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Previous: MINNESOTA MUTUAL GROUP VARIABLE ANNUITY ACCOUNT, 485BPOS, 1995-12-14 |
Next: EVERGREEN VARIABLE TRUST /OH, N-1A EL/A, 1995-12-14 |
<PAGE> 1
As filed with the Securities and Exchange Commission on December 14, 1995.
1933 Act Registration No. 33-82056
1940 Act File No. 811-8662
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ ]
Pre-Effective Amendment No. _______ [ ]
Post-Effective Amendment No. 1 [x]
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 [ ]
Amendment No. 2 [x]
(Check appropriate box or boxes)
__________________
AAL VARIABLE PRODUCT SERIES FUND, INC.
(Exact name of registrant as specified in charter)
4321 NORTH BALLARD ROAD
APPLETON, WISCONSIN 54919-0001
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (414) 734-5721
WILLIAM R. HEERMAN, ESQ.
Senior Vice President and General Counsel of
Aid Association for Lutherans
AAL VARIABLE PRODUCT SERIES FUND, INC.
4321 NORTH BALLARD ROAD
APPLETON, WISCONSIN 54919-0001
(Name and Address of Agent for Service)
Copy to:
CONRAD G. GOODKIND, ESQ.
Quarles & Brady
411 East Wisconsin Avenue
Milwaukee, Wisconsin 53202
Approximate Date of Proposed Public Offerings: As soon as practicable
following the effective date of this amendment to the registration statement.
It is proposed that this filing will become effective
__X__ immediately upon filing pursuant to paragraph (b)
_____ on (date) pursuant to paragraph (b)
_____ 60 days after filing pursuant to paragraph (a)(1)
_____ on (date) pursuant to paragraph (a)(1)
_____ 75 days after filing pursuant to paragraph (a)(2) of rule 485.
If appropriate, check the following:
_____ this post-effective amendment designates a new
effective date for a previously filed post-effective
amendment
__________________
Registrant has elected to register an indefinite number or amount of
its securities of each of its five series under the Securities Act of 1933
pursuant to Rule 24f-2 under the Investment Company Act of 1940. The
Registrant intends to file a Rule 24f-2 Notice by February 29, 1996.
================================================================================
<PAGE> 2
THE AAL VARIABLE PRODUCT SERIES FUND, INC.
CROSS REFERENCE SHEET
Pursuant to Rule 495 under the Securities Act of 1933 indicating the location
in the prospectus of the information called for by the Items of Parts A and B
of Form N-1A.
<TABLE>
<CAPTION>
Item No. Caption Location
-------- ------- --------
<S> <C> <C>
Part A
------
1. Cover Page Cover Page
2. Synopsis Introduction
3. Condensed Financial Information Prospectus Supplement dated December 14, 1995
4. General Description of Registrant, Cover Page; Introduction
Depositor, and Portfolio Companies
5. Management's Discussion of Fund Performance Information
Performance
6. Capital Stock and Other Securities Description of Shares
7. Purchase of Securities Being Offered Purchase and Redemption of Shares
8. Redemption or Repurchase Purchase and Redemption of Shares; Other
Investment and Risk Factors Regarding The
Portfolios--Repurchase Agreements and
Borrowing
9. Pending Legal Proceedings Not applicable
Part B
------
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and History Cover Page; Introduction
13. Investment Objectives and Policies Introduction; Investment Techniques; Options
and Futures; Investment Restrictions
14. Management of the Fund Management of the Fund
15. Control Persons and Principal Holders of Management of the Fund--The Investment
Securities Adviser; Custodian, Transfer Agent and
Independent Auditors for the Fund
16. Investment Advisory and Other Services Management of the Fund--The Investment Adviser
17. Brokerage Allocation and Other Practices Portfolio Transactions
18. Capital Stock and Other Securities Not applicable
19. Purchase, Redemption and Pricing of Purchases and Redemptions; Pricing
Securities Being Offered Considerations
20. Tax Status Dividends and Distributions
21. Underwriters Not applicable
22. Calculation of Performance Data Calculation of Yield and Total Return
23. Financial Statements AAL Variable Product Series Fund, Inc.
Financial Statements; Statement of Additional
Information Supplement dated December 14, 1995
</TABLE>
Part C
Information required to be included in Part C is set forth under the
appropriate Item, so numbered in Part C to this Registration Statement.
-i-
<PAGE> 3
PART A - INFORMATION REQUIRED IN A PROSPECTUS
In partial response to Part A of Form N-1A, the Registrant hereby
incorporates its current Prospectus, dated January 3, 1995, which is included
in Pre-Effective Amendment No. 1 to its Registration Statement on Form N-1A
(Registration No. 33-82056), as filed with the Securities and Exchange
Commission on December 22, 1994. In further response to Item 3 and Item 6 of
Form N-1A, the Registrant states as follows:
AAL VARIABLE PRODUCT SERIES FUND, INC.
SUPPLEMENT DATED DECEMBER 14, 1995 TO THE PROSPECTUS DATED JANUARY 3, 1995 (AS
SUPPLEMENTED TO DATE) OF THE AAL VARIABLE PRODUCT SERIES FUND, INC. ("FUND").
The disclosure on page 4 of the Fund's Prospectus, immediately prior
to the section captioned "Investment Objectives and Policies," is supplemented
by adding the following:
FINANCIAL HIGHLIGHTS
The table on the reverse page presents certain information
relating to a share of each Portfolio outstanding from the period
beginning June 14, 1995 (commencement of operations) and ending
October 31, 1995. The Financial Highlights, which have not been
audited, should be read in conjunction with the Fund's unaudited
financial statements, and notes thereto, which are contained in the
Statement of Additional Information, dated January 3, 1995, as
supplemented on December 14, 1995. The Statement of Additional
Information, as supplemented, may be obtained without charge, as
indicated on the cover page of this Prospectus. Additional
information about the performance of the Fund and its Portfolios will
be included in the Fund's annual report to shareholders, which also
will be made available upon request without charge. The performance
of the various Portfolios reflected in the Financial Highlights is not
necessarily indicative of future results.
(SEE REVERSE PAGE FOR FINANCIAL HIGHLIGHTS TABLE)
Page 16 of the Fund's Prospectus is supplemented by adding the
following as a third paragraph under the section captioned "Description of
Shares."
AAL provided the initial capitalization of each Portfolio and,
as of November 1, 1995, owned more than 25% of the shares of
beneficial interest in each Portfolio. As a result of such ownership,
AAL may be deemed to be in control of the Portfolios.
NOTE: THIS SUPPLEMENT MUST ACCOMPANY THE DELIVERY OF ALL PROSPECTUSES ON OR
AFTER DECEMBER 14, 1995.
<PAGE> 4
AAL VARIABLE PRODUCT SERIES FUND, INC.
FINANCIAL HIGHLIGHTS
FOR THE PERIOD ENDED OCTOBER 31, 1995
(Unaudited)
The following presents information relating to a share of
capital stock of each Portfolio of the AAL Variable Pr Series Fund,
Inc. outstanding for the period presented. This information should
be read in conjunction with the fina statements and the related
notes.
<TABLE>
<CAPTION>
LARGE SMALL
MONEY COMPANY COMPANY
MARKET BOND BALANCED STOCK STOCK
PORTFOLIO(A) PORTFOLIO(A) PORTFOLIO(A) PORTFOLIO(A) PORTFOLIO(A)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE: BEGINNING OF PERIOD $1.00 $10.00 $10.00 $10.00 $10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.02 0.24 0.15 0.08 0.05
Net realized and unrealized gains (losses)
on investments 0.00 0.06 0.52 0.87 0.44
----- ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 0.02 0.30 0.67 0.95 0.49
----- ------ ------ ------ ------
DISTRIBUTIONS FROM:
Net investment income (0.02) (0.23) (0.14) (0.08) (0.04)
----- ------ ------ ------ ------
TOTAL DISTRIBUTIONS (0.02) (0.23) (0.14) (0.08) (0.04)
----- ------ ------ ------ ------
Net increase (decrease) in net asset value 0.00 0.07 0.53 0.87 0.45
Net asset value: End of period $1.00 $10.07 $10.53 $10.87 $10.45
===== ====== ====== ====== ======
Total Return (b) 5.61% 3.08% 6.78% 9.48% 4.95%
Net Assets, End of Period $5,516,446 $7,284,735 $21,115,372 $16,727,694 $10,618,444
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets (c) (d) 0.35% 0.35% 0.35% 0.35% 0.35%
Ratio of net investment income to average
net assets (c) (d) 5.30% 6.06% 3.66% 1.96% 1.24%
Portfolio turnover rate N/A 7.17% 2.38% 0.29% 2.19%
Average commission rate paid (e) N/A N/A $0.0400 $0.0400 $0.0400
</TABLE>
(a) From commencement of operations on June 14, 1995.
(b) Total return does not reflect expenses that apply at the Variable Account
level. Inclusion of these expenses would reduce th total return for the
period shown. The Large Company Stock Portfolio, Small Company Stock
Portfolio, Bond Portfolio and the Balanced Portfolio are reported as
period-to-date cumulative total returns, while the Money Market Portfolio
is reporte on an annualized total return basis.
(c) Calculated on an annualized basis.
(d) Without reimbursements, on an annualized basis the above ratios would have
been:
<TABLE>
<S> <C> <C> <C> <C> <C>
Ratio of expenses to average net assets 1.39% 1.25% 1.03% 1.09% 1.17%
Ratio of net investment income to average
net assets 4.24% 5.13% 2.96% 1.20% 0.40%
</TABLE>
(e) Amounts shown reflect the average brokerage commission paid on each share of
stock traded by the Portfolio during the period presented.
NOTE: THIS SUPPLEMENT MUST ACCOMPANY THE DELIVERY OF ALL PROSPECTUS ON OR
AFTER DECEMBER 14, 1995.
<PAGE> 5
PART B - INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION
In partial response to Part B of Form N-1A (Item 10 through Item 23),
the Registrant incorporates by reference its current Statement of Additional
Information dated January 3, 1995, which is included in Pre-Effective Amendment
No. 1 to its Registration Statement on Form N-1A (Registration No. 33-82056),
as filed with the Securities and Exchange Commission on December 22, 1994. In
further response to Item 23 of Form N-1A, the Registrant states as follows:
AAL VARIABLE PRODUCT SERIES FUND, INC.
SUPPLEMENT DATED DECEMBER 14, 1995 TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 3, 1995 OF THE AAL VARIABLE PRODUCT SERIES FUND, INC. ("FUND").
The section of the Fund's Statement of Additional Information
captioned "AAL Variable Product Series Fund, Inc. Financial Statements" is
supplemented to read as follows:
AAL VARIABLE PRODUCT SERIES FUND, INC. FINANCIAL STATEMENTS
The following pages present unaudited financial statements of
the Fund as of October 31, 1995 and for the period from June 14, 1995
(commencement of operations) through October 31, 1995. In the opinion
of management of the Fund, all adjustments consisting only of normal
recurring adjustments which are necessary for a fair presentation of
the results of operations for the interim period ended October 31,
1995, are reflected.
<PAGE> 6
AAL VARIABLE PRODUCT SERIES FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
LARGE SMALL
MONEY COMPANY COMPANY
MARKET BOND BALANCED STOCK STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments, at value (Cost: $5,518,759,
$7,128,368, $20,365,441, $15,973,377
and $10,644,989 respectively) $ 5,518,759 $ 7,180,716 $ 21,134,771 $ 16,785,507 $ 10,730,135
Dividends and interest receivable 6 106,131 134,508 21,997 7,750
----------- ----------- ------------ ------------ ------------
TOTAL ASSETS $ 5,518,765 $ 7,286,847 $ 21,269,279 $ 16,807,504 $ 10,737,885
=========== =========== ============ ============ ============
LIABILITIES
Payable for investments purchased $ -- $ -- $ 147,800 $ 75,118 $ 116,450
Income distributions payable 828 -- -- -- --
Investment advisory fee payable 1,491 2,112 6,107 4,692 2,991
----------- ----------- ------------ ------------ ------------
TOTAL LIABILITIES 2,319 2,112 153,907 79,810 119,441
----------- ----------- ------------ ------------ ------------
NET ASSETS
Capital stock - par value 5,516 720 2,006 1,539 1,016
Capital stock - additional paid-in capital 5,510,930 7,230,124 20,340,175 15,908,320 10,522,794
Accumulated undistributed net
investment income -- 3,731 3,442 3,047 3,843
Accumulated net realized gain (loss)
on investments -- (2,187) 419 2,658 5,645
Net unrealized appreciation
on investments -- 52,347 769,330 812,130 85,146
----------- ----------- ------------ ------------ ------------
TOTAL NET ASSETS 5,516,446 7,284,735 21,115,372 16,727,694 10,618,444
----------- ----------- ------------ ------------ ------------
TOTAL LIABILITIES AND NET ASSETS $ 5,518,765 $ 7,286,847 $ 21,269,279 $ 16,807,504 $ 10,737,885
=========== =========== ============ ============ ============
CAPITAL SHARES OUTSTANDING
(2 BILLION SHARES AUTHORIZED) 5,516,446 723,610 2,006,121 1,538,628 1,015,637
=========== =========== ============ ============ ============
NET ASSET VALUE PER SHARE $ 1.00 $ 10.07 $ 10.53 $ 10.87 $ 10.45
=========== =========== ============ ============ ============
</TABLE>
See accompanying notes.
<PAGE> 7
AAL VARIABLE PRODUCT SERIES FUND, INC.
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED OCTOBER 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
LARGE SMALL
MONEY COMPANY COMPANY
MARKET BOND BALANCED STOCK STOCK
PORTFOLIO(1) PORTFOLIO(1) PORTFOLIO(1) PORTFOLIO(1) PORTFOLIO(1)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends $ -- $ -- $ 76,835 $ 94,655 $ 38,732
Interest 87,153 155,436 185,987 11,546 8,637
--------- ---------- ---------- ---------- ----------
TOTAL INVESTMENT INCOME 87,153 155,436 262,822 106,201 47,369
--------- ---------- ---------- ---------- ----------
EXPENSES
Investment Advisory fees 5,139 7,888 21,413 15,218 9,909
Audit fees 7,961 9,730 9,730 8,403 8,403
Custody fees 255 346 3,065 3,150 1,639
Legal fees 1,280 2,016 5,455 3,844 2,503
Printing and postage expense 2,691 3,919 10,499 7,312 4,826
Pricing of investments 1,360 2,141 5,794 4,083 2,659
Director fees 2,545 4,007 10,843 7,641 4,976
Director and Officer Insurance fees 218 343 928 654 426
Registration fees 25 25 25 25 25
Other fees - DTC fees 50 50 50 50 50
--------- ---------- ---------- ---------- ----------
TOTAL EXPENSES 21,524 30,465 67,802 50,380 35,416
--------- ---------- ---------- ---------- ----------
Less reimbursement from Adviser
(See Note 3.) (16,385) (22,577) (46,389) (35,162) (25,507)
--------- ---------- ---------- ---------- ----------
TOTAL NET EXPENSES 5,139 7,888 21,413 15,218 9,909
--------- ---------- ---------- ---------- ----------
NET INVESTMENT INCOME 82,014 147,548 241,409 90,983 37,460
--------- ---------- ---------- ---------- ----------
REALIZED AND UNREALIZED GAINS (LOSSES)
ON INVESTMENTS
Net realized gains on investments -- (2,187) 419 2,658 5,645
Change in net unrealized appreciation
(depreciation) on investments. -- 52,347 769,330 812,130 85,146
--------- ---------- ---------- ---------- ----------
NET REALIZED AND UNREALIZED GAINS
(LOSSES) ON INVESTMENTS -- 50,160 769,749 814,788 90,791
--------- ---------- ---------- ---------- ----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 82,014 $ 197,708 $1,011,158 $ 905,771 $ 128,251
========= ========== ========== ========== ==========
</TABLE>
(1)From commencement of operations on June 14, 1995.
See accompanying notes.
<PAGE> 8
AAL VARIABLE PRODUCT SERIES FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED OCTOBER 31, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
LARGE SMALL
MONEY COMPANY COMPANY
MARKET BOND BALANCED STOCK STOCK
PORTFOLIO(1) PORTFOLIO(1) PORTFOLIO(1) PORTFOLIO(1) PORTFOLIO(1)
------------ -------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 82,014 $ 147,548 $ 241,409 $ 90,983 $ 37,460
Net realized gains on investments -- (2,187) 419 2,658 5,645
Change in net unrealized appreciation
on investments -- 52,347 769,330 812,130 85,146
----------- ----------- ----------- ------------- -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 82,014 197,708 1,011,158 905,771 126,251
----------- ----------- ----------- ------------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (82,014) (143,817) (237,967) (87,937) (33,616)
----------- ----------- ----------- ------------- -----------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (82,014) (143,817) (237,967) (87,937) (33,616)
----------- ----------- ----------- ------------- -----------
CAPITAL SHARE TRANSACTIONS
Purchases of capital shares 12,497,981 7,321,178 20,371,997 16,099,274 10,581,808
Income dividends reinvested 39,200 27,315 56,717 30,937 10,617
Redemptions of capital shares (7,020,735) (117,649) (86,533) (220,351) (68,616)
----------- ----------- ----------- ------------- -----------
NET INCREASE IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS 5,516,446 7,230,844 20,342,181 15,909,860 10,523,809
----------- ----------- ----------- ------------- -----------
NET INCREASE IN NET ASSETS 5,516,446 7,284,735 21,115,372 16,727,694 10,618,444
NET ASSETS BEGINNING OF PERIOD -- -- -- -- --
----------- ----------- ----------- ------------- -----------
NET ASSETS END OF PERIOD $ 5,516,446 $ 7,284,735 $21,115,372 $ 16,727,694 $10,618,444
=========== =========== =========== ============= ===========
ACCUMULATED UNDISTRIBUTED
NET INVESTMENT INCOME AT
DECEMBER 31, 1995 $ -- $ 3,731 $ 3,442 $ 3,047 $ 3,843
=========== =========== =========== ============= ===========
</TABLE>
(1) From commencement of operations on June 14, 1995.
See accompanying notes.
<PAGE> 9
AAL VARIABLE PRODUCT SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 1995
1. DESCRIPTION OF FUND
The AAL Variable Product Series Fund, Inc. (the "Fund") is a corporation
organized under the laws of the State of Maryland, as a registered,
diversified, open-end investment company. The Fund presently consists of
five separate investment portfolios (known as the Large Company Stock, the
Small Company Stock, the Bond, the Balanced, and the Money Market
Portfolios, collectively, the "Portfolios"). Shares of the Fund are
currently sold only to the AAL Variable Annuity Account I (the "Variable
Account") to fund benefits under certificates of membership and flexible
premium deferred variable annuities issued by Aid Association for
Lutherans ("AAL"). The Fund commenced operations on June 14, 1995.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Valuation of Investments
Securities traded on national securities exchanges and NASDAQ are
valued at the last reported sales price. Fixed income securities are
valued at market using quotations provided by an independent pricing
service. The Money Market Portfolio, and other Portfolios which hold
money market instruments with a remaining maturity of 60 days or
less, value those instruments on the basis of their amortized cost,
which approximates market value. Securities for which market
quotations are not readily available are valued at fair value as
determined by the Board of Directors.
(b) Federal Income Taxes
No provision for federal income taxes is considered necessary because
each Portfolio qualifies as a "regulated investment company" under
the Internal Revenue Code (the "Code") and intends to distribute to
shareholders annually, as dividends, substantially all the net
investment income and net realized capital gains, if any, of each
Portfolio.
(c) Distributions to Shareholders
All of the Portfolios intend to distribute all their net investment
income and net realized long- term capital gains, if any. The Large
and Small Company Stock, Bond and Balanced Portfolios expect to pay
any income dividends monthly. The Money Market Portfolio declares a
daily dividend equal to its investment income for that day, payable
monthly. All of the Portfolios expect to distribute net long-term
capital gains, if any, annually. Distributions to shareholders are
recorded on the ex-dividend date.
(d) Other
Investment transactions are accounted for on the trade date.
Dividend income is recognized on the ex-dividend date, and interest
income is recognized on an accrual basis. Realized gains and losses
from investment transactions are determined on a specific cost
identification basis.
<PAGE> 10
AAL VARIABLE PRODUCT SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 1995
3. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH RELATED PARTIES
The Fund has entered into an Investment Advisory Agreement with AAL
relating to the management of the portfolios and the investment of their
assets. Pursuant to this Agreement, the Fund pays AAL an investment
advisory fee as compensation for its services to the Fund. The fee is a
daily charge equal to an annual rate of .35% of the average daily net
assets of each Portfolio up to $250,000,000 and .30% of the average daily
net assets of each Portfolio in excess of that amount. In addition, AAL
has agreed to either pay on behalf of the Fund or reimburse the Fund for
substantially all of it's operating expenses, other than the aforementioned
investment advisory fees, brokerage commissions, and certain extraordinary
items such as litigation expenses or income tax liabilities. AAL may
withdraw this reimbursement agreement on 30 days' written notice to the
Fund.
The Investment Advisory Agreement anticipates that AAL will provide
certain administrative and accounting services to the Fund, or that AAL
will arrange for such services to be provided by a third party. AAL has
entered into an Administrative Services Agreement with AAL Capital
Management Corporation ("CMC"), an affiliate of AAL, pursuant to which CMC
agrees to provide these administrative and accounting services on behalf of
the Fund. Fees which CMC is entitled to receive for providing such services
under the terms of the Administrative Services Agreement are paid by AAL
out of the advisory fees it receives from the Fund, and therefore do not
result in any additional expense to the Fund.
Certain officers and directors of the Fund are also officers of AAL and
CMC. For the period ended October 31, 1995, directors of the Fund not
affiliated with AAL or CMC received directors fees and expenses totaling
$30,012. No remuneration has been paid by the Fund to any of the officers
or directors of the Fund affiliated with AAL or CMC. At October 31, 1995,
all of the shares of each Portfolio are owned by AAL and the Variable
Account I.
4. CAPITAL SHARE TRANSACTIONS
The Fund is authorized to issue up to 2 billion shares of common stock with
par value of one-tenth cent ($0.001) per share. Capital share activity for
the period from June 14, 1995 to October 31, 1995, was as follows:
<TABLE>
<CAPTION>
MONEY LARGE CO SMALL CO
MARKET BOND BALANCED STOCK STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SHARES OUTSTANDING
AT JUNE 14, 1995 ....... 0 0 0 0 0
Shares issued ......... 12,497,981 732,438 2,008,420 1,555,628 1,020,638
Shares issued in distributions ...... 39,200 2,740 5,426 2,870 1,019
Shares redeemed ...... (7,020,735) (11,568) (7,725) (19,870) (6,020)
SHARES OUTSTANDING ------------------------------------------------------------------
AT OCTOBER 31, 1995 ... 5,516,446 723,610 2,006,121 1,538,628 1,015,637
==================================================================
</TABLE>
<PAGE> 11
AAL VARIABLE PRODUCT SERIES FUND, INC.
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 1995
5. INVESTMENT TRANSACTIONS
From the commencement of operations on June 14, 1995, the cost of
investment securities purchased and proceeds from investment securities
sold (not including short-term investments) were as follows:
<TABLE>
<CAPTION>
PORTFOLIO PURCHASES SALES
------------------------ ------------- ---------
<S> <C> <C>
Bond $ 7,258,564 $ 349,374
Balanced 18,286,720 296,935
Large Company Stock 15,515,903 28,919
Small Company Stock 10,404,014 141,033
</TABLE>
At October 31, 1995, net unrealized appreciation (depreciation) on
investments by portfolio was composed of:
<TABLE>
<CAPTION>
NET
UNREALIZED
COST GROSS UNREALIZED APPR. (DEPR.)
PORTFOLIO BASIS APPRECIATION DEPRECIATION INVESTMENTS
- -------------- ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Bond $ 7,128,368 $ 56,626 $ (4,279) $ 52,347
Balanced 20,365,441 1,003,430 (234,100) 769,330
Large Company Stock 15,973,377 1,151,148 (339,018) 812,130
Small Company Stock 10,644,989 680,561 (595,415) 85,146
</TABLE>
<PAGE> 12
THE MONEY MARKET PORTFOLIO
The Fund Seeks: To provide maximum current income to the extent consistent
with liquidity and a stable net asset value of $1.00 per share.
The Fund Is: A diversified portfolio of high-quality, short-term money
market instuments.
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
Quality Ratings Percent of Portfolio
--------------- --------------------
<S> <C>
First Tier 100 %
Secound Tier 0 %
Average Maturity 20 days
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY MARKET
AMOUNT COMMERCIAL PAPER (100.0%) RATE * DATE VALUE
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$108,000 Coca Cola 5.750 % 11/15/95 $ 187,580
200,000 First Boston 5.710 11/09/95 199,746
250,000 Merrill Lynch 5.750 11/16/95 249,401
200,000 IBM Corporation 5.700 11/02/95 199,968
228,000 Xerox Corporation 5.700 11/02/95 227,964
200,000 E.I. DuPont 5.720 11/07/95 199,809
200,000 General Electric 5.700 12/29/95 198,163
240,000 Alabama Power 5.740 11/03/95 239,923
200,000 Massachusetts Electric 5.740 11/08/95 199,777
196,000 MDU Resourses Group 5.800 11/06/95 195,842
200,000 Cargill, Inc. 5.680 11/10/95 199,716
49,000 H.J. Heinz 5.700 11/16/95 48,883
210,000 American Express 5.650 12/21/95 208,352
250,000 Associates of N.A. 5.660 12/06/95 248,624
200,000 Beneficial Corporation 5.700 01/10/95 197,783
179,000 Countrywide Funding 5.810 11/01/95 179,000
200,000 Household Finance 5.710 01/24/96 197,335
210,000 Nordstrom Credit Inc. 5.690 12/14/95 208,572
250,000 Echlin Corporation 5.720 11/09/95 249,682
130,000 Ford Motor Credit Corporation 5.700 11/03/95 129,958
104,000 Ford Motor Credit Corporation 5.710 11/01/95 104,000
245,000 General Motors Acceptance Corporation 5.730 11/22/95 244,181
200,000 J.C. Penney Funding Corporation 5.710 11/21/95 199,366
175,000 Sears Roebuck Acceptance Corporation 5.700 11/07/95 174,834
235,000 American Telephone & Telegraph 5.720 11/09/95 234,701
200,000 GTE- California 5.710 11/09/95 199,746
250,000 Southwestern Bell 5.650 11/28/95 248,941
147,000 U.W. West Communications 5.700 11/13/95 146,720
TOTAL COMMERCIAL PAPER 5,518,573
OTHER SHORT-TERM INVESTMENTS (0.0%)
- --------------------------------------------------------------------------------------
187 Harris Insight Gov't Assets Fund 186
-------------
TOTAL INVESTMENTS (100%) (amortized cost $5,518,759) $ 5,518,759
=============
</TABLE>
See accompanying notes.
<PAGE> 13
THE BOND PORTFOLIO
THE FUND SEEKS: To achieve investment results that approximate the total
return of the Lehman Brothers Aggregate Bond Index.
THE FUND IS: A diversified portfolio consisting of a representative sample
of fixed income and mortgage-backed securities included in
the Lehman Brothers Aggregate Bond Index.
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
PRINCIPAL INTEREST MATURITY MARKET
AMOUNT LONG-TERM OBLIGATIONS (96.9%) RATE DATE $ VALUE
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS (33.0%)
175,000 Private Export Funding 6.240 05/15/02 175,458
199,014 Federal Home Loan Mortgage Corporation Gold Balloon 7.000 06/01/02 201,438
239,134 Federal Home Loan Mortgage Corporation Gold Guaranteed 6.500 04/01/24 232,407
253,994 Federal Home Loan Mortgage Corporation Gold PC-30Yr 7.500 08/01/25 257,009
239,683 Federal National Mortgage Association Conventional 10.500 08/01/20 264,026
231,073 Federal National Mortgage Association Conventional 9.000 02/01/25 241,544
250,000 Federal National Mortgage Association Medium Term 5.200 04/30/98 245,760
247,604 Government National Mortgage Association 30 Year 7.500 03/15/23 251,084
246,403 Government National Mortgage Association Single Family 8.000 06/15/25 253,795
251,010 Government National Mortgage Association Single Family 6.500 03/01/09 250,459
----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 2,372,980
----------
U.S. GOVERNMENT OBLIGATIONS (45.9%)
250,000 U.S. Treasury Note 7.500 01/31/97 255,625
250,000 U.S. Treasury Note 7.250 02/15/98 258,359
250,000 U.S. Treasury Note 6.125 05/31/97 251,719
135,000 U.S. Treasury Bond 6.250 08/15/23 132,047
250,000 U.S. Treasury Bond 9.875 11/15/15 348,046
300,000 U.S. Treasury Note 6.875 07/31/99 310,875
250,000 U.S. Treasury Note 10.375 11/15/12 335,781
250,000 U.S. Treasury Note 7.125 02/15/23 272,500
250,000 U.S. Treasury Note 6.375 01/15/99 254,688
140,000 U.S. Treasury Note 5.875 06/30/00 140,350
75,000 U.S. Treasury Note 8.125 08/15/19 90,257
255,000 U.S. Treasury Note 5.500 09/30/97 254,601
125,000 U.S. Treasury Note 6.250 02/15/03 127,188
250,000 U.S. Treasury Note 7.500 10/31/99 265,078
----------
TOTAL U.S. GOVERNMENT OBLIGATIONS 3,297,114
----------
ASSET BACKED SECURITIES (3.4%)
250,000 Nations Bank Credit Card Trust 6.000 12/15/05 244,677
----------
CORPORATE OBLIGATIONS (11.8%)
170,000 Pepsico Company 7.000 11/15/96 172,065
225,000 Abbott Laboratories 6.800 05/15/05 232,252
200,000 Baltimore Gas & Electric Company 7.500 01/15/07 212,579
200,000 General Motors Acceptance Corporation 9.625 12/15/01 228,723
----------
TOTAL CORPORATE OBLIGATIONS 845,619
----------
</TABLE>
<PAGE> 14
<TABLE>
<CAPTION>
INTEREST MATURITY MARKET
LONG-TERM OBLIGATIONS-CONTINUED RATE DATE $ VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CANADIAN GOVERNMENT (2.8%)
200,000 Ontario Canada. 6.125 06/28/00 200,020
------------
TOTAL LONG-TERM OBLIGATIONS (COST BASIS $6,908,063) 6,960,410
------------
SHORT-TERM NOTES (3.1%)
10,339 Harris Insight Gov't Assets Fund 10,339
210,000 Merrill Lynch 5.760 11/02/95 209,966
------------
TOTAL SHORT TERM OBLIGATIONS (COST BASIS $220,306) 220,306
------------
TOTAL INVESTMENTS (100%) (COST BASIS $7,128,368) $ 7,180,716
============
</TABLE>
See accompanying notes
<PAGE> 15
October 31, 1995
THE BALANCED PORTFOLIO
The Fund Seeks: To achieve investment results that reflect investment in
common stocks, bonds and money market instruments, each of
which will be selected consistent with the investment
policies of the AAL Variable Product Large Company Stock
Portfolio, Bond Portfolio, and Money Market Portfolio,
respectively.
The Fund Is: A diversified portfolio invested in three asset classes.
Common stocks, including the securities in which the AAL
Variable Product Large Company Stock Portfolio may
invest. Bonds and other debt securities with maturities
generally exceeding one year, including securities in which
the AAL Variable Product Bond Portfolio may invest. Money
market instruments and other debt securities with maturities
generally not exceeding 397 days, including securities in
which the AAL Variable Product Money Market Portfolio may
invest.
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS (53.3%) VALUE
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
AEROSPACE (1.2%)
900 Boeing Company $ 59,063
200 General Dynamics Corporation 11,075
100 Goodrich (B.F.) Company 6,588
500 Lockheed Martin Corporation 34,063
400 Loral Corporation 11,850
300 McDonnell Douglas Corporation 24,525
100 Northrop Grumman Corporation 5,725
600 Raytheon Company 26,175
600 Rockwell International Corporation 26,700
200 TRW Inc. 13,150
200 Textron, Inc. 13,750
300 United Technologies Corporation 26,624
-----------
259,288
-----------
AIR TRANSPORTATION (0.2%)
200 AMR Corporation* 13,200
100 Delta Air Lines, Inc. 6,563
200 Federal Express Corporation* 16,425
500 Southwest Airlines Co. 10,000
100 USAir Group, Inc.* 1,362
-----------
47,550
-----------
APPAREL (0.3%)
100 Brown Group, Inc. 1,375
100 Fruit of the Loom, Incorporated* 1,738
200 Liz Claiborne, Inc. 5,675
400 Nike, Inc. 22,700
200 Reebok International Incorporated 6,800
100 Russell Corporation 2,475
100 Springs Industries, Inc. 4,288
100 Stride Rite Corporation 1,125
200 V F Corporation 9,574
-----------
55,750
-----------
BANKING (3.3%)
1,000 Banc One Corporation 33,750
300 Bank of Boston Corporation 13,350
500 Bank of New York Company Inc. 21,000
1,000 BankAmerica Corporation 57,500
200 Bankers Trust New York Corporation 12,750
</TABLE>
See accompanying notes.
<PAGE> 16
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
BANKING--CONTINUED
300 Barnett Banks, Inc. $ 16,575
300 Boatmen's Bancshares, Inc. 11,400
500 Chase Manhattan Corporation 28,500
700 Chemical Banking Corporation 39,813
1,000 Citicorp 64,875
300 Corestates Financial Corporation 10,913
200 First Chicago Corp 13,575
200 First Fidelity Bancorporation 13,075
200 First Interstate Bankcorp 25,800
500 First Union Corporation 24,813
400 Fleet Financial Group, Inc. 15,500
700 Keycorp 23,625
500 J.P. Morgan & Co. 38,563
400 Mellon Bank Corporation 20,050
400 NBD Bancorp, Inc. 15,200
400 National City Corporation 12,350
700 Nationsbank Corporation 46,025
800 Norwest Corporation 23,600
600 PNC Bank Corporation 15,750
200 Republic N.Y. Corporation 11,725
300 Shawmut National Corporation 10,163
300 Suntrust Banks, Inc. 19,350
200 U S Bancorp 5,925
400 Wachovia Corporation 17,649
200 Wells Fargo & Company 42,024
----------
705,188
----------
BUSINESS MACHINES (3.0%)
300 Amdahl Corporation* 2,775
300 Apple Computer, Inc. 10,894
100 Autodesk, Inc. 3,400
200 Cabletron Systems, Inc. 15,725
100 Ceridian Corporation* 4,350
700 Cisco Systems, Inc.* 54,250
700 Compaq Computers, Inc. 39,025
100 Cray Research, Inc.* 2,075
100 Data General Corporation* 1,150
400 Digital Equipment Corporation* 21,650
300 Honeywell, Inc. 12,600
1,500 International Business Machines Corporation 145,875
100 Intergraph Corporation* 1,213
1,600 Microsoft Corporation* 160,000
900 Novell, Inc.* 14,850
1,100 Oracle Systems Corporation* 47,988
400 Pitney-Bowes, Inc. 17,450
400 Silicon Graphics, Inc. 13,300
300 Sun Microsystems, Inc.* 23,400
300 Tandem Computers, Inc.* 3,375
400 Unisys Corporation* 2,250
</TABLE>
See accompanying notes.
<PAGE> 17
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
BUSINESS MACHINES--CONTINUED
300 Xerox Corporation $ 38,924
----------
636,519
----------
BUSINESS SERVICES (1.2%)
400 Automatic Data Processing, Inc. 28,600
300 Block (H.R.), Inc. 12,375
500 Browning-Ferris Industries, Inc. 14,563
600 Computer Associates International, Inc. 33,000
200 Computer Sciences Corporation* 13,375
200 Deluxe Corporation 5,375
200 Dial Corporation 4,875
100 Ecolab, Inc. 2,900
400 First Data Corporation 26,450
200 Interpublic Group of Companies, Inc. 7,750
100 John H. Harland Company 2,075
700 Laidlaw, Inc. 6,300
200 Moore Corporation Limited 3,825
100 National Service Industries 2,975
100 Ogden Corporation 2,275
100 Pittston Company 2,750
100 Safety Kleen Corporation 1,538
100 Shared Medical Systems Corporation 3,863
500 The Dun & Bradstreet Corporation 29,875
1,400 Wmx Technologies, Inc. 39,374
----------
244,113
----------
CHEMICALS (1.8%)
300 Air Products & Chemicals, Inc. 15,488
1,500 E.I. Du Pont De Nemours and Company 93,563
200 Eastman Chemical Company 11,900
200 Great Lakes Chemical Corporation 13,425
300 Hercules, Inc. 16,013
1,100 Minnesota Mining & Manufacturing 62,563
300 Monsanto Company 31,425
400 Morton International, Inc. 12,200
100 Nalco Chemical Company 3,000
500 PPG Industries, Inc. 21,250
300 Praxair, Inc. 8,100
200 Rohm & Haas Company 11,050
100 Sigma-Aldrich Corporation 4,750
700 The Dow Chemical Company 48,037
300 Union Carbide Corporation 11,362
300 W.R. Grace & Company 16,724
----------
380,850
----------
CONSUMER DURABLES (0.2%)
100 Bassett Furniture Industries, Inc. 2,013
200 Black & Decker Corporation 6,775
200 Maytag Corporation 3,800
400 Newell Company 9,650
</TABLE>
See accompanying notes.
<PAGE> 18
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF October 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER DURABLES--CONTINUED
100 Outboard Marine Corporation $ 2,075
200 Whirlpool Corporation 10,600
----------
34,913
----------
CONSTRUCTION (0.3%)
100 Armstrong World Industries, Inc. 5,938
100 Centex Corporation 3,275
100 Crane Company 3,538
200 Fluor Corporation 11,300
100 Kaufman & Broad Home Corporation 1,163
400 Masco Corporation 11,250
100 Morrison Knudsen Corporation* 650
100 Owens-Corning Fiberglass Corporation* 4,238
100 Pulte Corporation 3,162
300 Sherwin-Williams Company 11,287
100 Stanley Works 4,774
----------
60,575
----------
CONTAINERS (0.1%)
100 Ball Corporation 2,763
100 Bemis Company, Inc. 2,600
200 Crown Cork & Seal Company, Inc.* 6,975
200 Stone Container Corporation* 3,300
----------
15,638
----------
COSMETIC (1.3%)
100 Alberto-Culver Company 3,138
200 Avon Products, Inc. 14,225
200 Clorox Company 14,350
400 Colgate-Palmolive Company 27,700
1,200 Gillette Company 58,050
300 International Flavors and Frangrances, Inc. 14,475
1,800 Procter & Gamble Company 145,800
----------
277,738
----------
DRUGS (5.4%)
2,100 Abbott Laboratories 83,475
100 Allergan, Inc. 2,938
200 Alza Corporation Cl.* 4,400
900 American Home Products Corporation 79,763
700 Amgen, Inc.* 33,600
100 Bard (C.R.), Inc. 2,825
100 Bausch & Lomb, Inc. 3,463
700 Baxter International, Inc. 27,038
200 Becton, Dickinson and Company 13,000
200 Beverly Enterprises, Inc.* 2,350
300 Biomet, Inc.* 4,988
400 Boston Scientific Corporation* 16,850
1,400 Bristol-Myers Squibb Company 106,750
1,200 Columbia/HCA Healthcare Corporation 58,950
100 Community Psychiatric Centers* 1,088
</TABLE>
See accompanying notes.
<PAGE> 19
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DRUGS--CONTINUED
700 Eli Lilly & Company $ 67,638
1,700 Johnson & Johnson 138,550
200 Mallinckrodt Group, Inc. 6,950
100 Manor Care, Inc. 3,275
600 Medtronic, Inc. 34,650
3,300 Merck & Company, Inc. 189,750
1,700 Pfizer Inc. 97,537
1,000 Schering-Plough 53,624
100 St. Jude Medical, Inc.* 5,324
500 Tenet Healthcare Corporation 8,937
400 U S Health Care Inc. 15,400
100 U S Surgical Corporation 2,450
500 United Healthcare Corporation* 26,562
400 Upjohn Company 20,300
400 Warner-Lambert Company 34,050
----------
1,146,475
----------
ELECTRONICS (2.8%)
528 AMP, Inc 20,724
200 Advanced Micro Devices, Inc.* 4,775
100 Andrew Corporation* 4,225
500 Applied Materials Inc.* 25,063
100 EG&G, Inc. 1,863
100 General Signal Corporation 3,188
100 Harris Corporation 5,813
1,400 Hewlett-Packard Company 129,675
2,200 Intel Corporation 153,725
600 Micron Technology, Inc. 42,375
1,600 Motorola, Inc. 105,000
300 National Semiconductor Corporation* 7,313
600 Northern Telecom Limited 21,600
100 Perkin Elmer Corporation 3,513
200 Scientific-Atlanta, Inc. 2,475
100 Tektronix, Inc. 5,925
100 Teledyne, Inc. 2,487
500 Texas Instruments, Inc. 34,124
100 Thomas & Betts Corporation 6,462
100 Zenith Electronics Corporation* 837
----------
581,162
----------
ENERGY - RAW MATERIALS (0.5%)
300 Baker Hughes, Inc. 5,888
300 Burlington Resources, Inc. 10,800
400 Dresser Industries, Inc. 8,300
100 Eastern Enterprises 3,988
300 Halliburton Company 12,450
100 Helmerich & Payne, Inc. 2,588
100 Louisiana Land and Explorations Company 3,538
100 McDermott International, Inc. 1,587
100 NACCO Industries 5,724
</TABLE>
See accompanying notes.
<PAGE> 20
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY - RAW MATERIALS--CONTINUED
800 Occidental Petroleum Corporation $ 17,200
600 Schlumberger, Ltd 37,350
----------
108,413
----------
EQUITIES- OTHER (0.0%)
1 Teledyne Peferred 14
4 Transport Holdings, Inc. 157
----------
171
----------
FINANCIAL SERVICES (0.1%)
400 First Bank System, Inc. 19,900
----------
FOOD & AGRICULTURE (3.4%)
1,350 Archer-Daniels-Midland Company 21,769
400 CPC International, Inc. 26,550
700 Campbell Soup Company 36,663
3,300 Coca-Cola Company 237,188
600 ConAgra, Inc. 23,175
100 Fleming Companies, Inc. 2,263
400 General Mills, Inc. 22,950
600 H.J. Heinz Company 27,900
200 Hershey Foods Corporation 11,950
600 Kellogg Company 43,350
2,100 PepsiCo, Inc. 110,775
200 Pioneer Hi-Bred International, Inc. 9,925
300 Quaker Oats Company 10,237
300 Ralston Purina Corporation 17,812
1,200 Sara Lee Corporation 35,250
100 Supervalu, Inc. 3,074
400 Sysco Corporation 12,150
400 Unilever N.V. 52,400
200 Whitman Corporation 4,250
300 Wrigley (Wm) Jr Company 13,950
----------
723,581
----------
FOREST PRODUCTS (1.0%)
200 Alco Standard Corporation 17,700
100 Boise Cascade Corporation 3,625
300 Champion International Corp 16,050
100 Federal Paper Board Company, Inc. 4,200
300 Georgia-Pacific Corporation 24,750
600 International Paper Company 22,200
200 James River Corp. of Virginia 6,425
400 Kimberly-Clark Corporation 29,050
200 Louisiana-Pacific Corporation 4,775
100 Mead Corporation 5,763
100 Potlatch Corporation 4,213
400 Scott Paper Company 21,300
100 Temple-Inland, Inc. 4,550
200 Union Camp Corporation 10,175
300 Westvaco Corporation 8,325
</TABLE>
See accompanying notes.
<PAGE> 21
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
FOREST PRODUCTS--CONTINUED
500 Weyerhaeuser Company $ 22,062
200 Willamette Industries 11,600
----------
216,763
----------
GOLD (0.2%)
900 Barrick Gold Corporation 20,813
300 Homestake Mining Company 4,613
200 Newmont Mining Corporation 7,550
600 Placer dome, Inc. 13,125
300 Santa Fe Pacific Gold Corporation 2,962
----------
49,063
----------
INSURANCE (1.7%)
300 Aetna Life & Casualty Company 21,113
100 Alexander & Alexander Services, Inc. 2,238
1,148 Allstate Corporation 42,189
500 American General Corporation 16,438
1,300 American Int'l Group, Inc. 109,688
200 Chubb Corporation 17,975
200 Cigna Corporation 19,825
200 General Re Corporation 28,975
100 Jefferson-Pilot Corporation 6,600
300 Lincoln National Corporation 13,388
200 Marsh & McLennan Companies, Inc. 16,375
200 Providian Corporation 7,850
200 Safeco Corporation 12,837
200 St. Paul Companies, Inc. 10,150
200 Torchmark Corporation 8,300
200 Transamerica Corporation 13,550
200 USF&G Corporation 3,350
150 U S Life Corporation 4,274
200 Unum Corporation 10,524
----------
365,639
----------
LIQUOR (0.4%)
700 Anheuser-Busch Companies, Inc. 46,200
200 Brown-Foreman Corporation 7,625
100 Coors (Aldoph) Company 1,788
900 Seagram Company, LTD 32,400
----------
88,013
----------
MEDIA (1.3%)
200 CBS Inc. 16,150
400 Capital Cities/ABC 47,450
700 Comcast Corporation - Class A 12,513
400 Donnelley (R.R.) & Sons Company 14,600
200 Dow Jones & Company 7,050
400 Gannett Company, Inc. 21,750
100 King World Productions, Inc. * 3,488
100 Knight-Ridder Inc. 5,550
</TABLE>
See accompanying notes.
<PAGE> 22
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
MEDIA--CONTINUED
100 McGraw-Hill, Inc. $ 8,188
100 Meredith Corporation 3,575
300 New York Times Company 8,325
1,700 Tele-Communications, Inc.* 28,900
1000 Time Warner, Inc. 36,500
300 Times Mirror Company 8,700
200 Tribune Company 12,624
900 Viacom, Inc.* 45,000
----------------
280,363
----------------
MINING (0.0%)
0.846 Firstmiss Gold, Inc. 15
----------------
MISCELLANEOUS FINANCE (1.5%)
300 Ahmanson (H.F.) & Company 7,500
1,300 American Express Company 52,813
100 Beneficial Corporation 4,900
400 Dean Witter Discover and Company 19,900
700 Federal National Mortgage Association 73,413
500 Federal Home Loan Mortgage Corporation 34,625
200 Golden West Financial Corporation 10,025
300 Great Western Financial Corporation 6,788
300 Household International Corporation 16,875
400 MBNA Corporation 14,750
500 Merrill Lynch & Company 27,750
300 Salomon, Inc. 10,839
900 Travelers Group, Inc. 45,451
----------------
325,625
----------------
MOTOR VEHICLES (1.2%)
1,000 Chrysler Corporation 51,625
100 Cummins Engine Company, Inc. 3,512
200 Dana Corporation 5,125
200 Eaton Corporation 10,250
100 Echlin, Inc. 3,575
100 Fleetwood Enterprises, Inc. 2,050
2,900 Ford Motor Company 83,375
300 Genuine Parts Company 11,887
1,900 General Motors Corporation 83,126
----------------
254,525
----------------
NON-DURABLES (0.7%)
200 American Greetings Corp. Cl. A 6,300
100 Bally Entertainment Corporation* 1,100
400 Darden Restaruants Inc. 4,550
100 Handleman Company 775
200 Harcourt General Incorporated 7,925
200 Hasbro, Inc. 6,100
100 Jostens, Inc. 2,263
100 Luby's Cafeterias, Inc. 2,075
500 Mattel, Inc. 14,375
</TABLE>
See accompanying notes.
<PAGE> 23
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
NON-DURABLES--CONTINUED
1,800 McDonald's Corporation $ 73,800
200 Pemark International Incorporated 9,250
400 Rubbermaid Inc. 10,450
100 Ryans Family Steak House* 775
300 Service Corporation International 12,037
100 Shoneys Incorporated* 1,113
200 Wendy's International, Inc. 3,975
----------------
156,863
----------------
NON-FERROUS METALS (0.5%)
600 Alcan Aluminum, Ltd. 18,975
500 Aluminum Company of America 25,500
100 Asarco, Inc. 3,225
300 Cyprus Minerals Company 7,838
200 Echo Bay Mines, Ltd. 1,800
350 Engelhard Corporation 8,706
500 Freeport-McMoran Copper & Gold 11,375
300 Inco, Ltd. 10,312
200 Phelps Dodge Corporation 12,675
200 Reynolds Metals Company 10,075
----------------
110,481
----------------
OIL - DOMESTIC (0.5%)
200 Amerada Hess Corporation 9,024
100 Ashland Oil, Inc. 3,163
400 Atlantic Richfield Company 42,700
100 Kerr-Mcgee Corporation 5,513
200 Oryx Energy Company* 2,300
100 Pennzoil Corporation 3,775
700 Phillips Petroleum Company 22,575
200 Rowan Companies, Inc.* 1,325
200 Santa Fe Energy Resources, Inc.* 1,775
200 Sun Company, Inc. 5,725
600 Unocal Corporation 15,750
----------------
113,625
----------------
OIL INTERNATIONAL (3.6%)
1,300 Amoco Corporation 83,037
1,700 Chevron Corporation 79,475
3,300 Exxon Corporation 252,038
1,100 Mobil Corporation 110,825
1,400 Royal Dutch Petroleum Company 172,025
800 Texaco, Inc. 54,500
700 USX-Marathon Group, Inc. 12,425
100 Western Atlas, Inc.* 4,387
----------------
768,712
----------------
PHOTO & OPTICAL (0.4%)
600 Corning, Inc. 15,675
900 Eastman Kodak Co. 56,363
100 Polaroid Corporation 4,275
----------------
76,313
----------------
</TABLE>
See accompanying notes.
<PAGE> 24
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
PRODUCERS GOODS (2.7%)
700 Allied-Signal Inc. $ 29,750
100 Avery Dennison Corporation 4,475
100 Briggs & Stratton Corporation 4,038
500 Caterpillar, Inc. 28,063
100 Cincinnati Milacron 2,575
300 Cooper Industries, Inc. 10,125
200 Deere & Company 17,875
400 Dover Corporation 15,800
600 Emerson Electric Co. 42,750
100 FMC Corporation* 7,163
100 Foster Wheeler Corporation 3,750
4,400 General Electric Company 278,300
100 Giddings & Lewis Incorporated 1,613
100 Harnischfeger Industries, Inc. 3,150
300 Illinois Tool Works, Inc. 17,438
300 Ingersoll-Rand Company 10,613
100 Johnson Controls, Inc. 5,825
200 Millipore Corporation 7,075
100 Navistar International Corp.* 1,025
200 Pall Corporation Corporation 4,875
200 Parker Hannifin 6,750
100 Raychem Corporation 4,637
100 Snap-on Inc. 4,238
500 Tenneco Inc 21,937
100 Timken Company 4,025
100 Trinova Corporation 2,812
200 Tyco International 12,150
100 Varity Corporation* 3,624
100 W.W. Grainger, Inc. 6,250
1,000 Westinghouse Electric Company 14,123
100 Zurn Industries, Inc. 2,500
----------------
579,324
----------------
RAILROAD & SHIPPING (0.6%)
364 Burlington Northern, Inc. 30,530
300 CSX Corporation 25,125
200 Conrail, Inc. 13,750
400 Norfolk Southern Corporation 30,900
500 Union Pacific Corporation 32,687
----------------
132,992
----------------
RETAIL STORES (2.4%)
600 Albertson's, Inc. 19,950
400 American Stores Company 11,950
400 CUC International, Inc.* 13,850
200 Charming Shoppes, Inc. 575
200 Circuit City Stores, Inc. 6,675
200 Dayton Hudson Corporation 13,750
300 Dillard Department Stores, Inc. 8,138
400 GAP, Inc 15,750
</TABLE>
See accompanying notes.
<PAGE> 25
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
RETAIL STORES--CONTINUED
100 Giant Food Class A, Inc. $ 3,212
100 Great Atlantic & Pacific Tea Co., Inc 2,025
1,200 Home Depot, Inc. 44,700
600 J.C. Penney Company, Inc. 25,275
1,100 Kmart Corporation 8,938
300 Kroger Corporation* 10,012
100 Long's Drug Stores, Inc. 4,000
400 Lowe's Companies, Inc. 10,800
600 May Department Stores Company 23,550
200 Melville Corporation 6,400
100 Mercantile Stores Company, Inc. 4,488
200 Nordstrom, Inc. 7,413
100 Pep Boys-Manny, Moe, & Jack 2,187
600 Price/Costco, Inc.* 10,200
200 Rite Aid Corporation 5,400
1,000 Sears Roebuck & Company 34,000
200 Tandy Corporation 9,875
900 The Limited, Inc. 16,537
100 Tjx Companies, Inc 1,350
700 Toys "R" Us* 15,312
6,200 Wal-Mart Stores, Inc. 134,075
700 Walgreen Company 19,950
200 Winn-Dixie Stores, Inc 13,000
300 Woolworth Corporation* 4,387
----------------
507,724
----------------
SECURITIES BROKERS (0.1%)
200 Morgan Stanley Group, Inc. 17,400
----------------
STEEL (0.1%)
200 Armco, Inc.* 1,225
200 Bethlehem Steel Corporation* 2,625
100 Inland Steel Industries, Inc. 2,337
200 Nucor Corporation 9,625
200 USX-US Steel Group, Inc. 5,975
200 Worthington Industries, Inc. 3,325
----------------
25,112
----------------
TELEPHONE (5.0%)
500 ALL/TEL Corporation 15,313
4,200 AT&T Corporation 268,800
1,300 Airtouch Communications, Inc.* 37,050
1,500 Ameritech Corporation 81,000
1,200 Bell Atlantic Corporation 76,350
1,300 BellSouth Corporation 99,450
300 DSC Communications Corporation* 11,100
2,500 GTE Corporation 103,125
300 ITT Corporation 36,750
1,800 MCI Communications Corporation 44,887
</TABLE>
See accompanying notes.
<PAGE> 26
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TELEPHONE--CONTINUED
1,100 Nynex Corporation $ 51,700
1,100 Pacific Telesis Group 33,413
1,700 SBC Communications Inc. 94,988
900 Sprint Corporation 34,650
200 Tellabs, Inc. 6,800
1,300 U S West, Inc. 61,911
----------------
1,057,287
----------------
TIRES & RUBBER (0.1%)
200 Cooper Tire & Rubber Company 4,625
400 Goodyear Tire & Rubber 15,200
----------------
19,825
----------------
TOBACCO (1.3%)
500 American Brands, Inc. 21,438
300 Loews Corporation 43,987
2,300 Phillip Morris Companies, Inc. 194,350
500 UST, Inc. 15,000
----------------
274,775
----------------
TRAVEL & RECREATION (0.5%)
300 Brunswick Corporation 5,850
1,400 Disney (Walt) Company 80,674
200 Harrah's Entertainment 4,950
100 Hilton Hotels Corporation 6,700
300 Marriott International, Inc. 11,063
----------------
109,237
----------------
TRUCKING & FREIGHT (0.1%)
100 Consolidated Freightways, Inc. 2,325
100 PACCAR, Inc. 4,175
100 Roadway Services, Incorporated 4,475
200 Ryder Systems, Inc. 4,825
100 Yellow Corporation 1,312
----------------
17,112
----------------
UTILITIES & ENERGY (2.3%)
500 American Electric Power Company 19,063
300 Baltimore Gas & Electric Company 8,025
400 CINergy Corporation 11,350
400 Carolina Power & Light Company 13,100
600 Central & Southwest Corporation 16,050
200 Coastal Corporation 6,475
100 Columbia Gas System, Inc.* 3,850
600 Consolidated Edison Company of New York 18,225
200 Consolidated Natural Gas Company 7,600
500 Duke Power Company 22,375
400 Detroit Edison Company 13,500
400 Dominion Resources, Inc. 15,900
600 Enron Corporation 20,625
100 Enserch Corporation 1,450
600 Entergy Corporation 17,100
500 FPL Group, Inc. 20,938
</TABLE>
See accompanying notes.
<PAGE> 27
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
UTILITIES & ENERGY--CONTINUED
300 General Public Utilities Corporation $ 9,375
300 Houston Industries, Inc. 13,912
300 Niagara Mohawk Power Corporation 3,225
100 Nicor, Inc. 2,688
300 NorAm Energy Corp 2,325
200 Northern States Power Company 9,450
100 ONEOK, Inc 2,437
300 Ohio Edison Company 6,863
700 Pacificorp 13,212
200 Pacific Enterprises 4,950
1,100 Pacific Gas & Electric Company 32,313
300 Panhandle Eastern Corporation 7,575
500 Peco Energy Company 14,625
100 Peoples Energy Corporation 2,875
600 Public Service Enterprise 17,625
1,100 SCE Corporation 18,700
200 Sonat Incorporated 5,750
1,800 Southern Company 42,975
600 Texas Utilities Company 22,050
500 Unicom Corporation 16,375
300 Union Electric Company 11,700
300 Williams Companies, Inc. 11,586
----------------
488,212
----------------
TOTAL COMMON STOCKS (COST BASIS $10,619,789) $ 11,332,824
----------------
</TABLE>
*= Non-income producing securities
See accompanying notes.
<PAGE> 28
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY MARKET
AMOUNT LONG-TERM DEBT SECURITIES (35.5%) RATE DATE VALUE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GOVERNMENT SECURITIES (16.1%)
50,000 U.S. Treasury Note 7.750 % 12/31/99 $ 53,547
250,000 U.S. Treasury Note 7.375 11/15/97 258,125
200,000 U.S. Treasury Note 7.500 01/31/97 204,500
215,000 U.S. Treasury Note 5.500 02/28/99 213,521
200,000 U.S. Treasury Note 7.250 02/15/98 206,687
190,000 U.S. Treasury Note 7.500 11/15/01 205,556
170,000 U.S. Treasury Note 8.750 10/15/97 179,722
200,000 U.S. Treasury Note 6.125 05/31/97 201,375
250,000 U.S. Treasury Note 5.875 08/15/98 251,171
200,000 U.S. Treasury Note 5.750 08/15/03 197,125
155,000 U.S. Treasury Bond 6.25 08/15/23 151,610
200,000 U.S. Treasury Bond 9.875 11/15/15 278,437
250,000 U.S. Treasury Note 7.125 02/15/23 272,500
200,000 U.S. Treasury Note 10.375 11/15/12 268,625
225,000 U.S. Treasury Note 6.875 07/31/99 233,156
100,000 U.S. Treasury Note 6.125 07/31/00 101,219
130,000 U.S. Treasury Note 6.500 05/15/05 134,591
----------------
TOTAL U.S. GOVERNMENT OBLIGATIONS 3,411,467
----------------
U.S. GOVERNMENT AGENCY SECURITIES (11.6%)
150,000 Private Export Funding 6.240 05/15/02 150,393
159,211 Federal Home Loan Mortgage 7.000 06/01/02 161,151
Corporation Gold Balloon
195,132 Federal Home Loan Mortgage 6.500 04/01/24 189,643
Corporation Gold Guaranteed
232,169 FHLMC Single Family Gold 8.500 09/01/25 240,801
102,624 Federal National Mortgage 9.000 04/01/10 107,658
Association 15 yr Pass Through
91,451 Federal National Mortgage 9.000 04/01/10 95,937
Association 15 yr Pass Through
175,000 Federal National Mortgage 8.100 08/12/19 202,983
Association
239,683 Federal National Mortgage 10.500 08/01/20 264,025
Association Conventional
200,000 Federal National Mortgage 5.200 04/30/98 196,608
Association Medium Term
206,110 Federal National Mortgage 7.500 10/01/24 208,363
Association Pool #296500
199,713 Government National Mortgage 7.500 06/01/25 202,520
Association Single Family
193,251 Government National Mortgage 6.500 05/15/09 192,827
Association Single Family
203,471 Government National Mortgage 8.000 06/01/25 209,575
Association Single Family
----------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 2,422,484
----------------
ASSET BACKED SECURITIES (1.0%)
200,000 Nations Bank Credit Card Trust 6.000 12/15/05 195,742
----------------
CORPORATE SECURITIES (5.8%)
125,000 Eaton Corporation 6.375 04/01/99 126,083
200,000 Abbott Laboratories 6.800 05/15/05 206,446
150,000 Baltimore Gas & Electric Company 7.500 01/15/07 159,435
250,000 American General Finance 6.875 07/01/99 255,236
</TABLE>
See accompanying notes.
<PAGE> 29
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY MARKET
AMOUNT LONG-TERM DEBT SECURITIES--CONTINUED RATE DATE VALUE
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CORPORATE SECURITIES--CONTINUED
250,000 J.C. Penney & Co. 6.375 09/15/00 $ 251,120
175,000 General Motors Acceptance Corp. 9.625 12/15/01 200,132
----------------
TOTAL CORPORATE OBLIGATIONS 1,198,452
----------------
CANADIAN GOVERNMENT (1.0%)
200,000 Ontario Canada. 6.125 06/28/00 200,020
----------------
TOTAL LONG-TERM DEBT SECURITIES (COST BASIS $7,371,870) $ 7,428,165
----------------
</TABLE>
See accompanying notes.
<PAGE> 30
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY MARKET
AMOUNT SHORT-TERM INVESTMENTS (11.2%) RATE DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
100,000 Pepsi 5.73 % 11/02/95 $ 99,984
187,000 Merrill Lynch 5.75 11/01/95 187,000
175,000 Merrill Lynch 5.70 12/08/95 173,975
150,000 IBM Credit Corporation 5.75 11/28/95 149,353
86,000 Xerox Corporation 5.70 11/02/95 85,986
300,000 Pacificorp 5.72 01/18/96 296,282
100,000 American Express Credit Corporation 5.70 01/08/96 98,923
150,000 General Electric Capital Corporation 5.73 11/28/95 149,355
200,000 General Electric Corporation 5.69 12/18/95 198,514
100,000 Ford Motor Credit Corporation 5.70 11/03/95 99,968
190,000 Ford Motor Credit Corporation 5.70 01/02/96 188,135
150,000 Ford Motor Credit Corporation 5.68 11/08/95 149,834
300,000 General Motors Acceptance Corporation 5.72 01/12/96 296,569
200,000 Sears Roebuck Acceptance Corporation 5.68 11/17/95 199,496
408 Harris Insight Government Assets Fund 408
----------------
TOTAL SHORT-TERM INVESTMENTS (COST BASIS $2,373,782) $ 2,373,782
----------------
TOTAL INVESTMENTS (100%) (COST BASIS $20,365,441) $ 21,134,771
================
</TABLE>
See accompanying notes.
<PAGE> 31
October 31, 1995
THE LARGE COMPANY STOCK PORTFOLIO
The Fund Seeks: To achieve investment results that approximate the performance
of the Standard & Poor's 500 Composite Stock Price Index (the
"S&P 500 Index") by investing primarily in common stocks
included in the Index.
The Fund Is: A diversified portfolio of larger company common stocks held
approximately in proportion to their weight in the Standard &
Poor's 500 Composite Stock Price Index.
SCHEDULE OF INVESTMENTS AS OF October 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS (97.1%) VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
AEROSPACE (2.3%)
1,300 Boeing Company $ 85,312
200 General Dynamics Corporation 11,075
100 Goodrich (B.F.) Company 6,588
800 Lockheed Martin Corporation 54,500
600 Loral Corporation 17,775
400 McDonnell Douglas Corporation 32,700
200 Northrop Grumman Corporation 11,450
1,000 Raytheon Company 43,625
800 Rockwell International Corporation 35,600
300 TRW, Inc. 19,725
300 Textron, Inc. 20,625
500 United Technologies Corporation 44,375
----------
383,350
----------
AIR TRANSPORTATION (0.4%)
300 AMR Corporation* 19,800
200 Delta Air Lines, Inc. 13,125
200 Federal Express Corporation* 16,425
500 Southwest Airlines Co. 10,000
200 USAir Group, Inc.* 2,725
----------
62,075
----------
APPAREL (0.4%)
100 Brown Group, Inc. 1,375
200 Fruit of the Loom, Inc.* 3,475
200 Liz Claiborne, Inc. 5,675
600 Nike, Inc. 34,050
300 Reebok International, Inc. 10,200
100 Russell Corporation 2,475
100 Springs Industries, Inc. 4,288
100 Stride Rite Corporation 1,125
200 V F Corporation 9,575
----------
72,238
----------
BANKING (5.9%)
1,500 Banc One Corporation 50,625
400 Bank of Boston Corporation 17,800
700 Bank of New York Company, Inc. 29,400
1,400 BankAmerica Corporation 80,500
300 Bankers Trust New York Corporation 19,125
400 Barnett Banks, Inc. 22,100
</TABLE>
See accompanying notes
<PAGE> 32
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
BANKING - CONTINUED
500 Boatmen's Bancshares, Inc. $ 19,000
700 Chase Manhattan Corporation 39,900
1,000 Chemical Banking Corporation 56,875
1,500 Citicorp 97,313
500 Corestates Financial Corporation 18,187
400 First Chicago Corporation 27,150
300 First Fidelity Bancorporation 19,613
300 First Interstate Bancorp 38,700
700 First Union Corporation 34,737
500 Fleet Financial Group, Inc. 19,375
800 Keycorp 27,000
700 J. P. Morgan & Company 53,988
600 Mellon Bank Corporation 30,075
600 NBD Bancorp, Inc. 22,800
500 National City Corporation 15,437
1,000 Nationsbank Corporation 65,750
1,200 Norwest Corporation 35,400
800 PNC Bank Corporation 21,000
200 Republic NY Corporation 11,725
500 Shawmut National Corporation 16,938
400 Suntrust Banks, Inc. 25,800
300 U S Bancorp 8,887
600 Wachovia Corporation 26,475
200 Wells Fargo & Company 42,025
----------
993,700
----------
BUSINESS MACHINES (5.4%)
400 Amdahl Corporation* 3,700
400 Apple Computer, Inc. 14,525
200 Autodesk, Inc. 6,800
300 Cabletron Systems, Inc. 23,588
200 Ceridian Corporation* 8,700
1,000 Cisco Systems, Inc.* 77,500
1,000 Compaq Computers, Inc. 55,750
100 Cray Research, Inc.* 2,075
100 Data General Corporation* 1,150
600 Digital Equipment Corporation* 32,475
500 Honeywell, Inc. 21,000
2,200 International Business Machines Corporation 213,950
100 Intergraph Corporation* 1,212
2,200 Microsoft Corporation* 220,000
1,400 Novell, Inc.* 23,100
1,600 Oracle Systems Corporation* 69,800
600 Pitney-Bowes, Inc. 26,175
600 Silicon Graphics, Inc. 19,950
400 Sun Microsystems, Inc.* 31,200
400 Tandem Computers, Inc.* 4,500
600 Unisys Corporation* 3,375
400 Xerox Corporation 51,900
----------
912,425
----------
</TABLE>
See accompanying notes
<PAGE> 33
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
BUSINESS SERVICES (2.0%)
600 Automatic Data Processing, Inc. $ 42,900
400 Block (H.R.), Inc. 16,500
800 Browning-Ferris Industries, Inc. 23,300
950 Computer Associates International, Inc. 52,250
200 Computer Sciences Corporation* 13,375
300 Deluxe Corporation 8,063
400 Dial Corporation 9,750
200 Ecolab, Inc. 5,800
500 First Data Corporation 33,062
300 Interpublic Group of Companies, Inc. 11,625
100 John H. Harland Company 2,075
1,000 Laidlaw, Inc. 9,000
300 Moore Corp. Ltd. 5,738
200 National Service Industries 5,950
100 Ogden Corporation 2,275
100 Pittston Company 2,750
200 Safety Kleen Corporation 3,075
100 Shared Medical Systems Corporation 3,862
700 The Dun & Bradstreet Corporation 41,825
1,900 WMX Technologies, Inc. 53,438
----------
346,613
----------
CHEMICALS (3.3%)
400 Air Products & Chemicals, Inc. 20,650
2,100 E. I. Du Pont De Nemours and Company 130,988
300 Eastman Chemical Company 17,850
300 Great Lakes Chemical Corporation 20,137
400 Hercules, Inc. 21,350
1,600 Minnesota Mining & Manufacturing 91,000
500 Monsanto Company 52,375
500 Morton International, Inc. 15,250
200 Nalco Chemical Company 6,000
800 PPG Industries, Inc. 34,000
500 Praxair, Inc. 13,500
300 Rohm & Haas Company 16,575
200 Sigma-Aldrich Corporation 9,500
1,000 The Dow Chemical Company 68,625
500 Union Carbide Corporation 18,937
400 W. R. Grace & Company 22,300
----------
559,037
----------
CONSTRUCTION (0.5%)
100 Armstrong World Industries, Inc. 5,938
100 Centex Corporation 3,275
100 Crane Company 3,537
300 Fluor Corporation 16,950
100 Kaufman & Broad Home Corporation 1,163
600 Masco Corporation 16,875
100 Morrison Knudsen Corporation* 650
200 Owens-Corning Fiberglass Corporation* 8,475
100 Pulte Corporation 3,163
</TABLE>
See accompanying notes
<PAGE> 34
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
CONSTRUCTION--CONTINUED
300 Sherwin-Williams Company $ 11,287
200 Stanley Works 9,550
----------
80,863
----------
CONSUMER DURABLES (0.3%)
100 Bassett Furniture Industries, Inc. 2,013
300 Black & Decker Corporation 10,162
400 Maytag Corporation 7,600
700 Newell Company 16,888
100 Outboard Marine Corporation 2,075
300 Whirlpool Corporation 15,900
----------
54,638
----------
CONTAINERS (0.1%)
100 Ball Corporation 2,763
200 Bemis Company, Inc. 5,200
300 Crown Cork & Seal Company, Inc.* 10,462
300 Stone Container Corporation* 4,950
----------
23,375
----------
COSMETICS (2.3%)
100 Alberto-Culver Company 3,138
300 Avon Products, Inc. 21,337
200 Clorox Company 14,350
600 Colgate-Palmolive Company 41,550
1,700 Gillette Company 82,238
400 Internatioanl Flavors and Frangrances, Inc. 19,300
2,600 Procter & Gamble Company 210,600
----------
392,513
----------
DRUGS & MEDICINE (9.8%)
3,000 Abbott Laboratories 119,250
200 Allergan, Inc. 5,875
300 Alza Corporation, Class A* 6,600
1,200 American Home Products Corporation 106,350
1,000 Amgen, Inc.* 48,000
200 Bard (C.R.), Inc. 5,650
200 Bausch & Lomb, Inc. 6,925
1,000 Baxter International, Inc. 38,625
300 Becton, Dickinson and Company 19,500
300 Beverly Enterprises, Inc.* 3,525
400 Biomet, Inc.* 6,650
600 Boston Scientific Corporation* 25,275
1,900 Bristol-Myers Squibb Company 144,875
1,700 Columbia/HCA Healthcare Corporation 83,513
100 Community Psychiatric Centers* 1,087
1,100 Eli Lilly & Company 106,288
2,500 Johnson & Johnson 203,750
300 Mallinckrodt Group, Inc. 10,425
200 Manor Care, Inc. 6,550
900 Medtronic, Inc. 51,975
4,700 Merck & Company, Inc. 270,250
2,400 Pfizer, Inc. 137,700
1,400 Schering-Plough 75,075
</TABLE>
See accompanying notes
<PAGE> 35
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
DRUGS--CONTINUED
200 St. Jude Medical, Inc.* $ 10,650
700 Tenet Healthcare Corporation 12,513
600 U S HealthCare, Inc. 23,100
200 U S Surgical Corporation 4,900
700 United Healthcare Corporation* 37,187
700 Upjohn Company 35,525
500 Warner-Lambert Company 42,562
----------
1,650,150
----------
ELECTRONICS (4.9%)
828 AMP, Inc. 32,499
300 Advanced Micro Devices, Inc.* 7,163
100 Andrew Corporation* 4,225
700 Applied Materials, Inc.* 35,087
100 EG&G, Inc. 1,863
200 General Signal Corporation 6,375
200 Harris Corporation 11,625
2,000 Hewlett-Packard Company 185,250
3,100 Intel Corporation 216,612
800 Micron Technology, Inc. 56,500
2,300 Motorola, Inc. 150,938
400 National Semiconductor Corporation* 9,750
900 Northern Telecom Ltd. 32,400
100 Perkin Elmer Corporation 3,512
200 Scientific-Atlanta, Inc. 2,475
100 Tektronix, Inc. 5,925
200 Teledyne, Inc. 4,975
700 Texas Instruments, Inc. 47,775
100 Thomas & Betts Corporation 6,463
100 Zenith Electronics Corporation* 837
----------
822,249
----------
ENERGY - RAW MATERIALS (0.9%)
500 Baker Hughes, Inc. 9,813
500 Burlington Resources, Inc. 18,000
600 Dresser Industries, Inc. 12,450
100 Eastern Enterprises 2,987
400 Halliburton Company 16,600
100 Helmerich & Payne, Inc. 2,588
100 Louisiana Land and Explorations Company 3,537
200 McDermott International, Inc. 3,175
100 NACCO Industries, Inc. 5,725
1,200 Occidental Petroleum Corporation 25,800
900 Schlumberger, Ltd. 56,025
----------
156,700
----------
EQUITIES - OTHER (0.0%)
1 Teledyne Preferred 14
5 Transport Holdings Inc.-Class A 196
----------
210
----------
</TABLE>
See accompanying notes
<PAGE> 36
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (0.1%)
----------
500 First Bank System, Inc. $24,875.00
----------
FOOD & AGRICULTURE (6.3%)
1,965 Archer-Daniels-Midland Company 31,686
600 CPC International, Inc. 39,825
1,000 Campbell Soup Company 52,375
4,800 Coca-Cola Company 345,000
900 ConAgra, Inc. 34,762
100 Fleming Companies, Inc. 2,263
600 General Mills, Inc. 34,425
900 H.J. Heinz Company 41,850
300 Hershey Foods Corporation 17,925
800 Kellogg Company 57,800
3,000 PepsiCo, Inc. 158,250
300 Pioneer Hi-Bred International, Inc. 14,888
500 Quaker Oats Company 17,062
400 Ralston Purina Corporation 23,750
1,800 Sara Lee Corporation 52,875
200 Supervalu, Inc. 6,150
700 Sysco Corporation 21,262
600 Unilever N. V. 78,600
300 Whitman Corporation 6,375
400 Wrigley (Wm) Jr., Company 18,600
----------
1,055,723
----------
FOREST PRODUCTS (1.9%)
200 Alco Standard Corporation 17,700
200 Boise Cascade Corporation 7,250
400 Champion International Corporation 21,400
200 Federal Paper Board Company, Inc. 8,400
400 Georgia-Pacific Corporation 33,000
900 International Paper Company 33,300
300 James River Corporation of Virginia 9,638
600 Kimberly-Clark Corporation 43,575
400 Louisiana-Pacific Corporation 9,550
200 Mead Corporation 11,525
100 Potlatch Corporation 4,212
600 Scott Paper Company 31,950
200 Temple-Inland, Inc. 9,100
300 Union Camp Corporation 15,263
300 Westvaco Corporation 8,325
800 Weyerhaeuser Company 35,300
200 Willamette Industries 11,600
----------
311,088
----------
GOLD (0.4%)
1,400 Barrick Gold Corporation 32,375
500 Homestake Mining Company 7,688
300 Newmont Mining Corporation 11,325
900 Placer Dome, Inc. 19,687
400 Santa Fe Pacific Gold Corporation 3,950
----------
75,025
----------
</TABLE>
See accompanying notes
<PAGE> 37
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
INSURANCE (3.2%)
400 Aetna Life & Casualty Company $ 28,150
100 Alexander & Alexander Services, Inc. 2,238
1,641 Allstate Corporation 60,306
800 American General Corporation 26,300
1,800 American International Group, Inc. 151,875
400 Chubb Corporation 35,950
300 Cigna Corporation 29,738
300 General RE Corporation 43,462
200 Jefferson-Pilot Corporation 13,200
400 Lincoln National Corporation 17,850
300 Marsh & McLennan Companies, Inc. 24,563
300 Providian Corporation 11,775
300 Safeco Corporation 19,256
300 St. Paul Companies, Inc. 15,225
300 Torchmark Corporation 12,450
300 Transamerica Corporation 20,325
400 USF&G Corporation 6,700
150 USLIFE Corporation 4,275
300 Unum Corporation 15,788
----------
539,426
----------
LIQUOR (0.7%)
1,000 Anheuser-Busch Companies, Inc. 66,000
200 Brown-Foreman Corporation 7,625
100 Coors (Adolph) Company 1,788
1,400 Seagram Company 50,400
----------
125,813
----------
MEDIA (2.5%)
200 CBS, Inc. 24,225
600 Capital Cities/ABC, Inc. 71,175
900 Comcast Corporation, Class A 16,088
600 Donnelley (R.R.) & Sons Company 21,900
300 Dow Jones & Company, Inc. 10,575
500 Gannett Company, Inc. 27,187
100 King World Productions, Inc.* 3,488
200 Knight-Ridder Inc, 11,100
200 McGraw-Hill, Inc. 16,375
100 Meredith Corporation 3,575
300 New York Times Company 8,325
2,500 Tele-Communications, Inc.* 42,500
1,500 Time Warner, Inc. 54,750
400 Times Mirror Company 11,600
300 Tribune Company 18,937
1,400 Viacom, Inc.* 70,000
----------
411,800
----------
MINING (0.0%)
----------
1 Firstmiss Gold, Inc. 15
----------
MISCELLANEOUS FINANCE (2.8%)
400 Ahmanson (H.F.) & Company 10,000
1,800 American Express Company 73,125
</TABLE>
See accompanying notes
<PAGE> 38
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
MISCELLANEOUS FINANCE--CONTINUED
200 Beneficial Corporation $ 9,800
600 Dean Witter Discover and Company 29,850
1,100 Federal National Mortgage Association 115,363
700 Federal Home Loan Mortgage Corporation 48,475
200 Golden West Financial Corporation 10,025
500 Great Western Financial Corporation 11,312
400 Household International Corporation 22,500
500 MBNA Corporation 18,438
700 Merrill Lynch & Company 38,850
400 Salomon, Inc. 14,450
1,200 Travelers Group, Inc. 60,600
----------
462,788
----------
MOTOR VEHICLES (2.2%)
1,500 Chrysler Corporation 77,438
100 Cummins Engine Company, Inc. 3,512
300 Dana Corporation 7,688
300 Eaton Corporation 15,375
200 Echlin, Inc. 7,150
100 Fleetwood Enterprises, Inc. 2,050
4,100 Ford Motor Company 117,875
500 Genuine Parts Company 19,812
2,800 General Motors Corporation 122,500
----------
373,400
----------
NON-DURABLES (1.3%)
300 American Greetings Corporation, Class A 9,450
100 Bally Entertainment Corporation* 1,100
500 Darden Restaurants, Inc. 5,688
100 Handleman Company 775
300 Harcourt General Inc. 11,887
300 Hasbro, Inc. 9,150
100 Jostens, Inc. 2,263
100 Luby's Cafeterias, Inc. 2,075
800 Mattel, Inc. 23,000
2,600 McDonald's Corporation 106,600
200 Pemark International Inc. 9,250
600 Rubbermaid, Inc. 15,675
200 Ryans Family Steak House* 1,550
400 Service Corporation International 16,050
100 Shoneys Inc.* 1,112
300 Wendy's International Inc. 5,963
----------
221,588
----------
NON-FERROUS METALS (0.9%)
800 Alcan Aluminum, Ltd. 25,300
700 Aluminum Company of America 35,700
100 Asarco, Inc. 3,225
300 Cyprus Minerals Company 7,838
400 Echo Bay Mines, Ltd. 3,600
500 Engelhard Corporation 12,438
700 Freeport-McMoran Copper & Gold Class B 15,925
400 Inco, Ltd. 13,750
</TABLE>
See accompanying notes
<PAGE> 39
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
NON-FERROUS METALS--CONTINUED
300 Phelps Dodge Corporation $ 19,012
200 Reynolds Metals Company 10,075
----------
146,863
----------
OIL-DOMESTIC (1.0%)
300 Amerada Hess Corporation 13,538
200 Ashland Oil, Inc. 6,325
600 Atlantic Richfield Company 64,050
200 Kerr-McGee Corporation 11,025
300 Oryx Energy Company* 3,450
200 Pennzoil Corporation 7,550
1,000 Phillips Petroleum Company 32,250
300 Rowan Companies, Inc.* 1,988
300 Santa Fe Energy Resources, Inc.* 2,662
200 Sun Company, Inc. 5,725
900 Unocal Corporation 23,625
----------
172,188
----------
OIL INTERNATIONAL (6.6%)
1,900 Amoco Corporation 121,363
2,500 Chevron Corporation 116,875
4,700 Exxon Corporation 358,962
1,500 Mobil Corporation 151,125
2,100 Royal Dutch Petroleum Company 258,038
1,000 Texaco, Inc. 68,125
1,100 USX-Marathon Group, Inc. 19,525
200 Western Atlas, Inc.* 8,775
----------
1,102,788
----------
OPTICAL & PHOTO (0.7%)
800 Corning, Inc. 20,900
1,300 Eastman Kodak Co. 81,413
200 Polaroid Corporation 8,550
----------
110,863
----------
PRODUCERS GOODS (5.2%)
1,100 Allied-Signal Inc. 46,750
200 Avery Dennison Corporation 8,950
100 Briggs & Stratton Corporation 4,038
800 Caterpillar, Inc. 44,900
100 Cincinnati Milacron 2,575
400 Cooper Industries, Inc. 13,500
400 Deere & Company 35,750
400 Dover Corporation 15,800
900 Emerson Electric Company 64,125
200 FMC Corporation* 14,325
100 Foster Wheeler Corporation 3,750
6,500 General Electric Company 411,125
100 Giddings & Lewis Inc. 1,613
200 Harnischfeger Industries, Inc. 6,300
500 Illinois Tool Works, Inc. 29,062
400 Ingersoll-Rand Company 14,150
200 Johnson Controls, Inc. 11,650
200 Millipore Corporation 7,075
</TABLE>
See accompanying notes
<PAGE> 40
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
PRODUCERS GOODS--CONTINUED
200 Navistar International Corporation* $ 2,050
400 Pall Corporation 9,750
300 Parker Hannifin Corporation 10,125
200 Raychem Corporation 9,275
100 Snap-on, Inc. 4,238
700 Tenneco, Inc. 30,712
100 Timken Company 4,025
100 Trinova Corporation 2,812
300 Tyco International Ltd. 18,225
100 Varity Corporation* 3,625
200 W.W. Grainger, Inc. 12,500
1,400 Westinghouse Electric Company 19,775
100 Zurn Industries, Inc. 2,500
----------
865,050
----------
RAILROAD & SHIPPING (1.2%)
564 Burlington Northern, Inc. 47,306
400 CSX Corporation 33,500
300 Conrail, Inc. 20,625
500 Norfolk Southern Corporation 38,625
800 Union Pacific Corporation 52,300
----------
192,356
----------
RETAIL STORES (4.3%)
900 Albertson's Inc. 29,925
500 American Stores Company 14,938
600 CUC International, Inc.* 20,775
300 Charming Shoppes, Inc. 863
300 Circuit City Stores, Inc. 10,012
300 Dayton Hudson Corporation 20,625
400 Dillard Department Stores, Inc. 10,850
500 GAP, Inc. 19,688
200 Giant Food Class A, Inc. 6,425
100 Great Atlantic & Pacific Tea Company, Inc. 2,025
1,800 Home Depot, Inc. 67,050
900 J.C. Penney Company, Inc. 37,912
1,700 Kmart Corporation 13,813
400 Kroger Corporation* 13,350
100 Long's Drug Stores, Inc. 4,000
600 Lowe's Companies, Inc. 16,200
900 May Department Stores Company 35,325
400 Melville Corporation 12,800
100 Mercantile Stores Company, Inc. 4,488
300 Nordstrom, Inc. 11,118
200 Pep Boys-Manny, Moe & Jack 4,375
700 Price/Costco, Inc.* 11,900
300 Rite Aid Corporation 8,100
1,500 Sears Roebuck & Company 51,000
200 Tandy Corporation 9,875
1,300 The Limited, Inc. 23,887
200 Tjx Companies, Inc. 2,700
1,000 Toys "R" Us* 21,875
</TABLE>
See accompanying notes
<PAGE> 41
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
RETAIL STORES--CONTINUED
8,800 Wal-Mart Stores, Inc. $ 190,300
900 Walgreen Company 25,650
300 Winn-Dixie Stores, Inc. 19,500
500 Woolworth Corporation* 7,312
----------
728,656
----------
SECURITIES BROKERS (0.2%)
300 Morgan Stanley Group, Inc. 26,100
----------
STEEL (0.2%)
400 Armco, Inc.* 2,450
400 Bethlehem Steel Corporation* 5,250
100 Inland Steel Industries, Inc. 2,338
300 Nucor Corporation 14,437
300 USX-US Steel Group, Inc. 8,962
300 Worthington Industries, Inc. 4,988
----------
38,425
----------
TELEPHONE (9.1%)
700 ALL/TEL Corporation 21,438
6,000 AT&T Corporation 384,000
1,800 Airtouch Communications, Inc. 51,300
2,100 Ameritech Corporation 113,400
1,700 Bell Atlantic Corporation 108,162
1,900 Bell South Corporation 145,350
400 DSC Communications Corporation 14,800
3,700 GTE Corporation 152,625
500 ITT Corporation 61,250
2,600 MCI Communications 64,838
1,600 Nynex Corporation 75,200
1,700 Pacific Telesis Group 51,637
2,300 SBC Communications, Inc. 128,513
1,300 Sprint Corporation 50,050
300 Tellabs, Inc. 10,200
1,800 U.S. West, Inc. 85,725
----------
1,518,488
----------
TIRES & RUBBER (0.2%)
300 Cooper Tire & Rubber Company 6,938
600 Goodyear Tire & Rubber Company 22,800
----------
29,738
----------
TOBACCO (2.2%)
700 American Brands, Inc. 30,013
300 Loews Corporation 43,987
3,200 Phillip Morris Companies, Inc. 270,400
700 UST, Inc. 21,000
----------
365,400
----------
TRAVEL & RECREATION (1.0%)
300 Brunswick Corporation 5,850
2,000 Disney (Walt) Company 115,250
300 Harrah's Entertainment 7,425
200 Hilton Hotels Corporation 13,400
500 Marriott International, Inc. 18,438
----------
160,363
----------
</TABLE>
See accompanying notes
<PAGE> 42
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- ---------------------------------------------------------------------
<S> <C> <C>
TRUCKING & FREIGHT (0.1%)
100 Consolidated Freightways, Inc. $ 2,325
100 PACCAR, Inc. 4,175
100 Roadway Services, Inc. 4,475
200 Ryder Systems, Inc. 4,825
100 Yellow Corporation 1,313
----------
17,113
----------
UTILITIES & ENERGY (4.3%)
700 American Electric Power Company 26,688
500 Baltimore Gas & Electric Company 13,375
600 CINergy Corporation 17,025
600 Carolina Power & Light Company 19,650
700 Central & Southwest Corporation 18,725
400 Coastal Corporation 12,950
200 Columbia Gas System, Inc.* 7,700
900 Consolidated Edison Company of New York 27,337
300 Consolidated Natural Gas Company 11,400
800 Duke Power Co. 35,800
500 Detroit Edison Company 16,875
600 Dominion Resources, Inc. 23,850
900 Enron Corporation 30,938
200 Enserch Corporation 2,900
800 Entergy Corporation 22,800
700 FPL Group, Inc. 29,313
400 General Public Utilities Corporation 12,500
500 Houston Industries, Inc. 23,187
500 Niagara Mohawk Power Corporation 5,375
200 Nicor, Inc. 5,375
400 NorAm Energy Corporation 3,100
300 Northern States Power Company 14,175
100 ONEOK, Inc. 2,438
500 Ohio Edison Company 11,437
1,000 Pacificorp, Inc. 18,875
300 Pacific Enterprises 7,425
1,600 Pacific Gas & Electric Company 47,000
500 Panhandle Eastern Corporation 12,625
800 Peco Energy Company 23,400
100 Peoples Energy Corporation 2,875
900 Public Service Enterprise 26,437
1,600 SCE Corporation 27,200
300 Sonat Inc. 8,625
2,500 Southern Company 59,688
800 Texas Utilities Company 29,400
800 Unicom Corporation 26,200
400 Union Electric Company 15,600
400 Williams Companies, Inc. 15,450
----------
24,300 715,713
----------
TOTAL COMMON STOCKS (COST BASIS $15,489,643) 16,301,773
----------
</TABLE>
* Non-income producing security
See accompanying notes
<PAGE> 43
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT SHORT-TERM INVESTMENTS (2.9%)
- -----------------------------------------------------------------------
<S> <C> <C>
381,000 Merrill Lynch $ 380,909
102,000 New England Power 101,984
841 Harris Insight Gov't Assets Fund 841
----------
TOTAL SHORT-TERM INVESTMENTS (COST BASIS $483,734) 483,734
----------
TOTAL INVESTMENTS (100.0%) (COST BASIS $15,973,377) $16,785,507
==========
</TABLE>
See accompanying notes
<PAGE> 44
October 31, 1995
THE SMALL COMPANY STOCK PORTFOLIO
The Fund Seeks: To achieve investment results that approximate the
performance of the Wilshire Small Cap Index by investing
primarily in common stocks included in the Index.
The Fund Is: A diversified portfolio of smaller company common stocks held
approximately in proportion to their weight in the Wilshire
Small Cap Index.
SCHEDULE OF INVESTMENTS AS OF October 31, 1995
<TABLE>
<CAPTION>
Market
Shares Common Stocks (97.1%) Value
- -----------------------------------------------------------------------------------------
<S> <C> <C>
AEROSPACE (0.8%)
2,300 Gencorp Inc. $ 24,150
1,300 Kaman Corporation 13,975
1,300 Thiokol Corporation 45,013
---------------------
83,138
---------------------
AIR TRANSPORTATION (0.5%)
1,500 Airborne Freight Corporation 39,375
900 Alaska Airgroup Inc.* 13,388
---------------------
52,763
---------------------
APPAREL (1.5%)
1,200 Brown Group, Inc. 16,500
1,900 Cone Mills Corporation* 20,663
1,600 The Dress Barn Corporation* 15,600
1,800 Jones Apparel Group* 61,650
1,500 Kellwood Corporation 28,125
800 Oshkosh B'Gosh, Inc. 10,600
2,100 Tultex Corporation* 9,975
---------------------
163,113
---------------------
BANKING (6.7%)
800 Astoria Financial Corporation 34,300
600 Bell Bancorp, Inc. 17,550
3,200 City Steel National Corporation 42,400
2,800 Compass Bancshares, Inc. 86,800
2,300 Dauphin Deposit Corporation 66,700
1,900 First American Corporation 83,362
2,200 First Commerce Corporation 68,200
1,900 Fourth Financial Corporation 70,062
2,000 Long Island Bancorp, Inc. 45,750
2,700 Peoples Bank of Bridgeport, Conn. 53,325
2,100 Rigs National Corp-Washington 27,563
2,400 Summit Bancorporation / NJ 68,100
2,300 Valley National Bancorp 56,063
---------------------
720,175
---------------------
BUSINESS MACHINES (3.6%)
3,100 AST Research, Inc.* 27,513
3,600 Aura Systems, Inc.* 18,000
2,800 Cheyenne Software, Inc.* 58,450
2,600 Comdisco, Inc. 79,300
2,700 Data General Corporation* 31,050
1,500 Exabyte Corporation* 19,406
3,800 Quantum Corporation* 66,025
</TABLE>
See accompanying notes.
<PAGE> 45
- -----------------------------------------------------------------------
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -----------------------------------------------------------------------------------------
<S> <C> <C>
BUSINESS MACHINES--CONTINUED
2,100 Structural Dynamic Research* $ 38,325
1,600 Verifone, Inc.* 43,200
---------------------
381,269
---------------------
BUSINESS SERVICES (9.1%)
2,300 Air & Water Technologies, Inc.* 11,500
2,800 Allwaste, Inc.* 13,650
600 Angelica Corporation 13,500
1,500 Credence Systems Corporation* 56,062
1,800 FTP Software, Inc 48,600
1,900 Fore Systems, Inc. 100,700
2,200 Hon Industries, Inc. 61,050
1,800 Information Resources, Inc.* 19,575
1,500 Integrated Health Services, Inc. 34,313
800 Medic Computer Systems, Inc.* 42,600
2,800 NetManage, Inc.* 57,050
1,600 Network General Corporation* 66,400
1,000 New England Business Service, Inc. 19,250
1,200 PHH Group, Inc. 52,500
3,000 Pittston Company 82,500
3,200 S3, Inc* 54,800
1,700 Shared Medical Systems Corporation 65,663
1,900 Standard Register Corporation 42,750
1,600 Wallace Computer Services 90,200
2,400 Westpoint Stevens, Inc.* 50,700
---------------------
983,363
---------------------
CHEMICALS (2.4%)
2,000 ACX Technologies Inc.* 31,000
2,900 Calgon Carbon Corporation 32,988
1,000 H.B. Fuller Company 31,500
3,200 Lawter International, Inc. 34,000
600 NCH Corporation 32,625
800 Petrolite Corporation 18,800
2,500 Rollins, Inc. 52,500
3,900 Sterling Chemicals, Inc.* 31,200
---------------------
264,613
---------------------
CONSTRUCTION (2.5%)
2,000 Centex Corporation 65,500
2,300 Kaufman & Broad Home Corporation 26,737
800 Lawson Prod Inc. 19,200
2,500 Lennar Corporation 57,188
2,300 Morrison Knudsen Corporation* 14,950
2,000 Pulte Corporation 63,250
1,200 Southdown, Inc.* 19,500
---------------------
266,325
---------------------
CONSUMER DURABLES (1.1%)
1,100 Bassett Furniture Industries, Inc. 22,137
1,400 Kimball International, Inc. 35,700
1,300 La Z Boy Chair Company 38,675
1,400 Shorewood Packaging* 23,450
---------------------
119,962
---------------------
</TABLE>
See accompanying notes.
<PAGE> 46
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -----------------------------------------------------------------------------------------
<S> <C> <C>
CONTAINERS (0.3%)
3,900 Gaylord Container Corporation $ 29,738
---------------------
COSMETICS (0.2%)
700 Chemed Corporation 24,500
---------------------
DOMESTIC OIL (1.5%)
2,400 Pogo Producing Corporation 48,300
2,200 Quaker State Corporation 28,875
6,000 Rowan Companies, Inc.* 39,750
2,800 Smith International, Inc.* 44,800
---------------------
161,725
---------------------
DRUGS & MEDICINE (9.1%)
2,000 Acuson Corporation* 23,250
900 Advanced Technology* 16,200
2,400 Advanced Tissue Sciences* 21,600
2,200 Amsco International, Inc.* 35,200
1,900 Ballard Medical Products 32,775
2,100 Beckman Instruments, Inc. 69,562
2,800 Bergen Brunswig Corporation 58,100
1,400 Block Drug Company 53,900
4,300 Centocor, Inc* 48,375
1,200 Cordis Corporation 132,600
900 Diagnostic Products Corporation 33,300
1,200 Foxmeyer Health Corporation* 27,300
2,100 Haemonetics Corporation 39,638
2,200 Herbalife International, Inc. 16,500
3,400 Mid Atlantic Medical Services 67,575
2,600 Pyxis Corporation 32,825
5,500 Perrigo Company* 67,375
1,400 Summit Technology, Inc.* 62,300
2,800 Surgical Care Affiliates, Inc. 82,950
1,400 Ventritex* 27,475
1,200 West Inc. 29,700
---------------------
978,500
---------------------
ELECTRONICS (6.4%)
1,300 Avid Technology, Inc. 56,875
900 Electronics for Imaging, Inc. 74,025
3,700 Geotek Industries, Inc.* 30,525
1,700 Gerber Scientific, Inc. 28,687
1,100 Global Village Communication 18,700
4,200 LCI International, Inc.* 75,600
2,300 Macromedia, Inc.* 85,100
2,200 Sequent Computer* 38,225
1,800 Silicon Valley Group, Inc.* 58,275
1,800 Symbol Technologies* 62,775
3,300 VLSI Technology* 77,550
3,200 Western Digital Corporation* 49,600
3,300 Zenith Electronics Corporation* 27,638
---------------------
683,575
---------------------
</TABLE>
See accompanying notes.
<PAGE> 47
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -----------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY - RAW MATERIALS (2.8%)
2,000 BJ Services Corporation* $ 47,000
11,800 Global Marine, Inc.* 76,700
600 Maxxam, Inc.* 22,200
700 NACCO Industries, Inc. 40,075
6,000 Nabors Industries, Inc.* 51,750
1,800 Southwestern Energy Company 22,500
1800 Washington Energy Corporation 33,075
---------------------
293,300
---------------------
FOOD & AGRICULTURE (3.1%)
3,900 Chiquita Brands International 63,375
900 Dreyers Grand Ice Cream, Inc. 31,050
2,900 Flowers Industries, Inc. 62,712
1,300 International Multifoods, Corporation 26,650
2,600 Interstate Bakeries 55,575
1,300 Michael Foods, Inc. 15,763
2,400 Ralcorp Holding, Inc.* 55,200
2,000 Savannah Foods and Industries 25,000
---------------------
335,325
---------------------
GOLD (0.3%)
2,500 Pegasus Gold, Inc.* 27,500
---------------------
INSURANCE (5.0%)
3,700 20th Century Industries - California* 61,512
1,400 American Bankers Insurance Group 50,225
700 Foremost Corporation of America 31,850
1,100 Integon Corporation 18,013
1,900 John Alden Financial Corporation 39,425
1,400 Liberty Corporation 46,900
1,000 Life Re Corporation 20,750
1,300 NAC Re Corporation 45,663
8,000 Reliance Group Holdings 59,000
2,000 United Companies Financial Corporation 56,500
800 Washington National Corporation 18,200
4,400 Western National Corporation 60,500
1,200 Zenith National Insurance Corporation 27,900
---------------------
536,438
---------------------
LIQUOR (0.1%)
600 Midwest Grain Products 6,900
---------------------
MEDIA (2.9%)
1,500 Banta George, Inc. 64,875
2,100 Chris Craft Industries, Inc.* 83,737
1,000 Houghton Mifflin Company 41,000
1,200 Pulitzer Publishing Company 54,300
1,700 TCA Cable TV 50,362
1,400 Western Publishing Group, Inc.* 11,463
---------------------
305,737
---------------------
MISCELLANEOUS FINANCE (5.8%)
1,100 Alex Brown, Inc. 53,763
3,620 California Federal Bank* 53,187
</TABLE>
See accompanying notes.
<PAGE> 48
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -----------------------------------------------------------------------------------------
<S> <C> <C>
MISCELLANEOUS FINANCE--CONTINUED
1,400 Collective Bancorp, Inc. $ 33,075
1,300 Firstfed Michigan, Corporation 43,875
3,000 Glendale Federal Bank FSB* 48,000
1,000 Great Financial Corporation 20,500
1,800 Home Financial Corporation 27,450
2,000 Life Partners Group 36,250
1,400 Life USA Holding, Inc.* 10,850
2,400 Premier Bancorp, Inc.* 50,100
2,800 Roosevelt Financial Group, Inc. 45,150
500 Seafield Capital Corporation 17,750
2,300 Standard Federal Bancorporation 81,650
2,100 T. Rowe Price and Associates 104,475
---------------------
626,075
---------------------
MOTOR VEHICLES (1.8%)
1,600 Arvin Industries, Inc. 28,400
1,800 Donaldson Company 43,875
2,600 Federal Mogul Corporation 46,475
1,200 Standard Products Corporation 18,600
2,100 Superior Industries International 59,062
---------------------
196,412
---------------------
NON-DURABLES & ENTERTAINMENT (5.0%)
1,100 A.T. Cross Company 15,675
3,200 Acclaim Entertainment, Inc. 75,600
1,600 Bic Pen Corporation 64,400
2,000 Duty Free International, Inc. 28,500
1,200 Gibson Greetings, Inc.* 16,650
2,400 Handleman Company 18,600
1,600 International Dairy Queen, Inc.* 34,000
1,700 Luby's Cafeterias, Inc. 35,275
2,400 Morrison Restaurants 37,500
1,600 Russ Berrie & Company 22,200
1,400 Sbarro, Inc. 29,225
2,000 Sizzler International, Inc. 7,000
4,200 Sothebys Holdings, Inc. 58,275
2,500 Starbucks Corporation* 98,125
---------------------
541,025
---------------------
NON-FERROUS METALS (0.7%)
1,100 Brush Wellman, Inc. 18,425
3,600 Hecla Mining Company* 26,550
13,300 Sunshine Mining Company* 21,612
---------------------
66,587
---------------------
PAPER & FOREST PRODUCTS (1.6%)
1,700 Chesapeake Corporation 52,062
1,300 Pentair Industries, Inc. 65,650
2,100 Wausau Paper Mills Corporation 51,450
---------------------
169,162
---------------------
PRODUCERS GOODS (5.7%)
2,100 Albany International Corporation - Class A 43,575
2,500 Ametek, Inc. 44,062
1,700 BWIP Holding, Inc. 28,475
</TABLE>
See accompanying notes.
<PAGE> 49
- -------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -----------------------------------------------------------------------------------------
<S> <C> <C>
PRODUCERS GOODS--CONTINUED
2,000 Baldor Electric Company $ 48,000
2,400 Cincinnati Milacron 61,800
1,000 Clarcor, Inc. 22,750
2,400 Giddings & Lewis, Inc. 38,700
1,500 Goulds Pumps, Inc. 35,625
1,000 Handy & Harman 14,125
2,000 Kennametal, Inc. 62,250
1,400 Lattice Semiconductr, Corporation* 54,950
1,100 Measurex Corporation 33,825
1,000 Presstek, Inc.* 47,500
1,300 Teleflex, Inc. 55,088
1,000 Zurn Industries, Inc. 25,000
---------------------
615,725
---------------------
RAILROAD & SHIPPING (0.5%)
2,200 OMI Corporation* 12,650
2,600 Overseas Shipholding Group, Inc. 44,200
---------------------
56,850
---------------------
REAL PROPERTY (0.3%)
5,200 Catellus Development Corporation* 28,600
---------------------
RETAIL STORES (4.1%)
150 Ben Franklin Retail Stores 496
2,400 Bed, Bath, & Beyond, Inc.* 75,000
700 Blair Corporation 20,650
1,900 Cata Corporation 11,637
7,400 Charming Shoppes, Inc. 21,275
1,400 Compusa Incorporated 53,550
1,600 Eagle Hardware & Garden, Inc.* 12,200
6,500 Home Shopping Network* 52,812
2,500 Intelligent Electronics 19,063
2,400 Lands End, Inc. 36,000
1,800 MacFrugals Bargains Close* 21,375
2,100 Merisel, Inc.* 12,338
2,000 Meyer Fred, Inc.* 37,250
1,700 Ross Stores, Inc. 26,669
1,300 Stanhome, Inc. 39,650
---------------------
439,965
---------------------
STEEL (1.2%)
1,900 AK Steel Holding Corporation* 58,900
2,000 Birmingham Steel Corporation 30,500
1,200 Carpenter Technology 45,450
---------------------
134,850
---------------------
TELEPHONE (1.8%)
2,033 International Cabletel, Inc.* 53,875
1,700 Octel Communications Corporation* 58,012
1,100 U.S. Long Distance Corporation* 14,162
2,900 Vanguard Cellular Systems, Inc.* 64,888
---------------------
190,937
---------------------
TIRES & RUBBER (0.4%)
1,100 Carlisle Corporation 45,237
---------------------
</TABLE>
See accompanying notes.
<PAGE> 50
SCHEDULE OF INVESTMENTS AS OF OCTOBER 31, 1995
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCKS--CONTINUED VALUE
- -----------------------------------------------------------------------------------------
<S> <C> <C>
TRAVEL & RECREATION (1.1%)
1,900 Argosy Gaming Corporation* $ 17,575
1,300 Cobra Golf, Inc.* 33,800
1,600 Grand Casinos, Inc.* 63,600
---------------------
114,975
---------------------
TRUCKING & FREIGHT (1.2%)
1,900 Arnold Industries, Inc. 30,875
2,700 J.B. Hunt Transport Services, Inc. 41,850
3,200 Rollins Truck Leasing Corporation 30,800
2,100 Yellow Corporation 27,562
---------------------
131,087
---------------------
UTILITIES & ENERGY (6.0%)
1,200 Central Hudson Gas & Electric 36,750
900 Cilcorp, Inc. 35,100
1,500 Eastern Utilities Association 35,250
2,100 IES Industries, Inc. 55,912
2,000 MDU Resources Group 42,250
8,800 NorAm Energy Corporation 68,200
1,900 ONEOK, Inc. 46,312
1,000 Orange and Rockland Utilities, Inc. 35,125
3,100 Public Service Company of N. Mexico* 51,925
2,500 Seagull Energy Corporation* 42,813
2,100 Sierra Pacific Resources 49,088
1,200 Southern Indiana Gas & Electric 40,500
1,600 Southwest Gas Corporation 24,200
11,500 Tucson Electric Power* 34,500
2,400 UGI Corporation 50,400
---------------------
648,325
---------------------
TOTAL COMMON STOCKS (COST BASIS $10,338,626) $ 10,423,771
---------------------
</TABLE>
* Non-income producing security
<TABLE>
<CAPTION>
PRINCIPAL INTEREST MATURITY MARKET
AMOUNT SHORT-TERM INVESTMENTS (2.9%) RATE DATE VALUE
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
173,000 Merrill Lynch 5.76% 11/02/95 $ 172,973
133,000 Merrill Lynch 5.80% 11/03/95 132,957
434 Harris Insight Government 434
Assets Fund ---------------------
TOTAL SHORT-TERM INVESTMENTS (COST BASIS $306,363) 306,364
---------------------
TOTAL INVESTMENTS (100.0%) (COST BASIS $10,644,989) $ 10,730,135
=====================
</TABLE>
See accompanying notes.
<PAGE> 51
PART C - OTHER INFORMATION
In response to Part C of Form N-1A, the Registrant hereby incorporates
by reference the Part C - Other Information included in Pre-Effective
Amendment No. 1 to its Registration Statement on Form N-1A (Registration No.
33-82056), as filed with the Securities and Exchange Commission on December 22,
1994.
<PAGE> 52
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that is meets all of
the requirements for effectiveness of this Registration Statement pursuant to
Rule 485(b) under the 1933 Act, and has duly caused this Registration Statement
to be signed on its behalf by the undersigned, thereto duly authorized, in the
City of Appleton and State of Wisconsin, on the 12th day of December, 1995.
AAL VARIABLE PRODUCT SERIES FUND, INC.
By: /s/ D. Charles DeVries
---------------------------------
D. Charles DeVries
President
Pursuant to the requirements of the Securities Act of 1933, this
Amended Registration Statement has been signed below by the following persons
in the capacities and indicated on this:
<TABLE>
<S> <C> <C>
/s/ D. Charles DeVries President December 12, 1995
---------------------------------- (Principal Executive Officer)
D. Charles DeVries
/s/ Carl J. Rudolph Treasurer December 12, 1995
---------------------------------- (Principal Accounting and
Carl J. Rudolph Financial Officer)
</TABLE>
All of the Board of Directors:
Gregory F. Campbell John H. Pender
Richard L. Gady D. W. Russler
John O. Gilbert Lawrence M. Woods
Richard L. Gunderson
Richard L. Gunderson, by signing his name hereto, does hereby sign
this document on behalf of himself and each of the other above-named Directors
of AAL Variable Product Series Fund, Inc. pursuant to the powers of attorney
duly executed by such persons.
/s/ Richard L. Gunderson December 12, 1995
- -----------------------------
Richard L. Gunderson
Attorney-in-Fact
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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