COM, Inc.* 2,107
117,950 Tellabs, Inc.* 6,074
----------
17,131
----------
COMPUTERS AND OFFICE MACHINES - 8.0%
126,300 Cisco Systems, Inc.* 9,228
56,528 Diebold, Inc. 2,678
54,700 EMC Corp.* 3,193
58,200 McAfee Associates, Inc.* 3,085
54,800 Microsoft Corp.* 7,251
71,400 PeopleSoft, Inc.* 4,266
57,600 Siebel Systems, Inc.* 2,452
----------
32,153
----------
CONSUMER PRODUCTS - 7.3%
91,600 Gillette Co. 7,906
111,000 Johnson & Johnson 6,396
144,400 Philip Morris Cos., Inc. 6,002
100,200 Procter & Gamble Co. 6,920
49,100 Sunbeam Corp. 2,179
----------
29,403
----------
ELECTRONICS AND OTHER ELECTRICAL
Equipment - 10.4%
195,700 Analog Devices, Inc.* 6,556
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
ELECTRONICS AND OTHER ELECTRICAL
EQUIPMENT - 10.4% (CONT'D.)
185,600 General Electric Co. $12,632
140,200 Intel Corp. 12,942
28,600 Motorola, Inc. 2,056
40,100 Nokia Corp., ADR 3,762
41,700 Sony Corp., ADR 3,917
----------
41,865
----------
FOOD AND BEVERAGES - 2.9%
131,100 Coca-Cola (The) Co. 7,989
73,800 Sara Lee Corp. 3,801
----------
11,790
----------
GENERAL BUILDING CONTRACTORS - 0.3%
18,300 Centex Corp. 1,068
----------
HEALTH SERVICES - 4.9%
91,700 Cardinal Health, Inc. 6,511
22,600 Centocor, Inc.* 1,075
62,000 Guidant Corp. 3,472
26,000 Health Care & Retirement Corp.* 967
168,800 Medtronic, Inc. 7,934
----------
19,959
----------
INDUSTRIAL PRODUCTS - 0.5%
43,000 MSC Industrial Direct Co., Inc.* 1,978
----------
INSURANCE SERVICES - 3.3%
79,200 American International Group, Inc. 8,172
40,600 MBIA, Inc. 5,093
----------
13,265
----------
OIL AND GAS - 11.2%
76,500 Amoco Corp. 7,373
37,500 Diamond Offshore Drilling, Inc. 2,070
152,200 Exxon Corp. 9,750
52,600 Mobil Corp. 3,892
54,500 Newpark Resources, Inc.* 2,143
147,000 Royal Dutch Petroleum Co. 8,159
92,200 Schlumberger Ltd. 7,762
62,000 Transocean Offshore, Inc. 2,972
21,000 Vintage Petroleum, Inc. 1,034
----------
45,155
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
GROWTH EQUITY FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
PHARMACEUTICALS - 10.4%
54,500 American Home Products Corp. $ 3,979
109,500 Lilly (Eli) & Co. 13,188
245,400 Pfizer, Inc. 14,739
75,100 Warner-Lambert Co. 10,134
----------
42,040
----------
PROFESSIONAL SERVICES - 1.9%
118,000 Automatic Data Processing, Inc. 5,900
22,500 Caribiner International, Inc.* 917
12,800 Quintiles Transnational Corp.* 1,078
----------
7,895
----------
RESTAURANTS - 2.1%
202,600 Starbucks Corp.* 8,471
----------
RETAIL - 8.7%
150,100 Cracker Barrel Old Country Store, Inc. 4,859
23,000 Gap (The), Inc. 1,151
128,300 Home Depot (The), Inc. 6,688
174,400 Kohl's Corp.* 12,382
83,700 Ross Stores, Inc. 2,856
241,000 Walgreen Co. 6,176
26,400 Wal-Mart Stores, Inc. 967
----------
35,079
----------
SANITARY SERVICES - 0.9%
89,500 USA Waste Services, Inc.* 3,569
----------
TRANSPORTATION PARTS AND
EQUIPMENT - 2.4%
154,600 Boeing (The) Co. 8,416
41,300 Roadway Express, Inc. 1,131
----------
9,547
----------
U.S. GOVERNMENT AGENCY - 1.4%
124,900 Fannie Mae 5,870
----------
WATER TREATMENT SYSTEMS - 0.9%
77,520 Culligan Water Technologies, Inc.* 3,566
----------
Total Common Stocks
(cost $274,956) 388,030
----------
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
- ----------------------------------------------------------------------
SHORT-TERM INVESTMENT - 2.0%
$8,156 Banco Santander, Madrid, Spain,
6.56%, 10/1/97
(cost $8,156) $ 8,156
----------
NUMBER
OF CONTRACTS
- ----------------------------------------------------------------------
OPTIONS PURCHASED - 0.1%
68 Call Option on S&P 500
Expiring December 1997 @ $915
(cost $340) 425
----------
Total Investments - 98.3%
(cost $283,452) 396,611
----------
OPTIONS WRITTEN - 0.0%
68 Put Option on S&P 500
Expiring December 1997 @ $915
(premium received $272) (157)
----------
Other Assets less Liabilities - 1.7% 7,052
----------
NET ASSETS - 100.0% $403,506
==========
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SELECT EQUITY FUND
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMMON STOCKS - 99.5%
BANKING - 10.0%
49,163 Banc One Corp. $2,744
21,500 Chase Manhattan Corp. 2,537
12,000 Community First Bankshares, Inc. 582
24,000 Golden State Bancorp, Inc.* 717
23,000 Imperial Bancorp* 860
12,500 Marshall & Ilsley Corp. 633
30,000 State Street Corp. 1,828
----------
9,901
----------
BROKERAGE AND FINANCIAL SERVICES - 4.3%
36,700 Franklin Resources, Inc. 3,418
11,500 Merrill Lynch & Co., Inc. 853
----------
4,271
----------
CHEMICALS AND ALLIED PRODUCTS - 1.6%
25,000 du Pont (E.I.) de Nemours & Co. 1,539
----------
COMMUNICATIONS - 7.0%
20,000 Ericsson (L.M.) Telephone Co.
ADR, Class B 959
23,000 Lucent Technologies, Inc. 1,872
45,000 Newbridge Networks Corp.* 2,694
26,000 Tellabs, Inc.* 1,339
----------
6,864
----------
COMPUTERS AND OFFICE MACHINES - 2.8%
17,500 Cisco Systems, Inc.* 1,279
25,500 EMC Corp.* 1,489
----------
2,768
----------
CONSUMER PRODUCTS - 5.7%
78,000 Philip Morris Cos., Inc. 3,242
34,000 Procter & Gamble Co. 2,348
----------
5,590
----------
CREDIT INSTITUTIONS - 2.0%
21,000 MBNA Corp. 850
20,000 MGIC Investment Corp. 1,146
----------
1,996
----------
ELECTRONICS AND OTHER ELECTRICAL
EQUIPMENT - 12.2%
74,000 Analog Devices, Inc.* 2,479
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
ELECTRONICS AND OTHER ELECTRICAL
EQUIPMENT - 12.2% (CONT'D.)
70,000 General Electric Co. $ 4,764
32,000 Intel Corp. 2,954
18,000 Linear Technology Corp. 1,237
12,000 Solectron Corp.* 534
----------
11,968
----------
FOOD AND BEVERAGES - 4.2%
35,000 Coca-Cola (The) Co. 2,133
50,000 Panamerican Beverages, Inc., Class A 1,953
----------
4,086
----------
HEALTH SERVICES - 1.9%
24,000 Guidant Corp. 1,344
12,000 Medtronic, Inc. 564
----------
1,908
----------
HEAVY CONSTRUCTION - 2.0%
37,000 Halliburton Co. 1,924
----------
INDUSTRIAL INSTRUMENTS - 1.5%
25,000 Sundstrand Corp. 1,441
----------
INSURANCE SERVICES - 2.6%
15,000 American International Group, Inc. 1,548
25,000 Hartford Life, Inc., Class A 961
----------
2,509
----------
MACHINERY - 1.4%
10,000 Roper Industries, Inc. 337
13,000 Tyco International Ltd. 1,067
----------
1,404
----------
MEDICAL PRODUCTS AND EQUIPMENT - 1.5%
30,000 Elan Corp. PLC ADR* 1,502
----------
OIL AND GAS - 4.1%
16,000 Nabors Industries, Inc.* 623
38,000 Newpark Resources, Inc.* 1,494
19,200 Schlumberger Ltd. 1,616
7,000 Vintage Petroleum, Inc. 345
----------
4,078
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SELECT EQUITY FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
PHARMACEUTICALS - 10.2%
30,500 Bristol-Myers Squibb Co. $ 2,524
23,500 Lilly (Eli) & Co. 2,830
12,000 Merck & Co., Inc. 1,199
30,000 Pfizer, Inc. 1,802
13,000 Warner-Lambert Co. 1,754
----------
10,109
----------
PRINTING AND PUBLISHING - 1.6%
15,000 Gannett Co., Inc. 1,619
----------
PROFESSIONAL SERVICES - 1.2%
26,000 Sylvan Learning Systems, Inc.* 1,141
----------
RECREATION AND LEISURE SERVICES - 3.3%
18,000 Callaway Golf Co. 628
40,000 Carnival Corp., Class A 1,850
10,000 Disney (The Walt) Co. 806
----------
3,284
----------
RESEARCH AND CONSULTING SERVICES - 1.0%
25,000 Cognizant Corp. 1,019
----------
RESTAURANTS - 1.4%
33,000 Starbucks Corp.* 1,380
----------
RETAIL - 8.8%
21,000 Consolidated Stores Corp.* 879
8,000 Cracker Barrel Old Country Store, Inc. 259
28,000 Kohl's Corp.* 1,988
42,000 Staples, Inc.* 1,160
80,000 Walgreen Co. 2,050
63,000 Wal-Mart Stores, Inc. 2,307
----------
8,643
----------
SANITARY SERVICES - 1.6%
40,000 USA Waste Services, Inc.* 1,595
----------
TRANSPORTATION PARTS AND
EQUIPMENT - 2.5%
41,000 CNF Transportation, Inc. 1,786
22,000 Wisconsin Central Transportation Corp.* 700
----------
2,486
----------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
U.S. GOVERNMENT AGENCY - 1.7%
35,000 Fannie Mae $ 1,645
----------
WATER TREATMENT SYSTEMS - 1.4%
31,000 Culligan Water Technologies, Inc.* 1,426
----------
Total Common Stocks
(cost $78,293) 98,096
----------
PRINCIPAL
AMOUNT
(000S)
- ----------------------------------------------------------------------
SHORT-TERM INVESTMENT - 0.4%
$399 Banco Santander, Madrid, Spain,
6.56%, 10/1/97
(cost $399) 399
----------
Total Investments - 99.9%
(cost $78,692) 98,495
Other Assets less Liabilities - 0.1% 80
----------
NET ASSETS - 100.0% $98,575
==========
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMMON STOCKS - 94.9%
AEROSPACE - 0.2%
25,700 Aviall, Inc. $ 394
6,000 TransTechnology Corp. 160
----------
554
----------
APPAREL - 1.1%
15,200 Bell Sports Corp.* 165
13,000 Chic By H.I.S., Inc.* 92
24,300 Dexter Corp. 974
13,500 Farah, Inc.* 93
6,000 Garan, Inc. 141
21,200 Kellwood Co. 750
11,438 Movado Group, Inc. 234
9,200 Oxford Industries, Inc. 312
32,100 Phillips-Van Heusen Corp. 508
15,100 Salant Corp.* 40
1,300 Weyco Group, Inc. 109
----------
3,418
----------
ATHLETIC EQUIPMENT - 0.0%
64,600 RDM Sports Group, Inc.* 1
----------
BANKING - 8.3%
3,750 Advantage Bancorp, Inc. 214
15,180 Albank Financial Corp. 641
10,862 Alliance Bancorp 263
2,300 American Bank of Connecticut 93
6,500 Anchor Bancorp Wisconsin, Inc. 189
6,140 Andover Bancorp, Inc. 226
23,200 Astoria Financial Corp. 1,167
14,400 Bay View Capital Corp. 394
6,171 Brenton Banks, Inc. 201
9,900 BSB Bancorp, Inc. 272
2,400 Calumet Bancorp, Inc.* 111
5,000 Cathay Bancorp, Inc. 159
4,000 CB Bancshares, Inc. 177
7,800 Citfed Bancorp, Inc. 395
18,300 Coast Savings Financial, Inc.* 960
5,900 Coastal Bancorp, Inc. 189
18,750 Commercial Federal Corp. 884
6,600 Community Bank System, Inc. 191
4,650 Covest Bancshares, Inc. 113
6,300 CPB, Inc. 272
31,738 Downey Financial Corp. 774
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
BANKING - 8.3% (CONT'D.)
5,300 Eagle Financial Corp. $ 212
8,200 Evergreen Bancorp, Inc. 164
2,500 FFLC Bancorp, Inc. 77
8,000 Fidelity Bankshares, Inc. 228
5,550 First Federal Capital Corp. 161
12,500 First Federal Financial Bancorp, Inc. 427
3,000 First Federal Financial Corp. of Kentucky 63
3,500 First Federal Savings & Loan Association
of East Hartford 128
9,400 First Financial Caribbean Corp. 234
9,200 First Indiana Corp. 219
6,000 First Palm Beach Bancorp, Inc. 209
11,900 First Republic Bancorp, Inc.* 318
4,900 First Savings Bancorp, Inc. 117
6,920 First Savings Bank, SLA 246
2,094 FNB Corp. 66
4,400 GBC Bancorp 216
16,200 Greater New York Savings Bank 383
5,100 Haven Bancorp, Inc. 218
4,800 HMN Financial, Inc.* 119
3,750 Home Federal Bancorp. 120
8,790 Horizon Financial Corp. 141
3,000 Interchange Financial Services Corp. 73
6,900 InterWest Bancorp, Inc. 278
5,884 JeffBanks, Inc. 222
5,900 Jefferson Savings Bancorp, Inc.* 238
10,200 Life Bancorp, Inc. 269
18,400 Long Island Bancorp, Inc. 864
6,616 MAF Bancorp, Inc. 214
3,650 Maryland Federal Bancorp, Inc. 172
4,266 MASSBANK Corp. 203
5,400 Medford Savings Bank 194
2,700 Merchants Bancshares, Inc.* 77
11,265 Mid-America Bancorp 372
11,700 ML Bancorp, Inc. 320
9,613 National City Bancorporation* 264
8,233 NBT Bancorp, Inc. 217
14,300 ONBANCorp, Inc. 819
6,300 PALFED, Inc. 155
5,500 Pennfirst Bancorp, Inc. 97
27,213 Peoples Heritage Financial Group, Inc. 1,151
4,662 Peoples Holdings Co. 192
7,300 PonceBank 151
15,000 Poughkeepsie Savings Bank, FSB 139
4,500 Progressive Bank, Inc. 154
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
BANKING - 8.3% (CONT'D.)
5,675 Quaker City Bancorp, Inc.* $ 129
11,550 Queens County Bancorp, Inc. 598
9,700 Reliance Bancorp, Inc. 320
36,100 Riggs National Corp.* 851
10,100 Security Capital Corp. 1,117
2,650 Southwest Bancshares, Inc. 55
23,731 Sovereign Bancorp, Inc. 415
37,312 St. Paul Bancorp, Inc. 933
7,000 Sterling Bancorp 159
6,600 Sterling Financial Corp.* 126
19,500 Sumitomo Bank of California 843
4,400 TF Financial Corp. 112
5,700 Triangle Bancorp, Inc. 171
2,875 TriCo Bancshares 81
8,500 US Bancorp 548
5,900 Virginia First Financial Corp. 142
14,218 Webster Financial Corp. 835
2,800 Western Ohio Financial Corp. 76
----------
26,297
----------
BITUMINOUS COAL AND LIGNITE
Surface Mining - 0.1%
16,100 Arch Coal, Inc. 460
----------
BROKERAGE SERVICES AND
FINANCIAL SERVICES - 1.5%
6,700 Advest Group, Inc.* 176
5,700 FFVA Financial Corp. 180
3,600 First Southeast Financial Corp. 58
14,500 Great Financial Corp. 618
14,800 Insurance Auto Auctions, Inc.* 185
8,650 Interra Financial, Inc. 520
7,400 Interstate/Johnson Lane, Inc. 230
30,100 John Alden Financial Corp. 933
12,400 McDonald & Co. Investments, Inc. 361
600 Northern States Financial Corp. 59
6,300 Ottawa Financial Corp. 171
22,000 PEC Israel Economic Corp. 425
6,050 Southwest Securities Group, Inc. 139
19,200 Standard Financial, Inc.* 496
8,077 York Financial Corp. 208
----------
4,759
----------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
CHEMICALS AND ALLIED PRODUCTS - 3.2%
6,340 Aceto Corp. $ 119
11,000 Alpharma, Inc. 246
1,833 Alpharma, Inc. Rights* 10
12,200 ARIAD Pharmaceuticals, Inc.* 72
14,500 ATL Ultrasound, Inc.* 677
14,600 Biomira, Inc.* 73
12,800 BioWhittaker, Inc.* 148
14,000 Cambrex Corp. 653
55,100 Carter-Wallace, Inc. 909
19,500 Cellpro, Inc.* 91
22,700 Copley Pharmaceutical, Inc.* 159
20,400 COR Therapeutics, Inc.* 339
13,000 Creative BioMolecules, Inc.* 140
5,075 Cytrx Corp.* 25
16,700 Fuller (H.B.) Co. 905
13,300 Genemedicine, Inc.* 55
37,800 Gensia, Inc.* 262
4,200 Hauser Chemical Research, Inc.* 27
10,900 Immucor, Inc.* 112
27,000 ImmuLogic Pharmaceutical Corp.* 89
19,900 Immune Response Corp.* 250
8,100 ImmunoGen, Inc.* 10
15,600 Learonal, Inc. 427
14,550 Life Technologies, Inc. 440
13,300 LSB Industries, Inc. 62
3,900 MacDermid, Inc. 340
5,600 Melamine Chemicals, Inc.* 90
9,000 Mississippi Chemical Corp. 176
24,500 Mycogen Corp.* 576
7,400 National Sanitary Supply Co. 151
8,600 NCH Corp. 611
14,900 NeXstar Pharmaceuticals, Inc.* 264
13,400 OEC Medical Systems, Inc.* 253
23,900 Pharmaceutical Resources, Inc.* 51
30,000 Pure Tech International, Inc.* 64
19,700 Quaker Chemical Corp. 369
17,900 Ribi ImmunoChem Research, Inc.* 76
32,600 Roberts Pharmaceutical Corp.* 355
6,700 Syborn Chemicals, Inc.* 169
8,200 Tetra Technologies, Inc.* 190
----------
10,035
----------
COMMUNICATIONS - 1.0%
29,800 American Mobile Satellite Corp., Inc.* 305
13,000 American Paging, Inc.* 27
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMMUNICATIONS - 1.0% (CONT'D.)
14,600 Atlantic Tele-Network, Inc.* $ 190
11,500 Broadband Technologies, Inc.* 98
8,300 Centigram Communications Corp.* 147
15,500 CoreComm, Inc.* 256
34,525 Metrocall, Inc.* 255
2,725 Metrocall, Inc. Rights* 0
17,000 Metromedia International Group, Inc.* 206
9,600 Mosaix, Inc.* 103
26,300 Network Equipment Technologies, Inc.* 458
12,502 Roseville Communications Co. 309
3,700 STM Wireless, Inc., Class A* 59
1,300 Tadiran Ltd. ADR 48
29,600 True North Communications 734
5,382 VTEL Corp.* 41
----------
3,236
----------
COMPUTERS AND OFFICE MACHINES - 2.9%
7,000 Amplicon, Inc. 219
3,300 Applied Voice Technology, Inc.* 94
15,700 Artisoft, Inc.* 47
7,000 Asante Technologies, Inc.* 39
3,300 Astro-Med, Inc. 28
2,600 Banctec, Inc.* 69
15,700 Caere Corp.* 139
19,600 Concurrent Computer Corp.* 45
37,200 Data General Corp.* 990
4,900 Data Systems & Software, Inc.* 31
2,712 DH Technology, Inc.* 51
40,600 Diamond Multimedia Systems, Inc.* 497
11,400 Dynatech Corp.* 468
26,500 Exabyte Corp.* 292
10,200 General Binding Corp. 305
14,800 Genicom Corp.* 163
15,000 Geoworks* 246
9,200 GTI Corp.* 60
13,300 Inacom Corp.* 495
56,800 Intergraph Corp.* 617
7,900 Microtouch Systems, Inc.* 220
12,300 MTI Technology Corp.* 172
14,400 Network Peripherals, Inc.* 81
9,400 Par Technology Corp.* 90
7,500 QAD, Inc.* 140
10,800 Quixote Corp. 96
9,300 Rainbow Technologies, Inc.* 214
41,400 Sequent Computer Systems, Inc.* 1,027
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMPUTERS AND OFFICE
MACHINES - 2.9% (CONT'D.)
16,500 Standard Microsystems Corp.* $ 284
24,100 Stratus Computer, Inc.* 1,166
10,100 Streamlogic Corp. 1
6,300 Truevision, Inc.* 23
19,500 Tseng Laboratories, Inc.* 79
10,000 Verity, Inc.* 49
3,300 Wandel & Goltermann Technologies, Inc.* 33
26,400 Wang Laboratories, Inc.* 556
----------
9,126
----------
CREDIT INSTITUTIONS - 0.6%
12,500 DVI, Inc.* 209
8,145 Fund American Enterprises Holdings, Inc. 874
11,700 JSB Financial, Inc. 573
18,900 Ryland Group, Inc. 335
----------
1,991
----------
ELECTRICAL SERVICES - 1.9%
7,500 Bangor Hydro-Electric Co. 40
8,600 BayCorp Holdings Ltd.* 63
20,800 Central Hudson Gas & Electric Corp. 745
38,500 Central Maine Power Co. 503
13,700 Central Vermont Public Service Corp. 182
24,300 Eastern Utilities Association 484
6,000 Green Mountain Power Corp. 113
11,500 Interstate Power Co. 364
16,200 Orange and Rockland Utilities, Inc. 604
49,600 Public Service Co. of New Mexico 958
21,600 Sierra Pacific Resources 693
15,500 TNP Enterprises, Inc. 389
16,700 United Illuminating Co. 609
5,200 Unitil Corp. 118
3,000 Upper Penninsula Energy Corp. 69
----------
5,934
----------
ELECTRONICS AND OTHER ELECTRICAL
EQUIPMENT - 5.7%
12,900 Aeroflex, Inc.* 131
19,800 Amtech Corp.* 92
10,500 ANADIGICS, Inc.* 518
45,600 ANTEC Corp.* 536
18,800 Applied Magnetics Corp.* 592
6,900 Aydin Corp.* 83
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
ELECTRONICS AND OTHER ELECTRICAL
EQUIPMENT - 5.7% (CONT'D.)
6,700 Bel Fuse, Inc.* $ 127
8,200 Benchmark Electronics, Inc.* 231
21,300 Brown Group, Inc. 387
19,500 California Microwave, Inc.* 390
28,400 Canadian Marconi Co.* 419
6,200 CTS Corp. 589
28,100 Dallas Semiconductor Corp. 1,257
5,600 Davel Communications Group, Inc.* 129
13,000 Digital Sound Corp.* 21
24,400 DII Group, Inc.* 800
3,900 Dynamics Corporation of America 323
10,125 Electromagnetic Sciences, Inc.* 286
11,000 Evans & Sutherland Computer Corp.* 357
10,900 Exar Corp.* 289
58,600 Executone Information Systems, Inc.* 113
11,900 Exide Electronics Group, Inc.* 271
26,700 FSI International, Inc.* 557
7,000 Galileo Electro-Optics Corp.* 87
21,500 General Datacomm Industries, Inc.* 129
12,800 Genlyte Group, Inc.* 218
16,500 Hutchinson Technologies, Inc.* 553
8,800 IEC Electronics Corp.* 173
4,500 Industrial Scientific Corp.* 91
6,700 Intermedia Communications, Inc.* 314
10,200 Kopin Corp.* 250
8,600 Kuhlman Corp. 310
21,700 MagneTek, Inc.* 485
8,600 Micronics Computers, Inc.* 19
8,700 National Presto Industries, Inc. 366
7,200 Netrix Corp.* 14
21,500 Park Electrochemical Corp. 624
30,400 Pioneer Standard Electronics, Inc. 523
31,100 Pittencrieff Communications, Inc.* 179
7,350 Pittway Corp. 477
6,800 Powell Industries, Inc.* 105
10,900 QMS, Inc.* 31
7,300 Quality Semiconductor, Inc.* 97
19,900 Quickturn Design Systems, Inc.* 294
5,000 Reptron Electonics, Inc.* 92
3,500 Robinson Nugent, Inc. 18
15,600 Royal Appliance Manufacturing Co.* 137
58,500 S3, Inc.* 687
31,200 Silicon Valley Group, Inc.* 1,110
3,800 Siliconix, Inc.* 173
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
ELECTRONICS AND OTHER ELECTRICAL
EQUIPMENT - 5.7% (CONT'D.)
15,600 Standard Motor Products, Inc. $ 365
8,000 Stanford Telecommunications, Inc.* 175
12,800 Telco Systems, Inc.* 210
10,400 Thomas Industries, Inc. 312
19,400 United Industrial Corp. 192
5,400 Universal Electronics, Inc.* 45
16,100 Valence Technology, Inc.* 133
5,300 Vertex Communications Corp.* 128
17,800 Windmere Corp. 424
----------
18,038
----------
FOOD AND BEVERAGES - 2.5%
51,000 Boston Chicken, Inc.* 752
9,000 Bertuccis, Inc.* 57
60,200 Earthgrains (The) Co. 2,588
63,700 Fleming Companies, Inc. 1,167
2,900 Genesee Corp., Class B 138
10,400 J&J Snack Foods Corp.* 169
20,600 Michael Foods, Inc. 528
11,600 Midwest Grain Products, Inc. 162
13,700 Orange-co, Inc.* 111
25,300 Pilgrims Pride Corp. 376
11,000 Riviana Foods, Inc. 227
28,400 Rykoff-Sexton, Inc. 735
13,750 Sanderson Farms, Inc. 211
9,300 Sanfilippo (John B.) & Son, Inc.* 77
1,050 Seaboard Corp. 324
7,800 Stokely U.S.A., Inc.* 7
7,200 Thorn Apple Valley, Inc.* 128
19,114 WLR Foods, Inc. 191
----------
7,948
----------
FOOD AND MANUFACTURING - 0.5%
14,365 Chock Full O'Nuts Corp.* 113
2,000 Farmer Bros. Co. 296
16,900 Imperial Holly Corp.* 237
11,700 Morningstar Group, Inc.* 503
17,000 Savannah Foods & Industries, Inc. 321
13,640 Zapata Corp.* 99
----------
1,569
----------
FURNITURE AND FIXTURES - 0.9%
15,500 Bassett Furniture Industries, Inc. 442
25,200 Ethan Allen Interiors, Inc.* 781
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
FURNITURE AND FIXTURES - 0.9% (CONT'D.)
9,300 Flexsteel Industries, Inc. $ 114
4,850 Knape & Vogt Manufacturing Co. 89
20,100 La-Z-Boy Chair Co. 743
3,300 LADD Furniture, Inc. 58
17,400 O'Sullivan Industrial Holdings, Inc.* 218
3,100 Pulaski Furniture Corp. 57
6,000 Virco Manufacturing Corp. 217
8,700 Winsloew Furniture, Inc.* 135
----------
2,854
----------
GENERAL BUILDING CONTRACTORS - 1.9%
5,100 Amrep Corp.* 35
6,600 Beazer Homes USA, Inc.* 130
11,000 Cameron Ashley, Inc.* 201
4,600 Christiana Cos., Inc.* 204
8,200 Continental Homes Holding Corp. 240
10,000 Dominion Bridge Corp.* 20
14,600 Engle Homes, Inc. 201
39,700 Kaufman & Broad Home Corp. 861
30,900 Lennar Corp. 1,313
20,000 M.D.C. Holdings, Inc. 199
9,000 M/I Schottenstein Homes, Inc.* 139
19,200 Morrison Knudsen Corp.* 232
10,600 Nortek, Inc.* 275
4,100 Perini Corp.* 32
23,900 Schuler Homes, Inc.* 173
35,000 Standard-Pacific Corp. 368
9,800 Thor Industries, Inc. 300
6,300 Turner Corp.* 134
13,700 U.S. Home Corp.* 529
20,900 Webb (Del E.) Corp. 447
----------
6,033
----------
GLASS, CLAY AND STONE PRODUCTS - 1.4%
4,800 Ameron International Corp. 313
27,600 Calmat Co. 656
10,900 Florida Rock Industries, Inc. 649
6,900 Giant Cement Holding, Inc.* 168
10,700 Green (A.P.) Industries, Inc. 150
29,500 Jannock Ltd. 435
31,200 Justin Industries, Inc. 419
6,600 Puerto Rican Cement Co., Inc. 265
18,500 Sola International, Inc.* 635
15,300 Southdown, Inc. 836
----------
4,526
----------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
HEALTH SERVICES - 3.8%
9,500 American Healthcorp, Inc.* $ 134
17,550 American Homepatient, Inc.* 404
16,438 Avatex Corp.* 27
10,015 Block Drug Co., Inc. 478
8,800 Bon-Ton Stores, Inc.* 106
8,400 BRC Holdings, Inc.* 321
22,100 Coastal Physican Group, Inc.* 43
25,700 Coram Healthcare Corp.* 124
19,300 Datascope Corp.* 425
17,900 Faulding, Inc.* 233
28,300 GranCare, Inc.* 334
31,800 Haemonetics Corp.* 600
6,000 Health Management, Inc.* 2
8,311 Healthcare Service Group* 104
4,151 Healthplan Services Corp. 88
20,600 Herbalife International, Inc. 538
47,500 Isolyser Co., Inc.* 187
44,200 Kinetic Concepts, Inc. 823
23,200 Living Centers of America, Inc.* 945
223 Lynx Therapeutics, Inc.* 3
43,800 Matria Healthcare, Inc.* 263
10,100 Maxxim Medical, Inc.* 262
98,700 Medaphis Corp.* 703
12,300 Mediq, Inc.* 104
17,416 Molecular Biosystems, Inc.* 202
72,300 NovaCare, Inc.* 1,247
16,040 PerSeptive Biosystems, Inc.* 192
35,000 Quest Diagnostics, Inc.* 593
4,800 Rehabcare Group, Inc.* 173
12,800 Renal Treatment Centers, Inc.* 455
3,000 RoTech Medical Corp.* 58
15,200 Staff Builders, Inc.* 37
17,000 Summit Care Corp.* 251
55,200 Sun Healthcare Group, Inc.* 1,135
11,400 Transcend Services, Inc.* 48
23,200 Unilab Corp.* 41
4,500 United American Healthcare Corp.* 23
15,600 Xoma Corp.* 121
6,300 Zoll Medical Corp.* 44
----------
11,871
----------
HEAVY CONSTRUCTION - 0.2%
6,100 Apogee Enterprises, Inc.* 19
9,400 Atkinson (G.F.) Co.* 32
8,300 BFC Construction Corp.* 83
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
HEAVY CONSTRUCTION - 0.2% (CONT'D.)
21,700 Granite Construction, Inc. $ 502
688 Valley Systems, Inc. 1
----------
637
----------
INDUSTRIAL INSTRUMENTS - 2.3%
28,100 Acuson Co.* 766
5,300 Analogic Corp. 193
16,500 Circon Corp.* 258
7,400 Coherent, Inc.* 410
8,500 CPAC, Inc.* 91
10,650 Cubic Corp. 402
20,300 Daniel Industries, Inc. 395
2,600 Datum, Inc.* 119
10,400 Fisher Scientific International 488
6,500 FLIR Systems, Inc.* 129
8,900 Fluke Corp. 481
7,400 Hach Co. 174
6,400 IFR System, Inc.* 211
7,700 Instron Corp. 145
3,600 Isco, Inc. 30
2,400 JPE, Inc.* 18
2,800 Keithley Instruments, Inc. 34
4,200 Medicus Systems Corp. 19
5,300 Mine Safety Appliances Co. 371
9,300 MTS Systems Corp. 339
10,600 Newport Corp. 164
12,100 Optical Coating Laboratory, Inc. 157
10,000 Polymedica Industries, Inc.* 135
6,700 Primesource Corp. 70
8,900 Protocol Systems, Inc.* 105
534 Starrett (L.S.) Co., Class B 1
22,900 Sunrise Medical, Inc.* 358
7,600 Tech-Sym Corp.* 253
6,600 TSI, Inc. 62
10,000 Watkins-Johnson Co. 335
12,800 Woodward Governor Co. 448
----------
7,161
----------
INSURANCE SERVICES - 7.5%
6,500 Allcity Insurance Co.* 60
16,950 Allied Group, Inc. 861
4,600 American Eagle Group, Inc. 0
27,000 AmerUs Life Holdings, Inc., Class A 886
82,600 Argonaut Group, Inc. 2,881
3,800 Baldwin & Lyons, Inc., Class B 77
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
INSURANCE SERVICES - 7.5% (CONT'D.)
16,200 Berkley (W.R.) Corp. $ 698
16,200 Capital RE Corp. 988
18,800 Capsure Holdings Corp.* 282
37,300 Citizens Corp. 1,079
6,766 Donegal Group, Inc. 137
13,200 EMC Insurance Group, Inc. 180
21,600 Enhance Financial Services Group, Inc. 1,183
19,900 FBL Financial Group, Inc., Class A 736
13,800 First American Financial Corp. 828
24,140 Fremont General Corp.* 1,153
7,900 Gryphon Holdings, Inc.* 130
17,784 Guaranty National Corp. 604
16,900 Harleysville Group, Inc. 710
15,800 Integon Corp. 411
9,100 Intercargo Corp. 127
7,400 Kansas City Life Insurance Co. 618
10,600 Lawyers Title Corp. 326
3,200 Merchants Group, Inc. 60
8,800 Meridian Insurance Group, Inc. 160
3,700 Midland Co. 213
5,900 Nobel Insurance Ltd. 85
12,000 Nymagic, Inc. 312
6,700 Penn Treaty American Corp.* 221
15,400 Piper Jaffray Cos., Inc. 471
38,900 Presidential Life Corp. 773
4,020 Professionals Insurance Company
Management Group* 157
20,900 PXRE Corp. 660
9,100 RLI Corp. 410
7,700 Seafield Capital Corp. 193
25,800 Selective Insurance Group, Inc. 1,329
21,400 Sierra Health Services, Inc.* 784
22,500 Sphere Drake Holdings Ltd. 197
7,950 Stewart Information Services Corp. 210
5,000 Titan Holdings, Inc. 108
7,050 United Fire & Casualty Co. 290
31,600 United Wisconsin Services, Inc. 936
14,700 Washington National Corp. 477
20,900 Zenith National Insurance Corp. 597
----------
23,598
----------
JEWELRY AND PRECIOUS METALS - 0.3%
34,600 Jan Bell Marketing, Inc.* 93
144,600 Kinross Gold Corp.* 804
----------
897
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
LUMBER AND WOOD PRODUCTS - 0.8%
27,800 Chesapeake Corp. $1,008
16,500 Ply Gem Industries, Inc. 320
15,900 Pope & Talbot, Inc. 337
11,500 Skyline Corp. 344
21,000 T.J. International, Inc. 537
----------
2,546
----------
MACHINERY - 1.2%
12,100 Ampco-Pittsburgh Corp. 227
10,300 Astec Industries, Inc.* 174
3,700 Binks Sames Corp. 161
13,900 Commercial Intertech Corp. 254
6,000 DT Industries, Inc. 198
7,800 Furon Co. 320
6,200 Gardner Denver Machinery, Inc.* 209
7,400 Gehl Co.* 166
26,800 Global Industrial Technologies, Inc.* 554
9,200 Katy Industries, Inc. 165
19,400 Kulicke & Soffa Industries, Inc.* 898
7,800 Lufkin Industries, Inc. 239
3,000 Plasma-Therm, Inc.* 33
10,000 Thermo Power Corp.* 83
3,000 Twin Disc, Inc. 88
2,700 Unit Instruments, Inc.* 33
----------
3,802
----------
MANUFACTURING - GENERAL - 0.9%
3,800 Applied Science & Technology, Inc.* 81
9,800 Bairnco Corp. 99
11,900 Chemed Corp. 458
9,300 Elcor Corp. 297
5,300 Fuqua Enterprises, Inc.* 163
11,200 Hunt Manufacturing Co. 256
10,000 Juno Lighting, Inc. 171
7,900 LaCrosse Footwear, Inc. 123
7,400 Oil-Dri Corporation of America 125
10,900 Samsonite Corp.* 478
9,500 Superior Surgical Manufacturing Co., Inc. 150
14,700 Zurn Industries, Inc. 509
----------
2,910
----------
METAL PRODUCTS - 0.8%
7,200 Applied Industrial Technologies, Inc. 248
11,500 Fansteel, Inc.* 114
2,600 General Housewares Corp. 24
7,700 Hardinge, Inc. 265
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
METAL PRODUCTS - 0.8% (CONT'D.)
5,100 International Aluminum Corp. $ 139
14,200 Maverick Tube Corp.* 586
4,500 Pitt-Des Moines, Inc. 167
5,600 Shaw Group, Inc.* 123
7,400 SPS Technologies, Inc.* 348
6,850 Varlen Corp. 271
29,803 WHX Corp.* 387
----------
2,672
----------
MINING - 2.1%
118,000 Amax Gold, Inc.* 782
12,800 Basin Exploration, Inc.* 214
83,600 Cambior, Inc. 941
178,600 Campbell Resources, Inc.* 123
14,600 Cleveland Cliffs, Inc. 637
26,000 Coeur D'Alene Mines Corp. 424
215,500 Echo Bay Mines Ltd. 1,225
65,400 Hecla Mining Co.* 396
20,400 HS Resources, Inc.* 352
87,400 Meridian Gold, Inc.* 432
12,600 MK Gold Co.* 21
25,901 Nord Resources Corp.* 52
48,900 Pegasus Gold, Inc.* 275
9,300 Penn Virginia Corp. 277
167,300 Royal Oak Mines, Inc.* 471
105,700 Vista Gold Corp.* 53
9,138 Zemex Corp.* 87
----------
6,762
----------
MISCELLANEOUS INVESTING INSTITUTIONS - 1.2%
18,200 Acceptance Insurance Cos., Inc.* 478
6,809 Cenfed Financial Corp. 245
14,738 CFX Corp. 316
3,300 Dime Financial Corp. 103
5,200 FFY Financial Corp. 145
8,900 First Essex Bancorp, Inc. 181
4,800 First Liberty Financial Corp. 120
9,700 First Northern Capital Corp. 132
2,700 First State Corp. 55
900 Lynch Corp.* 86
5,500 Norwich Financial, Inc. 160
15,700 RCSB Financial, Inc. 856
6,100 St. Francis Capital Corp. 228
13,000 T R Financial Corp. 414
6,600 Westerfed Financial Corp. 172
----------
3,691
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
NATURAL GAS TRANSMISSION - 0.9%
2,300 EnergyNorth, Inc. $ 53
13,600 NUI Corp. 320
7,400 Pennsylvania Enterprises, Inc. 226
9,500 Piedmont Natural Gas Co. 277
6,700 Providence Energy Corp. 131
10,950 Southern Union Co.* 267
32,000 Southwest Gas Corp. 628
38,200 Western Gas Resources, Inc. 828
----------
2,730
----------
OIL AND GAS - 3.0%
3,010 American Exploration Co.* 57
4,300 Atwood Oceanics, Inc.* 484
7,600 Callon Petroleum Co.* 143
16,200 Chieftain International, Inc.* 421
12,400 Cliffs Drilling Co.* 863
9,200 Connecticut Energy Corp. 227
3,000 Crystal Oil Co.* 116
4,200 Edisto Resources Corp.* 44
4,400 GulfMark International, Inc.* 152
5,900 Howell Corp. 113
25,600 Norex America, Inc.* 589
114,500 Numac Energy, Inc.* 551
11,500 PetroCorp, Inc.* 106
22,800 Pool Energy Services Co.* 772
41,700 Quaker State Corp. 712
102,000 Ranger Oil Ltd. 956
17,500 RPC, Inc.* 488
31,500 Snyder Oil Corp. 715
16,500 Stolt Comex Seaway S.A.* 1,032
4,640 Swift Energy Co.* 131
12,000 Tuboscope Vetco International Corp.* 377
13,600 Unit Corp.* 208
11,200 USX - Delhi Group 167
10,600 Wiser Oil Co. 182
----------
9,606
----------
PAPER PRODUCTS - 0.1%
8,900 Nashua Corp.* 102
13,700 Paragon Trade Brands, Inc.* 254
----------
356
----------
PERSONAL SERVICES - 0.9%
5,500 Bally's Grand, Inc.* 281
11,700 Harveys Casino Resorts 206
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
PERSONAL SERVICES - 0.9% (CONT'D.)
19,900 Marcus Corp. $ 580
3,249 President Casino's, Inc.* 14
47,400 Prime Hospitality Corp.* 1,069
25,300 Rio Hotel & Casino* 530
9,200 Sholodge, Inc.* 154
----------
2,834
----------
PETROLEUM PRODUCTS - 0.5%
11,500 Coho Energy, Inc.* 130
3,300 Crown Central Petroleum Corp., Class B* 65
66,600 E-Z Serve Corp.* 45
13,200 Giant Industries, Inc. 260
31,800 Tesoro Petroleum Corp.* 574
46,500 Total Petroleum (North America) Ltd. 488
----------
1,562
----------
PRINTING AND PUBLISHING - 1.5%
17,300 American Business Products, Inc. 434
21,400 Bowne & Co., Inc. 752
20,000 CMP Media, Inc.* 500
12,800 CSS Industries, Inc.* 466
19,300 Gibson Greetings, Inc.* 499
13,600 Golden Books Family Entertainment, Inc.* 151
12,000 Graphic Industries, Inc. 221
25,200 Standard Register Co. 839
3,200 T/SF Communications Corp.* 128
28,750 World Color Press, Inc.* 868
----------
4,858
----------
PROFESSIONAL SERVICES - 5.5%
58,300 AMERCO* 1,778
20,700 Banyan Systems, Inc.* 50
12,200 BE Aerospace, Inc.* 439
44,000 Borland International, Inc.* 446
9,000 Cerplex Group, Inc.* 3
2,000 Comnet Corp.* 14
4,800 Computer Data Systems, Inc. 205
6,100 Cyberonics, Inc.* 98
12,800 Cyrk, Inc.* 130
3,800 Dataware Technologies Co.* 18
34,700 Elsag Bailey Process Automation N.V.* 586
10,200 Encore Wire Corp.* 328
7,100 Envoy Corp.* 203
11,326 Fluor Daniel/GTI, Inc.* 98
49,200 Franklin Covey Co.* 1,375
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
PROFESSIONAL SERVICES - 5.5% (CONT'D.)
37,700 Gerber Scientific, Inc. $ 912
900 Grey Advertising, Inc. 310
10,700 Group Technologies Corp.* 40
33,500 Information Resources, Inc.* 590
23,600 Integrated Health Services, Inc. 789
46,600 Interim Services, Inc.* 1,311
9,200 Interleaf, Inc.* 27
25,000 Kenetech Corp.* 2
9,000 Labone, Inc. 160
7,300 Lasermaster Technologies, Inc.* 23
26,400 Metromail Corp.* 533
5,400 MTL, Inc.* 149
33,870 National Auto Credit, Inc.* 273
15,400 Network Computing Devices, Inc.* 171
32,200 OHM Corp.* 242
9,700 ParcPlace-Digitalk, Inc.* 11
15,700 Pharmaceutical Marketing Services, Inc.* 181
14,850 Pinkerton's, Inc.* 342
31,200 Primark Corp.* 922
9,400 Prime Medical Services, Inc.* 132
10,900 Protein Design Laboratories, Inc.* 422
20,200 Retix Co.* 131
50,100 Rollins Truck Leasing Corp. 855
15,000 Rural/Metro Corp.* 458
43,400 Santa Cruz Operation, Inc.* 241
6,700 State of the Art, Inc.* 105
8,700 Syquest Technology, Inc.* 26
19,300 Telxon Corp. 473
3,600 Treadco, Inc. 44
10,300 Tricord Systems, Inc.* 10
10,800 Viewlogic Systems, Inc.* 257
9,300 Volt Information Sciences, Inc.* 589
9,900 Walker Interactive Systems* 174
9,300 Wall Data, Inc.* 179
5,300 White River Corp.* 350
11,800 Xircom Co.* 146
----------
17,351
----------
PROFESSIONAL SPORTS - 0.1%
35,400 Ascent Entertainment Group, Inc.* 407
----------
REAL ESTATE - 0.5%
8,700 Ambassador Apartments, Inc. 207
6,400 Avatar Holdings, Inc.* 214
5,300 Cardinal Realty Services, Inc.* 144
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
REAL ESTATE - 0.5% (CONT'D.)
8,200 Getty Realty Corp. $ 144
5,533 LaSalle Partners, Inc.* 193
15,100 NVR, Inc.* 393
18,800 Winston Hotels, Inc. 251
----------
1,546
----------
RECREATIONAL - 0.3%
9,800 Cinergi Pictures Entertainment, Inc.* 21
10,400 Coastcast Corp.* 163
13,300 Lodgenet Entertainment Corp.* 176
5,200 Meridian Sports, Inc.* 4
19,100 Showboat, Inc. 389
12,300 Video Lottery Technologies, Inc.* 120
----------
873
----------
RECREATIONAL SERVICES - 1.0%
3,500 AMC Entertainment, Inc.* 69
13,800 American Classic Voyages Co. 241
53,600 Aztar Corp.* 395
5,500 Carmike Cinemas, Inc.* 165
180,000 Cineplex Odeon Corp.* 326
49,800 Grand Casinos, Inc.* 763
8,500 GC Cos., Inc.* 366
24,637 Hollywood Park, Inc.* 467
12,100 Iwerks Entertainment, Inc.* 48
10,800 Jackpot Enterprises, Inc. 124
10,100 Mikohn Gaming Corp. 69
----------
3,033
----------
RESEARCH AND CONSULTING SERVICES - 1.1%
99 Alpha 1 Biomedicals, Inc.* 0
19,700 Cell Genesys, Inc.* 155
4,400 Continental Can, Inc.* 117
21,500 Dames & Moore, Inc. 282
4,300 Failure Group, Inc.* 32
3,400 Neurocrine Biosciences, Inc.* 33
14,100 Nichols Research Corp.* 349
16,600 Northfield Laboratories, Inc.* 191
25,300 Oncogene Science, Inc.* 275
43,400 Scios, Inc.* 423
11,400 SpaceLabs Medical, Inc.* 249
15,500 Stone & Webster, Inc. 851
4,500 Tracor, Inc.* 138
12,483 URS Corp.* 214
----------
3,309
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
RETAIL - 5.6%
20,800 Aldila, Inc.* $ 119
30,400 AnnTaylor Stores Corp.* 452
16,500 Baker (J.), Inc. 153
11,500 Bell Microproducts, Inc.* 128
23,300 Best Products, Inc.* 0
13,800 Bindley Western Industries, Inc. 386
11,600 Blair Corp. 210
10,600 Brookstone, Inc.* 126
6,800 Brothers Gourmet Coffees, Inc.* 12
53,600 Burlington Coat Factory Warehouse Co.* 1,132
10,300 Buttrey Food & Drug Stores Co.* 120
54,200 BT Office Products International, Inc.* 627
10,900 Caldor Corp.* 9
7,606 Carr-Gottstein Foods Co.* 39
19,000 Carson Pirie Scott & Co.* 749
29,000 Cash America International, Inc. 326
5,000 Catherines Stores Corp.* 29
125,300 Charming Shoppes, Inc.* 771
12,000 Chart House Enterprises, Inc.* 96
52,900 Checkers Drive-In Restaurants, Inc.* 73
5,400 Crown Books Corp.* 57
8,500 Davco Restaurants, Inc. * 152
20,600 Designs, Inc.* 98
22,400 Dress Barn, Inc.* 538
17,800 Drug Emporium, Inc.* 78
15,400 Eagle Hardware & Garden, Inc.* 303
14,500 Edison Brothers Stores, Inc.* 7
23,400 Egghead, Inc.* 211
8,000 Ernst Home Center, Inc.* 0
3,900 Fabri-Centers of America, Inc., Class A* 84
3,900 Fabri-Centers of America, Inc., Class B* 90
24,500 Filene's Basement Corp.* 203
54,900 Fingerhut Cos., Inc. 1,235
4,961 Fred Meyer, Inc.* 264
7,341 Frisch's Restaurants, Inc. 100
32,500 Furniture Brands International, Inc.* 613
30,404 General Host Corp.* 108
16,200 Good Guys, Inc.* 119
12,400 Gottschalks, Inc.* 102
17,000 Grossmans, Inc.* 0
10,200 Haggar Corp. 152
10,400 Haverty Furniture, Inc. 147
17,600 Helen of Troy Ltd.* 348
8,300 Hi-Lo Automotive, Inc.* 29
7,655 Hills Stores Co.* 33
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
RETAIL - 5.6% (CONT'D.)
34,300 HomeBase, Inc.* $ 309
8,500 Intertan, Inc.* 45
6,900 Jacobson Stores, Inc. 79
26,700 Jumbosports, Inc.* 93
21,500 Lechters, Inc.* 103
12,000 Lillian Vernon Corp. 203
900 May Department Stores (The) Co. 49
28,100 Michaels Stores, Inc.* 859
24,900 Musicland Stores Corp.* 201
6,500 Noodle Kidoodle, Inc.* 23
8,100 One Price Clothing Stores, Inc.* 26
3,700 Oshman's Sporting Goods, Inc.* 19
15,800 Payless Cashways, Inc.* 4
13,500 Piccadilly Cafeterias, Inc. 188
10,100 Rally's Hamburgers, Inc.* 33
56,300 Ryan's Family Steak Houses, Inc.* 517
4,800 Schultz Sav-o Stores, Inc. 76
26 Score Board (The), Inc.* 0
3,300 Seaman Furniture, Inc.* 80
13,300 Shoe Carnival, Inc.* 120
32,800 Shopko Stores, Inc. 853
7,950 Showbiz Pizza Time, Inc.* 183
29,700 Sizzler International, Inc.* 110
8,500 Sport Supply Group, Inc.* 66
11,300 Sun Television & Appliance, Inc. 33
9,200 Swiss Army Brands, Inc.* 95
21,000 Syms Corp.* 310
16,300 Taco Cabana, Inc., Class A* 90
13,600 Tandycrafts, Inc.* 60
25,500 TCBY Enterprises, Inc. 179
13,100 TPI Enterprises, Inc.* 0
6,800 Trak Auto Corp.* 68
7,900 United Retail Group, Inc.* 24
7,720 United Stationers, Inc.* 291
37,700 Value City Department Stores, Inc.* 313
17,200 Venture Stores, Inc.* 45
10,800 Vicorp Restaurants, Inc.* 173
8,200 Wolohan Lumber Co. 109
42,000 Zale Corp.* 1,089
----------
17,746
----------
RUBBER AND PLASTICS - 0.8%
33,200 ACX Technologies, Inc.* 884
11,200 Blessings Corp. 171
7,200 China Tire Holdings Ltd. 87
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
RUBBER AND PLASTICS - 0.8% (CONT'D.)
10,880 Essef Corp.* $ 188
21,500 Gundle/SLT Environmental, Inc.* 121
13,200 Sealright Co., Inc. 173
9,550 Tredegar Industries, Inc. 671
15,900 Uniroyal Technology Corp.* 74
6,900 Versa Technologies, Inc. 169
----------
2,538
----------
SANITARY SERVICES - 0.3%
5,200 American Ecology Corp.* 9
6,675 International Technology Corp.* 57
11,500 Kaiser Ventures, Inc.* 171
71,700 Laidlaw Environmental Services, Inc.* 412
9,900 Layne Christensen Co.* 208
16,100 Mid-American Waste Systems, Inc.* 7
36,608 Omega Environmental, Inc.* 13
6,700 Sevenson Environmental Services, Inc.* 147
4,600 TRC Cos., Inc.* 18
----------
1,042
----------
SERVICE INDUSTRY MACHINERY - 0.2%
5,400 Edelebrock Corp.* 103
3,600 ICO, Inc. 28
10,600 Mestek, Inc.* 204
9,200 Scotsman Industries, Inc. 237
----------
572
----------
SOCIAL SERVICES - 0.5%
4,400 Arbor Health Care Co.* 194
11,500 Berlitz International, Inc.* 303
34,500 Mariner Health Group, Inc.* 543
17,500 Regency Health Services, Inc.* 383
----------
1,423
----------
STEEL PRODUCTS - 3.4%
13,800 Acme Metals, Inc.* 221
10,300 Amcast Industrial Corp. 252
35,200 Birmingham Steel Corp. 609
19,400 Brush Wellman, Inc. 498
33,700 Chaparral Steel Co. 516
6,000 Curtiss-Wright Corp. 464
7,900 Gibraltar Steel Corp. 193
14,200 Handy & Harman Co. 325
4,950 Independence Holding Co. 62
11,300 Insteel Industries, Inc. 89
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
STEEL PRODUCTS - 3.4% (CONT'D.)
45,900 J&L Specialty Steel, Inc. $ 616
3,100 Laclede Steel Co.* 16
15,400 Lone Star Technologies, Inc.* 803
17,700 Lukens, Inc. 341
20,800 Mueller Industries, Inc.* 945
6,100 National Steel Corp., Class B* 109
7,000 New Jersey Steel Corp.* 63
12,700 Olympic Steel, Inc.* 210
7,000 Oregon Metallurgical Corp.* 175
30,500 Oregon Steel Mills, Inc. 827
16,200 Quanex Corp. 568
15,750 Reliance Steel & Aluminum Co. 443
8,950 Roanoke Electric Steel Corp. 199
15,700 Shiloh Industries, Inc.* 298
7,100 Steel of West Virginia, Inc.* 78
14,200 Steel Technologies, Inc. 177
24,800 Texas Industries, Inc. 1,052
12,800 Tyler Corp.* 44
33,700 UNR Industries, Inc. 169
50,600 Weirton Steel Corp.* 212
----------
10,574
----------
TEXTILES - 1.9%
10,800 Angelica Corp. 215
188,700 Burlington Industries, Inc.* 2,642
5,100 Chemfab Corp.* 110
9,400 Crown Crafts, Inc. 136
30,600 Delta Woodside Industries, Inc. 186
11,400 Dixie (The) Group, Inc.* 154
15,600 Dyersburg Corp. 187
6,800 Fab Industries, Inc. 214
10,900 Fieldcrest Cannon, Inc.* 376
29,500 Griffon Corp.* 479
26,100 Guilford Mills, Inc. 679
11,600 Johnstown American Industries, Inc.* 99
4,500 Oneita Industries, Inc.* 3
35,700 Tultex Corp.* 214
13,300 Unifirst Corp. 323
17,100 Worldtex, Inc.* 121
----------
6,138
----------
TOBACCO PRODUCTS - 0.2%
3,800 American Filtrona Corp. 175
20,005 General Cigar Holdings, Inc.* 578
----------
753
----------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
TRANSPORTATION PARTS AND EQUIPMENT - 3.6%
18,400 AAR Corp. $ 614
29,200 Arvin Industries, Inc. 1,146
17,200 Avondale Industries, Inc.* 454
17,800 Brilliance China Automotive Holdings Ltd. 196
6,700 Durakon Industries, Inc.* 59
12,700 Excel Industries, Inc. 253
35,800 Federal-Mogul Corp. 1,329
16,800 Greenbrier, Inc. 281
15,800 Huffy Corp. 261
32,750 Interpool, Inc. 577
6,600 Molecular Dynamics, Inc.* 178
16,700 MotivePower Industries, Inc.* 434
38,100 Orbital Sciences Corp.* 933
10,700 R & B, Inc.* 95
30,000 Rohr, Inc.* 928
8,300 SPX Corp. 487
20,000 Standard Products Co. 526
10,100 Todd Shipyards Corp.* 45
3,000 UNC, Inc.* 72
10,300 Walbro Corp. 225
38,700 Xtra Corp. 2,203
----------
11,296
----------
TRANSPORTATION SERVICES - 4.4%
22,500 Airborne Freight Corp. 1,362
17,300 Alaska Air Group, Inc.* 568
9,300 Allied Holdings, Inc.* 200
13,100 Amtran, Inc.* 108
29,300 APL Ltd. 944
23,200 Arkansas Best Corp. 262
3,300 Builders Transport, Inc.* 11
9,100 Celadon Group, Inc.* 132
19,600 Circle International Group, Inc. 583
8,000 Florida East Coast Industries, Inc. 892
19,800 Frozen Food Express Industries, Inc. 186
4,100 FRP Properties, Inc.* 139
4,900 Great Lakes Aviation Ltd.* 5
69,700 Greyhound Lines, Inc.* 270
43,300 Hunt (J.B.) Transportation Services, Inc. 673
3,125 International Shipholding Corp. 56
4,400 KLLM Transport Services, Inc.* 55
14,300 M.S. Carrier Co.* 380
17,200 Maritrans, Inc. 166
1,900 Marten Transport Ltd.* 38
11,800 Matlack Systems, Inc.* 94
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
TRANSPORTATION SERVICES - 4.4% (CONT'D.)
33,600 Mesa Airlines, Inc.* $ 216
19,900 Offshore Logistics, Inc.* 358
3,000 Oglebay Norton Co. 179
9,900 Old Dominion Freight Line, Inc.* 191
53,600 OMI Corp.* 670
43,050 Overseas Shipholding Group, Inc. 1,117
8,100 PS Group, Inc.* 110
10,900 Railtex, Inc.* 185
12,000 Skywest, Inc. 237
5,000 Teekay Shipping Corp. 168
14,500 Tower Air, Inc. 59
6,700 TransFinancial Holdings, Inc.* 67
3,700 Trism, Inc.* 13
30,600 USFreightways Corp. 1,029
45,350 Werner Enterprises, Inc. 1,100
33,400 Yellow Corp.* 1,088
----------
13,911
----------
WATER SUPPLY - 0.6%
6,600 Aquarian Co. 183
4,200 California Water Service Co. 208
10,500 Consumers Water Co. 189
9,400 E'Town Corp. 301
3,800 SJW Corp. 213
8,000 Southern California Water Co. 179
35,268 United Water Resources, Inc. 657
----------
1,930
----------
WHOLESALE - 3.2%
9,000 Atchison Casting Corp.* 191
27,800 Banner Aerospace, Inc.* 285
11,587 Bell Industries, Inc.* 196
14,000 Building Materials Holding Corp.* 183
18,200 Commercial Metals Co. 581
8,000 Cygne Designs, Inc.* 3
9,500 Deckers Outdoor Corp.* 74
22,500 Ekco Group, Inc. 176
14,500 Graham-Field Health Products, Inc.* 236
39,800 Handleman Co.* 259
20,700 Hughes Supply, Inc. 625
9,700 IGEN, Inc.* 130
39,900 Intelligent Electronics, Inc. 204
21,400 International Multifoods Corp. 635
19,700 Marshall Industries Co.* 763
30,700 Merisel, Inc.* 144
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SMALL CAP FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
WHOLESALE - 3.2% (CONT'D.)
18,400 Microage, Inc.* $ 534
13,600 Morgan Products Ltd. Co.* 91
1,840 Multigraphics, Inc. 5
13,400 Nash-Finch Co. 318
11,600 NBTY, Inc.* 245
27,400 Noel Group, Inc.* 109
4,900 Noland Co. 117
32,600 Owens & Minor, Inc. Holding Co. 465
25,100 Pulte Corp. 960
7,200 Rentrak Corp.* 32
15,700 Rexel, Inc.* 338
9,400 Richardson Electronics Ltd. 121
13,200 Russ Berrie & Co., Inc. 386
22,600 Sciclone Pharmaceuticals, Inc.* 127
16,100 Shaman Pharmaceuticals, Inc.* 109
4,500 Software Spectrum, Inc.* 80
7,620 Standard Commercial Corp.* 129
11,800 Sullivan Dental Products, Inc. 302
13,000 Syncor International Corp.* 189
8,600 Vallen Corp.* 168
----------
9,510
----------
Total Common Stocks
(cost $215,648) 299,224
----------
WARRANTS - 0.0%
50 Coram Healthcare Corp., Exp. 7/11/99* 0
51 Jan Bell Marketing, Inc., Exp. 12/16/98* 0
255 Millicom American Satellite, Exp. 6/30/99* 0
1,010 Olicom A/S, Exp. 6/11/00* 12
23 Perseptive Biosystem, Inc., Exp. 9/11/03* 0
27 Royce Laboratories, Inc., Exp. 1998* 0
18 Sound Advice, Inc., Exp. 6/14/99* 0
90 Stevens International, Inc., Exp. 10/30/97* 0
32 Valley Systems, Inc., Exp. 1998* 0
50 Xytronyx, Inc., Class B, Exp. 8/11/01* 0
6 York Resh Corp., Class C, Exp. 11/1/97* 0
10 York Resh Corp., Class B, Exp. 9/30/98* 0
----------
Total Warrants
(cost $0) 12
----------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
OTHER - 0.0%
10,000 Escrow American Medical
Electronics, Inc.* $ 0
220 Escrow Millicom, Inc.* 0
300 Escrow Northeast Bancorp, Inc.* 0
225 Escrow Statesman Group* 0
4,500 Escrow Strawbridge & Clothier* 0
1,200 Escrow Takecare, Inc.* 0
----------
Total Other
(cost $0) 0
----------
PRINCIPAL
AMOUNT
(000S)
- ----------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.8%
$14,600 Banco Santander, Madrid, Spain,
6.56%, 10/1/97 14,600
385 U.S. Treasury Bills,
5.11%, 1/2/98<F1> 380
----------
Total Short-Term Investments
(cost $14,980) 14,980
----------
Total Investments - 99.7%
(cost $230,628) 314,216
Other Assets less Liabilities - 0.3% 1,044
----------
NET ASSETS - 100.0% $315,260
==========
OPEN FUTURES CONTRACTS:
Principal Unrealized
Number of Amount Contract Contract Gain
Type Contracts (000s) Position Exp. (000s)
- ------------------------------------------------------------------------------
Russell 2000 46 $10,512 Long 12/97 $217
S&P 500/Barra Value 15 3,645 Long 12/97 82
----
$299
====
<F1> Security pledged as collateral to cover margin requirements for open
futures contracts.
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INTERNATIONAL GROWTH EQUITY FUND
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMMON STOCKS - 93.0%
AUSTRALIA - 1.7%
350,000 News (The) Corp. Ltd. $ 1,794
300,000 WMC Ltd. 1,408
--------
3,202
--------
AUSTRIA - 0.8%
6,500 VA Technologie A.G. 1,394
--------
CZECH REPUBLIC - 0.4%
120,000 Czechoslovakia & Slovak
Investment Corp.* 690
8,000 Czechoslovakia & Slovak
Investment Corp. Warrants* 5
--------
695
--------
FRANCE - 9.2%
10,500 Accor S.A. 1,940
14,000 Alcatel Alsthom 1,862
48,000 Axa-UAP 3,220
18,000 Cie Generale des Eaux 2,118
38,000 Credit Commercial de France 2,229
21,000 Elf Aquitaine S.A. 2,804
40,000 Lafarge S.A. 2,932
--------
17,105
--------
GERMANY - 8.0%
70,000 Commerzbank A.G. 2,525
35,000 Deutsche Bank A.G. 2,465
45,000 Deutsche Telekom A.G. ADR 858
30,000 Deutsche Telekom A.G. 581
5,500 Karstadt A.G. 1,906
50,000 Siemens A.G. 3,379
55,000 VEBA A.G. 3,215
--------
14,929
--------
HONG KONG - 2.0%
300,000 China Light & Power Co. Ltd. 1,651
115,000 Hutchison Whampoa Ltd. 1,133
250,000 Wharf (Holdings) Ltd. 921
--------
3,705
--------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
ITALY - 5.2%
130,000 Assicurazioni Generali $ 2,938
1,050,000 Credito Italiano 2,842
350,000 ENI S.p.A. 2,205
260,000 Telecom Italia S.p.A. 1,733
--------
9,718
--------
JAPAN - 25.4%
300,000 Asahi Bank Ltd. 1,739
100,000 Bank of Tokyo-Mitsubishi Ltd. 1,905
175,000 Daiwa House Industry Co. Ltd. 1,739
150,000 Fujitsu Ltd. 1,876
145,000 Industrial Bank of Japan Ltd. 1,802
625,000 Itochu Corp. 2,164
30,000 Jafco Co. Ltd. 1,317
150,000 Kirin Brewery Co. Ltd. 1,235
25,000 Kyocera Corp. 1,634
30,000 Matsumotokiyoshi 1,282
80,000 Matsushita Electric Industrial Co. Ltd. 1,445
100,000 Mitsubishi Estate Co. Ltd. 1,458
225,000 Mitsui & Co. 1,769
30,000 Murata Manufacturing Co. Ltd. 1,297
10,000 Nintendo Co. Ltd. 936
125,000 Nippon Comsys Corp. 1,626
3,500 Nippon Television Network Corp. 1,258
375 Nippon Telegraph & Telephone Corp. 3,448
100,000 Nomura Securities Co. Ltd. 1,300
350,000 Obayashi Corp. 2,113
35,200 Promise Co. Ltd. 1,837
90,000 Ricoh Co. Ltd. 1,349
175,000 Sanwa Bank (The) Ltd. 2,145
12,000 Sony Corp. 1,133
85,000 Sumitomo Electric Industries 1,218
210,000 Sumitomo Realty & Development Co. Ltd. 1,661
450,000 Teijin Ltd. 1,416
240,000 Toyo Trust & Banking Co. Ltd. 1,867
75,000 Uny Co. Ltd. 1,131
--------
47,100
--------
MEXICO - 1.3%
150,000 Cemex S.A. de C.V. ADR, Class B 1,753
300,000 Cifra S.A. ADR 681
--------
2,434
--------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INTERNATIONAL GROWTH EQUITY FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
NETHERLANDS - 5.1%
45,000 ING Groep N.V. $2,067
55,000 Koninklijke PTT Nederland N.V. 2,162
40,000 Vendex International N.V. 2,373
120,000 VNU 2,787
--------
9,389
--------
NORWAY - 0.9%
80,000 Saga Petroleum ASA, Class A 1,692
--------
SOUTH AFRICA - 1.5%
65,000 Nedcor Ltd. 1,401
45,000 South African Breweries Ltd. 1,305
--------
2,706
--------
SPAIN - 2.7%
42,000 Banco Bilbao Vizcaya S.A. 1,294
35,000 Banco Santander S.A. 1,147
25,000 Repsol S.A. ADR 1,084
16,000 Telefonica de Espana ADR 1,506
--------
5,031
--------
SWEDEN - 2.9%
55,000 Autoliv, Inc. 2,338
40,000 Electrolux AB, Series B 3,128
--------
5,466
--------
SWITZERLAND - 5.3%
1,800 Nestle S.A. 2,511
1,700 Novartis A.G. 2,610
225 Roche Holding A.G. 1,999
6,000 Zurich Versicherungs-Gesellschaft A.G. 2,615
--------
9,735
--------
UNITED KINGDOM - 20.6%
250,000 BAA PLC 2,429
30,000 British Petroleum Co. PLC ADR 2,724
225,000 Cable & Wireless PLC 1,917
225,000 CRH PLC 2,553
55,000 Glaxo Wellcome PLC ADR 2,472
225,000 Grand Metropolitan PLC 2,152
600,000 Ladbroke Group PLC 2,641
130,000 Lloyds TSB Group PLC 1,753
450,000 National Grid Group PLC 2,057
170,000 National Westminster Bank PLC 2,572
125,000 Pearson PLC 1,582
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
UNITED KINGDOM - 20.6% (CONT'D.)
110,000 Rio Tinto PLC $ 1,760
300,000 Shell Transport & Trading Co. 2,198
53,000 SmithKline Beecham PLC ADR 2,590
425,000 Tomkins PLC 2,399
185,000 United Utilities PLC 2,291
40,000 Vodafone Group PLC ADR 2,150
--------
38,240
--------
Total Common Stocks
(cost $156,173) 172,541
--------
OTHER - 0.7%
115,000 The Korea Fund, Inc.
(cost $1,673) 1,366
--------
PRINCIPAL
AMOUNT
(000S)
- ---------
SHORT-TERM INVESTMENTS - 5.5%
$7,386 Banco Santander, Madrid, Spain,
6.56%, 10/1/97 7,386
2,675 FHLB Discount Note,
6.00%, 10/1/97 2,675
--------
Total Short-Term Investments
(cost $10,061) 10,061
--------
Total Investments - 99.2%
(cost $167,907) 183,968
Other Assets less Liabilities - 0.8% 1,536
--------
NET ASSETS - 100.0% $185,504
========
At September 30, 1997, the International Growth Equity Fund's investments,
excluding short-term investments, were diversified as follows:
Industry Sector
- ---------------------------------------------------------------------------
Banks 9.7% Real Estate 2.3%
Basic Industries/Energy 18.6 Retail 2.4
Capital Goods 9.8 Technology 3.4
Consumer Goods 15.0 Telecommunications 8.3
Financial Services 15.4 Other 9.5
Pharmaceuticals 5.6 -----
Total 100.0%
======
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INTERNATIONAL SELECT EQUITY FUND
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMMON STOCKS - 89.8%
AUSTRALIA - 1.8%
1,300,000 National Mutual Holdings Ltd. $ 2,194
--------
AUSTRIA - 1.7%
10,000 VA Technologie A.G. 2,145
--------
BRAZIL - 1.1%
10,000 Telebras ADR 1,288
--------
FINLAND - 2.1%
28,000 Nokia Corp. ADR 2,627
--------
FRANCE - 4.5%
50,000 Credit Commercial de France 2,933
35,000 Salomon S.A. 2,625
--------
5,558
--------
GERMANY - 1.8%
15,000 SGL Carbon A.G. 2,204
--------
INDIA - 1.1%
80,000 Videsh Sanchar Nigam Ltd. GDR<F1> 1,343
--------
ITALY - 2.5%
120,000 Assicurazioni Generali 3,051
--------
JAPAN - 24.4%
325,000 Asahi Bank Ltd. 1,884
200,000 Daiwa House Industry Co. Ltd. 1,988
55,000 Family Mart Co. Ltd. 2,405
550,000 Marubeni Corp. 1,822
57,000 Matsumotokiyoshi 2,436
250,000 Minebea Co. Ltd. 2,775
275,000 Mitsui & Co. 2,162
40,000 Murata Manufacturing Co. Ltd. 1,729
27,000 Nichiei Co. Ltd. 2,572
30,000 Nintendo Co. Ltd. 2,808
38,500 Promise Co. Ltd. 2,009
30,000 Sony Corp. 2,833
175,000 Sumitomo Electric Industries 2,508
--------
29,931
--------
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
MEXICO - 6.3%
1,200,000 Cifra S.A. ADR $2,724
101,300 Grupo Casa Autrey S.A. de C.V. ADR 2,317
70,000 Panamerican Beverages, Inc. 2,734
--------
7,775
--------
NETHERLANDS - 4.0%
80,000 Cap Gemini N.V. 2,618
90,000 Vedior N.V. 2,239
--------
4,857
--------
NORWAY - 1.9%
100,000 Tomra Systems ASA 2,306
--------
PORTUGAL - 4.9%
118,000 Cimpor-Cimentos de Portugal, SGPS, S.A. 3,191
65,000 Portugal Telecom S.A. ADR 2,823
--------
6,014
--------
SOUTH AFRICA - 3.9%
100,000 Nedcor Ltd. 2,155
90,000 South African Breweries Ltd. 2,611
--------
4,766
--------
SWEDEN - 3.7%
133,333 Astra AB, A Shares 2,462
50,000 Autoliv, Inc. 2,125
--------
4,587
--------
SWITZERLAND - 6.1%
600 Kuoni Reisen Holding A.G. (Registered) 2,392
1,800 Novartis A.G. 2,764
17,000 SMH A.G. 2,344
--------
7,500
--------
TAIWAN - 1.8%
1,740,509 Far Eastern Department Stores Ltd. 2,221
--------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
INTERNATIONAL SELECT EQUITY FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
UNITED KINGDOM - 16.2%
300,000 BAA PLC $ 2,915
100,000 Barclays PLC 2,705
275,000 Cable & Wireless PLC 2,343
490,000 Capita Group PLC 2,252
200,000 National Westminster Bank PLC 3,026
550,000 Tomkins PLC 3,105
65,000 Vodafone Group PLC ADR 3,494
--------
19,840
--------
Total Common Stocks
(cost $92,025) 110,207
--------
PREFERRED STOCKS - 5.9%
GERMANY - 5.9%
12,000 Fresenius A.G. 2,229
7,000 GEA A.G. 2,406
10,000 SAP A.G. 2,672
--------
Total Preferred Stocks
(cost $5,864) 7,307
--------
Principal
Amount
(000s)
- ---------
SHORT-TERM INVESTMENT - 3.5%
$4,321 Banco Santander, Madrid, Spain,
6.56%, 10/1/97
(cost $4,321) 4,321
--------
Total Investments - 99.2%
(cost $102,210) 121,835
Other Assets less Liabilities - 0.8% 932
--------
NET ASSETS - 100.0% $122,767
========
<F1> 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 September 30, 1997, the value of
this security amounted to approximately $1,343,000 or 1.1% of net assets.
At September 30, 1997, the International Select Equity Fund's
investments, excluding the short-term investment, were diversified
as follows:
Industry
Sector
- ------------------------------
Basic Industries/Energy 4.6%
Capital Goods 13.9
Consumer Goods 13.6
Financial Services 19.2
Pharmaceuticals 8.3
Retail 8.3
Technology 9.3
Telecommunications 11.8
Other 11.0
------
Total 100.0%
======
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS September 30, 1997 (Unaudited)
TECHNOLOGY FUND
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMMON STOCKS - 96.5%
COMMUNICATIONS EQUIPMENT - 17.7%
24,075 3Com Corp.* $ 1,234
26,500 Amati Communications Corp.* 495
46,000 Ascend Communications, Inc.* 1,489
61,500 Bay Networks, Inc.* 2,375
8,000 Boston Technology, Inc.* 271
11,000 CIENA Corp.* 545
33,275 Cisco Systems, Inc.* 2,431
8,300 Coherent Communications Systems Corp.* 236
11,000 Lucent Technologies, Inc. 895
17,500 Newbridge Networks Corp.* 1,048
19,600 P-COM, Inc.* 469
9,000 PanAmSat Corp.* 388
9,004 Qwest Communications International, Inc.* 415
53,800 Tellabs, Inc.* 2,771
-------
15,062
-------
COMPUTER PERIPHERALS - 2.2%
11,000 Seagate Technology, Inc.* 397
38,000 Quantum Corp.* 1,456
-------
1,853
-------
COMPUTER SOFTWARE AND SERVICES - 27.7%
26,850 Adobe Systems, Inc. 1,353
38,475 America Online, Inc.* 2,902
5,600 Arbor Software Corp.* 259
6,000 At Home Corp., Series A* 139
14,000 BEA Systems, Inc.* 250
20,000 Broderbund Software, Inc.* 680
22,500 Computer Associates International, Inc. 1,616
11,000 Computer Sciences Corp.* 778
58,000 Electronic Arts, Inc.* 2,240
7,500 Electronic Data Systems Corp. 266
11,575 Genesys Telecommunications
Laboratories, Inc.* 421
10,500 HBO & Company* 396
30,200 Intuit, Inc.* 966
6,075 J.D. Edwards & Co.* 204
7,262 McAfee Associates, Inc.* 385
16,500 Microsoft Corp.* 2,183
31,268 Netscape Communications Corp.* 1,126
7,000 ONTRACK Data International, Inc.* 163
47,080 Oracle Corp.* 1,715
10,000 Parametric Technology Corp.* 441
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
COMPUTER SOFTWARE AND
SERVICES - 27.7% (CONT'D.)
43,000 PeopleSoft, Inc.* $ 2,569
30,000 Rational Software Corp.* 480
20,000 Siebel Systems, Inc.* 851
17,500 Synopsys, Inc.* 744
17,500 Vantive (The) Corp.* 420
-------
23,547
-------
COMPUTER SYSTEMS - 14.4%
43,350 Compaq Computer Corp.* 3,240
20,400 Dell Computer Corp.* 1,976
32,625 Hewlett-Packard Co. 2,269
15,500 International Business Machines Corp. 1,642
32,500 Silicon Graphics, Inc.* 853
47,500 Sun Microsystems, Inc.* 2,224
-------
12,204
-------
DATA PROCESSING - 2.8%
15,000 Automatic Data Processing, Inc. 750
44,000 First Data Corp. 1,653
-------
2,403
-------
ELECTRICAL AND ELECTRONIC
COMPONENTS - 30.8%
3,500 ATMI, Inc.* 129
16,000 Analog Devices, Inc.* 536
35,000 Applied Materials, Inc.* 3,334
7,500 Brooks Automation, Inc.* 288
12,000 Cable Design Technologies* 457
20,000 DII Group, Inc.* 656
3,500 DuPont Photomasks, Inc.* 252
23,400 Intel Corp. 2,160
53,725 KLA-Tencor Corp.* 3,630
5,000 Lernout & Hauspie Speech Products N.V.* 219
47,925 Linear Technology Corp. 3,296
6,000 Maxim Integrated Products, Inc.* 429
12,000 Molex, Inc., Class A 489
30,700 Motorola, Inc. 2,207
20,000 SCI Systems, Inc.* 991
16,000 SGS-Thomson Microelectronics N.V.* 1,502
22,000 Texas Instruments, Inc. 2,973
11,500 VLSI Technology, Inc.* 399
43,500 Xilinx, Inc.* 2,202
-------
26,149
-------
See Notes to the Financial Statements.
SCHEDULES OF INVESTMENTS September 30, 1997 (Unaudited)
TECHNOLOGY FUND (continued)
NUMBER VALUE
OF SHARES (000S)
- ----------------------------------------------------------------------
MEDICAL PRODUCTS AND
PHARMACEUTICALS - 0.8%
1,600 QIAGEN N.V.* $ 74
3,500 Sabratek Corp.* 127
4,000 Theragenics Corp.* 198
16,000 Ventana Medical Systems, Inc.* 258
-------
657
-------
PRINTING AND PUBLISHING - 0.1%
4,500 CMP Media, Inc., Class A* 113
-------
Total Common Stocks
(cost $62,660) 81,988
-------
Principal
Amount
(000s)
- ---------
SHORT-TERM INVESTMENT - 3.8%
$3,202 Banco Santander, Madrid, Spain,
6.56%, 10/1/97
(cost $3,202) 3,202
-------
Total Investments - 100.3%
(cost $65,862) 85,190
Liabilities less Other Assets - (0.3)% (270)
-------
NET ASSETS - 100.0% $84,920
=======
See Notes to the Financial Statements.
NOTES TO THE
FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
(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, U.S. Government Select Money Market, California
Municipal Money Market, U.S. Government, Fixed Income, Intermediate Tax-Exempt,
Florida Intermediate Tax-Exempt, Tax-Exempt, California Tax-Exempt,
International Fixed Income, Income Equity, Stock Index, Growth Equity, Select
Equity, Small Cap, International Growth Equity, International Select Equity and
Technology Funds (collectively the "Funds") are separate, diversified investment
portfolios of Northern Funds, except the California Municipal Money Market,
Florida Intermediate Tax-Exempt, California Tax-Exempt and International Fixed
Income Funds which are non-diversified portfolios of Northern Funds. Non-
diversified portfolios may invest a relatively high percentage of their net
assets in obligations of a limited number of issuers. Each of the Funds
maintains its own investment objective.
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
("GAAP"). The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates.
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.
Guaranteed investment contracts are valued at cost plus accrued interest,
which approximates market value. 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 - Certain Funds may enter into long futures contracts to
maintain liquidity or short futures contracts for hedging purposes. These
Funds may also enter into futures contracts for speculative purposes.
Futures contracts are valued based upon their quoted daily settlement prices;
changes in initial settlement value are accounted for as unrealized
appreciation (depreciation) until the contracts are terminated at which time
realized gains and losses are recognized.
The Fund bears the market risk arising from changes in the value of these
financial instruments. At the time a Fund enters into a futures contract, it
is required to make a margin deposit in a segregated account 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 Statements
of Operations reflect gains and losses as realized for closed futures
contracts and as unrealized for open contracts. At September 30, 1997, the
Small Cap Fund had entered into exchange-traded futures contracts. The
aggregate market value of investments pledged to cover margin requirements
for open positions at September 30, 1997 was approximately $380,000.
D.OPTIONS CONTRACTS - Certain Funds may purchase and write (sell) put and call
options on foreign and domestic stock indices, foreign currencies and U.S.
and foreign securities that are traded on U.S. and foreign securities
exchanges and over-the-counter markets. These transactions are for hedging
purposes or for the purpose of earning additional income. In addition, the
International Fixed Income, International Growth Equity and International
Select Equity Funds may enter into such transactions for cross-hedging
purposes.
The risk associated with purchasing an option is that the Fund pays a
premium whether or not the option is exercised. Additionally, the Fund bears
the risk of loss of premium and change in market value should the
counterparty not perform under the contract. Put and call options purchased
are accounted for in the same manner as portfolio securities. The cost of
securities acquired through the exercise of call options is increased by
premiums paid. The proceeds from securities sold through the exercise of put
options are decreased by the premiums paid.
When the Fund writes an option, the premium received by the Fund is
recorded as a liability and is subsequently adjusted to the current market
value of the option written. Premiums received from writing options which
expire unexercised are recorded by the Fund on the expiration date as
realized gains from option transactions. The difference between the premium
and the amount paid on effecting a closing purchase transaction, including
brokerage commissions, is also treated as a realized gain, or if the premium
is less than the amount paid for the closing purchase transaction, as a
realized loss. If a call option is exercised, the premium is added to the
proceeds from the sale of the underlying security or currency in determining
whether the Fund has realized a gain or loss. If a put option is exercised,
the premium reduces the cost basis of the security or currency purchased by
the Fund. In writing an option, the Fund bears the market risk of an
unfavorable change in the price of the security or currency underlying the
written option. Exercise of an option written by the Fund could result in
the Fund selling or buying a security or currency at a price different from
the current market value. Transactions in put options written for the six
months ended September 30, 1997 for the Growth Equity Fund were as follows:
NUMBER OF PREMIUMS
CONTRACTS (000S)
- -----------------------------------------------------------
Options outstanding at 3/31/97 99 $319
Options written 68 272
Options terminated in closing
purchase transactions (99) (319)
Options expired - -
---- ----
Options outstanding at 9/30/97 68 $272
==== ====
- -----------------------------------------------------------
The Fund did not write call options during the six months ended September
30, 1997.
E.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
gains or losses on investments resulting from changes in foreign exchange
rates are included with net realized and unrealized gains (losses) on
investments.
F.FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS - Certain Funds 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
against either specific transactions or portfolio positions, or as a cross-
hedge transaction or for speculative purposes. The objective of a Fund's
foreign currency hedging transactions is to reduce the risk that the U.S.
dollar value of a Fund's foreign currency denominated securities will decline
in value due to changes in foreign currency exchange rates. All forward
foreign currency contracts 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. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
At September 30, 1997, there were no outstanding contracts.
G.ORGANIZATION COSTS - Organization expenses of approximately $1,030,000 have
been deferred and are being amortized on a straight-line basis through 1999.
H.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 and includes amortization of discounts and
premiums. Dividends from foreign securities are recorded on ex-date, or as
soon as the information is available.
I.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.
J.DISTRIBUTIONS TO SHAREHOLDERS - Dividends from net investment income are
declared and paid as follows:
DECLARATION PAYMENT
FREQUENCY FREQUENCY
- --------------------------------------------------------
Money Market Daily Monthly
U.S. Government Money
Market Daily Monthly
Municipal Money Market Daily Monthly
U.S. Government Select
Money Market Daily Monthly
California Municipal
Money Market Daily Monthly
U.S. Government Daily Monthly
Fixed Income Daily Monthly
Intermediate Tax-Exempt Daily Monthly
Florida Intermediate Tax-Exempt Daily Monthly
Tax-Exempt Daily Monthly
California Tax-Exempt Daily Monthly
International Fixed Income Quarterly Quarterly
Income Equity Monthly Monthly
Stock Index Quarterly Quarterly
Growth Equity Quarterly Quarterly
Select Equity Annually Annually
Small Cap Annually Annually
International Growth Equity Annually Annually
International Select Equity Annually Annually
Technology Annually Annually
- --------------------------------------------------------
Prior to September 27, 1997, dividends from net investment income of the
International Fixed Income Fund were declared daily and paid quarterly.
Distributions of net realized capital gains, if any, are declared at least
annually. Distributions to shareholders are recorded on the ex-dividend
date.
The timing and character of distributions determined in accordance with
federal income tax regulations may differ from financial statement amounts
determined in accordance with generally accepted accounting principles due to
differences in the treatment and recognition of investment income and
realized gains (losses). These differences are primarily related to foreign
currency transactions, deferral of wash sales and capital loss carryforwards.
Certain differences in treatment of income and capital gains for
distributions, which are permanent, may result in periodic reclassifications
in the Funds' capital accounts.
K.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
substantially all of their taxable income to their shareholders.
L.RECLASSIFICATIONS - At March 31, 1997, the Funds' most recent fiscal year
end, the Funds made reclassifications among their capital accounts to reflect
the characterization of certain income and capital gains distributions for
federal income tax purposes, as follows:
UNDISTRIBUTED UNDISTRIBUTED
NET NET PAID
AMOUNTS IN INVESTMENT CAPITAL IN
THOUSANDS INCOME GAINS CAPITAL
- --------------------------------------------------------------------
Money Market $ 24 - $(24)
U.S. Government
Money Market 6 - (6)
Municipal Money
Market 47 - (47)
U.S. Government Select
Money Market 4 - (4)
California Municipal
Money Market 3 - (3)
U.S. Government (44) $53 (9)
Fixed Income (4) 11 (7)
Intermediate Tax-
Exempt 18 - (18)
Florida Intermediate
Tax-Exempt - - -
Tax-Exempt 229 (146) (83)
International Fixed
Income (12) 28 (16)
Income Equity 4 - (4)
Stock Index - - -
Growth Equity 12 - (12)
Select Equity 3 (2) (1)
Small Cap 20 (16) (4)
International Growth
Equity 62 850 (912)
International Select
Equity (104) 521 (417)
Technology 178 (178) -
- --------------------------------------------------------------------
These reclassifications have no impact on the net asset value of the Funds
and are primarily due to differing treatments of foreign currency gains,
investments in passive foreign investment companies, real estate investment
trusts, asset-backed securities, and certain fees and expenses.
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
ended September 30, 1997, the Adviser voluntarily agreed to waive a portion of
its advisory fees as applied to each Fund's daily net assets as shown on the
accompanying Statements of Operations. Northern Trust had also agreed to
reimburse the Funds as shown on the accompanying Statements of Operations to
adhere to the expense limitations presented in the following table:
ANNUAL ADVISORY
ADVISORY FEES AFTER EXPENSE
FEES WAIVERS LIMITATIONS
- ----------------------------------------------------------------------
Money Market 0.60% 0.40% 0.55%
U.S. Government
Money Market 0.60% 0.40% 0.55%
Municipal Money
Market 0.60% 0.40% 0.55%
U.S. Government Select
Money Market 0.60% 0.25% 0.40%
California Municipal
Money Market 0.60% 0.30% 0.45%
U.S. Government 0.75% 0.75% 0.90%
Fixed Income 0.75% 0.75% 0.90%
Intermediate Tax-
Exempt 0.75% 0.70% 0.85%
Florida Intermediate
Tax-Exempt 0.75% 0.70% 0.85%
Tax-Exempt 0.75% 0.70% 0.85%
California Tax-Exempt 0.75% 0.70% 0.85%
International Fixed
Income 0.90% 0.90% 1.15%
Income Equity 1.00% 0.85% 1.00%
Stock Index 0.60% 0.40% 0.55%
Growth Equity 1.00% 0.85% 1.00%
Select Equity 1.20% 0.85% 1.00%
Small Cap 1.20% 0.85% 1.00%
International Growth
Equity 1.20% 1.00% 1.25%
International Select
Equity 1.20% 1.00% 1.25%
Technology 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 ended September 30, 1997,
Sunstone voluntarily agreed to waive a portion of its administration fees as
shown on the accompanying Statements of Operations.
4. BANK LOANS
The Funds maintain a $5,000,000 revolving bank credit line for liquidity and
other purposes. Borrowings under this arrangement bear interest at 1% above the
Fed Funds rate and are secured by pledged securities equal to or exceeding 120%
of the outstanding balance.
Interest expense for the six months ended September 30, 1997 was
approximately $1,000 for the Stock Index Fund. This amount is included in other
expenses on the Statements of Operations.
As of September 30, 1997, there were no outstanding borrowings.
5. INVESTMENT TRANSACTIONS
The aggregate purchases and sales of securities, excluding short-term
investments, for the Funds for the period ended September 30, 1997 were as
follows:
PURCHASES SALES
-----------------------------------------------
U.S. U.S.
AMOUNTS IN THOUSANDS GOVERNMENT OTHER GOVERNMENT OTHER
- ------------------------------------------------------------------------------
U.S. Government $35,035 - $22,425 -
Fixed Income 18,834 $22,285 18,581 $7,574
Intermediate Tax-Exempt - 80,473 - 52,479
Florida Intermediate Tax-Exempt - 5,617 - 1,857
Tax-Exempt - 32,634 - 31,725
California Tax-Exempt - 14,467 - 1,442
International Fixed Income - 2,655 - 3,472
Income Equity - 46,713 - 33,988
Stock Index - 21,144 - 11,362
Growth Equity - 116,910 - 107,043
Select Equity - 65,881 - 49,953
Small Cap - 55,568 - 17,910
International Growth Equity - 121,796 - 124,443
International Select Equity - 42,578 - 42,726
Technology - 35,956 - 19,576
- ------------------------------------------------------------------------------
At September 30, 1997, for federal income tax purposes, gross unrealized
appreciation, gross unrealized depreciation, net unrealized appreciation
(depreciation) on investments (including the effects of foreign currency
translation) and cost basis of securities were approximately as follows:
NET COST
UNREALIZED UNREALIZED APPRECIATION BASIS OF
AMOUNTS IN THOUSANDS APPRECIATION DEPRECIATION (DEPRECIATION) SECURITIES
- --------------------------------------------------------------------------------
U.S. Government $2,392 $372 $2,020 $200,544
Fixed Income 4,091 172 3,919 140,921
Intermediate Tax-Exempt 7,316 85 7,231 272,865
Florida Intermediate
Tax-Exempt 509 - 509 18,955
Tax-Exempt 7,024 146 6,878 139,480
California Tax-Exempt 406 10 396 14,453
International Fixed Income 528 645 (117) 15,142
Income Equity 14,039 410 13,629 85,454
Stock Index 7,508 697 6,811 47,827
Growth Equity 114,784 1,625 113,159 283,452
Select Equity 20,471 668 19,803 78,692
Small Cap 95,705 12,117 83,588 230,628
International Growth Equity 22,433 6,372 16,061 167,907
International Select Equity 22,200 2,575 19,625 102,210
Technology 20,963 1,635 19,328 65,862
- ------------------------------------------------------------------------------
At March 31, 1997, the Funds' most recent fiscal year end, the approximate
capital loss carryforwards, due to expire on March 31, 2005, for U.S. federal
income tax purposes are as follows:
AMOUNTS IN THOUSANDS
- --------------------------------------------
Municipal Money Market $109
U.S. Government Select Money Market 1
U.S. Government 239
Intermediate Tax-Exempt 441
Florida Intermediate Tax-Exempt 1
- --------------------------------------------
These capital loss carryforwards are available to offset future capital
gains.
6. CAPITAL SHARE TRANSACTIONS
Transactions of shares of the Funds for the period ended September 30, 1997 were
as follows:
NET
REINVESTMENT INCREASE
AMOUNTS IN THOUSANDS SOLD OF DIVIDENDS REDEEMED (DECREASE)
- ------------------------------------------------------------------------------
U.S. Government 3,161 27 1,328 1,860
Fixed Income 3,516 51 1,663 1,904
Intermediate Tax-Exempt 3,685 33 2,532 1,186
Florida Intermediate Tax-Exempt 627 5 202 430
Tax-Exempt 1,283 10 919 374
California Tax-Exempt 1,397 4 100 1,301
International Fixed Income 104 7 217 (106)
Income Equity 1,202 17 418 801
Stock Index 2,166 8 1,370 804
Growth Equity 2,150 5 1,340 815
Select Equity 1,382 - 589 793
Small Cap 4,022 - 1,040 2,982
International Growth Equity 1,222 - 1,342 (120)
International Select Equity 928 - 1,096 (168)
Technology 1,498 - 343 1,155
- ------------------------------------------------------------------------------
Transactions of shares of the Funds for the year ended March 31, 1997 were as
follows:
NET
REINVESTMENT INCREASE
AMOUNTS IN THOUSANDS SOLD OF DIVIDENDS REDEEMED (DECREASE)
- ------------------------------------------------------------------------------
U.S. Government 5,159 144 1,695 3,608
Fixed Income 4,239 222 2,080 2,381
Intermediate Tax-Exempt 7,072 245 4,928 2,389
Florida Intermediate Tax-Exempt 1,846 4 373 1,477
Tax-Exempt 2,592 80 1,436 1,236
International Fixed Income 416 28 289 155
Income Equity 2,128 450 875 1,703
Stock Index 3,844 8 515 3,337
Growth Equity 6,478 922 2,752 4,648
Select Equity 2,494 125 823 1,796
Small Cap 4,424 716 2,534 2,606
International Growth Equity 3,091 641 4,935 (1,203)
International Select Equity 3,161 82 2,310 933
Technology 3,820 25 184 3,661
- ------------------------------------------------------------------------------
This page intentionally left blank.
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 complete information about Northern Funds investment policies,
management fees and expenses. Investors are reminded to read the prospectus
carefully before investing or sending money.
NORTHERN
FUNDS
P.O. Box 75986
Chicago, IL 60690-6319
1-800-595-9111
(c) 1997 Sunstone Distribution Services, LLC,
Distributor
