SEC Info - Valic Co I - ‘N-CSRS’ for 11/30/05

SEC Info℠

Home

Help

Please Sign In

Valic Co I – ‘N-CSRS’ for 11/30/05

On: Tuesday, 2/7/06, at 2:47pm ET · Effective: 2/7/06 · For: 11/30/05 · Accession #: 1193125-6-22051 · File #: 811-03738

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 2/07/06  Valic Co I                        N-CSRS     11/30/05    3:1.0M                                   RR Donnelley/FA
          → Asset Allocation Fund ⇒ VCAAX
          → Capital Conservation Fund ⇒ VCCCX
          → Core Equity Fund ⇒ VCCEX
          → Dividend Value Fund ⇒ VCIGX
          → Government Money Market I Fund ⇒ VCIXX
          → Government Securities Fund ⇒ VCGSX
          → Health Sciences Fund ⇒ VCHSX
          → Inflation Protected Fund ⇒ VCTPX
          → International Equities Index Fund ⇒ VCIEX
          → International Government Bond Fund ⇒ VCIFX
          → International Growth Fund ⇒ VCINX
          → International Socially Responsible Fund ⇒ VCSOX
          → Large Cap Growth Fund
          → Large Capital Growth Fund ⇒ VLCGX
          → Mid Cap Index Fund ⇒ VMIDX
          → Mid Cap Strategic Growth Fund ⇒ VMSGX
          → Nasdaq-100 Index Fund ⇒ VCNIX
          → Science & Technology Fund ⇒ VCSTX
          → Small Cap Fund ⇒ VCSMX
          → Small Cap Index Fund ⇒ VCSLX
          → Stock Index Fund ⇒ VSTIX
          → Systematic Core Fund ⇒ VCGAX
          → Systematic Growth Fund ⇒ VCBCX
          → Value Fund ⇒ VAVAX

Certified Semi-Annual Shareholder Report of a Management Investment Company — Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSRS      Valic Company I Semi-Annual Report                   431±  1.73M 
 2: EX-99.(A)(2)  Certification Pursuant to Rule 30A-2(A)              4     15K 
 3: EX-99.(B)   Certification Pursuant to Section 906                  1      6K

N-CSRS — Valic Company I Semi-Annual Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) AIG VALIC Online Asset Allocation Fund Audit Committee Financial Expert Audit Committee of Listed Registrants Blue Chip Growth Fund Capital Conservation Capital Conservation Fund Code of Ethics Controls and Procedures Core Equity Fund Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies Exhibits Foreign Government Bonds Government -- Agency Government Securities Fund Growth & Income Fund Health Sciences Fund Income & Growth Fund Independent Directors Inflation Protected Fund International Equities International Equities Fund International Government Bond Fund International Growth I Fund Large Cap Growth Fund Large Capital Growth Large Capital Growth Fund Mid Cap Index Fund Mid Cap Strategic Growth Mid Cap Strategic Growth Fund Money Market I Fund Nasdaq-100(R) Index Fund PER SHARE DATA Net asset value at beginning of period Portfolio Managers of Closed-End Management Investment Companies Principal Accountant Fees and Services Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers RATIOS/SUPPLEMENTAL DATA Ratio of expenses to average net assets/(c)/ Reports to Stockholders Schedule of Investments Science & Technology Science & Technology Fund Small Cap Fund Small Cap Index Fund Social Awareness Social Awareness Fund State Street Bank & Trust Co Stock Index Fund Submission of Matters to a Vote of Security Holders United States Value Value Fund
1	1st Page - Filing Submission
"	United States
2	Item 1. Reports to Stockholders
9	Value
23	Government -- Agency
60	Foreign Government Bonds
136	Capital Conservation
138	International Equities
140	Science & Technology
141	Social Awareness
144	State Street Bank & Trust Co
156	Asset Allocation Fund
"	RATIOS/SUPPLEMENTAL DATA Ratio of expenses to average net assets/(c)/
"	Blue Chip Growth Fund
157	Capital Conservation Fund
"	Core Equity Fund
158	Government Securities Fund
"	Growth & Income Fund
159	Health Sciences Fund
"	PER SHARE DATA Net asset value at beginning of period
"	Income & Growth Fund
160	Inflation Protected Fund
"	International Equities Fund
161	International Government Bond Fund
"	International Growth I Fund
162	Large Cap Growth Fund
"	Large Capital Growth Fund
"	Large Capital Growth
163	Mid Cap Index Fund
"	Mid Cap Strategic Growth Fund
"	Mid Cap Strategic Growth
164	Money Market I Fund
"	Nasdaq-100(R) Index Fund
165	Science & Technology Fund
166	Small Cap Fund
167	Small Cap Index Fund
"	Social Awareness Fund
168	Stock Index Fund
"	Value Fund
178	Independent Directors
181	AIG VALIC Online
183	Item 2. Code of Ethics
"	Item 3. Audit Committee Financial Expert
"	Item 4. Principal Accountant Fees and Services
"	Item 5. Audit Committee of Listed Registrants
"	Item 6. Schedule of Investments
"	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
"	Item 8. Portfolio Managers of Closed-End Management Investment Companies
"	Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
"	Item 10. Submission of Matters to a Vote of Security Holders
"	Item 11. Controls and Procedures
184	Item 12. Exhibits

N-CSRS 1st “Page” of 185 TOC ↑Top Previous Next ↓Bottom Just 1st
 
================================================================================

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

----------

FORM N-CSR

----------

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
 MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03738

 VALIC Company I
--------------------------------------------------- 
(Exact name of registrant as specified in charter)

 2929 Allen Parkway, Houston, TX 77019
 ---------------------------------------------------
 (Address of principal executive offices) (Zip code)

Evelyn M. Curran
 Senior Vice President
 The Variable Annuity Life Insurance Company
2929 Allen Parkway
 Houston, TX 77019
 -------------------------------------------
 (Name and address of agent for service)

Registrant's telephone number, including area code: (713) 831-6425              

Date of fiscal year end: May 31                                                 
Date of reporting period: November 30, 2005                                     

================================================================================

N-CSRS 2nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 2nd
Item 1. Reports to Stockholders                                                 

VALIC Company I, Semi-Annual Report at November 30, 2005.                       

N-CSRS 3rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 3rd
                                                               VALIC Company I

                                                            Semi-Annual Report

                                                             November 30, 2005

N-CSRS 4th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 4th
                                                                [Download Table]
                                                        
  VALIC COMPANY I - SEMI-ANNUAL REPORT NOVEMBER 30, 2005

TABLE OF CONTENTS                                                               

                                                                [Download Table]
                                                                               

President's Letter.........................................................    
                                                                              1

Expense Example............................................................    
                                                                              2

Schedule of Investments:                                                       

   Asset Allocation Fund...................................................   4
   Blue Chip Growth Fund...................................................  16
   Capital Conservation Fund...............................................  19
   Core Equity Fund........................................................  26
   Government Securities Fund..............................................  29
   Growth & Income Fund....................................................  31
   Health Sciences Fund....................................................  33
   Income & Growth Fund....................................................  39
   Inflation Protected Fund................................................  42
   International Equities Fund.............................................  44
   International Government Bond Fund......................................  56
   International Growth I Fund.............................................  60
   Large Cap Growth Fund...................................................  64
   Large Capital Growth Fund...............................................  66
   Mid Cap Index Fund......................................................  69
   Mid Cap Strategic Growth Fund...........................................  75
   Money Market I Fund.....................................................  78
   Nasdaq-100(R) Index Fund................................................  81
   Science & Technology Fund...............................................  84
   Small Cap Fund..........................................................  87
   Small Cap Index Fund....................................................  95
   Social Awareness Fund................................................... 113
   Stock Index Fund........................................................ 117
   Value Fund.............................................................. 124

Statements of Assets and Liabilities....................................... 126

Statements of Operations...................................................    
                                                                            129

Statements of Changes in Net Assets........................................    
                                                                            132

Notes to Financial Statements..............................................    
                                                                            138

Financial Highlights.......................................................    
                                                                            152

Approval of Advisory Agreements............................................    
                                                                            165

Directors and Officers Information.........................................    
                                                                            174

--------------------------------------------------------------------------------

N-CSRS 5th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 5th
                                                                [Download Table]
                                                                
                    PRESIDENT'S LETTER                       1  

Dear Valued Investor:                                                           

We are pleased to provide you with the Semi-Annual Report for VALIC Company I.  
The report contains the investment portfolio information and the financial      
statements of VALIC Company I for the period ending November 30, 2005.          

Our team of experienced investment professionals continually monitors the funds 
offered in VALIC Company I. In addition to reviewing performance information    
and risk factors relating to the funds, the team measures the style consistency 
of each of the funds. When certain asset classes are under pressure, it is      
important to confirm that the investment managers continue to stick to their    
disciplines. Style consistency is critical to successful asset allocation and   
asset allocation is critical to successful long-term investing.                 

We believe that the biggest risk that investors face is losing focus and taking 
their eyes off their long-term investment strategies. In order to plan for the  
future, you should prepare yourself and your portfolio to weather both up and   
down markets. Spreading your investments between different asset classes (e.g., 
large and small capitalization stocks, bonds, money markets and international   
investments) and different investment styles (e.g., growth and value) is the    
best long-term strategy to manage risk. With VALIC Company I, you have a wide   
range of investment choices, covering all asset classes, to meet your           
objectives.                                                                     

Additionally, once you have a plan in place based on your individual retirement 
goals -- stick with it. A common mistake of investors is to buy high when       
enthusiasm is soaring and to sell low when fear sets in. Select a portfolio     
that is appropriate for your needs and adjust it only as your needs change or   
rebalance as necessary due to market conditions. We recommend that you contact  
your financial advisor to make certain that your current portfolio allocation   
is appropriate for you.                                                         

Thank you for your continued confidence in our ability to help you meet your    
investment goals.                                                               

              Sincerely,

                                        /s/ Evelyn M. Curran
                               Evelyn M. Curran, President
                   VALIC Company I

N-CSRS 6th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 6th
                                                                [Download Table]
                                                                    
2  VALIC COMPANY I - EXPENSE EXAMPLE (Unaudited)  November 30, 2005

Disclosure of Fund Expenses in Shareholder Reports                              

As a shareholder of a Fund in VALIC Company I ("VC I"), you incur ongoing     
costs, including management fees and other Fund expenses. This Example is       
intended to help you understand your ongoing costs (in dollars) of investing in 
the Funds and to compare these costs with the ongoing costs of investing in     
other mutual funds. The Example is based on an investment of $1,000 invested at 
June 1, 2005 and held until November 30, 2005. Shares of VC I are not offered   
directly to the public. Instead, shares are currently issued and redeemed only  
in connection with investments in and payments under variable annuity contracts 
and variable life insurance policies ("Variable Contracts") and qualified       
retirement plans (the "Plans") offered by The Variable Annuity Life Insurance   
Company ("VALIC"), the investment adviser to VC I and other life insurance      
companies affiliated with VALIC. The fees and expenses associated with the      
Variable Contracts and Plans are not included in these Examples, and had such   
fees and expenses been included your costs would have been higher. Please see   
your variable contract prospectus or plan document for more details on the fees 
associated with the Variable Contract or Plans.                                 

Actual Expenses                                                                 

The "Actual" section of the table provides information about your actual      
account values and actual expenses. You may use the information in these        
columns, together with the amount you invested, to estimate the expenses that   
you paid over the period. Simply divide your account value by $1,000 (for       
example, an $8,600 account value divided by $1,000 = 8.6), then multiply the    
result by the number in the column under the heading entitled "Expenses Paid    
During the Six Months Ended November 30, 2005" to estimate the expenses you     
paid on your account during this period. The "Expenses Paid During the Six      
Months Ended November 30, 2005" column and the "Expense Ratio as of             
November 30, 2005" column do not include fees and expenses that may be charged  
by the Variable Contracts or Plans, in which the Funds are offered. Had these   
fees and expenses been included, the "Expenses Paid During the Six Months Ended 
November 30, 2005" column would have been higher and the "Ending Account Value" 
column would have been lower.                                                   

Hypothetical Example for Comparison Purposes                                    

The "Hypothetical" section of the table provides information about            
hypothetical account values and hypothetical expenses based on the Fund's       
actual expense ratio and an assumed rate of return of 5% per year before        
expenses, which is not the Fund's actual return. The hypothetical account       
values and expenses may not be used to estimate the actual ending account       
balance or expenses you paid for the period. You may use this information to    
compare the ongoing costs of investing in the Funds of other funds. To do so,   
compare this 5% hypothetical example with the 5% hypothetical examples that     
appear in the shareholder reports of other funds. The "Expenses Paid During the 
Six Months Ended November 30, 2005" column and the "Expense Ratio as of         
November 30, 2005" column do not include fees and expenses that may be charged  
by the Variable Contracts or Plans, in which the Funds are offered. Had these   
fees and expenses been included, the "Expenses Paid During the Six Months Ended 
November 30, 2005" column would have been higher and the "Ending Account Value" 
column would have been lower.                                                   

Please note that the expenses shown in the table are meant to highlight your  
ongoing costs only and do not reflect any fees and expenses that may be charged 
by the Variable Contracts or Plans. Please refer to your variable contract      
prospectus or plan document for more information. Therefore, the "hypothetical" 
example is useful in comparing ongoing costs only and will not help you         
determine the relative total costs of owning different funds. In addition, if   
these fees and expenses were included, your costs would have been higher.       

N-CSRS 7th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 7th
                                                                [Download Table]
                                                                                 
November 30, 2005  VALIC COMPANY I - EXPENSE EXAMPLE (Unaudited) - CONTINUED  3  

                                                        [Enlarge/Download Table]

                                                Actual                                   Hypothetical                
                              ------------------------------------------ --------------------------------------------
                                                                                          Ending                     
                                                                                       Account Value                 
                                               Ending                                     Using a                    
                                            Account Value Expenses Paid                Hypothetical   Expenses Paid  
                                Beginning   Using Actual  During the Six   Beginning    5% Assumed      During the   
                              Account Value   Return at    Months Ended  Account Value   Return at   Six Months Ended
                               at June 1,   November 30,   November 30,   at June 1,   November 30,    November 30,  
Fund                              2005          2005          2005*          2005          2005           2005*      
----                          ------------- ------------- -------------- ------------- ------------- ----------------
                                                                                                                     
Asset Allocation.............   $1,000.00     $1,035.39       $3.47        $1,000.00     $1,021.66        $3.45      
Blue Chip Growth#@...........   $1,000.00     $1,081.73       $5.43        $1,000.00     $1,019.85        $5.27      
Capital Conservation.........   $1,000.00     $  994.47       $4.05        $1,000.00     $1,021.01        $4.10      
Core Equity#@................   $1,000.00     $1,045.62       $4.36        $1,000.00     $1,020.81        $4.31      
Government Securities........   $1,000.00     $  993.60       $3.30        $1,000.00     $1,021.76        $3.35      
Growth & Income#.............   $1,000.00     $1,023.48       $4.31        $1,000.00     $1,020.81        $4.31      
Health Sciences@.............   $1,000.00     $1,159.12       $6.22        $1,000.00     $1,019.30        $5.82      
Income & Growth#.............   $1,000.00     $1,051.14       $4.27        $1,000.00     $1,020.91        $4.20      
Inflation Protected#.........   $1,000.00     $  983.60       $3.23        $1,000.00     $1,021.81        $3.29      
International Equities.......   $1,000.00     $1,131.46       $3.05        $1,000.00     $1,022.21        $2.89      
International Government Bond   $1,000.00     $  992.71       $3.55        $1,000.00     $1,021.51        $3.60      
International Growth I#......   $1,000.00     $1,114.05       $5.35        $1,000.00     $1,020.00        $5.11      
Large Cap Growth#............   $1,000.00     $1,054.77       $4.94        $1,000.00     $1,020.26        $4.86      
Large Capital Growth#........   $1,000.00     $1,075.13       $4.32        $1,000.00     $1,020.91        $4.20      
Mid Cap Index................   $1,000.00     $1,100.34       $2.00        $1,000.00     $1,023.16        $1.93      
Mid Cap Strategic Growth#....   $1,000.00     $1,134.40       $4.55        $1,000.00     $1,020.81        $4.31      
Money Market I#..............   $1,000.00     $1,015.35       $2.78        $1,000.00     $1,022.31        $2.79      
Nasdaq-100(R) Index..........   $1,000.00     $1,081.78       $3.08        $1,000.00     $1,022.11        $2.99      
Science & Technology@........   $1,000.00     $1,048.80       $5.19        $1,000.00     $1,020.00        $5.11      
Small Cap#...................   $1,000.00     $1,106.27       $5.02        $1,000.00     $1,020.31        $4.81      
Small Cap Index..............   $1,000.00     $1,103.23       $2.32        $1,000.00     $1,022.86        $2.23      
Social Awareness.............   $1,000.00     $1,051.84       $3.24        $1,000.00     $1,021.91        $3.19      
Stock Index..................   $1,000.00     $1,056.91       $1.91        $1,000.00     $1,023.21        $1.88      
Value#.......................   $1,000.00     $1,059.99       $4.91        $1,000.00     $1,020.31        $4.81      
                                                                [Download Table]


                                Expense   
                                 Ratio    
                                 as of    
                              November 30,
Fund                             2005*    
----                          ------------
                                          
Asset Allocation.............     0.68%   
Blue Chip Growth#@...........     1.04%   
Capital Conservation.........     0.81%   
Core Equity#@................     0.85%   
Government Securities........     0.66%   
Growth & Income#.............     0.85%   
Health Sciences@.............     1.15%   
Income & Growth#.............     0.83%   
Inflation Protected#.........     0.65%   
International Equities.......     0.57%   
International Government Bond     0.71%   
International Growth I#......     1.01%   
Large Cap Growth#............     0.96%   
Large Capital Growth#........     0.83%   
Mid Cap Index................     0.38%   
Mid Cap Strategic Growth#....     0.85%   
Money Market I#..............     0.55%   
Nasdaq-100(R) Index..........     0.59%   
Science & Technology@........     1.01%   
Small Cap#...................     0.95%   
Small Cap Index..............     0.44%   
Social Awareness.............     0.63%   
Stock Index..................     0.37%   
Value#.......................     0.95%   

* Expenses are equal to the Fund's annualized expense ratio multiplied by the   
 average account value over the period, multiplied by 183 days then divided by
365 days. These ratios do not reflect fees and expenses associated with the 
 Variable Contracts or Plans. If such fees and expenses had been included, the
expenses would have been higher. Please refer to your variable contract     
prospectus for details that apply to the Variable Contracts or your Plan    
 document for details on the administrative fees charged by your Plan sponsor.
# During the stated period, the investment adviser waived a portion of or all   
fees and assumed a portion of or all expenses for the Fund. As a result, if 
these fees and expenses had not been waived or assumed, the                 
"Actual/Hypothetical Ending Account Value" would have been lower and the    
"Actual/Hypothetical Expenses Paid During the Period" and the "Expense      
Ratios" would have been higher.                                             
@ Through expense offset arrangements resulting from broker commission          
recapture, a portion of the Fund's expenses have been reduced. Had the      
expense reductions been taken into account, the Expense Example would have  
been as follows:                                                            

                                                        [Enlarge/Download Table]

                                       Actual                                   Hypothetical                             
                     ------------------------------------------ --------------------------------------------             
                                                                                 Ending                                  
                                                                              Account Value                              
                                      Ending                                     Using a                                 
                                   Account Value Expenses Paid                Hypothetical   Expenses Paid     Expense   
                       Beginning   Using Actual  During the Six   Beginning    5% Assumed      During the       Ratio    
                     Account Value   Return at    Months Ended  Account Value   Return at   Six Months Ended    as of    
                      at June 1,   November 30,   November 30,   at June 1,   November 30,    November 30,   November 30,
Fund                     2005          2005          2005*          2005          2005           2005*          2005*    
----                 ------------- ------------- -------------- ------------- ------------- ---------------- ------------
                                                                                                                         
Blue Chip Growth#...   $1,000.00     $1,081.73       $5.43        $1,000.00     $1,019.85        $5.27           1.04%   
Core Equity#........   $1,000.00     $1,045.62       $4.31        $1,000.00     $1,020.86        $4.26           0.84%   
Health Sciences.....   $1,000.00     $1,159.12       $6.17        $1,000.00     $1,019.35        $5.77           1.14%   
Science & Technology   $1,000.00     $1,048.80       $5.08        $1,000.00     $1,020.10        $5.01           0.99%   

N-CSRS 8th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 8th
                                                                [Download Table]
                                                                            
4  ASSET ALLOCATION FUND - PORTFOLIO PROFILE (Unaudited)  November 30, 2005

Industry Allocation*                                                            

                                                                [Download Table]
                                         
Financial Services................ 14.40%
Government Agencies............... 10.89%
Oil & Gas.........................  6.40%
Government Obligations............  5.45%
Insurance.........................  5.27%
Repurchase Agreements.............  5.05%
Banks.............................  4.21%
Telecommunications................  3.97%
Conglomerates.....................  3.39%
Utilities -- Electric.............  3.33%
Drugs.............................  2.62%
Retail............................  2.48%
Information Processing -- Software  2.27%
Information Processing -- Hardware  2.22%
Semiconductors....................  1.90%
Leisure & Tourism.................  1.75%
Multimedia........................  1.66%
Hospital Supplies.................  1.61%
Beverages.........................  1.53%
Household Products................  1.42%
Medical -- Biomedical/Gene........  1.18%
Broadcasting......................  1.10%
Information Processing -- Services  1.06%
Electronics/Electrical Equipment..  1.03%
Chemical..........................  0.98%
Tobacco...........................  0.87%
Commercial Services...............  0.85%
Foods.............................  0.83%
Medical Technology................  0.81%
Aerospace/Defense.................  0.79%
Automotive........................  0.69%
Freight...........................  0.67%
Apparel & Products................  0.66%
Metals............................  0.62%
Savings & Loan....................  0.56%
Utilities -- Communication........  0.53%
Paper/Forest Products.............  0.52%
Railroads & Equipment.............  0.52%
Machinery.........................  0.41%
Airlines..........................  0.32%
Pollution Control.................  0.31%
Therapeutics......................  0.30%
Real Estate Investment Trusts.....  0.27%
Building Materials................  0.23%
Hospital Management...............  0.23%
Healthcare........................  0.21%
Publishing........................  0.18%
Utilities -- Gas, Pipeline........  0.15%
Home Builders.....................  0.14%
Schools...........................  0.13%
Mining............................  0.11%
Advertising.......................  0.09%
Real Estate.......................  0.09%
Heavy Duty Trucks/Parts...........  0.08%
Foreign Government Bonds..........  0.06%
Euro Time Deposit.................  0.06%
Utilities -- Gas, Distribution....  0.04%
Funeral Services..................  0.03%
Hardware & Tools..................  0.02%
Appliances/Furnishings............  0.01%
Human Resources...................  0.01%
Photography.......................  0.01%
                                   ----- 
                                   99.58%
                                   ===== 

*  Calculated as a percentage of Net Assets.                                    

N-CSRS 9th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 9th
                                                                [Download Table]
                                                                                  
November 30, 2005 ASSET ALLOCATION FUND - SCHEDULE OF INVESTMENTS (Unaudited)  5  

                                                                [Download Table]


                                              Value   
                                     Shares  (Note 2) 
                                                      
------------------------------------------------------
COMMON STOCK -- 57.53%                                
Advertising -- 0.06%                                  
  Interpublic Group of Cos., Inc.+..  5,530 $   51,540
  Omnicom Group, Inc................    540     45,662
                                            ----------
                                                97,202
                                            ----------
Aerospace/Defense -- 0.67%                            
  Boeing Co.........................  4,420    301,400
  General Dynamics Corp.............    440     50,292
  Goodrich Corp.....................    270     10,400
  Honeywell International, Inc......  4,640    169,546
  L-3 Communications Holdings, Inc..    260     19,370
  Lockheed Martin Corp..............    790     47,874
  Northrop Grumman Corp.............  6,570    376,921
  Raytheon Co.......................    980     37,652
  Rockwell Collins, Inc.............    390     17,823
  United Technologies Corp..........  2,210    118,986
                                            ----------
                                             1,150,264
                                            ----------
Airlines -- 0.02%                                     
  Southwest Airlines Co.............  2,090     34,485
                                            ----------
Apparel & Products -- 0.66%                           
  Chico's FAS, Inc.+................  1,300     57,343
  Coach, Inc.+......................  3,474    119,610
  Jones Apparel Group, Inc..........    260      7,478
  Liz Claiborne, Inc................    240      8,371
  Nike, Inc., Class B...............  3,423    291,982
  Reebok International, Ltd.........    120      6,910
  TJX Cos., Inc..................... 27,640    619,412
  VF Corp...........................    510     28,891
                                            ----------
                                             1,139,997
                                            ----------
Appliances/Furnishings -- 0.01%                       
  Leggett & Platt, Inc..............    410      9,627
  Maytag Corp.......................    180      3,200
  Whirlpool Corp....................    150     12,278
                                            ----------
                                                25,105
                                            ----------
Automotive -- 0.61%                                   
  Advance Auto Parts, Inc.+.........  9,921    420,055
  AutoNation, Inc.+.................    400      8,288
  AutoZone, Inc.+...................    700     62,342
  Cooper Tire & Rubber Co...........    140      2,059
  Danaher Corp......................  4,900    271,950
  Ford Motor Co..................... 19,380    157,560
  General Motors Corp...............  1,220     26,718
  Genuine Parts Co..................    380     16,838
  Goodyear Tire & Rubber Co.+.......    390      6,681
  Lear Corp.........................    910     25,334
  TRW Automotive Holdings Corp.+....  1,870     47,124
  Visteon Corp.+....................    280      1,893
                                            ----------
                                             1,046,842
                                            ----------
Banks -- 3.24%                                        
  AmSouth Bancorp................... 10,410    276,802
  Bank of America Corp.............. 37,080  1,701,601
  Bank of New York Co., Inc......... 25,782    835,337
  BB&T Corp.........................  3,980    169,349
  Cathay General Bancorp............  1,820     69,160
  Comerica, Inc.....................    370     21,338
  Compass Bancshares, Inc...........    270     13,084
  Fifth Third Bancorp...............  4,050    163,093
  First Horizon National Corp.......    280     10,898
  Fulton Financial Corp.............    410      7,126
  Huntington Bancshares, Inc........  7,710    184,732
  KeyCorp...........................  2,730     90,527
  M&T Bank Corp.....................    180     19,480
  Marshall & Ilsley Corp............    450     19,341
  Mellon Financial Corp.............    910     30,612
                                                                [Download Table]


                                                        Value   
                                               Shares  (Note 2) 
                                                                

----------------------------------------------------------------
Banks (continued)                                               
  National City Corp..........................  1,240 $   42,048
  North Fork Bancorp., Inc....................  1,040     28,080
  Northern Trust Corp.........................  1,870     98,530
  PNC Financial Services Group................    630     40,175
  Regions Financial Corp......................  1,000     33,690
  State Street Bank & Trust Co................    720     41,537
  SunTrust Banks, Inc.........................    790     57,465
  Synovus Financial Corp......................  9,640    271,366
  TD Banknorth, Inc...........................    380     11,278
  U.S. Bancorp................................  6,457    195,518
  Wachovia Corp...............................  3,410    182,094
  Wells Fargo & Co............................ 15,028    944,510
  Zions Bancorp...............................    200     15,126
                                                      ----------
                                                       5,573,897
                                                      ----------
Beverages -- 1.31%                                              
  Anheuser-Busch Cos., Inc....................  7,870    344,234
  Brown-Forman Corp., Class B.................    180     12,395
  Coca-Cola Co................................ 24,340  1,039,074
  Coca-Cola Enterprises, Inc..................  5,230    100,520
  Constellation Brands, Inc., Class A+........    430     10,157
  Molson Coors Brewing Co.....................    130      8,657
  Pepsi Bottling Group, Inc...................    310      9,145
  PepsiCo, Inc................................ 12,452    737,158
                                                      ----------
                                                       2,261,340
                                                      ----------
Broadcasting -- 0.28%                                           
  Clear Channel Communications, Inc...........  3,920    127,635
  Comcast Corp., Class A+.....................  5,440    143,616
  Liberty Media Corp.+........................    530      4,070
  Univision Communications, Inc., Class A+....  4,710    142,383
  Westwood One, Inc...........................    260      4,717
  XM Satellite Radio Holdings, Inc., Class A+.  2,250     65,835
                                                      ----------
                                                         488,256
                                                      ----------
Building Materials -- 0.23%                                     
  American Standard Cos., Inc.................  4,010    152,701
  Masco Corp..................................  5,940    176,834
  Sherwin-Williams Co.........................    250     10,960
  USG Corp.+..................................    540     33,048
  Vulcan Materials Co.........................    230     15,341
                                                      ----------
                                                         388,884
                                                      ----------
Chemical -- 0.71%                                               
  Air Products & Chemicals, Inc...............    490     28,993
  Ashland, Inc................................    170      9,478
  Dow Chemical Co.............................  6,170    279,192
  E.I. du Pont de Nemours and Co..............  3,970    169,718
  Eastman Chemical Co.........................  1,240     68,609
  Ecolab, Inc.................................    400     13,308
  Engelhard Corp..............................    270      7,965
  Hercules, Inc.+.............................    250      2,940
  Monsanto Co.................................  2,000    146,540
  PPG Industries, Inc.........................    370     22,470
  Praxair, Inc................................    710     36,920
  Rohm & Haas Co..............................  9,730    426,174
  Sigma-Aldrich Corp..........................    150      9,906
                                                      ----------
                                                       1,222,213
                                                      ----------
Commercial Services -- 0.27%                                    
  Ball Corp...................................    240      9,893
  Cendant Corp................................ 11,460    203,644
  Cintas Corp.................................    300     13,416
  Convergys Corp.+............................    310      5,146
  Deluxe Corp.................................    210      6,811
  Fluor Corp..................................    190     14,079
  Moody's Corp................................  2,200    132,330

N-CSRS 10th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 10th
                                                                [Download Table]
                                                                                  
6  ASSET ALLOCATION FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                           - CONTINUED                                           

                                                                [Download Table]


                                                      Value   
                                            Shares   (Note 2) 
                                                              
--------------------------------------------------------------
COMMON STOCK (continued)                                      
Commercial Services (continued)                               
  Paychex, Inc.............................     720 $   30,535
  Weight Watchers International, Inc.+.....   1,010     48,278
                                                    ----------
                                                       464,132
                                                    ----------
Conglomerates -- 3.17%                                        
  3M Co....................................   9,335    732,611
  Eaton Corp...............................     320     20,390
  General Electric Co.@.................... 115,764  4,135,090
  ITT Industries, Inc......................     210     22,840
  Loews Corp...............................     300     28,974
  Textron, Inc.............................     290     22,881
  Tyco International, Ltd..................  17,400    496,248
                                                    ----------
                                                     5,459,034
                                                    ----------
Drugs -- 2.38%                                                
  Abbott Laboratories......................  12,426    468,585
  Allergan, Inc............................     280     28,000
  Bristol-Myers Squibb Co..................   4,230     91,326
  Caremark Rx, Inc.+.......................   6,200    318,618
  Eli Lilly & Co...........................   8,310    419,655
  Forest Laboratories, Inc.+...............     730     28,521
  King Pharmaceuticals, Inc.+..............   3,030     47,662
  Kos Pharmaceuticals, Inc.+...............     530     35,287
  Merck & Co., Inc.........................  21,488    631,747
  Mylan Laboratories, Inc..................     480     10,027
  OSI Pharmaceuticals, Inc.+...............     660     16,005
  Pfizer, Inc.@............................  75,615  1,603,038
  Schering-Plough Corp.....................  11,220    216,770
  Watson Pharmaceuticals, Inc.+............   1,780     59,381
  Wyeth....................................   2,900    120,524
                                                    ----------
                                                     4,095,146
                                                    ----------
Electronics/Electrical Equipment -- 1.00%                     
  Agilent Technologies, Inc.+..............   1,580     56,343
  American Power Conversion Corp...........     380      8,516
  Applera Corp. - Applied Biosystems Group.     430     11,859
  Arrow Electronics, Inc.+.................   1,740     53,940
  Comverse Technology, Inc.+...............     440     11,532
  Emerson Electric Co......................   5,532    418,274
  Fisher Scientific International, Inc.+...     270     17,410
  Jabil Circuit, Inc.+.....................   6,672    220,977
  JDS Uniphase Corp.+......................   3,570      9,175
  Johnson Controls, Inc....................     420     29,169
  Millipore Corp.+.........................     460     29,376
  Molex, Inc...............................   3,400     91,086
  NVIDIA Corp.+............................     360     13,021
  Parker Hannifin Corp.....................   2,360    161,448
  Perkinelmer, Inc.........................     290      6,615
  Pitney Bowes, Inc........................     500     20,830
  PMC-Sierra, Inc.+........................     400      3,148
  Sanmina-SCI Corp.+.......................   8,710     36,059
  Solectron Corp.+.........................  13,580     48,752
  Symbol Technologies, Inc.................     540      6,172
  Tektronix, Inc...........................     190      4,862
  Thermo Electron Corp.+...................     360     11,106
  Trimble Navigation, Ltd.+................   1,060     34,535
  W. W. Grainger, Inc......................     170     11,939
  Waters Corp.+............................     240      9,415
  Xerox Corp.+.............................  27,374    388,711
                                                    ----------
                                                     1,714,270
                                                    ----------
Financial Services -- 5.40%                                   
  A.G. Edwards, Inc........................   2,300    101,361
  Allied Capital Corp......................   3,610    109,202
  American Capital Strategies, Ltd.........   4,940    189,498
  American Express Co......................  11,360    584,131
  Ameriprise Financial, Inc................   1,558     65,514
                                                                [Download Table]


                                                  Value   
                                         Shares  (Note 2) 
                                                          

----------------------------------------------------------
Financial Services (continued)                            
  Ameritrade Holding Corp.+.............    660 $   15,418
  Bear Stearns Cos., Inc................    250     27,748
  Capital One Financial Corp............  4,230    351,344
  Charles Schwab Corp...................  2,250     34,313
  CIT Group, Inc........................    430     21,285
  Citigroup, Inc........................ 62,599  3,039,181
  CompuCredit Corp.+....................    720     28,130
  Countrywide Financial Corp............  1,280     44,557
  E*TRADE Group, Inc.+..................    880     17,178
  Equifax, Inc..........................    290     11,107
  Fannie Mae............................  4,440    213,342
  Federated Investors, Inc., Class B....  2,096     76,588
  Franklin Resources, Inc...............    330     30,650
  Freddie Mac........................... 10,600    661,970
  Goldman Sachs Group, Inc..............  3,039    391,909
  H & R Block, Inc......................  5,900    144,196
  Instinet Group, Inc.+.................  6,520     33,056
  Janus Capital Group, Inc..............    490      9,393
  JPMorgan Chase & Co................... 19,222    735,241
  Lehman Brothers Holdings, Inc.........    580     73,080
  MBNA Corp............................. 25,140    672,998
  Merrill Lynch & Co., Inc..............  2,000    132,840
  Morgan Stanley........................ 21,720  1,216,972
  Principal Financial Group, Inc........    610     30,909
  SLM Corp..............................    900     47,295
  Student Loan Corp.....................     40      8,444
  T. Rowe Price Group, Inc..............    290     20,866
  Webster Financial Corp................  3,160    151,238
                                                ----------
                                                 9,290,954
                                                ----------
Foods -- 0.77%                                            
  Archer-Daniels-Midland Co.............  7,940    187,146
  Campbell Soup Co......................    410     12,386
  ConAgra Foods, Inc....................  1,130     24,295
  Dean Foods Co.+.......................  1,400     53,466
  General Mills, Inc....................  8,040    382,141
  H J Heinz Co..........................    740     25,693
  Hershey Foods Corp....................    400     21,688
  Kellogg Co............................    560     24,679
  Kraft Foods, Inc., Class A............  5,400    156,276
  McCormick & Co., Inc..................  1,790     55,884
  Sara Lee Corp.........................  1,700     30,702
  Seaboard Corp.........................     10     17,200
  Sysco Corp............................  8,860    286,355
  Tyson Foods, Inc., Class A............    830     13,969
  Wm. Wrigley Jr. Co....................    390     26,750
                                                ----------
                                                 1,318,630
                                                ----------
Freight -- 0.60%                                          
  FedEx Corp............................  1,670    163,025
  JB Hunt Transport Services, Inc.......    420      9,404
  Ryder System, Inc.....................    140      5,940
  United Parcel Service, Inc., Class B.. 11,000    856,900
                                                ----------
                                                 1,035,269
                                                ----------
Hardware & Tools -- 0.02%                                 
  Black & Decker Corp...................    180     15,806
  Snap-on, Inc..........................    130      4,858
  Stanley Works.........................    160      7,680
                                                ----------
                                                    28,344
                                                ----------
Healthcare -- 0.13%                                       
  Bausch & Lomb, Inc....................    120      9,751
  Laboratory Corp. of America Holdings+.    300     15,567
  Manor Care, Inc.......................    180      7,097
  McKesson Corp.........................  2,110    106,133
  Medco Health Solutions, Inc.+.........    650     34,873

N-CSRS 11th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 11th
                                                                [Download Table]
                                                                                  
November 30, 2005 ASSET ALLOCATION FUND - SCHEDULE OF INVESTMENTS (Unaudited)  7  
                                          - CONTINUED                             

                                                                [Download Table]


                                                        Value   
                                               Shares  (Note 2) 
                                                                
----------------------------------------------------------------
COMMON STOCK (continued)                                        
Healthcare (continued)                                          
  Patterson Cos., Inc.+.......................    300 $   10,482
  Universal Health Services, Inc., Class B....    990     47,441
                                                      ----------
                                                         231,344
                                                      ----------
Heavy Duty Trucks/Parts -- 0.04%                                
  Dana Corp...................................    330      2,300
  Navistar International Corp.+...............  1,320     37,448
  PACCAR, Inc.................................    380     27,307
                                                      ----------
                                                          67,055
                                                      ----------
Home Builders -- 0.14%                                          
  Centex Corp.................................    270     19,400
  DR Horton, Inc..............................    580     20,555
  KB Home.....................................    430     30,001
  Lennar Corp.................................    300     17,304
  NVR, Inc.+..................................    110     75,597
  Pulte Homes, Inc............................    460     19,150
  Ryland Group, Inc...........................    890     63,671
                                                      ----------
                                                         245,678
                                                      ----------
Hospital Management -- 0.16%                                    
  HCA, Inc....................................  2,700    137,673
  Health Management Associates, Inc., Class A.  5,880    137,710
  Tenet Healthcare Corp.+.....................  1,020      7,976
                                                      ----------
                                                         283,359
                                                      ----------
Hospital Supplies -- 1.58%                                      
  AmerisourceBergen Corp......................  2,170    174,360
  Becton, Dickinson and Co....................    540     31,444
  Cardinal Health, Inc........................  7,090    453,405
  CR Bard, Inc................................    230     14,920
  Henry Schein, Inc.+.........................    300     12,795
  Hospira, Inc.+..............................    350     15,453
  Johnson & Johnson........................... 22,683  1,400,675
  Medtronic, Inc..............................  2,620    145,593
  St. Jude Medical, Inc.+.....................  7,370    352,065
  Stryker Corp................................  2,540    109,982
                                                      ----------
                                                       2,710,692
                                                      ----------
Household Products -- 1.42%                                     
  Alberto-Culver Co., Class B.................    170      7,392
  American Greetings Corp., Class A...........    590     15,458
  Avon Products, Inc..........................  1,010     27,624
  Church & Dwight Co., Inc....................    220      7,308
  Clorox Co...................................  2,490    135,157
  Colgate-Palmolive Co........................  7,983    435,233
  Fortune Brands, Inc.........................    320     24,947
  International Flavors & Fragrances, Inc.....    180      5,857
  Kimberly-Clark Corp.........................  6,930    408,731
  Newell Rubbermaid, Inc......................  5,610    129,423
  Procter & Gamble Co......................... 21,658  1,238,621
                                                      ----------
                                                       2,435,751
                                                      ----------
Human Resources -- 0.01%                                        
  Robert Half International, Inc..............    360     13,774
                                                      ----------
Information Processing - Hardware -- 2.22%                      
  Apple Computer, Inc.+.......................  5,240    355,377
  Dell, Inc.+................................. 28,099    847,466
  Diebold, Inc................................    680     26,425
  EMC Corp.+.................................. 15,960    222,323
  Gateway, Inc.+..............................    580      1,763
  Hewlett-Packard Co.......................... 24,590    729,585
  International Business Machines Corp........ 13,789  1,225,842
  Juniper Networks, Inc.+..................... 11,300    254,137
  Lexmark International, Inc., Class A+.......    250     11,905
  Network Appliance, Inc.+....................    790     23,005
  Sandisk Corp.+..............................  1,190     60,761
                                                                [Download Table]


                                                           Value   
                                                  Shares  (Note 2) 
                                                                   

-------------------------------------------------------------------
Information Processing - Hardware (continued)                      
  Seagate Technology+............................  1,780 $   33,677
  Sun Microsystems, Inc.+........................  7,380     27,823
                                                         ----------
                                                          3,820,089
                                                         ----------
Information Processing - Services -- 0.97%                         
  3Com Corp.+....................................  2,770     10,027
  Affiliated Computer Services, Inc., Class A+...    280     15,618
  CACI International, Inc., Class A+.............    340     18,823
  Cognizant Technology Solutions Corp., Class A+.  1,190     57,822
  Computer Sciences Corp.+.......................  2,370    119,045
  DST Systems, Inc.+.............................    610     36,277
  eBay, Inc.+....................................  7,620    341,452
  Electronic Data Systems Corp...................  1,120     25,816
  First Data Corp................................  1,670     72,261
  Fiserv, Inc.+..................................  2,920    132,889
  Google, Inc.+..................................    470    190,345
  Monster Worldwide, Inc.+.......................  1,630     63,407
  NCR Corp.+.....................................    410     13,920
  Symantec Corp.+................................ 10,705    189,157
  Total Systems Services, Inc....................    260      5,606
  Unisys Corp.+..................................    740      4,551
  Yahoo!, Inc.+..................................  9,400    378,162
                                                         ----------
                                                          1,675,178
                                                         ----------
Information Processing - Software -- 2.26%                         
  Adobe Systems, Inc.............................  1,882     61,372
  Autodesk, Inc..................................    490     20,443
  Automatic Data Processing, Inc.................  8,677    407,819
  BEA Systems, Inc.+.............................  1,740     15,260
  BMC Software, Inc.+............................    470      9,630
  Citrix Systems, Inc.+..........................    370     10,042
  Computer Associates International, Inc.........  1,650     47,041
  Compuware Corp.+...............................  1,450     13,383
  Global Payments, Inc...........................    800     35,024
  IMS Health, Inc................................    490     11,981
  Intuit, Inc.+..................................  2,100    112,497
  Mercury Interactive Corp.+.....................    190      5,282
  Microsoft Corp.@............................... 93,415  2,588,530
  Novell, Inc.+..................................    830      6,457
  Oracle Corp.+.................................. 34,660    435,676
  Parametric Technology Corp.+...................    590      3,452
  Red Hat, Inc.+.................................  1,090     25,691
  SEI Investments Co.............................  1,680     68,628
  Siebel Systems, Inc............................  1,130     11,865
  Sybase, Inc.+..................................    230      5,164
                                                         ----------
                                                          3,895,237
                                                         ----------
Insurance -- 4.43%                                                 
  ACE, Ltd.......................................  3,830    212,565
  Aetna, Inc.....................................  9,126    844,064
  AFLAC, Inc.....................................  1,460     70,080
  Allstate Corp..................................  9,546    535,531
  AMBAC Financial Group, Inc.....................    240     18,406
  American International Group, Inc.(2).......... 25,250  1,695,285
  Aon Corp.......................................    690     25,123
  Assurant, Inc..................................  1,660     73,239
  Chubb Corp.....................................  5,615    543,757
  CIGNA Corp.....................................  1,270    142,900
  Cincinnati Financial Corp......................  3,071    136,752
  CNA Financial Corp.+...........................    520     17,706
  Coventry Health Care, Inc.+....................    345     20,552
  Hartford Financial Services Group, Inc.........  3,228    282,030
  Humana, Inc.+..................................    350     16,040
  Jefferson-Pilot Corp...........................    300     16,665
  Lincoln National Corp..........................  6,478    336,726
  Marsh & McLennan Cos., Inc.....................  1,150     35,523
  MBIA, Inc......................................    300     18,534
  MetLife, Inc...................................  4,720    242,797

N-CSRS 12th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 12th
                                                                [Download Table]
                                                                                  
8  ASSET ALLOCATION FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                           - CONTINUED                                           

                                                                [Download Table]


                                                               Value   
                                                      Shares  (Note 2) 
                                                                       
-----------------------------------------------------------------------
COMMON STOCK (continued)                                               
Insurance (continued)                                                  
  MGIC Investment Corp...............................    210 $   13,671
  Nationwide Financial Services, Inc., Class A.......    980     41,307
  Progressive Corp...................................  3,010    370,200
  Protective Life Corp...............................    970     42,855
  Prudential Financial, Inc..........................  1,110     85,914
  Safeco Corp........................................    730     41,062
  Sierra Health Services, Inc.+......................    780     61,012
  St. Paul Travelers Cos., Inc....................... 14,720    684,921
  Torchmark Corp.....................................  2,810    152,077
  UnitedHealth Group, Inc............................  9,910    593,212
  UnumProvident Corp.................................    650     14,300
  W.R. Berkley Corp..................................    580     27,040
  WellPoint, Inc.+...................................  1,320    101,416
  Xl Capital, Ltd., Class A..........................  1,560    103,553
                                                             ----------
                                                              7,616,815
                                                             ----------
Leisure & Tourism -- 1.55%                                             
  Brunswick Corp.....................................    220      8,644
  Carnival Corp......................................  3,330    181,452
  Darden Restaurants, Inc............................  2,880    103,046
  Electronic Arts, Inc.+.............................    650     36,634
  Harley-Davidson, Inc...............................  3,210    172,891
  Harrah's Entertainment, Inc........................    390     26,555
  Hasbro, Inc........................................    390      7,964
  Hilton Hotels Corp.................................    710     15,563
  International Game Technology......................    730     21,426
  Las Vegas Sands Corp.+.............................  1,940     80,917
  Marriott International, Inc., Class A.............. 10,310    666,129
  Mattel, Inc........................................    880     14,652
  McDonald's Corp.................................... 12,956    438,561
  Panera Bread Co., Class A+.........................    550     37,400
  Penn National Gaming, Inc.+........................    870     28,858
  Royal Caribbean Cruises, Ltd.......................  9,820    450,345
  Sabre Holdings Corp., Class A......................    290      6,632
  SCP Pool Corp......................................    730     28,419
  Sonic Corp.+.......................................     80      2,367
  Starbucks Corp.+...................................  1,660     50,547
  Starwood Hotels & Resorts Worldwide, Inc., Class B.    470     28,435
  Wendy's International, Inc.........................    260     13,203
  Yum! Brands, Inc...................................  4,970    242,486
                                                             ----------
                                                              2,663,126
                                                             ----------
Machinery -- 0.38%                                                     
  Caterpillar, Inc...................................  1,460     84,359
  Cooper Industries, Ltd., Class A...................    210     15,276
  Cummins, Inc.......................................    110      9,790
  Deere & Co.........................................    520     36,062
  Dover Corp.........................................    440     17,798
  IDEX Corp..........................................    280     12,359
  Illinois Tool Works, Inc...........................  1,580    139,467
  Ingersoll-Rand Co., Class A........................    740     29,326
  Pall Corp..........................................    270      7,495
  Rockwell Automation, Inc...........................  5,289    298,458
                                                             ----------
                                                                650,390
                                                             ----------
Medical - Biomedical/Gene -- 1.02%                                     
  Affymetrix, Inc.+..................................    410     20,188
  Amgen, Inc.+....................................... 13,085  1,058,969
  Biogen Idec, Inc.+.................................  1,350     57,794
  Genentech, Inc.+...................................  2,653    253,680
  Genzyme Corp.+.....................................    550     40,887
  Invitrogen Corp.+..................................  1,760    117,304
  MedImmune, Inc.+...................................    540     19,391
  Protein Design Labs, Inc.+.........................  2,410     67,119
  Vertex Pharmaceuticals, Inc.+......................  4,420    112,710
                                                             ----------
                                                              1,748,042
                                                             ----------
                                                                [Download Table]


                                                          Value   
                                                 Shares  (Note 2) 
                                                                  

------------------------------------------------------------------
Medical Technology -- 0.81%                                       
  Baxter International, Inc.....................  5,140 $  199,895
  Biomet, Inc...................................    540     19,235
  Boston Scientific Corp.+...................... 11,430    302,666
  Chiron Corp.+.................................    240     10,632
  Guidant Corp..................................  5,120    315,802
  Nektar Therapeutics+..........................    950     15,979
  Quest Diagnostics, Inc........................    370     18,533
  Zimmer Holdings, Inc.+........................  8,070    505,747
                                                        ----------
                                                         1,388,489
                                                        ----------
Metals -- 0.43%                                                   
  Alcoa, Inc....................................  1,880     51,531
  Allegheny Technologies, Inc...................    190      6,266
  Crown Holdings, Inc.+.........................  1,240     22,990
  Freeport-McMoRan Copper & Gold, Inc., Class B.  4,770    248,565
  Nucor Corp....................................  1,860    124,769
  Phelps Dodge Corp.............................  1,550    210,288
  United States Steel Corp......................  1,670     79,492
                                                        ----------
                                                           743,901
                                                        ----------
Mining -- 0.03%                                                   
  Newmont Mining Corp...........................    960     44,275
                                                        ----------
Multimedia -- 1.47%                                               
  Belo Corp.....................................    390      8,502
  Gannett Co., Inc..............................  1,550     95,511
  McGraw-Hill Cos., Inc.........................    810     42,970
  Meredith Corp.................................    100      5,100
  News Corp., Class A........................... 19,290    285,685
  Time Warner, Inc.............................. 38,106    685,146
  Viacom, Inc., Class B......................... 22,659    756,811
  Walt Disney Co................................ 26,217    653,590
                                                        ----------
                                                         2,533,315
                                                        ----------
Oil & Gas -- 5.45%                                                
  Amerada Hess Corp.............................    170     20,828
  Anadarko Petroleum Corp.......................  3,330    301,731
  Apache Corp...................................    710     46,349
  Baker Hughes, Inc.............................    740     42,439
  BJ Services Co................................  6,530    239,324
  Burlington Resources, Inc.....................  5,090    367,752
  ChevronTexaco Corp............................ 24,970  1,431,031
  ConocoPhillips................................  4,580    277,136
  Cooper Cameron Corp.+.........................  7,320    582,892
  Devon Energy Corp.............................  5,710    343,742
  El Paso Corp..................................  1,420     15,606
  EOG Resources, Inc............................    520     37,310
  Equitable Resources, Inc......................  3,430    128,248
  Exxon Mobil Corp.@............................ 67,761  3,932,171
  Grant Prideco, Inc.+..........................  2,540     97,511
  Halliburton Co................................  1,100     70,015
  Kerr-McGee Corp...............................    250     21,612
  Kinder Morgan, Inc............................  1,550    140,430
  Marathon Oil Corp.............................    792     46,958
  Murphy Oil Corp...............................  1,350     66,771
  Nabors Industries, Ltd.+......................  1,180     82,612
  National-Oilwell Varco, Inc.+.................    370     22,429
  Noble Corp....................................  1,719    123,888
  Occidental Petroleum Corp.....................    860     68,198
  Peoples Energy Corp...........................     90      3,234
  Rowan Cos., Inc...............................    240      8,611
  Schlumberger, Ltd.............................  1,270    121,577
  Sunoco, Inc...................................    290     22,388
  Transocean, Inc.+.............................    710     45,326
  UGI Corp......................................    420      9,240
  Valero Energy Corp............................  1,300    125,060
  Vintage Petroleum, Inc........................     20      1,048

N-CSRS 13th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 13th
                                                                [Download Table]
                                                                                  
November 30, 2005 ASSET ALLOCATION FUND - SCHEDULE OF INVESTMENTS (Unaudited)  9  
                                          - CONTINUED                             

                                                                [Download Table]


                                                           Value   
                                                  Shares  (Note 2) 
                                                                   
-------------------------------------------------------------------
COMMON STOCK (continued)                                           
Oil & Gas (continued)                                              
  Weatherford International, Ltd.+...............  7,060 $  490,741
  XTO Energy, Inc................................    780     31,738
                                                         ----------
                                                          9,365,946
                                                         ----------
Paper/Forest Products -- 0.36%                                     
  Avery Dennison Corp............................  1,228     72,194
  Bemis Co., Inc.................................    240      6,612
  Georgia-Pacific Corp...........................    570     26,955
  International Paper Co.........................  7,760    244,673
  Louisiana-Pacific Corp.........................    510     13,755
  Meadwestvaco Corp..............................  5,080    142,189
  Pactiv Corp.+..................................  1,100     22,264
  Plum Creek Timber Co., Inc.....................    400     15,584
  Sealed Air Corp.+..............................    180      9,308
  Smurfit-Stone Container Corp.+.................  1,120     14,190
  Temple-Inland, Inc.............................    250     10,468
  Weyerhaeuser Co................................    540     35,807
                                                         ----------
                                                            613,999
                                                         ----------
Photography -- 0.01%                                               
  Eastman Kodak Co...............................    620     14,861
                                                         ----------
Pollution Control -- 0.26%                                         
  Allied Waste Industries, Inc.+.................    480      4,037
  Republic Services, Inc., Class A...............  2,520     90,342
  Waste Management, Inc.......................... 11,880    355,331
                                                         ----------
                                                            449,710
                                                         ----------
Publishing -- 0.18%                                                
  Dow Jones & Co., Inc...........................    130      4,434
  John Wiley & Sons, Inc., Class A...............  1,020     42,157
  Knight-Ridder, Inc.............................    160      9,664
  New York Times Co., Class A....................    320      8,800
  R. R. Donnelley & Sons Co......................    470     16,074
  Tribune Co.....................................  7,190    229,864
                                                         ----------
                                                            310,993
                                                         ----------
Railroads & Equipment -- 0.22%                                     
  Burlington Northern Santa Fe Corp..............    800     52,944
  CSX Corp.......................................  4,970    241,741
  Norfolk Southern Corp..........................    870     38,489
  Union Pacific Corp.............................    580     44,393
                                                         ----------
                                                            377,567
                                                         ----------
Real Estate Investment Trusts -- 0.24%                             
  Apartment Investment & Management Co., Class A.  2,290     88,692
  Archstone-Smith Trust..........................    460     19,233
  Camden Property Trust..........................    760     44,840
  Equity Office Properties Trust.................  3,290    102,582
  Equity Residential.............................    630     25,679
  Health Care Property Investors, Inc............  1,680     44,133
  ProLogis.......................................    540     24,494
  Public Storage, Inc............................    180     12,708
  Simon Property Group, Inc......................    400     30,924
  Vornado Realty Trust...........................    260     22,191
                                                         ----------
                                                            415,476
                                                         ----------
Retail -- 2.36%                                                    
  Albertson's, Inc...............................  4,650    109,275
  Amazon.com, Inc.+..............................    670     32,468
  American Eagle Outfitters, Inc.................  1,950     44,382
  Bed Bath & Beyond, Inc.+.......................    640     27,302
  Best Buy Co., Inc..............................  3,649    176,028
  Big Lots, Inc.+................................    250      3,073
  Burlington Coat Factory Warehouse Corp.........    580     22,991
  Circuit City Stores, Inc.......................    360      7,535
  Costco Wholesale Corp..........................  1,810     90,464
  CVS Corp....................................... 11,940    322,619
  Dillard's, Inc., Class A.......................    140      2,936
                                                                [Download Table]


                                                    Value   
                                           Shares  (Note 2) 
                                                            

------------------------------------------------------------
Retail (continued)                                          
  Dollar General Corp.....................  6,510 $  123,104
  Express Scripts, Inc., Class A+.........    950     80,237
  Family Dollar Stores, Inc...............    340      7,653
  Federated Department Stores, Inc........  1,866    120,226
  Gap, Inc................................  7,700    133,826
  Home Depot, Inc.........................  7,340    306,665
  J.C. Penney Co., Inc....................    540     28,334
  Kohl's Corp.+...........................    740     34,040
  Kroger Co.+.............................  9,150    178,059
  Limited Brands, Inc.....................    750     16,688
  Lowe's Cos., Inc........................  3,740    252,375
  Nordstrom, Inc..........................    470     17,334
  Office Depot, Inc.+.....................    680     20,182
  OfficeMax, Inc..........................    160      4,669
  RadioShack Corp.........................    300      6,843
  Rite Aid Corp.+......................... 11,200     41,328
  Ross Stores, Inc........................  1,460     40,150
  Safeway, Inc............................  5,610    130,432
  Saks, Inc.+.............................    250      4,133
  Sears Holdings Corp.+...................    220     25,304
  Staples, Inc............................  4,255     98,290
  SUPERVALU, Inc..........................    300      9,816
  Target Corp.............................  9,380    501,924
  Tiffany & Co............................    310     12,617
  Wal-Mart Stores, Inc.................... 18,906    918,075
  Walgreen Co.............................  2,210    100,953
                                                  ----------
                                                   4,052,330
                                                  ----------
Savings & Loan -- 0.10%                                     
  Golden West Financial Corp..............    560     36,282
  Sovereign Bancorp, Inc..................  1,770     38,692
  Washington Mutual, Inc..................  2,152     88,641
                                                  ----------
                                                     163,615
                                                  ----------
Schools -- 0.04%                                            
  Apollo Group, Inc., Class A+............    310     22,072
  Career Education Corp.+.................  1,120     41,776
                                                  ----------
                                                      63,848
                                                  ----------
Semiconductors -- 1.90%                                     
  Advanced Micro Devices, Inc.+...........    860     22,515
  Altera Corp.+...........................    810     14,791
  Analog Devices, Inc.....................  5,850    221,832
  Applied Materials, Inc..................  3,510     63,566
  Applied Micro Circuits Corp.+...........    670      1,769
  Broadcom Corp., Class A+................  3,844    178,900
  Freescale Semiconductor, Inc., Class B+.    870     22,446
  Intel Corp.............................. 67,421  1,798,792
  KLA-Tencor Corp.........................  3,460    177,117
  Linear Technology Corp..................    810     30,221
  LSI Logic Corp.+........................  1,190      9,770
  Maxim Integrated Products, Inc..........  1,280     46,784
  Micron Technology, Inc.+................  1,330     18,966
  National Semiconductor Corp.............    740     19,151
  Novellus Systems, Inc.+.................  2,470     60,935
  QLogic Corp.+...........................    180      5,951
  Teradyne, Inc.+.........................    430      6,291
  Texas Instruments, Inc.................. 13,040    423,539
  Xilinx, Inc.............................  5,228    138,228
                                                  ----------
                                                   3,261,564
                                                  ----------
Telecommunications -- 2.59%                                 
  ADC Telecommunications, Inc.+...........    342      6,987
  Alltel Corp.............................    820     54,801
  Andrew Corp.+...........................    360      3,935
  Avaya, Inc.+............................  3,748     44,676
  BellSouth Corp..........................  4,680    127,577
  CenturyTel, Inc.........................  4,470    147,957

N-CSRS 14th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 14th
                                                                [Download Table]
                                                                                  
10  ASSET ALLOCATION FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                           

                                                                [Download Table]


                                                      Value   
                                             Shares  (Note 2) 
                                                              
--------------------------------------------------------------
COMMON STOCK (continued)                                      
Telecommunications (continued)                                
  Ciena Corp.+.............................. 12,700 $   37,973
  Cisco Systems, Inc.+...................... 45,560    799,122
  Citizens Communications Co................  9,990    130,369
  Corning, Inc.+............................  6,170    124,942
  Lucent Technologies, Inc.+................  9,620     26,840
  MCI, Inc..................................     80      1,589
  Motorola, Inc.............................  5,340    128,640
  Nokia Oyj Sponsored ADR................... 19,950    340,746
  NTL, Inc.+................................    820     47,749
  QUALCOMM, Inc............................. 22,217  1,010,207
  Qwest Communications International, Inc.+.  3,300     17,292
  Scientific-Atlanta, Inc...................    330     13,966
  Telephone and Data Systems, Inc...........    740     27,047
  Telewest Global, Inc.+....................  2,900     64,641
  Tellabs, Inc.+............................    960      9,850
  Verizon Communications, Inc............... 40,450  1,293,591
                                                    ----------
                                                     4,460,497
                                                    ----------
Therapeutics -- 0.30%                                         
  Gilead Sciences, Inc.+.................... 10,310    522,614
                                                    ----------
Tobacco -- 0.80%                                              
  Altria Group, Inc......................... 15,120  1,100,585
  Loews Corp. - Carolina Group..............    810     32,602
  Reynolds American, Inc....................    190     16,914
  UST, Inc..................................  6,040    233,023
                                                    ----------
                                                     1,383,124
                                                    ----------
Utilities - Communication -- 0.53%                            
  AT&T, Inc................................. 21,464    534,668
  Sprint Corp............................... 14,706    368,238
                                                    ----------
                                                       902,906
                                                    ----------
Utilities - Electric -- 1.67%                                 
  AES Corp.+................................  2,480     39,110
  Allegheny Energy, Inc.+...................    350      9,741
  Allete, Inc...............................  2,150     99,438
  Ameren Corp...............................    450     23,607
  American Electric Power Co., Inc.......... 14,820    541,523
  Calpine Corp.+............................  1,230        627
  CenterPoint Energy, Inc...................  4,950     65,439
  Cinergy Corp..............................    440     18,075
  CMS Energy Corp.+.........................  5,580     78,008
  Consolidated Edison, Inc..................    530     24,136
  Constellation Energy Group, Inc...........    390     20,666
  Dominion Resources, Inc...................    730     55,444
  DTE Energy Co.............................  2,220     96,881
  Duke Energy Corp.......................... 16,856    452,752
  Dynegy, Inc., Class A+....................    660      3,161
  Edison International, Inc................. 11,106    501,103
  Entergy Corp..............................  3,140    219,800
  Exelon Corp...............................  1,450     75,458
  FirstEnergy Corp..........................    720     33,811
  FPL Group, Inc............................    860     36,455
  NiSource, Inc.............................    600     12,918
  NRG Energy, Inc.+.........................  2,210     96,511
  PG&E Corp.................................    740     27,217
  Pinnacle West Capital Corp................    220      9,128
  PPL Corp..................................    830     24,402
  Progress Energy, Inc......................    550     24,629
  Public Service Enterprise Group, Inc......    510     31,987
  SCANA Corp................................    370     14,659
  Southern Co...............................  1,620     56,230
  TECO Energy, Inc..........................    460      8,045
  TXU Corp..................................  1,450    148,813
  Wisconsin Energy Corp.....................    330     12,524
  Xcel Energy, Inc..........................    880     16,289
                                                    ----------
                                                     2,878,587
                                                    ----------
                                                                [Download Table]


                                                              Shares/              
                                                             Principal    Value    
                                                              Amount     (Note 2)  
                                                                                   

-----------------------------------------------------------------------------------
Utilities - Gas, Distribution -- 0.04%                                             
  Keyspan Corp..............................................      1,380 $    46,313
  Nicor, Inc................................................        100       4,010
  Sempra Energy.............................................        560      24,612
                                                                        -----------
                                                                             74,935
                                                                        -----------
Utilities - Gas, Pipeline -- 0.02%                                                 
  National Fuel Gas Co......................................        320      10,320
  Williams Cos., Inc........................................      1,230      26,445
                                                                        -----------
                                                                             36,765
                                                                        -----------
Total Common Stock                                                                 
   (Cost $87,996,973).......................................             98,950,111
                                                                        -----------
PREFERRED STOCK -- 0.38%                                                           
Financial Services -- 0.27%                                                        
  Fannie Mae 7.00%(3).......................................      2,010     111,756
  Freddie Mac 5.70%.........................................      1,870      89,105
  General Electric Capital Corp. 8.00%(4)...................     11,000     255,200
                                                                        -----------
                                                                            456,061
                                                                        -----------
Insurance -- 0.11%                                                                 
  Endurance Specialty Holdings, Ltd. 7.75%..................      8,000     190,800
                                                                        -----------
Total Preferred Stock                                                              
   (Cost $674,687)..........................................                646,861
                                                                        -----------
ASSET-BACKED SECURITIES -- 1.58%                                                   
Financial Services -- 1.58%                                                        
  American Express Credit Account Master Trust,                                    
   Series 2005-7, Class B:                                                         
   4.39% due 03/16/15(3).................................... $   70,000      69,827
  Chase Funding Mtg. Loan, Series 2003-6, Class 1A6:                               
   4.59% due 05/25/15.......................................    100,000      97,475
  Commerical Mtg. Certificates, Series 2004-LB2A                                   
   Pass Through:                                                                   
   4.22% due 03/10/39(6)....................................  1,775,000   1,702,184
  Granite Mtg. PLC, Series 2003-3, Class 1A3:                                      
   4.37% due 01/20/44(3)(7).................................    150,000     150,389
  Morgan Stanley Capital I, Series 2005-HQ7, Series D                              
   Pass Through:                                                                   
   5.21% due 11/14/42(1)(6).................................    150,000     149,068
  Morgan Stanley Capital I, Series 2005-HQ7, Series G                              
   Pass Through:                                                                   
   3.86% due 11/14/42(1)(6).................................    200,000     195,540
  Residential Funding Mtg. Securities II, Inc.,                                    
   Series 2005-HS2, Class AI4:                                                     
   5.66% due 11/25/35(1)....................................    150,000     149,943
  Residential Funding Mtg. Securities II, Inc.,                                    
   Series 2005-HS2, Class AI5:                                                     
   5.47% due 11/25/35(1)....................................    200,000     199,988
                                                                        -----------
Total Asset-Backed Securities                                                      
   (Cost $2,722,702)........................................              2,714,414
                                                                        -----------
CORPORATE BONDS -- 12.99%                                                          
Advertising -- 0.03%                                                               
  Affinity Group, Inc.:                                                            
   9.00% due 02/15/12.......................................     50,000      49,875
                                                                        -----------
Aerospace/Defense -- 0.12%                                                         
  Raytheon Co.:                                                                    
   6.75% due 08/15/07.......................................    195,000     200,103
                                                                        -----------
Airlines -- 0.30%                                                                  
  American Airlines, Inc., Series 2001-1A2 Pass Through:                           
   6.82% due 05/23/11.......................................    175,000     163,313
  Atlas Air, Inc., Series 1999-A1 Pass Through:                                    
   7.20% due 01/02/19.......................................    326,325     324,026
  Continental Airlines, Inc., Series 1999-2C1 Pass Through:                        
   7.73% due 03/15/11.......................................      9,075       7,530
  Delta Air Lines, Inc.:                                                           
   8.30% due 12/15/29(9)(10)................................     50,000      10,250
   10.00% due 08/15/08(9)(10)...............................     75,000      15,187
                                                                        -----------
                                                                            520,306
                                                                        -----------

N-CSRS 15th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 15th
                                                                [Download Table]
                                                                                  
November 30, 2005 ASSET ALLOCATION FUND - SCHEDULE OF INVESTMENTS (Unaudited)  11 
                                          - CONTINUED                             

                                                                [Download Table]


                                                Principal   Value   
                                                 Amount    (Note 2) 
                                                                    
--------------------------------------------------------------------
CORPORATE BONDS (continued)                                         
Automotive -- 0.08%                                                 
  Cooper-Standard Automotive, Inc.:                                 
   8.38% due 12/15/14.......................... $ 25,000  $   18,750
  DaimlerChrysler North America Holding Corp.:                      
   4.88% due 06/15/10..........................   59,000      57,378
  Ford Motor Co.:                                                   
   7.45% due 07/16/31..........................   80,000      56,400
                                                          ----------
                                                             132,528
                                                          ----------
Banks -- 0.77%                                                      
  BankBoston Captial Trust IV:                                      
   4.39% due 06/08/28(3).......................  140,000     135,751
  Capital One Bank:                                                 
   5.13% due 02/15/14..........................   25,000      24,395
  Chemical Bank:                                                    
   6.13% due 11/01/08..........................  117,000     120,289
  First Maryland Capital II:                                        
   5.10% due 02/01/27(3).......................  124,000     121,333
  HSBC Bank USA:                                                    
   5.63% due 08/15/35..........................  130,000     123,612
  Key Bank NA:                                                      
   7.00% due 02/01/11..........................   86,000      93,070
  PNC Bank NA:                                                      
   4.88% due 09/21/17..........................  110,000     104,357
  PNC Funding Corp.:                                                
   5.75% due 08/01/06..........................  179,000     180,060
  Popular North America, Inc.:                                      
   4.25% due 04/01/08..........................  201,000     197,633
  US Bank NA:                                                       
   3.90% due 08/15/08..........................   26,000      25,391
  Wachovia Corp.:                                                   
   5.50% due 08/01/35..........................  130,000     123,268
  Wells Fargo & Co.:                                                
   3.97% due 09/15/09(3).......................   67,000      67,074
                                                          ----------
                                                           1,316,233
                                                          ----------
Beverages -- 0.22%                                                  
  Anheuser-Busch Cos., Inc.:                                        
   5.00% due 03/01/19..........................  121,000     116,676
  Coca-Cola Enterprises, Inc.:                                      
   8.50% due 02/01/22..........................  159,000     205,980
  Foster's Finance Corp.:                                           
   6.88% due 06/15/11*.........................   55,000      59,088
                                                          ----------
                                                             381,744
                                                          ----------
Broadcasting -- 0.74%                                               
  Chancellor Media Corp.:                                           
   8.00% due 11/01/08..........................  150,000     159,514
  Charter Communications Holdings LLC:                              
   11.13% due 01/15/11.........................  105,000      63,525
  Clear Channel Communications, Inc.:                               
   6.88% due 06/15/18..........................  130,000     130,072
  Comcast Corp.:...............................                     
   6.50% due 11/15/35..........................   65,000      65,408
  Cox Communications, Inc.:                                         
   7.63% due 06/15/25..........................   76,000      84,390
   7.75% due 11/01/10..........................  239,000     258,950
  Nexstar Finance, Inc.:                                            
   7.00% due 01/15/14..........................   40,000      35,800
  Paxson Communications Corp.:                                      
   12.14% due 01/15/09(4)......................  205,000     210,894
  Viacom, Inc.:                                                     
   6.63% due 05/15/11..........................  134,000     138,903
  Young Broadcasting, Inc.:                                         
   10.00% due 03/01/11.........................  125,000     117,500
                                                          ----------
                                                           1,264,956
                                                          ----------
Chemical -- 0.27%                                                   
  BCI US Finance Corp.:                                             
   9.65% due 07/15/10*(3)......................  150,000     152,437
                                                                [Download Table]


                                                                Principal   Value   
                                                                 Amount    (Note 2) 
                                                                                    

------------------------------------------------------------------------------------
Chemical (continued)                                                                
  Cytec Industries, Inc.:                                                           
   6.00% due 10/01/15.......................................... $110,000  $  104,740
  E.I. du Pont de Nemours and Co.:                                                  
   4.13% due 04/30/10..........................................   26,000      25,080
  ICI North America, Inc.:                                                          
   8.88% due 11/15/06..........................................  121,000     125,035
  Lubrizol Corp.:                                                                   
   4.63% due 10/01/09..........................................   55,000      53,677
                                                                          ----------
                                                                             460,969
                                                                          ----------
Commercial Services -- 0.58%                                                        
  Hertz Corp.:                                                                      
   4.70% due 10/02/06..........................................  162,000     161,517
   7.40% due 03/01/11..........................................  221,000     214,370
   7.63% due 06/01/12..........................................  222,000     215,340
  Monitronics International, Inc.:                                                  
   11.75% due 09/01/10.........................................   70,000      69,038
  PHH Corp.:                                                                        
   6.00% due 03/01/08..........................................  179,000     181,365
  Rent-Way, Inc.:                                                                   
   11.88% due 06/15/10.........................................  151,000     163,080
                                                                          ----------
                                                                           1,004,710
                                                                          ----------
Conglomerates -- 0.19%                                                              
  Tyco International Group SA:                                                      
   6.75% due 02/15/11..........................................  315,000     330,346
                                                                          ----------
Drugs -- 0.16%                                                                      
  American Home Products Corp.:                                                     
   6.70% due 03/15/11..........................................   93,000     100,094
  Merck & Co., Inc.:                                                                
   2.50% due 03/30/07..........................................  108,000     104,607
  Wyeth:                                                                            
   6.00% due 02/15/36*.........................................   65,000      65,549
                                                                          ----------
                                                                             270,250
                                                                          ----------
Electronics/Electrical Equipment -- 0.03%                                           
  Avnet, Inc.:                                                                      
   6.00% due 09/01/15..........................................   55,000      52,953
                                                                          ----------
Financial Services -- 2.66%                                                         
  Allstate Life Global Funding Trust:                                               
   3.85% due 01/25/08..........................................   55,000      53,854
  American Express Credit Corp.:                                                    
   5.30% due 12/02/15..........................................  110,000     109,646
  Ameriprise Financial, Inc.:                                                       
   5.35% due 11/15/10..........................................  132,000     132,477
  BAE Systems Holdings, Inc.:                                                       
   4.75% due 08/15/10*.........................................  241,000     235,921
   5.20% due 08/15/15*.........................................  179,000     174,331
   6.40% due 12/15/11*.........................................  240,000     252,305
  Barrick Gold Finance Co.:                                                         
   5.80% due 11/15/34..........................................   65,000      61,774
  Bear Stearns Cos., Inc.:                                                          
   5.30% due 10/30/15..........................................   55,000      54,500
  Consolidated Communications Illinois / Texas Holdings, Inc.:                      
   9.75% due 04/01/12..........................................  100,000     104,250
  Fidelity National Financial, Inc.:                                                
   5.25% due 03/15/13..........................................   55,000      51,009
  Ford Motor Credit Co.:                                                            
   5.70% due 01/15/10..........................................   83,000      72,802
   5.80% due 01/12/09..........................................  117,000     104,376
   6.38% due 11/05/08..........................................  157,000     144,385
   8.63% due 11/01/10..........................................   65,000      62,177
  General Electric Capital Corp.:                                                   
   2.80% due 01/15/07..........................................  187,000     182,990
   5.38% due 03/15/07..........................................  179,000     180,291
   6.75% due 03/15/32..........................................  200,000     229,909
  General Motors Acceptance Corp.:                                                  
   8.00% due 11/01/31..........................................  525,000     514,831

N-CSRS 16th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 16th
                                                                [Download Table]
                                                                                  
12  ASSET ALLOCATION FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                           

                                                                [Download Table]


                                                       Principal   Value   
                                                        Amount    (Note 2) 
                                                                           
---------------------------------------------------------------------------
CORPORATE BONDS (continued)                                                
Financial Services (continued)                                             
  Household Finance Corp.:                                                 
   7.00% due 05/15/12................................. $110,000  $  119,853
  HSBC Finance Capital Trust IX:                                           
   5.91% due 11/30/35.................................  100,000     100,000
  ING USA Global Funding Trust:                                            
   4.50% due 10/01/10.................................  110,000     107,478
  JPMorgan Chase & Co.:                                                    
   5.15% due 10/01/15.................................   13,000      12,736
  Lehman Brothers Holdings, Inc.:                                          
   4.50% due 07/26/10.................................  110,000     107,284
  MBNA America Bank NA:                                                    
   7.13% due 11/15/12.................................   55,000      61,144
  MBNA Corp.:                                                              
   4.63% due 09/15/08.................................  192,000     190,443
  Merrill Lynch & Co., Inc.:                                               
   4.79% due 08/04/10.................................   88,000      86,739
  Morgan Stanley:.....................................                     
   5.38% due 10/15/15.................................  110,000     109,217
  National Rural Utilities Cooperative Finance Corp.:                      
   3.88% due 02/15/08.................................  146,000     142,881
  Pricoa Global Funding I:                                                 
   4.63% due 06/25/12*................................   65,000      62,915
  Principal Life Global Funding:                                           
   5.13% due 06/28/07*................................  100,000     100,034
  Residential Capital Corp.:                                               
   6.38% due 06/30/10.................................  250,000     251,998
   6.88% due 06/30/15.................................  123,000     128,737
  Salomon Smith Barney Holdings, Inc.:                                     
   5.88% due 03/15/06.................................   26,000      26,097
  Transamerica Finance Corp.:                                              
   6.40% due 09/15/08.................................   67,000      69,522
  Xlliac Global Funding:                                                   
   4.80% due 08/10/10*................................  175,000     172,255
                                                                 ----------
                                                                  4,571,161
                                                                 ----------
Foods -- 0.06%                                                             
  ConAgra Foods, Inc.:                                                     
   6.00% due 09/15/06.................................   98,000      98,797
                                                                 ----------
Freight -- 0.07%                                                           
  Ryder System, Inc.:                                                      
   5.00% due 06/15/12.................................  119,000     112,528
                                                                 ----------
Funeral Services -- 0.03%                                                  
  Service Corp. International:                                             
   6.75% due 04/01/16.................................   60,000      58,800
                                                                 ----------
Healthcare -- 0.08%                                                        
  CDRV Investors, Inc.:                                                    
   9.63% due 01/01/15(4)..............................   70,000      42,000
  Psychiatric Solutions, Inc.:                                             
   7.75% due 07/15/15.................................   85,000      87,975
                                                                 ----------
                                                                    129,975
                                                                 ----------
Heavy Duty Trucks/Parts -- 0.04%                                           
  Dana Corp.:                                                              
   5.85% due 01/15/15.................................   60,000      42,600
  Dura Operating Corp.:                                                    
   8.63% due 04/15/12.................................   36,000      29,880
                                                                 ----------
                                                                     72,480
                                                                 ----------
Hospital Management -- 0.07%                                               
  HCA, Inc.:                                                               
   6.95% due 05/01/12.................................  125,000     128,438
                                                                 ----------
Hospital Supplies -- 0.03%                                                 
  Universal Hospital Services, Inc.:                                       
   10.13% due 11/01/11................................   55,000      56,375
                                                                 ----------
Information Processing - Services -- 0.09%                                 
  Computer Sciences Corp.:                                                 
   3.50% due 04/15/08.................................   55,000      52,560
                                                                [Download Table]


                                              Principal   Value   
                                               Amount    (Note 2) 
                                                                  

------------------------------------------------------------------
Information Processing - Services (continued)                     
  SunGard Data Systems, Inc.:                                     
   10.25% due 08/15/15*...................... $ 65,000  $   65,650
  Unisys Corp.:                                                   
   8.00% due 10/15/12........................   35,000      31,675
                                                        ----------
                                                           149,885
                                                        ----------
Information Processing - Software -- 0.01%                        
  Activant Solutions, Inc.:                                       
   10.05% due 04/01/10*(3)...................   25,000      25,625
                                                        ----------
Insurance -- 0.68%                                                
  Allstate Corp.:                                                 
   5.55% due 05/09/35........................   65,000      62,072
  AMBAC, Inc.:                                                    
   5.95% due 12/05/35........................  130,000     130,000
  Americo Life, Inc.:                                             
   7.88% due 05/01/13*.......................  102,000     104,807
  Assurant, Inc.:                                                 
   6.75% due 02/15/34........................   65,000      69,063
  Chubb Corp.:                                                    
   6.00% due 11/15/11........................   77,000      80,591
  ING Security Life Institutional Funding:                        
   2.70% due 02/15/07*.......................  141,000     136,800
  Kingsway America, Inc.:                                         
   7.50% due 02/01/14........................   78,000      79,896
  Metropolitan Life Global Funding I:                             
   4.25% due 07/30/09*.......................  121,000     118,446
   4.63% due 08/19/10*.......................   55,000      53,915
  MIC Financing Trust I:                                          
   8.38% due 02/01/27*.......................   57,000      58,512
  Ohio Casualty Corp.:                                            
   7.30% due 06/15/14........................  127,000     134,847
  Selective Insurance Group, Inc.:                                
   6.70% due 11/01/35*(1)....................   65,000      65,205
  St. Paul Travelers Cos., Inc.:                                  
   5.50% due 12/01/15........................   77,000      76,589
                                                        ----------
                                                         1,170,743
                                                        ----------
Leisure & Tourism -- 0.20%                                        
  Brunswick Corp.:                                                
   5.00% due 06/01/11........................   87,000      85,224
  Hilton Hotels Corp.:                                            
   7.20% due 12/15/09........................   63,000      65,645
  MGM Mirage, Inc.:                                               
   5.88% due 02/27/14........................  125,000     118,438
  Riviera Holdings Corp.:                                         
   11.00% due 06/15/10(2)....................   70,000      75,600
                                                        ----------
                                                           344,907
                                                        ----------
Medical - Biomedical/Gene -- 0.16%                                
  Genentech Inc:                                                  
   5.25% due 07/15/15........................  286,000     268,843
                                                        ----------
Metals -- 0.11%                                                   
  Crown Cork & Seal Co., Inc.:                                    
   8.00% due 04/15/23........................   50,000      47,625
  Phelps Dodge Corp.:                                             
   6.13% due 03/15/34........................  138,000     133,929
                                                        ----------
                                                           181,554
                                                        ----------
Mining -- 0.04%                                                   
  Newmont Mining Corp.:                                           
   8.63% due 05/15/11........................   55,000      63,319
                                                        ----------
Multimedia -- 0.19%                                               
  News America, Inc.:                                             
   7.30% due 04/30/28........................   65,000      70,296
  Time Warner Entertainment Co. LP:                               
   8.38% due 03/15/23........................  157,000     184,871
  Time Warner, Inc.:                                              
   6.63% due 05/15/29........................   65,000      66,109
                                                        ----------
                                                           321,276
                                                        ----------

N-CSRS 17th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 17th
                                                                [Download Table]
                                                                                  
November 30, 2005 ASSET ALLOCATION FUND - SCHEDULE OF INVESTMENTS (Unaudited)  13 
                                          - CONTINUED                             

                                                                [Download Table]


                                       Principal   Value   
                                        Amount    (Note 2) 
                                                           
-----------------------------------------------------------
CORPORATE BONDS (continued)                                
Oil & Gas -- 0.71%                                         
  El Paso Production Holding Co.:                          
   7.75% due 06/01/13................. $265,000  $  271,625
  Encore Acquisition Co.:                                  
   6.00% due 07/15/15.................   38,000      34,960
   6.25% due 04/15/14.................   22,000      20,955
  Enterprise Products Operating LP:                        
   6.88% due 03/01/33.................  150,000     156,136
  Hanover Compressor Co.:                                  
   9.00% due 06/01/14.................   75,000      81,375
  Hilcorp Energy LP:                                       
   10.50% due 09/01/10*...............   49,000      54,267
  KeySpan Corp.:                                           
   4.90% due 05/16/08.................  313,000     312,559
  PTT PLC:                                                 
   5.88% due 08/03/35*................   80,000      74,824
  Seitel, Inc.:                                            
   11.75% due 07/15/11................   75,000      82,875
  Southern California Gas Co.:                             
   5.75% due 11/15/35.................  130,000     129,958
                                                 ----------
                                                  1,219,534
                                                 ----------
Paper/Forest Products -- 0.12%                             
  Georgia-Pacific Corp.:                                   
   8.00% due 01/15/14.................   60,000      66,525
  Packaging Corp. of America:                              
   5.75% due 08/01/13.................   82,000      77,871
  Pliant Corp.:                                            
   11.13% due 09/01/09(12)(13)........   79,000      68,335
                                                 ----------
                                                    212,731
                                                 ----------
Pollution Control -- 0.05%                                 
  Republic Services, Inc.:                                 
   6.09% due 03/15/35.................   95,000      94,938
                                                 ----------
Railroads & Equipment -- 0.30%                             
  Burlington Northern Santa Fe Corp.:                      
   7.29% due 06/01/36.................   76,000      91,829
   8.13% due 04/15/20.................  231,000     288,009
  Norfolk Southern Corp.:                                  
   5.59% due 05/17/25.................  147,000     145,122
                                                 ----------
                                                    524,960
                                                 ----------
Real Estate -- 0.09%                                       
  Brascan Corp.:                                           
   8.13% due 12/15/08.................  141,000     152,577
                                                 ----------
Real Estate Investment Trusts -- 0.03%                     
  Commercial Net Lease Realty:                             
   6.15% due 12/15/15.................   55,000      55,266
                                                 ----------
Retail -- 0.08%                                            
  May Department Stores Co.:                               
   6.65% due 07/15/24.................  130,000     133,494
                                                 ----------
Savings & Loan -- 0.46%                                    
  Charter One Bank FSB:                                    
   6.38% due 05/15/12.................  313,000     334,653
  Sovereign Bancorp, Inc.:                                 
   4.80% due 09/01/10*................  166,000     162,169
  World Savings Bank FSB:                                  
   4.13% due 12/15/09.................  309,000     299,899
                                                 ----------
                                                    796,721
                                                 ----------
Schools -- 0.09%                                           
  Tulane University of Louisiana:                          
   5.17% due 11/15/12(1)(3)...........  150,000     150,000
                                                 ----------
Telecommunications -- 1.19%                                
  Alltel Corp.:                                            
   4.66% due 05/17/07.................  141,000     140,287
  American Cellular Corp.:                                 
   10.00% due 08/01/11................  225,000     243,563
                                                                [Download Table]


                                         Principal   Value   
                                          Amount    (Note 2) 
                                                             

-------------------------------------------------------------
Telecommunications (continued)                               
  AT&T Wireless Services, Inc.:                              
   7.88% due 03/01/11................... $1368,000 $  412,129
  Corning, Inc.:                                             
   6.85% due 03/01/29...................    63,000     62,629
  GTE Northwest, Inc.:                                       
   5.55% due 10/15/08...................    60,000     59,798
  ICO North America, Inc.:                                   
   7.50% due 08/15/09(1)(8).............    20,000     20,600
  LCI International, Inc.:                                   
   7.25% due 06/15/07...................   475,000    473,812
  New England Telgraph & Telegraph Co.:                      
   7.88% due 11/15/29...................    65,000     71,783
  New York Telephone Co.:                                    
   7.00% due 06/15/13...................    81,000     85,107
  Sprint Capital Corp.:                                      
   6.88% due 11/15/28...................   132,000    141,775
  Triton PCS, Inc.:                                          
   8.50% due 06/01/13...................    25,000     23,625
  Verizon New York, Inc.:                                    
   6.88% due 04/01/12...................    54,000     56,082
  Verizon New York, Inc., Series B:                          
   7.38% due 04/01/32...................   252,000    258,584
                                                   ----------
                                                    2,049,774
                                                   ----------
Tobacco -- 0.07%                                             
  Alliance One International, Inc.:                          
   12.75% due 11/15/12*.................   160,000    123,200
                                                   ----------
Utilities - Electric -- 1.66%                                
  AES Corp.:                                                 
   7.75% due 03/01/14...................   150,000    155,625
  Calpine Corp.:                                             
   4.75% due 11/15/23(12)(13)...........   525,000    126,656
   8.75% due 07/15/13*(12)(13)..........   350,000    262,500
  Carolina Power & Light Co.:                                
   5.25% due 12/15/15...................   110,000    108,750
  Centerpoint Energy, Inc.:                                  
   5.88% due 06/01/08...................   130,000    131,838
  Cleco Power LLC:                                           
   6.50% due 12/01/35...................   130,000    128,311
  Consolidated Edison, Inc.:                                 
   3.63% due 08/01/08...................   120,000    116,109
  Consolidated Natural Gas Co.:                              
   5.38% due 11/01/06...................    82,000     82,323
  Dominion Resources, Inc.:                                  
   5.95% due 06/15/35...................    75,000     71,964
  Entergy Louisiana, Inc.:                                   
   5.83% due 11/01/10...................   165,000    164,299
  Georgia Power Co.:                                         
   6.20% due 02/01/06...................   150,000    150,392
  Indianapolis Power & Light Co.:                            
   6.60% due 01/01/34*..................    38,000     41,614
  Indiantown Cogeneration, LP:                               
   9.26% due 12/15/10...................    64,675     69,673
  Old Dominion Electric Cooperative:                         
   5.68% due 12/01/28...................    50,000     50,546
  Pepco Holding, Inc.:                                       
   5.50% due 08/15/07...................   111,000    111,687
  PSEG Power LLC:                                            
   5.50% due 12/01/15...................    55,000     53,974
   7.75% due 04/15/11...................    55,000     60,678
  PSI Energy, Inc.:                                          
   6.12% due 10/15/35...................    65,000     64,888
   7.85% due 10/15/07...................   180,000    188,604
  Puget Sound Energy, Inc.:                                  
   5.20% due 10/01/15...................   183,000    180,483
  Reliant Resources, Inc.:                                   
   9.50% due 07/15/13...................   100,000    102,000

N-CSRS 18th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 18th
                                                                [Download Table]
                                                                                  
14  ASSET ALLOCATION FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                           

                                                                [Download Table]


                                         Principal   Value    
                                          Amount    (Note 2)  
                                                              
--------------------------------------------------------------
CORPORATE BONDS (continued)                                   
Utilities - Electric (continued)                              
  Southern Energy Corp.:                                      
   7.90% due 07/15/09*+(9)(10).......... $125,000  $   152,187
  Virginia Electric and Power Co.:                            
   4.10% due 12/15/08...................  144,000      140,083
   5.75% due 03/31/06...................  137,000      137,445
                                                   -----------
                                                     2,852,629
                                                   -----------
Utilities - Gas, Pipeline -- 0.13%                            
  NGC Corp. Capital Trust I:                                  
   8.32% due 06/01/27...................  125,000      110,000
  Reliant Energy Resources Corp.:                             
   7.75% due 02/15/11...................  110,000      121,739
                                                   -----------
                                                       231,739
                                                   -----------
Total Corporate Bonds                                         
   (Cost $22,968,532)...................            22,337,242
                                                   -----------
FOREIGN BONDS & NOTES -- 1.58%                                
Banks -- 0.20%                                                
  HBOS Treasury Services PLC:                                 
   3.50% due 11/30/07*..................  233,000      227,115
  NIB Capital Bank NV:                                        
   5.82% due 12/31/49*(3)...............  120,000      117,896
                                                   -----------
                                                       345,011
                                                   -----------
Broadcasting -- 0.08%                                         
  Telenet Group Holding NV:                                   
   11.50% due 06/15/14*(4)..............  164,000      133,250
                                                   -----------
Conglomerates -- 0.03%                                        
  Tyco International Group SA:                                
   6.88% due 01/15/29...................   52,000       55,609
                                                   -----------
Drugs -- 0.08%                                                
  Elan Finance PLC/ Elan Finance Corp.:                       
   7.75% due 11/15/11...................  140,000      128,450
                                                   -----------
Financial Services -- 0.42%                                   
  FBG Finance, Ltd.:                                          
   5.88% due 06/15/35*..................   75,000       72,383
  HBOS Capital Funding LP:                                    
   6.85% due 03/29/49...................  163,000      163,815
  Nationwide Building Society:                                
   2.63% due 01/30/07*..................  141,000      137,536
  Nell AF SARL:                                               
   8.38% due 08/15/15*..................  125,000      122,500
  SovRisc BV:                                                 
   4.63% due 10/31/08*..................  113,000      112,613
  UFJ Finance Aruba AEC:                                      
   6.75% due 07/15/13...................  110,000      119,401
                                                   -----------
                                                       728,248
                                                   -----------
Government Agencies -- 0.06%                                  
  Government of United Kingdom:                               
   2.25% due 07/08/08*..................  110,000      104,172
                                                   -----------
Insurance -- 0.05%                                            
  Fairfax Financial Holdings, Ltd.:                           
   8.25% due 10/01/15...................  100,000       91,250
                                                   -----------
Machinery -- 0.03%                                            
  Atlas Copco AB:                                             
   6.50% due 04/01/08*..................   56,000       57,436
                                                   -----------
Metals -- 0.08%                                               
  Inco, Ltd.:                                                 
   7.20% due 09/15/32...................   81,000       87,058
  Noranda, Inc.:                                              
   6.00% due 10/15/15...................   55,000       55,003
                                                   -----------
                                                       142,061
                                                   -----------
                                                                [Download Table]


                                         Principal    Value   
                                          Amount     (Note 2) 
                                                              

--------------------------------------------------------------
Mining -- 0.04%                                               
  Teck Cominco, Ltd.:                                         
   6.13% due 10/01/35................... $   65,000 $   62,360
                                                    ----------
Oil & Gas -- 0.24%                                            
  ChevronTexaco Capital Co.:                                  
   3.50% due 09/17/07...................     75,000     73,450
  EnCana Corp.:                                               
   6.50% due 08/15/34...................     25,000     27,497
  Nexen, Inc.:                                                
   5.88% due 03/10/35...................    144,000    138,790
  Petro-Canada:                                               
   7.00% due 11/15/28...................    152,000    168,729
                                                    ----------
                                                       408,466
                                                    ----------
Paper/Forest Products -- 0.04%                                
  Abitibi-Cons., Inc.:                                        
   8.55% due 08/01/10...................     60,000     61,350
                                                    ----------
Retail -- 0.04%                                               
  Jean Coutu Group, Inc.:                                     
   8.50% due 08/01/14...................     80,000     74,200
                                                    ----------
Telecommunications -- 0.19%                                   
  British Telecommunications PLC:                             
   7.88% due 12/15/05...................     26,000     26,021
  Telus Corp.:                                                
   7.50% due 06/01/07...................    243,000    251,367
   8.00% due 06/01/11...................     50,000     56,165
                                                    ----------
                                                       333,553
                                                    ----------
Total Foreign Bonds & Notes                                   
   (Cost $2,750,378)....................             2,725,416
                                                    ----------
UNITED STATES GOVERNMENT BONDS -- 15.72%                      
Government Agencies -- 10.89%                                 
  Federal Home Loan Bank:                                     
   3.88% due 12/20/06...................    370,000    366,959
   4.50% due 09/08/08...................    390,000    387,626
  Federal Home Loan Mtg. Corp.:                               
   3.63% due 02/15/07...................    164,000    161,941
   4.35% due 06/02/08...................    124,000    122,518
   4.45% due 03/06/08...................    370,000    367,356
   4.50% due 11/01/18...................    352,182    341,692
   4.50% due 07/01/19...................    344,312    333,637
   5.00% due 03/01/19...................    323,471    318,963
   5.00% due 07/01/19...................    680,197    670,718
   5.00% due 10/01/33...................     32,451     31,324
   5.00% due 03/01/34...................    718,764    692,914
   5.00% due 11/01/35...................  1,299,870  1,250,452
   5.50% due 10/01/33...................     18,499     18,287
   5.50% due 01/01/35...................    776,534    766,050
   6.00% due 07/01/35...................    449,318    452,800
   6.50% due 11/01/33...................     91,799     93,938
   6.88% due 09/15/10...................    257,000    279,831
   7.00% due 06/01/32...................    170,129    177,260
   7.50% due 04/01/31...................    234,883    246,934
   8.00% due 04/01/30...................     15,509     16,524
   8.00% due 04/01/30...................     14,858     15,830
   8.00% due 07/01/30...................        308        328
   8.00% due 12/01/30...................     73,635     78,453
  Federal National Mtg. Assoc.:                               
   3.00% due 03/02/07...................    600,000    587,759
   4.50% due 02/01/18...................    350,881    340,307
   4.50% due 06/01/18...................    145,786    141,393
   5.00% due 10/01/18...................    325,631    321,417
   5.00% due 11/01/33...................     34,422     33,237
   5.00% due 03/01/34...................  2,807,123  2,706,963
   5.50% due 03/01/18...................    312,016    313,763
   5.50% due 06/01/20...................    392,347    394,204

N-CSRS 19th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 19th
                                                                [Download Table]
                                                                                  
November 30, 2005 ASSET ALLOCATION FUND - SCHEDULE OF INVESTMENTS (Unaudited)  15 
                                          - CONTINUED                             

                                                                [Download Table]


                                           Principal     Value    
                                            Amount      (Note 2)  
                                                                  
------------------------------------------------------------------
UNITED STATES GOVERNMENT BONDS (continued)                        
Government Agencies (continued)                                   
   5.50% due 12/01/33..................... $1,360,573 $  1,343,318
   5.50% due 05/01/34.....................  1,097,618    1,083,698
   6.00% due 05/15/11.....................    375,000      395,746
   6.00% due 12/01/16.....................    231,071      236,106
   6.00% due 05/01/17.....................    154,216      157,573
   6.00% due 12/01/33.....................    608,253      611,923
   6.00% due 08/01/34.....................    934,473      940,131
   6.00% due 06/01/35.....................    598,290      601,991
   6.50% due 02/01/17.....................    148,513      153,143
   6.50% due 08/01/31.....................    167,188      171,480
   6.50% due 07/01/32.....................    230,285      236,142
   7.00% due 09/01/31.....................    126,542      132,192
   7.50% due 06/01/15.....................     38,406       40,406
  Government National Mtg. Assoc.:                                
   6.00% due 02/15/29.....................     10,320       10,489
   6.00% due 04/15/29.....................     65,000       66,067
   6.00% due 06/15/29.....................     53,857       54,754
   6.50% due 02/15/29.....................    185,139      192,668
   6.50% due 04/15/31.....................    127,111      132,114
  Tennessee Valley Auth.:                                         
   4.65% due 06/15/35.....................    149,000      137,925
                                                      ------------
                                                        18,729,244
                                                      ------------
Government Obligations -- 4.83%                                   
  United States Treasury Bonds:                                   
   5.38% due 02/15/31.....................  2,082,000    2,287,597
   6.25% due 08/15/23.....................    342,000      400,180
   6.88% due 08/15/25.....................    190,000      239,497
   7.25% due 08/15/22.....................     89,000      113,767
  United States Treasury Notes:                                   
   0.88% due 04/15/10 TIPS(11)............    138,463      131,502
   2.00% due 05/15/06.....................     29,000       28,701
   2.00% due 01/15/14 TIPS(11)............    258,113      255,542
   2.38% due 08/15/06.....................     83,000       81,843
   2.50% due 10/31/06.....................     39,000       38,336
   2.63% due 05/15/08.....................     66,000       63,290
   3.25% due 08/15/08.....................     70,000       67,955
   3.38% due 11/15/08.....................     72,000       69,955
   3.88% due 05/15/10.....................     27,000       26,393
   3.88% due 09/15/10.....................     79,000       77,087
   4.25% due 10/15/10.....................    110,000      109,080
   4.25% due 08/15/15.....................    177,000      173,004
   4.50% due 11/15/10.....................     55,000       55,178
   4.50% due 11/15/15.....................     23,000       23,004
   5.00% due 08/15/11.....................     19,000       19,538
   6.88% due 05/15/06.....................  4,000,000    4,045,468
                                                      ------------
                                                         8,306,917
                                                      ------------
Total United States Government Bonds                              
   (Cost $27,420,216).....................              27,036,161
                                                      ------------
Total Long-Term Investment Securities                             
   (Cost $144,533,488)....................             154,410,205
                                                      ------------
SHORT-TERM INVESTMENT SECURITIES -- 4.75%                         
Commercial Paper -- 4.07%                                         
  UBS Finance, Inc.:                                              
   4.02% due 12/01/05@....................  7,000,000    7,000,000
                                                      ------------
Government Obligations -- 0.62%                                   
  United States Treasury Bills:                                   
   3.52% due 12/01/05@....................     20,000       20,000
   3.55% due 12/08/05@....................    350,000      349,760
   3.71% due 12/01/05@....................    100,000      100,000
                                                                [Download Table]


                                                             Principal     Value    
                                                              Amount      (Note 2)  
                                                                                    

------------------------------------------------------------------------------------
Government Obligations (continued)                                                  
   3.71% due 12/01/05@..................................... $  575,000  $    575,000
   3.84% due 12/22/05@.....................................     15,000        14,966
                                                                        ------------
                                                                           1,059,726
                                                                        ------------
Time Deposit -- 0.06%                                                               
  Euro Time Deposit with State Street Bank & Trust Co.:                             
   1.40% due 12/01/05@.....................................    106,000       106,000
                                                                        ------------
Total Short-Term Investment Securities                                              
   (Cost $8,165,726).......................................                8,165,726
                                                                        ------------
REPURCHASE AGREEMENTS -- 5.05%                                                      
  Agreement with State Street Bank & Trust Co., bearing                             
   interest at 3.68%, dated 11/30/05, to be repurchased                             
   12/01/05 in the amount of $6,500,664 and collateralized                          
   by Federal Home Loan Bank Notes, bearing interest at                             
   4.13%, due 10/19/07 and having an approximate value                              
   of $6,666,305@..........................................  6,500,000     6,500,000
  Agreement with State Street Bank & Trust Co., bearing                             
   interest at 3.68%, dated 11/30/05, to be repurchased                             
   12/01/05 in the amount of $803,082 and collateralized                            
   by Federal Home Loan Bank Notes, bearing interest at                             
   4.38%, due 9/17/10 and having an approximate value of                            
   $823,752@...............................................    803,000       803,000
  Agreement with State Street Bank & Trust Co., bearing                             
   interest at 3.68%, dated 11/30/05, to be repurchased                             
   12/01/05 in the amount of $1,381,141 and collateralized                          
   by Federal National Mtg. Assoc., bearing interest at                             
   4.25%, due 05/15/09 and having an approximate value                              
   of $1,411,753@..........................................  1,381,000     1,381,000
                                                                        ------------
Total Repurchase Agreements                                                         
   (Cost $8,684,000).......................................                8,684,000
                                                                        ------------
TOTAL INVESTMENTS                                                                   
   (Cost $161,383,214)(14).................................      99.58%  171,259,931
Other assets less liabilities..............................       0.42%      722,740
                                                            ----------  ------------
NET ASSETS --                                                   100.00% $171,982,671
                                                            ==========  ============

--------                                                                        
TIPS--Treasury Inflation Protected Security                                     
PassThrough -- Certificates backed by a pool of mortgages or other loans on     
which principal payments are periodically made. Therefore, the effective
maturity is shorter than the stated maturity.                           
+  Non-income producing security                                                
*  Securities exempt from registration under Rule 144A of the Securities Act of 
  1933. These securities may be sold in transactions exempt from registration,
  normally to qualified institutional buyers. The Fund has no rights to demand
 registration of these securities. At November 30, 2005, the aggregate value
 of these securities was $3,859,857 representing 2.21% of net assets. Unless
otherwise indicated, these securities are not considered to be illiquid.  
@  The security or a portion thereof represents collateral for open futures     
contracts.                                                                
(1)Fair valued security (see Note 2)                                            
(2)Security represents an investment in an affiliated company (see Note 3).     
(3)Floating rate security where the rate fluctuates. The rate moves up or down  
at each reset date. The rate reflected is as of November 30, 2005.        
(4)"Step Up" security where the rate increases ("steps up") at a predetermined  
rate. Rate shown reflects the increased rate.                             
(5)Variable rate security -- the rate reflected is as of November 30, 2005;     
maturity date reflects next reset date.                                   
(6)Commercial Mortgage-Backed Security                                          
(7)Collateralized Mortgage Obligation                                           
(8)Illiquid security                                                            
(9)Bond in default                                                              
(10)Company has filed for Chapter 11 bankruptcy protection.                     
(11)Principal amount of security is adjusted for inflation.                     
(12)Bond in default subsequent to November 30, 2005.                            
(13)Company has filed for Chapter 11 subsequent to November 30, 2005.           
(14)See Note 5 for cost of investments on a tax basis.                          

                                                                [Download Table]

Open Futures Contracts                                                            
----------------------------------------------------------------------------------
                                                                      Unrealized  
Number of                Expiration    Value at      Value as of     Appreciation 
Contracts  Description      Date      Trade Date  November 30, 2005 (Depreciation)
----------------------------------------------------------------------------------
                                                                                  
 55 Long  S&P 500 Index December 2005 $17,093,938    $17,202,625       $108,687   
  3 Long  S&P 500 Index December 2005     938,187        938,325            138   
  5 Long  S&P 500 Index December 2005   1,547,950      1,563,875         15,925   
                                                                       --------   
                                                                        124,750   
                                                                       ========   

See Notes to Financial Statements                                               

N-CSRS 20th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 20th
                                                                [Download Table]
                                                                            
16  BLUE CHIP GROWTH FUND - PORTFOLIO PROFILE (Unaudited)  November 30, 2005

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Financial Services................  11.85%
Insurance.........................   7.59%
Retail............................   6.82%
Oil & Gas.........................   6.80%
Information Processing -- Software   6.15%
Semiconductors....................   5.98%
Banks.............................   4.91%
Information Processing -- Services   4.88%
Telecommunications................   4.58%
Conglomerates.....................   4.19%
Hospital Supplies.................   3.93%
Leisure & Tourism.................   3.92%
Drugs.............................   3.15%
Medical -- Biomedical/Gene........   3.14%
Information Processing -- Hardware   2.93%
Collective Investment Pool........   2.79%
Multimedia........................   2.30%
Automotive........................   2.10%
Household Products................   1.65%
Aerospace/Defense.................   1.46%
Beverages.........................   1.38%
Registered Investment Companies...   1.12%
Schools...........................   1.09%
Therapeutics......................   1.09%
Commercial Services...............   1.04%
Chemical..........................   0.97%
Machinery.........................   0.83%
Electronics/Electrical Equipment..   0.75%
Metals............................   0.70%
Broadcasting......................   0.53%
Medical Technology................   0.49%
Utilities -- Communication........   0.47%
Advertising.......................   0.42%
Tobacco...........................   0.40%
Foods.............................   0.39%
Freight...........................   0.23%
Railroads & Equipment.............   0.01%
                                   ------ 
                                   103.03%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 21st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 21st
                                                                [Download Table]
                                                                                  
November 30, 2005 BLUE CHIP GROWTH FUND - SCHEDULE OF INVESTMENTS (Unaudited)  17 

                                                                [Download Table]


                                                                Value   
                                                       Shares  (Note 2) 
                                                                        
------------------------------------------------------------------------
COMMON STOCK -- 99.12%                                                  
Advertising -- 0.42%                                                    
  Omnicom Group, Inc..................................  2,800 $  236,768
                                                              ----------
Aerospace/Defense -- 1.46%                                              
  General Dynamics Corp...............................  2,200    251,460
  Honeywell International, Inc........................ 10,900    398,286
  Lockheed Martin Corp................................  1,900    115,140
  Rockwell Collins, Inc...............................  1,400     63,980
                                                              ----------
                                                                 828,866
                                                              ----------
Automotive -- 2.10%                                                     
  Danaher Corp........................................ 21,440  1,189,920
                                                              ----------
Banks -- 4.91%                                                          
  Mellon Financial Corp...............................  7,000    235,480
  Northern Trust Corp................................. 10,700    563,783
  State Street Bank & Trust Co........................ 18,800  1,084,572
  UBS AG(2)...........................................  4,600    422,078
  Wells Fargo & Co....................................  7,600    477,660
                                                              ----------
                                                               2,783,573
                                                              ----------
Beverages -- 1.38%                                                      
  Coca-Cola Co........................................  5,330    227,538
  PepsiCo, Inc........................................  9,340    552,928
                                                              ----------
                                                                 780,466
                                                              ----------
Broadcasting -- 0.53%                                                   
  Rogers Communications, Inc..........................  7,900    301,859
                                                              ----------
Chemical -- 0.97%                                                       
  Monsanto Co.........................................  7,500    549,525
                                                              ----------
Commercial Services -- 1.04%                                            
  Accenture, Ltd., Class A............................ 11,400    324,216
  Cintas Corp.........................................  1,800     80,496
  Paychex, Inc........................................  4,400    186,604
                                                              ----------
                                                                 591,316
                                                              ----------
Conglomerates -- 4.19%                                                  
  General Electric Co................................. 55,450  1,980,674
  Tyco International, Ltd............................. 13,900    396,428
                                                              ----------
                                                               2,377,102
                                                              ----------
Drugs -- 3.15%                                                          
  Caremark Rx, Inc.+..................................  9,100    467,649
  Novartis AG(2)......................................  3,800    198,255
  Pfizer, Inc......................................... 14,120    299,344
  Roche Holding AG(2).................................  1,000    149,644
  Schering-Plough Corp................................  2,100     40,572
  Sepracor, Inc.+.....................................  4,200    230,916
  Teva Pharmaceutical Industries, Ltd. Sponsored ADR#.  3,100    126,728
  Wyeth...............................................  6,620    275,127
                                                              ----------
                                                               1,788,235
                                                              ----------
Electronics/Electrical Equipment -- 0.75%                               
  Garmin, Ltd.#.......................................  2,100    115,710
  Harman International Industries, Inc................  2,000    195,000
  Samsung Electronics Co., Ltd.(2)....................    200    115,190
                                                              ----------
                                                                 425,900
                                                              ----------
Financial Services -- 11.85%                                            
  American Express Co................................. 13,800    709,596
  Ameriprise Financial, Inc...........................  3,240    136,242
  Ameritrade Holding Corp.+#.......................... 17,800    415,808
  Charles Schwab Corp................................. 27,900    425,475
  Citigroup, Inc...................................... 31,586  1,533,500
  E*TRADE Group, Inc.+................................ 13,000    253,760
  Franklin Resources, Inc.............................  8,900    826,632
  Goldman Sachs Group, Inc............................  4,100    528,736
  Legg Mason, Inc.....................................  6,300    772,695
  Merrill Lynch & Co., Inc............................  9,400    624,348
  SLM Corp............................................  9,300    488,715
                                                              ----------
                                                               6,715,507
                                                              ----------
                                                                [Download Table]


                                                    Value   
                                           Shares  (Note 2) 
                                                            

------------------------------------------------------------
Foods -- 0.39%                                              
  Sysco Corp..............................  6,850 $  221,392
                                                  ----------
Freight -- 0.23%                                            
  United Parcel Service, Inc., Class B....  1,630    126,977
                                                  ----------
Hospital Supplies -- 3.93%                                  
  Cardinal Health, Inc....................  2,300    147,085
  Johnson & Johnson.......................  9,970    615,648
  Medtronic, Inc.......................... 14,000    777,980
  St. Jude Medical, Inc.+.................  9,020    430,885
  Stryker Corp............................  5,900    255,470
                                                  ----------
                                                   2,227,068
                                                  ----------
Household Products -- 1.65%                                 
  Fortune Brands, Inc.....................  1,700    132,532
  Procter & Gamble Co..................... 14,076    805,006
                                                  ----------
                                                     937,538
                                                  ----------
Information Processing - Hardware -- 2.93%                  
  Apple Computer, Inc.+...................    200     13,564
  Dell, Inc.+............................. 28,790    868,307
  EMC Corp.+.............................. 31,600    440,188
  Juniper Networks, Inc.+................. 15,070    338,924
                                                  ----------
                                                   1,660,983
                                                  ----------
Information Processing - Services -- 4.88%                  
  eBay, Inc.+.............................  9,240    414,044
  First Data Corp.........................  9,800    424,046
  Fiserv, Inc.+...........................  3,850    175,214
  Google, Inc.+...........................  2,200    890,978
  IAC/InterActiveCorp+....................  3,950    109,060
  Yahoo!, Inc.+........................... 18,740    753,910
                                                  ----------
                                                   2,767,252
                                                  ----------
Information Processing - Software -- 6.15%                  
  Adobe Systems, Inc......................  8,420    274,576
  Automatic Data Processing, Inc.......... 12,500    587,500
  ChoicePoint, Inc.+......................  1,800     77,814
  Intuit, Inc.+...........................  3,600    192,852
  Microsoft Corp.......................... 67,030  1,857,401
  Oracle Corp.+........................... 39,650    498,401
                                                  ----------
                                                   3,488,544
                                                  ----------
Insurance -- 7.59%                                          
  Aetna, Inc..............................    800     73,992
  AFLAC, Inc..............................  2,200    105,600
  American International Group, Inc.(1)...  3,000    201,420
  Hartford Financial Services Group, Inc..  6,400    559,168
  Marsh & McLennan Cos., Inc.............. 13,100    404,659
  UnitedHealth Group, Inc................. 34,580  2,069,959
  WellPoint, Inc.+........................ 10,560    811,325
  Willis Group Holdings, Ltd..............  2,100     78,309
                                                  ----------
                                                   4,304,432
                                                  ----------
Leisure & Tourism -- 3.92%                                  
  Carnival Corp........................... 11,600    632,084
  Electronic Arts, Inc.+..................  1,300     73,268
  Harrah's Entertainment, Inc.............  3,300    224,697
  International Game Technology........... 12,700    372,745
  Marriott International, Inc., Class A...  4,300    277,823
  McDonald's Corp.........................  4,600    155,710
  Starbucks Corp.+........................  2,400     73,080
  Wynn Resorts, Ltd.+#....................  7,400    413,142
                                                  ----------
                                                   2,222,549
                                                  ----------
Machinery -- 0.83%                                          
  Deere & Co..............................  4,000    277,400
  Illinois Tool Works, Inc................  2,200    194,194
                                                  ----------
                                                     471,594
                                                  ----------

N-CSRS 22nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 22nd
                                                                [Download Table]
                                                                                  
18  BLUE CHIP GROWTH FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                           

                                                                [Download Table]


                                            Value   
                                   Shares  (Note 2) 
                                                    
----------------------------------------------------
COMMON STOCK (continued)                            
Medical - Biomedical/Gene -- 3.14%                  
  Amgen, Inc.+.................... 13,120 $1,061,801
  Genentech, Inc.+................  7,490    716,194
                                          ----------
                                           1,777,995
                                          ----------
Medical Technology -- 0.49%                         
  Biomet, Inc.....................  1,400     49,868
  Quest Diagnostics, Inc..........  4,500    225,405
                                          ----------
                                             275,273
                                          ----------
Metals -- 0.70%                                     
  BHP Billiton, Ltd.(2)........... 11,000    176,939
  Nucor Corp......................  3,300    221,364
                                          ----------
                                             398,303
                                          ----------
Multimedia -- 2.30%                                 
  E.W. Scripps Co., Class A#......  6,400    296,640
  McGraw-Hill Cos., Inc...........  4,700    249,335
  Time Warner, Inc................ 23,200    417,136
  Viacom, Inc., Class B........... 10,228    341,615
                                          ----------
                                           1,304,726
                                          ----------
Oil & Gas -- 6.80%                                  
  Baker Hughes, Inc............... 10,900    625,115
  BJ Services Co..................  6,000    219,900
  Exxon Mobil Corp................ 10,000    580,300
  Murphy Oil Corp.................  2,800    138,488
  Schlumberger, Ltd............... 11,000  1,053,030
  Smith International, Inc........ 17,200    649,988
  Total SA Sponsored ADR..........  2,100    261,849
  Transocean, Inc.+...............  3,600    229,824
  XTO Energy, Inc.................  2,400     97,656
                                          ----------
                                           3,856,150
                                          ----------
Railroads & Equipment -- 0.01%                      
  Union Pacific Corp..............    100      7,654
                                          ----------
Retail -- 6.82%                                     
  Amazon.com, Inc.+#..............  4,800    232,608
  Best Buy Co., Inc...............  8,110    391,226
  CVS Corp........................  6,800    183,736
  Home Depot, Inc................. 19,150    800,087
  Kohl's Corp.+................... 13,300    611,800
  Target Corp..................... 13,425    718,372
  Wal-Mart Stores, Inc............ 19,160    930,410
                                          ----------
                                           3,868,239
                                          ----------
Schools -- 1.09%                                    
  Apollo Group, Inc., Class A+....  8,682    618,158
                                          ----------
Semiconductors -- 5.98%                             
  Analog Devices, Inc............. 13,420    508,886
  Intel Corp...................... 31,170    831,616
                                                                [Download Table]


                                                         Value    
                                            Shares      (Note 2)  
                                                                  

------------------------------------------------------------------
Semiconductors (continued)                                        
  Linear Technology Corp.................     6,300   $   235,053 
  Marvell Technology Group, Ltd.+........     5,900       327,686 
  Maxim Integrated Products, Inc.........    15,350       561,043 
  Texas Instruments, Inc.................    13,010       422,565 
  Xilinx, Inc............................    18,930       500,509 
                                                      ----------- 
                                                        3,387,358 
                                                      ----------- 
Telecommunications -- 4.58%                                       
  America Movil SA de CV ADR.............    10,700       307,304 
  American Tower Corp., Class A+.........     8,200       223,778 
  Cisco Systems, Inc.+...................    34,040       597,062 
  Corning, Inc.+.........................    18,600       376,650 
  Nokia Oyj Sponsored ADR................    20,100       343,308 
  QUALCOMM, Inc..........................    10,020       455,609 
  TELUS Corp.............................     7,600       291,080 
                                                      ----------- 
                                                        2,594,791 
                                                      ----------- 
Therapeutics -- 1.09%                                             
  Gilead Sciences, Inc.+.................    12,220       619,432 
                                                      ----------- 
Tobacco -- 0.40%                                                  
  Altria Group, Inc......................     3,080       224,193 
                                                      ----------- 
Utilities - Communication -- 0.47%                                
  Sprint Corp............................    10,508       263,120 
                                                      ----------- 
Total Long-Term Investment Securities                             
   (Cost $47,166,501)....................              56,192,758 
                                                      ----------- 
SHORT-TERM INVESTMENT SECURITIES -- 3.91%                         
Collective Investment Pool -- 2.79%                               
  Securities Lending Quality Trust(3).... 1,579,300     1,579,300 
                                                      ----------- 
Registered Investment Companies -- 1.12%                          
  T. Rowe Price Reserve Investment Fund..   636,695       636,695 
                                                      ----------- 
Total Short-Term Investments Securities                           
   (Cost $2,215,995).....................               2,215,995 
                                                      ----------- 
TOTAL INVESTMENTS                                                 
   (Cost $49,382,496)(4).................    103.03%   58,408,753 
Liabilities in excess of other assets....     (3.03)%  (1,719,079)
                                          ---------   ----------- 
NET ASSETS --                                100.00%  $56,689,674 
                                          =========   =========== 

--------                                                                        
ADR--American Depository Receipt                                                
+  Non-income producing security                                                
#  The security or a portion thereof is out on loan.                            
(1)Security represents an investment in an affiliated company (see Note 3).     
(2)Security was valued using fair value procedures at November 30, 2005. See    
   Note 2 regarding fair value pricing procedures for foreign equity securities.
(3)The security is purchased with the cash collateral received from securities  
loaned.                                                                   
(4)See Note 5 for cost of investments on a tax basis.                           

See Notes to Financial Statements                                               

N-CSRS 23rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 23rd
                                                                [Download Table]
                                                                                 
November 30, 2005  CAPITAL CONSERVATION FUND - PORTFOLIO PROFILE (Unaudited)  19 

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Government Agencies...............  29.11%
Government Obligations............  16.51%
Financial Services................  12.83%
Repurchase Agreement..............   9.79%
Collective Investment Pool........   8.57%
Utilities -- Electric.............   4.30%
Commercial Paper..................   3.72%
Telecommunications................   2.97%
Oil & Gas.........................   2.21%
Banks.............................   2.09%
Insurance.........................   1.95%
Broadcasting......................   1.80%
Commercial Services...............   1.23%
Savings & Loan....................   1.02%
Airlines..........................   0.86%
Chemical..........................   0.66%
Railroads & Equipment.............   0.61%
Drugs.............................   0.56%
Conglomerates.....................   0.54%
Beverages.........................   0.53%
Metals............................   0.53%
Leisure & Tourism.................   0.46%
Retail............................   0.41%
Multimedia........................   0.40%
Paper/Forest Products.............   0.35%
Utilities -- Gas, Pipeline........   0.35%
Medical -- Biomedical/Gene........   0.34%
Hospital Management...............   0.26%
Schools...........................   0.26%
Aerospace/Defense.................   0.23%
Information Processing -- Services   0.22%
Tobacco...........................   0.20%
Freight...........................   0.18%
Mining............................   0.18%
Real Estate.......................   0.18%
Automotive........................   0.17%
Foods.............................   0.17%
Foreign Government Agencies.......   0.17%
Healthcare........................   0.16%
Heavy Duty Trucks/Parts...........   0.10%
Real Estate Investment Trusts.....   0.10%
Electronics/Electrical Equipment..   0.09%
Hospital Supplies.................   0.09%
Machinery.........................   0.08%
Funeral Services..................   0.07%
Advertising.......................   0.06%
Information Processing -- Software   0.03%
                                   ------ 
                                   107.70%
                                   ====== 

Credit Quality+#                                                                

                                                                [Download Table]
                              
Government -- Agency..  34.07%
Government -- Treasury  19.77%
AAA...................   5.58%
AA....................   2.64%
A.....................  10.08%
BBB...................  15.04%
BB....................   3.78%
B.....................   4.43%
CCC...................   2.15%
C.....................   0.12%
Not Rated@............   2.34%
                       ------ 
                       100.00%
                       ====== 

*  Calculated as a percentage of Net Assets.                                    
@  Represents debt issues that either have no rating, or the rating is          
unavailable from the data source.                                         
+  Source: Standard and Poors                                                   
#  Calculated as a percentage of total debt issues, excluding short-term        
securities.                                                               

N-CSRS 24th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 24th
                                                                [Download Table]
                                                                          
20  CAPITAL CONSERVATION FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                        (Unaudited)                                       

                                                        [Enlarge/Download Table]


                                                                  Principal    Value   
                                                                   Amount     (Note 2) 
                                                                                       
---------------------------------------------------------------------------------------
ASSET-BACKED SECURITIES -- 5.02%                                                       
Financial Services -- 5.02%                                                            
  American Express Credit Account Master Trust, Series 2005-7,                         
   Class B:                                                                            
   4.39% due 03/16/15(3)......................................... $  130,000 $  129,679
  Bear Stearns Asset Backed Securities, Inc., 2005-HE4,                                
   Class 1A1:                                                                          
   4.29% due 04/25/35(3).........................................    170,925    170,938
  Chase Funding Mtg. Loan, Series 2003-6, Class 1A6:                                   
   4.59% due 05/25/15............................................    270,000    263,183
  Citigroup Mortgage Loan Trust, Inc., Series 2005-WF2,                                
   Class AF6B:                                                                         
   5.50% due 08/25/35(2).........................................     39,000     37,195
  Commerical Mtg. Certificates, Series 2004-LB2A Pass                                  
   Through:                                                                            
   4.22% due 03/10/39(1).........................................  3,325,000  3,188,598
  Granite Mtg. PLC, Series 2003-3, Class 1A3:                                          
   4.37% due 01/20/44(2)(3)......................................    250,000    250,648
  Morgan Stanley Capital I, Series 2005-HQ7, Series D Pass                             
   Through:                                                                            
   5.21% due 11/14/42(1)(7)......................................    275,000    273,292
  Morgan Stanley Capital I, Series 2005-HQ7, Series G Pass                             
   Through:                                                                            
   5.21% due 11/14/42(1)(7)......................................    400,000    391,080
  Residential Funding Mtg. Securities II, Inc., Series 2005-HS2,                       
   Class AI4:                                                                          
   5.66% due 11/25/35(4)(7)......................................    500,000    499,810
  Residential Funding Mtg. Securities II, Inc., Series 2005-HS2,                       
   Class AI5:                                                                          
   5.47% due 11/25/35(7).........................................    200,000    199,988
                                                                             ----------
Total Asset-Backed Securities                                                          
   (Cost $5,422,486).............................................             5,404,411
                                                                             ----------
CORPORATE BONDS -- 31.15%                                                              
Advertising -- 0.06%                                                                   
  Affinity Group, Inc.:                                                                
   9.00% due 02/15/12............................................     70,000     69,825
                                                                             ----------
Aerospace/Defense -- 0.23%                                                             
  Raytheon Co.:                                                                        
   6.75% due 08/15/07............................................    247,000    253,463
                                                                             ----------
Airlines -- 0.86%                                                                      
  American Airlines, Inc., Series 2001-1A2 Pass Through:                               
   6.82% due 05/23/11............................................    280,000    261,301
  Atlas Air, Inc., Series 1999-A1 Pass Through:                                        
   7.20% due 01/02/19............................................    456,855    453,636
  Atlas Air, Inc., Series 2000-1A Pass Through:                                        
   8.71% due 01/02/19............................................    154,303    159,128
  Continental Airlines, Inc., Series 1999-2C1 Pass Through:                            
   7.73% due 03/15/11............................................     13,613     11,295
  Delta Air Lines, Inc.:                                                               
   8.30% due 12/15/29#(9)(14)....................................     75,000     15,375
   10.00% due 08/15/08(9)(14)....................................    100,000     20,250
                                                                             ----------
                                                                                920,985
                                                                             ----------
Automotive -- 0.17%                                                                    
  Cooper-Standard Automotive, Inc.:                                                    
   8.38% due 12/15/14............................................     25,000     18,750
  DaimlerChrysler North America Holding Corp.:                                         
   4.88% due 06/15/10............................................     82,000     79,745
  Ford Motor Co.:                                                                      
   7.45% due 07/16/31#...........................................    115,000     81,075
                                                                             ----------
                                                                                179,570
                                                                             ----------
Banks -- 1.68%                                                                         
  BankBoston Captial Trust IV:                                                         
   4.39% due 06/08/28(3).........................................    201,000    194,900
  Chemical Bank:                                                                       
   6.13% due 11/01/08............................................    151,000    155,245
  First Maryland Capital II:                                                           
   5.10% due 02/01/27(3).........................................    177,000    173,193
                                                                [Download Table]


                                        Principal   Value   
                                         Amount    (Note 2) 
                                                            

------------------------------------------------------------
Banks (continued)                                           
  HSBC Bank USA:                                            
   5.63% due 08/15/35.................. $210,000  $  199,681
  Key Bank NA:                                              
   7.00% due 02/01/11#.................  105,000     113,632
  PNC Bank NA:                                              
   4.88% due 09/21/17..................  200,000     189,741
  PNC Funding Corp.:                                        
   5.75% due 08/01/06..................  241,000     242,426
  Popular North America, Inc.:                              
   4.25% due 04/01/08#.................  259,000     254,662
  US Bank NA:                                               
   3.90% due 08/15/08..................   34,000      33,203
  Wachovia Corp.:                                           
   5.50% due 08/01/35..................  180,000     170,679
  Wells Fargo & Co.:                                        
   3.97% due 09/15/09(3)...............   86,000      86,095
                                                  ----------
                                                   1,813,457
                                                  ----------
Beverages -- 0.53%                                          
  Anheuser-Busch Cos., Inc.:                                
   5.00% due 03/01/19#.................  225,000     216,959
  Coca-Cola Enterprises, Inc.:                              
   8.50% due 02/01/22..................  189,000     244,844
  Foster's Finance Corp.:                                   
   6.88% due 06/15/11*.................  100,000     107,433
                                                  ----------
                                                     569,236
                                                  ----------
Broadcasting -- 1.63%                                       
  Chancellor Media Corp.:                                   
   8.00% due 11/01/08..................  207,000     220,130
  Charter Communications Holdings LLC:                      
   11.13% due 01/15/11.................  185,000     111,925
  Clear Channel Communications, Inc.:                       
   6.88% due 06/15/18..................  170,000     170,094
  Comcast Corp.:                                            
   6.50% due 11/15/35..................  120,000     120,753
  Cox Communications, Inc.:                                 
   7.63% due 06/15/25..................   98,000     108,819
   7.75% due 11/01/10..................  251,000     271,951
  Nexstar Finance, Inc.:                                    
   7.00% due 01/15/14..................   60,000      53,700
  Paxson Communications Corp.:                              
   12.25% due 01/15/09(4)#.............  280,000     288,050
  Viacom, Inc.:                                             
   6.63% due 05/15/11..................  172,000     178,294
  Young Broadcasting, Inc.:                                 
   10.00% due 03/01/11#................  250,000     235,000
                                                  ----------
                                                   1,758,716
                                                  ----------
Chemical -- 0.66%                                           
  BCI US Finance Corp.:                                     
   9.65% due 07/15/10*(3)..............  225,000     228,656
  Cytec Industries, Inc.:                                   
   6.00% due 10/01/15..................  195,000     185,675
  E.I. du Pont de Nemours and Co.:                          
   4.13% due 04/30/10..................   34,000      32,797
  ICI North America, Inc.:                                  
   8.88% due 11/15/06..................  161,000     166,369
  Lubrizol Corp.:                                           
   4.63% due 10/01/09..................  100,000      97,595
                                                  ----------
                                                     711,092
                                                  ----------
Commercial Services -- 1.23%                                
  Hertz Corp.:                                              
   4.70% due 10/02/06..................  249,000     248,258
   7.40% due 03/01/11..................  302,000     292,940
   7.63% due 06/01/12#.................  291,000     282,270

N-CSRS 25th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 25th
                                                                [Download Table]
                                                                           
November 30, 2005  CAPITAL CONSERVATION FUND - SCHEDULE OF INVESTMENTS  21 
                                 (Unaudited) - CONTINUED                   

                                                                [Download Table]


                                                              Principal   Value   
                                                               Amount    (Note 2) 
                                                                                  
----------------------------------------------------------------------------------
CORPORATE BONDS (continued)                                                       
Commercial Services (continued)                                                   
  Monitronics International, Inc.:                                                
   11.75% due 09/01/10....................................... $110,000  $  108,487
  PHH Corp.:                                                                      
   6.00% due 03/01/08........................................  228,000     231,013
  Rent-Way, Inc.:                                                                 
   11.88% due 06/15/10.......................................  150,000     162,000
                                                                        ----------
                                                                         1,324,968
                                                                        ----------
Conglomerates -- 0.44%                                                            
  Tyco International Group SA:                                                    
   6.75% due 02/15/11........................................  453,000     475,069
                                                                        ----------
Drugs -- 0.35%                                                                    
  American Home Products Corp.:                                                   
   6.95% due 03/15/11........................................  111,000     119,467
  Merck & Co., Inc.:                                                              
   2.50% due 03/30/07........................................  137,000     132,696
  Wyeth:                                                                          
   6.00% due 02/15/36*#......................................  120,000     121,013
                                                                        ----------
                                                                           373,176
                                                                        ----------
Electronics/Electrical Equipment -- 0.09%                                         
  Avnet, Inc.:                                                                    
   6.00% due 09/01/15........................................  100,000      96,279
                                                                        ----------
Financial Services -- 6.76%                                                       
  Allstate Life Global Funding Trust:                                             
   3.85% due 01/25/08........................................   95,000      93,020
  American Express Credit Corp.:                                                  
   5.30% due 12/02/15........................................  210,000     209,324
  Ameriprise Financial, Inc.:                                                     
   5.35% due 11/15/10........................................  252,000     252,911
  BAE Systems Holdings, Inc.:                                                     
   4.75% due 08/15/10*.......................................  331,000     324,025
   5.20% due 08/15/15*.......................................  228,000     222,052
   6.40% due 12/15/11*.......................................  332,000     349,022
  Barrick Gold Finance Co.:                                                       
   5.80% due 11/15/34........................................  110,000     104,541
  Bear Stearns Cos., Inc.:                                                        
   5.30% due 10/30/15........................................   95,000      94,136
  Consolidated Communications Illinois/Texas Holdings, Inc.:                      
   9.75% due 04/01/12........................................  400,000     417,000
  Fidelity National Financial, Inc.:                                              
   5.25% due 03/15/13........................................  105,000      97,382
  Ford Motor Credit Co.:                                                          
   5.70% due 01/15/10#.......................................  111,000      97,361
   5.80% due 01/12/09........................................  148,000     132,031
   6.38% due 11/05/08........................................  213,000     195,886
   8.63% due 11/01/10#.......................................  115,000     110,006
  General Electric Capital Corp.:                                                 
   2.80% due 01/15/07........................................  285,000     278,888
   5.38% due 03/15/07........................................  228,000     229,645
   6.75% due 03/15/32........................................  276,000     317,275
  General Motors Acceptance Corp.:                                                
   8.00% due 11/01/31........................................  975,000     956,114
  Household Finance Corp.:                                                        
   7.00% due 05/15/12........................................  210,000     228,810
  HSBC Finance Capital Trust IX:                                                  
   5.91% due 11/30/35........................................  200,000     200,000
  ING USA Global Funding Trust:                                                   
   4.50% due 10/01/10........................................  160,000     156,332
  JPMorgan Chase & Co.:                                                           
   5.15% due 10/01/15........................................   17,000      16,655
  Lehman Brothers Holdings, Inc.:                                                 
   4.50% due 07/26/10........................................  160,000     156,050
  MBNA America Bank NA:                                                           
   7.13% due 11/15/12........................................  100,000     111,171
  MBNA Corp.:                                                                     
   4.63% due 09/15/08........................................  265,000     262,851
                                                                [Download Table]


                                                       Principal   Value   
                                                        Amount    (Note 2) 
                                                                           

---------------------------------------------------------------------------
Financial Services (continued)                                             
  Merrill Lynch & Co., Inc.:                                               
   4.79% due 08/04/10................................. $128,000  $  126,165
  Morgan Stanley:                                                          
   5.38% due 10/15/15.................................  205,000     203,542
  National Rural Utilities Cooperative Finance Corp.:                      
   3.88% due 02/15/08.................................  201,000     196,706
  Pricoa Global Funding I:                                                 
   4.63% due 06/25/12*................................   85,000      82,273
  Principal Life Global Funding:                                           
   5.13% due 06/28/07*................................  100,000     100,034
  Residential Capital Corp.:                                               
   6.38% due 06/30/10.................................  336,000     338,685
   6.88% due 06/30/15#................................  228,000     238,634
  Salomon Smith Barney Holdings, Inc.:                                     
   5.88% due 03/15/06.................................   34,000      34,127
  Transamerica Finance Corp.:                                              
   6.40% due 09/15/08.................................   86,000      89,237
  Xlliac Global Funding:                                                   
   4.80% due 08/10/10*................................  255,000     251,000
                                                                 ----------
                                                                  7,272,891
                                                                 ----------
Foods -- 0.17%                                                             
  ConAgra Foods, Inc.:                                                     
   6.00% due 09/15/06.................................  178,000     179,447
                                                                 ----------
Freight -- 0.18%                                                           
  Ryder System, Inc.:                                                      
   5.00% due 06/15/12.................................  211,000     199,525
                                                                 ----------
Funeral Services -- 0.07%                                                  
  Service Corp. International:                                             
   6.75% due 04/01/16.................................   75,000      73,500
                                                                 ----------
Healthcare -- 0.16%                                                        
  CDRV Investors, Inc.:                                                    
   9.63% due 01/01/15(4)..............................   95,000      57,000
  Psychiatric Solutions, Inc.:                                             
   7.75% due 07/15/15.................................  110,000     113,850
                                                                 ----------
                                                                    170,850
                                                                 ----------
Heavy Duty Trucks/Parts -- 0.10%                                           
  Dana Corp.:                                                              
   5.85% due 01/15/15#................................   85,000      60,350
  Dura Operating Corp.:                                                    
   8.63% due 04/15/12#................................   58,000      48,140
                                                                 ----------
                                                                    108,490
                                                                 ----------
Hospital Management -- 0.26%                                               
  HCA, Inc.:                                                               
   6.95% due 05/01/12.................................  270,000     277,426
                                                                 ----------
Hospital Supplies -- 0.09%                                                 
  Universal Hospital Services, Inc.:                                       
   10.13% due 11/01/11................................  100,000     102,500
                                                                 ----------
Information Processing - Services -- 0.22%                                 
  Computer Sciences Corp.:                                                 
   3.50% due 04/15/08.................................  105,000     100,343
  SunGard Data Systems, Inc.:                                              
   10.25% due 08/15/15*...............................   90,000      90,900
  Unisys Corp.:                                                            
   8.00% due 10/15/12.................................   50,000      45,250
                                                                 ----------
                                                                    236,493
                                                                 ----------
Information Processing - Software -- 0.03%                                 
  Activant Solutions, Inc.:                                                
   10.05% due 04/01/10*(3)............................   35,000      35,875
                                                                 ----------

N-CSRS 26th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 26th
                                                                [Download Table]
                                                                          
22  CAPITAL CONSERVATION FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                  (Unaudited) - CONTINUED                                 

                                                                [Download Table]


                                            Principal   Value   
                                             Amount    (Note 2) 
                                                                
----------------------------------------------------------------
CORPORATE BONDS (continued)                                     
Insurance -- 1.79%                                              
  Allstate Corp.:                                               
   5.55% due 05/09/35...................... $120,000  $  114,594
  AMBAC, Inc.:                                                  
   5.95% due 12/05/35......................  240,000     240,000
  Americo Life, Inc.:                                           
   7.88% due 05/01/13*.....................  121,000     124,330
  Assurant, Inc.:                                               
   6.75% due 02/15/34......................  120,000     127,500
  Chubb Corp.:                                                  
   6.00% due 11/15/11......................  141,000     147,576
  ING Security Life Institutional Funding:                      
   2.70% due 02/15/07*.....................  221,000     214,418
  Kingsway America, Inc.:                                       
   7.50% due 02/01/14......................  122,000     124,965
  Metropolitan Life Global Funding I:                           
   4.25% due 07/30/09*.....................  209,000     204,588
   4.63% due 08/19/10*.....................   95,000      93,126
  MIC Financing Trust I:                                        
   8.38% due 02/01/27*.....................   74,000      75,963
  Ohio Casualty Corp.:                                          
   7.30% due 06/15/14......................  181,000     192,184
  Selective Insurance Group, Inc.:                              
   6.70% due 11/01/35*(7)..................  120,000     120,378
  St. Paul Travelers Cos., Inc.:                                
   5.50% due 12/01/15......................  147,000     146,215
                                                      ----------
                                                       1,925,837
                                                      ----------
Leisure & Tourism -- 0.46%                                      
  Brunswick Corp.:                                              
   5.00% due 06/01/11......................  166,000     162,611
  Hilton Hotels Corp.:                                          
   7.20% due 12/15/09......................  111,000     115,661
  MGM Mirage, Inc.:                                             
   5.88% due 02/27/14#.....................  175,000     165,812
  Riviera Holdings Corp.:                                       
   11.00% due 06/15/10(6)..................   50,000      54,000
                                                      ----------
                                                         498,084
                                                      ----------
Medical - Biomedical/Gene -- 0.34%                              
  Genentech Inc:                                                
   5.25% due 07/15/15......................  394,000     370,365
                                                      ----------
Metals -- 0.28%                                                 
  Crown Cork & Seal Co., Inc.:                                  
   8.00% due 04/15/23......................   70,000      66,675
  Phelps Dodge Corp.:                                           
   6.13% due 03/15/34......................  244,000     236,801
                                                      ----------
                                                         303,476
                                                      ----------
Mining -- 0.09%                                                 
  Newmont Mining Corp.:                                         
   8.63% due 05/15/11......................   80,000      92,100
                                                      ----------
Multimedia -- 0.40%                                             
  News America, Inc.:                                           
   7.30% due 04/30/28......................   90,000      97,333
  Time Warner Entertainment Co. LP:                             
   8.38% due 03/15/23......................  180,000     211,953
  Time Warner, Inc.:                                            
   6.63% due 05/15/29......................  120,000     122,048
                                                      ----------
                                                         431,334
                                                      ----------
Oil & Gas -- 1.76%                                              
  El Paso Production Holding Co.:                               
   7.75% due 06/01/13......................  470,000     481,750
  Encore Acquisition Co.:                                       
   6.00% due 07/15/15......................   47,000      43,240
   6.25% due 04/15/14......................   28,000      26,670
                                                                [Download Table]


                                       Principal   Value   
                                        Amount    (Note 2) 
                                                           

-----------------------------------------------------------
Oil & Gas (continued)                                      
  Enterprise Products Operating LP:                        
   6.88% due 03/01/33................. $270,000  $  281,044
  Hanover Compressor Co.:                                  
   9.00% due 06/01/14.................  100,000     108,500
  Hilcorp Energy LP:                                       
   10.50% due 09/01/10*...............   71,000      78,633
  KeySpan Corp.:                                           
   4.90% due 05/16/08.................  420,000     419,408
  PTT PLC:                                                 
   5.88% due 08/03/35*................  110,000     102,883
  Seitel, Inc.:                                            
   11.75% due 07/15/11................  100,000     110,500
  Southern California Gas Co.:                             
   5.75% due 11/15/35.................  240,000     239,922
                                                 ----------
                                                  1,892,550
                                                 ----------
Paper/Forest Products -- 0.25%                             
  Georgia-Pacific Corp.:                                   
   8.00% due 01/15/14.................   80,000      88,700
  Packaging Corp. of America:                              
   5.75% due 08/01/13.................   92,000      87,367
  Pliant Corp.:                                            
   11.13% due 09/01/09#...............  106,000      91,690
                                                 ----------
                                                    267,757
                                                 ----------
Railroads & Equipment -- 0.61%                             
  Burlington Northern Santa Fe Corp.:                      
   7.29% due 06/01/36.................   96,000     115,994
   8.13% due 04/15/20.................  291,000     362,817
  Norfolk Southern Corp.:                                  
   5.59% due 05/17/25.................  176,000     173,752
                                                 ----------
                                                    652,563
                                                 ----------
Real Estate -- 0.18%                                       
  Brascan Corp.:                                           
   8.13% due 12/15/08.................  181,000     195,862
                                                 ----------
Real Estate Investment Trusts -- 0.10%                     
  Commercial Net Lease Realty:                             
   6.15% due 12/15/15.................  105,000     105,508
                                                 ----------
Retail -- 0.23%                                            
  May Department Stores Co.:                               
   6.65% due 07/15/24.................  240,000     246,451
                                                 ----------
Savings & Loan -- 1.02%                                    
  Charter One Bank FSB:                                    
   6.38% due 05/15/12.................  430,000     459,747
  Sovereign Bancorp, Inc.:                                 
   4.80% due 09/01/10*................  266,000     259,861
  World Savings Bank FSB:                                  
   4.13% due 12/15/09.................  396,000     384,337
                                                 ----------
                                                  1,103,945
                                                 ----------
Schools -- 0.26%                                           
  Tulane University of Louisiana:                          
   5.17% due 11/15/12(3)(7)...........  280,000     280,000
                                                 ----------
Telecommunications -- 2.56%                                
  Alltel Corp.:                                            
   4.66% due 05/17/07.................  178,000     177,100
  American Cellular Corp.:                                 
   10.00% due 08/01/11................  300,000     324,750
  AT&T Wireless Services, Inc.:                            
   7.88% due 03/01/11.................  511,000     572,277
  Corning, Inc.:                                           
   6.85% due 03/01/29.................   84,000      83,505
  GTE Northwest, Inc.:                                     
   5.55% due 10/15/08.................   80,000      79,731

N-CSRS 27th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 27th
                                                                [Download Table]
                                                                           
November 30, 2005  CAPITAL CONSERVATION FUND - SCHEDULE OF INVESTMENTS  23 
                                 (Unaudited) - CONTINUED                   

                                                                [Download Table]


                                         Principal    Value   
                                          Amount     (Note 2) 
                                                              
--------------------------------------------------------------
CORPORATE BONDS (continued)                                   
Telecommunications (continued)                                
  ICO North America, Inc.:                                    
   7.50% due 08/15/09(7)(8)............. $   30,000 $   30,900
  LCI International, Inc.:                                    
   7.25% due 06/15/07...................    600,000    598,500
  New England Telgraph & Telegraph Co.:                       
   7.88% due 11/15/29...................     90,000     99,392
  New York Telephone Co.:                                     
   7.00% due 06/15/13...................    156,000    163,910
  Sprint Capital Corp.:                                       
   6.88% due 11/15/28...................    149,000    160,034
  Triton PCS, Inc.:                                           
   8.50% due 06/01/13...................     25,000     23,625
  Verizon New York, Inc.:                                     
   6.88% due 04/01/12...................     88,000     91,393
  Verizon New York, Inc., Series B:                           
   7.38% due 04/01/32#..................    340,000    348,883
                                                    ----------
                                                     2,754,000
                                                    ----------
Tobacco -- 0.20%                                              
  Alliance One International, Inc.:                           
   12.75% due 11/15/12*.................    275,000    211,750
                                                    ----------
Utilities - Electric -- 4.30%                                 
  AES Corp.:                                                  
   7.75% due 03/01/14...................    300,000    311,250
  Calpine Corp.:                                              
   4.75% due 11/15/23#(12)(13)..........  1,000,000    241,250
   8.75% due 07/15/13*#(12)(13).........    607,000    455,250
  Carolina Power & Light Co.:                                 
   5.25% due 12/15/15...................    210,000    207,614
  Centerpoint Energy, Inc.:                                   
   5.88% due 06/01/08...................    230,000    233,253
  Cleco Power LLC:                                            
   6.50% due 12/01/35...................    240,000    236,882
  Consolidated Edison, Inc.:                                  
   3.63% due 08/01/08#..................    166,000    160,617
  Consolidated Natural Gas Co.:                               
   5.38% due 11/01/06...................     79,000     79,311
  Dominion Resources, Inc.:                                   
   5.95% due 06/15/35#..................    100,000     95,952
  Entergy Louisiana, Inc.:                                    
   5.83% due 11/01/10...................    300,000    298,725
  Georgia Power Co.:                                          
   6.20% due 02/01/06...................    200,000    200,523
  Indianapolis Power & Light Co.:                             
   6.60% due 01/01/34*..................     60,000     65,706
  Indiantown Cogeneration, LP:                                
   9.26% due 12/15/10...................     77,233     83,201
  Mission Energy Holding Co.:                                 
   13.50% due 07/15/08..................    100,000    116,250
  Old Dominion Electric Cooperative:                          
   5.68% due 12/01/28...................     76,000     76,830
  Pepco Holding, Inc.:                                        
   5.50% due 08/15/07...................    162,000    163,002
  PSEG Power LLC:                                             
   5.50% due 12/01/15...................    105,000    103,041
   7.75% due 04/15/11...................     55,000     60,678
  PSI Energy, Inc.:                                           
   6.12% due 10/15/35...................    120,000    119,793
   7.85% due 10/15/07...................    249,000    260,902
  Puget Sound Energy, Inc.:                                   
   5.20% due 10/01/15...................    318,000    313,627
  Reliant Resources, Inc.:                                    
   9.50% due 07/15/13...................    125,000    127,500
  Southern Energy Corp.:                                      
   7.90% due 07/15/09+*(9)(14)..........    175,000    213,062
  Virginia Electric and Power Co.:                            
   4.10% due 12/15/08...................    227,000    220,825
   5.75% due 03/31/06...................    181,000    181,588
                                                    ----------
                                                     4,626,632
                                                    ----------
                                                                [Download Table]


                                         Principal   Value    
                                          Amount    (Note 2)  
                                                              

--------------------------------------------------------------
Utilities - Gas, Pipeline -- 0.35%                            
  NGC Corp. Capital Trust I:                                  
   8.32% due 06/01/27#.................. $175,000  $   154,000
  Reliant Energy Resources Corp.:                             
   7.75% due 02/15/11...................  200,000      221,343
                                                   -----------
                                                       375,343
                                                   -----------
Total Corporate Bonds                                         
   (Cost $34,476,144)...................            33,536,390
                                                   -----------
FOREIGN BONDS -- 3.83%                                        
Banks -- 0.41%                                                
  HBOS Treasury Services PLC:                                 
   3.50% due 11/30/07*..................  296,000      288,524
  NIB Capital Bank NV:                                        
   5.82% due 12/31/49*(3)...............  160,000      157,195
                                                   -----------
                                                       445,719
                                                   -----------
Broadcasting -- 0.17%                                         
  Telenet Group Holding NV:                                   
   11.50% due 06/15/14*(4)..............  229,000      186,062
                                                   -----------
Conglomerates -- 0.10%                                        
  Tyco International Group SA:                                
   6.88% due 01/15/29...................   96,000      102,664
                                                   -----------
Drugs -- 0.21%                                                
  Elan Finance PLC/ Elan Finance Corp.:                       
   7.75% due 11/15/11...................  245,000      224,787
                                                   -----------
Financial Services -- 1.05%                                   
  FBG Finance, Ltd.:                                          
   5.88% due 06/15/35*..................  100,000       96,511
  HBOS Capital Funding LP:                                    
   6.85% due 03/29/49...................  225,000      226,125
  Nationwide Building Society:                                
   2.63% due 01/30/07*..................  221,000      215,570
  Nell AF SARL:                                               
   8.38% due 08/15/15*#.................  175,000      171,500
  SovRisc BV:                                                 
   4.63% due 10/31/08*..................  215,000      214,264
  UFJ Finance Aruba AEC:                                      
   6.75% due 07/15/13...................  195,000      211,665
                                                   -----------
                                                     1,135,635
                                                   -----------
Government Agencies -- 0.17%                                  
  Government of United Kingdom:                               
   2.25% due 07/08/08*..................  197,000      186,562
                                                   -----------
Insurance -- 0.16%                                            
  Fairfax Financial Holdings, Ltd.:                           
   8.25% due 10/01/15...................  190,000      173,375
                                                   -----------
Machinery -- 0.08%                                            
  Atlas Copco AB:                                             
   6.50% due 04/01/08*..................   81,000       83,077
                                                   -----------
Metals -- 0.25%                                               
  Inco, Ltd.:                                                 
   7.20% due 09/15/32...................  149,000      160,144
  Noranda, Inc.:                                              
   6.00% due 10/15/15...................  105,000      105,006
                                                   -----------
                                                       265,150
                                                   -----------
Mining -- 0.09%                                               
  Teck Cominco, Ltd.:                                         
   6.13% due 10/01/35...................  100,000       95,938
                                                   -----------
Oil & Gas -- 0.45%                                            
  EnCana Corp.:                                               
   6.50% due 08/15/34...................   50,000       54,994
  Nexen, Inc.:                                                
   5.88% due 03/10/35...................  222,000      213,968
  Petro-Canada:                                               
   7.00% due 11/15/28...................  192,000      213,131
                                                   -----------
                                                       482,093
                                                   -----------

N-CSRS 28th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 28th
                                                                [Download Table]
                                                                          
24  CAPITAL CONSERVATION FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                  (Unaudited) - CONTINUED                                 

                                                                [Download Table]


                                         Principal    Value   
                                          Amount     (Note 2) 
                                                              
--------------------------------------------------------------
FOREIGN BONDS (continued)                                     
Paper/Forest Products -- 0.10%                                
  Abitibi-Cons., Inc.:                                        
   8.55% due 08/01/10#.................. $  105,000 $  107,363
                                                    ----------
Retail -- 0.18%                                               
  Jean Coutu Group, Inc.:                                     
   8.50% due 08/01/14#..................    210,000    194,775
                                                    ----------
Telecommunications -- 0.41%                                   
  British Telecommunications PLC:                             
   7.88% due 12/15/05...................     34,000     34,028
  Telus Corp.:                                                
   7.50% due 06/01/07...................    321,000    332,053
   8.00% due 06/01/11...................     65,000     73,014
                                                    ----------
                                                       439,095
                                                    ----------
Total Foreign Bonds                                           
   (Cost $4,183,323)....................             4,122,295
                                                    ----------
UNITED STATES GOVERNMENT BONDS -- 45.62%                      
Government Agencies -- 29.11%                                 
  Federal Home Loan Bank:                                     
   3.88% due 12/20/06...................    660,000    654,575
   3.90% due 02/25/08...................    410,000    402,934
   4.00% due 01/23/07...................    725,000    719,482
   4.00% due 03/10/08...................     80,000     78,756
   4.50% due 09/08/08...................    680,000    675,861
  Federal Home Loan Mtg. Corp.:                               
   3.63% due 02/15/07...................    620,000    612,215
   4.45% due 03/06/08...................     40,000     39,714
   4.50% due 11/01/18...................  1,068,027  1,036,216
   4.50% due 07/01/19...................    602,545    583,865
   5.00% due 03/01/19...................    646,940    637,925
   5.00% due 07/01/19...................    680,197    670,718
   5.00% due 10/01/33...................     28,906     27,903
   5.00% due 03/01/34...................    749,807    722,840
   5.00% due 06/01/34...................    631,682    608,963
   5.00% due 11/01/35...................  2,099,790  2,019,962
   5.50% due 11/01/18...................    720,016    723,607
   5.50% due 10/01/33...................     45,552     45,032
   5.50% due 02/01/35...................  1,223,278  1,206,761
   6.00% due 10/01/33...................    872,278    878,934
   6.50% due 02/01/33...................    160,028    164,008
   6.88% due 09/15/10#..................    513,000    558,575
   7.00% due 11/01/16...................    106,499    110,627
   7.00% due 07/01/32...................     34,831     36,291
   7.50% due 04/01/31...................    257,909    271,142
   8.00% due 01/01/29...................     17,413     18,568
   8.00% due 12/01/29...................     23,514     25,058
   8.00% due 12/01/30...................     39,182     41,746
   8.00% due 01/01/31...................        360        383
  Federal National Mtg. Assoc.:                               
   3.00% due 03/02/07...................    665,000    651,433
   3.88% due 02/01/08...................    595,000    584,844
   4.50% due 02/01/18...................    298,249    289,262
   4.50% due 06/01/18...................    182,215    176,724
   5.00% due 08/01/18...................    190,409    187,945
   5.00% due 09/01/18...................    169,982    167,782
   5.00% due 10/01/18...................    654,815    646,340
   5.00% due 03/01/20...................    354,028    349,085
   5.00% due 10/01/33...................     72,788     70,281
   5.00% due 03/01/34...................  3,101,808  2,991,134
   5.50% due 10/01/17...................    247,031    248,414
   5.50% due 04/01/33...................  1,398,178  1,380,968
   5.50% due 12/01/33...................  1,317,339  1,300,633
   5.50% due 05/01/34...................    804,920    794,713
   5.50% due 10/01/34...................    763,546    752,913
   6.00% due 03/01/16...................      3,205      3,275
   6.00% due 12/01/16...................    119,519    122,124
   6.00% due 11/01/17...................    309,066    315,796
   6.00% due 12/01/33...................  1,024,426  1,030,605
                                                        [Enlarge/Download Table]


                                                            Principal      Value     
                                                             Amount       (Note 2)   
                                                                                     

-------------------------------------------------------------------------------------
Government Agencies (continued)                                                      
  Federal National Mtg. Assoc. (continued)                                           
   6.00% due 08/01/34.................................... $ 1,334,961   $  1,343,044 
   6.00% due 10/01/34....................................   1,136,131      1,143,125 
   6.00% due 06/01/35....................................   1,098,047      1,104,839 
   6.50% due 03/01/17....................................     186,541        192,311 
   6.50% due 08/01/31....................................      97,177         99,672 
   6.50% due 07/01/32....................................     612,114        627,683 
   7.00% due 09/01/31....................................     421,819        440,653 
   7.50% due 11/01/14....................................      11,621         12,056 
   7.50% due 08/01/15....................................       2,320          2,441 
  Government National Mtg. Assoc.:                                                   
   6.00% due 03/15/29....................................      52,955         53,824 
   6.00% due 04/15/29....................................      44,547         45,277 
   6.50% due 07/15/32....................................     177,633        184,569 
   6.50% due 09/15/32....................................     253,943        263,859 
  Tennessee Valley Auth.:                                                            
   4.65% due 06/15/35....................................     201,000        186,060 
                                                                        ------------ 
                                                                          31,336,345 
                                                                        ------------ 
Government Obligations -- 16.51%                                                     
  United State Treasury Notes:                                                       
   4.50% due 11/15/15#...................................      44,000         44,007 
  United States Treasury Bonds:                                                      
   5.38% due 02/15/31#...................................   6,256,000      6,873,780 
   6.25% due 08/15/23#...................................     684,000        800,360 
   7.13% due 02/15/23#...................................     886,000      1,124,528 
   7.25% due 08/15/22#...................................     244,000        311,900 
  United States Treasury Notes:                                                      
   0.88% due 04/15/10 TIPS#(10)..........................     416,437        395,502 
   2.00% due 01/15/14 TIPS#(10)..........................     308,660        305,585 
   2.25% due 02/15/07#...................................      16,000         15,592 
   3.88% due 09/15/10#...................................      72,000         70,256 
   4.25% due 10/15/10#...................................     210,000        208,245 
   4.25% due 08/15/14#...................................      72,000         70,540 
   4.25% due 08/15/15#...................................   3,201,000      3,128,728 
   4.50% due 11/15/10#...................................     105,000        105,340 
   5.00% due 08/15/11#...................................      48,000         49,359 
   6.88% due 05/15/06#...................................   4,217,000      4,264,935 
                                                                        ------------ 
                                                                          17,768,657 
                                                                        ------------ 
Total United States Government Bonds                                                 
   (Cost $49,871,068)....................................                 49,105,002 
                                                                        ------------ 
Total Long-Term Investment Securities                                                
   (Cost $93,953,021)....................................                 92,168,098 
                                                                        ------------ 
SHORT-TERM INVESTMENT SECURITIES -- 12.29%                                           
Collective Investment Pool -- 8.57%                                                  
  Securities Lending Quality Trust(11)...................   9,228,916      9,228,916 
                                                                        ------------ 
Commercial Paper -- 3.72%                                                            
  UBS Finance, Inc.:                                                                 
   4.02% due 12/01/05....................................   4,000,000      4,000,000 
                                                                        ------------ 
Total Short-Term Investment Securities                                               
   (Cost $13,228,916)....................................                 13,228,916 
                                                                        ------------ 
REPURCHASE AGREEMENT -- 9.79%                                                        
  Agreement with State Street Bank & Trust Co., bearing                              
   interest at 3.68%, dated 11/30/05, to be repurchased                              
   12/01/05 in the amount of $10,539,077 and                                         
   collateralized by Federal Home Loan Bank Notes,                                   
   bearing interest at 4.13%, due 10/19/07 and having an                             
   approximate value of $10,856,981                                                  
   (Cost $10,538,000)....................................  10,538,000     10,538,000 
                                                                        ------------ 
TOTAL INVESTMENTS                                                                    
   (Cost $117,719,937)(15)...............................      107.70%   115,935,014 
Liabilities in excess of other assets....................       (7.70)%   (8,289,452)
                                                          -----------   ------------ 
NET ASSETS --                                                  100.00%  $107,645,562 
                                                          ===========   ============ 

N-CSRS 29th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 29th
                                                                [Download Table]
                                                                           
November 30, 2005  CAPITAL CONSERVATION FUND - SCHEDULE OF INVESTMENTS  25 
                                 (Unaudited) - CONTINUED                   

--------                                                                        
TIPS--TreasuryInflation Protected Security                                      
Pass Through -- Certificates backed by a pool of mortgages or other loans on    
  which principal payments are periodically made. Therefore, the effective
maturity is shorter than the stated maturity.                         
+  Non-income producing security                                                
#  The security or a portion thereof is out on loan.                            
*  Securities exempt from registration under Rule 144A of the Securities Act of 
  1933. These securities may be sold in transactions exempt from registration,
  normally to qualified institutional buyers. The Fund has no rights to demand
 registration of these securities. At November 30, 2005, the aggregate value
 of these securities was $5,731,496 representing 5.32% of net assets. Unless
otherwise indicated, these securities are not considered to be illiquid.  
(1)Commercial Mortgage-Backed Security                                          
(2)Collateralized Mortgage Obligation                                           
(3)Floating rate security where the rate fluctuates. The rate steps up or down  
  for each rate downgrade or upgrade. The rate reflected is as of November 30,
2005.                                                                     
(4)"Step Up" security where the rate increases ("steps up") at a predetermined  
rate. Rate shown reflects the increased rate.                             
(5)Variable rate security -- the rate reflected is as of November 30, 2005;     
maturity date reflects next reset date.                                   
(6)Security represents an investment in an affiliated company (see Note 3).     
(7)Fair valued security (see Note 2)                                            
(8)Illiquid security                                                            
(9)Bond in default                                                              
(10)Principal amount of security is adjusted for inflation.                     
(11)The security is purchased with the cash collateral received from securities 
loaned.                                                                 
(12)Company has filed for Chapter 11 bankruptcy protection subsequent to        
November 30, 2005.                                                      
(13)Bond in default subsequent to November 30, 2005.                            
(14)Company has filed for Chapter 11 bankruptcy protection.                     
(15)See Note 5 for cost of investments on a tax basis.                          

See Notes to Financial Statements                                               

N-CSRS 30th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 30th
                                                                [Download Table]
                                                                       
26  CORE EQUITY FUND - PORTFOLIO PROFILE (Unaudited)  November 30, 2005

Industry Allocation*                                                            

                                                                [Download Table]
                                         
Oil & Gas.........................  9.37%
Banks.............................  7.68%
Insurance.........................  7.16%
Financial Services................  5.99%
Drugs.............................  5.41%
Retail............................  5.29%
Information Processing -- Software  4.99%
Conglomerates.....................  4.71%
Aerospace/defense.................  4.53%
Hospital Supplies.................  4.11%
Household Products................  3.46%
Multimedia........................  3.25%
Utilities -- Electric.............  3.25%
Information Processing -- Services  3.17%
Telecommunications................  2.98%
Information Processing -- Hardware  2.77%
Leisure & Tourism.................  2.70%
Beverages.........................  2.62%
Semiconductors....................  2.15%
Medical -- Biomedical/Gene........  1.95%
Machinery.........................  1.50%
Utilities -- Communication........  1.49%
Repurchase Agreements.............  1.24%
Broadcasting......................  1.18%
Tobacco...........................  1.09%
Metals............................  1.05%
Schools...........................  1.02%
Mining............................  0.79%
Medical Technology................  0.74%
Saving & Loan.....................  0.47%
Electronics/Electrical Equipment..  0.39%
Chemical..........................  0.37%
Pollution control.................  0.27%
Hospital Management...............  0.16%
                                   ----- 
                                   99.30%
                                   ===== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 31st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 31st
                                                                [Download Table]
                                                                              
November 30, 2005  CORE EQUITY FUND - SCHEDULE OF INVESTMENTS (Unaudited)  27 

                                                                [Download Table]


                                                                Value    
                                                      Shares   (Note 2)  
                                                                         
-------------------------------------------------------------------------
COMMON STOCK -- 98.06%                                                   
Aerospace/Defense -- 4.53%                                               
  Boeing Co.......................................... 100,000 $ 6,819,000
  General Dynamics Corp..............................  18,900   2,160,270
  Honeywell International, Inc....................... 176,000   6,431,040
  Lockheed Martin Corp...............................  60,000   3,636,000
  United Technologies Corp...........................  75,200   4,048,768
                                                              -----------
                                                               23,095,078
                                                              -----------
Banks -- 7.68%                                                           
  Bank of America Corp............................... 382,600  17,557,514
  North Fork Bancorp., Inc...........................  76,000   2,052,000
  PNC Financial Services Group.......................  22,500   1,434,825
  State Street Bank & Trust Co.......................  86,900   5,013,261
  UBS AG.............................................  26,100   2,399,112
  Wachovia Corp...................................... 103,000   5,500,200
  Wells Fargo & Co...................................  82,000   5,153,700
                                                              -----------
                                                               39,110,612
                                                              -----------
Beverages -- 2.62%                                                       
  Coca-Cola Co.......................................  56,700   2,420,523
  PepsiCo, Inc....................................... 184,950  10,949,040
                                                              -----------
                                                               13,369,563
                                                              -----------
Broadcasting -- 1.18%                                                    
  Comcast Corp., Class A+............................ 124,000   3,273,600
  Comcast Corp., Special Class A+.................... 105,000   2,734,200
                                                              -----------
                                                                6,007,800
                                                              -----------
Chemical -- 0.37%                                                        
  E.I. du Pont de Nemours and Co.....................  44,000   1,881,000
                                                              -----------
Conglomerates -- 4.71%                                                   
  General Electric Co................................ 473,100  16,899,132
  Tyco International, Ltd............................ 249,000   7,101,480
                                                              -----------
                                                               24,000,612
                                                              -----------
Drugs -- 5.41%                                                           
  Abbott Laboratories................................  82,150   3,097,876
  Bristol-Myers Squibb Co............................ 128,000   2,763,520
  Eisai, Ltd. Sponsored ADR..........................  50,900   1,949,470
  Eli Lilly & Co.....................................  39,500   1,994,750
  Pfizer, Inc........................................ 221,950   4,705,340
  Sanofi-Aventis.....................................  69,800   2,806,658
  Schering-Plough Corp............................... 183,700   3,549,084
  Teva Pharmaceutical Industries, Ltd. Sponsored ADR. 164,000   6,704,320
                                                              -----------
                                                               27,571,018
                                                              -----------
Electronics/Electrical Equipment -- 0.39%                                
  Fisher Scientific International, Inc.+.............  30,400   1,960,192
                                                              -----------
Financial Services -- 5.99%                                              
  Citigroup, Inc..................................... 225,933  10,969,047
  E*TRADE Group, Inc.+............................... 102,800   2,006,656
  Freddie Mac........................................  95,000   5,932,750
  JPMorgan Chase & Co................................ 175,000   6,693,750
  Merrill Lynch & Co., Inc...........................  74,050   4,918,401
                                                              -----------
                                                               30,520,604
                                                              -----------
Hospital Management -- 0.16%                                             
  Omnicare, Inc......................................  14,000     797,300
                                                              -----------
Hospital Supplies -- 4.11%                                               
  Cardinal Health, Inc...............................  67,000   4,284,650
  Johnson & Johnson..................................  81,000   5,001,750
  Medtronic, Inc..................................... 209,400  11,636,358
                                                              -----------
                                                               20,922,758
                                                              -----------
Household Products -- 3.46%                                              
  Kimberly-Clark Corp................................  51,000   3,007,980
  Procter & Gamble Co................................ 255,300  14,600,607
                                                              -----------
                                                               17,608,587
                                                              -----------
                                                                [Download Table]


                                                                Value    
                                                      Shares   (Note 2)  
                                                                         

-------------------------------------------------------------------------
Information Processing - Hardware -- 2.77%                               
  Dell, Inc.+........................................  72,700 $ 2,192,632
  EMC Corp.+......................................... 139,900   1,948,807
  Hewlett-Packard Co................................. 166,000   4,925,220
  International Business Machines Corp...............  57,000   5,067,300
                                                              -----------
                                                               14,133,959
                                                              -----------
Information Processing - Services -- 3.17%                               
  First Data Corp.................................... 195,000   8,437,650
  Google, Inc.+......................................   3,400   1,376,966
  Yahoo!, Inc.+...................................... 157,600   6,340,248
                                                              -----------
                                                               16,154,864
                                                              -----------
Information Processing - Software -- 4.99%                               
  Automatic Data Processing, Inc.....................  51,500   2,420,500
  Computer Associates International, Inc............. 149,000   4,247,990
  Intuit, Inc.+......................................  21,000   1,124,970
  Microsoft Corp..................................... 635,200  17,601,392
                                                              -----------
                                                               25,394,852
                                                              -----------
Insurance -- 7.16%                                                       
  ACE, Ltd........................................... 169,200   9,390,600
  Allstate Corp...................................... 206,000  11,556,600
  American International Group, Inc.(1)..............  38,775   2,603,354
  Fidelity National Financial, Inc...................  18,000     680,760
  MetLife, Inc.......................................  59,400   3,055,536
  St. Paul Travelers Cos., Inc.......................  67,421   3,137,099
  WellPoint, Inc.+...................................  78,500   6,031,155
                                                              -----------
                                                               36,455,104
                                                              -----------
Leisure & Tourism -- 2.70%                                               
  Carnival Corp...................................... 169,000   9,208,810
  Mattel, Inc........................................ 158,400   2,637,360
  Starwood Hotels & Resorts Worldwide, Inc., Class B.  31,100   1,881,550
                                                              -----------
                                                               13,727,720
                                                              -----------
Machinery -- 1.50%                                                       
  Caterpillar, Inc...................................  75,800   4,379,724
  Ingersoll-Rand Co., Class A........................  44,600   1,767,498
  Rockwell Automation, Inc...........................  26,000   1,467,180
                                                              -----------
                                                                7,614,402
                                                              -----------
Medical - Biomedical/Gene -- 1.95%                                       
  Amgen, Inc.+.......................................  86,100   6,968,073
  Genzyme Corp.+.....................................  39,900   2,966,166
                                                              -----------
                                                                9,934,239
                                                              -----------
Medical Technology -- 0.74%                                              
  Baxter International, Inc..........................  79,000   3,072,310
  Boston Scientific Corp.+...........................  26,000     688,480
                                                              -----------
                                                                3,760,790
                                                              -----------
Metals -- 1.05%                                                          
  Alcoa, Inc......................................... 141,000   3,864,810
  Rio Tinto PLC......................................   9,200   1,498,588
                                                              -----------
                                                                5,363,398
                                                              -----------
Mining -- 0.79%                                                          
  Cameco Corp........................................  33,300   1,896,768
  Newmont Mining Corp................................  46,400   2,139,968
                                                              -----------
                                                                4,036,736
                                                              -----------
Multimedia -- 3.25%                                                      
  Time Warner, Inc................................... 426,400   7,666,672
  Viacom, Inc., Class B.............................. 265,600   8,871,040
                                                              -----------
                                                               16,537,712
                                                              -----------
Oil & Gas -- 9.37%                                                       
  BP PLC ADR.........................................  89,000   5,859,760
  ChevronTexaco Corp.................................  81,476   4,669,390

N-CSRS 32nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 32nd
                                                                [Download Table]
                                                                               
28  CORE EQUITY FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  November 30, 2005
                            CONTINUED                                          

                                                                [Download Table]


                                                     Value    
                                           Shares   (Note 2)  
                                                              
--------------------------------------------------------------
COMMON STOCK (continued)                                      
Oil & Gas (continued)                                         
  ConocoPhillips..........................  85,600 $ 5,179,656
  ENSCO International, Inc................  57,000   2,699,520
  Exxon Mobil Corp........................ 180,400  10,468,612
  GlobalSantaFe Corp...................... 137,000   6,214,320
  Halliburton Co..........................  77,300   4,920,145
  National-Oilwell Varco, Inc.+...........  18,900   1,145,718
  Noble Energy, Inc.......................  48,000   1,793,760
  Schlumberger, Ltd.......................  50,000   4,786,500
                                                   -----------
                                                    47,737,381
                                                   -----------
Pollution Control -- 0.27%                                    
  Waste Management, Inc...................  46,800   1,399,788
                                                   -----------
Retail -- 5.29%                                               
  Costco Wholesale Corp...................  73,000   3,648,540
  Gap, Inc................................ 111,000   1,929,180
  Kohl's Corp.+........................... 117,900   5,423,400
  Kroger Co.+............................. 207,000   4,028,220
  Lowe's Cos., Inc........................  49,800   3,360,504
  Target Corp.............................  44,900   2,402,599
  Wal-Mart Stores, Inc.................... 127,000   6,167,120
                                                   -----------
                                                    26,959,563
                                                   -----------
Savings & Loan -- 0.47%                                       
  Golden West Financial Corp..............  37,200   2,410,188
                                                   -----------
Schools -- 1.02%                                              
  Apollo Group, Inc., Class A+............  73,000   5,197,600
                                                   -----------
Semiconductors -- 2.15%                                       
  Analog Devices, Inc.....................  32,500   1,232,400
  Freescale Semiconductor, Inc., Class B+.  32,000     825,600
  Intel Corp.............................. 289,500   7,723,860
  Texas Instruments, Inc..................  35,900   1,166,032
                                                   -----------
                                                    10,947,892
                                                   -----------
Telecommunications -- 2.98%                                   
  Amdocs, Ltd.+...........................  41,800   1,104,774
  Cisco Systems, Inc.+.................... 128,650   2,256,521
  Corning, Inc.+.......................... 182,500   3,695,625
  Motorola, Inc........................... 234,000   5,637,060
  QUALCOMM, Inc...........................  55,200   2,509,944
                                                   -----------
                                                    15,203,924
                                                   -----------
Tobacco -- 1.09%                                              
  Altria Group, Inc.......................  76,400   5,561,156
                                                   -----------
                                                                [Download Table]


                                                              Shares/               
                                                             Principal     Value    
                                                              Amount      (Note 2)  
                                                                                    

------------------------------------------------------------------------------------
Utilities - Communication -- 1.49%                                                  
  AT&T, Inc................................................    136,000  $  3,387,760
  Sprint Corp..............................................    166,930     4,179,927
                                                                        ------------
                                                                           7,567,687
                                                                        ------------
Utilities - Electric -- 3.25%                                                       
  FPL Group, Inc...........................................    104,000     4,408,560
  NiSource, Inc............................................     74,000     1,593,220
  PG&E Corp................................................    106,300     3,909,714
  Pinnacle West Capital Corp...............................     77,000     3,194,730
  Southern Co..............................................     99,000     3,436,290
                                                                        ------------
                                                                          16,542,514
                                                                        ------------
Total Long-Term Investment Securities                                               
   (Cost $454,930,362).....................................              499,486,593
                                                                        ------------
REPURCHASE AGREEMENTS -- 1.24%                                                      
  Agreement with State Street Bank & Trust Co., bearing                             
   interest at 3.68%, dated 11/30/05, to be repurchased                             
   12/01/05 in the amount of $1,042,107 and collateralized                          
   by Federal Home Loan Bank Notes, bearing interest at                             
   4.13%, due 10/19/07 and having an approximate value                              
   of $1,073,767........................................... $1,042,000     1,042,000
  Agreement with State Street Bank & Trust Co., bearing                             
   interest at 3.68%, dated 11/30/05, to be repurchased                             
   12/01/05 in the amount of $5,273,539 and collateralized                          
   by Federal National Mtg. Assoc. Bonds, bearing interest                          
   at 4.25%, due 05/15/09 and having an approximate                                 
   value of $5,380,458.....................................  5,273,000     5,273,000
                                                                        ------------
Total Repurchase Agreements                                                         
   (Cost $6,315,000).......................................                6,315,000
                                                                        ------------
TOTAL INVESTMENTS                                                                   
   (Cost $461,245,362)(2)..................................      99.30%  505,801,593
Other assets less liabilities..............................       0.70%    3,575,942
                                                            ----------  ------------
NET ASSETS --                                                   100.00% $509,377,535
                                                            ==========  ============

--------                                                                        
ADR  American Depository Receipt                                                
+  Non-income producing                                                         
(1)Security represents an investment in an affiliated company (see Note 3).     
(2)See Note 5 for cost of investments on a tax basis.                           

See Notes to Financial Statements                                               

N-CSRS 33rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 33rd
                                                                [Download Table]
                                                                                 
November 30, 2005 GOVERNMENT SECURITIES FUND - PORTFOLIO PROFILE (Unaudited)  29 

Industry Allocation*                                                            

                                                                [Download Table]
                                  
Government Agencies.......  61.66%
Government Obligations....  31.53%
Collective Investment Pool  11.88%
Banks.....................   4.67%
Repurchase Agreement......   0.85%
Financial Services........   0.41%
                           ------ 
                           111.00%
                           ====== 

Credit Quality+#                                                                

                                                                [Download Table]
                              
Government -- Agency..  60.79%
Government -- Treasury  32.08%
AAA...................   0.43%
AA....................   3.52%
A.....................   3.18%
                       ------ 
                       100.00%
                       ====== 

*  Calculated as a percentage of Net Assets.                                    
+  Source: Standard and Poors                                                   
#  Calculated as percentage of total debt issues, excluding short term          
securities.                                                               

N-CSRS 34th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 34th
                                                                [Download Table]
                                                                           
30  GOVERNMENT SECURITIES FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                         (Unaudited)                                       

                                                                [Download Table]


                                         Principal    Value   
                                          Amount     (Note 2) 
                                                              
--------------------------------------------------------------
CORPORATE BONDS -- 3.54%                                      
Banks -- 3.13%                                                
American Express Centurion Bank:                              
  4.28% due 11/16/09(2)................. $2,000,000 $1,992,655
Suntrust Bank:                                                
  5.20% due 01/17/17....................  2,000,000  1,971,598
                                                    ----------
                                                     3,964,253
                                                    ----------
Financial Services -- 0.41%                                   
General Electric Capital Corp.:                               
  6.00% due 06/15/12#...................    500,000    523,772
                                                    ----------
Total Corporate Bonds                                         
   (Cost $4,549,243)....................             4,488,025
                                                    ----------
FOREIGN BONDS -- 1.54%                                        
Banks -- 1.54%                                                
HBOS Treasury Services PLC:                                   
  3.50% due 11/30/07*                                         
   (Cost $1,998,837)....................  2,000,000  1,949,484
                                                    ----------
UNITED STATES GOVERNMENT BONDS -- 93.19%                      
Government Agencies -- 61.66%                                 
  Federal Farm Credit Banks:                                  
   2.63% due 12/15/05...................  6,000,000  5,996,046
  Federal Home Loan Bank:                                     
   3.50% due 05/15/07...................  4,340,000  4,266,394
   3.88% due 12/20/06...................  4,850,000  4,810,133
   3.90% due 02/25/08...................  1,415,000  1,390,612
   4.00% due 03/10/08...................  3,905,000  3,844,297
   4.25% due 09/12/08...................  3,840,000  3,789,085
   4.50% due 09/08/08...................  4,900,000  4,870,178
   5.38% due 02/15/07#..................  2,630,000  2,650,730
  Federal Home Loan Mtg. Corp.:                               
   3.63% due 02/15/07...................  3,396,000  3,353,356
   3.88% due 03/03/08...................  3,120,000  3,064,077
   4.35% due 06/02/08...................  4,855,000  4,796,993
   4.45% due 03/06/08...................  4,770,000  4,735,914
   4.50% due 09/01/19...................  1,757,534  1,703,049
   5.00% due 10/01/34...................    853,015    822,336
   6.00% due 11/01/33...................  1,180,268  1,189,274
   6.50% due 02/01/32...................    525,719    538,946
   6.88% due 09/15/10#..................  4,186,000  4,557,880
   7.50% due 09/01/16...................    115,906    121,746
   8.00% due 02/01/30...................     11,082     11,807
   8.00% due 08/01/30...................      3,273      3,487
   8.00% due 06/01/31...................     15,673     16,698
   8.25% due 04/01/17...................        118        127
  Federal National Mtg. Assoc.:                               
   3.88% due 02/01/08...................  3,200,000  3,145,379
   4.75% due 12/15/10...................  1,588,000  1,583,023
   5.00% due 02/01/19...................  1,208,384  1,192,745
   5.25% due 08/01/12#..................  2,425,000  2,443,799
   5.50% due 12/01/33...................    582,970    575,577
   5.50% due 10/01/34...................    992,610    978,787
   6.00% due 05/15/11#..................  4,856,000  5,124,648
   6.00% due 06/01/35...................    457,520    460,350
   6.50% due 02/01/17...................    189,549    195,413
   6.50% due 08/01/31...................    354,237    363,330
   6.50% due 07/01/32...................  1,049,339  1,076,028
   7.00% due 09/01/31...................    222,082    231,998
   7.50% due 03/01/32...................    107,370    112,732
   11.50% due 09/01/19..................        872        955
   12.00% due 01/15/16..................        359        405
   12.50% due 09/01/15..................        520        575
   13.00% due 11/15/15..................      2,007      2,227
   14.50% due 11/01/14..................        443        502
  Government National Mtg. Assoc.:                            
   6.00% due 01/15/32...................    246,300    250,236
   6.50% due 08/15/31...................    685,396    712,372
                                                        [Enlarge/Download Table]


                                                             Principal      Value     
                                                              Amount       (Note 2)   
                                                                                      

--------------------------------------------------------------------------------------
Government Agencies (continued)                                                       
   7.50% due 02/15/29..................................... $    21,175   $     22,373 
   7.50% due 07/15/30.....................................       1,492          1,576 
   7.50% due 01/15/31.....................................      20,354         21,492 
   7.50% due 02/15/31.....................................      12,688         13,397 
  Tennessee Valley Auth.:                                                             
   4.65% due 06/15/35.....................................   3,400,000      3,147,278 
                                                                         ------------ 
                                                                           78,190,362 
                                                                         ------------ 
Government Obligations -- 31.53%                                                      
  United States Treasury Bonds:                                                       
   2.38% due 01/15/25# TIPS(3)............................   4,174,790      4,297,913 
   5.38% due 02/15/31#....................................   2,361,000      2,594,149 
   6.25% due 08/15/23#....................................   5,581,000      6,530,423 
   7.25% due 05/15/16#....................................   2,800,000      3,401,563 
   7.25% due 08/15/22.....................................   4,065,000      5,196,212 
  United States Treasury Bonds Strip:                                                 
   Zero coupon due 08/15/24#..............................   2,040,000        823,328 
  United States Treasury Notes:                                                       
   0.88% due 04/15/10# TIPS(3)............................   2,083,235      1,978,504 
   2.00% due 01/15/14# TIPS(3)............................   1,543,299      1,527,927 
   3.88% due 05/15/10#....................................   1,000,000        977,539 
   4.00% due 02/15/15#....................................   3,500,000      3,359,590 
   4.13% due 05/15/15#....................................   6,800,000      6,583,250 
   4.88% due 02/15/12#....................................   2,650,000      2,706,416 
                                                                         ------------ 
                                                                           39,976,814 
                                                                         ------------ 
Total United States Government Bonds                                                  
   (Cost $120,111,887)....................................                118,167,176 
                                                                         ------------ 
Total Long-Term Investment Securities                                                 
   (Cost $126,659,967)....................................                124,604,685 
                                                                         ------------ 
SHORT-TERM INVESTMENT SECURITIES -- 11.88%                                            
Collective Investment Pool -- 11.88%                                                  
  Securities Lending Quality Trust(1)                                                 
   (Cost $15,057,679).....................................  15,057,679     15,057,679 
                                                                         ------------ 
REPURCHASE AGREEMENT -- 0.85%                                                         
  Agreement with State Street Bank & Trust & Co., bearing                             
   interest at 3.68%, dated 11/30/05, to be repurchased                               
   12/01/05 in the amount of $1,080,110 and                                           
   collateralized by Federal National Mtg. Assoc. Bonds,                              
   bearing interest at 4.25%, due 05/15/09 and having an                              
   approximate value of $1,115,581 (Cost $1,080,000)......   1,080,000      1,080,000 
                                                                         ------------ 
TOTAL INVESTMENTS                                                                     
   (Cost $142,797,646)(4).................................      111.00%   140,742,364 
Liabilities in excess of other assets.....................      (11.00)%  (13,950,128)
                                                           -----------   ------------ 
NET ASSETS --                                                   100.00%  $126,792,236 
                                                           ===========   ============ 

--------                                                                        
TIPS--Treasury Inflation Protected Security                                     
*  Securities exempt from registration under Rule 144A of the Securities Act of 
  1933. These securities may be sold in transactions exempt from registration,
  normally to qualified institutional buyers. The Fund has no rights to demand
 registration of these securities. At November 30, 2005, the aggregate value
 of these securities was $1,949,484 representing 1.54% of net assets. Unless
otherwise indicated, these securities are not considered to be illiquid.  
#  The security or a portion thereof is out on loan (see Note 2).               
(1)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(2)Floating rate security where the rate fluctuates. The rate moves up or down  
at each reset date. The rate reflected is as of November 30, 2005.        
(3)Principal amount of security is adjusted for inflation.                      
(4)See Note 5 for cost of investments on a tax basis.                           

See Notes to Financial Statements                                               

N-CSRS 35th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 35th
                                                                [Download Table]
                                                                            
November 30, 2005  GROWTH & INCOME FUND - PORTFOLIO PROFILE (Unaudited)  31 

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Financial Services................  11.63%
Oil & Gas.........................   9.31%
Insurance.........................   8.20%
Telecommunications................   6.24%
Aerospace/Defense.................   5.88%
Banks.............................   5.65%
Collective Investment Pool........   5.29%
Conglomerates.....................   4.89%
Apparel & Products................   4.41%
Semiconductors....................   4.23%
Information Processing -- Software   4.05%
Broadcasting......................   3.96%
Beverages.........................   3.03%
Utilities -- Electric.............   3.03%
Information Processing -- Hardware   3.01%
Drugs.............................   2.58%
Hospital Supplies.................   2.51%
Leisure & Tourism.................   2.08%
Chemical..........................   2.04%
Household Products................   2.04%
Tobacco...........................   2.01%
Retail............................   1.97%
Multimedia........................   1.51%
Repurchase Agreement..............   1.37%
Medical -- Biomedical/Gene........   1.26%
Utilities -- Communication........   1.05%
Metals............................   1.02%
Electronics/Electrical Equipment..   1.01%
                                   ------ 
                                   105.26%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 36th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 36th
                                                                [Download Table]
                                                                                 
32  GROWTH & INCOME FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005

                                                                [Download Table]


                                                     Value    
                                           Shares   (Note 2)  
                                                              
--------------------------------------------------------------
COMMON STOCK -- 98.60%                                        
Aerospace/Defense -- 5.88%                                    
  Alliant Techsystems, Inc.+#.............  32,200 $ 2,443,336
  Goodrich Corp...........................  50,800   1,956,816
  L-3 Communications Holdings, Inc........  32,100   2,391,450
  United Technologies Corp................  44,400   2,390,496
                                                   -----------
                                                     9,182,098
                                                   -----------
Apparel & Products -- 4.41%                                   
  Coach, Inc.+............................  68,200   2,348,126
  Nike, Inc., Class B.....................  53,200   4,537,960
                                                   -----------
                                                     6,886,086
                                                   -----------
Banks -- 5.65%                                                
  Bank of America Corp....................  68,300   3,134,287
  U.S. Bancorp............................ 103,500   3,133,980
  Wells Fargo & Co........................  40,600   2,551,710
                                                   -----------
                                                     8,819,977
                                                   -----------
Beverages -- 3.03%                                            
  Diageo PLC Sponsored ADR#...............  40,600   2,360,890
  PepsiCo, Inc............................  39,900   2,362,080
                                                   -----------
                                                     4,722,970
                                                   -----------
Broadcasting -- 3.96%                                         
  Clear Channel Communications, Inc.......  95,300   3,102,968
  Comcast Corp., Class A+................. 116,800   3,083,520
                                                   -----------
                                                     6,186,488
                                                   -----------
Chemical -- 2.04%                                             
  Dow Chemical Co.........................  70,400   3,185,600
                                                   -----------
Conglomerates -- 4.89%                                        
  General Electric Co..................... 143,400   5,122,248
  ITT Industries, Inc.....................  23,100   2,512,356
                                                   -----------
                                                     7,634,604
                                                   -----------
Drugs -- 2.58%                                                
  Abbott Laboratories.....................  36,800   1,387,728
  Pfizer, Inc............................. 124,500   2,639,400
                                                   -----------
                                                     4,027,128
                                                   -----------
Electronics/Electrical Equipment -- 1.01%                     
  Ametek, Inc.............................  36,800   1,568,048
                                                   -----------
Financial Services -- 11.63%                                  
  American Express Co.....................  52,700   2,709,834
  Bear Stearns Cos., Inc..................  28,300   3,141,017
  Capital One Financial Corp..............  30,300   2,516,718
  Citigroup, Inc..........................  64,800   3,146,040
  JPMorgan Chase & Co.....................  94,200   3,603,150
  Morgan Stanley..........................  54,300   3,042,429
                                                   -----------
                                                    18,159,188
                                                   -----------
Hospital Supplies -- 2.51%                                    
  Johnson & Johnson.......................  25,200   1,556,100
  Medtronic, Inc..........................  42,400   2,356,168
                                                   -----------
                                                     3,912,268
                                                   -----------
Household Products -- 2.04%                                   
  Procter & Gamble Co.....................  55,600   3,179,764
                                                   -----------
Information Processing - Hardware -- 3.01%                    
  International Business Machines Corp....  52,800   4,693,920
  Seagate Technology, Inc.+(1)(5).........  10,000           0
                                                   -----------
                                                     4,693,920
                                                   -----------
Information Processing - Software -- 4.05%                    
  Microsoft Corp.......................... 228,000   6,317,880
                                                   -----------
Insurance -- 8.20%                                            
  Aetna, Inc..............................  33,000   3,052,170
  Allstate Corp...........................  56,300   3,158,430
  Chubb Corp..............................  34,000   3,292,560
  WellPoint, Inc.+........................  42,900   3,296,007
                                                   -----------
                                                    12,799,167
                                                   -----------
                                                                [Download Table]


                                                     Shares/                 
                                                    Principal      Value     
                                                     Amount       (Note 2)   
                                                                             

-----------------------------------------------------------------------------
Leisure & Tourism -- 2.08%                                                   
  Royal Caribbean Cruises, Ltd.#..................     70,900   $  3,251,474 
                                                                ------------ 
Medical - Biomedical/Gene -- 1.26%                                           
  Amgen, Inc.+....................................     24,300      1,966,599 
                                                                ------------ 
Metals -- 1.02%                                                              
  Roper Industries, Inc.#.........................     40,500      1,595,700 
                                                                ------------ 
Multimedia -- 1.51%                                                          
  Time Warner, Inc................................    131,300      2,360,774 
                                                                ------------ 
Oil & Gas -- 9.31%                                                           
  ChevronTexaco Corp..............................     63,100      3,616,261 
  Exxon Mobil Corp................................    105,800      6,139,574 
  Marathon Oil Corp...............................     49,900      2,958,571 
  Schlumberger, Ltd...............................     19,000      1,818,870 
                                                                ------------ 
                                                                  14,533,276 
                                                                ------------ 
Retail -- 1.97%                                                              
  Wal-Mart Stores, Inc............................     63,300      3,073,848 
                                                                ------------ 
Semiconductors -- 4.23%                                                      
  Intel Corp......................................    186,900      4,986,492 
  Texas Instruments, Inc..........................     49,800      1,617,504 
                                                                ------------ 
                                                                   6,603,996 
                                                                ------------ 
Telecommunications -- 6.24%                                                  
  BellSouth Corp..................................     61,000      1,662,860 
  Cisco Systems, Inc.+............................     92,700      1,625,958 
  Nokia Oyj Sponsored ADR.........................    180,200      3,077,816 
  QUALCOMM, Inc...................................     38,500      1,750,595 
  Verizon Communications, Inc.....................     50,600      1,618,188 
                                                                ------------ 
                                                                   9,735,417 
                                                                ------------ 
Tobacco -- 2.01%                                                             
  Altria Group, Inc...............................     43,200      3,144,528 
                                                                ------------ 
Utilities - Communication -- 1.05%                                           
  Sprint Corp.....................................     65,700      1,645,128 
                                                                ------------ 
Utilities - Electric -- 3.03%                                                
  FPL Group, Inc..................................     71,700      3,039,363 
  TXU Corp........................................     16,500      1,693,395 
                                                                ------------ 
                                                                   4,732,758 
                                                                ------------ 
Total Long-Term Investment Securities                                        
   (Cost $142,236,039)............................               153,918,684 
                                                                ------------ 
SHORT-TERM INVESTMENT SECURITIES -- 5.29%                                    
Collective Investment Pool -- 5.29%                                          
  Securities Lending Quality Trust(2)                                        
   (Cost $8,268,593)..............................  8,268,593      8,268,593 
                                                                ------------ 
REPURCHASE AGREEMENT -- 1.37%                                                
  State Street Bank & Trust Co., Joint Repurchase                            
   Agreement(4)                                                              
   (Cost $2,135,000).............................. $2,135,000      2,135,000 
                                                                ------------ 
TOTAL INVESTMENTS                                                            
   (Cost $152,639,632)(3).........................     105.26%   164,322,277 
Liabilities in excess of other assets.............      (5.26)%   (8,216,721)
                                                   ----------   ------------ 
NET ASSETS --                                          100.00%  $156,105,556 
                                                   ==========   ============ 

--------                                                                        
ADR--American Depository Receipt                                                
#  The security or a portion thereof is out on loan (see Note 2).               
+  Non-income producing security                                                
(1)Fair valued security (see Note 2)                                            
(2)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(3)See Note 5 for cost of investments on a tax basis.                           
(4)See Note 2 for details of Joint Repurchase Agreement.                        
(5)Illiquid Security                                                            

See Notes to Financial Statements                                               

N-CSRS 37th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 37th
                                                                [Download Table]
                                                                            
November 30, 2005  HEALTH SCIENCES FUND - PORTFOLIO PROFILE (Unaudited)  33 

Industry Allocation*                                                            

                                                                [Download Table]
                                                
Drugs...................................  24.17%
Collective Investment Pool..............  21.87%
Medical -- Biomedical/Gene..............  19.38%
Therapeutics............................  16.80%
Insurance...............................  12.54%
Healthcare..............................   8.73%
Medical Technology......................   7.51%
Hospital Supplies.......................   5.01%
Registered Investment Companies.........   2.53%
Chemical................................   2.40%
Hospital Management.....................   1.15%
Optical Instruments & Lenses............   0.97%
Retirement/Aged Care....................   0.35%
Real Estate Investment Trusts...........   0.17%
Investment Company......................   0.12%
Information Processing -- Services......   0.10%
Information Processing -- Software......   0.09%
                                         ------ 
                                         123.89%
                                         ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 38th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 38th
                                                                [Download Table]
                                                                                 
34  HEALTH SCIENCES FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005

                                                                [Download Table]


                                                                   Value    
                                                         Shares   (Note 2)  
                                                                            
----------------------------------------------------------------------------
COMMON STOCK -- 99.46%                                                      
Chemical -- 2.40%                                                           
  Monsanto Co.(2).......................................  21,200 $ 1,553,324
  Solvay SA(6)..........................................   9,600   1,056,788
  Symyx Technologies, Inc.+.............................  56,200   1,531,450
                                                                 -----------
                                                                   4,141,562
                                                                 -----------
Drugs -- 24.17%                                                             
  Abbott Laboratories...................................  12,100     456,291
  Advanced Life Sciences Holdings, Inc.+#...............  30,500     119,865
  Alkermes, Inc.+#...................................... 144,500   2,627,010
  Allergan, Inc.(2).....................................   6,700     670,000
  American Pharmaceutical Partners, Inc.+#..............   3,100     117,862
  Array Biopharma, Inc.+................................  42,700     286,944
  Astellas Pharma, Inc.(6)..............................  38,000   1,463,456
  Barr Pharmaceuticals, Inc.+...........................   3,100     177,785
  Caremark Rx, Inc.+(2).................................  35,500   1,824,345
  Cephalon, Inc.+#(2)...................................  93,700   4,764,645
  Combinatorx, Inc.#....................................  17,100     130,815
  Cubist Pharmaceuticals, Inc.+#(2)..................... 104,400   2,360,484
  Dynavax Technologies Corp.+#..........................   6,200      27,776
  Elan Corp. PLC Sponsored ADR+#........................ 189,900   1,965,465
  Eli Lilly & Co.(2)....................................  31,700   1,600,850
  Endo Pharmaceuticals Holdings, Inc.+..................   5,800     173,536
  H. Lundbeck AS(6).....................................  11,800     243,439
  Idenix Pharmaceuticals, Inc.+#........................   5,900     122,484
  Indevus Pharmaceuticals, Inc.+#.......................  33,400     133,934
  IVAX Corp.+#..........................................  15,425     462,133
  Novartis AG - ADR.....................................  21,200   1,110,880
  Novo-Nordisk AS(6)....................................   6,000     322,228
  OSI Pharmaceuticals, Inc.+(2).........................  68,896   1,670,728
  Penwest Pharmaceuticals Co.+#.........................  11,000     186,450
  Pfizer, Inc.(2).......................................  64,560   1,368,672
  Rigel Pharmaceuticals, Inc.+#.........................  31,400     688,288
  Roche Holding AG(6)...................................  18,400   2,753,438
  Sanofi-Aventis#(6)....................................  12,400     997,559
  Schering-Plough Corp..................................  51,800   1,000,776
  Schwarz Pharma AG#(6).................................  17,500     946,064
  Sepracor, Inc.+(2).................................... 101,200   5,563,976
  Shire Pharmaceuticals Group PLC Sponsored ADR#(2).....  24,300     887,922
  Teva Pharmaceutical Industries, Ltd. Sponsored ADR(2).   9,100     372,008
  Valeant Pharmaceuticals International#................  23,600     388,928
  ViroPharma, Inc.+#....................................  48,700     850,789
  Wyeth(2)..............................................  69,682   2,895,984
                                                                 -----------
                                                                  41,733,809
                                                                 -----------
Healthcare -- 8.73%                                                         
  Community Health Systems, Inc.+(2)....................  74,800   2,998,732
  Covance, Inc.+........................................   2,900     137,866
  Dade Behring Holdings, Inc............................  40,000   1,635,600
  DaVita, Inc.+(2)......................................  51,100   2,682,239
  Edwards Lifesciences Corp.+...........................  25,700   1,027,743
  Gentiva Health Services, Inc.+........................   5,200      85,332
  HEALTHSOUTH Corp.+....................................  74,200     276,766
  Kinetic Concepts, Inc.+(2)............................  28,030   1,091,768
  Manor Care, Inc.(2)...................................   3,000     118,290
  Medco Health Solutions, Inc.+.........................  18,000     965,700
  Patterson Cos., Inc.+#(2).............................  27,200     950,368
  ResMed, Inc.+#........................................  45,300   1,848,240
  Respironics, Inc.+....................................  10,300     398,404
  Symbion, Inc.+........................................  27,400     734,046
  VistaCare, Inc., Class A+#............................   9,000     124,200
                                                                 -----------
                                                                  15,075,294
                                                                 -----------
Hospital Management -- 1.15%                                                
  HCA, Inc.(2)..........................................   1,200      61,188
  Triad Hospitals, Inc.+(2).............................  45,100   1,923,966
                                                                 -----------
                                                                   1,985,154
                                                                 -----------
                                                                [Download Table]


                                                    Value    
                                          Shares   (Note 2)  
                                                             

-------------------------------------------------------------
Hospital Supplies -- 5.01%                                   
  Cardinal Health, Inc.(2)...............  39,200 $ 2,506,840
  Henry Schein, Inc.+....................  12,200     520,330
  Johnson & Johnson(2)...................  24,600   1,519,050
  Medtronic, Inc.(2).....................  21,100   1,172,527
  St. Jude Medical, Inc.+(2).............  38,700   1,848,699
  Stryker Corp.(2).......................  25,000   1,082,500
                                                  -----------
                                                    8,649,946
                                                  -----------
Information Processing-Services -- 0.10%                     
  WebMD Health Corp.+#...................   6,800     180,132
                                                  -----------
Information Processing-Software -- 0.09%                     
  Allscripts Heathcare Solutions, Inc.+#.  12,000     160,800
                                                  -----------
Insurance -- 12.54%                                          
  Aetna, Inc.(2).........................  13,200   1,220,868
  Assurant, Inc..........................  20,300     895,636
  CIGNA Corp.(2).........................  22,500   2,531,700
  Coventry Health Care, Inc.+(2).........  12,150     723,775
  UnitedHealth Group, Inc.(2)............ 155,700   9,320,202
  WellPoint, Inc.+(2)....................  90,600   6,960,798
                                                  -----------
                                                   21,652,979
                                                  -----------
Investment Company -- 0.12%                                  
  Pharmaceutical HOLDRs Trust(2).........   3,100     205,096
                                                  -----------
Medical - Biomedical/Gene -- 19.36%                          
  Affymetrix, Inc.+(2)...................  11,300     556,412
  Alexion Pharmaceuticals, Inc.+#........  24,300     474,093
  Amgen, Inc.+(2)........................  78,400   6,344,912
  Biocryst Pharmaceuticals, Inc.+#.......  71,400   1,159,536
  Biogen Idec, Inc.+(2)..................  49,200   2,106,252
  BioSphere, Inc.+#......................  67,900     378,882
  Celgene Corp.+(2)......................  32,000   1,949,440
  Cell Genesys, Inc.+#...................  35,300     205,446
  Decode Genetics, Inc.+#................  63,600     527,880
  Encysive Pharmaceuticals, Inc.+#.......  77,800     884,586
  Exelixis, Inc.+........................  84,500     682,760
  Genentech, Inc.+(2)....................  84,500   8,079,890
  Genmab AS+(6)..........................  26,700     542,546
  Human Genome Sciences, Inc.+...........  38,500     356,125
  Inhibitex, Inc.........................  14,000     128,240
  Invitrogen Corp.+(2)...................   7,200     479,880
  Keryx Biopharmaceuticals, Inc.+#.......  29,700     412,533
  Kosan Biosciences, Inc.+#..............  59,700     432,228
  MedImmune, Inc.+.......................  33,400   1,199,394
  Momenta Pharmaceuticals, Inc.+#........  21,300     470,730
  Monogram Biosciences, Inc.+............  11,500      20,585
  Myogen, Inc.+#(2)......................  47,700   1,036,998
  Myriad Genetics, Inc.+.................  11,900     228,599
  Panacos Pharmaceuticals, Inc.+.........  15,000     118,650
  Protein Design Labs, Inc.+#(2).........  83,400   2,322,690
  Tercica, Inc.+#........................  27,000     256,230
  Vertex Pharmaceuticals, Inc.+#.........  81,194   2,070,447
                                                  -----------
                                                   33,425,964
                                                  -----------
Medical Technology -- 7.51%                                  
  Andrx Corp.+...........................  30,600     544,374
  Arena Pharmaceuticals, Inc.+#..........  36,100     389,158
  Aspect Medical Systems, Inc.+#.........  18,200     685,594
  Biomet, Inc.(2)........................  19,400     691,028
  Boston Scientific Corp.+(2)............  39,400   1,043,312
  Conor Medsystems, Inc.+#...............  14,900     294,573
  CryoLife, Inc.+#.......................  18,300      69,540
  Endologix, Inc.+.......................  45,400     278,756
  Gen-Probe, Inc.+.......................  30,200   1,394,334
  Guidant Corp.(2).......................   3,400     209,712
  Hologic, Inc.+(2)......................   8,600     611,202
  Immucor Corp.+(2)......................  42,100   1,042,817
  Incyte Genomics, Inc.+#................ 111,100     617,716

N-CSRS 39th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 39th
                                                                [Download Table]
                                                                                 
November 30, 2005 HEALTH SCIENCES FUND - SCHEDULE OF INVESTMENTS (Unaudited)  35 
                                          - CONTINUED                            

                                                                [Download Table]


                                                  Value    
                                       Shares    (Note 2)  
                                                           
-----------------------------------------------------------
COMMON STOCK (continued)                                   
Medical Technology (continued)                             
  Integra LifeSciences Corp.+#........   3,100 $    113,274
  InterMune, Inc.+....................  11,800      170,510
  Martek Biosciences Corp.+#..........  37,100      972,391
  Nektar Therapeutics+................  18,300      307,806
  Noven Pharmaceuticals, Inc.+........   6,400       86,464
  OraSure Technologies, Inc.+#........  20,800      282,048
  Qiagen NV+#.........................  14,900      167,327
  Quest Diagnostics, Inc.(2)..........  29,900    1,497,691
  Regeneration Technologies, Inc.+#...  13,000      106,730
  Serologicals Corp.+#................  12,500      251,000
  Zimmer Holdings, Inc.+(2)...........  18,300    1,146,861
                                               ------------
                                                 12,974,218
                                               ------------
Optical Instruments & Lenses -- 0.97%                      
  Alcon, Inc.(2)......................  12,000    1,682,400
                                               ------------
Real Estate Investment Trusts -- 0.17%                     
  Ventas, Inc.........................   9,300      293,229
                                               ------------
Retirement/Aged Care -- 0.35%                              
  Sunrise Senior Living, Inc.+#.......  18,200      607,880
                                               ------------
Therapeutics -- 16.79%                                     
  Abgenix, Inc.+#(2).................. 101,500    1,391,565
  Amylin Pharmaceuticals, Inc.+#(2)...  65,500    2,450,355
  AtheroGenics, Inc.+#................  37,100      556,129
  BioMarin Pharmaceutical, Inc.+......  15,500      150,970
  CV Therapeutics, Inc.+#.............  43,500    1,075,755
  Discovery Laboratories, Inc.+#......   9,700       65,184
  DOV Pharmaceutical, Inc.+#..........  17,700      255,588
  Favrille, Inc.+#....................  12,400       42,780
  Gilead Sciences, Inc.+(2)........... 184,600    9,357,374
  ImClone Systems, Inc.+(2)........... 105,500    3,419,255
  Inspire Phamaceuticals, Inc.+#(2)...  27,500      199,100
  Mannkind Corp.+#....................  27,300      354,081
  Medarex, Inc.+#.....................   3,600       37,656
  Medicines Co.+#(2)..................  93,500    1,708,245
  MGI Pharma, Inc.+#(2)...............  72,200    1,425,228
  NeoRx Corp.+#(1)....................  18,100       18,281
  Neurocrine Biosciences, Inc.+#(2)...  45,100    2,684,352
  NPS Pharmaceuticals, Inc.+#.........  67,000      776,530
  Onyx Pharmaceuticals, Inc.+#(2).....  24,400      615,612
  Theravance, Inc.+...................  46,200      969,276
  Trimeris, Inc.+.....................  89,200      975,848
  United Therapeutics Corp.+(2).......   3,000      214,290
  Vion Pharmaceuticals, Inc.+#........ 130,500      241,425
                                               ------------
                                                 28,984,879
                                               ------------
Total Common Stock                                         
   (Cost $150,125,557)................          171,753,342
                                               ------------
PREFERRED STOCK -- 0.01%                                   
Therapeutics -- 0.01%                                      
  NeoRx Corp.(1)(5)                                        
   (Cost $50,000).....................       5       11,051
                                               ------------
                                                                [Download Table]


                                                                  Value     
                                                     Shares      (Note 2)   
                                                                            

----------------------------------------------------------------------------
WARRANTS -- 0.02%                                                           
Medical - Biomedical/Gene -- 0.02%                                          
  Myogen, Inc.                                                              
   Expires 09/09/09 (Strike price $7.80)+(5).....      2,460   $     34,292 
                                                               ------------ 
Therapeutics -- 0.00%                                                       
  Mannkind Corp:                                                            
   Expires 08/05/10 (Strike price $12.23)+(5)....     15,000          2,226 
  NeoRx Corp.:                                                              
   Expires 12/03/08 (Strike price $6.00)+(1)(5)..      2,000              0 
                                                               ------------ 
                                                                      2,226 
                                                               ------------ 
Total Warrants                                                              
   (Cost $683)...................................                    36,518 
                                                               ------------ 
Total Long-Term Investment Securities                                       
   (Cost $150,176,240)...........................               171,800,911 
                                                               ------------ 
SHORT-TERM INVESTMENT SECURITIES -- 24.40%                                  
Collective Investment Pool -- 21.87%                                        
  Securities Lending Quality Trust(4)............ 37,773,920     37,773,920 

Registered Investment Companies -- 2.53%                                    
  T. Rowe Price Reserve Investment Fund(3).......  4,364,413      4,364,413 
                                                               ------------ 
Total Short-Term Investment Securities                                      
   (Cost $42,138,333)............................                42,138,333 
                                                               ------------ 
TOTAL INVESTMENTS                                                           
   (Cost $192,314,573)(7)........................     123.89%   213,939,244 
Liabilities in excess of other assets............     (23.89)%  (41,260,712)
                                                  ----------   ------------ 
NET ASSETS --                                         100.00%  $172,678,532 
                                                  ==========   ============ 

--------                                                                        
ADR--AmericanDepository Receipt                                                 
+  Non-income producing security                                                
#  The security or a portion thereof is out on loan (see Note 2).               
(1)Fair valued security (see Note 2)                                            
(2)A portion of this security is subject to options written.                    
(3)The security or a portion thereof represents collateral for uncovered        
written options.                                                          
(4)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(5)Illiquid security                                                            
(6)Security was valued using fair value procedures at November 30, 2005. See    
   Note 2 regarding fair value pricing procedures for foreign equity securities.
(7)See Note 5 for cost of investments on a tax basis.                           

N-CSRS 40th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 40th
                                                                [Download Table]
                                                                                 
36  HEALTH SCIENCES FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                          

Open call option contracts written at November 30, 2005 for the Health        
Sciences Fund were as follows:                                                  

                                                        [Enlarge/Download Table]

                                                                                              Unrealized  
                                      Contract Strike  Number of Premiums  Market Value at   Appreciation 
Issue                                  Month   Price   Contracts Received November 30, 2005 (Depreciation)
------------------------------------- -------- ------- --------- -------- ----------------- --------------
                                                                                                          
Affymetrix, Inc......................  Feb-06  $ 50.00      61   $ 16,202    $   21,960       $  (5,758)  
Amgen, Inc...........................  Jan-06    65.00      36      9,432        59,760         (50,328)  
Amgen, Inc...........................  Jan-06    85.00      91     20,196        12,740           7,456   
Amgen, Inc...........................  Apr-06    90.00     124     21,947        25,420          (3,473)  
Amylin Pharamceuticals, Inc..........  Jan-06    25.00     175     28,032       225,750        (197,718)  
Amylin Pharamceuticals, Inc..........  Jan-06    35.00      90      9,088        36,900         (27,812)  
Biogen Idec, Inc.....................  Jan-06    50.00      30      3,180         1,200           1,980   
Biomet, Inc..........................  Jan-06    40.00      30      2,910         2,100             810   
Boston Scientific Corp...............  Jan-06    25.00     180     41,734        46,800          (5,066)  
Boston Scientific Corp...............  Jan-06    27.50      92      8,142        11,040          (2,898)  
Celgene Corp.........................  Jan-06    60.00     121     28,425        60,500         (32,075)  
Cephalon, Inc........................  Dec-05    50.00      30      3,230         4,800          (1,570)  
Community Health Systems, Inc........  Jan-06    40.00      24      2,042         3,840          (1,798)  
DaVita, Inc..........................  Jan-06    55.00      29      2,708         2,610              98   
DaVita, Inc..........................  Apr-06    55.00      30      6,510         7,200            (690)  
Eli Lilly & Co.......................  Jan-06    50.00     122     41,112        23,180          17,932   
Genentech, Inc.......................  Dec-05    90.00      60     51,418        38,400          13,018   
Genentech, Inc.......................  Dec-05    95.00      92     13,092        24,840         (11,748)  
Genentech, Inc.......................  Dec-05   100.00      14      2,968         1,120           1,848   
Genentech, Inc.......................  Dec-05   100.00      16      3,552         1,280           2,272   
Genentech, Inc.......................  Jan-06   100.00      61     19,336        18,300           1,036   
Genentech, Inc.......................  Jan-06   105.00      30      4,710         4,650              60   
Gilead Sciences, Inc.................  Jan-06    50.00      60     13,019        20,400          (7,381)  
Gilead Sciences, Inc.................  Feb-06    50.00      30      7,260        12,900          (5,640)  
Gilead Sciences, Inc.................  Feb-06    60.00      61      7,365         5,490           1,875   
Hologic, Inc.........................  May-06    35.00      23     10,574        19,320          (8,746)  
ImClone Systems, Inc.................  Jan-06    45.00      96     20,351         1,440          18,911   
ImClone Systems, Inc.................  Feb-06    35.00     152     20,102        28,120          (8,018)  
ImClone Systems, Inc.................  May-06    35.00      91     22,815        30,940          (8,125)  
ImClone Systems, Inc.................  May-06    40.00     122     15,622        19,520          (3,898)  
Immucor Corp.........................  Mar-06    30.00      90     16,269         9,450           6,819   
Inspire Pharmaceuticals, Inc.........  Dec-05    12.50      79     10,822         3,160           7,662   
Kinetic Concepts, Inc................  Dec-05    40.00      60     11,220         6,000           5,220   
Kinetic Concepts, Inc................  Dec-05    45.00      46      7,433           690           6,743   
Kinetic Concepts, Inc................  Jan-06    40.00      30      7,742         6,000           1,742   
Kinetic Concepts, Inc................  Jun-06    45.00     118     32,958        33,630            (672)  
Medicines Co.........................  Jan-06    20.00      60     21,717         4,800          16,917   
MGI Pharma, Inc......................  Apr-06    22.50     150     16,783        20,250          (3,467)  
Myogen, Inc..........................  Dec-05    25.00      20      2,906         1,700           1,206   
Neurocrine Biosciences, Inc..........  Jan-06    60.00      72     12,365        21,240          (8,875)  
Neurocrine Biosciences, Inc..........  Jan-06    65.00      31      3,342         3,342               0   
Onyx Pharmaceuticals, Inc............  Jan-06    35.00      60      5,969        17,400         (11,431)  
OSI Pharmaceuticals, Inc.............  Dec-05    15.00     123     21,166        38,130         (16,964)  
Protein Design Labs, Inc.............  Jan-06    30.00      30      6,439         2,850           3,589   
Protein Design Labs, Inc.............  Feb-06    30.00      89     13,148        13,795            (647)  
Protein Design Labs, Inc.............  Feb-06    35.00      89     10,244         3,560           6,684   
St Jude Medical, Inc.................  Apr-06    55.00      30      3,660         3,000             660   
Sepracor, Inc........................  Dec-05    60.00      65      6,600         6,500             100   
Sepracor, Inc........................  Jan-06    60.00     181     42,835        36,200           6,635   
Sepracor, Inc........................  Apr-06    70.00     120     18,560        12,000           6,560   
Shire Phamaceuticals Group PLC.......  Jan-06    40.00      75      7,627         7,627               0   
Stryker Corp.........................  Mar-06    50.00      49      5,599         4,165           1,434   
Teva Pharmaceuticals Industries, Ltd.  Jan-06    32.50      91     10,192        80,080         (69,888)  
Triad Hospitals, Inc.................  Feb-06    40.00      16      4,752         6,560          (1,808)  
United Therapeutics Corp.............  May-06    90.00      30     13,764         9,300           4,464   
Wyeth................................  Jan-06    45.00      91     10,996         2,730           8,266   
Zimmer Holdings, Inc.................  Jan-06    70.00      32      5,663         1,920           3,743   
Zimmer Holdings, Inc.................  Mar-06    75.00      96     14,968         6,240           8,728   
                                      ------------------------------------------------------------------- 
                                                         4,196   $802,813    $1,134,839       $(332,026)  
                                      ------------------------------------------------------------------- 

N-CSRS 41st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 41st
                                                                [Download Table]
                                                                                 
November 30, 2005 HEALTH SCIENCES FUND - SCHEDULE OF INVESTMENTS (Unaudited)  37 
                                          - CONTINUED                            

Open put option contracts written at November 30, 2005 for the Health Sciences
Fund were as follows:                                                           

                                                        [Enlarge/Download Table]

                                                                                      Unrealized  
                              Contract Strike  Number of Premiums  Market Value at   Appreciation 
Issue                          Month   Price   Contracts Received November 30, 2005 (Depreciation)
----------------------------- -------- ------- --------- -------- ----------------- --------------
                                                                                                  
Abgenix, Inc.................  Jul-06  $ 15.00    48     $14,495       $14,160         $   335    
Aetna, Inc...................  Jan-06    90.00    36      37,413         8,460          28,953    
Affymetrix, Inc..............  Feb-06    50.00    33      11,356        12,540          (1,184)   
Alcon, Inc...................  Feb-06   125.00    37      33,373         9,435          23,938    
Allergan, Inc................  Jan-06    80.00    16      13,342           320          13,022    
Allergan, Inc................  Jan-07   105.00    30      32,909        32,700             209    
Amgen, Inc...................  Jan-06    70.00    93      53,157         3,720          49,437    
Amgen, Inc...................  Jan-06    90.00    70      63,767        66,500          (2,733)   
Amylin Pharmaceuticals, Inc..  Jan-06    20.00    20       7,222           300           6,922    
Amylin Pharmaceuticals, Inc..  Jan-06    22.50    91      37,225         1,365          35,860    
Amylin Pharmaceuticals, Inc..  Jan-06    25.00    47      25,088         1,175          23,913    
Amylin Pharmaceuticals, Inc..  Jan-06    30.00    30       9,210         1,650           7,560    
Amylin Pharmaceuticals, Inc..  Jan-06    35.00    12       7,224         1,800           5,424    
Baxter International, Inc....  Jan-06    35.00    30      20,462           750          19,712    
Baxter International, Inc....  Jan-06    40.00    31      16,956         6,355          10,601    
Baxter International, Inc....  Jan-06    45.00    30      14,609        20,400          (5,791)   
Baxter International, Inc....  May-06    45.00    30      22,709        20,400           2,309    
Biogen Idec, Inc.............  Jan-06    45.00    37      20,919        12,580           8,339    
Biomet, Inc..................  Jan-06    37.50    30      10,410         9,600             810    
Cardinal Health, Inc.........  Jan-06    60.00    12       6,324           600           5,724    
Cardinal Health, Inc.........  Jan-06    65.00    31      12,566         7,130           5,436    
Caremark Rx, Inc.............  Jan-06    45.00    45      27,802         1,575          26,227    
Caremark Rx, Inc.............  Jan-06    50.00    33      21,610         3,960          17,650    
Caremark Rx, Inc.............  Jan-06    55.00    28      15,035        11,480           3,555    
Caremark Rx, Inc.............  Jan-07    55.00    36      24,531        23,400           1,131    
Celgene Corp.................  Jan-06    40.00    37      17,588           925          16,663    
Celgene Corp.................  Jan-06    45.00    30      29,579         1,500          28,079    
Celgene Corp.................  Jan-06    60.00    60      49,752        22,800          26,952    
CIGNA Corp...................  Jan-06   120.00    48      47,844        40,320           7,524    
CIGNA Corp...................  Jan-06   125.00    38      54,392        47,880           6,512    
Community Health System, Inc.  Jan-06    40.00     9       3,888         1,260           2,628    
Coventry Health Care, Inc....  Jan-06    56.63    30      15,929         3,150          12,779    
Cubist Pharmaceuticals, Inc..  Feb-06    22.50    30       8,445         6,600           1,845    
DaVita, Inc..................  Jan-06    55.00    36      28,901        11,880          17,021    
DaVita, Inc..................  Apr-06    30.00    30      12,509        12,600             (91)   
DaVita, Inc..................  Jul-06    55.00    18       7,430         7,430              --    
Eli Lilly & Co...............  Jan-06    55.00    37      10,296        17,020          (6,724)   
Forest Labs, Inc.............  Jan-06    40.00     2         694           450             244    
Forest Labs, Inc.............  Jan-06    40.00    64      20,987        14,400           6,587    
Forest Labs, Inc.............  Jan-06    45.00    48      21,455        29,760          (8,305)   
Genentech, Inc...............  Dec-05    85.00    43      20,520           645          19,875    
Genentech, Inc...............  Dec-05    90.00    49      26,220         2,940          23,280    
Genentech, Inc...............  Jan-06    80.00    60      69,890         4,500          65,390    
Genentech, Inc...............  Jan-06    85.00    37      20,820           555          20,265    
Gen-Probe, Inc...............  Feb-06    40.00    30      11,910         3,750           8,160    
Gilead Sciences, Inc.........  Jan-06    45.00    59      45,771         4,130          41,641    
Gilead Sciences, Inc.........  Jan-06    50.00    30       5,610         6,450            (840)   
Gilead Sciences, Inc.........  Jan-06    47.50    77      44,787        10,010          34,777    
Gilead Sciences, Inc.........  Feb-06    50.00    18       5,256         5,310             (54)   
Guidant Corp.................  Jan-06    70.00    31      24,743        26,040          (1,297)   
Guidant Corp.................  Jan-07    60.00    18      11,466         4,680           6,786    
HCA, Inc.....................  Jan-06    55.00    86      38,790        37,840             950    
HCA, Inc.....................  Jan-06    65.00    15      18,584        21,300          (2,716)   
Hologic, Inc.................  Mar-06    30.00    29      16,540         7,395           9,145    
Hologic, Inc.................  Mar-06    35.00    23      14,517        14,950            (433)   
ICOS Corp....................  Jan-06    30.00    60      34,054        17,100          16,954    
ImClone Systems, Inc.........  Feb-06    35.00    37      16,957        15,170           1,787    
ImClone Systems, Inc.........  May-06    35.00    61      31,254        30,500             754    
Immucor Corp.................  Mar-06    22.50    18       4,544         2,880           1,664    
Invitrogen Corp..............  May-06    65.00    60      32,243        24,000           8,243    
Johnson & Johnson............  Jan-07    60.00    37      13,948        11,840           2,108    
Johnson & Johnson............  Jan-07    65.00    31      16,336        16,430             (94)   
Kinetics Concepts, Inc.......  Jun-06    40.00    65      34,443        32,500           1,943    
Manor Care, Inc..............  Jan-06    40.00     9       4,473         1,260           3,213    
Medtronic, Inc...............  Jan-06    55.00    31      14,045         3,410          10,635    
Medtronic, Inc...............  Jan-06    60.00    32      18,092        14,720           3,372    
Medtronic, Inc...............  May-06    60.00    19       9,443         9,690            (247)   
Merck & Co., Inc.............  Jan-06    30.00    49      15,082         6,615           8,467    

N-CSRS 42nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 42nd
                                                                [Download Table]
                                                                                 
38  HEALTH SCIENCES FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                          

                                                        [Enlarge/Download Table]

                                                                                      Unrealized  
                             Contract Strike Number of  Premiums   Market Value at   Appreciation 
Issue                         Month   Price  Contracts  Received  November 30, 2005 (Depreciation)
---------------------------- -------- ------ --------- ---------- ----------------- --------------
                                                                                                  
Monsanto Co.................  Jan-07  $70.00      48   $   40,654    $   33,600        $  7,054   
Neucocrine Biosciences, Inc.  Jan-06   55.00      34       23,017         4,590          18,427   
Onyx Pharmaceuticals, Inc...  Jan-06   25.00      62       22,521        28,520          (5,999)  
OSI Pharmaceuticals, Inc....  Jan-06   40.00      60       45,379        96,000         (50,621)  
Patterson Cos, Inc..........  Jan-06   50.00       1          477         1,530          (1,053)  
Pfizer, Inc.................  Jun-06   22.50      24        4,848         5,760            (912)  
Pharmaceutical HOLDERs Trust  Jan-06   80.00      31       20,366        43,710         (23,344)  
Protein Design Labs, Inc....  Jan-06   25.00      30       10,710         1,950           8,760   
Quest Diagnostics, Inc......  Jan-06   55.00       8        4,456         4,000             456   
St. Jude Medical, Inc.......  Jan-06   40.00      23       11,095           575          10,520   
St. Jude Medical, Inc.......  Jan-06   45.00      74       40,184         6,660          33,524   
St. Jude Medical, Inc.......  Jan-06   50.00      80       52,203        25,600          26,603   
St. Jude Medical, Inc.......  Apr-06   50.00      12        5,004         5,040             (36)  
St. Jude Medical, Inc.......  Apr-06   55.00      30       18,417        23,100          (4,683)  
Sepracor, Inc...............  Jan-06   65.00      91       92,154        99,190          (7,036)  
Stryker Corp................  Jan-06   50.00      27       13,259        18,630          (5,371)  
Stryker Corp................  Jun-06   50.00      12        7,884         9,120          (1,236)  
Stryker Corp................  Mar-06   50.00      61       28,924        44,530         (15,606)  
Triad Hospitals, Inc........  Jan-06   55.00      32       24,534        40,000         (15,466)  
UnitedHealth Group, Inc.....  Jan-06   55.00      24       10,968         1,320           9,648   
UnitedHealth Group, Inc.....  Jan-06   57.50      37       19,498         3,884          15,614   
Walgreen Co.................  Jan-06   50.00      30       21,809        13,200           8,609   
WellPoint, Inc..............  Jan-06   67.50      37       16,538         1,850          14,688   
Wyeth.......................  Jan-06   45.00      91       19,871        32,760         (12,889)  
Zimmer Holdings, Inc........  Mar-06   65.00      38       14,405        19,380          (4,975)  
                             -------------------------------------------------------------------- 
                                               3,564   $2,078,916    $1,391,439        $687,477   
                             -------------------------------------------------------------------- 

See Notes to Financial Statements                                               

N-CSRS 43rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 43rd
                                                                [Download Table]
                                                                            
November 30, 2005  INCOME & GROWTH FUND - PORTFOLIO PROFILE (Unaudited)  39 

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Banks.............................  12.07%
Collective Investment Pool........  11.28%
Oil & Gas.........................  10.63%
Hospital Supplies.................   4.94%
Utilities -- Electric.............   4.74%
Drugs.............................   4.33%
Insurance.........................   4.17%
Semiconductors....................   4.03%
Retail............................   3.47%
Information Processing -- Hardware   3.35%
Conglomerates.....................   3.17%
Financial Services................   2.91%
Household Products................   2.90%
Multimedia........................   2.83%
Real Estate Investment Trusts.....   2.73%
Information Processing -- Services   2.55%
Savings & Loan....................   2.26%
Aerospace/Defense.................   2.25%
Automotive........................   2.16%
Information Processing -- Software   2.07%
Electronics/Electrical Equipment..   2.05%
Foods.............................   1.99%
Metals............................   1.98%
Chemical..........................   1.69%
Telecommunications................   1.69%
Utilities -- Communication........   1.69%
Machinery.........................   1.56%
Leisure & Tourism.................   1.25%
Healthcare........................   1.17%
Freight...........................   1.08%
Paper/Forest Products.............   0.91%
Utilities -- Gas, Distribution....   0.88%
Commercial Services...............   0.85%
Railroads & Equipment.............   0.70%
Hardware & Tools..................   0.57%
Medical -- Biomedical/Gene........   0.53%
Apparel & Products................   0.34%
Tobacco...........................   0.34%
Auto-Replacement Parts............   0.25%
Publishing........................   0.22%
Airlines..........................   0.14%
Building Material.................   0.12%
Broadcasting......................   0.05%
Heavy Duty Trucks/Parks...........   0.03%
Beverages.........................   0.02%
                                   ------ 
                                   110.94%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 44th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 44th
                                                                [Download Table]
                                                                                 
40  INCOME & GROWTH FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005

                                                                [Download Table]


                                                      Value    
                                            Shares   (Note 2)  
                                                               
---------------------------------------------------------------
COMMON STOCK -- 99.66%                                         
Aerospace/Defense -- 2.25%                                     
  Lockheed Martin Corp.....................   5,114 $   309,908
  Northrop Grumman Corp....................  84,535   4,849,773
                                                    -----------
                                                      5,159,681
                                                    -----------
Airlines -- 0.14%                                              
  Southwest Airlines Co....................  19,198     316,767
                                                    -----------
Apparel & Products -- 0.34%                                    
  Charming Shoppes, Inc.+#.................  29,204     343,147
  Payless ShoeSource, Inc.+................  18,948     432,962
                                                    -----------
                                                        776,109
                                                    -----------
Automotive -- 2.16%                                            
  AutoNation, Inc.+........................   1,560      32,323
  Ford Motor Co.#.......................... 523,276   4,254,234
  Goodyear Tire & Rubber Co.+#.............  24,014     411,360
  TRW Automotive Holdings Corp.+...........   9,826     247,615
                                                    -----------
                                                      4,945,532
                                                    -----------
Auto - Replacement Parts -- 0.25%                              
  Sonic Automotive, Inc., Class A#.........  27,152     564,762
                                                    -----------
Banks -- 12.07%                                                
  Bank of America Corp..................... 237,398  10,894,194
  Comerica, Inc............................  16,033     924,623
  First American Corp., Class A............  68,728   3,233,652
  First Horizon National Corp.#............  37,541   1,461,096
  Fremont General Corp.#...................  36,262     848,894
  National City Corp....................... 198,710   6,738,256
  Wachovia Corp............................  24,082   1,285,979
  Wells Fargo & Co.........................  35,908   2,256,818
                                                    -----------
                                                     27,643,512
                                                    -----------
Beverages -- 0.02%                                             
  Molson Coors Brewing Co.#................     870      57,933
                                                    -----------
Broadcasting -- 0.05%                                          
  Citadel Broadcasting Corp.+#.............   8,325     112,221
                                                    -----------
Building Materials -- 0.12%                                    
  USG Corp.+#..............................   4,435     271,422
                                                    -----------
Chemical -- 1.69%                                              
  Eastman Chemical Co......................  33,258   1,840,165
  Lyondell Chemical Co.#...................  73,482   1,868,647
  Olin Corp.#..............................   8,258     158,967
                                                    -----------
                                                      3,867,779
                                                    -----------
Commercial Services -- 0.85%                                   
  Cendant Corp.............................  13,410     238,296
  Deluxe Corp..............................   4,907     159,134
  PHH Corp.+#..............................  46,504   1,342,105
  Silgan Holdings, Inc.#...................   5,621     198,365
                                                    -----------
                                                      1,937,900
                                                    -----------
Conglomerates -- 3.17%                                         
  General Electric Co......................   4,382     156,525
  Loews Corp...............................  60,445   5,837,778
  Tyco International, Ltd..................  43,955   1,253,597
                                                    -----------
                                                      7,247,900
                                                    -----------
Drugs -- 4.33%                                                 
  Alpharma, Inc., Class A..................   6,360     168,031
  Bristol-Myers Squibb Co..................   1,541      33,270
  King Pharmaceuticals, Inc.+..............  92,779   1,459,414
  Merck & Co., Inc......................... 139,528   4,102,123
  Pfizer, Inc.............................. 194,720   4,128,064
  ViroPharma, Inc.+........................   1,307      22,834
                                                    -----------
                                                      9,913,736
                                                    -----------
Electronics/Electrical Equipment -- 2.05%                      
  Applera Corp. - Applied Biosystems Group.  88,149   2,431,149
  Arrow Electronics, Inc.+.................  65,211   2,021,541
                                                                [Download Table]


                                                       Value    
                                             Shares   (Note 2)  
                                                                

----------------------------------------------------------------
Electronics/Electrical Equipment (continued)                    
  Avnet, Inc.+..............................   7,811 $   175,747
  Pitney Bowes, Inc.........................   1,760      73,322
                                                     -----------
                                                       4,701,759
                                                     -----------
Financial Services -- 2.91%                                     
  American Capital Strategies, Ltd.#........   6,175     236,873
  American Express Co.......................   2,130     109,524
  American Financial Group, Inc.#...........   3,127     116,168
  Capital One Financial Corp................  11,512     956,187
  Citigroup, Inc............................  36,963   1,794,554
  CompuCredit Corp.+#.......................   6,411     250,478
  Morgan Stanley............................  54,310   3,042,989
  Raymond James Financial, Inc..............   4,537     164,421
                                                     -----------
                                                       6,671,194
                                                     -----------
Foods -- 1.99%                                                  
  Archer-Daniels-Midland Co.................  62,797   1,480,125
  Chiquita Brands International, Inc.#......  46,471     966,597
  General Mills, Inc........................     480      22,814
  Pilgrims Pride Corp.#.....................  52,208   1,670,656
  Seaboard Corp.#...........................     244     419,680
                                                     -----------
                                                       4,559,872
                                                     -----------
Freight -- 1.08%                                                
  FedEx Corp................................   6,076     593,139
  United Parcel Service, Inc., Class B......  24,132   1,879,883
                                                     -----------
                                                       2,473,022
                                                     -----------
Hardware & Tools -- 0.57%                                       
  Black & Decker Corp.......................  13,884   1,219,154
  Stanley Works.............................   1,604      76,992
                                                     -----------
                                                       1,296,146
                                                     -----------
Healthcare -- 1.17%                                             
  Kindred Healthcare, Inc.+#................  18,605     515,917
  Magellan Health Services, Inc.+...........   4,366     127,574
  McKesson Corp.............................  40,399   2,032,070
                                                     -----------
                                                       2,675,561
                                                     -----------
Heavy Duty Trucks/Parts -- 0.03%                                
  Navistar International Corp.+.............   2,308      65,478
                                                     -----------
Hospital Supplies -- 4.94%                                      
  AmerisourceBergen Corp....................  23,239   1,867,254
  Becton, Dickinson and Co..................  27,224   1,585,253
  Cardinal Health, Inc......................   6,399     409,216
  Hospira, Inc.+............................  28,601   1,262,734
  Johnson & Johnson......................... 100,025   6,176,544
                                                     -----------
                                                      11,301,001
                                                     -----------
Household Products -- 2.90%                                     
  American Greetings Corp., Class A.........     861      22,558
  John H. Harland Co.#......................  11,382     430,240
  Kimberly-Clark Corp.......................  72,294   4,263,900
  Newell Rubbermaid, Inc....................  42,224     974,108
  Tupperware Corp...........................  41,416     955,467
                                                     -----------
                                                       6,646,273
                                                     -----------
Information Processing - Hardware -- 3.35%                      
  Hewlett-Packard Co........................ 107,289   3,183,264
  Imation Corp..............................   7,284     320,205
  International Business Machines Corp......  42,489   3,777,272
  Komag, Inc.+#.............................   5,338     186,510
  Western Digital Corp.+#...................  14,085     210,148
                                                     -----------
                                                       7,677,399
                                                     -----------
Information Processing - Services -- 2.55%                      
  Computer Sciences Corp.+..................  40,169   2,017,689
  Earthlink, Inc.+#......................... 239,043   2,734,652

N-CSRS 45th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 45th
                                                                [Download Table]
                                                                                 
November 30, 2005 INCOME & GROWTH FUND - SCHEDULE OF INVESTMENTS (Unaudited)  41 
                                          - CONTINUED                            

                                                                [Download Table]


                                                            Value    
                                                  Shares   (Note 2)  
                                                                     
---------------------------------------------------------------------
COMMON STOCK (continued)                                             
Information Processing - Services (continued)                        
  Intergraph Corp.+#.............................   1,794 $    86,148
  United Online, Inc.#...........................  71,648   1,010,953
                                                          -----------
                                                            5,849,442
                                                          -----------
Information Processing - Software -- 2.07%                           
  Microsoft Corp................................. 171,114   4,741,569
                                                          -----------
Insurance -- 4.17%                                                   
  ACE, Ltd.......................................  25,295   1,403,872
  Aon Corp.......................................  16,756     610,086
  Chubb Corp.....................................   7,229     700,056
  Endurance Specialty Holdings, Ltd..............  50,581   1,742,515
  Fidelity National Financial, Inc...............  17,886     676,449
  Fidelity National Title Group, Inc.#...........   3,029      69,061
  LandAmerica Financial Group, Inc.#.............   6,704     434,084
  Nationwide Financial Services, Inc., Class A...   9,644     406,495
  Protective Life Corp...........................  11,871     524,461
  St. Paul Travelers Cos., Inc...................  62,043   2,886,861
  Zenith National Insurance Corp.................   2,047      97,028
                                                          -----------
                                                            9,550,968
                                                          -----------
Leisure & Tourism -- 1.25%                                           
  Darden Restaurants, Inc........................  24,480     875,895
  Hasbro, Inc....................................   7,109     145,166
  McDonald's Corp................................  32,918   1,114,274
  Regal Entertainment Group, Class A#............  36,201     732,346
                                                          -----------
                                                            2,867,681
                                                          -----------
Machinery -- 1.56%                                                   
  Cummins, Inc...................................  40,149   3,573,261
                                                          -----------
Medical - Biomedical/Gene -- 0.53%                                   
  Amgen, Inc.+...................................  15,029   1,216,297
                                                          -----------
Metals -- 1.98%                                                      
  Nucor Corp.....................................  27,461   1,842,084
  Phelps Dodge Corp..............................  18,645   2,529,567
  Quanex Corp.#..................................   2,653     164,088
                                                          -----------
                                                            4,535,739
                                                          -----------
Multimedia -- 2.83%                                                  
  Time Warner, Inc............................... 175,336   3,152,541
  Viacom, Inc., Class B..........................  59,117   1,974,508
  Walt Disney Co.................................  54,696   1,363,571
                                                          -----------
                                                            6,490,620
                                                          -----------
Oil & Gas -- 10.63%                                                  
  ChevronTexaco Corp............................. 111,882   6,411,957
  ConocoPhillips.................................  64,899   3,927,039
  Exxon Mobil Corp............................... 135,371   7,855,579
  Marathon Oil Corp..............................  39,366   2,334,010
  Sunoco, Inc....................................  19,603   1,513,352
  UGI Corp.......................................  43,877     965,294
  Valero Energy Corp.............................   7,459     717,556
  Veritas DGC, Inc.+#............................  19,006     621,496
                                                          -----------
                                                           24,346,283
                                                          -----------
Paper/Forest Products -- 0.91%                                       
  Louisiana-Pacific Corp.........................  77,149   2,080,709
                                                          -----------
Publishing -- 0.22%                                                  
  R. R. Donnelley & Sons Co......................  14,584     498,773
                                                          -----------
Railroads & Equipment -- 0.70%                                       
  Burlington Northern Santa Fe Corp..............   8,400     555,912
  CSX Corp.......................................   4,500     218,880
  Norfolk Southern Corp..........................   8,861     392,011
  Union Pacific Corp.............................   5,700     436,278
                                                          -----------
                                                            1,603,081
                                                          -----------
Real Estate Investment Trusts -- 2.73%                               
  Apartment Investment & Management Co., Class A.  14,195     549,772
  CBL & Associates Properties, Inc.#.............  86,386   3,477,037
  Colonial Properties Trust......................  22,011     966,943
  Crescent Real Estate Equities, Inc.#...........  21,223     440,802
  Health Care Property Investors, Inc............   4,091     107,471
                                                                [Download Table]


                                                           Value     
                                              Shares      (Note 2)   
                                                                     

---------------------------------------------------------------------
Real Estate Investment Trusts (continued)                            
  iStar Financial, Inc....................        620   $     23,039 
  Lexington Corporate Properties Trust#...     10,012        213,155 
  Mack-Cali Realty Corp...................      3,523        155,611 
  Trustreet Properties, Inc.#.............     20,070        313,895 
                                                        ------------ 
                                                           6,247,725 
                                                        ------------ 
Retail -- 3.47%                                                      
  American Eagle Outfitters, Inc.#........      3,653         83,142 
  Barnes & Noble, Inc.+...................     27,825      1,122,461 
  Blyth, Inc..............................      2,445         48,411 
  Building Materials Holding Corp.#.......      2,744        225,914 
  Federated Department Stores, Inc........     58,173      3,748,086 
  Longs Drug Stores Corp.#................      1,919         81,807 
  SUPERVALU, Inc..........................     80,246      2,625,649 
                                                        ------------ 
                                                           7,935,470 
                                                        ------------ 
Savings & Loan -- 2.26%                                              
  Downey Financial Corp...................        375         24,262 
  Washington Mutual, Inc..................    124,767      5,139,153 
                                                        ------------ 
                                                           5,163,415 
                                                        ------------ 
Semiconductors -- 4.03%                                              
  Intel Corp..............................    342,403      9,135,312 
  Texas Instruments, Inc..................      2,505         81,362 
                                                        ------------ 
                                                           9,216,674 
                                                        ------------ 
Telecommunications -- 1.69%                                          
  Alltel Corp.............................     15,083      1,007,997 
  Motorola, Inc...........................     23,773        572,691 
  Verizon Communications, Inc.............     71,558      2,288,425 
                                                        ------------ 
                                                           3,869,113 
                                                        ------------ 
Tobacco -- 0.34%                                                     
  Reynolds American, Inc.#................      8,803        783,643 
                                                        ------------ 
Utilities - Communication -- 1.69%                                   
  AT&T, Inc...............................    120,887      3,011,295 
  Sprint Corp.............................     33,876        848,255 
                                                        ------------ 
                                                           3,859,550 
                                                        ------------ 
Utilities - Electric -- 4.74%                                        
  Ameren Corp.............................      4,567        239,585 
  American Electric Power Co., Inc........     23,647        864,061 
  Edison International, Inc...............     26,386      1,190,536 
  Entergy Corp............................      2,177        152,390 
  FirstEnergy Corp........................     14,507        681,249 
  NiSource, Inc...........................     85,818      1,847,662 
  PG&E Corp...............................    156,035      5,738,967 
  Pinnacle West Capital Corp..............      3,423        142,020 
                                                        ------------ 
                                                          10,856,470 
                                                        ------------ 
Utilities - Gas, Distribution -- 0.88%                               
  Nicor, Inc.#............................     50,095      2,008,809 
                                                        ------------ 
Total Long-Term Investment Securities --                             
   (Cost $211,987,663)....................               228,178,251 
                                                        ------------ 
SHORT-TERM INVESTMENT SECURITIES -- 11.28%                           
Collective Investment Pool -- 11.28%                                 
  Securities Lending Quality Trust(1)                                
   (Cost $25,816,415)..................... 25,816,415     25,816,415 
                                                        ------------ 
TOTAL INVESTMENTS                                                    
   (Cost $237,804,078)(2).................     110.94%   253,994,666 
Liabilities in excess of other assets.....     (10.94)%  (25,049,502)
                                           ----------   ------------ 
NET ASSETS --                                     100%   228,945,164 
                                           ==========   ============ 

--------                                                                        
+  Non-income producing security                                                
#  The security or a portion thereof is out on loan (see Note 2).               
(1)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(2)See Note 5 for cost of investments on a tax basis.                           

See Notes to Financial Statements                                               

N-CSRS 46th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 46th
                                                                [Download Table]
                                                                               
42  INFLATION PROTECTED FUND - PORTFOLIO PROFILE (Unaudited)  November 30, 2005

Industry Allocation*                                                            

                                                                [Download Table]
                             
Government Obligations 53.99%
Government Agencies... 23.71%
Financial Services....  8.49%
Time Deposit..........  6.46%
Insurance.............  4.76%
Banks.................  0.95%
Conglomerates.........  0.70%
                       ----- 
                       99.06%
                       ===== 

Credit Quality+#                                                                

                                                                [Download Table]
                              
Government -- Agency..  25.63%
Government -- Treasury  58.32%
AA....................   9.07%
A.....................   6.22%
BBB...................   0.76%
                       ------ 
                       100.00%
                       ====== 

*  Calculated as a percentage of Net Assets.                                    
+  Source: Standard and Poors.                                                  
#  Calculated as a percentage of total debt issues, excluding short term        
securities.                                                               

N-CSRS 47th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 47th
                                                                [Download Table]
                                                                          
November 30, 2005  INFLATION PROTECTED FUND - SCHEDULE OF INVESTMENTS  43 
                                       (Unaudited)                        

                                                                [Download Table]


                                             Principal    Value   
                                              Amount     (Note 2) 
                                                                  
------------------------------------------------------------------
CORPORATE BONDS -- 13.87%                                         
Banks -- 0.62%                                                    
  HSBC Bank USA:                                                  
   5.63% due 08/15/35....................... $  100,000 $   95,086
                                                        ----------
Financial Services -- 8.49%                                       
  Allstate Life Global Funding Trust:                             
   4.69% due 03/01/10(2)....................    150,000    142,464
   5.54% due 04/02/07(2)....................    150,000    148,054
  CIT Group, Inc.:                                                
   6.89% due 12/14/16(2)....................    300,000    294,390
  Lehman Brothers Holdings, Inc., Series G:                       
   7.10% due 06/10/14(2)....................    150,000    149,616
  Morgan Stanley:                                                 
   5.99% due 11/01/13(2)....................    150,000    149,255
  Morgan Stanley, Series C:                                       
   6.69% due 06/01/11(2)....................    150,000    147,195
  SLM Corp., Series A:                                            
   5.34% due 05/01/14(2)....................    130,000    122,742
   5.77% due 11/21/13(2)....................    150,000    147,384
                                                        ----------
                                                         1,301,100
                                                        ----------
Insurance -- 4.76%                                                
  Jackson National Life Global Funding:                           
   5.96% due 05/01/14*(2)...................    300,000    296,259
  Pacific Life Global Funding:                                    
   6.87% due 02/06/16*(2)...................    300,000    288,615
  Principal Life Income Funding Trust:                            
   4.69% due 04/01/08(2)....................    150,000    145,466
                                                        ----------
                                                           730,340
                                                        ----------
Total Corporate Bonds                                             
   (Cost $2,202,684)........................             2,126,526
                                                        ----------
FOREIGN BONDS & NOTES -- 0.70%                                    
Conglomerates -- 0.70%                                            
  Tyco International Group SA:                                    
   6.88% due 01/15/29                                             
   (Cost $117,759)..........................    100,000    106,941
                                                        ----------
UNITED STATES GOVERNMENT BONDS -- 77.70%                          
Government Agencies -- 23.71%                                     
  Federal Home Loan Mtg. Corp.:                                   
   4.50% due 01/15/15.......................    135,000    131,119
   6.25% due 07/15/32.......................    500,000    580,678
  Federal National Mtg. Assoc.:                                   
   4.78% due 02/17/09(2)....................  2,000,000  1,946,680
  Tennessee Valley Auth.:                                         
   3.38% due 01/15/07(3)....................    877,982    885,383
   4.65% due 06/15/35.......................    100,000     92,567
                                                        ----------
                                                         3,636,427
                                                        ----------
                                                                [Download Table]


                                                          Principal             
                                                           Amount/     Value    
                                                           Shares     (Note 2)  
                                                                                

--------------------------------------------------------------------------------
Government Obligations -- 53.99%                                                
  United States Treasury Bonds:                                                 
   2.00% due 07/15/14 TIPS(3)........................... $  574,561  $   568,613
   2.38% due 01/15/25 TIPS(3)...........................  5,492,590    5,654,578
  United States Treasury Inflation Indexed Notes:                               
   1.63% due 01/15/15 TIPS(3)...........................  1,883,703    1,805,117
   1.88% due 07/15/15 TIPS(3)...........................    255,413      249,855
                                                                     -----------
                                                                       8,278,163
                                                                     -----------
Total United States Government Bonds                                            
   (Cost $12,296,941)...................................              11,914,590
                                                                     -----------
PREFERRED STOCK -- 0.33%                                                        
Banks -- 0.33%                                                                  
  RBS Capital Trust II 6.43%(1).........................                        
   (Cost $52,913).......................................     50,000       51,404
                                                                     -----------
Total Long-Term Investment Securities                                           
   (Cost $14,670,297)...................................              14,199,461
                                                                     -----------
SHORT-TERM INVESTMENT SECURITIES -- 6.46%                                       
Time Deposit -- 6.46%                                                           
  Euro Time Deposit with State Street Bank & Trust Co.:                         
   1.40% due 12/01/05                                                           
   (Cost $990,000)......................................    990,000      990,000
                                                                     -----------
TOTAL INVESTMENTS                                                               
   (Cost $15,660,297)(4)................................      99.06%  15,189,461
Other assets less liabilities...........................       0.94%     143,588
                                                         ----------  -----------
NET ASSETS --                                                100.00% $15,333,049
                                                         ==========  ===========

--------                                                                        
TIPS--Treasury Inflation Protected Security                                     
*  Securities exempt from registration under Rule 144A of the Securities Act of 
  1933. These securities may be sold in transactions exempt from registration,
  normally to qualified institutional buyers. The Fund has no rights to demand
 registration of these securities. At November 30, 2005, the aggregate value
of these securities was $584,876 representing 3.81% of net assets. Unless 
otherwise indicated, these securities are not considered to be illiquid.  
(1)Floating rate security where the rate fluctuates. The rate moves up or down  
at each reset date. The rate reflected is as of November 30, 2005.        
(2)Security is a "floating rate" bond where the coupon rate fluctuates based on 
the Consumer Price Index.                                                 
(3)Principal amount of security is adjusted for inflation.                      
(4)See Note 5 for cost of investments on a tax basis.                           

See Notes to Financial Statements                                               

N-CSRS 48th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 48th
                                                                [Download Table]
                                                                                  
44  INTERNATIONAL EQUITIES FUND - PORTFOLIO PROFILE (Unaudited)  November 30, 2005

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Banks.............................  16.44%
Oil & Gas.........................   7.51%
Drugs.............................   6.88%
Telecommunications................   6.04%
Electronics/Electrical Equipment..   5.47%
Automotive........................   4.99%
Retail............................   4.45%
Insurance.........................   4.04%
Repurchase Agreement..............   3.86%
Utilities -- Electric.............   2.85%
Machinery.........................   2.76%
Foods.............................   2.67%
Commercial Services...............   2.57%
Real Estate.......................   2.43%
Metals............................   2.31%
Financial Services................   2.12%
Chemical..........................   2.10%
Exchange -- Traded Funds..........   1.98%
Conglomerates.....................   1.90%
Building Materials................   1.64%
Mining............................   1.32%
Freight...........................   1.21%
Beverages.........................   1.09%
Tobacco...........................   1.08%
Leisure & Tourism.................   1.01%
Information Processing -- Software   0.72%
Publishing........................   0.60%
Multimedia........................   0.59%
Water Services....................   0.59%
Household Products................   0.58%
Healthcare........................   0.57%
Aerospace/Defense.................   0.52%
Collective Investment Pool........   0.51%
Semiconductors....................   0.50%
Information Processing -- Hardware   0.48%
Paper/Forest Products.............   0.40%
Information Processing -- Services   0.39%
Railroads & Equipment.............   0.39%
Broadcasting......................   0.36%
Airlines..........................   0.33%
Apparel & Products................   0.33%
Medical Technology................   0.30%
Home Builders.....................   0.25%
Advertising.......................   0.23%
Photography.......................   0.17%
Real Estate Investment Trusts.....   0.15%
Human Resources...................   0.14%
U.S. Government Treasuries........   0.14%
Textile -- Products...............   0.13%
Utilities -- Gas, Distribution....   0.12%
Hospital Supplies.................   0.09%
Appliances/Furnishings............   0.07%
Manufacturing.....................   0.04%
Investment Companies..............   0.03%
Heavy Duty Trucks/Parts...........   0.02%
Pollution Control.................   0.02%
Consumer Services.................   0.01%
Hardware & Tools..................   0.01%
                                   ------ 
                                   100.50%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

Country Allocation*                                                             

                                                                [Download Table]
                      
Japan.........  28.64%
United Kingdom  21.25%
France........   7.90%
United States.   6.54%
Switzerland...   6.07%
Germany.......   6.07%
Australia.....   4.63%
Spain.........   3.29%
Italy.........   3.15%
Netherlands...   3.05%
Sweden........   2.01%
Hong Kong.....   1.40%
Finland.......   1.23%
Belgium.......   1.11%
Singapore.....   0.72%
Ireland.......   0.70%
Denmark.......   0.69%
Norway........   0.58%
Greece........   0.53%
Austria.......   0.34%
Portugal......   0.24%
New Zealand...   0.17%
Luxembourg....   0.12%
Bermuda.......   0.07%
               ------ 
               100.50%
               ====== 

N-CSRS 49th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 49th
                                                                [Download Table]
                                                                             
November 30, 2005  INTERNATIONAL EQUITIES FUND - SCHEDULE OF INVESTMENTS  45 
                                        (Unaudited)                          

                                                                [Download Table]


                                                                Value   
                                                    Shares   (Note 2)(1)
                                                                        
------------------------------------------------------------------------
COMMON STOCK -- 93.80%                                                  
Advertising -- 0.23%                                                    
  Aegis Group PLC.................................    62,534 $  128,280 
  Asatsu-DK, Inc..................................     1,200     38,675 
  Dentsu, Inc.....................................        62    166,700 
  Hakuhodo DY Holdings, Inc.......................       800     52,048 
  PagesJaunes Groupe SA...........................     6,999    170,215 
  Publicis Groupe.................................     7,695    259,652 
  WPP Group PLC...................................    66,872    656,147 
                                                             ---------- 
                                                              1,471,717 
                                                             ---------- 
Aerospace/Defense -- 0.52%                                              
  BAE Systems PLC.................................   179,222  1,043,152 
  Cobham PLC......................................    62,524    178,680 
  European Aeronautic Defense and Space Co........    13,580    501,707 
  Finmeccanica SpA................................    16,476    303,774 
  Meggitt PLC.....................................    24,055    138,766 
  Rolls Royce Group PLC+..........................    88,281    592,575 
  Rolls-Royce Group, PLC, Class B................. 2,668,793      4,611 
  Sagem SA........................................     9,306    198,386 
  Thales SA.......................................     4,314    191,589 
  Zodiac SA.......................................     2,128    127,186 
                                                             ---------- 
                                                              3,280,426 
                                                             ---------- 
Airlines -- 0.33%                                                       
  Air France-KLM..................................     6,762    125,345 
  All Nippon Airways Co., Ltd.....................    20,000     66,702 
  Auckland International Airport, Ltd.............    54,570     69,711 
  BAA PLC.........................................    60,057    658,438 
  British Airways PLC+............................    30,207    162,257 
  Cathay Pacific Airways, Ltd.....................    57,000     98,781 
  Deutsche Lufthansa AG...........................    12,773    170,894 
  Flughafen Wien AG...............................       586     37,206 
  Iberia Lineas Aereas de Espana SA...............    26,308     67,077 
  Japan Airlines Corp.............................    23,000     57,902 
  Kobenhavns Lufthavne A/S........................       228     71,533 
  Qantas Airways, Ltd.............................    51,875    144,010 
  Ryanair Holdings PLC+...........................     3,622     30,436 
  Ryanair Holdings PLC Sponsored ADR+#............     1,405     69,997 
  SAS AB+.........................................     4,381     49,860 
  Singapore Airlines, Ltd.........................    30,739    212,499 
                                                             ---------- 
                                                              2,092,648 
                                                             ---------- 
Apparel & Products -- 0.33%                                             
  Adidas-Salomon AG...............................     2,815    493,806 
  Benetton Group SpA..............................     3,546     39,547 
  Billabong International, Ltd....................     7,493     70,154 
  Esprit Holdings, Ltd............................    53,500    375,968 
  Gunze, Ltd......................................     7,017     39,674 
  Hagemeyer NV+...................................    28,799     79,665 
  Hermes International............................     1,237    285,629 
  Luxottica Group SpA.............................     7,641    188,072 
  Onward Kashiyama Co., Ltd.......................     4,944     81,893 
  Puma AG Rudolf Dassier Sport....................       923    249,006 
  Tokyo Style Co., Ltd............................     3,000     36,864 
  Wacoal Corp.....................................     4,000     54,131 
  Yue Yuen Industrial Holdings....................    27,500     73,780 
                                                             ---------- 
                                                              2,068,189 
                                                             ---------- 
Appliances/Furnishings -- 0.07%                                         
  Electrolux AB...................................    15,813    366,447 
  Kokuyo Co., Ltd.................................     2,662     39,711 
  MFI Furniture PLC...............................    33,176     43,032 
                                                             ---------- 
                                                                449,190 
                                                             ---------- 
Automotive -- 4.90%                                                     
  Aisin Seiki Co., Ltd............................    80,600  2,479,706 
  Autobacs Seven Co., Ltd.........................       955     42,846 
  Bridgestone Corp................................    22,000    470,920 
  Compagnie Generale des Etablissements Michelin,                       
   Class B........................................     7,999    434,899 
                                                                [Download Table]


                                                           Value   
                                                Shares  (Note 2)(1)
                                                                   

-------------------------------------------------------------------
Automotive (continued)                                             
  Continental AG...............................   7,303 $   617,769
  Daihatsu Motor Co., Ltd...................... 140,000   1,297,042
  DaimlerChrysler AG...........................  50,854   2,568,599
  Denso Corp...................................  18,000     552,298
  Fiat SpA+....................................  24,374     197,380
  GKN PLC......................................  40,056     196,297
  Honda Motor Co., Ltd.........................  57,800   3,232,104
  Inchcape PLC.................................   4,136     167,996
  Isuzu Motors, Ltd............................ 440,000   1,679,466
  Jardine Cycle & Carriage, Ltd................   7,059      43,217
  Koyo Seiko Co., Ltd..........................   5,000      87,254
  NGK Spark Plug Co., Ltd...................... 146,455   3,080,131
  NHK Spring Co., Ltd..........................   6,000      57,346
  Nissan Motor Co., Ltd........................  76,800     788,790
  NOK Corp.....................................   3,500      93,306
  Peugoet SA...................................   8,815     529,400
  Pirelli & C. SpA............................. 158,960     140,514
  Renault SA...................................  10,332     804,609
  Sanden Corp..................................   4,803      23,809
  Scania AB....................................   5,381     185,814
  Sumitomo Rubber Industries, Inc..............   6,000      80,846
  Toyoda Gosei Co., Ltd........................   2,300      43,902
  Toyota Motor Corp............................ 193,149   9,345,140
  Trelleborg AB................................   4,481      74,160
  USS Co., Ltd.................................     830      51,023
  Valeo SA.....................................   3,890     143,385
  Volkswagen AG................................   9,827     514,914
  Volvo AB, Class A............................   5,273     217,723
  Volvo AB, Class B............................  12,109     515,721
                                                        -----------
                                                         30,758,326
                                                        -----------
Banks -- 16.44%                                                    
  77 Bank, Ltd.................................  10,000      73,361
  ABN AMRO Holding NV..........................  99,666   2,450,994
  Allied Irish Banks PLC.......................  48,596   1,049,024
  Alpha Bank AE................................  15,424     453,554
  Australia & New Zealand Banking Group, Ltd.@. 101,885   1,793,119
  Banca Antonveneta SpA........................   5,167     159,531
  Banca Intesa SpA............................. 183,595     885,068
  Banca Intesa SpA-RNC.........................  52,023     239,430
  Banca Monte dei Paschi di Siena SpA..........  61,470     294,170
  Banca Nazionale del Lavoro SpA+..............  59,256     187,402
  Banca Popolare di Milano SCRL................  21,996     214,378
  Banche Popolari Unite SCRL...................  19,182     420,392
  Banco Bilbao Vizcaya Argentaria SA........... 189,174   3,334,159
  Banco BPI SA.................................  16,961      73,996
  Banco Comercial Portugues SA................. 109,038     270,316
  Banco Espirto Santo SA.......................   5,858      92,116
  Banco Popolare Di Verona e Novara SCRL.......  20,739     401,887
  Banco Popular Espanol SA.....................  47,465     573,312
  Banco Santander Central Hispano SA........... 331,477   4,204,545
  Bank of East Asia, Ltd.......................  79,800     238,590
  Bank of Fukuoka, Ltd.........................  19,145     142,969
  Bank of Ireland..............................  54,202     837,092
  Bank Of Kyoto, Ltd...........................   9,000      99,123
  Bank of Yokohama, Ltd........................  40,000     297,093
  Barclays PLC................................. 360,472   3,659,026
  Bayerische Hypo-und Vereinsbank AG+..........  30,624     893,464
  BNP Paribas SA...............................  44,065   3,468,205
  BOC Hong Kong Holdings, Ltd.................. 206,500     393,394
  Capitalia SpA................................  80,540     450,690
  Chiba Bank, Ltd..............................  22,000     179,446
  Close Brothers Group PLC.....................   7,262     106,082
  Commerzbank AG...............................  26,739     788,053
  Commonwealth Bank of Australia...............  71,463   2,202,063
  Credit Agricole SA...........................  32,882     990,161
  Credit Suisse Group..........................  67,723   3,283,147
  Danske Bank A/S..............................  24,909     800,193

N-CSRS 50th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 50th
                                                                [Download Table]
                                                                            
46  INTERNATIONAL EQUITIES FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                   (Unaudited) - CONTINUED                                  

                                                                [Download Table]


                                                             Value    
                                                  Shares  (Note 2)(1) 
                                                                      
----------------------------------------------------------------------
COMMON STOCK (continued)                                              
Banks (continued)                                                     
  DBS Group Holdings, Ltd........................  62,000 $    598,661
  Depfa Bank PLC.................................  19,694      295,601
  Deutsche Bank AG...............................  27,528    2,687,678
  Dexia (Brussels)...............................  30,573      665,508
  Dexia (Paris)+.................................   1,290           15
  DNB NOR ASA....................................  37,244      390,692
  EFG Eurobank Ergasias SA.......................  10,518      334,539
  Emporiki Bank of Greece SA+....................   4,412      125,869
  Erste Bank Der Oesterreichischen Sparkassen AG.   7,461      396,414
  FinecoGroup SpA................................   8,806       82,269
  Gunma Bank, Ltd................................  13,000       88,191
  Hang Seng Bank, Ltd............................  42,688      564,124
  HBOS PLC....................................... 217,268    3,265,441
  Hokuhoku Financial Group, Inc..................  37,177      158,347
  HSBC Holdings PLC.............................. 630,369   10,062,903
  Hypo Real Estate Holding AG....................   7,479      388,700
  Joyo Bank, Ltd................................. 393,723    2,224,546
  KBC GROEP NV...................................  10,221      884,965
  Lloyds TSB Group PLC........................... 312,448    2,544,516
  Macquarie Bank, Ltd............................  12,849      639,294
  Mediobanca SpA.................................  26,664      468,886
  Mitsubishi Tokyo Financial Group, Inc..........     568    7,179,271
  Mitsui Trust Holdings, Inc.....................  18,000      220,480
  Mizuho Financial Group, Inc....................     746    5,230,656
  National Australia Bank, Ltd...................  87,377    2,087,347
  National Bank of Greece SA.....................  14,797      577,069
  Nishi-Nippon City Bank, Ltd....................  16,000       94,650
  Nordea Bank AB................................. 120,426    1,170,738
  Oversea-Chinese Banking Corp................... 139,000      533,119
  Overseas Union Enterprise, Ltd.................   3,773       21,744
  Piraeus Bank SA................................   9,599      190,819
  Resona Holdings, Inc.+.........................     154      494,329
  Royal Bank of Scotland Group PLC............... 177,561    5,045,142
  Sanpaolo IMI SpA...............................  61,992      938,058
  Shinsei Bank, Ltd..............................  32,000      178,946
  Shizuoka Bank, Ltd.............................  20,163      195,565
  Skandinaviska Enskilda Banken AB...............  26,127      490,361
  Societe Generale, Class A......................  19,665    2,330,971
  Sumitomo Mitsui Financial Group, Inc...........     161    1,508,661
  Sumitomo Trust & Banking Co., Ltd..............  42,000      351,914
  Suncorp-Metway, Ltd............................  30,484      444,200
  Suruga Bank, Ltd...............................   7,000       79,104
  Svenska Handelsbanken AB, Series A.............  28,960      641,973
  UBS AG.........................................  57,663    5,290,936
  UniCredito Italiano SpA (Milan)................ 301,325    1,861,174
  UniCredito Italiano SpA (Xetra)................ 147,590      914,765
  United Overseas Bank, Ltd......................  64,000      548,367
  Westpac Banking Corp........................... 104,234    1,715,915
  Wing Hang Bank, Ltd............................  10,245       71,131
                                                          ------------
                                                           103,274,109
                                                          ------------
Beverages -- 1.09%                                                    
  Asahi Breweries, Ltd...........................  12,595      149,949
  C&C Group PLC..................................  15,366       94,168
  Carlsberg A/S, Class B.........................   1,824       94,881
  Coca Cola Hellenic Bottling Co. SA.............   5,991      156,003
  Coca-Cola Amatil, Ltd..........................  29,156      163,872
  Coca-Cola West Japan Co., Ltd..................   1,500       32,746
  Diageo PLC..................................... 164,678    2,371,006
  Foster's Group, Ltd............................ 111,684      464,838
  Fraser and Neave, Ltd..........................  10,146      103,733
  Heineken NV....................................  13,667      417,969
  InBev NV.......................................  10,148      428,318
  Ito En, Ltd....................................   1,100       52,712
  Kirin Brewery Co., Ltd.........................  25,937      276,861
  Lion Nathan, Ltd...............................  16,393       89,754
  Pernod-Ricard SA...............................   3,926      641,077
  SABMiller PLC..................................  50,088      886,386
                                                                [Download Table]


                                                          Value   
                                               Shares  (Note 2)(1)
                                                                  

------------------------------------------------------------------
Beverages (continued)                                             
  Sapporo Holdings, Ltd.......................  10,000 $    52,941
  Scottish & Newcastle PLC....................  42,412     347,621
  Takara Holdings, Inc........................   6,794      39,443
                                                       -----------
                                                         6,864,278
                                                       -----------
Broadcasting -- 0.36%                                             
  Antena 3 de Television SA...................   4,341      95,082
  British Sky Broadcasting Group PLC..........  67,298     571,392
  Fuji Television Network, Inc................      20      43,577
  ITV PLC..................................... 228,965     426,899
  Mediaset SpA................................  46,130     484,746
  Modern Times Group AB, Class B+.............   2,815     108,971
  Premiere AG+................................   3,659     103,556
  Sky Network Television, Ltd.+...............  10,856      48,797
  Societe Television Francaise1...............   6,568     164,340
  Sogecable SA+...............................   2,235      89,146
  Tandberg Televisjo+.........................   4,094      49,601
  Television Broadcasts, Ltd..................  15,926      85,760
                                                       -----------
                                                         2,271,867
                                                       -----------
Building Materials -- 1.64%                                       
  Amec PLC....................................  18,565     110,782
  Asahi Glass Co., Ltd........................  34,249     393,260
  Boral, Ltd..................................  32,290     194,772
  Bouygues SA.................................  11,129     530,673
  BPB PLC.....................................  28,029     373,063
  Central Glass Co., Ltd......................   6,000      33,491
  Cimpor Cimentos de Portugal SA..............  11,248      60,331
  Compagnie de Saint-Gobain...................  17,335   1,000,750
  CRH PLC.....................................  29,793     789,573
  CSR, Ltd....................................  50,789     117,871
  Daikin Industries, Ltd......................   8,010     217,315
  Fletcher Building, Ltd......................  25,895     131,728
  FLS Industries A/S..........................   1,547      43,540
  Fomento de Construcciones y Contratas SA....   2,550     141,316
  Geberit AG..................................     220     161,810
  Hanson PLC..................................  40,696     417,190
  HeidelbergCement AG.........................       2         174
  Holcim, Ltd.................................  10,261     663,228
  Imerys SA...................................   1,778     123,635
  Italcementi SpA.............................   3,953      66,668
  James Hardie Industries NV..................  25,767     158,643
  JS Group Corp...............................   8,975     165,784
  Kawasaki Heavy Industries, Ltd..............  41,842     116,442
  Kingspan Group PLC..........................   6,568      80,222
  Lafarge SA..................................   9,795     839,824
  Matsushita Electric Works, Ltd..............  12,000     114,297
  Mitsui Engineering & Shipbuilding Co., Ltd..  24,668      63,992
  New World Development, Ltd.................. 126,000     165,760
  Nippon Sheet Glass Co., Ltd.................  14,067      58,866
  Nishimatsu Construstion Co., Ltd............   8,571      35,820
  NKT Holding A/S.............................   1,128      46,940
  Obayashi Corp...............................  19,861     139,444
  Okumura Corp................................   6,977      39,177
  Pilkington PLC..............................  58,295     149,730
  Rinker Group, Ltd...........................  52,145     598,293
  Rinnai Corp.................................   1,200      28,873
  Sanwa Shutter Corp..........................   6,000      33,285
  SembCorp Industries, Ltd....................  49,360      77,874
  Skanska AB..................................  20,932     311,322
  Sumitomo Osaka Cement Co., Ltd..............  13,796      37,165
  Taiheiyo Cement Corp........................  29,000     116,218
  Taisei Corp.................................  30,384     129,129
  Technical Olympic SA........................   4,438      24,462
  Titan Cement Co. SA.........................   3,210     113,802
  Toda Corp...................................   6,683      38,375
  Travis Perkins PLC..........................   6,478     142,153
  Uponor Oyj..................................   3,420      74,661
  Wienerberger AG.............................   3,518     134,552
  Wolseley PLC................................  33,035     699,773
                                                       -----------
                                                        10,306,048
                                                       -----------

N-CSRS 51st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 51st
                                                                [Download Table]
                                                                             
November 30, 2005  INTERNATIONAL EQUITIES FUND - SCHEDULE OF INVESTMENTS  47 
                                  (Unaudited) - CONTINUED                    

                                                                [Download Table]


                                                                      Value   
                                                           Shares  (Note 2)(1)
                                                                              
------------------------------------------------------------------------------
COMMON STOCK (continued)                                                      
Chemical -- 2.05%                                                             
  Akzo Nobel NV...........................................  15,165 $   679,564
  Asahi Kasei Corp........................................  41,549     231,959
  BASF AG.................................................  29,958   2,208,563
  BOC Group PLC...........................................  27,984     536,261
  Ciba Specialty Chemicals AG.............................   3,754     219,825
  Clariant AG+............................................  12,840     174,123
  Daicel Chemical Industries, Ltd.........................  10,427      66,944
  Dainippon Ink and Chemicals, Inc........................  22,180      80,346
  Denki Kagaku Kogyo Kabushiki Kaisha.....................  16,226      63,406
  Hitachi Chemical Co., Ltd...............................   3,600      82,480
  Imperial Chemical Industries PLC........................  66,472     370,950
  Ishihara Sangyo Kaisha, Ltd.............................  10,000      17,477
  Johnson Matthey PLC.....................................  12,248     263,122
  JSR Corp................................................   6,100     148,085
  Kaneka Corp.............................................  10,081     120,039
  Kansai Paint Co., Ltd...................................   8,000      55,734
  Kingboard Chemicals Holdings, Ltd.......................  30,500      72,769
  Koninklijke DSM NV......................................   8,450     312,439
  L'Air Liquide SA........................................   6,080   1,093,819
  Lonza Group AG..........................................   2,111     119,029
  Mitsubishi Chemical Holdings Corp.+.....................  39,200     229,356
  Mitsubishi Gas Chemical Co., Inc........................  12,864     105,127
  Mitsui Chemicals, Inc...................................  22,000     121,481
  Nippon Kayaku Co., Ltd..................................   6,000      47,060
  Nippon Shokubai Co., Ltd................................   4,502      47,392
  Nissan Chemical Industries, Ltd.........................   6,000      81,913
  Nitto Denko Corp........................................   5,607     383,635
  Sekisui Chemical Co., Ltd...............................  15,925     108,704
  Shin-Etsu Chemical Co., Ltd.............................  13,126     677,594
  Showa Denko K.K.........................................  35,798     132,723
  Solvay SA...............................................   3,541     389,801
  Sumitomo Bakelite Co., Ltd..............................   7,000      50,870
  Sumitomo Chemical Co., Ltd..............................  50,000     310,469
  Syngenta AG+............................................   5,965     654,064
  Taiyo Nippon Sanso Corp.................................   9,000      57,671
  Tokuyama Corp........................................... 188,000   2,162,176
  Tosoh Corp..............................................  16,718      74,087
  Ube Industries, Ltd.....................................  29,463      75,496
  Yara International ASA..................................  11,486     175,003
  Zeon Corp...............................................   6,000      74,637
                                                                   -----------
                                                                    12,876,193
                                                                   -----------
Commercial Services -- 2.57%                                                  
  ABB, Ltd.+.............................................. 109,726     962,724
  Abertis Infraestructuras SA.............................  12,096     320,690
  Acciona SA..............................................   1,596     176,597
  ACS, Actividades de Construccion y Servicios SA.........  13,780     397,056
  Aggreko PLC.............................................  14,216      62,725
  Ansell, Ltd.............................................   8,058      63,904
  Autoroutes du Sud de la France..........................   3,222     183,721
  Autostrade SpA..........................................  15,948     359,343
  Balfour Beatty PLC......................................  23,803     137,255
  Benesse Corp............................................   2,214      70,150
  Brambles Industries PLC.................................  40,417     273,865
  Brambles Industries, Ltd................................  54,124     386,498
  Brisa-Auto Estradas de Portugal SA......................  18,411     148,565
  Bunzl PLC...............................................  19,141     195,468
  Canon Sales Co., Inc....................................   3,000      62,501
  Cap Gemini SA+..........................................   6,963     274,288
  Cheung Kong Infrastructure Holdings, Ltd................  25,636      82,737
  Chiyoda Corp............................................   4,000      77,259
  Cintra Concesiones de Infrastructuras de Transporte SA+.  10,960     133,110
  COMSYS Holdings Corp....................................   4,737      55,394
  Cookson Group PLC+......................................  10,565      69,888
  Dai Nippon Printing Co., Ltd............................  22,000     374,660
  Davis Service Group PLC.................................   9,429      73,975
  De La Rue PLC...........................................   9,250      67,408
                                                                [Download Table]


                                                                       Value   
                                                            Shares  (Note 2)(1)
                                                                               

-------------------------------------------------------------------------------
Commercial Services (continued)                                                
  Downer EDI, Ltd..........................................  15,460 $    78,786
  Group 4 Securicor PLC....................................  63,606     168,959
  Grupo Ferrovial SA.......................................   3,521     245,048
  Hays PLC.................................................  88,870     184,101
  Hellenic Technodomiki Tev SA.............................   5,378      26,419
  Hochtief AG..............................................   3,319     134,240
  Intertek Group PLC.......................................   8,663     106,360
  Itochu Techno-Science Corp...............................   1,000      41,554
  JGC Corp.................................................   6,282     113,730
  Kajima Corp..............................................  30,000     149,682
  Kinden Corp..............................................   5,036      44,060
  Kone Oyj+................................................   4,174     139,566
  Leighton Holdings, Ltd...................................   7,607      91,318
  Li & Fung, Ltd...........................................  98,000     197,540
  Linde AG.................................................   4,660     332,899
  Macquarie Infrastructure Group........................... 131,490     341,016
  Marubeni Corp............................................  45,000     222,283
  Mitsubishi Logistics Corp................................   4,000      51,016
  Multiplex Group..........................................  35,038      85,200
  Nichii Gakkan Co.........................................     800      19,564
  Park24 Co., Ltd..........................................  80,000   2,039,988
  Rank Group PLC...........................................  34,833     185,210
  Rentokil Initial PLC..................................... 101,002     280,507
  Securitas AB.............................................  16,304     249,678
  SembCorp Marine, Ltd.....................................  29,000      45,588
  Serco Group PLC..........................................  25,851     130,915
  SGS SA...................................................     240     193,804
  Shimizu Corp.............................................  19,559     127,663
  Singapore Post, Ltd......................................  75,000      52,099
  Singapore Technologies Engineering, Ltd..................  74,000     115,038
  Smiths Group PLC.........................................  31,463     528,259
  Societe des Autoroutes du Nord et de l'Est de la France+.   1,281      85,358
  Societe des Autoroutes Paris-Rhin-Rhone..................   1,891     132,511
  Takuma Co., Ltd..........................................   3,066      22,745
  TIS, Inc.................................................   1,268      30,879
  Toppan Printing Co., Ltd.................................  19,477     213,441
  Toyo Seikan Kaisha, Ltd..................................   5,526      82,738
  Toyota Tsusho Corp....................................... 136,000   2,757,338
  Transurban Group.........................................  44,152     220,281
  Vinci SA.................................................   9,243     732,625
  YIT-Yhtyma Oyj...........................................   3,483     140,927
                                                                    -----------
                                                                     16,150,714
                                                                    -----------
Conglomerates -- 1.90%                                                         
  Amano Corp...............................................   1,948      31,155
  DCC PLC..................................................   4,487      80,833
  Futuris Corp., Ltd.......................................  29,601      42,871
  Groupe Bruxelles Lambert SA..............................   3,857     353,408
  Haw Par Corp., Ltd.......................................   6,429      19,191
  Hutchison Whampoa, Ltd................................... 118,000   1,116,335
  Invensys, PLC+........................................... 317,295      95,712
  Itochu Corp..............................................  51,000     383,642
  Keppel Corp., Ltd........................................  30,000     207,438
  LVMH Moet Hennessy Louis Vuitton SA......................  13,666   1,165,514
  Mitsubishi Corp.......................................... 141,901   2,889,041
  Noble Group, Ltd.........................................  52,000      41,514
  Patrick Corp., Ltd.......................................  36,439     196,510
  Siemens AG...............................................  44,741   3,382,588
  Sumitomo Corp............................................  36,000     424,767
  Swire Pacific, Ltd.......................................  51,816     469,067
  Tomkins PLC..............................................  43,133     213,585
  Wesfarmers, Ltd..........................................  20,996     549,295
  Wharf Holdings, Ltd......................................  69,000     244,227
                                                                    -----------
                                                                     11,906,693
                                                                    -----------
Consumer Service -- 0.01%                                                      
  Getronics NV.............................................   6,876      82,994
                                                                    -----------

N-CSRS 52nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 52nd
                                                                [Download Table]
                                                                            
48  INTERNATIONAL EQUITIES FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                   (Unaudited) - CONTINUED                                  

                                                                [Download Table]


                                                       Value   
                                            Shares  (Note 2)(1)
                                                               
---------------------------------------------------------------
COMMON STOCK (continued)                                       
Drugs -- 6.88%                                                 
  Alfresa Holdings Corp....................     900 $    39,659
  Astellas Pharma, Inc.....................  18,400     708,621
  AstraZeneca PLC..........................  89,599   4,118,775
  Bayer AG.................................  36,670   1,461,230
  Celesio AG...............................   2,136     169,399
  Chugai Pharmaceutical Co., Ltd...........  47,436   1,067,200
  CSL, Ltd.................................  10,268     299,138
  Daiichi Sankyo Co., Ltd.+................  22,285     405,359
  Eisai Co., Ltd...........................   8,506     326,356
  Elan Corp. PLC (Dublin)+.................  23,621     244,058
  GlaxoSmithKline PLC...................... 325,510   8,058,857
  H. Lundbeck AS...........................   3,168      65,357
  Kaken Pharmaceutical Co., Ltd............   3,214      23,407
  Kyowa Hakko Kogyo Co., Ltd...............  11,265      79,511
  Mayne Group, Ltd.........................     796       2,164
  Mayne Pharma, Ltd.+......................  34,701      68,712
  MEDICEO Holdings Co., Ltd................   5,200      71,714
  Merck KGaA...............................   2,707     221,119
  Novartis AG.............................. 129,894   6,776,889
  Novo-Nordisk AS..........................  13,422     720,824
  Omega Pharma SA..........................   1,105      51,135
  Orion Oyj, Class B.......................   4,176      74,036
  Roche Holding AG.........................  39,195   5,865,272
  Sanofi-Aventis...........................  58,398   4,698,018
  Santen Pharmaceutical Co., Ltd...........   2,600      61,716
  Schering AG..............................   9,209     595,103
  Serono SA................................     300     219,866
  Shionogi & Co., Ltd......................  10,507     128,869
  Suzuken Co., Ltd.........................   2,100      63,983
  Taisho Pharmaceutical Co., Ltd...........   5,000      89,830
  Takeda Pharmaceutical Co., Ltd...........  70,200   3,839,466
  Tanabe Seiyaku Co........................   8,000      77,066
  Tsumura & Co............................. 100,000   2,261,957
  UCB SA...................................   4,884     239,860
                                                    -----------
                                                     43,194,526
                                                    -----------
Electronics/Electrical Equipment -- 5.47%                      
  Advantest Corp...........................   2,510     226,481
  Alps Electric Co., Ltd...................   5,849      92,142
  Anritsu Corp.............................   4,000      21,706
  Bang & Olufsen A/S.......................     642      59,380
  Barco NV.................................     630      43,785
  Canon, Inc...............................  68,600   3,857,692
  Dainippon Screen Manufacturing Co., Ltd..   7,401      57,273
  Electrocomponents PLC....................  24,283     107,274
  Epcos AG+................................   2,733      33,814
  Fanuc, Ltd...............................  33,100   2,703,173
  Fuji Electric Holdings Co., Ltd..........  18,000      82,780
  Fujikura, Ltd............................  11,000      84,142
  Furukawa Electric Co., Ltd.+.............  20,000     119,454
  Gamesa Corp. Tecnologica SA..............   9,501     132,462
  GN Store Nord AS.........................  12,122     143,791
  Hirose Electric Co., Ltd.................   1,081     144,881
  Hitachi Cable, Ltd.......................   6,000      24,995
  Hitachi, Ltd............................. 107,849     728,013
  Ibiden Co., Ltd..........................  77,400   4,136,573
  Johnson Electric Holdings, Ltd...........  82,000      82,774
  Keyence Corp.............................   1,000     253,414
  Koninklijke Philips Electronics NV.......  73,422   2,041,417
  Kyocera Corp.............................   5,443     370,962
  Mabuchi Motor Co., Ltd...................   1,000      55,513
  Matsushita Electric Industrial Co., Ltd..  70,000   1,412,072
  Minebea Co., Ltd.........................  12,125      65,634
  Mitsubishi Electric Corp................. 385,000   2,571,009
  Mitsumi Electric Co., Ltd................   2,300      23,596
  Murata Manufacturing Co., Ltd............   6,873     389,187
  National Grid PLC........................ 151,276   1,396,017
  NEC Corp.................................  64,441     387,783
                                                                [Download Table]


                                                        Value   
                                             Shares  (Note 2)(1)
                                                                

----------------------------------------------------------------
Electronics/Electrical Equipment (continued)                    
  Neopost SA................................   1,782 $   168,034
  NGK Insulators, Ltd.......................   9,537     146,598
  Nippon Electric Glass Co., Ltd............  51,000   1,028,536
  OCE NV....................................   4,382      62,571
  Oki Electric Industry Co., Ltd............  18,000      59,761
  Omron Corp................................   7,284     165,640
  Pioneer Corp..............................   5,211      71,816
  Premier Farnell PLC.......................  20,249      56,175
  Ricoh Co., Ltd............................  22,000     383,911
  Sanyo Electric Co., Ltd...................  54,000     120,193
  Schneider Electric SA.....................  12,619   1,083,284
  Secom Co., Ltd............................   6,659     340,652
  Seiko Epson Corp..........................   3,700      94,609
  Sharp Corp................................  31,330     483,518
  SMC Corp..................................   1,800     240,517
  Sony Corp.................................  33,862   1,254,896
  Stanley Electric Co., Ltd.................   5,200      84,623
  Sumitomo Electric Industries, Ltd.........  24,487     337,074
  Taiyo Yuden Co............................   4,000      44,034
  TDK Corp..................................   4,000     332,718
  Thomson...................................  14,485     295,574
  Tokyo Seimitsu Co., Ltd...................  45,000   2,438,536
  Toshiba Corp.............................. 497,618   2,604,044
  Ushio, Inc................................   3,800      84,544
  Venture Corp, Ltd.........................  13,000     104,930
  Vestas Wind Systems A/S+..................   9,112     135,336
  Yamaha Corp...............................   6,051      94,279
  Yaskawa Electric Corp.+...................   7,000      66,264
  Yokogawa Electric Corp....................   7,000     112,438
                                                     -----------
                                                      34,344,294
                                                     -----------
Financial Services -- 2.12%                                     
  3I Group PLC..............................  31,285     457,199
  Acom Co., Ltd.............................   2,439     145,178
  Aeon Credit Service Co., Ltd..............   1,000      75,230
  Aiful Corp................................   2,150     162,460
  Amvescap PLC..............................  40,768     276,773
  Australian Stock Exchange, Ltd............   5,732     128,451
  Babcock & Brown, Ltd......................   8,374     107,694
  Banca Fideuram SpA........................  16,407      89,764
  Cattles PLC...............................  18,341      93,350
  Challenger Financial Services Group, Ltd..  22,460      65,188
  Credit Saison Co., Ltd....................   5,454     233,492
  D. Carnegie & Co. AB......................   2,473      34,752
  Daiwa Securities Group, Inc...............  42,045     407,605
  Deutsche Boerse AG........................   5,613     551,014
  Euronext NV...............................   4,709     212,076
  Fortis....................................  65,329   1,936,022
  Hellenic Exchanges SA.....................   2,583      24,402
  Hitachi Capital Corp......................   1,700      33,941
  Hong Kong Exchanges & Clearing, Ltd.......  58,000     209,963
  ICAP PLC..................................  27,079     168,870
  Irish Life & Permanent PLC................  15,082     272,008
  Jafco Co., Ltd............................   1,100      77,684
  London Stock Exchange PLC.................  14,202     146,400
  Macquarie Airports........................  35,634      81,663
  Man Group PLC.............................  16,432     501,500
  Mitsubishi SecuritiesCo., Ltd.............  10,000     114,472
  MLP AG....................................   3,333      65,209
  Nikko Cordial Corp........................  26,000     351,816
  Nomura Holdings, Inc......................  60,100     999,199
  OMX AB+...................................   4,437      57,436
  ORIX Corp.................................  17,800   3,815,158
  Perpetual Trustees Australia, Ltd.........   2,248     107,452
  Promise Co., Ltd..........................   2,950     177,370
  Provident Financial PLC...................  14,251     145,827
  Sampo Oyj.................................  22,208     361,207
  Schroders PLC.............................   6,936     105,641

N-CSRS 53rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 53rd
                                                                [Download Table]
                                                                             
November 30, 2005  INTERNATIONAL EQUITIES FUND - SCHEDULE OF INVESTMENTS  49 
                                  (Unaudited) - CONTINUED                    

                                                                [Download Table]


                                                        Value   
                                             Shares  (Note 2)(1)
                                                                
----------------------------------------------------------------
COMMON STOCK (continued)                                        
Financial Services (continued)                                  
  SFCG Co., Ltd.............................     200 $    42,281
  SFE Corp., Ltd............................   7,477      73,277
  Shinko Securities Co., Ltd................  17,000      70,346
  Singapore Exchange, Ltd...................  41,000      66,362
  Takefuji Corp.............................   3,750     252,619
  Tower, Ltd.+..............................  15,999      22,440
  Yamaichi Securities Co., Ltd. ADR+#(2)(7).   6,000           0
                                                     -----------
                                                      13,320,791
                                                     -----------
Foods -- 2.67%                                                  
  Ajinomoto Co., Inc........................  20,807     206,379
  Ariake Japan Co., Ltd.....................     700      15,285
  Axfood AB.................................   1,719      44,861
  Cadbury Schweppes PLC..................... 116,145   1,112,963
  Casino Guichard Perrachon SA..............   2,160     141,899
  Colruyt SA................................     886     118,962
  Compass Group PLC......................... 120,246     437,021
  Danisco A/S...............................   2,805     197,183
  Delhaize Group............................   3,962     249,891
  East Asiatic Co., Ltd. A/S................   1,083      97,912
  Ebro Puleva SA............................   4,722      83,317
  Fyffes PLC................................  17,498      42,267
  Greencore Group PLC.......................   8,680      34,271
  Groupe Danone.............................  13,267   1,367,348
  House Foods Corp..........................   2,483      34,660
  Iaws Group PLC............................   5,926      83,843
  Katokichi Co., Ltd........................   4,209      27,175
  Kerry Group PLC...........................   7,307     157,989
  Kesko Oyj, Class B........................   3,649      94,709
  Kikkoman Corp.............................   5,531      52,599
  Meiji Dairies Corp........................   8,000      40,034
  Meiji Seika Kaisha, Ltd...................  10,975      56,511
  Nestle SA.................................  22,512   6,631,614
  Nichirei Corp.............................   9,213      37,305
  Nippon Meat Packers, Inc..................   6,000      61,295
  Nisshin Seifun Group, Inc.................   7,459      72,621
  Nissin Food Products Co., Ltd.............   3,055      84,209
  Olam International, Ltd...................  34,000      30,630
  Orkla ASA.................................  10,667     395,212
  QP Corp...................................   3,500      29,660
  Royal Numico NV+..........................   8,697     357,334
  Sodexho Alliance SA.......................   5,323     211,741
  Suedzucker AG.............................   3,698      82,130
  Tate & Lyle PLC...........................  27,160     256,800
  Toyo Suisan Kaisha, Ltd...................   3,000      47,970
  Unilever NV...............................  31,887   2,138,895
  Unilever PLC.............................. 154,307   1,506,865
  Want Want Holdings, Ltd...................  22,000      22,139
  Yakult Honsha Co., Ltd....................   3,658      75,304
  Yamazaki Baking Co., Ltd..................   4,513      35,309
                                                     -----------
                                                      16,774,112
                                                     -----------
Freight -- 1.21%                                                
  A/S Dampskibsselskabet Torm...............     813      37,731
  AP Moller - Maersk A/S....................      67     628,293
  Arriva PLC................................  10,893     107,274
  Associated British Ports Holdings PLC.....  16,917     167,155
  Buhrmann NV...............................   6,501      85,849
  Cargotec Corp.+...........................   2,131      69,705
  ComfortDelGro Corp., Ltd..................  99,000      87,692
  Compangie Maritime Belge SA...............     977      31,532
  Cosco Corp. Singapore, Ltd................  22,000      30,677
  Deutsche Post AG..........................  34,145     740,719
  DSV AS....................................   1,129     116,000
  Euronav NV................................   1,026      28,898
  Exel PLC..................................  16,332     340,965
  Firstgroup PLC............................  21,966     129,574
  Frontline, Ltd............................   2,896     117,242
                                                                [Download Table]


                                                           Value   
                                                Shares  (Note 2)(1)
                                                                   

-------------------------------------------------------------------
Freight (continued)                                                
  Kamigumi Co., Ltd............................   9,135 $   75,111 
  Kawasaki Kisen Kaisha, Ltd...................  15,631     92,357 
  Kuehne & Nagel International AG..............     600    160,818 
  Mitsui & Co., Ltd............................  48,331    593,262 
  Mitsui OSK Lines, Ltd........................ 246,000  1,807,532 
  National Express Group PLC...................   7,633    118,310 
  Neptune Orient Lines, Ltd....................  29,000     48,943 
  Nippon Express Co., Ltd......................  27,879    148,825 
  Nippon Yusen Kabushiki Kaisha................  35,000    212,400 
  Orient Overseas International, Ltd...........  12,483     40,490 
  Peninsular and Oriental Steam Navigation Co..  41,783    316,063 
  Seino Transportation Co., Ltd................   5,893     53,751 
  SembCorp Logistics, Ltd......................  17,337     17,205 
  Sojitz Holdings Corp.+.......................  11,200     62,415 
  Stagecoach Group PLC.........................  48,057     97,135 
  Stolt-Nielsen SA.............................   2,148     70,271 
  Toll Holdings, Ltd...........................  13,824    141,281 
  TPG NV.......................................  23,074    621,472 
  Yamato Transport Co., Ltd....................  12,923    211,665 
                                                        ---------- 
                                                         7,608,612 
                                                        ---------- 
Hardware & Tools -- 0.01%                                          
  Makita Corp..................................   3,800     92,968 
                                                        ---------- 
Healthcare -- 0.57%                                                
  Alliance Unichem PLC.........................  14,105    181,001 
  Capio AB+....................................   4,484     79,077 
  DCA Group, Ltd...............................  22,508     65,594 
  Essilor International SA.....................   5,497    455,258 
  Fisher & Paykel Healthcare Corp..............  26,908     71,631 
  Gambro AB, Class A...........................   9,796     96,569 
  Gambro AB, Class B...........................   5,332     52,650 
  Hoya Corp....................................  61,500  2,214,967 
  Parkway Holdings, Ltd........................  33,000     39,985 
  Phonak Holding AG............................   2,373    100,970 
  SSL International PLC........................  10,574     51,304 
  Symbion Health Ltd...........................  34,701     94,351 
  William Demant Holding+......................   1,516     79,950 
                                                        ---------- 
                                                         3,583,307 
                                                        ---------- 
Heavy Duty Trucks/Parts -- 0.02%                                   
  Hino Motors, Ltd.............................   9,000     55,404 
  Nokian Renkaat Oyj...........................   5,705     74,220 
                                                        ---------- 
                                                           129,624 
                                                        ---------- 
Home Builders -- 0.25%                                             
  Barratt Developments PLC.....................  13,501    210,250 
  Bellway PLC..................................   6,316    112,156 
  Berkeley Group Holdings PLC+.................   6,066    106,136 
  Bovis Homes Group PLC........................   6,644     82,969 
  Daiwa House Industry Co., Ltd................  16,070    222,654 
  Persimmon PLC................................  15,501    294,585 
  Sekisui House, Ltd...........................  17,000    201,497 
  Taylor Woodrow PLC...........................  32,831    192,124 
  Wimpey George PLC............................  21,924    164,841 
                                                        ---------- 
                                                         1,587,212 
                                                        ---------- 
Hospital Supplies -- 0.07%                                         
  Elekta AB....................................   4,839     72,614 
  Fresenius Medical Care AG....................   1,952    185,124 
  Terumo Corp..................................   5,700    157,536 
                                                        ---------- 
                                                           415,274 
                                                        ---------- 
Household Products -- 0.58%                                        
  Aderans Co., Ltd.............................   1,300     32,487 
  Beiersdorf AG................................     938    113,276 
  Fisher & Paykel Appliances Holdings, Ltd.....  13,988     31,903 
  Givaudan SA..................................     372    236,234 
  Kao Corp.....................................  17,000    398,913 

N-CSRS 54th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 54th
                                                                [Download Table]
                                                                            
50  INTERNATIONAL EQUITIES FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                   (Unaudited) - CONTINUED                                  

                                                                [Download Table]


                                                      Value   
                                           Shares  (Note 2)(1)
                                                              
--------------------------------------------------------------
COMMON STOCK (continued)                                      
Household Products (continued)                                
  Kose Corp...............................   1,100 $   39,586 
  L'Oreal SA..............................  16,538  1,190,473 
  Oriflame Cosmetics SA SDR...............   1,706     44,884 
  Pacific Brands, Ltd.....................  28,062     59,293 
  Reckitt Benckiser PLC...................  34,432  1,061,206 
  Shiseido Co., Ltd.......................  13,000    208,743 
  Societe BIC SA..........................   1,707     99,811 
  Toto, Ltd...............................   9,771     87,500 
  Uni-Charm Corp..........................   1,500     68,656 
                                                   ---------- 
                                                    3,672,965 
                                                   ---------- 
Human Resources -- 0.14%                                      
  Adecco SA...............................   7,309    331,496 
  Capita Group PLC........................  36,908    249,323 
  Goodwill Group, Inc.....................      15     28,205 
  Meitec Corp.............................   1,216     40,307 
  Randstad Holdings NV....................   2,581    106,415 
  Vedior NV...............................   9,418    132,996 
                                                   ---------- 
                                                      888,742 
                                                   ---------- 
Information Processing - Hardware -- 0.48%                    
  Casio Computer Co., Ltd.................   7,392    126,768 
  Logitech International SA+..............   4,543    207,941 
  Net One Systems Co., Ltd................      18     38,757 
  Nidec Corp..............................   3,660    260,909 
  Otsuka Corp.............................  26,000  2,283,488 
  Wincor Nixdorf AG.......................     876     85,664 
                                                   ---------- 
                                                    3,003,527 
                                                   ---------- 
Information Processing - Services -- 0.39%                    
  Atos Origin+............................   3,751    251,575 
  Computershare, Ltd......................  21,578    111,190 
  CSK Corp................................   2,200     97,220 
  E*Trade Securities Co., Ltd.............      15     78,263 
  eAccess, Ltd............................      42     25,183 
  Index Corp..............................      29     36,233 
  Indra Sistemas SA.......................   7,267    143,277 
  LogicaCMG PLC...........................  63,935    175,466 
  Matsui Securities Co., Ltd..............   3,700     36,522 
  NTT Data Corp...........................      43    151,270 
  Obic Co., Ltd...........................     250     40,174 
  Rakuten, Inc............................     140    101,337 
  Softbank Corp...........................   8,300    664,132 
  Tietoenator Oyj.........................   4,388    145,700 
  Wm-data AB..............................  17,367     52,488 
  Yahoo! Japan Corp.......................     256    309,018 
                                                   ---------- 
                                                    2,419,048 
                                                   ---------- 
Information Processing - Software -- 0.72%                    
  Business Objects SA+....................   3,758    149,537 
  Dassault Systemes SA....................   3,176    175,493 
  Fuji Soft ABC, Inc......................   1,100     32,129 
  Hitachi Software Engineering Co., Ltd...   1,100     19,630 
  iSOFT Group PLC.........................  12,165     79,806 
  Misys PLC...............................  26,978    100,970 
  Nomura Research Instutute, Ltd..........  12,800  1,307,462 
  Oracle Corp. Japan......................   1,100     43,550 
  Sage Group PLC..........................  71,655    286,632 
  SAP AG..................................  12,352  2,222,418 
  Telelogic AB+...........................  12,716     30,115 
  Trend Micro, Inc........................   3,000    100,512 
                                                   ---------- 
                                                    4,548,254 
                                                   ---------- 
Insurance -- 4.04%                                            
  Aegon NV................................  79,188  1,253,821 
  Alleanza Assicurazioni SpA..............  23,608    278,042 
  Allianz AG..............................  20,981  3,048,239 
  AMP, Ltd.@.............................. 103,775    588,807 
  Assicurazioni Generali SpA..............  53,390  1,652,933 
                                                                [Download Table]


                                                            Value   
                                                 Shares  (Note 2)(1)
                                                                    

--------------------------------------------------------------------
Insurance (continued)                                               
  Aviva PLC..................................... 132,657 $ 1,567,220
  Axa...........................................  79,947   2,397,550
  AXA Asia Pacific Holdings, Ltd................  48,597     180,683
  Britannic Group PLC...........................  11,078     122,372
  CNP Assurances................................   1,934     146,457
  Corp. Mapfre SA...............................   5,998     100,716
  Friends Provident PLC......................... 105,256     345,660
  ING Groep NV.................................. 104,549   3,378,061
  Insurance Australia Group, Ltd................  88,970     343,450
  Legal & General Group PLC..................... 362,911     729,878
  Mediolanum SpA................................  14,202      89,993
  Millea Holdings, Inc..........................      49     805,301
  Mitsui Sumitomo Insurance Co., Ltd............  40,996     465,875
  Munchener Rueckversicherungs AG...............   9,606   1,253,350
  Pohjola Group PLC, Class D....................   3,457      54,186
  Prudential PLC................................ 132,988   1,207,637
  QBE Insurance Group, Ltd......................  42,887     601,093
  Royal & Sun Alliance Insurance Group.......... 162,785     319,489
  SCOR..........................................  45,940      92,732
  Skandia Forsakrings AB........................  56,711     310,435
  Sompo Japan Insurance, Inc....................  28,000     365,328
  Storebrand ASA................................  12,997     118,708
  Swiss Re......................................  17,967   1,326,537
  T&D Holdings, Inc.............................   7,759     487,523
  Topdanmark A/S+...............................   1,056      86,149
  Zurich Financial Services AG+.................   8,034   1,629,966
                                                         -----------
                                                          25,348,191
                                                         -----------
Investment Company -- 0.03%                                         
  Macquarie Communications Infrastructure Group.  18,594      76,471
  SBI Holdings, Inc.............................     185      99,982
                                                         -----------
                                                             176,453
                                                         -----------
Leisure & Tourism -- 1.01%                                          
  Accor SA......................................  10,955     580,126
  Amer Group....................................   3,994      71,638
  Aristocrat Leisure, Ltd.@.....................  17,267     156,494
  Autogrill SpA.................................   6,387      85,504
  Carnival PLC..................................   9,519     533,298
  Creative Technology, Ltd......................   3,100      25,527
  EMI Group PLC.................................  44,072     176,431
  Enterprise Inns PLC...........................  19,496     291,979
  First Choice Holidays PLC.....................  25,038      92,372
  Hilton Group PLC..............................  89,317     513,596
  Hyatt Regency SA..............................   2,352      27,367
  Intercontinental Hotels Group PLC.............  24,683     332,626
  Konami Corp...................................   3,161      63,031
  Kuoni Reisen Holding+.........................     159      61,793
  Lottomatica SpA...............................   1,739      59,257
  Mitchells & Butlers PLC.......................  27,955     179,097
  Namco Bandai Holdings, Inc.+..................   7,018     105,924
  NH Hoteles SA.................................   4,335      65,245
  Nintendo Co., Ltd.............................   3,300     361,445
  OPAP SA.......................................  12,457     391,809
  Oriental Land Co., Ltd........................   1,771      94,256
  Paddy Power PLC...............................   2,513      31,473
  Punch Taverns PLC.............................  14,110     201,164
  Sankyo Co., Ltd...............................   1,700      85,533
  Sega Sammy Holdings, Inc......................   4,700     150,411
  Shangri-La Asia, Ltd..........................  64,000      92,022
  Shimano, Inc..................................   2,640      62,983
  Sky City Entertainment Group, Ltd.............  23,298      76,865
  Skylark Co., Ltd..............................   2,900      46,297
  TABCORP Holdings, Ltd.........................  29,229     333,730
  Toho Co., Ltd.................................   4,900      98,148
  TUI AG........................................  12,565     241,828
  UNiTAB, Ltd...................................   6,697      63,785
  Whitbread PLC.................................  14,361     232,591
  William Hill PLC..............................  21,941     192,015
  Yamaha Motor Co., Ltd.........................   6,400     145,608
                                                         -----------
                                                           6,323,268
                                                         -----------

N-CSRS 55th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 55th
                                                                [Download Table]
                                                                             
November 30, 2005  INTERNATIONAL EQUITIES FUND - SCHEDULE OF INVESTMENTS  51 
                                  (Unaudited) - CONTINUED                    

                                                                [Download Table]


                                                              Value   
                                                   Shares  (Note 2)(1)
                                                                      
----------------------------------------------------------------------
COMMON STOCK (continued)                                              
Machinery -- 2.75%                                                    
  Alfa Laval AB...................................   5,276 $   104,573
  Alstom RGPT+....................................   6,133     345,902
  Amada Co., Ltd..................................  11,863      98,119
  Andritz AG......................................     508      50,737
  Atlas Copco AB, Series A........................  18,603     371,553
  Atlas Copco AB, Series B........................  11,563     205,839
  BBA Group PLC...................................  27,071     145,947
  Ebara Corp......................................  10,000      41,311
  FKI PLC.........................................  32,481      63,400
  Glory, Ltd......................................   2,100      34,342
  Heidelberger Druckmaschien AG...................   2,876     102,799
  Hitachi Construction Machinery Co., Ltd.........   3,400      65,601
  IMI PLC.........................................  19,442     156,947
  Ishikawajima-Harima Heavy Industries Co., Ltd.+.  37,596      95,688
  Japan Steel Works, Ltd.......................... 500,000   2,265,993
  KCI Konecranes Oyj..............................     763      33,887
  Komatsu, Ltd.................................... 200,000   2,763,979
  Komori Corp.....................................   1,905      36,442
  Kubota Corp.....................................  35,000     271,897
  MAN AG..........................................   7,864     390,868
  Metso Oyj.......................................   5,870     153,265
  Mitsubishi Heavy Industries, Ltd................ 103,000     432,010
  NSK, Ltd........................................  15,077      97,679
  NTN Corp........................................  14,277      97,741
  Okuma Holdings, Inc............................. 210,000   1,881,817
  OSG Corp........................................ 116,000   1,965,461
  RHI AG+.........................................   1,157      32,106
  Rieter Holding AG...............................     249      71,385
  Sandvik AB......................................  11,240     530,322
  SIG Holding AG..................................     345      72,091
  Sulzer AG.......................................     202      97,533
  Sumitomo Heavy Industries, Ltd..................  18,000     130,547
  Techtronic Industries Co........................  61,000     155,209
  THK Co., Ltd....................................   3,500      92,265
  Toshiba Machine Co., Ltd........................ 200,000   1,789,837
  Toyoda Machine Works, Ltd....................... 130,000   1,721,988
  Toyota Industries Corp..........................   6,700     231,949
  Wartsila Oyj....................................   3,281      87,750
                                                           -----------
                                                            17,286,779
                                                           -----------
Manufacturing -- 0.04%                                                
  Orica, Ltd......................................  15,235     224,188
                                                           -----------
Medical Technology -- 0.30%                                           
  Cochlear, Ltd...................................   3,028      88,710
  Coloplast A/S...................................   1,497      81,292
  Getinge AB......................................  10,182     130,673
  Nobel Biocare Holding AG........................   1,293     292,787
  Novozymes A/S, Series B.........................   2,806     140,672
  Qiagen NV+......................................   7,831      89,156
  Smith & Nephew PLC..............................  52,391     466,005
  Sonic Healthcare, Ltd...........................  14,613     161,173
  Straumann Holding AG............................     432      93,543
  Synthes, Inc....................................   2,564     274,771
  Zeltia SA.......................................   8,849      64,314
                                                           -----------
                                                             1,883,096
                                                           -----------
Metals -- 2.31%                                                       
  Acerinox SA.....................................  10,135     134,489
  Alumina, Ltd....................................  64,932     303,976
  Anglo American PLC..............................  79,171   2,471,255
  Arcelor.........................................  28,554     681,892
  Assa Abloy AB...................................  16,252     239,952
  Bekaert SA......................................     779      61,451
  BHP Billiton, Ltd............................... 200,134   3,219,235
  BlueScope Steel, Ltd............................  39,766     207,097
  Boehler-Uddeholm AG.............................     570      93,004
  Corus Group PLC................................. 248,116     237,720
  Daido Steel Co., Ltd............................ 232,000   1,676,515
                                                                [Download Table]


                                                                   Value   
                                                       Shares   (Note 2)(1)
                                                                           

---------------------------------------------------------------------------
Metals (continued)                                                         
  Hoganas AB, Class B................................     1,531 $    31,497
  JFE Holding, Inc...................................    18,900     595,499
  Kobe Steel, Ltd....................................    91,000     264,488
  Nippon Steel Corp..................................   207,389     702,297
  Nisshin Steel Co., Ltd.............................    29,000      82,601
  OneSteel, Ltd......................................    31,469      82,893
  Rautaruukki Oyj....................................     4,769      97,024
  SKF AB.............................................    21,977     285,749
  Ssab Svenskt Stal AB, Series A.....................     2,837      91,057
  Ssab Svenskt Stal AB, Series B.....................     1,445      42,696
  Sumitomo Metal Industries, Ltd.....................   678,000   2,339,000
  ThyssenKrupp AG....................................    20,092     404,013
  Tokyo Steel Manufacturing Co., Ltd.................     3,700      47,986
  Viohalco, Hellenic Copper and Aluminum Industry SA.     6,122      42,702
  Voestalpine AG.....................................     1,105     104,873
                                                                -----------
                                                                 14,540,961
                                                                -----------
Mining -- 1.32%                                                            
  BHP Billiton PLC...................................   137,696   2,044,333
  Dowa Mining Co., Ltd...............................    10,000      87,219
  Iluka Resources, Ltd...............................    12,995      75,544
  Mitsubishi Materials Corp..........................    33,000     133,206
  Mitsui Mining & Smelting Co., Ltd..................    19,977     112,902
  Newcrest Mining, Ltd...............................    18,442     289,973
  Nippon Light Metal Co., Ltd........................    16,000      39,778
  Outokumpu Oyj......................................     5,626      75,565
  Rio Tinto PLC......................................    59,651   2,423,518
  Rio Tinto, Ltd.....................................    15,848     717,715
  Sumitomo Metal Mining Co., Ltd.....................    18,341     184,481
  Toho Titanium Co., Ltd.............................    16,000   1,937,937
  Umicore............................................     1,350     145,498
                                                                -----------
                                                                  8,267,669
                                                                -----------
Multimedia -- 0.58%                                                        
  APN News & Media, Ltd..............................    16,081      56,642
  Lagardere SCA......................................     6,715     474,355
  Pearson PLC........................................    44,775     518,297
  Promotora de Informaciones SA......................     4,273      73,387
  Publishing & Broadcasting, Ltd.....................     7,510      91,494
  Reuters Group PLC..................................    79,672     548,744
  Seat Pagine Gialle SpA+............................   226,371     105,253
  Telecom Italia Media SpA+..........................    61,111      34,418
  Tokyo Broadcasting System, Inc.....................     1,300      30,161
  Vivendi Universal SA...............................    59,924   1,728,797
                                                                -----------
                                                                  3,661,548
                                                                -----------
Oil & Gas -- 7.50%                                                         
  Australian Gas Light Co., Ltd@.....................    25,473     305,881
  BG Group PLC.......................................   197,560   1,835,816
  BP PLC@............................................ 1,167,846  12,825,841
  Caltex Australia, Ltd..............................     7,531     117,800
  Centrica PLC.......................................   205,244     812,646
  ENI SpA............................................   145,213   3,937,739
  Gas Natural SDG SA.................................     9,993     272,402
  Hellenic Petroleum SA..............................     5,966      83,456
  INPEX Corp.........................................        13      95,216
  Lundin Petroleum AB+...............................     9,087      92,597
  Neste Oil OYJ+.....................................     7,121     208,281
  Nippon Mining Holdings, Inc........................    25,500     167,094
  Nippon Oil Corp....................................    42,000     305,517
  Norsk Hydro ASA....................................     7,927     795,833
  OMV AG.............................................     9,205     507,251
  Origin Energy, Ltd.................................    44,058     229,465
  Osaka Gas Co., Ltd.................................    68,188     223,398
  Petroleum Geo-Services ASA+........................     3,138      88,522
  Prosafe ASA........................................     1,937      69,421
  Repsol YPF SA......................................    51,083   1,504,218
  Royal Dutch Shell PLC, Class A (Amsterdam).........   187,354   5,764,305

N-CSRS 56th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 56th
                                                                [Download Table]
                                                                            
52  INTERNATIONAL EQUITIES FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                   (Unaudited) - CONTINUED                                  

                                                                [Download Table]


                                                      Value   
                                           Shares  (Note 2)(1)
                                                              
--------------------------------------------------------------
COMMON STOCK (continued)                                      
Oil & Gas (continued)                                         
  Royal Dutch Shell PLC, Class A (London).  38,945 $ 1,200,653
  Royal Dutch Shell PLC, Class B (London). 153,944   4,979,334
  Santos, Ltd.............................  32,993     278,366
  SBM Offshore NV.........................   1,910     149,530
  Showa Shell Sekiyu KK...................   5,800      65,289
  Singapore Petroleum Co., Ltd............   6,943      19,554
  Smedvig ASA, Class A....................   2,051      42,861
  Statoil ASA.............................  36,638     800,879
  Stolt Offshore SA+......................  10,634     110,487
  Technip SA..............................   4,846     273,946
  Teikoku Oil Co., Ltd....................   7,711      85,851
  Tokyo Gas Co., Ltd......................  76,077     305,602
  TonenGeneral Sekiyu KK..................  11,000     117,061
  Total SA, Class B@......................  31,205   7,798,852
  Woodside Petroleum, Ltd.................  26,035     673,130
                                                   -----------
                                                    47,144,094
                                                   -----------
Paper/Forest Products -- 0.40%                                
  Amcor, Ltd.@............................  48,999     252,776
  Billerud AB.............................   2,992      35,404
  Holmen AB, Series B.....................   2,969      92,764
  Mayr-Melnhof Karton AG..................     235      31,304
  Nippon Paper Group, Inc.................      32     111,293
  Norske Skogindustrier ASA...............   9,076     132,491
  OJI Paper Co., Ltd......................  27,528     141,250
  PaperlinX, Ltd..........................  24,890      62,670
  Rexam PLC...............................  30,804     270,943
  Stora Enso Oyj..........................  33,595     429,838
  Svenska Cellulosa AB....................  10,803     374,619
  UPM-Kymmene Oyj.........................  29,133     548,017
                                                   -----------
                                                     2,483,369
                                                   -----------
Photography -- 0.17%                                          
  AGFA-Gevaert NV.........................   5,393     106,106
  Fuji Photo Film Co., Ltd................  16,573     530,809
  Konica Minolta Holdings, Inc............  15,336     140,048
  Nikon Corp..............................   8,485     127,782
  Olympus Corp............................   7,206     184,679
                                                   -----------
                                                     1,089,424
                                                   -----------
Pollution Control -- 0.02%                                    
  Tomra Systems ASA.......................   9,758      68,470
  Waste Management NZ, Ltd................   5,595      24,575
                                                   -----------
                                                        93,045
                                                   -----------
Publishing -- 0.60%                                           
  Arnoldo Mondadori Editore SpA...........   6,514      60,061
  Daily Mail & General Trust..............  16,751     216,025
  Emap PLC................................  14,400     212,651
  Eniro AB................................   8,791      95,352
  Gruppo Editoriale L'Espresso SpA........   9,671      48,790
  Independent News & Media PLC............  31,247      85,126
  John Fairfax Holdings, Ltd..............  51,569     148,863
  Reed Elsevier NV........................  39,278     521,988
  Reed Elsevier PLC.......................  71,164     630,486
  Schibsted ASA...........................   2,741      77,029
  SCMP Group, Ltd.........................  52,372      18,225
  Singapore Press Holdings, Ltd...........  88,250     234,248
  Trinity Mirror PLC......................  16,163     168,965
  United Business Media PLC...............  15,387     159,871
  VNU NV..................................  13,612     423,523
  Wolters Kluwer NV.......................  16,133     321,730
  Yell Group PLC..........................  39,312     333,720
                                                   -----------
                                                     3,756,653
                                                   -----------
Railroads & Equipment -- 0.39%                                
  Central Japan Railway Co................      53     454,500
  East Japan Railway Co...................     115     721,803
                                                                [Download Table]


                                                        Value   
                                             Shares  (Note 2)(1)
                                                                

----------------------------------------------------------------
Railroads & Equipment (continued)                               
  Keihin Electric Express Railway Co., Ltd..  15,582 $   96,723 
  Keio Electric Railway Co., Ltd............  19,000    106,819 
  Keisei Electric Railway Co., Ltd..........   9,000     59,867 
  Kintetsu Corp.............................  53,072    191,651 
  MTR Corp..................................  76,500    153,082 
  Odakyu Electric Railway Co., Ltd..........  22,000    118,516 
  RT Group PLC+(2)(7).......................  10,000        865 
  SMRT Corp., Ltd...........................  34,000     21,692 
  Tobu Railway Co., Ltd.....................  26,624    117,354 
  Tokyu Corp................................  29,426    174,593 
  West Japan Railway Co.....................      57    217,919 
                                                     ---------- 
                                                      2,435,384 
                                                     ---------- 
Real Estate -- 2.43%                                            
  Allgreen Properties, Ltd..................  26,816     21,229 
  British Land Co, PLC......................  28,937    488,155 
  Brixton PLC...............................  14,255     99,214 
  CapitaLand, Ltd...........................  61,000    117,729 
  Castellum AB..............................   2,179     79,116 
  Centro Properties Group...................  44,922    209,014 
  CFS Gandel Retail Trust...................  84,294    119,712 
  Cheung Kong Holdings, Ltd.................  83,562    866,258 
  City Developments, Ltd....................  28,000    136,145 
  Commonwealth Property Office Fund.........  85,578     79,886 
  Daito Trust Construction Co., Ltd.........   2,653    129,182 
  DB RREEF Trust............................ 144,801    147,164 
  Fabege AB.................................   4,300     72,484 
  Gecina SA.................................     520     58,313 
  General Property Trust.................... 101,260    292,569 
  Great Portland Estates PLC................   9,065     62,496 
  Hammerson PLC.............................  15,884    260,968 
  Hang Lung Properties, Ltd................. 103,000    154,583 
  Henderson Land Development Co., Ltd.......  41,000    180,518 
  Hopewell Holdings.........................  35,955     88,022 
  Hysan Development Co., Ltd................  36,000     84,592 
  IMMOFINANZ Immobilien Anlagen AG+.........  18,726    177,250 
  ING Industrial Fund.......................  41,239     68,135 
  Inmobiliaria Colonial.....................   1,676     92,307 
  Investa Property Group....................  85,108    127,375 
  IVG Immobilen AG..........................   3,883     74,896 
  Japan Prime Reality Investment Group......      15     41,180 
  Keppel Land, Ltd..........................  20,706     46,499 
  Kerry Properties, Ltd.....................  27,500     73,702 
  Kiwi Income Property Trust................  39,421     36,451 
  Klepierre.................................   1,288    118,854 
  Kungsleden AB.............................   2,600     75,665 
  Land Securities Group PLC.................  26,125    697,589 
  Lend Lease Corp., Ltd.....................  20,017    206,047 
  Leopalace21 Corp..........................   4,000    127,269 
  Liberty International PLC.................  13,461    227,220 
  Macquarie Goodman Group...................  67,233    214,626 
  Meinl European Land, Ltd.+................   5,356     93,644 
  Metrovacesa SA............................   3,123    199,496 
  Mirvac Group..............................  47,632    142,154 
  Mitsubishi Estate Co., Ltd................  36,750    536,231 
  Mitsui Fudosan Co., Ltd...................  26,000    417,581 
  NTT Urban Development Corp................       8     41,190 
  PSP Swiss Property AG+....................   2,094     89,155 
  Sacyr Vallehermoso SA.....................   6,125    155,751 
  Singapore Land, Ltd.......................   7,488     23,597 
  Sino Land Co..............................  84,000     99,281 
  Slough Estates PLC........................  23,597    221,428 
  Stockland.................................  73,799    337,696 
  Sumitomo Realty & Development Co., Ltd....  12,000    198,971 
  Sun Hung Kai Properties, Ltd..............  73,395    696,617 
  Tokyo Tatemono Co., Ltd...................   9,000     75,158 
  Tokyu Land Corp........................... 273,000  1,993,815 
  Unibail...................................   2,541    315,965 

N-CSRS 57th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 57th
                                                                [Download Table]
                                                                             
November 30, 2005  INTERNATIONAL EQUITIES FUND - SCHEDULE OF INVESTMENTS  53 
                                  (Unaudited) - CONTINUED                    

                                                                [Download Table]


                                                    Value   
                                         Shares  (Note 2)(1)
                                                            
------------------------------------------------------------
COMMON STOCK (continued)                                    
Real Estate (continued)                                     
  United Overseas Land, Ltd.............  29,700 $    41,932
  Urban Corp............................  36,000   2,380,366
  Westfield Group.......................  82,519   1,037,267
  Wihlborgs Fastigheter AB+.............     865      19,037
  Wing Tai Holdings, Ltd................  27,000      22,224
                                                 -----------
                                                  15,290,970
                                                 -----------
Real Estate Investment Trusts -- 0.15%                      
  Ascendas Real Estate Investment Trust.  51,000      58,660
  CapitaMall Trust......................  47,000      62,374
  Cofinimmo SA..........................     329      51,189
  Corio NV..............................   2,252     118,517
  Japan Real Estate Investment Corp.....      11      86,656
  Japan Retail Fund Investment Corp.....       9      67,260
  Nippon Building Fund, Inc.............      13     104,438
  Nomura Real Estate Office Fund, Inc...       7      48,300
  Rodamco Europe NV.....................   2,501     197,277
  Suntec Real Estate Investment Trust...  47,000      29,966
  Wereldhave NV.........................   1,160     109,103
                                                 -----------
                                                     933,740
                                                 -----------
Retail -- 4.45%                                             
  Aeon Co., Ltd.........................  22,130     491,362
  Altana AG.............................   3,916     207,200
  Aoyama Trading Co., Ltd...............   2,000      61,921
  Boots Group PLC.......................  40,299     414,285
  Bulgari SpA...........................   8,299      85,301
  Carrefour SA..........................  31,470   1,362,525
  Circle K Sunkus Co., Ltd..............   1,500      33,805
  Citizen Watch Co., Ltd................  12,247     100,852
  Coles Myer, Ltd.......................  65,626     483,252
  Compagnie Financiere Richemont AG(3)..  27,666   1,089,443
  Culture Convenience Club Co., Ltd.....  53,000   2,023,982
  D'ieteren SA..........................     155      40,308
  Daimaru, Inc..........................   7,477     100,171
  Dixons Group PLC...................... 103,718     273,175
  Douglas Holding AG....................   1,853      69,456
  FamilyMart Co., Ltd...................   2,256      66,699
  Fast Retailing Co., Ltd...............   1,800     127,151
  Folli - Follie SA.....................     924      24,179
  Germanos SA...........................   3,172      51,239
  Giordano International, Ltd...........  84,000      47,356
  Grafton Group PLC+....................  11,901     111,123
  GUS PLC...............................  56,805     876,514
  Hankyu Department Stores, Inc.........   5,120      42,837
  Harvey Norman Holdings, Ltd...........  29,502      62,797
  Hellenic Duty Free Shops SA...........   1,037      17,516
  Hennes & Mauritz AB, Class B..........  26,438     826,190
  HMV Group PLC.........................  22,369      71,973
  Inditex SA............................  12,171     358,010
  Isetan Co., Ltd.......................   6,094     119,799
  J Sainsbury PLC.......................  75,964     372,044
  Jeronimo Martins SA...................   2,107      30,271
  KarstadtQuelle AG+....................   3,529      45,384
  Kesa Electricals PLC..................  29,544     125,189
  Kingfisher PLC........................ 131,047     509,716
  Koninklijke Ahold NV+.................  86,746     651,743
  Lawson, Inc...........................   2,000      79,617
  Marks & Spencer Group PLC.............  92,633     727,719
  Marui Co., Ltd........................  10,596     198,044
  Matsumotokiyoshi Co., Ltd.............   1,400      39,574
  Metro AG..............................   8,136     364,322
  Mitsukoshi, Ltd.......................  15,000      75,008
  Next PLC..............................  14,319     340,646
  Nitori Co., Ltd.......................     650      48,283
  Pinault-Printemps-Redoute SA..........   3,695     397,175
  Point, Inc............................  32,000   2,099,169
  Ryohin Keikaku Co., Ltd...............     900      58,960
                                                                [Download Table]


                                                                      Value   
                                                           Shares  (Note 2)(1)
                                                                              

------------------------------------------------------------------------------
Retail (continued)                                                            
  Seven & I Holdings Co., Ltd.+...........................  73,400 $ 2,566,876
  Shimachu Co., Ltd.......................................   1,597      44,584
  Shimamura Co., Ltd......................................  18,700   2,255,604
  Signet Group PLC........................................  96,878     171,812
  Sonae SGPS SA...........................................  50,210      85,816
  Swatch Group AG.........................................   3,011      88,462
  Swatch Group AG, Class B................................   1,844     264,938
  Takashimaya Co., Ltd....................................   9,000     138,686
  Tesco PLC............................................... 437,640   2,289,502
  UNY Co., Ltd............................................   6,295      85,344
  Valora Holding AG+......................................     185      33,438
  Warehouse Group, Ltd....................................   7,669      20,188
  Woolworths, Ltd.........................................  63,771     799,925
  Yamada Denki Co., Ltd...................................  32,500   3,302,167
                                                                   -----------
                                                                    27,950,627
                                                                   -----------
Semiconductors -- 0.50%                                                       
  ARM Holdings PLC........................................  76,975     161,327
  ASM Pacific Technology, Ltd.............................  10,000      54,862
  ASML Holding NV+........................................  27,000     514,594
  Chartered Semiconductor Manufacturing, Ltd.+............  56,000      41,076
  Elpida Memory, Inc.+....................................   1,400      40,257
  Fujitsu, Ltd............................................  59,448     434,209
  Infineon Technologies AG+...............................  35,450     316,521
  Micronas Holding AG+....................................   1,809      59,056
  Nec Electronics Corp....................................   1,300      45,397
  Rohm Co., Ltd...........................................   3,608     325,510
  Sanken Electric Co., Ltd................................   4,000      55,047
  Solomon Systech International, Ltd...................... 106,000      43,252
  STATS ChipPAC, Ltd.+....................................  72,000      47,470
  STMicroelectronics NV...................................  35,333     618,258
  Tokyo Electron, Ltd.....................................   5,500     333,311
  Unaxis Holding AG+......................................     316      44,352
                                                                   -----------
                                                                     3,134,499
                                                                   -----------
Telecommunications -- 6.04%                                                   
  Alcatel SA+.............................................  69,205     853,644
  Belgacom SA.............................................   9,082     303,182
  BT Group PLC............................................ 472,591   1,738,674
  Cable & Wireless PLC.................................... 133,788     273,695
  Cosmote Mobile Telecommunications SA....................   7,422     158,409
  Datacraft Asia, Ltd.+...................................  14,000      14,406
  Deutsche Telekom AG..................................... 152,223   2,526,920
  Eircom Group PLC........................................  44,537     104,278
  Elisa Corp., Class A....................................   8,794     166,877
  France Telecom SA.......................................  94,301   2,359,140
  Hellenic Telecommunications Organization SA+............  16,418     351,883
  Hikari Tsushin, Inc.....................................     700      49,821
  Hutchison Telecommunications International, Ltd.+.......  79,000     109,510
  Intracom SA.............................................   4,763      27,559
  KDDI Corp...............................................      86     449,931
  Kudelski SA+............................................   1,963      59,606
  Marconi Corp PLC+.......................................  11,699      75,756
  Mobistar SA.............................................   1,587     128,070
  Nippon Telegraph and Telephone Corp.....................     176     795,401
  Nokia Oyj............................................... 247,351   4,223,415
  NTT DoCoMo, Inc.........................................     579     907,091
  PCCW, Ltd............................................... 205,657     130,160
  Portugal Telecom SGPS SA................................  42,300     387,237
  PT Multimedia Servicos de Telecomunicacoes e Multimedia                     
   SGPS SA................................................   4,377      50,051
  Royal KPN NV............................................ 117,111   1,158,140
  Singapore Telecommunications, Ltd....................... 371,790     550,667
  SmarTone Telecommunications Holding, Ltd................  16,500      17,980
  Swisscom AG.............................................   1,200     374,901
  Tandberg ASA............................................   7,442      65,347
  TDC A/S.................................................  11,000     659,652
  Tele2 AB................................................  17,614     177,812

N-CSRS 58th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 58th
                                                                [Download Table]
                                                                            
54  INTERNATIONAL EQUITIES FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                   (Unaudited) - CONTINUED                                  

                                                                [Download Table]


                                                                        Value   
                                                            Shares   (Note 2)(1)
                                                                                
--------------------------------------------------------------------------------
COMMON STOCK (continued)                                                        
Telecommunications (continued)                                                  
  Telecom Corp. of New Zealand, Ltd.......................   109,118 $   444,838
  Telecom Italia SpA......................................   596,681   1,664,340
  Telecom Italia SpA RNC..................................   336,194     799,036
  Telefonaktiebolaget LM Ericsson, Class B................   826,157   2,688,355
  Telefonica Publicidad e Informacion SA..................     9,064      72,480
  Telefonica SA...........................................   248,838   3,673,328
  Telekom Austria AG......................................    19,526     442,169
  Telenor ASA.............................................    42,697     400,292
  TeliaSonera AB..........................................   104,044     528,353
  Telstra Corp., Ltd......................................   118,012     334,699
  Tiscali SpA+............................................    13,281      46,191
  Uniden Corp.............................................     3,000      56,681
  Vodafone Group PLC...................................... 3,524,217   7,569,267
                                                                     -----------
                                                                      37,969,244
                                                                     -----------
Textile - Products -- 0.13%                                                     
  Kuraray Co., Ltd........................................    12,461     122,884
  Mitsubishi Rayon Co., Ltd...............................    19,042     112,870
  Nisshinbo Industries, Inc...............................     5,532      52,258
  Teijin, Ltd.............................................    29,277     159,700
  Texwinca Holdings, Ltd..................................    35,286      25,019
  Toray Industries, Inc...................................    44,992     306,520
  Toyobo Co., Ltd.........................................    21,876      56,618
                                                                     -----------
                                                                         835,869
                                                                     -----------
Tobacco -- 1.08%                                                                
  Altadis SA..............................................    15,800     666,690
  British American Tobacco PLC............................    88,310   1,926,267
  Gallaher Group PLC......................................    36,565     554,445
  Imperial Tobacco Group PLC..............................    39,966   1,188,786
  Japan Tobacco, Inc......................................       165   2,213,857
  Swedish Match AB........................................    18,218     208,209
                                                                     -----------
                                                                       6,758,254
                                                                     -----------
Utilities - Electric -- 2.83%                                                   
  Chubu Electric Power Co., Inc...........................    20,000     476,728
  CLP Holdings, Ltd.......................................   101,000     594,861
  Contact Energy, Ltd.....................................    16,086      74,258
  E. ON AG................................................    34,745   3,302,916
  Edison SpA+.............................................    43,567      89,588
  Electrabel SA...........................................     1,492     737,989
  Electric Power Development Co...........................     4,700     152,224
  Endesa SA...............................................    53,160   1,380,513
  Enel SpA................................................   240,130   1,886,250
  Energias de Portugal SA.................................   101,999     300,324
  Fortum Oyj..............................................    24,279     425,739
  Hokkaido Electric Power Co, Inc.........................     5,900     117,272
  HongKong Electric Holdings, Ltd.........................    77,500     377,904
  Iberdrola SA............................................    45,267   1,186,955
  International Power PLC+................................    82,191     346,996
  Kansai Electric Power Co., Inc..........................    26,100     554,051
  Kyushu Electric Power Co., Inc..........................    12,900     274,870
  Public Power Corp.......................................     5,833     121,369
  RWE AG, Class A.........................................    23,360   1,608,823
  Scottish & Southern Energy PLC..........................    47,911     809,767
  Scottish Power PLC......................................   104,090     953,165
  Terna SpA...............................................    66,947     162,478
  Tohoku Electric Power Co., Inc..........................    14,616     281,566
  Tokyo Electric Power Co., Inc...........................    39,000     936,230
  Union Fenosa SA.........................................    11,898     438,839
  Vector, Ltd.+...........................................    13,947      28,406
  Verbund - Oesterreichische Elektrizitatswirtschafts AG,                       
   Class A................................................       430     134,968
                                                                     -----------
                                                                      17,755,049
                                                                     -----------
Utilities - Gas, Distribution -- 0.12%                                          
  Alinta, Ltd.............................................    14,236     115,427
  Hong Kong & China Gas...................................   202,400     426,585
  Snam Rete Gas SpA.......................................    54,543     230,283
                                                                     -----------
                                                                         772,295
                                                                     -----------
                                                                [Download Table]


                                              Shares/               
                                             Principal     Value    
                                              Amount    (Note 2)(1) 
                                                                    

--------------------------------------------------------------------
Water Services -- 0.59%                                             
  Kelda Group PLC...........................     20,957 $    264,078
  Kurita Water Industries, Ltd..............      3,910       66,958
  Severn Trent PLC..........................     19,394      335,458
  Sociedad General de Aguas de Barcelona SA.      3,251       74,500
  Suez SA...................................     55,513    1,580,595
  Suez Strip SA VVPR+.......................      7,500           88
  United Utilities PLC......................     48,666      541,755
  Veolia Environnement......................     19,272      825,364
                                                        ------------
                                                           3,688,796
                                                        ------------
Total Common Stock                                                  
   (Cost $521,166,552)......................             589,240,113
                                                        ------------
PREFERRED STOCK -- 0.20%                                            
Automotive -- 0.09%                                                 
  Porsche AG 0.64%..........................        439      326,770
  Volkswagen AG 4.72%.......................      5,871      224,748
                                                        ------------
                                                             551,518
                                                        ------------
Chemical -- 0.05%                                                   
  Henkel KGaA 1.49%.........................      3,314      319,163
                                                        ------------
Hospital Supplies -- 0.02%                                          
  Fresenius Medical Care AG 2.88%...........      1,463      119,619
                                                        ------------
Machinery -- 0.01%                                                  
  Schindler Holding AG 1.95%................        287      108,833
                                                        ------------
Multimedia -- 0.01%                                                 
  ProSieben Sat.1 Media AG 1.69%............      3,051       54,342
                                                        ------------
Utilities - Electric -- 0.02%                                       
  RWE AG 4.58%..............................      2,176      129,206
                                                        ------------
Total Preferred Stock                                               
   (Cost $1,092,487)........................               1,282,681
                                                        ------------
RIGHTS -- 0.00%                                                     
Automotive -- 0.00%                                                 
  Fiat SpA+                                                         
   Expires 12/14/05.........................     26,121           65
                                                        ------------
Banks -- 0.00%                                                      
  Emporiki Bank of Greece SA+                                       
   Expires 12/21/05.........................      3,472        9,497
                                                        ------------
Manufacturing -- 0.00%                                              
  Orica, Ltd.+                                                      
   Expires 12/14/05.........................      1,850        6,629
                                                        ------------
Real Estate -- 0.00%                                                
  Cheung Kong Holdings, Ltd.(7)                                     
   Expires 11/10/06.........................      2,455            0
                                                        ------------
Total Rights                                                        
   (Cost $0)................................                  16,191
                                                        ------------
EXCHANGE - TRADED FUNDS -- 1.98%                                    
Financial Services -- 1.98%                                         
  iShares MSCI EAFE Index Fund..............    138,000    7,941,900
  iShares MSCI Japan Index Fund#............    360,800    4,495,568
                                                        ------------
                                                          12,437,468
                                                        ------------
Total Exchange - Traded Funds                                       
   (Cost $12,413,334).......................              12,437,468
                                                        ------------
FOREIGN BONDS & NOTES -- 0.01%                                      
Oil & Gas -- 0.01%                                                  
  Transco Holdings PLC:                                             
   4.19% due 12/14/22....................... GBP  5,000       12,616
   5.75% due 12/14/09(4).................... GBP  5,000        8,828
   7.00% due 12/16/24....................... GBP  5,000       10,689
                                                        ------------
                                                              32,133
                                                        ------------
Total Foreign Bonds & Notes                                         
   (Cost $21,069)...........................                  32,133
                                                        ------------
Total Long-Term Investment Securities                               
   (Cost $534,693,442)......................             603,008,586
                                                        ------------

N-CSRS 59th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 59th
                                                                [Download Table]
                                                                             
November 30, 2005  INTERNATIONAL EQUITIES FUND - SCHEDULE OF INVESTMENTS  55 
                                  (Unaudited) - CONTINUED                    

                                                        [Enlarge/Download Table]


                                                             Shares/                 
                                                            Principal       Value    
                                                             Amount      (Note 2)(1) 
                                                                                     
-------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT SECURITIES -- 0.65%                                            
Collective Investment Pool -- 0.51%                                                  
  Securities Lending Quality Trust(5)....................   3,168,551   $  3,168,551 
                                                                        ------------ 
Government Obligations -- 0.14%                                                      
  United States Treasury Bills:                                                      
   3.84% due 12/08/05@................................... $   900,000        899,331 
                                                                        ------------ 
Total Short-Term Investment Securities                                               
   (Cost $4,067,882).....................................                  4,067,882 
                                                                        ------------ 
REPURCHASE AGREEMENT -- 3.86%                                                        
  Agreement with State Street Bank & Trust Co., bearing                              
   interest at 3.68%, dated 11/30/05, to be repurchased                              
   12/01/05 in the amount of $24,258,480 and                                         
   collateralized by Federal National Mtg. Assoc. Notes,                             
   bearing interest at 3.25%, due 08/15/08 and having an                             
   approximate value of $24,987,655                                                  
   (Cost $24,256,000)@...................................  24,256,000     24,256,000 
                                                                        ------------ 
TOTAL INVESTMENTS                                                                    
   (Cost $563,017,324)(6)................................      100.50%   631,332,468 
Liabilities in excess of other assets                           (0.50)%   (3,124,233)
                                                          -----------   ------------ 
NET ASSETS --                                                  100.00%  $628,208,235 
                                                          ===========   ============ 

--------                                                                        
ADR--AmericanDepository Receipt                                                 
SDR--SwedishDepository Receipt                                                  
VVPR--Reducedtax rate shares                                                    
+  Non-income producing security                                                
@  The security or a portion thereof represents collateral for open futures     
contracts.                                                                
#  The security or a portion thereof is out on loan (see Note 2).               
(1)A substantial number of the Fund's holdings were valued using fair value     
procedures at November 30, 2005. At November 30, 2005, the aggregate value
 of these securities was $628,208,235 representing 93.91% of net assets. See
   Note 2 regarding fair value pricing procedures for foreign equity securities.
(2)Fair valued security (see Note 2)                                            
(3)Consists of more than one class of shares traded together as a unit.         
(4)Security is a "floating rate" bond where the coupon rate fluctuates. The     
  rate steps up or down for each rate downgrade or upgrade. The rate reflected
is as of November 30, 2005.                                               
(5)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(6)See Note 5 for cost of investments on a tax basis.                           
(7)Illiquid security                                                            

                                                        [Enlarge/Download Table]

Open Futures Contracts                                                               
-------------------------------------------------------------------------------------
                                                                         Unrealized  
Number of                      Expiration  Value at     Value as of    Appreciation/ 
Contracts     Description         Date    Trade Date November 30, 2005 (Depreciation)
-------------------------------------------------------------------------------------
                                                                                     
  9 Long  MSCI Singapore Index  Dec 2005  $  289,780    $  289,993        $    213   
  2 Long  Hang Seng Index.....  Dec 2005     482,965       480,515          (2,450)  
 12 Long  OMXS 30 Index.......  Dec 2005     550,893       542,011          (8,882)  
  1 Long  IBEX 35 Index.......  Dec 2005     622,015       623,223           1,208   
  5 Long  CAC 40 10 Euro Index  Dec 2005   1,395,311     1,402,055           6,744   
  1 Long  Amsterdam Index.....  Dec 2005     585,491       593,979           8,488   
  1 Long  DJ Stoxx 50 Index...  Dec 2005     790,374       811,071          20,697   
 11 Long  S&P/MIB Index.......  Dec 2005     607,768       603,758          (4,010)  
300 Long  SPI 200 Index.......  Dec 2005   1,770,568     1,797,566          26,998   
  7 Long  MSCI Pan Euro Index.  Dec 2005   8,266,684     8,423,484         156,800   
  8 Long  FTSE 100 Index......  Dec 2005   2,895,244     2,917,342          22,098   
  2 Long  DAX Index...........  Dec 2005   2,173,891     2,302,490         128,599   
                                                                          --------   
                                                                          $356,503   
                                                                          ========   

Currency Legend                                                                 

GBP--British Pound                                                              

See Notes to Financial Statements                                               

N-CSRS 60th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 60th
                                                                [Download Table]
                                                                             
56  INTERNATIONAL GOVERNMENT BOND FUND - PORTFOLIO PROFILE  November 30, 2005
                          (Unaudited)                                        

Industry Allocation*                                                            

                                                                [Download Table]
                                
Foreign Government Bonds. 68.79%
Government Obligations...  8.23%
Financial Services.......  7.81%
Government Agencies......  2.34%
Banks....................  1.88%
Household Products.......  1.71%
Supranational............  1.69%
Automotive...............  0.91%
Broadcasting.............  0.62%
Paper/Forest Products....  0.60%
Retail...................  0.60%
Aerospace/Defense........  0.47%
Water Services...........  0.41%
Repurchase Agreement.....  0.07%
Foreign Government Rights  0.32%
                          ----- 
                          96.45%
                          ===== 

Country Allocation*                                                             

                                                                [Download Table]
                     
United States. 18.18%
Brazil........ 11.08%
Japan......... 10.68%
France........  5.19%
Russia........  5.08%
Germany.......  4.39%
Greece........  4.18%
United Kingdom  4.00%
Argentina.....  3.44%
Turkey........  3.38%
Italy.........  3.35%
South Africa..  3.30%
Venezuela.....  3.30%
Mexico........  2.61%
Canada........  2.40%
Supranational.  1.69%
Netherlands...  1.43%
Finland.......  1.37%
Colombia......  1.26%
Spain.........  1.18%
Sweden........  1.15%
Ukraine.......  0.75%
Uruguay.......  0.74%
Peru..........  0.71%
Hungary.......  0.54%
Indonesia.....  0.39%
Belgium.......  0.26%
Australia.....  0.22%
Denmark.......  0.20%
               ----- 
               96.45%
               ===== 

Credit Quality+#                                                                

                                                                [Download Table]
                              
Government -- Treasury   8.55%
Government -- Agency..   2.43%
AAA...................  20.61%
AA....................  17.61%
A.....................  10.26%
BBB...................  10.34%
BB....................  17.52%
B.....................   7.34%
Not Rated@............   5.34%
                       ------ 
                       100.00%
                       ====== 

*  Calculated as a percentage of Net Assets.                                    
@  Represents debt issues that either have no rating, or the rating is          
unavailable from the data source.                                         
+  Source: Standard and Poors                                                   
#  Calculated as a percentage of total debt issues, excluding short-term        
securities.                                                               

N-CSRS 61st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 61st
                                                                [Download Table]
                                                                        
November 30, 2005  INTERNATIONAL GOVERNMENT BOND FUND - SCHEDULE OF  57 
                                INVESTMENTS (Unaudited)                 

                                                                [Download Table]


                                   Principal Amount            
                                   (Denominated in    Value    
                                   Local Currency)   (Note 2)  
                                                               
---------------------------------------------------------------
CORPORATE BONDS -- 15.01%                                      
Finland -- 0.76%                                               
  Sampo Housing Loan Bank PLC,                                 
   2.50% due 9/23/10..............  EUR    200,000  $   228,699
  Stora Enso Oyj,                                              
   3.88% due 12/15/09.............  SEK  6,800,000      849,847
                                                    -----------
                                                      1,078,546
                                                    -----------
France -- 1.55%                                                
  Dexia Municipal Agency,                                      
   0.80% due 5/21/12..............  JPY195,000,000    1,603,796
  Veolia Environment,                                          
   4.00% due 2/12/16..............  EUR    500,000      587,057
                                                    -----------
                                                      2,190,853
                                                    -----------
Germany -- 1.60%                                               
  Aries Vermogensverwaltung GmbH,                              
   9.60% due 10/25/14.............  USD  1,750,000    2,254,175
                                                    -----------
Netherlands -- 1.43%                                           
  Nederlandse Waterschapsbank,                                 
   3.25% due 6/18/07..............  EUR    700,000      831,032
  Sovrisc BV,                                                  
   4.63% due 10/31/08.............  USD  1,200,000    1,196,332
                                                    -----------
                                                      2,027,364
                                                    -----------
United Kingdom -- 2.13%                                        
  BAE Systems PLC,                                             
   11.88% due 12/29/08............  GBP    320,000      661,514
  BSKYB Finance UK PLC,                                        
   5.75% due 10/20/17.............  GBP    500,000      873,495
  Nationwide Building Society,                                 
   3.50% due 12/7/15..............  EUR    550,000      640,710
  Tesco PLC,                                                   
   0.70% due 9/20/06..............  JPY100,000,000      837,953
                                                    -----------
                                                      3,013,672
                                                    -----------
United States -- 7.54%                                         
  BMW US Capital Corp. LLC:                                    
   2.75% due 9/23/10..............  EUR    750,000      860,350
   4.75% due 11/28/08.............  GBP    250,000      430,751
  Citigroup, Inc.:                                             
   0.80% due 10/30/08.............  JPY150,000,000    1,261,570
   3.63% due 11/30/12(3)..........  EUR    700,000      823,060
  General Electric Capital Corp.:                              
   1.00% due 3/21/12..............  JPY170,000,000    1,398,461
   4.13% due 9/19/35..............  EUR    600,000      673,144
   4.38% due 1/15/09..............  USD  2,840,000    2,796,500
  Procter & Gamble Co.:                                        
   2.00% due 6/21/10..............  JPY200,000,000    1,756,185
   4.13% due 12/7/20..............  EUR    560,000      659,530
                                                    -----------
                                                     10,659,551
                                                    -----------
Total Corporate Bonds                                          
   (Cost $22,320,880).............                   21,224,161
                                                    -----------
GOVERNMENT BONDS -- 79.36%                                     
Argentina -- 3.14%                                             
  Republic of Argentina:                                       
   4.01% due 8/3/12(1)............  USD  1,980,000    1,556,280
   5.25% due 12/31/38(2)..........  USD  2,673,134      858,076
   8.28% due 12/31/33.............  USD  2,424,159    2,029,021
                                                    -----------
                                                      4,443,377
                                                    -----------
Australia -- 0.22%                                             
  Queensland Treasury Corp.,                                   
   5.50% due 5/14/10..............  AUD    420,000      310,693
                                                    -----------
                                                                [Download Table]


                                Principal Amount            
                                (Denominated in    Value    
                                Local Currency)   (Note 2)  
                                                            

------------------------------------------------------------
Belgium -- 0.26%                                            
  Kingdom of Belgium,                                       
   5.50% due 3/28/28...........  EUR    250,000  $   370,204
                                                 -----------
Brazil -- 11.08%                                            
  Brazil Federative Republic:                               
   5.25% due 4/15/12(1)........  USD  1,338,224    1,316,544
   7.88% due 3/7/15............  USD    915,000      938,790
   8.00% due 1/15/18...........  USD  1,030,000    1,081,500
   8.25% due 1/20/34...........  USD    570,000      568,290
   8.75% due 2/4/25............  USD  1,540,000    1,604,680
   8.88% due 10/14/19..........  USD    660,000      703,890
   8.88% due 4/15/24...........  USD    275,000      290,125
   10.25% due 6/17/13..........  USD  1,245,000    1,471,590
   10.50% due 7/14/14..........  USD  1,050,000    1,252,650
   11.00% due 8/17/40..........  USD  3,840,000    4,730,880
   12.50% due 1/5/16(4)........  BRL  3,926,000    1,708,661
                                                 -----------
                                                  15,667,600
                                                 -----------
Canada -- 2.40%                                             
  Government of Canada:                                     
   3.00% due 6/1/07............  CAD  1,680,000    1,424,195
   5.25% due 6/1/13............  CAD  2,130,000    1,973,972
                                                 -----------
                                                   3,398,167
                                                 -----------
Colombia -- 1.26%                                           
  Republic of Colombia:                                     
   8.25% due 12/22/14..........  USD    310,000      341,000
   10.75% due 1/15/13..........  USD    920,000    1,134,360
   12.00% due 10/22/15(4)......  COP593,000,000      304,897
                                                 -----------
                                                   1,780,257
                                                 -----------
Denmark -- 0.20%                                            
  Kingdom of Denmark,                                       
   7.00% due 11/10/24..........  DKK  1,250,000      284,790
                                                 -----------
Finland -- 0.61%                                            
  Republic of Finland,                                      
   3.00% due 7/4/08............  EUR    730,000      864,109
                                                 -----------
France -- 3.64%                                             
  Government of France:                                     
   2.50% due 7/12/10...........  EUR    570,000      655,341
   4.75% due 10/25/12..........  EUR  2,500,000    3,214,127
   5.50% due 4/25/29...........  EUR    855,347    1,273,668
                                                 -----------
                                                   5,143,136
                                                 -----------
Germany -- 2.79%                                            
  Federal Republic of Germany,                              
   3.50% due 10/9/09...........  EUR  3,290,000    3,947,472
                                                 -----------
Greece -- 4.18%                                             
  Republic of Greece:                                       
   6.00% due 5/19/10...........  EUR    886,837    1,165,694
   6.50% due 10/22/19..........  EUR    859,837    1,302,703
   8.60% due 3/26/08...........  EUR  2,590,000    3,433,771
                                                 -----------
                                                   5,902,168
                                                 -----------
Hungary -- 0.54%                                            
  Republic of Hungary,                                      
   9.00% due 4/12/07...........  HUF158,000,000      755,983
                                                 -----------
Indonesia -- 0.39%                                          
  Republic of Indonesia,                                    
   7.25% due 4/20/15...........  USD    550,000      557,977
                                                 -----------
Italy -- 3.35%                                              
  Republic of Italy:                                        
   4.00% due 2/1/37............  EUR  1,060,000    1,229,120
   4.75% due 2/1/13............  EUR  1,920,000    2,461,712
   9.00% due 11/1/23...........  EUR    532,912    1,038,343
                                                 -----------
                                                   4,729,175
                                                 -----------

N-CSRS 62nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 62nd
                                                                [Download Table]
                                                                       
58  INTERNATIONAL GOVERNMENT BOND FUND - SCHEDULE OF  November 30, 2005
           INVESTMENTS (Unaudited) - CONTINUED                         

                                                                [Download Table]


                                 Principal Amount            
                                 (Denominated in    Value    
                                 Local Currency)   (Note 2)  
                                                             
-------------------------------------------------------------
GOVERNMENT BONDS (continued)                                 
Japan -- 10.68%                                              
  Government of Japan:                                       
   0.50% due 6/20/07............  JPY122,300,000  $ 1,026,124
   0.80% due 3/20/13............  JPY253,000,000    2,063,338
   1.40% due 12/20/14...........  JPY341,700,000    2,859,890
   1.90% due 12/20/10...........  JPY358,000,000    3,153,170
   2.00% due 3/20/25............  JPY197,000,000    1,653,848
   2.70% due 3/20/07............  JPY165,000,000    1,422,849
   5.00% due 9/21/09............  JPY300,000,000    2,923,717
                                                  -----------
                                                   15,102,936
                                                  -----------
Mexico -- 2.59%                                              
  United Mexican States:                                     
   6.75% due 9/27/34............  USD    350,000      375,375
   8.13% due 12/30/19...........  USD    900,000    1,102,500
   8.30% due 8/15/31............  USD    650,000      827,125
   9.50% due 12/18/14...........  MXN 13,600,000    1,358,068
                                                  -----------
                                                    3,663,068
                                                  -----------
Peru -- 0.71%                                                
  Republic of Peru,                                          
   7.35% due 7/21/25............  USD    975,000    1,002,300
                                                  -----------
Russia -- 5.08%                                              
  Russian Federation:                                        
   7.50% due 3/31/30(2).........  USD  6,000,000    6,721,200
   12.75% due 6/24/28...........  USD    250,000      455,250
                                                  -----------
                                                    7,176,450
                                                  -----------
South Africa -- 3.30%                                        
  Republic of South Africa:                                  
   13.00% due 8/31/10...........  ZAR 22,190,000    4,169,420
   13.50% due 9/15/15...........  ZAR  2,325,000      499,588
                                                  -----------
                                                    4,669,008
                                                  -----------
Spain -- 1.18%                                               
  Kingdom of Spain,                                          
   5.75% due 7/30/32............  EUR  1,070,000    1,667,288
                                                  -----------
Sweden -- 1.15%                                              
  Kingdom of Sweden,                                         
   5.00% due 1/28/09............  SEK 12,300,000    1,621,762
                                                  -----------
Turkey -- 3.38%                                              
  Republic of Turkey:                                        
   7.00% due 6/5/20.............  USD    630,000      622,440
   7.25% due 3/15/15............  USD    260,000      270,075
   8.00% due 2/14/34............  USD    490,000      519,400
   11.88% due 1/15/30...........  USD  2,260,000    3,361,750
                                                  -----------
                                                    4,773,665
                                                  -----------
Ukraine -- 0.75%                                             
  Government of Ukraine,                                     
   7.65% due 6/11/13............  USD    975,000    1,057,680
                                                  -----------
United Kingdom -- 1.87%                                      
  Government of United Kingdom:                              
   5.00% due 9/7/14.............  GBP  1,451,000    2,647,799
   5.75% due 12/7/09............  GBP        250          456
                                                  -----------
                                                    2,648,255
                                                  -----------
United States -- 10.57%                                      
  Federal Home Loan Bank,                                    
   6.80% due 11/21/16...........  USD  1,000,000    1,155,182
  Federal National Mtg. Assoc.,                              
   2.13% due 10/9/07............  JPY250,000,000    2,158,182
  United States Treasury Bonds:                              
   6.25% due 8/15/23............  USD  1,345,000    1,573,808
   8.00% due 11/15/21...........  USD  3,435,000    4,651,876
                                                                [Download Table]


                                                       Principal Amount             
                                                       (Denominated in              
                                                       Local Currency)     Value    
                                                           /Shares        (Note 2)  
                                                                                    

------------------------------------------------------------------------------------
United States (continued)                                                           
  United States Treasury Notes:                                                     
   3.50% due 5/31/07..................................   USD3,600,000   $  3,552,890
   4.00% due 2/15/15..................................   USD  910,000        873,493
   4.25% due 11/15/13.................................   USD1,000,000        982,031
                                                                        ------------
                                                                          14,947,462
                                                                        ------------
Uruguay -- 0.74%                                                                    
  Republic of Uruguay,                                                              
   7.50% due 3/15/15..................................   USD  450,000        445,500
  Republic of Uruguay,                                                              
   8.00% due 11/18/22.................................   USD  320,000        314,800
  Republic of Uruguay,                                                              
   9.25% due 5/17/17..................................   USD  260,000        286,650
                                                                        ------------
                                                                           1,046,950
                                                                        ------------
Venezuela -- 3.30%                                                                  
  Republic of Venezuela:                                                            
   8.50% due 10/8/14..................................   USD1,130,000      1,209,665
   9.25% due 9/15/27..................................   USD2,095,000      2,417,630
   9.33% due 1/13/34..................................   USD  900,000      1,035,000
                                                                        ------------
                                                                           4,662,295
                                                                        ------------
Total Government Bonds                                                              
   (Cost $110,329,021)................................                   112,194,227
                                                                        ------------
SUPRANATIONAL -- 1.69%                                                              
  European Investment Bank,                                                         
   4.00% due 1/15/07                                                                
   (Cost $1,762,711)..................................   EUR2,000,000      2,390,305
                                                                        ------------
RIGHTS -- 0.32%                                                                     
  Republic of Argentina, Expires 12/15/35(6)..........      9,420,781        423,935
  United Mexican States, Series D Expires 06/30/06                                  
   VRR+(4)............................................        500,000          9,900
  United Mexican States, Series E Expires 06/30/07                                  
   VRR+(4)............................................        500,000         12,500
                                                                        ------------
Total Rights                                                                        
   (Cost $447,166)....................................                       446,335
                                                                        ------------
Total Long-Term Investment Securities                                               
   (Cost $134,859,778)................................                   136,255,028
                                                                        ------------
REPURCHASE AGREEMENT -- 0.07%                                                       
  Agreement with State Street Bank & Trust Co.,                                     
   bearing interest at 3.68%, dated 11/30/05, to be                                 
   repurchased 12/01/05 in the amount of $106,011                                   
   and collateralized by Federal National Mtg. Assoc.                               
   Bonds, bearing interest at 4.25%, due 05/15/09                                   
   and having an approximate value of $108,596                                      
   (Cost $106,000)....................................        106,000        106,000
                                                                        ------------
TOTAL INVESTMENTS                                                                   
   (Cost $134,965,778)(5).............................          96.45%   136,361,028
Other assets less liabilities.........................           3.55%     5,015,534
                                                         ------------   ------------
NET ASSETS --                                                  100.00%  $141,376,562
                                                         ============   ============

--------                                                                        
VRR- Value Recovery Rights                                                      
+  Non-income producing security                                                
(1)Floating rate security where the rate fluctuates. The rate moves up or down  
at each reset date. The rate reflected is as of November 30, 2005.        
(2)"Step Up" security where the rate increases ("steps up") at a predetermined  
rate. Rate shown reflects the increased rate.                             
(3)Variable rate security -- the rate reflected is as of November 30, 2005;     
maturity date reflects next reset date.                                   
(4)Fair valued security (see Note 2)                                            
(5)See Note 5 for cost of investments on a tax basis.                           
(6)Gross Domestic Product ("GDP") linked security. Income is linked to the      
growth of Argentina's GDP.                                                

N-CSRS 63rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 63rd
                                                                [Download Table]
                                                                        
November 30, 2005  INTERNATIONAL GOVERNMENT BOND FUND - SCHEDULE OF  59 
                          INVESTMENTS (Unaudited) - CONTINUED           

                                                                [Download Table]

Open Forward Currency Contracts                              
-------------------------------------------------------------
                                                    Gross    
     Contract to        In Exchange    Delivery   Unrealized 
       Deliver              For          Date    Appreciation
-------------------------------------------------------------
                                                             
     *JPY 200,000,000 USD   1,748,573 02/03/2006  $  66,176  
                                                  =========  
-------------------------------------------------------------
                                                    Gross    
     Contract to        In Exchange    Delivery   Unrealized 
       Deliver              For          Date    Depreciation
-------------------------------------------------------------
*EUR        1,885,000 USD   2,220,926 02/03/2006   $ (9,156) 
*USD        2,234,686 EUR   1,885,000 02/03/2006     (4,604) 
*USD          548,349 JPY  64,000,000 02/03/2006     (9,982) 
 *USD       1,167,843 JPY 136,000,000 02/03/2006    (23,814) 
                                                  ---------  
                                                    (47,556) 
                                                  ---------  
                                                  $  18,620  
                                                  =========  

--------                                                                        
*  Represents partially offsetting forward foreign currency contracts, that to  
the extent they are offset, do not have additional market risk, but have  
continued counterparty settlement risk.                                   

Currency Legend                                                                 

AUD--Australian Dollar                                                          
BRL--Brazilian Real                                                             
CAD--Canadian Dollar                                                            
COP--Colombian Peso                                                             
DKK--Danish Krone                                                               
EUR--Euro Dollar                                                                
GBP--British Pound                                                              
HUF--Hungarian Forint                                                           
JPY--Japanese Yen                                                               
MXN--Mexican Peso                                                               
PLN--Polish Zloty                                                               
SEK--Swedish Krona                                                              
USD--United States Dollar                                                       
ZAR--South African Rand                                                         

See Notes to Financial Statements                                               

N-CSRS 64th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 64th
                                                                [Download Table]
                                                                                  
60  INTERNATIONAL GROWTH I FUND - PORTFOLIO PROFILE (Unaudited)  November 30, 2005

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Banks.............................  15.43%
Collective Investment Pool........  13.97%
Drugs.............................   9.89%
Oil & Gas.........................   8.66%
Electronics/Electrical Equipment..   7.26%
Telecommunications................   4.66%
Retail............................   4.42%
Insurance.........................   4.38%
Chemical..........................   4.07%
Commercial Services...............   3.18%
Leisure & Tourism.................   3.13%
Automotive........................   3.12%
Foods.............................   3.10%
Financial Services................   2.43%
Building Materials................   2.23%
Beverages.........................   2.11%
Household Products................   1.84%
Machinery.........................   1.71%
Railroads & Equipment.............   1.52%
Apparel & Products................   1.44%
Healthcare........................   1.36%
Metals............................   1.32%
Tobacco...........................   1.32%
Water Services....................   1.16%
Repurchase Agreement..............   0.89%
Semiconductors....................   0.79%
Conglomerates.....................   0.76%
Multimedia........................   0.76%
Utilities -- Electric.............   0.75%
Textile -- Products...............   0.69%
Airlines..........................   0.66%
Broadcasting......................   0.62%
Information Processing -- Software   0.60%
Publishing........................   0.60%
Hospital Supplies.................   0.52%
Medical Technology................   0.43%
Real Estate.......................   0.30%
Information Processing -- Services   0.25%
Mining............................   0.25%
Auto -- Cars......................   0.23%
Information Processing -- Hardware   0.22%
Shipbuilding......................   0.09%
Human Resources...................   0.08%
Freight...........................   0.05%
                                   ------ 
                                   113.25%
                                   ====== 

Country Allocation*                                                             

                                                                [Download Table]
                      
United States.  20.56%
Japan.........  19.17%
France........  15.77%
United Kingdom  15.73%
Switzerland...   9.79%
Germany.......   4.30%
Spain.........   3.21%
Canada........   3.00%
Australia.....   2.91%
Netherlands...   2.63%
Italy.........   2.33%
Greece........   2.26%
Ireland.......   1.80%
Hong Kong.....   1.62%
Sweden........   1.41%
Belgium.......   1.33%
Austria.......   1.20%
Korea.........   0.97%
Singapore.....   0.71%
China.........   0.64%
Norway........   0.57%
Mexico........   0.26%
Hungary.......   0.24%
Turkey........   0.19%
South Africa..   0.15%
Thailand......   0.14%
Brazil........   0.13%
Indonesian....   0.13%
Poland........   0.10%
               ------ 
               113.25%
               ====== 

*  Calculated as a percentage of Net Assets.                                    

N-CSRS 65th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 65th
                                                                [Download Table]
                                                                             
November 30, 2005  INTERNATIONAL GROWTH I FUND - SCHEDULE OF INVESTMENTS  61 
                                        (Unaudited)                          

                                                                [Download Table]


                                                               Value   
                                                   Shares   (Note 2)(2)
                                                                       
-----------------------------------------------------------------------
COMMON STOCK -- 97.17%                                                 
Airlines -- 0.66%                                                      
  Ryanair Holdings PLC Sponsored ADR+#...........    44,236 $ 2,203,838
  Singapore Airlines, Ltd........................    53,000     366,389
                                                            -----------
                                                              2,570,227
                                                            -----------
Apparel & Products -- 1.44%                                            
  Adidas-Salomon AG..............................    18,410   3,229,476
  Esprit Holdings, Ltd...........................   203,000   1,426,570
  Puma AG Rudolf Dassier Sport...................     3,700     998,182
                                                            -----------
                                                              5,654,228
                                                            -----------
Auto - Cars -- 0.02%                                                   
  Hyundai Motor Co...............................     1,060      86,909
                                                            -----------
Automotive -- 3.12%                                                    
  Bridgestone Corp...............................    66,000   1,412,761
  Continental AG.................................    38,746   3,277,570
  Honda Motor Co., Ltd...........................    38,700   2,164,055
  Nissan Motor Co., Ltd..........................    43,600     447,803
  Suzuki Motor Corp..............................    33,700     626,217
  Toyota Motor Corp..............................    72,050   3,485,999
  Volvo AB, Class B..............................    18,202     775,222
                                                            -----------
                                                             12,189,627
                                                            -----------
Banks -- 15.43%                                                        
  Akbank TAS.....................................    95,400     757,224
  Allied Irish Banks PLC.........................    31,300     675,662
  Anglo Irish Bank Corp. PLC.....................   239,702   3,281,174
  Banco Bilbao Vizcaya Argentaria SA.............   103,390   1,822,231
  Banco Popolare Di Verona e Novara SCRL#........   112,886   2,187,540
  Banco Popular Espanol SA#......................   173,870   2,100,109
  Banco Santander Central Hispano SA.............    69,100     876,483
  Bangkok Bank PCL...............................   218,400     555,890
  Bank of Ireland................................   110,166   1,697,483
  Bank of Yokohama, Ltd#.........................   233,500   1,734,279
  BNP Paribas SA.................................    23,870   1,878,726
  China Construstion Bank+#...................... 5,671,796   1,737,406
  Credit Agricole SA.............................    51,200   1,541,762
  Credit Suisse Group............................    41,290   2,001,700
  DBS Group Holdings, Ltd........................    53,000     511,759
  Depfa Bank PLC.................................    38,990     585,229
  Erste Bank Der Oesterreichischen Sparkassen AG.    73,962   3,929,711
  HDFC Bank, Ltd.................................    12,900     639,711
  Hypo Real Estate Holding AG....................     5,730     297,925
  Julius Baer Holding AG.........................    15,180   1,062,667
  KBC GROEP NV#..................................    43,958   3,806,014
  Kookmin Bank ADR...............................     3,400     224,366
  Mitsubishi Tokyo Financial Group, Inc..........       230   2,907,099
  Mizuho Financial Group, Inc....................        76     532,882
  National Australia Bank, Ltd.#.................    81,300   1,942,174
  National Bank of Greece SA.....................    85,106   3,319,056
  OTP Bank Rt....................................    14,220     933,469
  Powszechna Kasa Oszczednosci Bank Polski SA....    44,370     372,275
  PT Bank Central Asia Tbk....................... 1,499,500     492,566
  Shinsei Bank, Ltd..............................   207,000   1,157,560
  Societe Generale, Class A#.....................    36,198   4,290,693
  Standard Bank Group, Ltd.......................    55,900     590,219
  Standard Chartered, PLC........................   116,880   2,491,955
  UBS AG.........................................    64,529   5,920,934
  UniCredito Italiano SpA (Milan)................   242,850   1,499,995
                                                            -----------
                                                             60,355,928
                                                            -----------
Beverages -- 2.11%                                                     
  Companhia De Bebidas das Americas ADR..........    20,300     795,760
  Diageo PLC.....................................   205,740   2,962,210
  InBev NV.......................................    33,400   1,409,720
  Pernod-Ricard SA#..............................    18,814   3,072,140
                                                            -----------
                                                              8,239,830
                                                            -----------
                                                                [Download Table]


                                                                      Value   
                                                           Shares  (Note 2)(2)
                                                                              

------------------------------------------------------------------------------
Broadcasting -- 0.62%                                                         
  Grupo Televisa SA ADR...................................  22,370 $ 1,776,178
  Rogers Communications, Inc..............................   7,570     289,250
  Societe Television Francaise 1..........................  14,373     359,630
                                                                   -----------
                                                                     2,425,058
                                                                   -----------
Building Materials -- 2.23%                                                   
  Asahi Glass Co., Ltd.................................... 171,000   1,963,487
  Bouygues SA.............................................  17,800     848,772
  Cemex SA ADR............................................  17,540     987,502
  CRH PLC.................................................  30,480     807,780
  Daikin Industries, Ltd.#................................  66,500   1,804,179
  Taisei Corp.#........................................... 547,000   2,324,690
                                                                   -----------
                                                                     8,736,410
                                                                   -----------
Chemical -- 3.84%                                                             
  BASF AG.................................................  21,536   1,587,676
  JSR Corp................................................  31,200     757,418
  Kaneka Corp.............................................  52,000     619,187
  Koninklijke DSM NV......................................  23,300     861,517
  L'Air Liquide SA........................................  15,170   2,729,151
  Lonza Group AG..........................................  24,760   1,396,100
  Nitto Denko Corp........................................  47,900   3,277,349
  Shin-Etsu Chemical Co., Ltd.............................  40,500   2,090,702
  Syngenta AG+............................................  15,704   1,721,948
                                                                   -----------
                                                                    15,041,048
                                                                   -----------
Commercial Services -- 3.18%                                                  
  ABB, Ltd.+.............................................. 234,790   2,060,022
  ACS, Actividades de Construccion y Servicios SA.........  28,900     832,723
  Brambles Industries, Ltd................................  78,900     563,422
  Cintra Concesiones de Infrastructuras de Transporte SA+.  90,327   1,097,024
  Grupo Ferrovial SA......................................  38,182   2,657,320
  Macquarie Infrastructure Group.......................... 489,900   1,270,542
  Vinci SA#...............................................  50,032   3,965,673
                                                                   -----------
                                                                    12,446,726
                                                                   -----------
Conglomerates -- 0.76%                                                        
  Hutchison Whampoa, Ltd..................................  70,000     662,233
  Keppel Corp., Ltd....................................... 101,000     698,374
  LVMH Moet Hennessy Louis Vuitton SA.....................  18,920   1,613,605
                                                                   -----------
                                                                     2,974,212
                                                                   -----------
Drugs -- 9.89%                                                                
  Astellas Pharma, Inc....................................  71,550   2,755,534
  AstraZeneca PLC......................................... 115,346   5,302,339
  Chugai Pharmaceutical Co., Ltd..........................  24,800     557,942
  Eisai Co., Ltd.#........................................  54,750   2,100,631
  GlaxoSmithKline PLC..................................... 262,550   6,500,117
  Merck KGaA..............................................   8,508     694,969
  Novartis AG.............................................  62,316   3,251,178
  Roche Holding AG........................................  54,207   8,111,718
  Sanofi-Aventis#.........................................  58,882   4,736,955
  Schering AG.............................................  19,150   1,237,510
  Serono SA...............................................     555     406,752
  Shire PLC...............................................  83,900   1,026,142
  Takeda Pharmaceutical Co., Ltd..........................  21,000   1,148,558
  Teva Pharmaceutical Industries, Ltd. Sponsored ADR......  20,894     854,147
                                                                   -----------
                                                                    38,684,492
                                                                   -----------
Electronics/Electrical Equipment -- 7.26%                                     
  Advantest Corp.#........................................  12,300   1,109,847
  Canon, Inc..............................................  46,800   2,631,778
  Fanuc, Ltd..............................................  12,500   1,020,836
  Keyence Corp............................................  10,300   2,610,159
  LG.Philips LCD Co., Ltd. ADR+...........................  28,987     640,903
  Matsushita Electric Industrial Co., Ltd.#............... 168,000   3,388,973
  Murata Manufacturing Co., Ltd...........................  18,500   1,047,572
  NGK Insulators, Ltd.#...................................  24,000     368,915

N-CSRS 66th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 66th
                                                                [Download Table]
                                                                            
62  INTERNATIONAL GROWTH I FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                   (Unaudited) - CONTINUED                                  

                                                                [Download Table]


                                                         Value   
                                              Shares  (Note 2)(2)
                                                                 
-----------------------------------------------------------------
COMMON STOCK (continued)                                         
Electronics/Electrical Equipment (continued)                     
  Omron Corp.................................  16,700 $   379,761
  Ricoh Co., Ltd.............................  80,000   1,396,040
  Rogers Communications, Inc.................  28,780   1,102,454
  Samsung Electronics Co., Ltd...............   3,600   2,073,411
  Samsung Electronics Co., Ltd. GDR+*........   9,730   2,819,267
  Schneider Electric SA#.....................  61,680   5,294,946
  SMC Corp...................................   3,900     521,120
  Toshiba Corp.#............................. 379,000   1,983,314
                                                      -----------
                                                       28,389,296
                                                      -----------
Financial Services -- 1.65%                                      
  Kookmin Bank...............................  10,100     662,585
  Man Group PLC..............................  73,926   2,256,200
  ORIX Corp.#................................  16,450   3,525,806
                                                      -----------
                                                        6,444,591
                                                      -----------
Foods -- 3.10%                                                   
  Groupe Danone..............................   7,590     782,255
  Nestle SA..................................  23,383   6,888,195
  Royal Numico NV+...........................  57,296   2,354,120
  Unilever PLC............................... 214,510   2,094,769
                                                      -----------
                                                       12,119,339
                                                      -----------
Freight -- 0.05%                                                 
  Nippon Express Co., Ltd.#..................  37,000     197,515
                                                      -----------
Healthcare -- 1.36%                                              
  Essilor International SA...................  23,866   1,976,566
  Hoya Corp..................................  93,000   3,349,463
                                                      -----------
                                                        5,326,029
                                                      -----------
Hospital Supplies -- 0.52%                                       
  Fresenius Medical Care AG#.................  21,462   2,035,412
                                                      -----------
Household Products -- 1.84%                                      
  Reckitt Benckiser PLC...................... 225,785   6,958,769
  Shiseido Co., Ltd.#........................  16,000     256,914
                                                      -----------
                                                        7,215,683
                                                      -----------
Human Resources -- 0.08%                                         
  Capita Group PLC...........................  49,400     333,709
                                                      -----------
Information Processing- Hardware -- 0.22%                        
  Nidec Corp.................................  12,100     862,569
                                                      -----------
Information Processing - Services -- 0.25%                       
  Check Point Software Technologies, Ltd.+...  45,300     964,437
                                                      -----------
Information Processing - Software -- 0.60%                       
  Business Objects SA+.......................  14,800     588,918
  Infosys Technologies, Ltd. ADR.............  24,400   1,758,264
                                                      -----------
                                                        2,347,182
                                                      -----------
Insurance -- 4.38%                                               
  Aegon NV................................... 121,530   1,924,242
  Aviva PLC..................................  80,175     947,194
  AXA#....................................... 211,681   6,348,152
  ING Groep NV...............................  62,270   2,011,993
  Manulife Financial Corp....................  25,867   1,488,852
  Ping An Insurance Group Co. of China, Ltd.. 166,500     280,959
  Power Corp. of Canada......................  22,700     602,985
  QBE Insurance Group, Ltd................... 135,480   1,898,851
  Swiss Life Holding.........................   9,230   1,470,762
  Swiss Reinsurance..........................   2,200     162,430
                                                      -----------
                                                       17,136,420
                                                      -----------
Leisure & Tourism -- 3.13%                                       
  Accor SA#..................................  38,330   2,029,778
  Enterprise Inns PLC........................  55,000     823,701
  Hilton Group PLC........................... 390,940   2,248,009
  Nintendo Co., Ltd..........................  11,200   1,226,722
                                                                [Download Table]


                                                        Value   
                                            Shares   (Note 2)(2)
                                                                

----------------------------------------------------------------
Leisure & Tourism (continued)                                   
  OPAP SA.................................   106,306 $ 3,343,633
  Sega Sammy Holdings, Inc................     5,400     172,812
  William Hill PLC........................   191,560   1,676,419
  Yamaha Motor Co., Ltd...................    32,200     732,590
                                                     -----------
                                                      12,253,664
                                                     -----------
Machinery -- 1.71%                                              
  Atlas Copco AB, Series A................    62,190   1,242,105
  Komatsu, Ltd............................    75,500   1,043,402
  MAN AG..................................    11,500     571,590
  Sandvik AB..............................    48,400   2,283,592
  Shanghai Electric Group Corp.+.......... 1,600,000     489,748
  Sumitomo Heavy Industries, Ltd..........   149,000   1,080,642
                                                     -----------
                                                       6,711,079
                                                     -----------
Medical Technology -- 0.43%                                     
  Smith & Nephew PLC......................   129,410   1,151,069
  Synthes, Inc............................     5,060     542,255
                                                     -----------
                                                       1,693,324
                                                     -----------
Metals -- 1.32%                                                 
  BHP Billiton, Ltd.......................   289,820   4,661,870
  Companhia Vale do Rio Doce ADR..........    11,520     499,507
                                                     -----------
                                                       5,161,377
                                                     -----------
Mining -- 0.25%                                                 
  Rio Tinto, Ltd.#........................    21,850     989,530
                                                     -----------
Multimedia -- 0.76%                                             
  Vivendi Universal SA#...................   103,726   2,992,478
                                                     -----------
Oil & Gas -- 8.66%                                              
  BG Group PLC............................   328,346   3,051,137
  BP PLC..................................   536,396   5,890,956
  Canadian Natural Resources, Ltd.........    20,700     938,078
  Cnooc Ltd............................... 2,413,000   1,606,832
  EnCana Corp.............................    39,800   1,766,122
  ENI SpA#................................   142,358   3,860,320
  Lukoil ADR..............................     9,300     530,565
  OMV AG..................................    14,200     782,506
  Osaka Gas Co., Ltd.#....................   377,000   1,235,132
  Petroleo Brasileiro SA..................     8,500     523,600
  Saipem SpA#.............................    61,520     942,115
  Suncor Energy, Inc......................    25,296   1,438,423
  Technip SA..............................    11,300     638,792
  Tokyo Gas Co., Ltd......................   179,000     719,046
  Total SA, Class B#......................    39,828   9,953,939
                                                     -----------
                                                      33,877,563
                                                     -----------
Publishing -- 0.60%                                             
  Reed Elsevier NV........................    53,230     707,404
  Reed Elsevier PLC.......................   141,270   1,251,598
  Yell Group PLC..........................    46,970     398,729
                                                     -----------
                                                       2,357,731
                                                     -----------
Railroads & Equipment -- 1.52%                                  
  Canadian National Railway Co.(Toronto)..    13,000   1,039,086
  Canadian National Railway Co.(New York).    23,660   1,889,488
  Canadian Pacific Railway, Ltd...........    12,700     547,015
  East Japan Railway Co...................       396   2,485,512
                                                     -----------
                                                       5,961,101
                                                     -----------
Real Estate -- 0.30%                                            
  Cheung Kong Holdings, Ltd...............    64,000     663,465
  Sun Hung Kai Properties, Ltd............    52,000     493,550
                                                     -----------
                                                       1,157,015
                                                     -----------
Retail -- 4.42%                                                 
  Compagnie Financiere Richemont AG.......    97,295   3,831,322
  Inditex SA..............................    75,480   2,220,247

N-CSRS 67th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 67th
                                                                [Download Table]
                                                                             
November 30, 2005  INTERNATIONAL GROWTH I FUND - SCHEDULE OF INVESTMENTS  63 
                                  (Unaudited) - CONTINUED                    

                                                                [Download Table]


                                                                   Value    
                                                       Shares   (Note 2)(2) 
                                                                            
----------------------------------------------------------------------------
COMMON STOCK (continued)                                                    
Retail (continued)                                                          
  Next PLC...........................................    49,640 $  1,180,926
  Pinault-Printemps-Redoute SA#......................    14,380    1,545,703
  Shoppers Drug Mart Corp............................    18,000      616,226
  Tesco PLC..........................................   676,736    3,540,326
  Wal-Mart de Mexico SA de CV........................   186,100    1,010,091
  Yamada Denki Co., Ltd.#............................    33,050    3,358,050
                                                                ------------
                                                                  17,302,891
                                                                ------------
Semiconductors -- 0.79%                                                     
  ASML Holding NV+...................................   127,980    2,439,173
  Taiwan Semiconductor Manufacturing Co., Ltd.                              
   Sponsored ADR.....................................    66,500      637,070
                                                                ------------
                                                                   3,076,243
                                                                ------------
Shipbuilding -- 0.09%                                                       
  Daewoo Shipbuilding & Marine Engineering Co., Ltd..    14,900      344,109
                                                                ------------
Telecommunications -- 4.66%                                                 
  America Movil SA de CV ADR.........................   139,148    3,996,330
  e.Biscom SpA+......................................    13,240      619,778
  Hellenic Telecommunications Organization SA+.......   101,440    2,174,136
  Hutchison Telecommunications International, Ltd.+.. 1,073,000    1,487,397
  KDDI Corp..........................................       336    1,757,869
  Singapore Telecommunications, Ltd..................   818,000    1,211,559
  Telefonaktiebolaget LM Ericsson, Class B...........   235,300      765,678
  Telenor ASA........................................   239,446    2,244,851
  Vodafone Group PLC................................. 1,841,980    3,956,180
                                                                ------------
                                                                  18,213,778
                                                                ------------
Textile - Products -- 0.69%                                                 
  Toray Industries, Inc..............................   394,250    2,685,937
                                                                ------------
Tobacco -- 1.32%                                                            
  British American Tobacco PLC.......................   132,660    2,893,654
  Imperial Tobacco Group PLC.........................    60,691    1,805,250
  Swedish Match AB...................................    40,400      461,721
                                                                ------------
                                                                   5,160,625
                                                                ------------
Utilities - Electric -- 0.75%                                               
  E. ON AG...........................................    12,400    1,178,764
  Iberdrola SA.......................................    36,270      951,043
  International Power PLC+...........................   186,443      787,130
                                                                ------------
                                                                   2,916,937
                                                                ------------
Water Services -- 1.16%                                                     
  Veolia Environnement#..............................   105,600    4,522,542
                                                                ------------
Total Common Stock                                                          
   (Cost $328,384,117)...............................            380,154,801
                                                                ------------
                                                        [Enlarge/Download Table]


                                                               Shares/                 
                                                              Principal       Value    
                                                               Amount      (Note 2)(2) 
                                                                                       

---------------------------------------------------------------------------------------
PREFERRED STOCK -- 0.44%                                                               
Automotive -- 0.21%                                                                    
  Porsche AG:..............................................       1,070   $    796,455 
                                                                          ------------ 
Chemical -- 0.23%                                                                      
  Henkel KGaA:.............................................       9,441        909,240 
                                                                          ------------ 
Total Preferred Stock                                                                  
   (Cost $1,651,485).......................................                  1,705,695 
                                                                          ------------ 
RIGHTS -- 0.00%                                                                        
Real Estate -- 0.00%                                                                   
  Cheung Kong Holdings, Ltd.:                                                          
   Expires 11/10/06........................................       2,000              0 
                                                                          ------------ 
Total Rights                                                                           
   (Cost $0)...............................................                          0 
                                                                          ------------ 
Total Long-Term Investment Securities                                                  
   (Cost $330,035,602).....................................                381,860,496 
                                                                          ------------ 
SHORT-TERM INVESTMENTS SECURITIES -- 14.75%                                            
Collective Investment Pool -- 13.97%                                                   
  Securities Lending Quality Trust(1)                        54,653,573     54,653,573 
                                                                          ------------ 
Commercial Paper -- 0.34%                                                              
  Merrill Lynch & Co., Inc.:                                                           
   3.99% due 12/01/05...................................... $ 1,335,000      1,335,000 
                                                                          ------------ 
Time Deposit -- 0.44%                                                                  
  Euro Time Deposit with State Street Bank & Trust Co.:                                
   2.10% due 12/01/05......................................   1,721,000      1,721,000 
                                                                          ------------ 
Total Short-Term Investments Securities                                                
   (Cost $57,709,573)......................................                 57,709,573 
                                                                          ------------ 
REPURCHASE AGREEMENT -- 0.89%                                                          
  Agreement with State Street Bank & Trust Co., bearing                                
   interest at 3.68%, dated 11/30/05, to be repurchased                                
   12/01/05 in the amount of $3,475,355 and collateralized                             
   by Federal Home Loan Bank Notes, bearing interest at                                
   4.38%, due 09/17/10 and having an approximate value                                 
   of $3,548,087 (Cost $3,475,000).........................   3,475,000      3,475,000 
                                                                          ------------ 
TOTAL INVESTMENTS                                                                      
   (Cost $391,220,175)(3)..................................      113.25%   443,045,069 
Liabilities in excess of other assets......................      (13.25)%  (51,818,985)
                                                            -----------   ------------ 
NET ASSETS --                                                    100.00%  $391,226,084 
                                                            ===========   ============ 

--------                                                                        
ADR-- American Depository Receipt                                               
GDR-- Global Depository Receipt                                                 
#  The security or a portion thereof is out on loan (see Note 2).               
+  Non-income producing security                                                
(1)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(2)A substantial number of the Fund's holdings were value using fair value      
procedures at November 30, 2005. At November 30, 2005, the aggregate value
 of these securities was $348,376,029 representing 89.05% of net assets. See
   Note 2 regarding fair value pricing procedures for foreign equity securities.
(3)See Note 5 for cost of investments on a tax basis.                           

See Notes to Financial Statements                                               

N-CSRS 68th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 68th
                                                                [Download Table]
                                                                            
64  LARGE CAP GROWTH FUND - PORTFOLIO PROFILE (Unaudited)  November 30, 2005

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Telecommunications................   8.21%
Semiconductors....................   7.19%
Medical -- Biomedical/Gene........   7.14%
Information Processing -- Hardware   6.83%
Retail............................   6.51%
Conglomerates.....................   5.00%
Apparel & Products................   4.89%
Financial Services................   4.47%
Oil & Gas.........................   4.46%
Hospital Supplies.................   4.28%
Drugs.............................   4.25%
Information Processing -- Software   4.17%
Insurance.........................   4.16%
Machinery.........................   3.33%
Repurchase Agreement..............   3.23%
Electronics/Electrical Equipment..   3.01%
Beverages.........................   2.92%
Leisure & Tourism.................   2.89%
Information Processing -- Services   2.22%
Aerospace/Defense.................   1.85%
Household Products................   1.60%
Tobacco...........................   1.57%
Collective Investment Pool........   1.45%
Railroads & Equipment.............   1.27%
Metals............................   1.17%
Utilities -- Communication........   1.08%
Banks.............................   1.05%
Automotive........................   1.04%
                                   ------ 
                                   101.24%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 69th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 69th
                                                                [Download Table]
                                                                                  
November 30, 2005 LARGE CAP GROWTH FUND - SCHEDULE OF INVESTMENTS (Unaudited)  65 

                                                                [Download Table]


                                                     Value    
                                           Shares   (Note 2)  
                                                              
--------------------------------------------------------------
COMMON STOCK -- 96.56%                                        
Aerospace/Defense -- 1.85%                                    
  Goodrich Corp.#.........................  80,000 $ 3,081,600
  L-3 Communications Holdings, Inc........  45,000   3,352,500
                                                   -----------
                                                     6,434,100
                                                   -----------
Apparel & Products -- 4.89%                                   
  Coach, Inc.+............................ 220,000   7,574,600
  Nike, Inc., Class B..................... 110,800   9,451,240
                                                   -----------
                                                    17,025,840
                                                   -----------
Automotive -- 1.04%                                           
  Danaher Corp............................  65,000   3,607,500
                                                   -----------
Banks -- 1.05%                                                
  Bank of America Corp....................  80,000   3,671,200
                                                   -----------
Beverages -- 2.92%                                            
  Coca-Cola Co............................  80,000   3,415,200
  PepsiCo, Inc............................ 114,100   6,754,720
                                                   -----------
                                                    10,169,920
                                                   -----------
Conglomerates -- 5.00%                                        
  General Electric Co..................... 350,900  12,534,148
  ITT Industries, Inc.....................  45,000   4,894,200
                                                   -----------
                                                    17,428,348
                                                   -----------
Drugs -- 4.25%                                                
  Abbott Laboratories..................... 125,000   4,713,750
  Schering-Plough Corp.................... 340,000   6,568,800
  Wyeth...................................  85,000   3,532,600
                                                   -----------
                                                    14,815,150
                                                   -----------
Electronics/Electrical Equipment -- 3.01%                     
  Ametek, Inc............................. 195,000   8,308,950
  NVIDIA Corp.+...........................  60,000   2,170,200
                                                   -----------
                                                    10,479,150
                                                   -----------
Financial Services -- 4.47%                                   
  American Express Co..................... 100,500   5,167,710
  Bear Stearns Cos., Inc..................  47,000   5,216,530
  Goldman Sachs Group, Inc................  40,200   5,184,192
                                                   -----------
                                                    15,568,432
                                                   -----------
Hospital Supplies -- 4.28%                                    
  Cardinal Health, Inc.................... 120,000   7,674,000
  Medtronic, Inc.......................... 130,000   7,224,100
                                                   -----------
                                                    14,898,100
                                                   -----------
Household Products -- 1.60%                                   
  Procter & Gamble Co.....................  97,600   5,581,744
                                                   -----------
Information Processing - Hardware -- 6.83%                    
  Apple Computer, Inc.+................... 100,000   6,782,000
  Dell, Inc.+............................. 114,525   3,454,074
  EMC Corp.+.............................. 400,000   5,572,000
  International Business Machines Corp....  90,000   8,001,000
                                                   -----------
                                                    23,809,074
                                                   -----------
Information Processing - Services -- 2.22%                    
  Google, Inc.+...........................   9,200   3,725,908
  Yahoo!, Inc.+........................... 100,000   4,023,000
                                                   -----------
                                                     7,748,908
                                                   -----------
Information Processing- Software -- 4.17%                     
  Adobe Systems, Inc...................... 140,000   4,565,400
  Microsoft Corp.......................... 359,900   9,972,829
                                                   -----------
                                                    14,538,229
                                                   -----------
Insurance -- 4.16%                                            
  UnitedHealth Group, Inc................. 120,000   7,183,200
  WellPoint, Inc.+........................  95,000   7,298,850
                                                   -----------
                                                    14,482,050
                                                   -----------
Leisure & Tourism -- 2.89%                                    
  Carnival Corp...........................  98,200   5,350,918
  Hilton Hotels Corp...................... 215,000   4,712,800
                                                   -----------
                                                    10,063,718
                                                   -----------
                                                                [Download Table]


                                            Shares/                 
                                           Principal      Value     
                                            Amount       (Note 2)   
                                                                    

--------------------------------------------------------------------
Machinery -- 3.33%                                                  
  Dover Corp.............................     100,000  $  4,045,000 
  IDEX Corp.#............................     171,400     7,565,596 
                                                       ------------ 
                                                         11,610,596 
                                                       ------------ 
Medical - Biomedical/Gene -- 7.14%                                  
  Amgen, Inc.+...........................     109,100     8,829,463 
  Genentech, Inc.+.......................      90,000     8,605,800 
  Genzyme Corp.+.........................     100,000     7,434,000 
                                                       ------------ 
                                                         24,869,263 
                                                       ------------ 
Metals -- 1.17%                                                     
  Phelps Dodge Corp......................      30,000     4,070,100 
                                                       ------------ 
Oil & Gas -- 4.46%                                                  
  Ensco International, Inc...............      80,000     3,788,800 
  Smith International, Inc...............     100,000     3,779,000 
  Transocean, Inc.+......................     125,000     7,980,000 
                                                       ------------ 
                                                         15,547,800 
                                                       ------------ 
Railroads & Equipment -- 1.27%                                      
  Norfolk Southern Corp..................     100,000     4,424,000 
                                                       ------------ 
Retail -- 6.51%                                                     
  Home Depot, Inc........................     175,000     7,311,500 
  Urban Outfitters, Inc.+#...............     200,000     6,172,000 
  Wal-Mart Stores, Inc...................     119,100     5,783,496 
  Walgreen Co............................      75,000     3,426,000 
                                                       ------------ 
                                                         22,692,996 
                                                       ------------ 
Semiconductors -- 7.19%                                             
  Broadcom Corp., Class A+...............     120,000     5,584,800 
  Intel Corp.............................     227,298     6,064,311 
  National Semiconductor Corp............     215,000     5,564,200 
  Texas Instruments, Inc.................     241,000     7,827,680 
                                                       ------------ 
                                                         25,040,991 
                                                       ------------ 
Telecommunications -- 8.21%                                         
  Cisco Systems, Inc.+...................     193,200     3,388,728 
  Corning, Inc.+.........................     160,000     3,240,000 
  Motorola, Inc..........................     324,000     7,805,160 
  Nokia OYJ Sponsored ADR................     300,000     5,124,000 
  QUALCOMM, Inc..........................     199,000     9,048,530 
                                                       ------------ 
                                                         28,606,418 
                                                       ------------ 
Tobacco -- 1.57%                                                    
  Altria Group, Inc......................      75,000     5,459,250 
                                                       ------------ 
Utilities - Communication -- 1.08%                                  
  Sprint Corp............................     150,000     3,756,000 
                                                       ------------ 
Total Long-Term Investment Securities                               
   (Cost $306,942,047)...................               336,398,877 
                                                       ------------ 
SHORT-TERM INVESTMENT SECURITIES -- 1.45%                           
Collective Investment Pool -- 1.45%                                 
  Securities Lending Quality Trust(1)                               
   (Cost $5,060,195).....................   5,060,195     5,060,195 
                                                       ------------ 
REPURCHASE AGREEMENT -- 3.23%                                       
  State Street Bank & Trust Co.,                                    
   Joint Repurchase Agreement(2)                                    
   (Cost $11,256,000).................... $11,256,000    11,256,000 
                                                       ------------ 
TOTAL INVESTMENTS                                                   
   (Cost $323,258,242)(3)................      101.24%  352,715,072 
Liabilities in excess of other assets....       (1.24)   (4,316,590)
                                          -----------  ------------ 
NET ASSETS --                                  100.00% $348,398,482 
                                          ===========  ============ 

--------                                                                        
ADR--American Depository Receipt                                                
#  The security or a portion thereof is out on loan (see Note 2).               
+  Non-income producing security                                                
(1)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(2)See Note 2 for details of Joint Repurchase Agreement.                        
(3)See Note 5 for cost of investments on a tax basis.                           

See Notes to Financial Statements                                               

N-CSRS 70th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 70th
                                                                [Download Table]
                                                                                
66  LARGE CAPITAL GROWTH FUND - PORTFOLIO PROFILE (Unaudited)  November 30, 2005

Industry Allocation*                                                            

                                                                [Download Table]
                                         
Insurance.........................  9.26%
Semiconductors....................  7.40%
Telecommunications................  6.60%
Information Processing -- Hardware  6.20%
Financial Services................  5.93%
Oil & Gas.........................  5.73%
Medical -- Biomedical/Gene........  5.70%
Retail............................  5.59%
Drugs.............................  4.84%
Information Processing -- Software  4.20%
Aerospace/Defense.................  3.63%
Hospital Supplies.................  3.31%
Apparel & Products................  2.90%
Leisure & Tourism.................  2.66%
Repurchase Agreement..............  2.65%
Machinery.........................  2.54%
Electronics/Electrical Equipment..  2.35%
Information Processing -- Services  2.34%
Conglomerates.....................  2.20%
Beverages.........................  2.05%
Household Products................  1.75%
Railroads & Equipment.............  1.68%
Optical Instruments & Lenses......  1.61%
Banks.............................  1.47%
Metals............................  1.22%
Therapeutics......................  0.86%
Tobacco...........................  0.76%
Medical Technology................  0.59%
Automotive........................  0.52%
Utilities -- Communication........  0.47%
Commercial Services...............  0.40%
Healthcare........................  0.39%
                                   ----- 
                                   99.80%
                                   ===== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 71st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 71st
                                                                [Download Table]
                                                                           
November 30, 2005  LARGE CAPITAL GROWTH FUND - SCHEDULE OF INVESTMENTS  67 
                                       (Unaudited)                         

                                                                [Download Table]


                                                       Value  
                                               Shares (Note 2)
                                                              
--------------------------------------------------------------
COMMON STOCK -- 97.15%                                        
Aerospace/Defense -- 3.63%                                    
  Boeing Co................................... 1,180  $ 80,464
  General Dynamics Corp.......................   490    56,007
  Goodrich Corp............................... 1,200    46,224
  L-3 Communications Holdings, Inc............   700    52,150
  Lockheed Martin Corp........................ 1,640    99,384
  Rockwell Collins, Inc....................... 1,090    49,813
                                                      --------
                                                       384,042
                                                      --------
Apparel & Products -- 2.90%                                   
  Coach, Inc.+................................ 4,460   153,558
  Nike, Inc., Class B......................... 1,800   153,540
                                                      --------
                                                       307,098
                                                      --------
Automotive -- 0.52%                                           
  Danaher Corp................................ 1,000    55,500
                                                      --------
Banks -- 1.47%                                                
  Bank of America Corp........................ 1,100    50,479
  Kookmin Bank ADR............................   700    46,193
  Uniao de Bancos Brasileiros SA GDR..........   950    58,748
                                                      --------
                                                       155,420
                                                      --------
Beverages -- 2.05%                                            
  Coca-Cola Co................................ 1,200    51,228
  PepsiCo, Inc................................ 2,800   165,760
                                                      --------
                                                       216,988
                                                      --------
Commercial Services -- 0.40%                                  
  ABB, Ltd.+(3)............................... 4,800    42,115
                                                      --------
Conglomerates -- 2.20%                                        
  General Electric Co......................... 5,000   178,600
  ITT Industries, Inc.........................   500    54,380
                                                      --------
                                                       232,980
                                                      --------
Drugs -- 4.84%                                                
  Abbott Laboratories......................... 1,700    64,107
  Allergan, Inc...............................   570    57,000
  AstraZeneca, PLC ADR........................   850    39,143
  Barr Pharmaceuticals, Inc.+.................   730    41,865
  Caremark Rx, Inc.+.......................... 1,380    70,918
  Novartis AG - ADR...........................   970    50,828
  Roche Holding AG(3).........................   280    41,900
  Schering-Plough Corp........................ 5,000    96,600
  Wyeth....................................... 1,200    49,872
                                                      --------
                                                       512,233
                                                      --------
Electronics/Electrical Equipment -- 2.35%                     
  Agilent Technologies, Inc.+................. 1,250    44,575
  Ametek, Inc................................. 3,000   127,830
  Matsushita Electric Industrial Co., Ltd.(3). 2,000    40,345
  NVIDIA Corp.+............................... 1,000    36,170
                                                      --------
                                                       248,920
                                                      --------
Financial Services -- 5.93%                                   
  American Express Co......................... 1,500    77,130
  Bear Stearns Cos., Inc...................... 1,080   119,869
  Charles Schwab Corp......................... 2,590    39,498
  CIT Group, Inc..............................   800    39,600
  Goldman Sachs Group, Inc.................... 1,370   176,675
  Lehman Brothers Holdings, Inc...............   960   120,960
  SLM Corp.................................... 1,040    54,652
                                                      --------
                                                       628,384
                                                      --------
Healthcare -- 0.39%                                           
  McKesson Corp...............................   830    41,749
                                                      --------
Hospital Supplies -- 3.31%                                    
  Cardinal Health, Inc........................ 1,800   115,110
  Johnson & Johnson........................... 2,020   124,735
  Medtronic, Inc.............................. 2,000   111,140
                                                      --------
                                                       350,985
                                                      --------
                                                                [Download Table]


                                                   Value  
                                           Shares (Note 2)
                                                          

----------------------------------------------------------
Household Products -- 1.75%                               
  Procter & Gamble Co..................... 3,245  $185,581
                                                  --------
Information Processing - Hardware -- 6.20%                
  Apple Computer, Inc.+................... 4,030   273,314
  Dell, Inc.+............................. 3,060    92,290
  EMC Corp.+.............................. 6,000    83,580
  Hewlett-Packard Co...................... 2,810    83,373
  International Business Machines Corp.... 1,400   124,460
                                                  --------
                                                   657,017
                                                  --------
Information Processing - Services -- 2.34%                
  Google, Inc.+...........................   380   153,896
  McAfee, Inc.+........................... 1,350    37,544
  Yahoo!, Inc.+........................... 1,400    56,322
                                                  --------
                                                   247,762
                                                  --------
Information Processing - Software -- 4.20%                
  Adobe Systems, Inc...................... 2,000    65,220
  Autodesk, Inc........................... 1,690    70,507
  Intuit, Inc.+...........................   745    39,910
  Microsoft Corp.......................... 8,260   228,884
  Oracle Corp.+........................... 3,200    40,224
                                                  --------
                                                   444,745
                                                  --------
Insurance -- 9.26%                                        
  Aetna, Inc.............................. 1,590   147,059
  Allstate Corp........................... 1,305    73,211
  Chubb Corp..............................   450    43,578
  CIGNA Corp..............................   700    78,764
  Health Net, Inc.+.......................   860    43,886
  MetLife, Inc............................ 1,210    62,242
  Prudential Financial, Inc...............   710    54,954
  UnitedHealth Group, Inc................. 5,230   313,068
  WellPoint, Inc.+........................ 2,140   164,416
                                                  --------
                                                   981,178
                                                  --------
Leisure & Tourism -- 2.66%                                
  Carnival Corp........................... 1,400    76,286
  Darden Restaurants, Inc................. 1,310    46,872
  Hilton Hotels Corp...................... 3,000    65,760
  Yum! Brands, Inc........................ 1,900    92,701
                                                  --------
                                                   281,619
                                                  --------
Machinery -- 2.54%                                        
  Dover Corp.............................. 1,200    48,540
  IDEX Corp............................... 2,500   110,350
  Komatsu, Ltd.(3)........................ 3,000    41,460
  Precision Castparts Corp................ 1,350    68,836
                                                  --------
                                                   269,186
                                                  --------
Medical - Biomedical/Gene -- 5.70%                        
  Amgen, Inc.+............................ 3,280   265,450
  Genentech, Inc.+........................ 1,940   185,503
  Genzyme Corp.+.......................... 2,050   152,397
                                                  --------
                                                   603,350
                                                  --------
Medical Technology -- 0.59%                               
  Baxter International, Inc............... 1,620    63,002
                                                  --------
Metals -- 1.22%                                           
  Phelps Dodge Corp.......................   950   128,886
                                                  --------
Oil & Gas -- 5.73%                                        
  Apache Corp.............................   635    41,453
  ChevronTexaco Corp...................... 1,000    57,310
  ConocoPhillips.......................... 1,580    95,606
  Devon Energy Corp....................... 1,120    67,424
  ENSCO International, Inc................ 1,200    56,832
  Smith International, Inc................ 1,500    56,685
  Transocean, Inc.+....................... 1,900   121,296
  Valero Energy Corp...................... 1,150   110,630
                                                  --------
                                                   607,236
                                                  --------

N-CSRS 72nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 72nd
                                                                [Download Table]
                                                                          
68  LARGE CAPITAL GROWTH FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                  (Unaudited) - CONTINUED                                 

                                                                [Download Table]


                                                   Value  
                                           Shares (Note 2)
                                                          
----------------------------------------------------------
COMMON STOCK (continued)                                  
Optical Instruments & Lenses -- 1.61%                     
  Alcon, Inc.............................. 1,215  $170,343
                                                  --------
Railroads & Equipment -- 1.68%                            
  Burlington Northern Santa Fe Corp....... 1,680   111,182
  Norfolk Southern Corp................... 1,500    66,360
                                                  --------
                                                   177,542
                                                  --------
Retail -- 5.59%                                           
  Express Scripts, Inc., Class A+.........   800    67,568
  Home Depot, Inc......................... 3,700   154,586
  J.C. Penney Co., Inc....................   800    41,976
  Nordstrom, Inc.......................... 2,860   105,477
  Urban Outfitters, Inc.+................. 2,900    89,494
  Wal-Mart Stores, Inc.................... 1,800    87,408
  Walgreen Co............................. 1,000    45,680
                                                  --------
                                                   592,189
                                                  --------
Semiconductors -- 7.40%                                   
  Broadcom Corp., Class A+................ 2,920   135,897
  Freescale Semiconductor, Inc., Class A+. 1,700    43,775
  Intel Corp.............................. 5,060   135,001
  Marvell Technology Group, Ltd.+......... 1,310    72,757
  National Semiconductor Corp............. 6,540   169,255
  Texas Instruments, Inc.................. 6,980   226,711
                                                  --------
                                                   783,396
                                                  --------
Telecommunications -- 6.60%                               
  America Movil SA de CV ADR.............. 2,000    57,440
  Cisco Systems, Inc.+.................... 6,170   108,222
  Corning, Inc.+.......................... 2,500    50,625
                                                                [Download Table]


                                                              Shares/             
                                                             Principal   Value    
                                                              Amount    (Note 2)  
                                                                                  

----------------------------------------------------------------------------------
Telecommunications (continued)                                                    
  Motorola, Inc.............................................   11,000  $   264,990
  Nokia Oyj Sponsored ADR...................................    4,500       76,860
  QUALCOMM, Inc.............................................    3,100      140,957
                                                                       -----------
                                                                           699,094
                                                                       -----------
Therapeutics -- 0.86%                                                             
  Gilead Sciences, Inc.+....................................    1,790       90,735
                                                                       -----------
Tobacco -- 0.76%                                                                  
  Altria Group, Inc.........................................    1,100       80,069
                                                                       -----------
Utilities - Communication -- 0.47%                                                
  Sprint Corp...............................................    2,000       50,080
                                                                       -----------
Total Long-Term Investment Securities                                             
   (Cost $9,231,480)........................................            10,289,424
                                                                       -----------
REPURCHASE AGREEMENT -- 2.65%                                                     
  State Street Bank & Trust Co., Joint Repurchase Agreement                       
   (Cost $281,000)(1)....................................... $281,000      281,000
                                                                       -----------
TOTAL INVESTMENTS                                                                 
   (Cost $9,512,480)(2).....................................    99.80%  10,570,424
Other assets less liabilities...............................     0.20%      21,152
                                                             --------  -----------
NET ASSETS --                                                  100.00% $10,591,576
                                                             ========  ===========

--------                                                                        
GDR--Global Depository Receipt                                                  
ADR--American Depository Receipt                                                
+  Non-income producing security                                                
(1)See Note 2 for details of Joint Repurchase Agreement.                        
(2)See Note 5 for cost of investments on a tax basis.                           
(3)Security was valued using fair value procedures at November 30, 2005. See    
   Note 2 regarding fair value pricing procedures for foreign equity securities.

See Notes to Financial Statements                                               

N-CSRS 73rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 73rd
                                                                [Download Table]
                                                                          
November 30, 2005  MID CAP INDEX FUND - PORTFOLIO PROFILE (Unaudited)  69 

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Collective Investment Pool........  17.25%
Oil & Gas.........................   7.62%
Insurance.........................   6.81%
Retail............................   5.61%
Information Processing -- Services   5.10%
Utilities -- Electric.............   4.64%
Banks.............................   4.30%
Electronics/Electrical Equipment..   4.15%
Financial Services................   3.62%
Machinery.........................   3.36%
Real Estate Investment Trusts.....   3.28%
Semiconductors....................   3.26%
Healthcare........................   2.98%
Freight...........................   2.77%
Leisure & Tourism.................   2.54%
Chemical..........................   2.51%
Apparel & Products................   2.31%
Drugs.............................   2.25%
Commercial Services...............   2.24%
Automotive........................   2.13%
Information Processing -- Hardware   2.03%
Hospital Supplies.................   1.71%
Telecommunications................   1.55%
Information Processing -- Software   1.43%
Coal..............................   1.37%
Hospital Management...............   1.28%
Foods.............................   1.27%
Schools...........................   1.21%
Building Materials................   1.17%
Medical Technology................   1.13%
Medical -- Biomedical/Gene........   1.11%
Paper/Forest Products.............   1.10%
Home Builders.....................   1.09%
Savings & Loan....................   1.04%
Utilities -- Gas, Pipeline........   0.93%
Publishing........................   0.90%
Pollution Control.................   0.74%
Household Products................   0.65%
Appliances/Furnishings............   0.63%
Human Resources...................   0.59%
Utilities -- Gas, Distribution....   0.57%
Commercial Paper..................   0.56%
Metals............................   0.50%
Repurchase Agreement..............   0.45%
Textile -- Products...............   0.42%
Advertising.......................   0.37%
Airlines..........................   0.37%
Water Services....................   0.32%
Auto -- Replacement Parts.........   0.31%
Multimedia........................   0.30%
Aerospace/Defense.................   0.29%
Broadcasting......................   0.29%
Conglomerates.....................   0.16%
Beverages.........................   0.13%
U.S. Government Treasuries........   0.13%
Heavy Duty Trucks/Parts...........   0.12%
Tobacco...........................   0.09%
                                   ------ 
                                   117.04%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 74th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 74th
                                                                [Download Table]
                                                                               
70  MID CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005

                                                                [Download Table]


                                                       Value    
                                             Shares   (Note 2)  
                                                                
----------------------------------------------------------------
COMMON STOCK -- 98.65%                                          
Advertising -- 0.37%                                            
  Catalina Marketing Corp...................  78,000 $ 2,064,660
  Harte-Hanks, Inc.......................... 113,000   2,967,380
  Valassis Communications, Inc.+#...........  96,900   2,947,698
                                                     -----------
                                                       7,979,738
                                                     -----------
Aerospace/Defense -- 0.29%                                      
  Alliant Techsystems, Inc.+................  72,100   5,470,948
  Sequa Corp., Class A+.....................  12,500     790,000
                                                     -----------
                                                       6,260,948
                                                     -----------
Airlines -- 0.37%                                               
  Airtran Holdings, Inc.+#.................. 169,300   2,542,886
  Alaska Air Group, Inc.+#..................  52,800   1,860,144
  JetBlue Airways Corp.+.................... 194,900   3,593,956
                                                     -----------
                                                       7,996,986
                                                     -----------
Apparel & Products -- 2.31%                                     
  Abercrombie and Fitch Co., Class A#....... 169,900  10,418,268
  AnnTaylor Stores Corp.+#.................. 141,400   4,288,662
  Chico's FAS, Inc.+........................ 350,800  15,473,788
  Foot Locker, Inc.......................... 304,500   6,644,190
  Payless ShoeSource, Inc.+................. 132,400   3,025,340
  Polo Ralph Lauren Corp., Class A.......... 117,300   6,287,280
  Timberland Co., Class A+.................. 107,300   3,550,557
                                                     -----------
                                                      49,688,085
                                                     -----------
Appliances/Furnishings -- 0.63%                                 
  Furniture Brands International, Inc.#..... 101,700   2,028,915
  Herman Miller, Inc.#...................... 135,200   4,135,768
  HNI Corp.#................................ 107,200   5,402,880
  Lancaster Colony Corp.#...................  49,900   1,946,100
                                                     -----------
                                                      13,513,663
                                                     -----------
Automotive -- 2.13%                                             
  Advance Auto Parts, Inc.+................. 212,450   8,995,133
  ArvinMeritor, Inc......................... 136,300   1,812,790
  Borg-Warner, Inc.#........................ 109,800   6,588,000
  Carlisle Cos., Inc........................  59,600   4,088,560
  Carmax, Inc.+#............................ 202,900   5,563,518
  Donaldson Co., Inc.#...................... 133,500   4,464,240
  Lear Corp.#............................... 130,300   3,627,552
  Modine Manufacturing Co.#.................  67,700   2,253,733
  SPX Corp.#................................ 127,800   6,016,824
  Thor Industries, Inc.#....................  67,100   2,571,272
                                                     -----------
                                                      45,981,622
                                                     -----------
Auto - Replacement Parts -- 0.31%                               
  O'Reilly Automotive, Inc.+#............... 217,100   6,608,524
                                                     -----------
Banks -- 4.30%                                                  
  Associated Banc-Corp.#.................... 264,600   8,673,588
  Bank of Hawaii Corp....................... 100,800   5,202,288
  Cathay General Bancorp#...................  97,400   3,701,200
  City National Corp........................  80,300   5,864,309
  Colonial BancGroup, Inc................... 299,100   7,450,581
  Commerce Bancorp, Inc.#................... 337,200  11,360,268
  Cullen/Frost Bankers, Inc.................  88,800   4,782,768
  First American Corp., Class A............. 184,700   8,690,135
  FirstMerit Corp........................... 162,200   4,324,252
  Greater Bay Bancorp.......................  98,700   2,629,368
  Mercantile Bankshares Corp.#.............. 159,100   9,452,131
  SVB Financial Group+......................  68,800   3,308,592
  TCF Financial Corp.#...................... 221,500   6,082,390
  Texas Regional Bancshares, Inc., Class A#.  80,000   2,332,000
  Westamerica Bancorp.......................  63,100   3,447,784
  Wilmington Trust Corp..................... 131,500   5,324,435
                                                     -----------
                                                      92,626,089
                                                     -----------
                                                                [Download Table]


                                                    Value    
                                          Shares   (Note 2)  
                                                             

-------------------------------------------------------------
Beverages -- 0.13%                                           
  PepsiAmericas, Inc..................... 121,900 $ 2,786,634
                                                  -----------
Broadcasting -- 0.29%                                        
  Emmis Communications Corp., Class A+#..  71,200   1,483,808
  Entercom Communications Corp.+.........  74,000   2,356,900
  Westwood One, Inc...................... 131,400   2,383,596
                                                  -----------
                                                    6,224,304
                                                  -----------
Building Materials -- 1.17%                                  
  Fastenal Co.#.......................... 240,600   9,551,820
  Martin Marietta Materials, Inc.........  89,900   6,752,389
  RPM International, Inc................. 228,400   4,248,240
  York International Corp................  81,800   4,604,522
                                                  -----------
                                                   25,156,971
                                                  -----------
Chemical -- 2.51%                                            
  Airgas, Inc............................ 129,400   4,024,340
  Albemarle Corp.........................  74,200   2,730,560
  Cabot Corp.#........................... 120,500   4,223,525
  Cabot Microelectronics Corp.+#.........  47,600   1,472,268
  Chemtura Corp.......................... 460,900   5,553,845
  Cytec Industries, Inc.#................  76,900   3,482,801
  Ferro Corp.#...........................  81,300   1,536,570
  FMC Corp.+.............................  72,900   3,876,093
  Lubrizol Corp.......................... 131,800   5,563,278
  Lyondell Chemical Co................... 397,600  10,110,968
  Minerals Technologies, Inc.#...........  39,400   2,230,828
  Olin Corp.#............................ 138,900   2,673,825
  Sensient Technologies Corp.............  91,800   1,668,006
  Valspar Corp.#......................... 196,600   4,944,490
                                                  -----------
                                                   54,091,397
                                                  -----------
Coal -- 1.37%                                                
  Arch Coal, Inc.#....................... 123,800   9,537,552
  Peabody Energy Corp.................... 254,700  20,085,642
                                                  -----------
                                                   29,623,194
                                                  -----------
Commercial Services -- 2.24%                                 
  Adesa, Inc.#........................... 173,800   4,141,654
  Alliance Data Systems Corp.+........... 134,700   5,195,379
  Brinks Co.............................. 114,100   5,266,856
  CDW Corp............................... 122,100   7,161,165
  Corporate Executive Board Co...........  77,500   6,704,525
  Deluxe Corp............................  98,300   3,187,869
  Dycom Industries, Inc.+#...............  77,800   1,589,454
  Moneygram International, Inc.#......... 166,100   4,298,668
  Plexus Corp.+..........................  84,600   1,818,900
  Quanta Services, Inc.+#................ 229,000   3,240,350
  Rollins, Inc.#.........................  57,300   1,166,055
  Sotheby's Holdings, Inc., Class A+.....  86,700   1,649,901
  United Rentals, Inc.+#................. 130,100   2,752,916
                                                  -----------
                                                   48,173,692
                                                  -----------
Conglomerates -- 0.16%                                       
  Trinity Industries, Inc.#..............  82,800   3,447,792
                                                  -----------
Drugs -- 2.25%                                               
  Barr Pharmaceuticals, Inc.+............ 206,600  11,848,510
  Cephalon, Inc.+#....................... 112,700   5,730,795
  IVAX Corp.+#........................... 417,800  12,517,288
  Par Pharmaceutical Cos., Inc.+#........  66,400   1,766,904
  Perrigo Co.#........................... 161,700   2,344,650
  Sepracor, Inc.+#....................... 204,600  11,248,908
  Valeant Pharmaceuticals International#. 179,800   2,963,104
                                                  -----------
                                                   48,420,159
                                                  -----------
Electronics/Electrical Equipment -- 4.15%                    
  Ametek, Inc............................ 135,800   5,786,438
  Amphenol Corp., Class A................ 172,400   7,201,148

N-CSRS 75th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 75th
                                                                [Download Table]
                                                                                 
November 30, 2005 MID CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  71 
                                           CONTINUED                             

                                                                [Download Table]


                                                           Value    
                                                 Shares   (Note 2)  
                                                                    
--------------------------------------------------------------------
COMMON STOCK (continued)                                            
Electronics/Electrical Equipment (continued)                        
  Arrow Electronics, Inc.+#..................... 229,800 $ 7,123,800
  Avnet, Inc.+#................................. 282,300   6,351,750
  Commscope, Inc.+.............................. 106,200   2,178,162
  Energizer Holdings, Inc.+#.................... 137,700   7,258,167
  Gentex Corp.#................................. 303,800   5,720,554
  Harman International Industries, Inc.......... 128,000  12,480,000
  Hawaiian Electric Industries, Inc.#........... 157,100   4,153,724
  Hubbell, Inc., Class B........................ 118,000   5,724,180
  Kemet Corp.+#................................. 168,100   1,344,800
  Newport Corp.+................................  77,300   1,066,740
  Polycom, Inc.+................................ 187,500   3,076,875
  Silicon Laboratories, Inc.+#..................  86,600   3,364,410
  Teleflex, Inc.#...............................  79,300   5,247,281
  Thomas & Betts Corp.+......................... 102,300   4,096,092
  Varian, Inc.+#................................  62,200   2,609,912
  Vishay Intertechnology, Inc.+#................ 357,500   4,586,725
                                                         -----------
                                                          89,370,758
                                                         -----------
Financial Services -- 3.62%                                         
  A.G. Edwards, Inc............................. 149,500   6,588,465
  American Financial Group, Inc.................  90,100   3,347,215
  AmeriCredit Corp.+............................ 271,000   6,720,800
  Eaton Vance Corp.#............................ 253,400   6,963,432
  IndyMac Bancorp, Inc.#........................ 123,300   4,719,924
  Investors Financial Services Corp.#........... 128,600   4,854,650
  Jefferies Group, Inc.#........................  96,000   4,224,960
  LaBranche & Co., Inc.+#....................... 117,700   1,257,036
  Legg Mason, Inc............................... 218,300  26,774,495
  Raymond James Financial, Inc.................. 110,500   4,004,520
  Waddell & Reed Financial, Inc., Class A....... 162,400   3,465,616
  Webster Financial Corp........................ 104,600   5,006,156
                                                         -----------
                                                          77,927,269
                                                         -----------
Foods -- 1.27%                                                      
  Dean Foods Co.+............................... 272,400  10,402,956
  Hormel Foods Corp............................. 141,800   4,651,040
  Smithfield Foods, Inc.+....................... 192,100   5,615,083
  Smucker, J.M. Co.#............................ 113,400   5,142,690
  Tootsie Roll Industries, Inc.#................  48,931   1,478,205
                                                         -----------
                                                          27,289,974
                                                         -----------
Freight -- 2.77%                                                    
  Alexander & Baldwin, Inc.#....................  85,100   4,256,702
  CH Robinson Worldwide, Inc.................... 332,400  13,445,580
  CNF, Inc...................................... 101,700   5,796,900
  Expeditors International of Washington, Inc.#. 207,000  14,699,070
  GATX Corp.#...................................  97,100   3,654,844
  JB Hunt Transport Services, Inc.#............. 246,100   5,510,179
  Overseas Shipholding Group, Inc...............  57,500   2,930,200
  Swift Transportation Co., Inc.+#.............. 101,700   1,991,286
  Werner Enterprises, Inc.#..................... 100,400   2,055,188
  Yellow Roadway Corp.+#........................ 112,400   5,295,164
                                                         -----------
                                                          59,635,113
                                                         -----------
Healthcare -- 2.98%                                                 
  Advanced Medical Optics, Inc.+................ 128,200   5,436,962
  Apria Healthcare Group, Inc.+.................  96,100   2,350,606
  Community Health Systems, Inc.+............... 174,200   6,983,678
  Covance, Inc.+#............................... 121,000   5,752,340
  Dentsply International, Inc.#................. 153,900   8,561,457
  Edwards Lifesciences Corp.+................... 116,100   4,642,839
  Intuitive Surgical, Inc.+#....................  67,800   7,574,616
  Lincare Holdings, Inc.+....................... 190,700   8,186,751
  Renal Care Group, Inc.+....................... 132,200   6,206,790
  Steris Corp................................... 132,300   3,323,376
  Universal Health Services, Inc., Class B#..... 108,200   5,184,944
                                                         -----------
                                                          64,204,359
                                                         -----------
                                                                [Download Table]


                                                            Value    
                                                  Shares   (Note 2)  
                                                                     

---------------------------------------------------------------------
Heavy Duty Trucks/Parts -- 0.12%                                     
  Bandag, Inc.#..................................  22,800 $   976,980
  Federal Signal Corp.#..........................  93,700   1,531,058
                                                          -----------
                                                            2,508,038
                                                          -----------
Home Builders -- 1.09%                                               
  Beazer Homes USA, Inc.#........................  80,900   5,660,573
  Hovnanian Enterprises, Inc., Class A+#.........  69,600   3,468,864
  Ryland Group, Inc.#............................  91,000   6,510,140
  Toll Brothers, Inc.+........................... 229,800   7,905,120
                                                          -----------
                                                           23,544,697
                                                          -----------
Hospital Management -- 1.28%                                         
  LifePoint Hospitals, Inc.+#.................... 110,600   4,208,330
  Omnicare, Inc.#................................ 204,900  11,669,055
  Triad Hospitals, Inc.+......................... 167,000   7,124,220
  VCA Antech, Inc.+.............................. 160,200   4,479,192
                                                          -----------
                                                           27,480,797
                                                          -----------
Hospital Supplies -- 1.71%                                           
  Beckman Coulter, Inc........................... 120,300   6,699,507
  Henry Schein, Inc.+............................ 169,200   7,216,380
  Hillenbrand Industries, Inc.................... 118,600   5,763,960
  Techne Corp.+..................................  75,500   4,172,130
  Varian Medical Systems, Inc.+.................. 254,200  12,918,444
                                                          -----------
                                                           36,770,421
                                                          -----------
Household Products -- 0.65%                                          
  American Greetings Corp., Class A#............. 130,600   3,421,720
  Church & Dwight Co., Inc.#..................... 124,300   4,129,246
  Scotts Co., Class A............................  87,700   4,114,884
  Tupperware Corp................................ 103,500   2,387,745
                                                          -----------
                                                           14,053,595
                                                          -----------
Human Resources -- 0.59%                                             
  Kelly Services, Inc., Class A#.................  37,500   1,042,500
  Korn/Ferry International+#.....................  79,500   1,368,990
  Manpower, Inc.................................. 169,300   7,863,985
  MPS Group, Inc.+............................... 195,900   2,462,463
                                                          -----------
                                                           12,737,938
                                                          -----------
Information Processing - Hardware -- 2.03%                           
  Avocent Corp.+#................................  95,100   2,790,234
  Diebold, Inc.#................................. 136,700   5,312,162
  Imation Corp...................................  66,100   2,905,756
  Ingram Micro, Inc., Class A+#.................. 223,400   4,195,452
  Sandisk Corp.+#................................ 352,900  18,019,074
  Tech Data Corp.+............................... 112,400   4,418,444
  Western Digital Corp.+#........................ 413,300   6,166,436
                                                          -----------
                                                           43,807,558
                                                          -----------
Information Processing - Services -- 5.10%                           
  3Com Corp.+#................................... 751,100   2,718,982
  Anteon International Corp.+#...................  63,300   2,713,671
  BISYS Group, Inc.+............................. 234,500   3,142,300
  Cadence Design Systems, Inc.+.................. 539,700   9,250,458
  Ceridian Corp.+................................ 284,200   6,820,800
  Certegy, Inc................................... 120,300   4,837,263
  Checkfree Corp.+............................... 175,900   8,240,915
  Cognizant Technology Solutions Corp., Class A+. 265,200  12,886,068
  CSG Systems International, Inc.+#..............  95,400   2,289,600
  DST Systems, Inc.+#............................ 122,400   7,279,128
  Dun & Bradstreet Corp.+........................ 130,600   8,489,000
  Fair Issac & Co., Inc.#........................ 127,000   5,819,140
  Gartner, Inc., Class A+#....................... 111,800   1,507,064
  Jack Henry & Associates, Inc.#................. 145,900   2,792,526
  Macromedia, Inc.+.............................. 147,800   6,630,308
  McAfee, Inc.+#................................. 321,100   8,929,791
  McDATA Corp., Class A+#........................ 301,300   1,096,732

N-CSRS 76th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 76th
                                                                [Download Table]
                                                                                 
72  MID CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  November 30, 2005
                             CONTINUED                                           

                                                                [Download Table]


                                                             Value    
                                                  Shares    (Note 2)  
                                                                      
----------------------------------------------------------------------
COMMON STOCK (continued)                                              
Information Processing - Services (continued)                         
  Mentor Graphics Corp.+......................... 153,600 $  1,376,256
  National Instruments Corp.#.................... 107,000    2,761,670
  Reynolds and Reynolds Co., Class A.............  99,300    2,704,932
  SRA International, Inc., Class A+#.............  71,000    2,174,730
  Synopsys, Inc.+................................ 280,200    5,469,504
                                                          ------------
                                                           109,930,838
                                                          ------------
Information Processing - Software -- 1.43%                            
  Acxiom Corp.................................... 152,000    3,371,360
  Advent Software, Inc.+.........................  30,900      884,976
  ChoicePoint, Inc.+#............................ 175,300    7,578,219
  F5 Networks, Inc.+#............................  74,700    3,946,401
  RSA Security, Inc.+#........................... 137,700    1,790,100
  SEI Investments Co............................. 124,600    5,089,910
  Sybase, Inc.+#................................. 175,600    3,942,220
  Transaction Systems Architects, Inc., Class A+.  72,100    2,098,110
  Wind River Systems, Inc.+#..................... 145,500    2,004,990
                                                          ------------
                                                            30,706,286
                                                          ------------
Insurance -- 6.81%                                                    
  Allmerica Financial Corp.+..................... 103,700    4,142,815
  AmerUs Group Co.#..............................  75,500    4,434,115
  Arthur J. Gallagher & Co.#..................... 183,600    5,590,620
  Brown & Brown, Inc.#........................... 214,800    6,267,864
  Everest Reinsurance Group, Ltd................. 119,600   12,572,352
  Fidelity National Financial, Inc............... 335,800   12,699,956
  HCC Insurance Holdings, Inc.................... 205,000    6,262,750
  Health Net, Inc.+.............................. 220,100   11,231,703
  Horace Mann Educators Corp.....................  83,400    1,579,596
  Leucadia National Corp.#....................... 159,450    7,554,741
  Mercury General Corp.#.........................  68,800    4,079,840
  Ohio Casualty Corp.#........................... 125,100    3,702,960
  Old Republic International Corp................ 355,100    9,449,211
  PacifiCare Health Systems, Inc., Class A+...... 170,200   14,644,008
  PMI Group, Inc.#............................... 178,600    7,251,160
  Protective Life Corp........................... 135,200    5,973,136
  Radian Group, Inc.............................. 165,600    9,366,336
  StanCorp Financial Group, Inc..................  53,800    5,543,552
  Unitrin, Inc.#.................................  88,900    4,213,860
  W.R. Berkley Corp.............................. 217,050   10,118,871
                                                          ------------
                                                           146,679,446
                                                          ------------
Leisure & Tourism -- 2.54%                                            
  Activision, Inc.+.............................. 527,154    7,016,420
  Applebee's International, Inc.#................ 153,500    3,518,220
  Bob Evans Farms, Inc.#.........................  68,800    1,663,584
  Boyd Gaming Corp...............................  84,400    4,083,272
  Brinker International, Inc.+................... 170,800    6,777,344
  Callaway Golf Co.#............................. 127,500    1,867,875
  CBRL Group, Inc.#..............................  90,800    3,358,692
  Cheesecake Factory, Inc., Class A+#............ 152,200    5,576,608
  GTECH Holdings Corp............................ 242,900    7,432,740
  International Speedway Corp., Class B#.........  68,400    3,732,588
  Macrovision Corp.+.............................  98,200    1,526,028
  Outback Steakhouse, Inc........................ 127,600    5,139,728
  Ruby Tuesday, Inc.#............................ 123,800    3,010,816
                                                          ------------
                                                            54,703,915
                                                          ------------
Machinery -- 3.36%                                                    
  AGCO Corp.+.................................... 175,500    2,971,215
  Crane Co.......................................  96,700    3,070,225
  Flowserve Corp.+#.............................. 107,300    4,008,728
  Graco, Inc..................................... 133,300    4,849,454
  Granite Construction, Inc.#....................  64,000    2,375,680
  Jacobs Engineering Group, Inc.+#............... 112,300    7,296,131
  Joy Global, Inc................................ 157,300    8,319,597
  Kennametal, Inc.#..............................  74,400    4,076,376
  Nordson Corp.#.................................  63,400    2,524,588
                                                                [Download Table]


                                                               Value    
                                                    Shares    (Note 2)  
                                                                        

------------------------------------------------------------------------
Machinery (continued)                                                   
  Pentair, Inc..................................... 197,700 $  7,552,140
  Precision Castparts Corp......................... 258,000   13,155,420
  Tecumseh Products Co., Class A#..................  35,800      799,056
  Timken Co........................................ 160,100    4,959,898
  Zebra Technologies Corp., Class A+............... 140,100    6,322,713
                                                            ------------
                                                              72,281,221
                                                            ------------
Medical - Biomedical/Gene -- 1.11%                                      
  Invitrogen Corp.+#............................... 103,000    6,864,950
  Millennium Pharmaceuticals, Inc.+................ 599,200    6,297,592
  Protein Design Labs, Inc.+....................... 219,100    6,101,935
  Vertex Pharmaceuticals, Inc.+#................... 185,800    4,737,900
                                                            ------------
                                                              24,002,377
                                                            ------------
Medical Technology -- 1.13%                                             
  Charles River Laboratories International, Inc.+#. 139,400    6,351,064
  Cytyc Corp.+#.................................... 218,000    5,997,180
  Gen-Probe, Inc.+.................................  98,400    4,543,128
  Inamed Corp.+....................................  70,500    5,910,720
  Martek Biosciences Corp.+#.......................  61,500    1,611,915
                                                            ------------
                                                              24,414,007
                                                            ------------
Metals -- 0.50%                                                         
  Harsco Corp.#....................................  80,900    5,375,805
  Steel Dynamics, Inc..............................  74,500    2,579,190
  Worthington Industries, Inc.#.................... 138,400    2,808,136
                                                            ------------
                                                              10,763,131
                                                            ------------
Multimedia -- 0.30%                                                     
  Belo Corp........................................ 187,700    4,091,860
  Media General, Inc., Class A#....................  46,600    2,362,620
                                                            ------------
                                                               6,454,480
                                                            ------------
Oil & Gas -- 7.62%                                                      
  Cooper Cameron Corp.+............................ 108,600    8,647,818
  Denbury Resources, Inc.+#........................ 221,800    5,021,552
  ENSCO International, Inc......................... 295,100   13,975,936
  Equitable Resources, Inc.#....................... 235,700    8,812,823
  FMC Technologies, Inc.+.......................... 133,100    5,469,079
  Forest Oil Corp.+................................ 106,000    4,749,860
  Grant Prideco, Inc.+............................. 246,700    9,470,813
  Hanover Compressor Co.+#......................... 160,200    2,165,904
  Helmerich & Payne, Inc.#.........................  99,800    5,790,396
  Newfield Exploration Co.+........................ 246,100   11,384,586
  Noble Energy, Inc................................ 339,100   12,672,167
  ONEOK, Inc....................................... 196,000    5,376,280
  Patterson-UTI Energy, Inc........................ 333,300   10,412,292
  Pioneer Natural Resources Co..................... 249,600   12,712,128
  Plains Exploration & Production Co.+............. 152,000    6,444,800
  Pogo Producing Co.#.............................. 116,000    5,684,000
  Pride International, Inc.+#...................... 307,600    9,163,404
  Smith International, Inc......................... 412,300   15,580,817
  Tidewater, Inc................................... 117,900    5,329,080
  Western Gas Resources, Inc. #.................... 111,600    5,321,088
                                                            ------------
                                                             164,184,823
                                                            ------------
Paper/Forest Products -- 1.10%                                          
  Bowater, Inc..................................... 108,500    3,368,925
  Glatfelter.......................................  85,400    1,231,468
  Longview Fibre Co................................  99,100    2,106,866
  Packaging Corp. of America....................... 121,800    2,824,542
  Potlatch Corp.#..................................  56,400    2,726,376
  Rayonier, Inc.#.................................. 146,801    5,833,872
  Sonoco Products Co............................... 192,100    5,509,428
                                                            ------------
                                                              23,601,477
                                                            ------------
Pollution Control -- 0.74%                                              
  Mine Safety Appliances Co.#......................  51,200    1,987,072
  Republic Services, Inc., Class A................. 239,900    8,600,415

N-CSRS 77th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 77th
                                                                [Download Table]
                                                                                 
November 30, 2005 MID CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  73 
                                           CONTINUED                             

                                                                [Download Table]


                                                        Value    
                                             Shares    (Note 2)  
                                                                 
-----------------------------------------------------------------
COMMON STOCK (continued)                                         
Pollution Control (continued)                                    
  Stericycle, Inc.+#........................  86,200 $  5,285,784
                                                     ------------
                                                       15,873,271
                                                     ------------
Publishing -- 0.90%                                              
  Banta Corp.#..............................  46,700    2,358,350
  Lee Enterprises, Inc.#....................  88,300    3,392,486
  Readers Digest Assoc., Inc., Class A#..... 192,500    2,989,525
  Scholastic Corp.+#........................  68,300    2,272,341
  Washington Post Co., Class B@.............  11,400    8,401,800
                                                     ------------
                                                       19,414,502
                                                     ------------
Real Estate Investment Trusts -- 3.28%                           
  AMB Property Corp......................... 165,300    7,729,428
  Developers Diversified Realty Corp........ 211,100    9,562,830
  Highwoods Properties, Inc.#............... 104,200    3,004,086
  Hospitality Properties Trust.............. 139,600    5,750,124
  Liberty Property Trust.................... 170,400    7,235,184
  Macerich Co............................... 115,900    7,878,882
  Mack-Cali Realty Corp..................... 120,000    5,300,400
  New Plan Excel Realty Trust, Inc.#........ 201,100    4,802,268
  Regency Centers Corp...................... 131,800    7,650,990
  United Dominion Realty Trust, Inc.#....... 266,300    5,962,457
  Weingarten Realty Investors............... 156,000    5,892,120
                                                     ------------
                                                       70,768,769
                                                     ------------
Retail -- 5.61%                                                  
  99 Cents Only Stores+#....................  93,300      898,479
  Aeropostale, Inc.+#....................... 107,600    2,676,012
  American Eagle Outfitters, Inc............ 265,500    6,042,780
  Barnes & Noble, Inc.+..................... 106,600    4,300,244
  BJ's Wholesale Club, Inc.+................ 132,300    3,504,627
  Blyth, Inc................................  51,800    1,025,640
  Borders Group, Inc........................ 136,500    2,783,235
  Claire's Stores, Inc...................... 192,700    5,497,731
  Copart, Inc.+............................. 135,000    3,399,300
  Dollar Tree Stores, Inc.+#................ 208,600    4,789,456
  GameStop Corp.#........................... 110,200    3,707,128
  Michaels Stores, Inc...................... 263,000    9,836,200
  MSC Industrial Direct Co., Inc., Class A#. 103,800    4,057,542
  Pacific Sunwear of California, Inc.+...... 144,800    3,831,408
  PETsMART, Inc............................. 278,100    6,624,342
  Pier 1 Imports, Inc.#..................... 167,200    2,123,440
  Regis Corp.#..............................  87,600    3,499,620
  Rent-A-Center, Inc.+#..................... 145,200    2,838,660
  Ross Stores, Inc.......................... 283,700    7,801,750
  Ruddick Corp..............................  67,400    1,362,154
  Saks, Inc.+............................... 275,600    4,555,668
  Urban Outfitters, Inc.+#.................. 213,800    6,597,868
  Whole Foods Market, Inc.#................. 130,600   19,234,768
  Williams-Sonoma, Inc.+#................... 226,000    9,806,140
                                                     ------------
                                                      120,794,192
                                                     ------------
Savings & Loan -- 1.04%                                          
  Astoria Financial Corp.#.................. 173,950    4,919,306
  Independence Community Bank Corp.......... 145,800    5,779,512
  New York Community Bancorp, Inc.#......... 459,500    7,650,675
  Washington Federal, Inc................... 168,510    4,089,738
                                                     ------------
                                                       22,439,231
                                                     ------------
Schools -- 1.21%                                                 
  Career Education Corp.+#.................. 199,900    7,456,270
  Corinthian Colleges, Inc.+................ 177,200    2,145,892
  DeVry, Inc.+.............................. 113,800    2,642,436
  Education Management Corp.+............... 129,700    4,377,375
  ITT Educational Services, Inc.+...........  73,700    4,522,969
  Laureate Education, Inc.+#................  96,500    4,880,005
                                                     ------------
                                                       26,024,947
                                                     ------------
                                                                [Download Table]


                                                                    Value    
                                                          Shares   (Note 2)  
                                                                             

-----------------------------------------------------------------------------
Semiconductors -- 3.26%                                                      
  Atmel Corp.+#.......................................... 822,000 $ 2,753,700
  Credence Systems Corp.+#............................... 193,000   1,565,230
  Cree, Inc.+#........................................... 146,700   3,935,961
  Cypress Semiconductor Corp.+#.......................... 259,500   3,892,500
  Fairchild Semiconductor International, Inc., Class A+#. 232,700   4,035,018
  Integrated Device Technology, Inc.+#................... 385,980   4,624,040
  International Rectifier Corp.+#........................ 137,200   4,865,112
  Intersil Corp., Class A................................ 297,800   7,638,570
  Lam Research Corp.+.................................... 265,000   9,948,100
  Lattice Semiconductor Corp.+........................... 220,600   1,078,734
  MEMC Electronic Materials, Inc.+#...................... 304,900   6,823,662
  Micrel, Inc.+#......................................... 127,900   1,545,032
  Microchip Technology, Inc.#............................ 406,100  13,547,496
  Semtech Corp.+#........................................ 142,900   2,845,139
  Triquint Semiconductor, Inc.+#......................... 271,700   1,222,650
                                                                  -----------
                                                                   70,320,944
                                                                  -----------
Telecommunications -- 1.55%                                                  
  Adtran, Inc............................................ 130,900   3,869,404
  Cincinnati Bell, Inc.+................................. 477,900   1,863,810
  Harris Corp............................................ 258,600  11,528,388
  Plantronics, Inc.#.....................................  91,700   2,532,754
  Powerwave Technologies, Inc.+#......................... 213,600   2,682,816
  RF Micro Devices, Inc.+#............................... 365,600   2,076,608
  Telephone and Data Systems, Inc........................ 199,300   7,284,415
  UTStarcom, Inc.+#...................................... 200,000   1,658,000
                                                                  -----------
                                                                   33,496,195
                                                                  -----------
Textile - Products -- 0.42%                                                  
  Mohawk Industries, Inc.+............................... 102,600   9,026,748
                                                                  -----------
Tobacco -- 0.09%                                                             
  Universal Corp.#.......................................  49,900   2,014,962
                                                                  -----------
Utilities - Electric -- 4.64%                                                
  Alliant Energy Corp.................................... 226,100   6,409,935
  Black Hills Corp.#.....................................  63,600   2,324,580
  DPL, Inc............................................... 246,600   6,300,630
  Duquesne Light Holdings, Inc.#......................... 150,900   2,557,755
  Energy East Corp....................................... 286,400   6,716,080
  Great Plains Energy, Inc.#............................. 144,900   4,210,794
  Idacorp, Inc...........................................  82,000   2,341,920
  MDU Resources Group, Inc.#............................. 232,500   7,632,975
  Northeast Utilities.................................... 252,200   4,685,876
  NSTAR.................................................. 207,400   5,825,866
  OGE Energy Corp........................................ 175,300   4,691,028
  Pepco Holdings, Inc.................................... 367,200   7,957,224
  PNM Resources, Inc..................................... 133,400   3,464,398
  Puget Energy, Inc...................................... 223,800   4,650,564
  SCANA Corp............................................. 220,400   8,732,248
  Sierra Pacific Resources+.............................. 356,100   4,800,228
  Weststar Energy, Inc................................... 168,400   3,809,208
  Wisconsin Energy Corp.................................. 227,100   8,618,445
  WPS Resources Corp.#...................................  77,300   4,157,194
                                                                  -----------
                                                                   99,886,948
                                                                  -----------
Utilities - Gas, Distribution -- 0.57%                                       
  AGL Resources, Inc..................................... 150,200   5,312,574
  Vectren Corp.#......................................... 147,700   4,010,055
  WGL Holdings, Inc......................................  94,500   2,874,690
                                                                  -----------
                                                                   12,197,319
                                                                  -----------
Utilities - Gas, Pipeline -- 0.93%                                           
  Aquila, Inc.+#......................................... 724,700   2,572,685
  National Fuel Gas Co.#................................. 163,300   5,266,425
  Questar Corp.#......................................... 165,100  12,309,856
                                                                  -----------
                                                                   20,148,966
                                                                  -----------

N-CSRS 78th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 78th
                                                                [Download Table]
                                                                                 
74  MID CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  November 30, 2005
                             CONTINUED                                           

                                                                [Download Table]


                                             Shares/                  
                                            Principal       Value     
                                             Amount        (Note 2)   
                                                                      
----------------------------------------------------------------------
COMMON STOCK (continued)                                              
Water Services -- 0.32%                                               
  Aqua America, Inc.#.....................      186,600 $    6,902,334
                                                        --------------
Total Long-Term Investment Securities                                 
   (Cost $1,719,958,672)..................               2,124,941,644
                                                        --------------
SHORT-TERM INVESTMENT SECURITIES -- 17.94%                            
Collective Investment Pool -- 17.25%                                  
  Securities Lending Quality Trust(1).....  371,490,814    371,490,814
                                                        --------------
Commercial Paper -- 0.56%                                             
  UBS Finance, Inc.:                                                  
   4.02% due 12/01/05@.................... $ 12,000,000     12,000,000
                                                        --------------
Government Obligations -- 0.13%                                       
  United States Treasury Bills:                                       
   3.46% due 12/01/05@....................       75,000         75,000
   3.48% due 12/01/05@....................       70,000         70,000
   3.50% due 12/15/05@....................       40,000         39,946
   3.52% due 12/08/05@....................      240,000        239,837
   3.55% due 12/08/05@....................       85,000         84,942
   3.72% due 12/01/05@....................       55,000         55,000
   3.73% due 12/01/05@....................       40,000         40,000
   3.73% due 12/01/05@....................       30,000         30,000
   3.75% due 12/01/05@....................       25,000         25,000
   3.82% due 12/08/05@....................       45,000         44,967
   3.82% due 12/08/05@....................       55,000         54,959
   3.84% due 12/08/05@....................    1,200,000      1,199,107
   3.85% due 12/22/05@....................       55,000         54,877
   3.86% due 12/22/05@....................       55,000         54,877
   3.86% due 12/22/05@....................       85,000         84,809
                                                        [Enlarge/Download Table]


                                                            Principal       Value      
                                                             Amount        (Note 2)    
                                                                                       

---------------------------------------------------------------------------------------
Government Obligations (continued)                                                     
   3.88% due 12/15/05@.................................... $   25,000   $       24,962 
   3.90% due 12/15/05@....................................     30,000           29,955 
   3.93% due 12/15/05@....................................    590,000          589,101 
                                                                        -------------- 
                                                                             2,797,339 
                                                                        -------------- 
Total Short-Term Investment Securities                                                 
   (Cost $386,288,153)....................................                 386,288,153 
                                                                        -------------- 
REPURCHASE AGREEMENT -- 0.45%                                                          
  Agreement with State Street Bank & Trust & Co., bearing                              
   interest at 3.68%, dated 11/30/05, to be repurchased                                
   12/01/05 in the amount of $9,665,988 and                                            
   collateralized by Federal Home Loan Bank Bonds,                                     
   bearing interest at 4.13%, due 10/19/07 and having an                               
   approximate value of $9,957,203                                                     
   (Cost $9,665,000)@.....................................  9,665,000        9,665,000 
                                                                        -------------- 
TOTAL INVESTMENTS                                                                      
   (Cost $2,115,911,825)(2)...............................     117.04%   2,520,894,797 
Liabilities in excess of other assets.....................     (17.04)%   (366,964,798)
                                                           ----------   -------------- 
NET ASSETS --                                                  100.00%  $2,153,929,999 
                                                           ==========   ============== 

--------                                                                        
+  Non-income producing security                                                
#  The security or a portion thereof is out on loan (see Note 2).               
@  The security or a portion thereof represents collateral for open futures     
transactions.                                                             
(1)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(2)See Note 5 for cost of investments on a tax basis.                           

                                                        [Enlarge/Download Table]

Open Futures Contracts                                                                
--------------------------------------------------------------------------------------
                                                                          Unrealized  
Number of                      Expiration  Value at      Value as of     Appreciation 
Contracts     Description         Date    Trade Date  November 30, 2005 (Depreciation)
--------------------------------------------------------------------------------------
                                                                                      
 74 Long  S&P MidCap 400 Index  Dec 2005  $26,436,275    $27,180,200       $743,925   
                                                                           ========   

See Notes to Financial Statements                                               

N-CSRS 79th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 79th
                                                                [Download Table]
                                                                         
November 30, 2005  MID CAP STRATEGIC GROWTH FUND - PORTFOLIO PROFILE  75 
                                      (Unaudited)                        

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Leisure & Tourism.................  10.52%
Oil & Gas.........................   9.10%
Semiconductors....................   7.89%
Telecommunications................   6.91%
Commercial Services...............   6.87%
Information Processing -- Services   5.31%
Financial Services................   5.14%
Time Deposit......................   4.24%
Retail............................   3.48%
Advertising.......................   3.32%
Freight...........................   2.93%
Machinery.........................   2.93%
Information Processing -- Software   2.87%
Apparel & Products................   2.72%
Healthcare........................   2.62%
Schools...........................   2.53%
Drugs.............................   2.45%
Information Processing -- Hardware   2.28%
Real Estate.......................   2.20%
Therapeutics......................   1.60%
Home Builders.....................   1.48%
Banks.............................   1.43%
Medical Technology................   1.41%
Automotive........................   1.35%
Water Services....................   1.34%
Pollution Control.................   1.26%
Metals............................   1.17%
Insurance.........................   1.04%
Building Materials................   0.78%
Tobacco...........................   0.77%
Medical -- Biomedical/Gene........   0.74%
Utilities -- Gas, Pipeline........   0.56%
Hospital Supplies.................   0.55%
                                   ------ 
                                   101.79%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 80th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 80th
                                                                [Download Table]
                                                                              
76  MID CAP STRATEGIC GROWTH FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                          (Unaudited)                                         

                                                                [Download Table]


                                                              Value  
                                                      Shares (Note 2)
                                                                     
---------------------------------------------------------------------
COMMON STOCK -- 97.55%                                               
Advertising -- 3.32%                                                 
  Getty Images, Inc.+................................  3,167 $289,116
  Lamar Advertising Co., Class A+....................  1,875   86,906
                                                             --------
                                                              376,022
                                                             --------
Apparel & Products -- 2.72%                                          
  Abercrombie and Fitch Co., Class A.................  1,500   91,980
  Chico's FAS, Inc.+.................................  1,415   62,415
  Polo Ralph Lauren Corp., Class A...................  1,493   80,025
  Too, Inc.+.........................................  2,300   72,749
                                                             --------
                                                              307,169
                                                             --------
Automotive -- 1.35%                                                  
  AutoZone, Inc.+....................................  1,720  153,183
                                                             --------
Banks -- 1.43%                                                       
  Mellon Financial Corp..............................  4,800  161,472
                                                             --------
Building Materials -- 0.78%                                          
  Rinker Group, Ltd. Sponsored ADR...................    985   56,549
  Shaw Group, Inc.+..................................  1,100   31,779
                                                             --------
                                                               88,328
                                                             --------
Commercial Services -- 6.87%                                         
  Corporate Executive Board Co.......................  3,935  340,417
  Corrections Corp. of America+......................  3,300  146,619
  Iron Mountain, Inc.+...............................  3,763  155,224
  Paychex, Inc.......................................  2,100   89,061
  Weight Watchers International, Inc.+...............    970   46,366
                                                             --------
                                                              777,687
                                                             --------
Drugs -- 2.45%                                                       
  Caremark Rx, Inc.+.................................  1,707   87,723
  Idenix Pharmaceuticals, Inc.+......................  2,435   50,550
  Teva Pharmaceutical Industries, Ltd. Sponsored ADR.  3,400  138,992
                                                             --------
                                                              277,265
                                                             --------
Financial Services -- 5.14%                                          
  Ameritrade Holding Corp.+.......................... 10,085  235,586
  Calamos Asset Management, Inc., Class A............  3,083   83,549
  Chicago Merchantile Exchange Holdings, Inc.........    325  115,099
  Legg Mason, Inc....................................  1,200  147,180
                                                             --------
                                                              581,414
                                                             --------
Freight -- 2.93%                                                     
  CH Robinson Worldwide, Inc.........................  4,390  177,575
  Expeditors International of Washington, Inc........  2,175  154,447
                                                             --------
                                                              332,022
                                                             --------
Healthcare -- 2.62%                                                  
  Covance, Inc.+.....................................  1,873   89,042
  Dade Behring Holdings, Inc.........................  3,585  146,591
  DaVita, Inc.+......................................  1,150   60,364
                                                             --------
                                                              295,997
                                                             --------
Home Builders -- 1.48%                                               
  Desarrolladora Homex SA De CV+.....................  2,595   78,499
  NVR, Inc.+.........................................    129   88,655
                                                             --------
                                                              167,154
                                                             --------
Hospital Supplies -- 0.55%                                           
  Techne Corp.+......................................  1,025   56,642
  Varian Medical Systems, Inc.+......................    100    5,082
                                                             --------
                                                               61,724
                                                             --------
Information Processing - Hardware -- 2.28%                           
  Lexar Media, Inc.+................................. 14,100  120,273
  Sandisk Corp.+.....................................  2,700  137,862
                                                             --------
                                                              258,135
                                                             --------
                                                                [Download Table]


                                                                  Value   
                                                         Shares  (Note 2) 
                                                                          

--------------------------------------------------------------------------
Information Processing - Services -- 5.31%                                
  Checkfree Corp.+......................................   300  $   14,055
  Expedia, Inc.+........................................ 3,505      86,889
  Fair Issac & Co., Inc................................. 1,900      87,058
  Monster Worldwide, Inc.+.............................. 8,286     322,325
  Netease.com, Inc.+....................................   820      46,724
  Shanda Interactive Entertainment, Ltd. Sponsored ADR+.   735      12,561
  Sina Corp.+........................................... 1,235      30,801
                                                                ----------
                                                                   600,413
                                                                ----------
Information Processing - Software -- 2.87%                                
  ChoicePoint, Inc.+.................................... 1,245      53,821
  Red Hat, Inc.+........................................ 3,900      91,923
  Salesforce.com, Inc.+................................. 3,140     100,009
  Satyam Computer Services, Ltd......................... 2,256      79,502
                                                                ----------
                                                                   325,255
                                                                ----------
Insurance -- 1.04%                                                        
  Brown & Brown, Inc.................................... 2,350      68,573
  White Mountains Insurance Group, Ltd..................    81      49,280
                                                                ----------
                                                                   117,853
                                                                ----------
Leisure & Tourism -- 10.52%                                               
  Activision, Inc.+..................................... 9,441     125,660
  Brinker International, Inc............................ 2,500      99,200
  Cheesecake Factory, Inc., Class A+.................... 1,710      62,654
  Gaylord Entertainment Co.+............................ 1,445      62,511
  Harley-Davidson, Inc.................................. 1,875     100,987
  International Game Technology......................... 6,050     177,567
  International Speedway Corp., Class B................. 1,350      73,670
  P.F. Chang's China Bistro, Inc.+...................... 1,710      87,980
  SCP Pool Corp......................................... 1,665      64,818
  Station Casinos, Inc.................................. 1,850     128,279
  Wendy's International, Inc............................ 1,825      92,674
  Wynn Resorts, Ltd.+................................... 2,050     114,451
                                                                ----------
                                                                 1,190,451
                                                                ----------
Machinery -- 2.93%                                                        
  Jacobs Engineering Group, Inc.+....................... 1,200      77,964
  JLG Industries, Inc................................... 2,300     104,650
  Joy Global, Inc....................................... 1,000      52,890
  Pentair, Inc.......................................... 2,515      96,073
                                                                ----------
                                                                   331,577
                                                                ----------
Medical - Biomedical/Gene -- 0.74%                                        
  Genzyme Corp.+........................................ 1,120      83,261
                                                                ----------
Medical Technology -- 1.41%                                               
  Gen-Probe, Inc.+...................................... 1,240      57,251
  Hologic, Inc.+........................................ 1,013      71,994
  Inamed Corp.+.........................................   360      30,182
                                                                ----------
                                                                   159,427
                                                                ----------
Metals -- 1.17%                                                           
  Inco, Ltd............................................. 3,000     131,970
                                                                ----------
Oil & Gas -- 9.10%                                                        
  BJ Services Co........................................ 2,200      80,630
  Chesapeake Energy Corp................................ 1,800      52,110
  ENSCO International, Inc.............................. 1,137      53,848
  Forest Oil Corp.+..................................... 2,100      94,101
  Hydril Co.+...........................................   948      60,767
  National-Oilwell Varco, Inc.+.........................   986      59,771
  Noble Corp............................................   849      61,187
  Southwestern Energy Co.+.............................. 3,598     122,584
  Todco, Class A+....................................... 1,400      58,198
  Transocean, Inc.+.....................................   778      49,668
  Ultra Petroleum Corp.+................................ 6,250     336,125
                                                                ----------
                                                                 1,028,989
                                                                ----------

N-CSRS 81st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 81st
                                                                [Download Table]
                                                                               
November 30, 2005  MID CAP STRATEGIC GROWTH FUND - SCHEDULE OF INVESTMENTS  77 
                                   (Unaudited) - CONTINUED                     

                                                                [Download Table]


                                                   Value  
                                           Shares (Note 2)
                                                          
----------------------------------------------------------
COMMON STOCK (continued)                                  
Pollution Control -- 1.26%                                
  Stericycle, Inc.+....................... 2,325  $142,569
                                                  --------
Real Estate -- 2.20%                                      
  Brookfield Asset Management, Inc........ 2,525   120,644
  CB Richard Ellis Group, Inc., Class A+.. 1,245    69,098
  St. Joe Co..............................   894    59,362
                                                  --------
                                                   249,104
                                                  --------
Retail -- 3.48%                                           
  Bed Bath & Beyond, Inc.+................ 2,100    89,586
  Express Scripts, Inc., Class A+......... 1,072    90,541
  Tractor Supply Co.+..................... 1,526    82,190
  Urban Outfitters, Inc.+................. 2,283    70,454
  Williams-Sonoma, Inc.+.................. 1,400    60,746
                                                  --------
                                                   393,517
                                                  --------
Schools -- 2.53%                                          
  Career Education Corp.+................. 2,020    75,346
  ITT Educational Services, Inc.+......... 1,675   102,795
  Strayer Education, Inc.................. 1,085   108,283
                                                  --------
                                                   286,424
                                                  --------
Semiconductors -- 7.89%                                   
  Advanced Micro Devices, Inc.+........... 4,600   120,428
  Broadcom Corp., Class A+................ 1,200    55,848
  Freescale Semiconductor, Inc., Class A+. 2,125    54,719
  Marvell Technology Group, Ltd.+......... 3,100   172,174
  Microchip Technology, Inc............... 1,600    53,376
  Microsemi Corp.+........................ 3,653   101,371
  Portalplayer, Inc.+..................... 4,100    98,523
  Tessera Technologies, Inc.+............. 2,320    63,800
  Trident Microsystems, Inc.+............. 9,158   172,536
                                                  --------
                                                   892,775
                                                  --------
                                                                [Download Table]


                                                          Shares/               
                                                         Principal     Value    
                                                          Amount      (Note 2)  
                                                                                

--------------------------------------------------------------------------------
Telecommunications -- 6.91%                                                     
  Adtran, Inc...........................................    6,609   $   195,362 
  Crown Castle International Corp.+.....................    5,625       154,125 
  NII Holdings, Inc., Class B+..........................    5,040       218,988 
  Tellabs, Inc.+........................................   20,763       213,028 
                                                                    ----------- 
                                                                        781,503 
                                                                    ----------- 
Therapeutics -- 1.60%                                                           
  Neurocrine Biosciences, Inc.+.........................    3,037       180,762 
                                                                    ----------- 
Tobacco -- 0.77%                                                                
  Loews Corp. - Carolina Group..........................    2,170        87,342 
                                                                    ----------- 
Utilities - Gas, Pipeline -- 0.56%                                              
  Questar Corp..........................................      850        63,376 
                                                                    ----------- 
Water Services - 1.34%                                                          
  Aqua America, Inc.....................................    4,100       151,659 
                                                                    ----------- 
Total Long-Term Investment Securities                                           
   (Cost $9,649,365)....................................             11,035,799 
                                                                    ----------- 
SHORT-TERM INVESTMENTS -- 4.24%                                                 
Time Deposit -- 4.24%                                                           
  Euro Time Deposit with State Street Bank & Trust Co.:                         
   1.40% due 12/01/05                                                           
   (Cost $480,000)...................................... $480,000       480,000 
                                                                    ----------- 
TOTAL INVESTMENTS                                                               
   (Cost $10,129,365)(1)................................   101.79%   11,515,799 
Liabilities in excess of other assets...................    (1.79)%    (202,084)
                                                         --------   ----------- 
NET ASSETS --                                              100.00%  $11,313,715 
                                                         ========   =========== 

--------                                                                        
ADR--American Depository Receipt                                                
+  Non-income producing security                                                
(1)See Note 5 for cost of investments on a tax basis.                           

See Notes to Financial Statements                                               

N-CSRS 82nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 82nd
                                                                [Download Table]
                                                                          
78  MONEY MARKET I FUND - PORTFOLIO PROFILE (Unaudited)  November 30, 2005

Industry Allocation*                                                            

                                                                [Download Table]
                                     
Asset Backed/Receivables...... 19.86%
Asset Backed/Multi-Asset...... 18.66%
Asset Backed/Securities....... 12.41%
Finance....................... 10.96%
Foreign Bank..................  9.72%
Diversified Financial Services  6.48%
Money Center Banks............  5.73%
Investment Bank/Brokerage.....  5.73%
Domestic Bank.................  3.74%
Sovereign Agency..............  3.73%
Asset Backed/CLOs.............  2.48%
Commercial Bank...............  0.15%
                               ----- 
                               99.65%
                               ===== 

                                                                [Download Table]
                                     
Weighted Average Days to Maturity 37 

Credit Quality*+#                                                               

                                                                [Download Table]
                        
A-1.............  96.27%
Government-Agent   3.73%
                 ------ 
                 100.00%
                 ====== 

*  Calculated as a percentage of Net Assets.                                    
+  Source: Standard and Poors                                                   
#  Calculated as a percentage of total debt issues.                             

N-CSRS 83rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 83rd
                                                                [Download Table]
                                                                                 
November 30, 2005  MONEY MARKET I FUND - SCHEDULE OF INVESTMENTS (Unaudited)  79 

                                                                [Download Table]


                                         Principal     Value    
                                          Amount      (Note 2)  
                                                                
----------------------------------------------------------------
ASSET BACKED COMMERCIAL PAPER -- 47.19%                         
  Amstel Funding Corp.:                                         
   3.84% due 12/15/05*................. $ 5,000,000 $  4,992,533
  Amsterdam Funding Corp.:                                      
   4.02% due 12/09/05*.................   5,000,000    4,995,533
   4.10% due 01/23/06*.................  10,000,000    9,939,639
  Atlantis One Funding Corp.:                                   
   4.10% due 01/23/06*.................  10,000,000    9,939,639
  Barton Capital LLC:                                           
   4.08% due 01/10/06*.................   5,000,000    4,977,333
   4.13% due 01/25/06*.................  10,000,000    9,936,903
  Cafco LLC:                                                    
   4.16% due 01/27/06*.................   5,000,000    4,967,067
   4.18% due 01/30/06*.................   5,000,000    4,965,208
  Cancara Asset Securitisation, Ltd.:                           
   3.75% due 12/01/05*.................   5,000,000    5,000,000
   4.02% due 01/09/06*.................   5,000,000    4,978,225
  Charta LLC:                                                   
   3.98% due 12/15/05*.................  10,000,000    9,984,522
   4.11% due 01/13/06*.................   5,000,000    4,975,454
  Clipper Receivables Corp:                                     
   4.03% due 12/14/05..................   5,000,000    4,992,724
  CRC Funding LLC:                                              
   4.27% due 02/07/06*.................   5,000,000    4,959,672
  Edison Asset Securitization LLC:                              
   4.02% due 12/09/05*.................  10,000,000    9,991,067
  Galaxy Funding, Inc.:                                         
   4.03% due 01/10/06*.................   5,000,000    4,977,611
  Giro Funding United States Corp.:                             
   3.84% due 12/15/05*.................   5,000,000    4,992,533
  Govco, Inc.:                                                  
   4.04% due 01/12/06*.................   5,000,000    4,976,433
   4.28% due 02/23/06*.................   5,000,000    4,950,067
  Greyhawk Funding LLC:                                         
   4.02% due 01/05/06*.................   5,000,000    4,980,458
   4.23% due 02/08/06*.................   5,000,000    4,959,463
  Jupiter Securitization Corp.:                                 
   4.03% due 12/06/05*.................   5,000,000    4,997,205
  Ranger Funding Co., LLC:                                      
   4.05% due 12/15/05*.................  10,000,000    9,984,250
  Sheffield Receivables Corp.:                                  
   4.13% due 01/04/06*.................   5,000,000    4,980,497
  Surrey Funding Corp.:                                         
   4.17% due 02/03/06*.................   5,000,000    4,962,934
   4.23% due 01/30/06*.................   5,000,000    4,964,750
  Sydney Capital Corp.:                                         
   4.10% due 12/21/05*.................   5,000,000    4,988,611
   4.28% due 02/14/06*.................   5,000,000    4,955,417
  Thames Asset Global Sec Yrs1+2:                               
   4.03% due 12/06/05*.................   5,000,000    4,997,201
   4.10% due 12/20/05*.................   5,000,000    4,989,181
  Windmill Funding Corp.:                                       
   4.02% due 12/09/05*.................   5,000,000    4,995,533
   4.08% due 12/20/05*.................   5,000,000    4,989,234
                                                    ------------
Total Asset-Backed Commercial Paper                             
   (Cost $189,236,897).................              189,236,897
                                                    ------------
CERTIFICATES OF DEPOSIT -- 17.71%                               
  Barclays Bank PLC:                                            
   3.92% due 12/07/05(1)...............   5,000,000    5,000,008
  BNP Paribas:                                                  
   3.75% due 12/28/05(1)...............   5,000,000    5,000,019
   4.16% due 01/09/06(1)...............   5,000,000    5,000,027
  Citibank NA:                                                  
   3.90% due 12/23/05..................   8,000,000    8,000,000
   4.02% due 01/05/06..................   5,000,000    5,000,000
  Deutsche Bank:                                                
   4.00% due 01/06/06..................   5,000,000    5,000,000
                                                                [Download Table]


                                         Principal     Value    
                                          Amount      (Note 2)  
                                                                

----------------------------------------------------------------
CERTIFICATES OF DEPOSIT (continued)                             
  Fortis Bank:                                                  
   4.26% due 01/31/06.................. $ 5,000,000 $  5,000,042
  Lloyds Bank PLC:                                              
   4.12% due 01/23/06(1)...............   8,000,000    8,000,058
  Royal Bank of Scotland PLC:                                   
   4.31% due 09/29/06..................   5,000,000    5,000,000
  UBS AG:                                                       
   4.15% due 01/09/06..................   5,000,000    5,000,000
   4.22% due 02/06/06..................   5,000,000    5,000,000
  Wells Fargo & Co.:                                            
   4.03% due 12/09/05..................  10,000,000   10,000,000
                                                    ------------
Total Certificates of Deposit                                   
   (Cost $71,000,154)..................               71,000,154
                                                    ------------
COMMERCIAL PAPER -- 15.91%                                      
  Bear Stearns Co., Inc.:                                       
   3.75% due 12/01/05..................   5,000,000    5,000,000
   4.11% due 01/23/06..................   5,000,000    4,969,746
  Ciesco, LP:                                                   
   4.10% due 01/18/06*.................  10,000,000    9,945,333
  Dexia Credit Local SA:                                        
   4.03% due 12/05/05(1)...............   5,000,000    4,999,371
  Falcon Asset Securitization:                                  
   4.09% due 12/19/05*.................   5,000,000    4,989,775
   4.13% due 01/04/06*.................   5,000,000    4,980,497
  General Electric Capital Corp.:                               
   4.17% due 02/01/06..................   5,000,000    4,964,092
  General Electric Co.:                                         
   3.99% due 12/27/05..................   5,000,000    4,985,592
  Goldman Sachs Group, Inc.:                                    
   4.14% due 12/18/05(1)...............   5,000,000    5,000,000
  HBOS Treasury Services PLC:                                   
   3.95% due 12/13/05..................   9,000,000    8,988,150
  Merrill Lynch & Co., Inc.:                                    
   4.00% due 12/09/05..................   5,000,000    4,995,556
                                                    ------------
Total Commercial Paper                                          
   (Cost $63,818,112)..................               63,818,112
                                                    ------------
MEDIUM TERM NOTES -- 11.72%                                     
  Beta Finance, Inc.:                                           
   4.07% due 12/15/05*(1)..............   5,000,000    5,000,000
  Merrill Lynch & Co., Inc.:                                    
   4.10% due 12/15/05(1)...............   3,000,000    3,000,000
  Sedna Finance, Inc.:                                          
   4.09% due 12/15/05*(1)..............   5,000,000    5,000,000
   4.15% due 12/28/05*(1)..............  10,000,000   10,000,000
  Sigma Finance, Inc.:                                          
   4.05% due 12/06/05*(1)..............   9,000,000    9,000,000
   4.14% due 12/28/05*(1)..............   5,000,000    4,999,854
  Wells Fargo & Co.:                                            
   4.05% due 12/03/05(1)...............   5,000,000    5,000,000
  White Pine Finance LLC:                                       
   4.08% due 12/15/05*(1)..............   5,000,000    4,999,889
                                                    ------------
Total Medium Term Notes                                         
   (Cost $46,999,743)..................               46,999,743
                                                    ------------
U.S. GOVERNMENT AGENCIES -- 3.73%                               
  Federal Home Loan Bank:                                       
   4.16% due 02/01/06..................   5,000,000    4,964,178
  Federal National Mtg. Assoc.:                                 
   4.00% due 08/08/06(1)...............   5,000,000    5,000,000
   4.01% due 12/01/05(1)...............   5,000,000    4,999,782
                                                    ------------
Total U.S. Government Agencies                                  
   (Cost $14,963,960)..................               14,963,960
                                                    ------------
Total Short-Term Investments Securities                         
   (Cost $386,018,866).................             $386,018,866
                                                    ------------

N-CSRS 84th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 84th
                                                                [Download Table]
                                                                                  
80  MONEY MARKET I FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  November 30, 2005
                             CONTINUED                                            

                                                                [Download Table]


                                                    Principal      Value    
                                                     Amount       (Note 2)  
                                                                            
----------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 3.39%                                              
  State Street Bank & Trust Co., Joint Repurchase                           
   Agreement(2)................................... $   595,000  $    595,000
  UBS Warburg, LLC, Joint Repurchase                                        
   Agreement(2)...................................  13,000,000    13,000,000
                                                                ------------
Total Repurchase Agreement                                                  
   (Cost $13,595,000).............................                13,595,000
                                                                ------------
TOTAL INVESTMENTS                                                           
   (Cost $399,613,866)(3).........................       99.65%  399,613,866
Other assets less liabilities.....................        0.35%    1,390,176
                                                   -----------  ------------
NET ASSETS --                                           100.00% $401,004,042
                                                   ===========  ============

--------                                                                        
*  Securities exempt from registration under Rule 144A of the Securities Act of 
  1933. These securities may be sold in transactions exempt from registration,
  normally to qualified institutional buyers. The Fund has no rights to demand
 registration of these securities. At November 30, 2005, the aggregate value
of these securities was $243,159,522 representing 60.64% of net assets.   
Unless otherwise pricing procedures for foreign equity securities.        
(1)Variable rate security - the rate reflected is as of November 30, 2005;      
maturity date reflects next reset date.                                   
(2)See Note 2 for details of Joint Repurchase Agreement.                        
(3)See Note 5 for cost of investments on a tax basis.                           

See Notes to Financial Statements                                               

N-CSRS 85th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 85th
                                                                [Download Table]
                                                                                
November 30, 2005  NASDAQ 100(R) INDEX FUND - PORTFOLIO PROFILE (Unaudited)  81 

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Information Processing -- Software  13.39%
Semiconductors....................  13.32%
Telecommunications................  11.40%
Information Processing -- Hardware   9.70%
Information Processing -- Services   9.24%
Collective Investment Pool........   9.20%
Medical -- Biomedical/Gene........   7.88%
Retail............................   7.33%
Repurchase Agreement..............   5.09%
Leisure & Tourism.................   3.91%
Broadcasting......................   3.72%
Electronics/Electrical Equipment..   2.21%
Commercial Services...............   2.04%
Drugs.............................   1.77%
Medical Technology................   1.65%
Therapeutics......................   1.59%
Schools...........................   1.18%
Freight...........................   1.00%
Heavy Duty Trucks/Parts...........   0.97%
Healthcare........................   0.90%
United States Treasury Bills......   0.53%
Building Materials................   0.40%
Chemical..........................   0.30%
Advertising.......................   0.28%
Paper/Forest Products.............   0.22%
                                   ------ 
                                   109.22%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 86th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 86th
                                                                [Download Table]
                                                                         
82  NASDAQ 100(R) INDEX FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                        (Unaudited)                                      

                                                                [Download Table]


                                                                 Value   
                                                       Shares   (Note 2) 
                                                                         
-------------------------------------------------------------------------
COMMON STOCK -- 94.40%                                                   
Advertising -- 0.28%                                                     
  Lamar Advertising Co., Class A+#....................   5,760 $  266,976
                                                               ----------
Broadcasting -- 3.72%                                                    
  Comcast Corp., Class A+.............................  63,520  1,676,928
  EchoStar Communications Corp., Class A..............  14,660    378,814
  Liberty Global, Inc. Class A+.......................  16,090    358,968
  Sirius Satellite Radio, Inc.+#......................  95,770    684,756
  XM Satellite Radio Holdings, Inc., Class A+#........  15,240    445,922
                                                               ----------
                                                                3,545,388
                                                               ----------
Building Materials -- 0.40%                                              
  Fastenal Co.........................................   9,620    381,914
                                                               ----------
Chemical -- 0.30%                                                        
  Sigma-Aldrich Corp.#................................   4,320    285,293
                                                               ----------
Commercial Services -- 2.04%                                             
  CDW Corp............................................   5,580    327,267
  Cintas Corp.........................................  13,460    601,931
  Paychex, Inc........................................  23,950  1,015,720
                                                               ----------
                                                                1,944,918
                                                               ----------
Drugs -- 1.77%                                                           
  Sepracor, Inc.+#....................................   6,810    374,414
  Teva Pharmaceutical Industries, Ltd. Sponsored ADR#.  31,950  1,306,116
                                                               ----------
                                                                1,680,530
                                                               ----------
Electronics/Electrical Equipment -- 2.21%                                
  American Power Conversion Corp......................  13,020    291,778
  Comverse Technology, Inc.+..........................  13,850    363,008
  Flextronics International, Ltd.+....................  41,350    426,732
  Garmin, Ltd.#.......................................   6,670    367,517
  JDS Uniphase Corp.+#................................ 125,710    323,075
  Molex, Inc.#........................................   6,600    176,814
  Sanmina-SCI Corp.+..................................  37,380    154,753
                                                               ----------
                                                                2,103,677
                                                               ----------
Freight -- 1.00%                                                         
  CH Robinson Worldwide, Inc..........................  11,280    456,276
  Expeditors International of Washington, Inc.#.......   6,980    495,650
                                                               ----------
                                                                  951,926
                                                               ----------
Healthcare -- 0.90%                                                      
  Dentsply International, Inc.........................   5,080    282,600
  Lincare Holdings, Inc.+.............................   6,310    270,888
  Patterson Cos., Inc.+#..............................   8,810    307,822
                                                               ----------
                                                                  861,310
                                                               ----------
Heavy Duty Trucks/Parts -- 0.97%                                         
  PACCAR, Inc.........................................  12,800    919,808
                                                               ----------
Information Processing - Hardware -- 9.70%                               
  Apple Computer, Inc.+@..............................  77,090  5,228,244
  Dell, Inc.+.........................................  58,740  1,771,598
  Juniper Networks, Inc.+.............................  24,540    551,905
  Network Appliance, Inc.+............................  25,620    746,054
  Sandisk Corp.+......................................  11,100    566,766
  Sun Microsystems, Inc.+.............................  98,810    372,514
                                                               ----------
                                                                9,237,081
                                                               ----------
Information Processing - Services -- 9.24%                               
  Check Point Software Technologies, Ltd.+............  16,060    341,917
  Cognizant Technology Solutions Corp., Class A+......   8,860    430,508
  eBay, Inc.+.........................................  67,250  3,013,473
  Fiserv, Inc.+.......................................  15,680    713,597
  IAC/InterActiveCorp+................................  22,230    613,770
  Symantec Corp.+.....................................  75,320  1,330,905
  Synopsys, Inc.+.....................................   8,870    173,142
  VeriSign, Inc.+#....................................  16,640    369,907
  Yahoo!, Inc.+.......................................  45,110  1,814,775
                                                               ----------
                                                                8,801,994
                                                               ----------
                                                                [Download Table]


                                                      Value    
                                            Shares   (Note 2)  
                                                               

---------------------------------------------------------------
Information Processing - Software -- 13.39%                    
  Adobe Systems, Inc.......................  32,130 $ 1,047,759
  Autodesk, Inc............................  15,850     661,262
  BEA Systems, Inc.+.......................  24,270     212,848
  Citrix Systems, Inc.+....................  13,490     366,119
  Intuit, Inc.+............................  15,210     814,800
  Mercury Interactive Corp.+...............   6,150     170,970
  Microsoft Corp........................... 245,570   6,804,745
  Oracle Corp.+............................ 143,480   1,803,543
  Pixar, Inc.+#............................   7,950     440,748
  Siebel Systems, Inc.#....................  40,750     427,875
                                                    -----------
                                                     12,750,669
                                                    -----------
Leisure & Tourism -- 3.91%                                     
  Electronic Arts, Inc.+...................  20,380   1,148,617
  Starbucks Corp.+.........................  71,160   2,166,822
  Wynn Resorts, Ltd.+#.....................   7,220     403,092
                                                    -----------
                                                      3,718,531
                                                    -----------
Medical - Biomedical/Gene -- 7.88%                             
  Amgen, Inc.+.............................  38,300   3,099,619
  Biogen Idec, Inc.+.......................  24,490   1,048,417
  Celgene Corp.+...........................  11,080     674,994
  Genzyme Corp.+...........................  21,430   1,593,106
  Invitrogen Corp.+........................   3,320     221,278
  MedImmune, Inc.+.........................  17,560     630,580
  Millennium Pharmaceuticals, Inc.+........  22,550     237,000
                                                    -----------
                                                      7,504,994
                                                    -----------
Medical Technology -- 1.65%                                    
  Biomet, Inc..............................  22,380     797,175
  Chiron Corp.+#...........................  17,500     775,250
                                                    -----------
                                                      1,572,425
                                                    -----------
Paper/Forest Products -- 0.22%                                 
  Smurfit-Stone Container Corp.+...........  16,590     210,195
                                                    -----------
Retail -- 7.33%                                                
  Amazon.com, Inc.+#.......................  18,210     882,457
  Bed Bath & Beyond, Inc.+.................  26,490   1,130,063
  Costco Wholesale Corp....................  16,820     840,664
  Dollar Tree Stores, Inc.+................   6,950     159,572
  Express Scripts, Inc., Class A+..........   8,840     746,626
  PETsMART, Inc............................   9,480     225,814
  Ross Stores, Inc.#.......................   9,590     263,725
  Sears Holdings Corp.+....................  11,480   1,320,430
  Staples, Inc.............................  32,885     759,643
  Whole Foods Market, Inc..................   4,400     648,032
                                                    -----------
                                                      6,977,026
                                                    -----------
Schools -- 1.18%                                               
  Apollo Group, Inc., Class A+.............  12,160     865,792
  Career Education Corp.+..................   6,980     260,354
                                                    -----------
                                                      1,126,146
                                                    -----------
Semiconductors -- 13.32%                                       
  Altera Corp.+............................  34,910     637,457
  Applied Materials, Inc...................  55,890   1,012,168
  ATI Technologies, Inc.+#.................  16,560     270,922
  Broadcom Corp., Class A+.................  17,150     798,161
  Intel Corp............................... 142,110   3,791,495
  Intersil Corp., Class A..................  10,320     264,708
  KLA-Tencor Corp..........................  15,940     815,969
  Lam Research Corp.+......................   9,390     352,501
  Linear Technology Corp...................  27,320   1,019,309
  Marvell Technology Group, Ltd.+..........  17,810     989,167
  Maxim Integrated Products, Inc...........  30,610   1,118,795
  Microchip Technology, Inc................  11,590     386,642
  Novellus Systems, Inc.+..................   9,420     232,391
  QLogic Corp.+............................   5,470     180,838
  Xilinx, Inc..............................  30,890     816,732
                                                    -----------
                                                     12,687,255
                                                    -----------

N-CSRS 87th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 87th
                                                                [Download Table]
                                                                          
November 30, 2005  NASDAQ 100(R) INDEX FUND - SCHEDULE OF INVESTMENTS  83 
                                 (Unaudited) - CONTINUED                  

                                                                [Download Table]


                                                   Shares/              
                                                  Principal    Value    
                                                   Amount     (Note 2)  
                                                                        
------------------------------------------------------------------------
COMMON STOCK (continued)                                                
Telecommunications -- 11.40%                                            
  Cisco Systems, Inc.+...........................    152,070 $ 2,667,308
  Level 3 Communications, Inc.+#.................     45,950     156,230
  MCI, Inc.......................................     23,670     470,086
  NTL, Inc.+#....................................      6,180     359,862
  QUALCOMM, Inc..................................    131,370   5,973,394
  Research In Motion, Ltd.+......................     12,710     776,962
  Telefonaktiebolaget LM Ericsson ADR, Class B+#.      8,560     278,885
  Tellabs, Inc.+.................................     16,990     174,317
                                                             -----------
                                                              10,857,044
                                                             -----------
Therapeutics -- 1.59%                                                   
  Gilead Sciences, Inc.+.........................     29,900   1,515,631
                                                             -----------
Total Long-Term Investment Securities                                   
   (Cost $70,409,183)............................             89,900,731
                                                             -----------
SHORT-TERM INVESTMENT SECURITIES -- 9.73%                               
Collective Investment Pool -- 9.20%                                     
  Securities Lending Quality Trust(1)............  8,765,878   8,765,878
                                                             -----------
Government Obligations -- 0.53%                                         
  United States Treasury Bills:                                         
   3.45% due 12/01/05@........................... $   50,000      50,000
   3.50% due 12/08/05@...........................     35,000      34,976
   3.51% due 12/15/05@...........................     15,000      14,980
   3.70% due 12/01/05@...........................     90,000      90,000
   3.85% due 12/22/05@...........................     60,000      59,865
   3.86% due 12/15/05@...........................     60,000      59,910
   3.89% due 12/15/05@...........................     20,000      19,970
                                                        [Enlarge/Download Table]


                                                             Principal      Value     
                                                              Amount       (Note 2)   
                                                                                      

--------------------------------------------------------------------------------------
Government Obligations (continued)                                                    
   3.91% due 12/15/05@..................................... $   25,000   $     24,962 
   3.92% due 12/15/05@.....................................    125,000        124,810 
   3.96% due 12/15/05@.....................................     20,000         19,969 
                                                                         ------------ 
                                                                              499,442 
                                                                         ------------ 
Total Short-Term Investments                                                          
   (Cost $9,265,320).......................................                 9,265,320 
                                                                         ------------ 
REPURCHASE AGREEMENT -- 5.09%                                                         
  Agreement with State Street Bank & Trust Co., bearing                               
   interest at 3.68%, dated 11/30/05, to be repurchased                               
   12/01/05 in the amount of $4,851,496 and collateralized                            
   by Federal Home Loan Bank Notes, bearing interest at                               
   4.13%, due 10/19/07 and having an approximate value                                
   of $4,951,260 (Cost $4,851,000)@........................  4,851,000      4,851,000 
                                                                         ------------ 
TOTAL INVESTMENTS                                                                     
   (Cost $84,525,503)(2)...................................     109.22%   104,017,051 
Liabilities in excess of other assets......................      (9.22)%   (8,781,329)
                                                            ----------   ------------ 
NET ASSETS --                                                   100.00%  $ 95,235,722 
                                                            ==========   ============ 

--------                                                                        
ADR--American Depository Receipt                                                
+  Non-income producing security                                                
#  The security or a portion thereof is out on loan.                            
@  The security or a portion thereof represents collateral for open futures     
contracts.                                                                
(1)The security is purchased with the cash collateral received from securities  
loaned.                                                                   
(2)See Note 5 for cost of investments on a tax basis.                           

                                                                [Download Table]

Open Futures Contracts                                                              
------------------------------------------------------------------------------------
                                                                        Unrealized  
Number of                   Expiration    Value at     Value as of     Appreciation 
Contracts   Description        Date      Trade Date November 30, 2005 (Depreciation)
------------------------------------------------------------------------------------
                                                                                    
 32 Long  Nasdaq 100 Index December 2005 $5,215,115    $5,360,000        $144,885   
                                                                         ========   

See Notes to Financial Statements                                               

N-CSRS 88th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 88th
                                                                [Download Table]
                                                                                
84  SCIENCE & TECHNOLOGY FUND - PORTFOLIO PROFILE (Unaudited)  November 30, 2005

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Semiconductors....................  20.19%
Information Processing -- Software  20.18%
Information Processing -- Services  19.42%
Information Processing -- Hardware  15.97%
Telecommunications................  10.80%
Collective Investment Pool........   4.62%
Electronics/Electrical Equipment..   4.29%
Oil & Gas.........................   1.92%
Leisure & Tourism.................   1.73%
Registered Investment Companies...   1.56%
Commercial Services...............   1.51%
Medical Technology................   0.53%
Insurance.........................   0.43%
Multimedia........................   0.36%
Utilities -- Communication........   0.27%
Time Deposit......................   0.23%
Retail............................   0.22%
Broadcasting......................   0.08%
Medical -- Biomedical/Gene........   0.05%
Advertising.......................   0.03%
                                   ------ 
                                   104.39%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 89th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 89th
                                                                [Download Table]
                                                                           
November 30, 2005  SCIENCE & TECHNOLOGY FUND - SCHEDULE OF INVESTMENTS  85 
                                 (Unaudited) - CONTINUED                   

                                                                [Download Table]


                                                               Value    
                                                   Shares     (Note 2)  
                                                                        
------------------------------------------------------------------------
COMMON STOCK -- 97.98%                                                  
Advertising -- 0.03%                                                    
  Greenfield Online, Inc.+.......................    61,110 $    309,828
                                                            ------------
Broadcasting -- 0.08%                                                   
  Usen Corp.(3)..................................    26,500      659,858
  XM Satellite Radio Holdings, Inc., Class A+....     7,000      204,820
                                                            ------------
                                                                 864,678
                                                            ------------
Commercial Services -- 1.51%                                            
  Accenture, Ltd., Class A.......................   304,714    8,666,066
  CDW Corp.......................................   148,864    8,730,874
                                                            ------------
                                                              17,396,940
                                                            ------------
Electronics/Electrical Equipment -- 4.29%                               
  Cogent, Inc.+#.................................   235,243    5,556,440
  Comverse Technology, Inc.+.....................       960       25,161
  Energy Conversion Devices, Inc.+...............    31,200      915,720
  Flextronics International, Ltd.+...............   796,068    8,215,422
  Jabil Circuit, Inc.+...........................   185,210    6,134,155
  LG Electronics, Inc.(3)........................    46,948    3,545,450
  Samsung Electronics Co., Ltd. GDR+*(4).........       180       52,155
  Samsung Electronics Co., Ltd., Reg S GDR(3)....    70,644   20,353,756
  Samsung SDI Co., Ltd+*.........................   168,000    4,388,966
  Sumco Corp.+...................................     5,600      215,942
  Sunpower Corp.+................................     1,875       46,875
                                                            ------------
                                                              49,450,042
                                                            ------------
Information Processing - Hardware -- 15.97%                             
  Apple Computer, Inc.+..........................   126,000    8,545,320
  Dell, Inc.+.................................... 1,914,862   57,752,238
  EMC Corp.+..................................... 2,527,778   35,211,948
  Hewlett-Packard Co.............................   361,500   10,725,705
  International Business Machines Corp...........   373,495   33,203,706
  Juniper Networks, Inc.+........................ 1,159,915   26,086,488
  Network Appliance, Inc.+.......................   148,220    4,316,166
  Sandisk Corp.+.................................   159,000    8,118,540
                                                            ------------
                                                             183,960,111
                                                            ------------
Information Processing - Services -- 19.42%                             
  Cadence Design Systems, Inc.+..................   655,662   11,238,047
  Checkfree Corp.+...............................    57,000    2,670,450
  Cognizant Technology Solutions Corp., Class A+.    67,800    3,294,402
  Ctrip.com International, Ltd. ADR+.............    61,500    3,584,835
  eBay, Inc.+....................................   685,005   30,695,074
  First Data Corp................................   448,629   19,412,177
  Google, Inc.+..................................    89,191   36,121,463
  Macromedia, Inc.+#.............................   124,712    5,594,580
  McAfee, Inc.+..................................   205,860    5,724,966
  Monster Worldwide, Inc.+.......................   114,893    4,469,338
  NCR Corp.+.....................................    61,260    2,079,777
  Netease.com, Inc.+.............................    42,100    2,398,858
  Sina Corp.+....................................    52,400    1,306,856
  Symantec Corp.+................................ 1,087,589   19,217,698
  Synopsys, Inc.+................................   259,664    5,068,641
  VeriSign, Inc.+................................ 1,143,022   25,409,379
  Yahoo!, Inc.+.................................. 1,127,341   45,352,928
                                                            ------------
                                                             223,639,469
                                                            ------------
Information Processing - Software -- 20.18%                             
  Autodesk, Inc..................................   229,570    9,577,660
  Cerner Corp.+..................................    66,600    6,420,240
  Citrix Systems, Inc.+..........................   150,874    4,094,720
  Cognos, Inc.+#.................................   438,413   14,708,756
  Intuit, Inc.+..................................    60,787    3,256,360
  Mercury Interactive Corp.+#....................   358,472    9,965,522
  Microsoft Corp................................. 2,871,798   79,577,523
  NAVTEQ Corp.+..................................   174,665    7,335,930
  Oracle Corp.+.................................. 3,061,642   38,484,840
  Pixar, Inc.+...................................    94,200    5,222,448
                                                                [Download Table]


                                                                Value    
                                                    Shares     (Note 2)  
                                                                         

-------------------------------------------------------------------------
Information Processing - Software (continued)                            
  Red Hat, Inc.+#................................. 1,121,802 $ 26,440,873
  Salesforce.com, Inc.+...........................    75,000    2,388,750
  SAP AG(3).......................................    60,711   10,923,352
  SAP AG Sponsored ADR............................   162,313    7,328,432
  Tencent Holdings, Ltd.(3)....................... 2,610,000    2,643,324
  THQ, Inc.+......................................    81,900    1,860,768
  TIBCO Software, Inc.+...........................   256,000    2,142,720
                                                             ------------
                                                              232,372,218
                                                             ------------
Insurance -- 0.43%                                                       
  Telvent GIT SA+.................................    70,290      772,487
  WellPoint, Inc.+................................    54,600    4,194,918
                                                             ------------
                                                                4,967,405
                                                             ------------
Leisure & Tourism -- 1.73%                                               
  Activision, Inc.+...............................   109,989    1,463,953
  Dreamworks Animation SKG, Inc., Class A+#.......   143,076    3,629,838
  Electronic Arts, Inc.+..........................    73,185    4,124,707
  International Game Technology#..................   235,368    6,908,051
  Nintendo Co., Ltd.(3)...........................       200       21,906
  Take-Two Interactive Software, Inc.+#...........   208,400    3,803,300
                                                             ------------
                                                               19,951,755
                                                             ------------
Medical - Biomedical/Gene -- 0.05%                                       
  Affymetrix, Inc.+...............................    12,700      625,348
                                                             ------------
Medical Technology -- 0.53%                                              
  Boston Scientific Corp.+........................   231,749    6,136,713
                                                             ------------
Multimedia -- 0.36%                                                      
  Time Warner, Inc................................   231,389    4,160,374
                                                             ------------
Oil & Gas -- 1.92%                                                       
  Baker Hughes, Inc...............................    32,400    1,858,140
  Cooper Cameron Corp.+...........................    27,800    2,213,714
  Diamond Offshore Drilling, Inc..................    25,300    1,583,274
  ENSCO International, Inc........................    38,100    1,804,416
  GlobalSantaFe Corp..............................    30,200    1,369,872
  Grant Prideco, Inc.+............................    50,800    1,950,212
  Halliburton Co..................................     8,900      566,485
  Nabors Industries, Ltd.+........................    20,700    1,449,207
  National-Oilwell Varco, Inc.+...................    15,100      915,362
  Patterson-UTI Energy, Inc.......................    46,100    1,440,164
  Schlumberger, Ltd...............................    31,900    3,053,787
  Smith International, Inc........................    11,090      419,091
  Valero Energy Corp..............................    27,100    2,607,020
  Weatherford International, Ltd.+................    12,500      868,875
                                                             ------------
                                                               22,099,619
                                                             ------------
Retail -- 0.22%                                                          
  Best Buy Co., Inc...............................    52,800    2,547,072
                                                             ------------
Semiconductors -- 20.19%                                                 
  Advanced Micro Devices, Inc.+...................    87,780    2,298,080
  Altera Corp.+...................................   871,583   15,915,106
  Analog Devices, Inc.............................   758,887   28,776,995
  Applied Materials, Inc..........................   422,306    7,647,962
  ASML Holding NV+#...............................   216,042    4,139,365
  Broadcom Corp., Class A+........................   107,031    4,981,223
  Chartered Semiconductor Manufacturing, Ltd.+(3). 6,000,000    4,400,986
  Cypress Semiconductor Corp.+....................    36,300      544,500
  Freescale Semiconductor, Inc., Class A+.........    27,600      710,700
  Freescale Semiconductor, Inc., Class B+.........    22,500      580,500
  Intel Corp...................................... 1,336,501   35,657,847
  Intersil Corp., Class A.........................   110,150    2,825,348
  KLA-Tencor Corp.................................   156,652    8,019,016
  Linear Technology Corp..........................   248,279    9,263,289
  Marvell Technology Group, Ltd.+.................   271,082   15,055,894
  Maxim Integrated Products, Inc..................   693,774   25,357,440
  Microchip Technology, Inc.......................   413,551   13,796,061

N-CSRS 90th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 90th
                                                                [Download Table]
                                                                          
86  SCIENCE & TECHNOLOGY FUND - SCHEDULE OF INVESTMENTS  November 30, 2005
                  (Unaudited) - CONTINUED                                 

                                                                [Download Table]


                                                              Value     
                                                 Shares      (Note 2)   
                                                                        
------------------------------------------------------------------------
COMMON STOCK (continued)                                                
Semiconductors (continued)                                              
  National Semiconductor Corp..................    69,200 $    1,790,896
  Novellus Systems, Inc.+......................   130,890      3,229,056
  QLogic Corp.+................................   107,240      3,545,354
  Taiwan Semiconductor Manufacturing Co., Ltd.                          
   Sponsored ADR#..............................   875,182      8,384,244
  Texas Instruments, Inc.......................    86,500      2,809,520
  Xilinx, Inc.................................. 1,238,217     32,738,457
                                                          --------------
                                                             232,467,839
                                                          --------------
Telecommunications -- 10.80%                                            
  ADC Telecommunications, Inc.+................    52,600      1,074,618
  Amdocs, Ltd.+................................   105,800      2,796,294
  Cisco Systems, Inc.+......................... 2,314,022     40,587,946
  Corning, Inc.+...............................   787,318     15,943,189
  Lucent Technologies, Inc.+#..................   814,490      2,272,427
  Motorola, Inc................................   388,600      9,361,374
  Nokia Oyj Sponsored ADR......................   983,350     16,795,618
  QUALCOMM, Inc................................   581,307     26,432,029
  Scientific-Atlanta, Inc......................    46,700      1,976,344
  TELUS Corp.+.................................    42,465      1,675,086
  TELUS Corp. (non-voting).....................   109,558      4,196,072
  ZTE Corp.(3).................................   465,200      1,322,924
                                                          --------------
                                                             124,433,921
                                                          --------------
Utilities - Communication -- 0.27%                                      
  Sprint Corp..................................   123,977      3,104,385
                                                          --------------
Total Long-Term Investment Securities                                   
   (Cost $1,037,424,416).......................            1,128,487,717
                                                          --------------
                                                        [Enlarge/Download Table]


                                                            Shares/                   
                                                           Principal       Value      
                                                            Amount        (Note 2)    
                                                                                      

--------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT SECURITIES -- 6.41%                                             
Collective Investment Pool -- 4.62%                                                   
  Securities Lending Quality Trust(1)...................  53,192,635   $   53,192,635 
                                                                       -------------- 
Registered Investment Companies -- 1.56%                                              
  T. Rowe Price Reserve Investment Fund.................  17,943,731       17,943,731 
                                                                       -------------- 
Time Deposit -- 0.23%                                                                 
  Euro Time Deposit with State Street Bank & Trust Co.:                               
   2.10% due 12/01/05................................... $ 2,620,000        2,620,000 
                                                                       -------------- 
Total Short-Term Investment Securities                                                
   (Cost $73,756,366)...................................                   73,756,366 
                                                                       -------------- 
TOTAL INVESTMENTS                                                                     
   (Cost $1,111,180,782)(2).............................      104.39%   1,202,244,083 
Liabilities in excess of other assets...................       (4.39)%    (50,533,806)
                                                         -----------   -------------- 
NET ASSETS --                                                 100.00%  $1,151,710,277 
                                                         ===========   ============== 

--------                                                                        
ADR--AmericanDepository Receipt                                                 
GDR--GlobalDepository Receipt                                                   
#  The security or a portion thereof is out on loan (see Note 2).               
+  Non-income producing security                                                
*  Securities exempt from registration under Rule 144A of the Securities Act of 
  1933. These securities may be sold in transactions exempt from registration,
  normally to qualified institutional buyers. The Fund has no rights to demand
 registration of these securities. At November 30, 2005, the aggregate value
 of these securities was $4,441,121 representing 0.39% of net assets. Unless
otherwise indicated, these securities are not considered to be illiquid.  
(1)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(2)See Note 5 for cost of investments on a tax basis.                           
(3)Security was valued using fair value procedures at November 30, 2005. See    
   Note 2 regarding fair value pricing procedures for foreign equity securities.
(4)Illiquid security.                                                           

See Notes to Financial Statements                                               

N-CSRS 91st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 91st
                                                                [Download Table]
                                                                      
November 30, 2005  SMALL CAP FUND - PORTFOLIO PROFILE (Unaudited)  87 

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Collective Investment Pool........  19.99%
Oil & Gas.........................   7.85%
Banks.............................   5.81%
Information Processing -- Services   5.75%
Leisure & Tourism.................   4.97%
Insurance.........................   4.46%
Electronics/Electrical Equipment..   4.28%
Commercial Services...............   4.06%
Retail............................   3.73%
Information Processing -- Software   3.55%
Real Estate Investment Trusts.....   3.16%
Apparel & Products................   3.08%
Medical Technology................   2.96%
Machinery.........................   2.90%
Metals............................   2.90%
Semiconductors....................   2.86%
Financial Services................   2.63%
Healthcare........................   2.62%
Drugs.............................   2.52%
Telecommunications................   2.32%
Automotive........................   2.12%
Chemical..........................   2.03%
Building Materials................   1.69%
Savings & Loan....................   1.60%
Freight...........................   1.48%
Foods.............................   1.31%
Human Resources...................   1.25%
Utilities -- Electric.............   1.25%
Information Processing -- Hardware   1.20%
Therapeutics......................   1.18%
Household Products................   1.04%
Home Builders.....................   1.01%
Broadcasting......................   0.98%
Aerospace/Defense.................   0.86%
Medical -- Biomedical/Gene........   0.72%
Appliances/Furnishings............   0.71%
Registered Investment Companies...   0.70%
Publishing........................   0.69%
Airlines..........................   0.68%
Hospital Supplies.................   0.57%
Time Deposits.....................   0.49%
Pollution Control.................   0.45%
Retirement/Aged Care..............   0.43%
Tobacco...........................   0.35%
Advertising.......................   0.33%
Fertilizers.......................   0.32%
Paper/Forest Products.............   0.30%
Utilities -- Gas, Distribution....   0.28%
Auto -- Replacement Parts.........   0.27%
Heavy Duty Trucks/Parts...........   0.25%
Hardware & Tools..................   0.23%
Textile -- Products...............   0.22%
Utilities -- Communication........   0.17%
Railroads & Equipment.............   0.15%
Consumer Service..................   0.14%
Schools...........................   0.14%
Water Services....................   0.09%
Funeral Services..................   0.05%
Electronic Instruments............   0.03%
Hospital Management...............   0.02%
Manufacturing.....................   0.01%
Mining............................   0.01%
Mobile Homes......................   0.01%
                                   ------ 
                                   120.21%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 92nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 92nd
                                                                [Download Table]
                                                                           
88  SMALL CAP FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005

                                                                [Download Table]


                                                    Value    
                                          Shares   (Note 2)  
                                                             
-------------------------------------------------------------
COMMON STOCK -- 99.03%                                       
Advertising -- 0.33%                                         
  R.H. Donnelley Corp.+..................  33,420 $ 2,104,792
                                                  -----------
Aerospace/Defense -- 0.86%                                   
  Alliant Techsystems, Inc.+.............   1,791     135,901
  ARGON ST, Inc.+#.......................   6,100     175,985
  Armor Holdings, Inc.+#.................  46,400   2,036,496
  DRS Technologies, Inc..................  28,800   1,422,720
  Esterline Technologies Corp.+..........   7,645     314,286
  Kaman Corp., Class A...................   4,226      81,182
  Moog, Inc., Class A+...................  17,300     506,717
  Teledyne Technologies, Inc.+...........  23,476     768,604
                                                  -----------
                                                    5,441,891
                                                  -----------
Airlines -- 0.68%                                            
  ExpressJet Holdings, Inc.+.............  90,900     792,648
  Frontier Airlines, Inc.+#..............  37,915     309,386
  Mesa Air Group, Inc.+#.................  11,777     121,068
  Midwest Express Holdings, Inc.+#.......  43,400     145,824
  SkyWest, Inc...........................  98,890   2,937,033
                                                  -----------
                                                    4,305,959
                                                  -----------
Apparel & Products -- 3.08%                                  
  AnnTaylor Stores Corp.+................  63,850   1,936,570
  Blair Corp.............................   1,011      37,710
  Brown Shoe Co., Inc....................   2,437     100,282
  Charming Shoppes, Inc.+................  93,369   1,097,086
  Children's Place Retail Stores, Inc.+#.  42,971   2,131,362
  Christopher & Banks Corp.#.............  29,900     450,892
  Columbia Sportswear Co.+#..............  19,000     883,120
  Finish Line, Inc., Class A.............  14,900     257,174
  Genesco, Inc.+#........................  46,535   1,845,113
  Guess ?, Inc.+.........................   1,746      59,154
  Gymboree Corp.+........................  38,300     864,048
  Hot Topic, Inc.+.......................  51,300     795,150
  J. Jill Group, Inc.+#..................  24,000     439,440
  K-Swiss, Inc., Class A.................  29,299     915,008
  Oakley, Inc............................  61,300     985,704
  Payless ShoeSource, Inc.+.............. 131,026   2,993,944
  Steven Madden, Ltd.+#..................   8,620     234,723
  Talbots, Inc...........................  49,800   1,355,556
  Under Armour, Inc.#....................   7,700     174,251
  Warnaco Group, Inc.+...................  51,500   1,265,355
  Wolverine World Wide, Inc..............  27,300     592,956
                                                  -----------
                                                   19,414,598
                                                  -----------
Appliances/Furnishings -- 0.71%                              
  CompX International, Inc., Class A#....   1,824      29,439
  Furniture Brands International, Inc....  42,900     855,855
  Griffon Corp.+.........................  25,300     616,308
  Herman Miller, Inc.....................  51,900   1,587,621
  Lancaster Colony Corp..................  35,600   1,388,400
                                                  -----------
                                                    4,477,623
                                                  -----------
Automotive -- 2.12%                                          
  Accuride Corp.+........................  29,000     377,000
  AO Smith Corp..........................  75,438   2,745,943
  Commercial Vehicle Group, Inc.+#.......  17,753     351,332
  CSK Auto Corp.+........................  26,063     403,976
  Goodyear Tire & Rubber Co.+#........... 249,635   4,276,248
  Keystone Automotive Industries, Inc.+..  21,100     590,800
  Monro Muffler Brake, Inc.+.............  26,400     814,704
  Strattec Security Corp.+...............  12,200     592,310
  TRW Automotive Holdings Corp.+.........  71,338   1,797,718
  United Auto Group, Inc.................  38,600   1,374,932
                                                  -----------
                                                   13,324,963
                                                  -----------
Auto - Replacement Parts -- 0.27%                            
  Sonic Automotive, Inc., Class A#.......  81,590   1,697,072
                                                  -----------
                                                                [Download Table]


                                                      Value    
                                            Shares   (Note 2)  
                                                               

---------------------------------------------------------------
Banks -- 5.81%                                                 
  Amegy Bancorp, Inc.#.....................  70,800 $ 1,690,704
  BancFirst Corp...........................   3,419     272,528
  Bank of Hawaii Corp......................  43,162   2,227,591
  BOK Financial Corp.......................   3,250     154,603
  Boston Private Financial Holdings, Inc.#.  15,300     474,300
  Capital Crossing Bank+#..................   1,144      37,512
  Cascade Bancorp#.........................  16,300     383,702
  Center Financial Corp....................   8,400     210,840
  Central Pacific Financial Corp...........  24,400     893,040
  Citizens Banking Corp.#..................  52,100   1,541,639
  City Holding Co..........................  35,506   1,295,259
  City National Corp.......................  26,505   1,935,660
  Columbia Banking System, Inc.............  25,400     732,790
  Commerce Bancshares, Inc.#...............  14,777     764,710
  Community Trust Bancorp, Inc.............   1,874      61,655
  Corus Bankshares, Inc.#..................  53,410   3,139,440
  Cullen/Frost Bankers, Inc................   5,111     275,278
  First American Corp., Class A............  11,237     528,701
  First Bancorp Puerto Rico#............... 174,281   2,108,800
  First Citizens BancShares, Inc., Class A.   3,824     716,885
  First Community Bancorp..................  26,700   1,381,992
  First Regional Bancorp+#.................   1,593     113,358
  First Republic Bank......................  33,825   1,311,395
  Fremont General Corp.#...................  42,508     995,112
  Frontier Financial Corp..................  11,000     356,180
  Glacier Bancorp, Inc.#...................  31,514   1,037,441
  International Bancshares Corp.#..........   3,697     110,910
  Mid-State Bancshares.....................  22,462     626,914
  Old Second Bancorp, Inc.#................   4,367     144,941
  Pinnacle Financial Partners, Inc.+#......   9,500     236,550
  Preferred Bank...........................   1,600      70,160
  Prosperity Bancshares, Inc.#.............   9,300     284,580
  Provident Bankshares Corp................  30,500   1,087,020
  R&G Financial Corp., Class B.............  96,400   1,227,172
  Republic Bancorp, Inc.................... 112,391   1,395,896
  Sandy Spring Bancorp, Inc.#..............  21,800     807,472
  Signature Bank+..........................  17,900     515,341
  Southwest Bancorp, Inc...................   3,447      77,799
  Sterling Bancshares, Inc.................  33,000     514,470
  Taylor Capital Group, Inc.#..............   4,223     165,499
  TCF Financial Corp.......................   1,603      44,018
  Texas Capital Bancshares, Inc.+#.........  25,300     610,742
  Trustmark Corp...........................  22,700     649,220
  Valley National Bancorp#.................  48,666   1,198,644
  Westamerica Bancorp......................  37,100   2,027,144
  Wilmington Trust Corp....................   3,371     136,492
  Wilshire Bancorp, Inc.#..................   2,230      37,932
                                                    -----------
                                                     36,610,031
                                                    -----------
Broadcasting -- 0.98%                                          
  Emmis Communications Corp., Class A+#....  20,600     429,304
  Entercom Communications Corp.+...........  15,000     477,750
  Gray Television, Inc.....................  92,100     821,532
  Insight Communications, Inc., Class A+...  54,093     629,643
  Lin TV Corp., Class A+...................  73,500     961,380
  Lodgenet Entertainment Corp.+#...........  68,105     933,720
  Sinclair Broadcast Group, Inc., Class A#. 193,999   1,866,270
  Young Broadcasting, Inc., Class A+.......  22,500      42,300
                                                    -----------
                                                      6,161,899
                                                    -----------
Building Materials -- 1.69%                                    
  Barnes Group, Inc........................  42,600   1,468,422
  Interline Brands, Inc.+#.................  35,100     749,736
  Lennox International, Inc................  24,879     726,716
  LSI Industries, Inc......................  40,400     727,200
  Matthews International Corp., Class A....  44,600   1,752,334
  Texas Industries, Inc....................  15,926     794,389
  Trex Co., Inc.+#.........................  18,900     432,243

N-CSRS 93rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 93rd
                                                                [Download Table]
                                                                              
November 30, 2005  SMALL CAP FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  89 
                                          CONTINUED                           

                                                                [Download Table]


                                                 Value    
                                       Shares   (Note 2)  
                                                          
----------------------------------------------------------
COMMON STOCK (continued)                                  
Building Materials (continued)                            
  USG Corp.+#.........................  55,155 $ 3,375,486
  Watsco, Inc.........................  10,300     646,325
                                               -----------
                                                10,672,851
                                               -----------
Chemical -- 2.03%                                         
  Airgas, Inc.........................  88,700   2,758,570
  Arch Chemicals, Inc.................  33,400     950,230
  Cabot Microelectronics Corp.+#......  14,400     445,392
  Ferro Corp..........................  57,200   1,081,080
  FMC Corp.+..........................  24,134   1,283,205
  H.B. Fuller Co......................  33,100   1,025,438
  Hercules, Inc.+.....................  13,184     155,044
  MacDermid, Inc......................  25,200     715,932
  Minerals Technologies, Inc..........  20,600   1,166,372
  Pioneer Cos., Inc.+.................  50,358   1,250,389
  Sensient Technologies Corp..........  49,800     904,866
  Symyx Technologies, Inc.+...........  18,200     495,950
  UAP Holding Corp....................  14,413     273,559
  W.R. Grace & Co.+#..................  33,922     294,782
                                               -----------
                                                12,800,809
                                               -----------
Commercial Services -- 4.06%                              
  Administaff, Inc.#..................  27,835   1,253,967
  Baker (Michael) Corp.+#.............   3,607      90,175
  Blount International, Inc.+......... 102,022   1,586,442
  Electro Rent Corp.+.................  22,000     307,560
  Escala Group, Inc.#.................   9,842     162,885
  Flanders Corp.+.....................  33,900     343,746
  Geo Group, Inc.+....................  16,800     410,760
  Greif Brothers Corp., Class A.......  28,732   1,725,357
  Heartland Payment Systems, Inc.+....   3,800      81,054
  Iron Mountain, Inc.+................  30,375   1,252,969
  Kendle International, Inc.+#........  15,860     379,054
  LECG Corp.+#........................  46,000     751,640
  Maximus, Inc........................  33,500   1,219,400
  Moneygram International, Inc........  35,300     913,564
  Pacer International, Inc.+..........  42,400   1,120,632
  PHH Corp.+..........................  70,952   2,047,675
  Plexus Corp.+....................... 144,380   3,104,170
  PRA International, Inc.+............  52,033   1,443,395
  Ritchie Brothers Auctioneers, Inc...  22,100     863,005
  Senomyx, Inc.+......................  12,100     154,154
  Silgan Holdings, Inc.#..............  35,207   1,242,455
  Sotheby's Holdings, Inc., Class A+.. 133,984   2,549,715
  Stamps.com, Inc.+...................  25,300     593,285
  Stewart Information Services Corp...  11,198     566,171
  TeleTech Holdings, Inc.+............  66,900     831,567
  Vertrue, Inc.+#.....................  16,186     584,800
                                               -----------
                                                25,579,597
                                               -----------
Consumer Service -- 0.14%                                 
  Advanta Corp., Class B..............  27,614     894,141
                                               -----------
Drugs -- 2.52%                                            
  Alkermes, Inc.+#.................... 196,666   3,575,388
  Alpharma, Inc., Class A............. 132,351   3,496,714
  Cephalon, Inc.+#....................  11,600     589,860
  CNS, Inc.#..........................  24,560     564,880
  Cubist Pharmaceuticals, Inc.+#......  30,400     687,344
  First Horizon Pharmaceutical Corp.+.  52,800     930,336
  King Pharmaceuticals, Inc.+......... 143,244   2,253,228
  Mannatech, Inc......................  55,300     721,112
  Nutraceutical International Corp.+..  20,134     258,923
  Petmed Express, Inc.+#..............  50,522     595,149
  Rigel Pharmaceuticals, Inc.+........  12,900     282,768
  Salix Pharmaceuticals, Ltd.+........  75,200   1,456,624
  Zymogenetics, Inc.+.................  28,500     457,425
                                               -----------
                                                15,869,751
                                               -----------
                                                                [Download Table]


                                                     Value    
                                           Shares   (Note 2)  
                                                              

--------------------------------------------------------------
Electronic Instruments -- 0.03%                               
  LoJack Corp.+#..........................   7,310 $   205,996
                                                   -----------
Electronics/Electrical Equipment -- 4.28%                     
  American Science & Engineering, Inc.+#..   3,650     246,229
  Ampex Corp.+#...........................   2,345      52,762
  Analogic Corp.#.........................  13,400     642,664
  Arrow Electronics, Inc.+................  74,225   2,300,975
  Artesyn Technologies, Inc.+#............  33,200     331,336
  Avnet, Inc.+............................  41,587     935,707
  Belden CDT, Inc.........................  39,900     932,064
  Cogent, Inc.+...........................  10,300     243,286
  Commscope, Inc.+........................  89,200   1,829,492
  Cymer, Inc.+............................  57,471   2,196,542
  Energy Conversion Devices, Inc.+........  14,500     425,575
  ESCO Technologies, Inc.+................   1,900      81,700
  FEI Co.+#...............................  23,700     473,052
  Gerber Scientific, Inc.+................  26,668     254,413
  Global Imaging Systems, Inc.+...........  27,600   1,005,192
  Greatbatch, Inc.+#......................  54,800   1,588,104
  Itron, Inc.+............................  53,807   2,515,477
  Kemet Corp.+#...........................  59,100     472,800
  Lamson & Sessions Co.#..................   4,999     119,876
  Littelfuse, Inc.+.......................  27,600     715,944
  Methode Electronics, Inc., Class A......  88,300     922,735
  Mettler-Toledo International, Inc.+.....  17,908   1,022,189
  Millipore Corp.+........................  11,656     744,352
  Netlogic Microsystems, Inc.+#...........   7,064     184,088
  Newport Corp.+..........................  27,700     382,260
  Orbotech, Ltd.+.........................  15,200     352,488
  ScanSource, Inc.+#......................   5,100     302,379
  Silicon Image, Inc.+.................... 157,800   1,532,238
  Silicon Laboratories, Inc.+#............  22,800     885,780
  Sunpower Corp.#.........................   2,300      57,500
  Superior Essex, Inc.+...................  11,700     220,545
  Teleflex, Inc...........................  31,456   2,081,444
  Universal Display Corp.+................  25,600     298,240
  Woodhead Industries, Inc................  22,900     297,242
  Woodward Governor Co....................   3,000     245,010
  Zygo Corp.+#............................   5,779      81,426
                                                   -----------
                                                    26,973,106
                                                   -----------
Fertilizers -- 0.32%                                          
  Delta & Pine Land Co....................  27,800     654,968
  Terra Industries, Inc.+#................ 230,122   1,383,033
                                                   -----------
                                                     2,038,001
                                                   -----------
Financial Services -- 2.63%                                   
  Affiliated Managers Group, Inc.+#.......  15,800   1,245,672
  American Financial Group, Inc...........  49,559   1,841,117
  Calamos Asset Management, Inc., Class A.   3,631      98,400
  Chittenden Corp.........................  58,450   1,740,057
  CompuCredit Corp.+......................  45,000   1,758,150
  First Marblehead Corp.+#................  16,900     571,220
  Investment Technology Group, Inc.+......  64,400   2,504,516
  Investors Financial Services Corp.#.....  24,700     932,425
  Metris Cos., Inc.+#..................... 136,598   2,047,604
  National Financial Partners Corp........  11,100     564,879
  Piper Jaffray Cos.+.....................  31,000   1,231,940
  Stifel Financial Corp.+#................   4,387     164,249
  SWS Group, Inc..........................  28,000     577,360
  Westcorp................................  18,735   1,259,741
                                                   -----------
                                                    16,537,330
                                                   -----------
Foods -- 1.31%                                                
  Chiquita Brands International, Inc......  99,050   2,060,240
  Del Monte Foods Co.+....................   4,059      40,103
  M & F Worldwide Corp.+#.................  41,960     713,320
  Performance Food Group Co.+#............  39,700   1,127,480
  Pilgrims Pride Corp.....................  62,851   2,011,232

N-CSRS 94th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 94th
                                                                [Download Table]
                                                                             
90  SMALL CAP FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  November 30, 2005
                           CONTINUED                                         

                                                                [Download Table]


                                                           Value    
                                                  Shares  (Note 2)  
                                                                    
--------------------------------------------------------------------
COMMON STOCK (continued)                                            
Foods (continued)                                                   
  Seaboard Corp.#................................    987 $ 1,697,640
  Seneca Foods Corp., Class A+...................  7,800     140,400
  Seneca Foods Corp., Class B+...................  2,700      48,735
  Spartan Stores, Inc.+..........................  8,361      83,694
  Wild Oats Markets, Inc.+#...................... 27,600     333,408
                                                         -----------
                                                           8,256,252
                                                         -----------
Freight -- 1.48%                                                    
  Arkansas Best Corp.............................  8,991     370,789
  EGL, Inc.+..................................... 45,313   1,682,925
  Forward Air Corp............................... 11,277     433,600
  GATX Corp...................................... 43,000   1,618,520
  Heartland Express, Inc.#....................... 45,179     962,764
  Kirby Corp.+...................................  8,779     467,043
  Knight Transportation, Inc..................... 61,904   1,991,452
  Landstar System, Inc........................... 21,972     945,675
  Offshore Logistics, Inc.+......................  8,321     255,039
  Old Dominion Freight Lines, Inc.+..............  6,223     236,536
  Ryder System, Inc..............................  8,200     347,926
                                                         -----------
                                                           9,312,269
                                                         -----------
Funeral Services -- 0.05%                                           
  Alderwoods Group, Inc.+........................ 19,260     289,285
                                                         -----------
Hardware & Tools -- 0.23%                                           
  Earle M Jorgensen Co.+#........................  4,212      40,435
  Stanley Works.................................. 28,804   1,382,592
                                                         -----------
                                                           1,423,027
                                                         -----------
Healthcare -- 2.62%                                                 
  Alliance Imaging, Inc.+#....................... 38,279     212,831
  Candela Corp.+#................................  3,269      47,074
  Dade Behring Holdings, Inc..................... 57,635   2,356,695
  Dentsply International, Inc....................  6,269     348,744
  Edwards Lifesciences Corp.+.................... 41,629   1,664,744
  Genesis HealthCare Corp.+...................... 39,232   1,649,706
  Kindred Healthcare, Inc.+#.....................  5,642     156,453
  Kinetic Concepts, Inc.+........................  3,852     150,035
  Magellan Health Services, Inc.+................ 46,897   1,370,330
  Odyssey Healthcare, Inc.+#..................... 54,000   1,000,080
  ResMed, Inc.+#................................. 69,000   2,815,200
  Respironics, Inc.+............................. 14,260     551,577
  Steris Corp.................................... 31,600     793,792
  Sybron Dental Specialties, Inc.+...............  2,089      91,373
  Symbion, Inc.+#................................ 28,000     750,120
  United Surgical Partners International, Inc.+#. 49,400   1,714,674
  VistaCare, Inc., Class A+#..................... 15,300     211,140
  Vital Signs, Inc.#............................. 12,308     587,461
                                                         -----------
                                                          16,472,029
                                                         -----------
Heavy Duty Trucks/Parts -- 0.25%                                    
  Cascade Corp................................... 14,100     714,165
  Titan International, Inc....................... 48,500     836,140
                                                         -----------
                                                           1,550,305
                                                         -----------
Home Builders -- 1.01%                                              
  Brookfield Homes Corp.......................... 12,119     599,042
  NVR, Inc.+.....................................  4,876   3,351,031
  WCI Communities, Inc+.......................... 38,600     991,248
  William Lyon Homes, Inc.+#..................... 12,600   1,404,900
                                                         -----------
                                                           6,346,221
                                                         -----------
Hospital Management -- 0.02%                                        
  LifePoint Hospitals, Inc.+#....................  4,100     156,005
                                                         -----------
Hospital Supplies -- 0.57%                                          
  CONMED Corp.+#.................................  9,070     204,891
  Henry Schein, Inc.+............................ 39,300   1,676,145
  ICU Medical, Inc.+.............................  1,249      44,939
                                                                [Download Table]


                                                       Value    
                                             Shares   (Note 2)  
                                                                

----------------------------------------------------------------
Hospital Supplies (continued)                                   
  NuVasive, Inc.+#..........................  18,000 $   309,600
  Owens & Minor, Inc........................  46,953   1,331,587
                                                     -----------
                                                       3,567,162
                                                     -----------
Household Products -- 1.04%                                     
  Chattem, Inc.+#...........................   7,900     250,983
  Digital Theater Systems, Inc.+#...........  18,400     266,432
  Jarden Corp.+#............................  40,700   1,328,855
  John H. Harland Co.#......................  84,355   3,188,619
  Tupperware Corp...........................  65,100   1,501,857
                                                     -----------
                                                       6,536,746
                                                     -----------
Human Resources -- 1.25%                                        
  Heidrick & Struggles International, Inc.+.   7,800     257,790
  Kforce, Inc.+.............................  45,800     568,378
  Korn/Ferry International+.................  79,300   1,365,546
  Labor Ready, Inc.+........................  56,700   1,251,936
  MPS Group, Inc.+..........................  84,800   1,065,936
  Resources Connection, Inc.+#.............. 115,700   3,359,928
                                                     -----------
                                                       7,869,514
                                                     -----------
Information Processing - Hardware -- 1.20%                      
  Gateway, Inc.+#........................... 216,700     658,768
  Imation Corp..............................   4,407     193,732
  Komag, Inc.+#............................. 126,422   4,417,184
  Mercury Computer Systems, Inc.+...........  17,100     341,658
  Mobility Electronics, Inc.+...............  36,000     404,640
  Synaptics, Inc.+#.........................  17,400     468,234
  Virage Logic Corp.+#......................   8,600      90,214
  Western Digital Corp.+....................  66,729     995,597
                                                     -----------
                                                       7,570,027
                                                     -----------
Information Processing - Services -- 5.75%                      
  3D Systems Corp.+#........................   1,200      21,348
  Agilysys, Inc.#........................... 114,383   2,178,996
  Anixter International, Inc.+..............  15,200     556,928
  Ansoft Corp.+.............................     711      24,665
  BISYS Group, Inc.+........................  34,600     463,640
  Blue Coat Sytems, Inc.+#..................   4,317     195,517
  CACI International, Inc., Class A+........  22,200   1,228,992
  Catapult Communications Corp.+............  13,100     221,521
  Ciber, Inc.+.............................. 115,100     707,865
  Digital Insight Corp.+....................  47,900   1,586,448
  Digital River, Inc.+#.....................  13,800     357,696
  Digitas, Inc.+............................  18,300     228,750
  Dun & Bradstreet Corp.+...................     890      57,850
  Earthlink, Inc.+#......................... 356,989   4,083,954
  Factset Research Systems, Inc.#...........  39,600   1,533,312
  FileNET Corp.+............................  50,400   1,357,776
  Forrester Research, Inc.+.................  11,200     208,768
  Infospace, Inc.+..........................  57,400   1,513,064
  Intergraph Corp.+.........................  90,226   4,332,653
  Internet Security Systems, Inc.+..........  28,900     660,654
  Jack Henry & Associates, Inc..............  91,600   1,753,224
  Kronos, Inc.+.............................  29,650   1,403,334
  MatrixOne, Inc.+#.........................  44,400     223,776
  MTS Systems Corp..........................  30,230   1,066,212
  National Instruments Corp.#...............  15,000     387,150
  Perot Systems Corp., Class A+............. 104,100   1,446,990
  Rightnow Technologies, Inc.+#.............  42,200     764,242
  Riverstone Networks, Inc.+................ 130,100      64,400
  Secure Computing Corp.+................... 126,200   1,733,988
  Sykes Enterprises, Inc.+..................  97,464   1,345,003
  Trizetto Group, Inc.+#....................  92,809   1,508,146
  United Online, Inc........................ 134,703   1,900,659
  ValueClick, Inc.+.........................  58,600   1,106,368
                                                     -----------
                                                      36,223,889
                                                     -----------

N-CSRS 95th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 95th
                                                                [Download Table]
                                                                              
November 30, 2005  SMALL CAP FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  91 
                                          CONTINUED                           

                                                                [Download Table]


                                                       Value    
                                             Shares   (Note 2)  
                                                                
----------------------------------------------------------------
COMMON STOCK (continued)                                        
Information Processing - Software -- 3.55%                      
  Altiris, Inc.+............................  31,400 $   518,414
  Blackbaud, Inc............................   5,093      86,326
  Captiva Software Corp.....................   6,863     151,741
  CCC Information Services Group, Inc.+#....  26,374     688,625
  DucoCorp International, Inc.+.............   4,685      29,609
  F5 Networks, Inc.+........................   2,200     116,226
  Global Payments, Inc......................  89,647   3,924,746
  Hyperion Solutions Corp.+.................  14,300     757,185
  Motive, Inc.+#............................  31,900      99,528
  NDCHealth Corp.#..........................   8,078     152,190
  NetIQ Corp.+..............................  43,900     524,605
  Open Solutions, Inc.+#....................  14,900     330,184
  Packeteer, Inc.+#.........................  15,700     144,440
  Parametric Technology Corp.+.............. 535,026   3,129,902
  PDF Solutions, Inc.+#.....................  33,100     517,684
  Per-Se Technologies, Inc.+#............... 115,163   2,634,929
  Progress Software Corp.+..................  53,175   1,645,234
  Quest Software, Inc.+..................... 152,900   2,408,175
  Red Hat, Inc.+#...........................  21,800     513,826
  RSA Security, Inc.+.......................  37,000     481,000
  SPSS, Inc.+#..............................  36,012   1,040,027
  Sybase, Inc.+.............................   1,830      41,083
  THQ, Inc.+#...............................  22,700     515,744
  Verity, Inc.+.............................  43,053     567,439
  Wind River Systems, Inc.+.................  95,100   1,310,478
                                                     -----------
                                                      22,329,340
                                                     -----------
Insurance -- 4.46%                                              
  American Physicians Capital, Inc.+........  38,100   1,731,645
  Aspen Insurance Holdings, Ltd.............  37,900     948,637
  Assured Guaranty, Ltd.....................  58,900   1,550,248
  Bristol West Holdings, Inc................  33,700     624,461
  Conseco, Inc.+............................  98,803   2,215,163
  Endurance Specialty Holdings, Ltd.........  40,309   1,388,645
  Horace Mann Educators Corp................  49,700     941,318
  Infinity Property & Casualty Corp.........  28,500   1,053,075
  LandAmerica Financial Group, Inc.#........  29,481   1,908,895
  Markel Corp.+.............................   3,200   1,015,200
  Ohio Casualty Corp........................ 138,400   4,096,640
  PartnerRe, Ltd. #.........................  14,700   1,003,716
  Safety Insurance Group, Inc.#.............  14,454     579,750
  Selective Insurance Group, Inc............  40,691   2,277,475
  Sierra Health Services, Inc.+.............  18,203   1,423,839
  Triad Guaranty, Inc.+.....................   9,700     420,592
  UICI......................................  48,100   1,713,322
  W.R. Berkley Corp.........................     762      35,524
  WellChoice, Inc.+.........................  10,100     782,245
  Zenith National Insurance Corp............  50,367   2,387,396
                                                     -----------
                                                      28,097,786
                                                     -----------
Leisure & Tourism -- 4.97%                                      
  Applebee's International, Inc.............  29,475     675,567
  BJ's Restaurants, Inc.+#..................  18,700     443,938
  Bluegreen Corp.+#.........................  18,356     272,954
  Brunswick Corp............................  38,100   1,496,949
  CEC Entertainment, Inc.+..................  24,350     871,730
  Cheesecake Factory, Inc., Class A+#.......  40,000   1,465,600
  CKE Restaurants, Inc.#....................  69,431     875,525
  Dominos Pizza, Inc.#......................  51,236   1,280,900
  Dreamworks Animation SKG, Inc., Class A+#.  79,185   2,008,923
  Handleman Co..............................  92,900   1,275,517
  Jack in the Box, Inc.+....................  43,100   1,448,160
  Jakks Pacific, Inc.+#..................... 193,416   3,941,818
  La Quinta Corp.+.......................... 193,600   2,121,856
  Luby's, Inc.+.............................  60,415     772,104
  Main Street Restaurant Group, Inc.+#......  22,955     112,939
  P.F. Chang's China Bistro, Inc.+#.........  13,100     673,995
  Panera Bread Co., Class A+#...............  17,900   1,217,200
                                                                [Download Table]


                                                     Value    
                                           Shares   (Note 2)  
                                                              

--------------------------------------------------------------
Leisure & Tourism (continued)                                 
  Papa John's International, Inc.+#.......  26,687 $ 1,453,374
  Playboy Enterprises, Inc., Class B+#....  18,694     267,885
  Polaris Industries, Inc.#...............   2,600     128,544
  Red Robin Gourmet Burgers, Inc.+#.......  17,400     955,260
  Ruby Tuesday, Inc.#.....................  12,400     301,568
  SCP Pool Corp...........................  24,511     954,213
  Sonic Corp.+............................  42,175   1,247,958
  Steinway Musical Instruments, Inc.+(1)..  10,672     266,800
  Sunterra Corp.+.........................  96,600   1,135,050
  Texas Roadhouse, Inc.+#.................   8,800     132,880
  Trans World Entertainment Corp.+........ 102,233     667,582
  UTI Worldwide, Inc.#....................  11,800   1,148,022
  Vail Resorts, Inc.+#....................  45,117   1,681,059
                                                   -----------
                                                    31,295,870
                                                   -----------
Machinery -- 2.90%                                            
  Actuant Corp., Class A+#................  26,400   1,400,520
  Applied Industrial Technologies, Inc....  64,902   2,073,619
  Baldor Electric Co......................  56,000   1,438,640
  Columbus Mckinnon Corp.+................   7,254     152,189
  Cummins, Inc............................  26,450   2,354,050
  Flow International Corp.+#..............  29,453     248,878
  Gardner Denver, Inc.+...................  39,707   1,937,702
  Graco, Inc..............................  32,300   1,175,074
  IDEX Corp...............................  13,300     587,062
  Insituform Technologies, Inc., Class A+.  21,200     421,244
  JLG Industries, Inc.#...................  38,897   1,769,813
  Lindsay Manufacturing Co.#..............  46,000     854,220
  Stewart & Stevenson Services, Inc.......  47,500     973,750
  Tennant Co..............................  15,900     746,028
  Toro Co.................................  52,700   2,118,013
                                                   -----------
                                                    18,250,802
                                                   -----------
Manufacturing -- 0.01%                                        
  Applied Films Corp.+....................   4,000      80,120
                                                   -----------
Medical - Biomedical/Gene -- 0.72%                            
  Alexion Pharmaceuticals, Inc.+#.........  12,300     239,973
  Cytogen Corp.+#.........................  10,900      33,245
  Cytokinetics, Inc.+.....................   3,300      28,380
  Decode Genetics, Inc.+#.................  21,700     180,110
  Exelixis, Inc.+.........................  30,600     247,248
  Lifecell Corp.+.........................  86,800   1,595,384
  Myogen, Inc.+#..........................   9,600     208,704
  Myriad Genetics, Inc.+#.................  32,900     632,009
  Tercica, Inc.+#.........................  14,900     141,401
  Vertex Pharmaceuticals, Inc.+#..........  48,811   1,244,681
                                                   -----------
                                                     4,551,135
                                                   -----------
Medical Technology -- 2.96%                                   
  Albany Molecular Research, Inc.+........ 120,951   1,480,440
  AngioDynamics, Inc.+....................  37,300     768,753
  Connetics Corp.+........................  45,220     599,617
  Cutera, Inc.#...........................   1,686      66,732
  DJ Orthopedics, Inc.+...................  25,200     785,232
  Geron Corp.+............................  30,700     275,686
  Haemonetics Corp.+......................  44,332   2,266,695
  HealthTronics Surgical Services, Inc.+#.  13,038      95,699
  Hologic, Inc.+..........................  24,933   1,771,988
  Illumina, Inc.+.........................  27,900     439,425
  Incyte Genomics, Inc.+..................  13,100      72,836
  Integra LifeSciences Corp.+#............  38,900   1,421,406
  InterMune, Inc.+#.......................  25,200     364,140
  Kyphon, Inc.+...........................  37,800   1,606,122
  LCA-Vision, Inc.........................  14,700     701,631
  Lifeline Systems, Inc.+.................  21,400     760,342
  Martek Biosciences Corp.+#..............  21,500     563,515
  Nektar Therapeutics+....................   1,900      31,958
  Neurometrix, Inc.+......................  36,900   1,147,221

N-CSRS 96th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 96th
                                                                [Download Table]
                                                                             
92  SMALL CAP FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  November 30, 2005
                           CONTINUED                                         

                                                                [Download Table]


                                               Value    
                                     Shares   (Note 2)  
                                                        
--------------------------------------------------------
COMMON STOCK (continued)                                
Medical Technology (continued)                          
  Noven Pharmaceuticals, Inc.+#.....  33,500 $   452,585
  OraSure Technologies, Inc.+.......  48,400     656,304
  SurModics, Inc.+#.................  32,321   1,267,307
  Thoratec Corp.+...................  22,900     468,305
  TriPath Imaging, Inc.+............  41,100     253,176
  Wright Medical Group, Inc.+#......  16,800     325,752
                                             -----------
                                              18,642,867
                                             -----------
Metals -- 2.90%                                         
  AK Steel Holding Corp.+#..........  16,528     137,017
  Allegheny Technologies, Inc.......   4,157     137,098
  AM Castle & Co.+..................  25,900     534,835
  Chaparral Steel Co.+#.............   7,746     193,650
  CIRCOR International, Inc.........   1,751      45,613
  Crown Holdings, Inc.+.............  72,834   1,350,342
  Gibraltar Industries, Inc.........  18,750     412,312
  Harsco Corp.......................  35,800   2,378,910
  Material Sciences Corp.+..........  23,900     346,789
  Meridian Gold, Inc.+..............  54,500   1,048,580
  Metal Management, Inc.#...........  60,841   1,531,368
  Quanex Corp.......................  69,196   4,279,773
  RBC Bearings, Inc.+...............  12,000     187,320
  Reliance Steel & Aluminum Co......  54,067   3,487,862
  Royal Gold, Inc...................  12,500     325,250
  Shiloh Industries, Inc.+..........  10,148     134,157
  Steel Technologies, Inc...........  62,000   1,642,380
  Sun Hydraulics, Inc.#.............   5,423     103,417
                                             -----------
                                              18,276,673
                                             -----------
Mining -- 0.01%                                         
  Lihir Gold, Ltd.+.................  52,100      90,461
                                             -----------
Mobile Homes -- 0.01%                                   
  Winnebago Industries, Inc.#.......   2,200      73,942
                                             -----------
Oil & Gas -- 7.85%                                      
  Barrett Bill Corp.+#..............  38,300   1,503,275
  Cabot Oil & Gas Corp., Class A....  25,014   1,055,841
  Cal Dive International, Inc.+.....  36,000   2,613,960
  Callon Petroleum Co.+#............  12,238     216,613
  Chesapeake Energy Corp............  23,400     411,840
  Cimarex Energy Co.+...............  59,340   2,308,919
  Clayton Williams Energy, Inc.+#...   1,068      40,659
  Core Laboratories NV+#............  12,488     455,812
  Dril-Quip, Inc.+..................  22,900   1,167,900
  Energen Corp......................  81,781   3,001,363
  FMC Technologies, Inc.+...........  54,000   2,218,860
  Forest Oil Corp.+.................  99,600   4,463,076
  Frontier Oil Corp.................  98,762   3,721,352
  Giant Industries, Inc.+...........  10,365     556,082
  Grant Prideco, Inc.+..............  99,400   3,815,966
  Hanover Compressor Co.+#..........  50,700     685,464
  Harvest Natural Resources, Inc.+#. 146,710   1,346,798
  Holly Corp........................     488      29,680
  Hydril Co.+.......................  11,600     743,560
  Key Energy Services, Inc.+........  11,100     156,510
  Lone Star Technologies, Inc.+.....  12,907     632,443
  McDermott International, Inc.+#...  57,863   2,422,145
  Noble Energy, Inc.................   7,900     295,223
  Parker Drilling Co.+..............  48,100     455,988
  Remington Oil & Gas Corp.+........  49,770   1,665,304
  SEACOR Holdings, Inc.+#...........  47,509   3,199,731
  St. Mary Land & Exploration Co....   5,800     206,596
  Superior Well Services, Inc.+#....   2,900      61,074
  Swift Energy Co.+.................  55,528   2,564,838
  Tesoro Petroleum Corp.............  15,865     873,686
  TransMontaigne, Inc.+#............  71,977     449,137
  UGI Corp.......................... 115,656   2,544,432
  Union Drilling, Inc.#.............  11,500     167,440
                                                                [Download Table]


                                                     Value    
                                           Shares   (Note 2)  
                                                              

--------------------------------------------------------------
Oil & Gas (continued)                                         
  Veritas DGC, Inc.+#.....................  69,636 $ 2,277,097
  Vintage Petroleum, Inc..................  13,405     702,154
  W-H Energy Services, Inc.+..............  12,200     406,626
                                                   -----------
                                                    49,437,444
                                                   -----------
Paper/Forest Products -- 0.30%                                
  Buckeye Technologies, Inc.+.............  58,000     441,960
  Rayonier, Inc...........................   3,511     139,527
  Rock-Tenn Co., Class A..................   3,163      42,258
  Smurfit-Stone Container Corp.+..........   2,000      25,340
  Universal Forest Products, Inc.#........  21,030   1,208,384
                                                   -----------
                                                     1,857,469
                                                   -----------
Pollution Control -- 0.45%                                    
  Clean Harbors, Inc.+#...................  34,814   1,004,732
  Synagro Technologies, Inc...............  73,000     292,000
  Tetra Tech, Inc.+.......................  44,474     693,794
  Waste Connections, Inc.+................  24,200     843,128
                                                   -----------
                                                     2,833,654
                                                   -----------
Publishing -- 0.69%                                           
  Consolidated Graphics, Inc.+............  33,724   1,726,332
  Journal Register Co.....................  40,800     637,704
  Scholastic Corp.+.......................  59,153   1,968,020
                                                   -----------
                                                     4,332,056
                                                   -----------
Railroads & Equipment -- 0.15%                                
  Genesee & Wyoming, Inc., Class A+.......   5,400     181,548
  Kansas City Southern+#..................  30,432     759,887
                                                   -----------
                                                       941,435
                                                   -----------
Real Estate Investment Trusts -- 3.16%                        
  American Campus Communities, Inc........   6,338     159,527
  Arden Realty, Inc.......................  23,400   1,064,232
  Ashford Hospitality Trust, Inc..........  59,500     634,865
  Boykin Lodging Co.+#....................  71,053     852,636
  CBL & Associates Properties, Inc........  54,309   2,185,937
  Cousins Properties, Inc.................  51,600   1,436,544
  EastGroup Properties, Inc.#.............  28,100   1,268,153
  Equity Inns, Inc........................  55,300     758,716
  Equity Lifestyle Properties, Inc........  10,400     482,144
  Essex Property Trust, Inc...............   2,800     256,760
  FelCor Lodging Trust, Inc.+.............  99,000   1,681,020
  Getty Realty Corp.......................  13,100     351,997
  HomeBanc Corp...........................  43,000     337,550
  Innkeepers USA Trust.................... 114,047   1,988,980
  Lasalle Hotel Properties................  16,600     558,756
  LTC Properties, Inc.....................  53,200   1,089,536
  Meristar Hospitality Corp.+.............  62,788     614,695
  Mission West Properties, Inc.#..........  19,155     192,891
  National Health Investors, Inc..........  37,100   1,025,815
  Omega Healthcare Investors, Inc.........  45,600     548,112
  Parkway Properties, Inc.................   3,600     150,480
  PS Business Parks, Inc..................   1,245      58,639
  Reckson Associates Realty Corp..........   8,400     308,532
  Tanger Factory Outlet Centers, Inc......   4,177     114,826
  Trizec Properties, Inc..................  37,013     832,052
  Washington Real Estate Investment Trust.  30,000     938,700
                                                   -----------
                                                    19,892,095
                                                   -----------
Retail -- 3.73%                                               
  AC Moore Arts & Crafts, Inc.+#..........   9,700     138,807
  Barnes & Noble, Inc.+...................  45,867   1,850,275
  Big Lots, Inc.+......................... 166,000   2,040,140
  Building Materials Holding Corp.#.......  32,720   2,693,838
  Casey's General Stores, Inc............. 103,100   2,373,362
  Conns, Inc.+............................  13,500     456,435
  DSW, Inc.+#.............................  15,600     397,956

N-CSRS 97th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 97th
                                                                [Download Table]
                                                                              
November 30, 2005  SMALL CAP FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  93 
                                          CONTINUED                           

                                                                [Download Table]


                                                  Value    
                                        Shares   (Note 2)  
                                                           
-----------------------------------------------------------
COMMON STOCK (continued)                                   
Retail (continued)                                         
  Hibbett Sporting Goods, Inc.+........  19,650 $   588,714
  Linens 'N Things, Inc.+..............  22,200     568,542
  Longs Drug Stores Corp.#.............  65,793   2,804,755
  MarineMax, Inc.+#....................  21,900     575,094
  Movie Gallery, Inc.#.................  45,912     226,346
  Nash Finch Co.#......................  39,524   1,062,010
  Pacific Sunwear of California, Inc.+.  71,000   1,878,660
  Pantry, Inc.+........................  45,022   1,850,404
  Petco Animal Supplies, Inc.+.........  33,100     702,713
  Priceline.com, Inc.+.................  19,100     458,782
  Rite Aid Corp.+......................  11,115      41,014
  Rush Enterprises, Inc.+..............  57,500     880,325
  Select Comfort Corp.+#...............  29,700     711,909
  Sportsman's Guide, Inc.+#............   4,199     110,182
  Yankee Candle Co., Inc...............  29,200     740,220
  Zumiez, Inc.+#.......................   8,700     344,259
                                                -----------
                                                 23,494,742
                                                -----------
Retirement/Aged Care -- 0.43%                              
  Sunrise Senior Living, Inc.+#........  81,000   2,705,400
                                                -----------
Savings & Loan -- 1.60%                                    
  Downey Financial Corp.#..............  45,407   2,937,833
  First Financial Holdings, Inc........  12,800     390,912
  First Indiana Corp.#.................   2,362      82,552
  First Niagara Financial Group, Inc... 124,000   1,796,760
  FirstFed Financial Corp.+#...........   8,159     427,042
  Flagstar Bancorp, Inc................  47,600     717,332
  Harbor Florida Bancshares, Inc.#.....  37,900   1,427,314
  NewAlliance Bancshares, Inc..........  67,400   1,006,956
  PFF Bancorp, Inc.....................  25,570     781,163
  TierOne Corp.........................  17,300     518,481
                                                -----------
                                                 10,086,345
                                                -----------
Schools -- 0.14%                                           
  Corinthian Colleges, Inc.+...........  45,000     544,950
  Education Management Corp.+..........  10,400     351,000
                                                -----------
                                                    895,950
                                                -----------
Semiconductors -- 2.86%                                    
  ADE Corp.+...........................  13,800     325,680
  Amis Holdings, Inc.+.................  24,100     240,277
  ATMI, Inc.+#.........................  11,300     323,293
  Brooks Automation, Inc.+.............  36,700     471,962
  Cirrus Logic, Inc.+.................. 200,624   1,516,718
  Credence Systems Corp.+#.............  39,600     321,156
  Cypress Semiconductor Corp.+#........  11,200     168,000
  Emulex Corp.+........................ 141,240   2,814,913
  Entegris, Inc.+...................... 112,334   1,134,573
  Exar Corp.+#.........................  37,100     458,556
  IXYS Corp.+.......................... 124,000   1,490,480
  Kopin Corp.+......................... 204,199   1,396,721
  Lattice Semiconductor Corp.+.........  81,700     399,513
  LSI Logic Corp.+.....................   5,513      45,262
  Micrel, Inc.+........................ 135,500   1,636,840
  Microsemi Corp.+#....................   9,000     249,750
  MKS Instruments, Inc.+...............  49,200     928,404
  Omnivision Technologies, Inc.+.......  65,400   1,157,580
  Photronics, Inc.+....................  41,100     652,668
  Power Integrations, Inc.+#...........  26,400     575,784
  Semtech Corp.+.......................  55,000   1,095,050
  Sirf Technology Holdings, Inc.+#.....  11,625     322,245
  Trident Microsystems, Inc.+#.........  14,801     278,851
                                                -----------
                                                 18,004,276
                                                -----------
Telecommunications -- 2.32%                                
  Adtran, Inc..........................  76,882   2,272,632
  American Tower Corp., Class A+.......   8,382     228,745
  Arris Group, Inc.+...................  73,000     709,560
                                                                [Download Table]


                                                      Value    
                                            Shares   (Note 2)  
                                                               

---------------------------------------------------------------
Telecommunications (continued)                                 
  Atheros Communications, Inc.+#...........   9,600 $    93,024
  CalAmp Corp..............................   7,404      85,886
  CenturyTel, Inc..........................  25,443     842,163
  Cincinnati Bell, Inc.+...................  28,342     110,534
  Comtech Telecommunications Corp.+#.......  56,747   2,474,169
  Glenayre Technologies, Inc.+#............  12,671      39,787
  Golden Telecom, Inc......................  13,600     367,200
  Netgear, Inc.+...........................  74,650   1,440,745
  Premiere Global Services, Inc.+#......... 143,208   1,082,652
  Price Communications Corp.+..............  63,940     969,970
  RCN Corp.+...............................  47,900   1,044,699
  SBA Communcations Corp.+.................   5,400      99,576
  Spectralink Corp.........................  68,600     885,626
  Talk America Holdings, Inc.+#............  62,407     599,107
  Tekelec+.................................   9,300     120,900
  Tessco Technologies, Inc.+...............  13,935     228,813
  Valor Communications Group, Inc.#........  15,492     188,073
  West Corp.+..............................  18,679     740,996
                                                    -----------
                                                     14,624,857
                                                    -----------
Textile - Products -- 0.22%                                    
  Angelica Corp.#..........................  16,300     225,429
  Culp, Inc.+..............................   1,700       8,517
  G&K Services, Inc., Class A..............  30,800   1,180,872
                                                    -----------
                                                      1,414,818
                                                    -----------
Therapeutics -- 1.18%                                          
  Abgenix, Inc.+#..........................   3,100      42,501
  Amylin Pharmaceuticals, Inc.+#...........  17,500     654,675
  Anadys Pharmaceuticals, Inc.+............  15,400     146,454
  AtheroGenics, Inc.+#.....................  24,800     371,752
  CV Therapeutics, Inc.+#..................     200       4,946
  Discovery Laboratories, Inc.+............ 147,700     992,544
  Inspire Phamaceuticals, Inc.+#...........  41,300     299,012
  Medarex, Inc.+........................... 102,700   1,074,242
  Medicines Co.+#..........................  12,100     221,067
  Memory Pharmaceuticals Corp.+#...........  18,600      39,432
  Neurocrine Biosciences, Inc.+#...........  13,500     803,520
  NPS Pharmaceuticals, Inc.+#..............  13,400     155,306
  Onyx Pharmaceuticals, Inc.+#.............   8,600     216,978
  Theravance, Inc.+........................   6,700     140,566
  Trimeris, Inc.+#.........................  10,800     118,152
  United Therapeutics Corp.+...............  30,400   2,171,472
                                                    -----------
                                                      7,452,619
                                                    -----------
Tobacco -- 0.35%                                               
  Loews Corp. - Carolina Group#............  44,387   1,786,577
  Universal Corp...........................  10,800     436,104
                                                    -----------
                                                      2,222,681
                                                    -----------
Utilities - Communication -- 0.17%                             
  Commonwealth Telephone Enterprises, Inc..  30,600   1,060,596
                                                    -----------
Utilities - Electric -- 1.25%                                  
  Allegheny Energy, Inc.+#.................  46,146   1,284,243
  Black Hills Corp.#.......................  12,000     438,600
  CH Energy Group, Inc.....................  21,400     999,380
  Cleco Corp...............................  74,200   1,638,336
  El Paso Electric Co.+....................  17,700     382,851
  Pike Electric Corp.+.....................  19,600     354,564
  Sierra Pacific Resources+................ 116,000   1,563,680
  UniSource Energy Corp....................  36,800   1,190,848
                                                    -----------
                                                      7,852,502
                                                    -----------
Utilities - Gas, Distribution -- 0.28%                         
  Nicor, Inc.#.............................  14,787     592,959
  Northwest Natural Gas Co.................  14,400     494,784
  Southwest Gas Corp.......................  25,100     669,668
                                                    -----------
                                                      1,757,411
                                                    -----------

N-CSRS 98th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 98th
                                                                [Download Table]
                                                                             
94  SMALL CAP FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  November 30, 2005
                           CONTINUED                                         

                                                        [Enlarge/Download Table]


                                                            Shares/                   
                                                           Principal        Value     
                                                            Amount         (Note 2)   
                                                                                      
--------------------------------------------------------------------------------------
COMMON STOCK (continued)                                                              
Water Services -- 0.09%                                                               
  Pico Holdings, Inc.+#.................................       16,665   $     562,610 
                                                                        ------------- 
Total Long-Term Investment Securities                                                 
   (Cost $525,736,226)..................................                  623,801,097 
                                                                        ------------- 
SHORT-TERM INVESTMENT SECURITIES -- 21.18%                                            
Collective Investment Pool -- 19.99%                                                  
  Securities Lending Quality Trust(2)...................  125,910,053     125,910,053 
                                                                        ------------- 
Registered Investment Companies -- 0.70%                                              
  T. Rowe Price Reserve Investment Fund.................    4,410,266       4,410,266 
                                                                        ------------- 
Time Deposit -- 0.49%                                                                 
  Euro Time Deposit with State Street Bank & Trust Co.:                               
   1.40% due 12/01/05................................... $    670,000         670,000 
   2.10% due 12/01/05...................................    2,396,000       2,396,000 
                                                                        ------------- 
                                                                            3,066,000 
                                                                        ------------- 
Total Short-Term Investment Securities                                                
   (Cost $133,386,319)..................................                  133,386,319 
                                                                        ------------- 
TOTAL INVESTMENTS                                                                     
   (Cost $659,122,545)(3)...............................       120.21%    757,187,416 
Liabilities in excess of other assets...................       (20.21)%  (127,305,347)
                                                         ------------   ------------- 
NET ASSETS --                                                  100.00%  $ 629,882,069 
                                                         ============   ============= 

--------                                                                        
+  Non-income producing security                                                
#  The security or a portion thereof is out on loan (see Note 2).               
(1)Security represents an investment in an affiliated company (see Note 3).     
(2)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(3)See Note 5 for cost of investments on a tax basis.                           

See Notes to Financial Statements                                               

N-CSRS 99th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 99th
                                                                [Download Table]
                                                                                 
November 30, 2005 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  95 

Industry Allocation*                                                            

                                                                [Download Table]
                                         
Collective Investment Pool........ 25.35%
Banks.............................  7.69%
Financial Services................  6.48%
Real Estate Investment Trusts.....  5.86%
Oil & Gas.........................  5.37%
Information Processing -- Services  4.41%
Electronics/Electrical Equipment..  4.11%
Retail............................  4.10%
Commercial Services...............  3.75%
Semiconductors....................  3.51%
Information Processing -- Software  3.37%
Leisure & Tourism.................  3.27%
Machinery.........................  3.18%
Telecommunications................  3.09%
Medical Technology................  2.84%
Healthcare........................  2.30%
Insurance.........................  2.27%
Metals............................  2.23%
Apparel & Products................  2.00%
Savings & Loan....................  1.83%
Building Materials................  1.62%
Drugs.............................  1.57%
Therapeutics......................  1.54%
Repurchase Agreement..............  1.48%
Chemical..........................  1.44%
Automotive........................  1.34%
Utilities -- Electric.............  1.32%
Aerospace/defense.................  1.26%
Freight...........................  1.24%
Information Processing - Hardware.  1.13%
Foods.............................  1.12%
Medical -- Biomedical/Gene........  1.01%
Broadcasting......................  0.79%
Human Resources...................  0.72%
Hospital Supplies.................  0.71%
Pollution Control.................  0.69%
Paper/Forest Products.............  0.68%
Household Products................  0.67%
Appliances/furnishings............  0.63%

                                                                [Download Table]
                                                   
Publishing.................................   0.63%
Utilities -- Gas, Distribution.............   0.55%
Schools....................................   0.53%
Airlines...................................   0.49%
Advertising................................   0.41%
Railroads & Equipment......................   0.36%
Real Estate................................   0.33%
Hospital Management........................   0.31%
Mobile Homes...............................   0.30%
Home Builders..............................   0.25%
Multimedia.................................   0.25%
U.S. Treasury Bills........................   0.24%
Heavy Duty Trucks/Parts....................   0.22%
Beverages..................................   0.19%
Water Services.............................   0.19%
Mining.....................................   0.18%
Utilities -- Miscellaneous.................   0.17%
Coal.......................................   0.16%
Retirement/Aged Care.......................   0.14%
Tobacco....................................   0.14%
Conglomerates..............................   0.13%
Hardware & Tools...........................   0.13%
Textile -- Products........................   0.12%
Fertilizers................................   0.11%
Utilities -- Gas, Pipeline.................   0.10%
Funeral Services...........................   0.09%
Information Processing -- Consumer Software   0.08%
Information Processing -- Computer Services   0.07%
Consumer Service...........................   0.06%
Manufacturing..............................   0.06%
Utilities -- Communication.................   0.06%
Auto -- Replacement Parts..................   0.05%
Electronics Instruments....................   0.04%
Registered Investment Companies............   0.04%
Insurance -- Life..........................   0.03%
Gas & Pipeline Utilities...................   0.02%
Investment Company.........................   0.02%
                                            ------ 
                                            125.22%
                                            ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 100th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 100th
                                                                [Download Table]
                                                                                 
96  SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005

                                                                [Download Table]


                                                     Value    
                                            Shares  (Note 2)  
                                                              
--------------------------------------------------------------
COMMON STOCK -- 94.02%                                        
Advertising -- 0.41%                                          
  ADVO, Inc.#.............................. 21,231 $   579,394
  Catalina Marketing Corp.#................ 33,771     893,918
  FTD Group, Inc.+#........................  9,039      99,429
  Greenfield Online, Inc.+#................ 11,191      56,738
  Marchex, Inc., Class B+#................. 13,441     314,520
  Valassis Communications, Inc.+#.......... 33,924   1,031,968
  ValueVision Media, Inc., Class A+#....... 18,548     205,883
  Ventiv Health, Inc.+#.................... 18,149     447,554
                                                   -----------
                                                     3,629,404
                                                   -----------
Aerospace/Defense -- 1.26%                                    
  AAR Corp.+#.............................. 22,025     461,204
  ARGON ST, Inc.+#.........................  5,946     171,542
  Armor Holdings, Inc.+#................... 23,450   1,029,220
  BE Aerospace, Inc.+#..................... 38,705     678,112
  Curtiss-Wright Corp.#.................... 14,676     860,014
  DRS Technologies, Inc.#.................. 18,551     916,419
  EDO Corp.#............................... 10,750     286,273
  Engineered Support Systems, Inc.#........ 28,126   1,136,572
  Esterline Technologies Corp.+#........... 17,035     700,309
  Gencorp, Inc.+#.......................... 36,975     675,163
  Heico Corp.#............................. 14,621     333,797
  Herley Industries, Inc.+#................  8,774     144,508
  Innovative Solutions and Support, Inc.+#.  9,061     133,650
  K&F Industries Holdings, Inc.#........... 11,370     175,325
  Kaman Corp., Class A..................... 15,038     288,880
  Moog, Inc., Class A+..................... 22,986     673,260
  MTC Technologies, Inc.+#.................  6,832     223,885
  Orbital Sciences Corp., Class A+#........ 37,725     454,964
  Sequa Corp., Class A+#...................  4,281     270,559
  Teledyne Technologies, Inc.+............. 22,602     739,989
  Triumph Group, Inc.+..................... 10,791     409,518
  United Industrial Corp.#.................  6,662     289,464
                                                   -----------
                                                    11,052,627
                                                   -----------
Airlines -- 0.49%                                             
  Airtran Holdings, Inc.+#................. 58,943     885,324
  Alaska Air Group, Inc.+#................. 18,457     650,240
  Continental Airlines, Inc., Class B+#.... 45,284     705,072
  ExpressJet Holdings, Inc.+#.............. 29,702     259,001
  Frontier Airlines, Inc.+#................ 24,205     197,513
  MAIR Holdings, Inc.+#....................  8,255      39,128
  Mesa Air Group, Inc.+#................... 20,421     209,928
  SkyWest, Inc.#........................... 39,157   1,162,963
  World Air Holdings, Inc.+................ 15,967     167,973
                                                   -----------
                                                     4,277,142
                                                   -----------
Apparel & Products -- 2.00%                                   
  Blair Corp...............................  2,619      97,689
  Brown Shoe Co., Inc...................... 12,400     510,260
  Buckle, Inc..............................  5,234     171,675
  Cache, Inc.+.............................  8,371     140,884
  Carter's, Inc.+.......................... 12,485     763,458
  Casual Male Retail Group, Inc.+#......... 17,640     109,015
  Cato Corp., Class A...................... 20,745     448,092
  Charlotte Russe Holding, Inc.+#.......... 10,143     189,674
  Charming Shoppes, Inc.+#................. 81,354     955,909
  Cherokee, Inc............................  4,766     164,665
  Children's Place Retail Stores, Inc.+#... 14,275     708,040
  Christopher & Banks Corp.#............... 24,297     366,399
  Deckers Outdoor Corp.+#..................  6,894     158,769
  DHB Industries, Inc.+#................... 18,778      78,492
  Dress Barn, Inc.+#....................... 14,518     484,611
  Finish Line, Inc., Class A............... 28,578     493,256
  Genesco, Inc.+#.......................... 15,327     607,716
  Goody's Family Clothing, Inc.#........... 12,747     119,184
  Guess ?, Inc.+........................... 10,926     370,173
                                                                [Download Table]


                                                          Value    
                                                 Shares  (Note 2)  
                                                                   

-------------------------------------------------------------------
Apparel & Products (continued)                                     
  Gymboree Corp.+#.............................. 21,172 $   477,640
  Hartmarx Corp.+............................... 17,515     128,560
  Hot Topic, Inc.+#............................. 30,429     471,650
  J. Jill Group, Inc.+.......................... 13,680     250,481
  K-Swiss, Inc., Class A........................ 16,934     528,849
  Kellwood Co.#................................. 18,852     435,858
  Kenneth Cole Productions, Inc., Class A#......  6,150     172,692
  Maidenform Brands, Inc.#......................  8,707     111,972
  Oakley, Inc.#................................. 16,512     265,513
  Oxford Industries, Inc.#......................  9,484     535,087
  Payless ShoeSource, Inc.+..................... 45,596   1,041,869
  Perry Ellis International, Inc.+#.............  6,434     129,516
  Phillips-Van Heusen Corp...................... 22,005     745,749
  Russell Corp.#................................ 22,352     353,832
  Shoe Carnival, Inc.+#.........................  5,057     103,719
  Skechers U.S.A., Inc., Class A+............... 15,180     227,093
  Stage Stores, Inc.#........................... 18,634     557,343
  Stein Mart, Inc............................... 17,494     302,646
  Steven Madden, Ltd.+#.........................  8,824     240,278
  Stride Rite Corp.............................. 24,586     337,812
  Talbots, Inc.#................................ 15,556     423,434
  Too, Inc.+.................................... 23,317     737,517
  Volcom, Inc.+#................................  3,189     108,330
  Warnaco Group, Inc.+.......................... 31,396     771,400
  Wet Seal, Inc.+#.............................. 38,136     191,443
  Weyco Group, Inc..............................  3,926      75,811
  Wolverine World Wide, Inc..................... 39,282     853,205
                                                        -----------
                                                         17,517,260
                                                        -----------
Appliances/Furnishings -- 0.63%                                    
  American Woodmark Corp.#......................  7,687     196,941
  Bassett Furniture Industries, Inc.............  7,031     126,769
  CompX International, Inc., Class A#...........  1,341      21,644
  Ethan Allen Interiors, Inc.#.................. 23,702     884,085
  Furniture Brands International, Inc.#......... 33,289     664,115
  Griffon Corp.+#............................... 19,789     482,060
  Haverty Furniture Cos., Inc.#................. 13,215     170,473
  Hooker Furniture Corp.#.......................  7,101     110,207
  Interface, Inc., Class A+#.................... 31,003     258,255
  Kimball International, Inc., Class B#......... 15,128     161,113
  Knoll, Inc....................................  7,472     124,334
  La-Z-Boy Chair Co.#........................... 35,421     473,579
  Lancaster Colony Corp.#....................... 17,547     684,333
  Maytag Corp.#................................. 54,114     962,147
  Stanley Furniture Co., Inc.#..................  8,834     219,967
                                                        -----------
                                                          5,540,022
                                                        -----------
Automotive -- 1.34%                                                
  Accuride Corp.+#..............................  7,465      97,045
  Acuity Brands, Inc.#.......................... 29,963     931,550
  Aftermarket Technology Corp.+#................ 14,467     296,573
  America's Car Mart, Inc.+.....................  6,076      97,945
  American Axle & Manufacturing Holdings, Inc.#. 29,079     618,220
  AO Smith Corp.#............................... 11,407     415,215
  ArvinMeritor, Inc.#........................... 47,602     633,107
  Asbury Automotive Group, Inc.+................  8,788     147,199
  ASV, Inc.+#................................... 11,965     299,364
  Commercial Vehicle Group, Inc.+#..............  9,850     194,932
  Cooper Tire & Rubber Co.#..................... 43,430     638,855
  CSK Auto Corp.+............................... 30,655     475,152
  Group 1 Automotive, Inc.+#.................... 14,233     439,373
  Hayes Lemmerz International, Inc.+#........... 25,711      78,161
  Kaydon Corp.#................................. 19,124     618,853
  Keystone Automotive Industries, Inc.+#........ 10,698     299,544
  Lithia Motors, Inc., Class A#................. 10,468     298,861
  Midas, Inc.+.................................. 10,864     205,112
  Modine Manufacturing Co....................... 23,624     786,443

N-CSRS 101st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 101st
                                                                [Download Table]
                                                                                 
November 30, 2005 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  97 
                                          - CONTINUED                            

                                                                [Download Table]


                                                     Value    
                                            Shares  (Note 2)  
                                                              
--------------------------------------------------------------
COMMON STOCK (continued)                                      
Automotive (continued)                                        
  Monro Muffler Brake, Inc.+...............  7,123 $   219,816
  Noble International Ltd.#................  5,047     113,658
  Pep Boys-Manny, Moe & Jack#.............. 37,535     538,627
  R & B, Inc.+#............................  6,742      79,758
  Standard Motor Products, Inc., Class A#.. 10,114      89,913
  Strattec Security Corp.+#................  2,569     124,725
  Superior Industries International, Inc.#. 15,054     343,382
  Tenneco Automotive, Inc.+#............... 29,607     514,274
  Thor Industries, Inc..................... 23,475     899,562
  United Auto Group, Inc................... 18,143     646,254
  Visteon Corp.#........................... 87,371     590,628
                                                   -----------
                                                    11,732,101
                                                   -----------
Auto - Replacement Parts -- 0.05%                             
  Sonic Automotive, Inc., Class A#......... 19,954     415,043
  Valence Technology, Inc.+#............... 29,893      59,188
                                                   -----------
                                                       474,231
                                                   -----------
Banks -- 7.69%                                                
  1st Source Corp.#........................  7,958     201,099
  ABC Bancorp..............................  8,049     161,946
  Alabama National Bancorp#................  9,244     612,877
  Amcore Financial, Inc.#.................. 14,377     449,569
  Amegy Bancorp, Inc....................... 47,642   1,137,691
  AmericanWest Bancorp+#...................  7,055     162,618
  Ames National Corp.#.....................  5,718     158,617
  Arrow Financial Corp.....................  7,165     201,695
  BancFirst Corp.#.........................  2,665     212,427
  Bancorp, Inc.+...........................  6,661     121,896
  BancorpSouth, Inc.#...................... 53,152   1,207,082
  BancTrust Financial Group, Inc.#.........  6,363     128,405
  Bank Corp.+#.............................  9,093     107,479
  Bank of Granite Corp.#...................  8,963     172,090
  Bank of The Ozarks, Inc.#................  7,709     286,004
  BankFinancial Corp....................... 16,612     244,363
  Banner Corp..............................  7,117     224,470
  Boston Private Financial Holdings, Inc.#. 19,023     589,713
  Camden National Corp.#...................  5,187     185,124
  Capital City Bank Group, Inc.#...........  8,307     319,487
  Capital Corp. of the West................  6,305     217,901
  Capital Crossing Bank+#..................  3,998     131,094
  Capitol Bancorp, Ltd.#...................  8,460     316,066
  Cardinal Financial Corp.+#............... 16,518     180,872
  Cascade Bancorp#......................... 11,434     269,156
  Cathay General Bancorp#.................. 30,881   1,173,478
  Center Financial Corp.#..................  7,571     190,032
  Central Coast Bancorp+#..................  7,831     192,799
  Central Pacific Financial Corp........... 20,610     754,326
  Chemical Financial Corp.#................ 17,105     552,834
  Citizens & Northern Corp.#...............  5,575     155,821
  Citizens Banking Corp.................... 29,315     867,431
  City Bank................................  5,286     182,103
  City Holding Co.#........................ 12,205     445,238
  CoBiz, Inc.#.............................  9,957     189,382
  Colony Bankcorp Corp.#...................  3,717      95,155
  Columbia Bancorp.........................  3,755     154,744
  Columbia Banking System, Inc.#........... 10,627     306,589
  Commercial Bankshares, Inc.#.............  3,182     120,471
  Commercial Federal Corp.#................ 25,968     894,338
  Community Bancorp.+#.....................  3,359     108,731
  Community Bank Systems, Inc.#............ 20,610     495,877
  Community Bks., Inc.#.................... 14,627     429,156
  Community Trust Bancorp, Inc............. 10,098     332,224
  Corus Bankshares, Inc.#.................. 12,689     745,859
  CVB Financial Corp.#..................... 31,961     643,695
  Enterprise Financial Services Corp.+#....  5,257     118,861
  EuroBancshares, Inc.+#...................  6,270      79,253
  Farmers Capital Bank Corp.#..............  4,135     133,767
                                                                [Download Table]


                                                       Value   
                                              Shares  (Note 2) 
                                                               

---------------------------------------------------------------
Banks (continued)                                              
  Financial Institutions, Inc.#..............  6,134 $  123,845
  First Bancorp North Carolina#..............  7,729    170,270
  First BanCorp Puerto Rico@#................ 46,476    562,360
  First Busey Corp., Class A#................  9,496    199,606
  First Charter Corp.#....................... 20,632    516,625
  First Citizens BancShares, Inc., Class A#..  4,095    767,690
  First Commonwealth Financial Corp.#........ 47,474    640,424
  First Community Bancorp....................  8,887    459,991
  First Community Bancshares, Inc.#..........  6,842    211,281
  First Financial Bancorp#................... 23,927    460,595
  First Financial Bankshares, Inc.#.......... 12,489    464,466
  First Financial Corp.#.....................  9,161    250,828
  First Merchants Corp.#..................... 12,561    324,953
  First Midwest Bancorp, Inc.#............... 31,029  1,161,415
  First Oak Brook Bancshares, Inc., Class A#.  4,496    124,359
  First Regional Bancorp+....................  1,644    116,987
  First Republic Bank#....................... 14,698    569,841
  First South Bancorp, Inc.#.................  3,293    125,134
  First State Bancorp........................ 10,423    257,865
  FNB Corp. (PA)#............................ 38,193    700,078
  FNB Corp. (VA)#............................  4,945    152,553
  Fremont General Corp.#..................... 44,077  1,031,843
  Frontier Financial Corp.#.................. 16,721    541,426
  GB&T Bancshares, Inc.#.....................  8,608    193,766
  Glacier Bancorp, Inc.#..................... 21,201    697,937
  Gold Banc Corp., Inc....................... 26,590    481,279
  Great Southern Bancorp, Inc.#..............  7,068    214,938
  Greater Bay Bancorp#....................... 34,741    925,500
  Greene County Bancshares, Inc..............  4,426    123,397
  Hancock Holding Co.#....................... 18,166    699,028
  Hanmi Financial Corp.#..................... 27,093    504,743
  Harleysville National Corp.#............... 18,711    395,176
  Heartland Financial USA, Inc.#.............  7,199    147,148
  Heritage Commerce Corp.+...................  8,058    176,954
  Hudson United Bancorp#..................... 30,386  1,279,251
  Iberiabank Corp.#..........................  6,507    357,299
  Independent Bank Corp. (MA)#............... 10,454    305,570
  Independent Bank Corp. (MI)#............... 15,076    439,767
  Integra Bank Corp.......................... 10,415    223,402
  Interchange Financial Services Corp.#...... 11,612    208,900
  Irwin Financial Corp.#..................... 12,361    279,606
  Lakeland Bancorp, Inc.#.................... 12,411    188,027
  Lakeland Financial Corp....................  4,016    174,495
  Macatawa Bank Corp.#.......................  6,920    263,929
  Main Street Banks., Inc.#.................. 10,630    295,195
  Mainsource Financial Group, Inc.#..........  8,037    145,389
  MB Financial, Inc.......................... 14,911    560,057
  MBT Financial Corp.#....................... 10,027    179,483
  Mercantile Bank Corp.......................  5,146    205,840
  Mid-State Bancshares#...................... 15,552    434,056
  Midwest Banc Holdings, Inc.#...............  9,019    203,739
  Nara Bancorp, Inc.#........................ 12,558    235,086
  National Penn Bancshares, Inc.#............ 29,384    605,017
  NBC Capital Corp.#.........................  4,707    112,968
  NBT Bancorp, Inc.#......................... 22,010    503,369
  NetBank, Inc.#............................. 31,395    232,009
  Northern Empire Bancshares+#...............  5,420    145,527
  Old National Bancorp#...................... 46,389  1,015,919
  Old Second Bancorp, Inc.#..................  9,164    304,153
  Omega Financial Corp.#.....................  8,565    251,211
  Oriental Financial Group, Inc.#............ 14,390    191,243
  Pacific Capital Bancorp#................... 31,116  1,161,249
  Park National Corp.#.......................  8,259    867,608
  Peapack Gladstone Financial Corp.#.........  5,635    161,105
  Pennsylvania Commerce Bancorp, Inc.+.......  2,990     98,790
  Peoples Bancorp, Inc.#.....................  6,358    184,509
  Pinnacle Financial Partners, Inc.+#........  4,938    122,956
  Placer Sierra Bancshares#..................  4,555    129,817

N-CSRS 102nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 102nd
                                                                [Download Table]
                                                                                 
98  SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                          

                                                                [Download Table]


                                                             Value    
                                                    Shares  (Note 2)  
                                                                      
----------------------------------------------------------------------
COMMON STOCK (continued)                                              
Banks (continued)                                                     
  Preferred Bank...................................  2,806 $   123,043
  Premierwest Bancorp+#............................  9,354     130,488
  PrivateBancorp, Inc.#............................ 11,243     414,754
  Prosperity Bancshares, Inc.#..................... 14,522     444,373
  Provident Bankshares Corp.#...................... 22,381     797,659
  R&G Financial Corp., Class B#.................... 18,903     240,635
  Renasant Corp.#..................................  7,051     223,940
  Republic Bancorp, Inc. #......................... 52,324     649,864
  Republic Bancorp, Inc., Class A#.................  4,877     100,174
  Royal Bancshares of Pennsylvania, Inc., Class A#.  3,080      73,643
  S&T Bancorp, Inc.#............................... 18,050     693,842
  Sandy Spring Bancorp, Inc........................  9,947     368,437
  Santander BanCorp#...............................  3,610      97,253
  SCBT Financial Corp.#............................  5,469     182,282
  Seacoast Banking Corp. of Florida................  8,611     209,075
  Security Bank Corp.#.............................  7,133     177,897
  Sierra Bancorp#..................................  3,677      84,755
  Signature Bank+#.................................  7,972     229,514
  Simmons First National Corp., Class A#...........  9,760     273,475
  Southside Bancshares, Inc.#......................  6,655     133,167
  Southwest Bancorp, Inc.#.........................  9,238     208,502
  State Bancorp, Inc.#.............................  6,672     122,565
  Sterling Bancorp................................. 13,079     261,057
  Sterling Bancshares, Inc......................... 30,720     478,925
  Sterling Financial Corp. (PA).................... 17,356     367,774
  Suffolk Bancorp#.................................  7,218     240,215
  Summit Bancshares, Inc.#.........................  6,982     128,190
  Summit Financial Group, Inc.#....................  3,485      83,675
  Sun Bancorp, Inc. NJ+............................  7,645     151,600
  Susquehanna Bancshares, Inc.#.................... 31,675     776,671
  SVB Financial Group+#............................ 24,095   1,158,729
  SY Bancorp, Inc.#................................  8,168     194,970
  Taylor Capital Group, Inc........................  3,061     119,961
  Texas Capital Bancshares, Inc.+.................. 15,167     366,131
  Texas Regional Bancshares, Inc., Class A#........ 27,950     814,742
  Tompkins Trustco, Inc.#..........................  4,304     194,541
  TriCo Bancshares.................................  8,222     194,697
  TrustCo Bank Corp. NY#........................... 51,091     663,161
  Trustmark Corp................................... 32,107     918,260
  U.S.B. Holding Co., Inc..........................  7,847     171,065
  UCBH Holdings, Inc.#............................. 62,123   1,095,850
  UMB Financial Corp.#............................. 10,604     703,893
  Umpqua Holdings Corp.#........................... 30,182     797,408
  Union Bankshares Corp.#..........................  5,945     286,371
  United Bankshares, Inc #......................... 25,407     960,131
  United Community Banks, Inc.#.................... 21,451     612,426
  United Security Bancshares (AL)#.................  3,923     115,218
  Univest Corp.#...................................  7,796     200,045
  Unizan Financial Corp.#.......................... 15,005     395,082
  Vineyard National Bancorp Co.#...................  5,299     154,572
  Virginia Commerce Bancorp+#......................  6,202     182,215
  Virginia Financial Group, Inc.#..................  4,864     182,886
  W Holding Co., Inc.#............................. 74,179     611,977
  Washington Trust Bancorp, Inc.#..................  8,046     225,529
  WesBanco, Inc.#.................................. 15,417     493,344
  West Bancorp.#................................... 11,341     221,036
  West Coast Bancorp.#............................. 10,050     264,817
  Westamerica Bancorp.#............................ 22,268   1,216,723
  Western Alliance Bankcorp#.......................  2,623      77,011
  Western Sierra Bancorp.+#........................  4,513     158,045
  Wilshire Bancorp, Inc.#.......................... 10,475     178,180
  Wintrust Financial Corp.......................... 15,937     895,341
  Yardville National Bancorp.......................  5,807     202,722
                                                           -----------
                                                            67,417,270
                                                           -----------
Beverages -- 0.19%                                                    
  Boston Beer Co., Inc., Class A+#.................  6,559     177,486
  Coca-Cola Bottling Co. Cons......................  3,158     145,268
                                                                [Download Table]


                                                           Value    
                                                 Shares   (Note 2)  
                                                                    

--------------------------------------------------------------------
Beverages (continued)                                               
  Farmer Brothers Co.#..........................   4,573 $    93,152
  Green Mountain Coffee, Inc.+#.................   2,998     122,978
  Hansen Natural Corp.+#........................  10,132     786,750
  National Beverage Corp.+......................   5,122      38,364
  Peet's Coffee & Tea, Inc.+#...................   9,266     287,709
                                                         -----------
                                                           1,651,707
                                                         -----------
Broadcasting -- 0.79%                                               
  4Kids Entertainment, Inc.+#...................   9,050     147,967
  Beasley Broadcast Group, Inc., Class A+.......   5,052      70,829
  Charter Communications, Inc., Class A+#....... 211,751     251,984
  Citadel Broadcasting Corp.+#..................  29,770     401,300
  Cox Radio, Inc., Class A+.....................  26,073     386,141
  Crown Media Holdings, Inc., Class A+#.........   9,936     103,334
  Cumulus Media, Inc., Class A+#................  38,721     478,204
  Emmis Communications Corp., Class A+#.........  21,711     452,457
  Entercom Communications Corp.+#...............  24,476     779,561
  Fisher Communications, Inc.+..................   4,490     204,340
  Gray Television, Inc..........................  29,360     261,891
  Insight Communications, Inc., Class A+........  34,074     396,621
  Liberty Corp.#................................  10,473     488,251
  Lin TV Corp., Class A+........................  18,420     240,934
  Lodgenet Entertainment Corp.+#................  10,991     150,687
  Mediacom Communications Corp., Class A+#......  41,884     218,216
  Outdoor Channel Holdings, Inc.+#..............   5,128      81,997
  Pegasus Solutions, Inc.+#.....................  14,059      99,959
  Radio One, Inc., Class D+.....................  56,794     628,142
  Regent Communications, Inc.+#.................  24,047     119,994
  Saga Communications, Inc., Class A+#..........  11,630     144,445
  Salem Communications Corp., Class A+#.........   8,074     154,213
  Sinclair Broadcast Group, Inc., Class A#......  29,863     287,282
  Spanish Broadcasting System, Inc., Class A+#..  26,172     126,149
  World Wrestling Entertainment, Inc., Class A#.  13,835     186,911
  WorldSpace, Inc., Class A#....................   8,062      88,118
                                                         -----------
                                                           6,949,927
                                                         -----------
Building Materials -- 1.62%                                         
  Ameron International Corp.#...................   5,751     258,508
  Apogee Enterprises, Inc.#.....................  18,877     292,027
  Barnes Group, Inc.#...........................  11,836     407,987
  Beacon Roofing Supply, Inc.+#.................  11,209     305,109
  Builders FirstSource, Inc.#...................   8,316     165,488
  Comfort Systems USA, Inc.+#...................  26,776     251,427
  Drew Industries, Inc.+#.......................  10,299     310,206
  Eagle Materials, Inc.#........................  12,455   1,431,080
  Elkcorp#......................................  13,691     467,958
  Genlyte Group, Inc.+..........................  16,280     857,956
  Huttig Building Products, Inc.+...............   9,542      82,729
  Infrasource Services, Inc.+#..................   8,763     102,790
  Interline Brands, Inc.+#......................   8,479     181,111
  Lennox International, Inc.#...................  33,757     986,042
  LSI Industries, Inc.#.........................  13,439     241,902
  Matthews International Corp., Class A#........  21,694     852,357
  Mestek, Inc.+#................................   2,020      24,442
  NCI Building Systems, Inc.+#..................  14,126     616,459
  Perini Corp.+(1)#.............................  13,099     339,264
  Shaw Group, Inc.+.............................  52,679   1,521,896
  Simpson Manufacturing Co., Inc.#..............  24,636   1,009,583
  Texas Industries, Inc.........................  15,400     768,152
  Trex Co., Inc.+#..............................   7,823     178,912
  Watsco, Inc.#.................................  14,568     914,142
  York International Corp.#.....................  28,512   1,604,941
                                                         -----------
                                                          14,172,468
                                                         -----------
Chemical -- 1.44%                                                   
  American Vanguard Corp.#......................   7,205     166,075
  Arch Chemicals, Inc...........................  16,047     456,537
  Balchem Corp.#................................   5,227     144,161

N-CSRS 103rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 103rd
                                                                [Download Table]
                                                                                 
November 30, 2005 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  99 
                                          - CONTINUED                            

                                                                [Download Table]


                                                           Value    
                                                 Shares   (Note 2)  
                                                                    
--------------------------------------------------------------------
COMMON STOCK (continued)                                            
Chemical (continued)                                                
  Cabot Microelectronics Corp.+#................  16,768 $   518,634
  CF Industries Holdings, Inc.#.................  28,008     432,724
  Ferro Corp.#..................................  28,452     537,743
  Georgia Gulf Corp.#...........................  23,160     645,238
  H.B. Fuller Co.#..............................  19,554     605,783
  Hercules, Inc.+#..............................  76,694     901,921
  Hexcel Corp.+.................................  39,687     659,995
  Kronos Worldwide, Inc.#.......................   2,393      75,499
  MacDermid, Inc................................  20,583     584,763
  Minerals Technologies, Inc.#..................  13,929     788,660
  Newmarket Corp.+..............................  11,552     253,220
  NL Industries, Inc.#..........................   5,340      79,032
  Octel Corp....................................   8,464     131,023
  Olin Corp.#...................................  48,326     930,276
  OM Group, Inc.+#..............................  19,338     305,154
  Pioneer Cos., Inc.+#..........................   7,662     190,247
  PolyOne Corp.+................................  62,361     359,823
  Rockwood Holdigns, Inc........................  13,877     253,116
  Schulman (A), Inc.#...........................  20,819     434,909
  Sensient Technologies Corp....................  32,077     582,839
  Spartech Corp.#...............................  21,869     463,841
  Stepan Co.....................................   3,579      92,446
  Symyx Technologies, Inc.+#....................  22,141     603,342
  UAP Holding Corp.#............................  22,710     431,036
  W.R. Grace & Co.+#............................  45,428     394,769
  WD-40 Co.#....................................  11,320     310,960
  Westlake Chemical Corp.#......................   9,134     255,935
                                                         -----------
                                                          12,589,701
                                                         -----------
Coal -- 0.16%                                                       
  Alpha Natural Resources, Inc.+#...............  20,022     480,929
  Foundation Coal Holdings, Inc.#...............  16,120     573,388
  James River Coal Co.+#........................   8,899     374,648
                                                         -----------
                                                           1,428,965
                                                         -----------
Commercial Services -- 3.75%                                        
  1-800 Contacts, Inc.+#........................   5,809      63,260
  1-800-FLOWERS.COM, Inc., Class A+#............  17,225     119,886
  ABM Industries, Inc.#.........................  26,809     577,734
  ACE Cash Express, Inc.+#......................   7,717     183,896
  Administaff, Inc.#............................  13,348     601,327
  Advance America Cash Advance Centers, Inc.#...  46,346     577,008
  Advisory Board Co.+#..........................  13,035     629,851
  Arbitron, Inc.#...............................  21,333     823,454
  BearingPoint, Inc.+#.......................... 124,582     906,957
  Blount International, Inc.+...................  20,242     314,763
  BlueLinx Holdings, Inc........................   6,599      73,645
  Central European Distribution Corp.+#.........   9,290     406,066
  Central Parking Corp.#........................  13,625     190,614
  Cenveo, Inc.+.................................  33,317     430,122
  Ceradyne, Inc.+#..............................  16,635     783,342
  Chemed Corp.#.................................  17,174     870,722
  Clark, Inc....................................  10,982     155,176
  Corrections Corp. of America+#................  26,589   1,181,349
  CoStar Group, Inc.+#..........................  11,042     518,312
  CRA International, Inc.+#.....................   7,535     335,458
  DiamondCluster International, Inc., Class A+#.  20,160     127,814
  Dycom Industries, Inc.+#......................  33,146     677,173
  Electro Rent Corp.+#..........................  12,186     170,360
  Escala Group, Inc.#...........................   4,083      67,574
  Euronet Worldwide, Inc.+#.....................  21,095     569,987
  Exponent, Inc.+#..............................   5,416     148,128
  First Advantage Corp., Class A+#..............   2,332      63,547
  Flanders Corp.+#..............................   8,913      90,378
  Freightcar America, Inc.+.....................   5,685     274,358
  FTI Consulting, Inc.+#........................  29,284     830,494
  Geo Group, Inc.+#.............................   6,494     158,778
  Greif Brothers Corp., Class A.................  10,469     628,663
                                                                [Download Table]


                                                       Value    
                                              Shares  (Note 2)  
                                                                

----------------------------------------------------------------
Commercial Services (continued)                                 
  Healthcare Services Group, Inc.#........... 18,063 $   383,839
  Heartland Payment Systems, Inc.+...........  2,688      57,335
  Huron Consulting Group, Inc.+#.............  4,526     107,990
  Landauer, Inc.#............................  6,084     297,508
  LECG Corp.+#...............................  9,997     163,351
  LKQ Corp.+#................................  9,572     311,952
  Maritrans, Inc.#...........................  5,778     166,926
  Maximus, Inc............................... 13,007     473,455
  McGrath Rent Corp.#........................ 13,971     399,431
  Mobile Mini, Inc.+#........................ 10,040     502,000
  Moneygram International, Inc.#............. 58,639   1,517,577
  Morningstar, Inc.+.........................  5,773     185,025
  Navigant Consulting, Inc.+#................ 33,271     679,061
  Odyssey Marine Exploration, Inc.+#......... 24,210      76,262
  Pacer International, Inc.+#................ 25,361     670,291
  Parexel International Corp.+............... 17,722     364,542
  PHH Corp.+#................................ 35,694   1,030,129
  Plexus Corp.+#............................. 29,440     632,960
  PRA International, Inc.+...................  7,627     211,573
  Pre-Paid Legal Services, Inc.#.............  6,635     282,319
  PRG-Shultz International, Inc.+#........... 28,091      25,563
  Providence Service Corp.+..................  6,411     187,329
  Quanta Services, Inc.+#.................... 79,221   1,120,977
  Raven Industries, Inc.#.................... 10,613     325,182
  Rent-Way, Inc.+#........................... 17,823     116,741
  Rollins, Inc............................... 19,532     397,476
  Senomyx, Inc.+#............................ 14,296     182,131
  SFBC International, Inc.+#................. 12,411     261,748
  Silgan Holdings, Inc....................... 15,121     533,620
  Sotheby's Holdings, Inc., Class A+......... 24,769     471,354
  Source Interlink Cos., Inc.+#.............. 22,408     246,040
  Sourcecorp, Inc.+.......................... 10,638     277,226
  Stamps.com, Inc.+.......................... 11,001     257,973
  Startek, Inc.#.............................  7,599     126,219
  Stewart Information Services Corp.......... 11,594     586,193
  TeleTech Holdings, Inc.+#.................. 24,209     300,918
  TNS, Inc.+#................................  7,249     130,844
  United Rentals, Inc.+#..................... 45,719     967,414
  URS Corp.+#................................ 27,715   1,167,356
  Vertrue, Inc.+#............................  5,170     186,792
  Viad Corp.................................. 15,120     460,404
  Volt Information Sciences, Inc.+...........  5,462     107,547
  Washington Group International, Inc.+#..... 17,676     914,026
  Watson Wyatt & Co. Holdings, Class A#...... 22,204     597,732
  Wireless Facilities, Inc.+#................ 38,151     211,357
  Wright Express Corp.+...................... 27,286     664,687
                                                     -----------
                                                      32,888,571
                                                     -----------
Conglomerates -- 0.13%                                          
  Trinity Industries, Inc.#.................. 27,898   1,161,673
                                                     -----------
Consumer Service -- 0.06%                                       
  Advanta Corp., Class B#.................... 12,895     417,540
  COMSYS IT Partners, Inc.+#.................  8,568     107,100
                                                     -----------
                                                         524,640
                                                     -----------
Drugs -- 1.57%                                                  
  Acadia Pharmaceuticals, Inc.+#............. 11,083      97,198
  Adams Respiratory Therapeutics, Inc.+......  5,405     239,388
  Adolor Corp.+#............................. 26,540     386,688
  Alkermes, Inc.+#........................... 61,334   1,115,052
  Alpharma, Inc., Class A.................... 26,906     710,857
  Antigenics, Inc.+#......................... 19,584     107,125
  Array Biopharma, Inc.+..................... 21,364     143,566
  AVANIR Pharmaceuticals, Class A+#.......... 73,030     205,214
  Bentley Pharmaceuticals, Inc.+#............ 12,392     221,941
  BioScrip, Inc.+#........................... 25,081     223,723
  Caraco Pharmaceutical Laboratories, Ltd.+#.  6,533      60,234
  CNS, Inc.#.................................  9,611     221,053

N-CSRS 104th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 104th
                                                                [Download Table]
                                                                                 
100 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                          

                                                                [Download Table]


                                                    Value    
                                           Shares  (Note 2)  
                                                             
-------------------------------------------------------------
COMMON STOCK (continued)                                     
Drugs (continued)                                            
  Cubist Pharmaceuticals, Inc.+#.......... 36,144 $   817,216
  Dendreon Corp.+#........................ 40,218     237,688
  Durect Corp., Inc.+#.................... 24,472     128,233
  DUSA Pharmaceuticals, Inc.+#............ 11,489     114,660
  First Horizon Pharmaceutical Corp.+#.... 18,752     330,410
  Hi-Tech Pharmacal Co., Inc.+#...........  3,487     133,238
  I-Flow Corp.+#.......................... 13,538     177,483
  Idenix Pharmaceuticals, Inc.+#..........  8,469     175,816
  ImmunoGen, Inc.+#....................... 27,845     153,983
  Isis Pharmaceuticals, Inc.+#............ 39,061     198,039
  K-V Pharmaceutical Co., Class A+#....... 24,378     482,684
  Mannatech, Inc.#........................ 10,703     139,567
  Medicis Pharmaceutical Corp., Class A#.. 36,845   1,175,724
  Nastech Pharmaceutical, Inc.+#.......... 13,996     200,143
  Natures Sunshine Products, Inc.#........  7,607     140,045
  NBTY, Inc.+............................. 37,772     741,087
  NeoPharm, Inc.+#........................ 11,672     110,184
  Neurogen Corp.+#........................ 15,428     114,784
  New River Pharmaceuticals, Inc.+#.......  4,117     194,528
  OSI Pharmaceuticals, Inc.+..............  1,002          46
  Pain Therapeutics, Inc.+#............... 18,964     137,110
  Par Pharmaceutical Cos., Inc.+#......... 23,216     617,778
  Penwest Pharmaceuticals Co.+#........... 14,752     250,046
  Perrigo Co.#............................ 57,025     826,863
  Pharmion Corp.+#........................ 16,660     289,384
  Rigel Pharmaceuticals, Inc.+#........... 16,012     350,983
  Salix Pharmaceuticals, Ltd.+#........... 30,682     594,310
  Star Scientific, Inc.+#................. 24,543      63,812
  SuperGen, Inc.+#........................ 34,749     194,594
  Tanox, Inc.+#........................... 16,615     275,975
  USANA Health Sciences, Inc.+#...........  6,991     276,005
  Xenoport, Inc.#.........................  3,390      43,019
  Zymogenetics, Inc.+..................... 20,656     331,529
                                                  -----------
                                                   13,749,005
                                                  -----------
Electronic Instruments -- 0.04%                              
  LoJack Corp.+........................... 11,488     323,732
                                                  -----------
Electronics/Electrical Equipment -- 4.11%                    
  Advanced Energy Industries, Inc.+#...... 18,877     252,197
  American Science & Engineering, Inc.+#..  5,553     374,605
  American Superconductor Corp.+#......... 21,689     176,765
  Analogic Corp.#.........................  9,307     446,364
  Artesyn Technologies, Inc.+#............ 25,457     254,061
  Avista Corp............................. 32,933     581,267
  Badger Meter, Inc.......................  3,813     149,241
  Bel Fuse, Inc., Class B.................  7,793     261,299
  Belden CDT, Inc.#....................... 31,988     747,240
  Benchmark Electronics, Inc.+#........... 28,300     867,395
  C&D Technologies, Inc.#................. 17,210     127,354
  C-COR.net Corp.+#....................... 32,410     183,765
  Checkpoint Systems, Inc.+#.............. 25,692     615,323
  China Energy Savings Technology, Inc.+#.    905       6,453
  Cogent, Inc.+#.......................... 16,246     383,730
  Coherent, Inc.+......................... 20,906     660,421
  Color Kinetics, Inc.+#..................  8,861     137,080
  Commscope, Inc.+........................ 37,027     759,424
  CTS Corp.#.............................. 24,957     300,233
  Cubic Corp.#............................ 10,559     186,789
  Cymer, Inc.+#........................... 24,632     941,435
  Daktronics, Inc.#....................... 10,181     275,905
  Dionex Corp.+#.......................... 13,778     650,735
  DSP Group, Inc.+#....................... 19,234     500,084
  Electro Scientific Industries, Inc.+#... 19,389     487,827
  Emcor Group, Inc.+...................... 10,425     737,569
  Encore Wire Corp.+#..................... 10,857     258,505
  Energy Conversion Devices, Inc.+#....... 13,702     402,154
  EnerSys+#............................... 31,236     451,673
                                                                [Download Table]


                                                             Value   
                                                   Shares   (Note 2) 
                                                                     

---------------------------------------------------------------------
Electronics/Electrical Equipment (continued)                         
  ESCO Technologies, Inc.+........................  17,257 $  742,051
  Excel Technology, Inc.+#........................   8,185    196,767
  Fargo Electronics, Inc.+#.......................   8,580    163,964
  Faro Technologies, Inc.+#.......................   7,692    146,302
  FEI Co.+#.......................................  16,217    323,691
  FuelCell Energy, Inc.+#.........................  32,718    275,813
  General Cable Corp.+#...........................  26,848    487,291
  Global Imaging Systems, Inc.+#..................  15,936    580,389
  Graftech International, Ltd.+#..................  66,269    433,399
  Greatbatch, Inc.+#..............................  14,653    424,644
  Harmonic, Inc.+#................................  49,634    272,491
  Hypercom Corp.+.................................  35,710    221,402
  Identix, Inc.+#.................................  60,378    296,456
  InterDigital Communications Corp.+..............  36,289    706,910
  Intermagnetics General Corp.+...................  19,053    637,132
  International DisplayWorks, Inc.+#..............  21,378    122,710
  Ionatron, Inc.+#................................  16,389    172,084
  ITC Holdings Corp...............................   8,706    240,460
  Itron, Inc.+....................................  15,793    738,323
  Keithley Instruments, Inc.......................   8,676    139,597
  Kemet Corp.+#...................................  58,730    469,840
  LaBarge, Inc.+#.................................   6,842     91,135
  Lecroy Corp.+#..................................   8,379    136,745
  Littelfuse, Inc.+#..............................  15,216    394,703
  Magma Design Automation, Inc.+#.................  23,841    201,456
  Measurement Specialties, Inc.+#.................   8,023    199,612
  Medis Technologies, Ltd.+#......................  10,085    139,476
  Methode Electroni cs, Inc., Class A.............  24,696    258,073
  Metrologic Instruments, Inc.+...................   8,013    156,654
  Microtune, Inc.+#...............................  35,308    172,656
  MIPS Technologies, Inc., Class A+...............  28,818    170,314
  Molecular Devices Corp.+#.......................  11,491    308,533
  Multi-Fineline Electronix, Inc.+................   5,455    201,835
  Netlogic Microsystems, Inc.+#...................   7,111    185,313
  Newport Corp.+#.................................  25,024    345,331
  Optical Communication Products, Inc., Class A+#.  10,197     23,963
  OSI Systems, Inc.+#.............................  10,212    192,292
  Park Electrochemical Corp.#.....................  13,566    342,406
  Paxar Corp.+....................................  23,827    455,810
  Photon Dynamics, Inc.+#.........................  11,484    211,306
  Pixelworks, Inc.+#..............................  31,571    168,905
  PMC-Sierra, Inc.+#.............................. 122,474    963,870
  Polycom, Inc.+#.................................  66,549  1,092,069
  Powell Industries, Inc.+........................   4,588     87,998
  Power-One, Inc.+#...............................  50,638    314,968
  Rofin-Sinar Technologies, Inc.+#................  10,247    442,363
  Rogers Corp.+#..................................  11,160    427,428
  ScanSource, Inc.+#..............................   8,599    509,835
  Silicon Image, Inc.+#...........................  53,674    521,175
  Silicon Laboratories, Inc.+#....................  29,017  1,127,310
  Sonic Solutions+#...............................  16,485    253,869
  Spatialigh, Inc.+#..............................  19,709     81,398
  Standard Microsystems Corp.+....................  14,155    423,234
  Standex International Corp......................   8,388    232,683
  Superior Essex, Inc.+...........................  11,623    219,094
  Sypris Solutions, Inc.#.........................   6,055     66,908
  Taser International, Inc.+#.....................  41,491    253,095
  Technitrol, Inc.#...............................  27,478    486,361
  TRM Corp.+#.....................................   7,343     52,282
  TTM Technologies, Inc.+#........................  28,013    256,039
  Ultralife Batteries, Inc.+#.....................   9,787    127,427
  Universal Display Corp.+#.......................  15,958    185,911
  Universal Electronics, Inc.+#...................   9,198    159,493
  Varian, Inc.+#..................................  21,761    913,092
  Vicor Corp......................................  13,019    211,298
  Viisage Technology, Inc.+#......................  22,027    139,651
  Watts Water Technologies, Inc., Class A#........  16,980    490,552
  Wesco International, Inc.+#.....................  21,783    909,440

N-CSRS 105th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 105th
                                                                [Download Table]
                                                                                 
November 30, 2005 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  101
                                          - CONTINUED                            

                                                                [Download Table]


                                                      Value    
                                             Shares  (Note 2)  
                                                               
---------------------------------------------------------------
COMMON STOCK (continued)                                       
Electronics/Electrical Equipment (continued)                   
  Woodward Governor Co......................  6,680 $   545,556
  X-Rite, Inc.#............................. 14,358     158,943
                                                    -----------
                                                     35,978,469
                                                    -----------
Fertilizers -- 0.11%                                           
  Delta & Pine Land Co.#.................... 24,222     570,670
  Terra Industries, Inc.+#.................. 63,098     379,219
                                                    -----------
                                                        949,889
                                                    -----------
Financial Services -- 2.37%                                    
  Accredited Home Lenders Holding Co.+#..... 11,948     517,587
  Apollo Investment Corp.................... 42,294     802,317
  Archipelago Holdings, Inc.+#.............. 20,037   1,081,998
  Ares Capital Corp......................... 15,732     243,689
  Asset Acceptance Capital Corp.+#..........  6,066     123,807
  Asta Funding, Inc.#.......................  7,018     173,906
  Bankrate, Inc.+#..........................  6,438     207,625
  BKF Capital Group, Inc.#..................  4,616      95,320
  Calamos Asset Management, Inc., Class A... 15,617     423,221
  Capital Southwest Corp.#..................  1,875     173,831
  CBIZ, Inc,+#.............................. 41,292     258,488
  Charter Municipal Mtg. Acceptance Co.#.... 27,390     597,924
  Chittenden Corp.#......................... 31,507     937,963
  Cohen & Steers, Inc.#.....................  5,695     104,162
  Coinstar, Inc.+#.......................... 17,246     419,078
  Collegiate Funding Servies, LLC+#......... 10,010     152,753
  CompuCredit Corp.+#....................... 13,325     520,608
  Delta Financial Corp.#....................  7,336      58,615
  Doral Financial Corp.#.................... 58,476     590,608
  Encore Capital Group, Inc.+#..............  9,974     163,374
  eSpeed, Inc., Class A+#................... 14,215     121,823
  Federal Agricultural Mtg. Corp., Class C#.  7,442     207,408
  Financial Federal Corp.#.................. 11,828     478,088
  GAMCO Investors, Inc.#....................  4,847     219,569
  GFI Group, Inc.+#.........................  3,979     177,225
  Gladstone Investment Corp................. 11,244     157,304
  Greenhill & Co., Inc.#....................  8,124     445,926
  Harris & Harris Group, Inc.+#............. 11,712     155,887
  International Securities Exchange, Inc.+#.  7,669     227,002
  Investment Technology Group, Inc.+........ 26,918   1,046,841
  iPayment, Inc.+#..........................  8,330     333,367
  Jackson Hewitt Tax Service, Inc.#......... 25,548     614,174
  Knight Capital Group, Inc.+#.............. 72,920     737,950
  LaBranche & Co., Inc.+.................... 36,635     391,262
  MarketAxess Holdings, Inc.+#.............. 15,643     191,001
  Marlin Business Services, Inc.+#..........  4,371      99,265
  MCG Capital Corp.#........................ 33,899     481,027
  Metris Cos., Inc.+........................ 39,506     592,195
  Nasdaq Stock Market, Inc.+#............... 30,304   1,185,795
  National Financial Partners Corp.#........ 23,947   1,218,663
  NCO Group, Inc.+.......................... 21,788     375,625
  optionsXpress Holdings, Inc.#............. 13,999     343,115
  Piper Jaffray Cos.+....................... 13,945     554,174
  Portfolio Recovery Associates, Inc.+#..... 10,579     405,387
  QC Holdings, Inc.+#.......................  5,017      59,803
  Resource America, Inc.#................... 10,798     180,758
  Sanders Morris Haris Group, Inc.#.........  8,616     147,075
  Stifel Financial Corp.+#..................  5,711     213,820
  SWS Group, Inc............................ 10,428     215,025
  United PanAm Financial Corp.+.............  3,385      79,311
  Waddell & Reed Financial, Inc., Class A#.. 51,690   1,103,065
  World Acceptance Corp.+#.................. 12,896     355,156
                                                    -----------
                                                     20,760,960
                                                    -----------
Foods -- 1.12%                                                 
  Alico, Inc.+#.............................  2,588     118,556
  American Italian Pasta Co., Class A#...... 12,517      77,480
                                                                [Download Table]


                                                   Value    
                                          Shares  (Note 2)  
                                                            

------------------------------------------------------------
Foods (continued)                                           
  Andersons, Inc.........................  4,512 $   185,669
  Arden Group, Inc.......................    902      78,690
  Chiquita Brands International, Inc.#... 28,317     588,994
  Corn Products International, Inc....... 51,051   1,135,885
  Diamond Foods, Inc.#...................  4,071      66,561
  Flowers Foods, Inc.#................... 34,040     882,317
  Gold Kist, Inc.+....................... 34,970     556,722
  Hain Celestial Group, Inc.+#........... 19,833     442,871
  J&J Snack Foods Corp.#.................  4,251     258,206
  John B. Sanfilippo & Son, Inc.+#.......  5,351      73,362
  Lance, Inc.#........................... 20,253     371,440
  M & F Worldwide Corp.+.................  7,301     124,117
  Maui Land & Pineapple Co., Inc.+#......  2,313      80,007
  Performance Food Group Co.+#........... 31,890     905,676
  Premium Standard Farms, Inc.#..........  6,676     111,155
  Provide Commerce, Inc.+#...............  5,427     156,623
  Ralcorp Holdings, Inc.#................ 20,128     839,136
  Sanderson Farms, Inc.#................. 12,150     432,783
  Seaboard Corp.#........................    240     412,800
  Spartan Stores, Inc.+.................. 14,119     141,331
  Tejon Ranch Co.+#......................  5,901     244,006
  Tootsie Roll Industries, Inc.#......... 16,965     512,513
  United Natural Foods, Inc.+#........... 27,746     779,108
  Wild Oats Markets, Inc.+#.............. 19,406     234,425
                                                 -----------
                                                   9,810,433
                                                 -----------
Freight -- 1.24%                                            
  ABX Air, Inc.+#........................ 39,565     296,737
  Amerco, Inc.+#.........................  6,966     492,636
  Arkansas Best Corp.#................... 17,214     709,905
  Covenant Transport, Inc., Class A+#....  5,728      66,617
  Dynamex, Inc.+#........................  7,867     145,618
  EGL, Inc.+#............................ 26,486     983,690
  Forward Air Corp.#..................... 21,942     843,670
  Frozen Food Express Industries, Inc.+#. 10,177     117,646
  GATX Corp.#............................ 29,874   1,124,457
  Gulfmark Offshore, Inc.+#.............. 10,067     336,036
  Heartland Express, Inc.#............... 30,860     657,627
  Hub Group, Inc., Class A+#............. 13,232     536,558
  Interpool, Inc.........................  5,536     103,302
  Kirby Corp.+#.......................... 14,790     786,828
  Knight Transportation, Inc.#........... 25,877     832,463
  Marten Transport, Ltd.+................  6,734     179,730
  Navarre Corp.+#........................ 17,393     100,705
  Nuco2, Inc.+...........................  7,285     204,854
  Offshore Logistics, Inc.+#............. 15,831     485,220
  Old Dominion Freight Lines, Inc.+#..... 12,753     484,742
  P.A.M. Transportation Services, Inc.+#.  4,219      68,854
  SCS Transportation, Inc.+#............. 10,301     203,033
  Sirva, Inc.+#.......................... 15,931     123,306
  Universal Truckload Services, Inc.+#...  3,786      88,441
  US Xpress Enterprises, Inc., Class A+#.  6,833     103,862
  USA Truck, Inc.+.......................  4,247     115,094
  Werner Enterprises, Inc.#.............. 34,725     710,821
                                                 -----------
                                                  10,902,452
                                                 -----------
Funeral Services -- 0.09%                                   
  Alderwoods Group, Inc.+#............... 27,222     408,874
  Stewart Enterprises, Inc., Class A#.... 72,176     368,098
                                                 -----------
                                                     776,972
                                                 -----------
Gas & Pipeline Utilities -- 0.02%                           
  Cascade Natural Gas Corp...............  7,713     156,497
                                                 -----------
Hardware & Tools -- 0.13%                                   
  Earle M Jorgensen Co.+................. 12,320     118,272
  Lincoln Electric Holdings, Inc.#....... 24,914   1,016,740
                                                 -----------
                                                   1,135,012
                                                 -----------

N-CSRS 106th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 106th
                                                                [Download Table]
                                                                                 
102 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                          

                                                                [Download Table]


                                                           Value    
                                                  Shares  (Note 2)  
                                                                    
--------------------------------------------------------------------
COMMON STOCK (continued)                                            
Healthcare -- 2.30%                                                 
  Alliance Imaging, Inc.+#.......................  9,361 $    52,047
  Allied Healthcare International, Inc.+#........ 20,637     123,822
  Amedisys, Inc.+#............................... 10,503     466,123
  America Service Group, Inc.+#..................  7,382     127,340
  American Dental Partners, Inc.+#...............  8,115     151,507
  American Healthways, Inc.+#.................... 22,519   1,000,069
  American Medical Systems Holdings, Inc.+....... 46,894     862,850
  Apria Healthcare Group, Inc.+.................. 33,294     814,371
  Bruker BioSciences Corp.+...................... 25,393     126,203
  Caliper Life Sciences, Inc.+#.................. 18,602     134,306
  Candela Corp.+................................. 15,334     220,810
  Corvel Corp.+#.................................  4,199      68,024
  Encore Medical Corp.+#......................... 27,370     144,514
  Genesis HealthCare Corp.+#..................... 13,458     565,909
  Gentiva Health Services, Inc.+................. 15,848     260,066
  HealthExtras, Inc.+#........................... 14,501     328,013
  Hooper Holmes, Inc............................. 44,304     129,368
  Horizon Health Corp.+#.........................  7,148     165,977
  Intuitive Surgical, Inc.+#..................... 23,592   2,635,698
  Invacare Corp.#................................ 20,709     707,419
  Inverness Medical Innovations, Inc.+#.......... 13,682     328,368
  Kindred Healthcare, Inc.+#..................... 19,334     536,132
  LHC Group, Inc.#...............................  3,256      53,431
  Magellan Health Services, Inc.+................ 18,291     534,463
  Matria Healthcare, Inc.+#...................... 13,930     472,645
  Medcath Corp.+#................................  4,973      96,675
  Mentor Corp.#.................................. 21,873   1,066,090
  Micro Therapeutics, Inc.+#.....................  7,267      45,201
  Molina Healthcare, Inc.+#......................  7,514     200,624
  National Healthcare Corp.#.....................  4,270     160,253
  OCA, Inc.+#.................................... 24,920       9,470
  Odyssey Healthcare, Inc.+#..................... 23,423     433,794
  Option Care, Inc.#............................. 14,703     184,229
  PainCare Holdings, Inc.+#...................... 29,347     108,877
  PolyMedica Corp.#.............................. 16,365     621,215
  Psychiatric Solutions, Inc.+#.................. 17,286     975,276
  Radiation Therapy Services, Inc.+#.............  7,512     285,005
  RehabCare Group, Inc.+......................... 11,370     220,123
  Res-Care, Inc.+#............................... 13,716     237,424
  Somanetics Corp.+#.............................  6,909     213,557
  Steris Corp.................................... 47,050   1,181,896
  Sybron Dental Specialties, Inc.+............... 27,222   1,190,690
  Symbion, Inc.+#................................ 11,762     315,104
  Thermogenesis Corp.+#.......................... 31,131     132,929
  Tiens Biotech Group USA, Inc.+#................  2,809      13,315
  U.S. Physical Therapy, Inc.+...................  8,070     159,705
  United Surgical Partners International, Inc.+#. 29,361   1,019,120
  VistaCare, Inc., Class A+......................  7,489     103,348
  Vital Signs, Inc.#.............................  3,733     178,176
  Vnus Medical Technologies, Inc.+#..............  3,500      28,840
                                                         -----------
                                                          20,190,411
                                                         -----------
Heavy Duty Trucks/Parts -- 0.22%                                    
  Bandag, Inc....................................  7,642     327,460
  Cascade Corp...................................  8,303     420,547
  Federal Signal Corp.#.......................... 32,856     536,867
  Titan International, Inc.#..................... 10,444     180,055
  Wabash National Corp.#......................... 21,130     419,430
                                                         -----------
                                                           1,884,359
                                                         -----------
Home Builders -- 0.25%                                              
  Brookfield Homes Corp.#........................  9,951     491,878
  Comstock Homebuilding Cos., Inc.+#.............  3,474      53,395
  Levitt Corp., Class A#......................... 11,154     241,261
  M/I Schottenstein Homes, Inc.#.................  8,432     368,900
  Orleans Homebuilders, Inc.#....................  2,793      54,352
  Technical Olympic USA, Inc.#................... 10,746     222,765
  WCI Communities, Inc+#......................... 23,570     605,278
  William Lyon Homes, Inc.+#.....................  1,673     186,539
                                                         -----------
                                                           2,224,368
                                                         -----------
                                                                [Download Table]


                                                              Value   
                                                    Shares   (Note 2) 
                                                                      

----------------------------------------------------------------------
Hospital Management -- 0.31%                                          
  Amsurg Corp.+#...................................  20,030 $  482,923
  Beverly Enterprises, Inc.+#......................  74,342    886,157
  Pediatrix Medical Group, Inc.+...................  15,549  1,314,823
                                                            ----------
                                                             2,683,903
                                                            ----------
Hospital Supplies -- 0.71%                                            
  Aaon, Inc.+......................................   5,960    101,439
  Abiomed, Inc.+#..................................  12,910    112,833
  Align Technology, Inc.+#.........................  41,732    288,785
  Arrow International, Inc.#.......................  14,367    428,568
  ArthroCare Corp.+#...............................  16,460    629,595
  CONMED Corp.+#...................................  19,947    450,603
  Datascope Corp.#.................................   7,946    278,905
  Diagnostic Products Corp.#.......................  15,504    706,207
  ev3, Inc.#.......................................   6,569     87,039
  ICU Medical, Inc.+#..............................   9,388    337,780
  Kensey Nash Corp.+#..............................   6,347    145,283
  Meridian Bioscience, Inc.#.......................  12,532    233,972
  Merit Medical Systems, Inc.+#....................  18,052    231,066
  NuVasive, Inc.+#.................................  10,373    178,416
  Owens & Minor, Inc.#.............................  26,957    764,500
  PSS World Medical, Inc.+#........................  43,889    722,852
  SonoSite, Inc.+#.................................  10,463    392,990
  Young Innovations, Inc.#.........................   3,222    117,410
                                                            ----------
                                                             6,208,243
                                                            ----------
Household Products -- 0.67%                                           
  Chattem, Inc.+#..................................  12,077    383,686
  CSS Industries, Inc.#............................   4,012    133,840
  Digital Theater Systems, Inc.+#..................  11,749    170,126
  Elizabeth Arden, Inc.+#..........................  17,273    328,878
  Intermediate Parfums, Inc.#......................   2,959     49,001
  Jacuzzi Brands, Inc.+#...........................  52,076    420,253
  Jarden Corp.+#...................................  36,739  1,199,528
  John H. Harland Co.#.............................  18,649    704,932
  Libbey, Inc.#....................................   9,401    111,496
  Lifetime Brands, Inc.#...........................   4,885    106,298
  National Presto Industries, Inc..................   3,212    143,095
  Parlux Fragrances, Inc.+#........................   4,234    121,855
  Playtex Products, Inc.+#.........................  27,457    384,398
  Prestige Brands Holdings, Inc.+#.................  19,012    228,524
  Revlon, Inc., Class A+...........................  98,515    246,288
  Russ Berrie and Co., Inc.#.......................   7,988     93,140
  Tupperware Corp.#................................  36,045    831,558
  Water Pik Technologies, Inc.+#...................   8,268    172,470
                                                            ----------
                                                             5,829,366
                                                            ----------
Human Resources -- 0.72%                                              
  AMN Healthcare Services, Inc.+#..................   7,846    149,466
  CDI Corp.#.......................................   8,494    239,871
  Cross Country Healthcare, Inc.+..................  21,887    404,472
  Gevity HR, Inc.#.................................  18,782    532,094
  Heidrick & Struggles International, Inc.+#.......  13,245    437,747
  Hudson Highland Group, Inc.+#....................  16,307    411,752
  Kelly Services, Inc., Class A#...................  12,441    345,860
  Kenexa Corp.#....................................   3,897     65,898
  Kforce, Inc.+#...................................  21,825    270,848
  Korn/Ferry International+#.......................  23,190    399,332
  Labor Ready, Inc.+#..............................  36,150    798,192
  MPS Group, Inc.+.................................  70,387    884,765
  Resources Connection, Inc.+#.....................  32,310    938,282
  Spherion Corp.+#.................................  41,860    410,228
                                                            ----------
                                                             6,288,807
                                                            ----------
Information Processing - Computer Services -- 0.07%                   
  CMG Information Services, Inc.+#................. 327,509    566,591
                                                            ----------
Information Processing - Consumer Software -- 0.08%                   
  RealNetworks, Inc.+#.............................  78,203    676,456
                                                            ----------

N-CSRS 107th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 107th
                                                                [Download Table]
                                                                                 
November 30, 2005 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  103
                                          - CONTINUED                            

                                                                [Download Table]


                                                     Value   
                                           Shares   (Note 2) 
                                                             
-------------------------------------------------------------
COMMON STOCK (continued)                                     
Information Processing - Hardware -- 1.13%                   
  Advanced Digital Information Corp.+#....  43,338 $  455,049
  Avocent Corp.+#.........................  33,721    989,374
  Bell Microproducts, Inc.+#..............  19,670    169,162
  Dot Hill Systems Corp.+#................  29,742    196,892
  Electronics for Imaging, Inc.+#.........  36,745  1,026,288
  Gateway, Inc.+#......................... 175,192    532,584
  Hutchinson Technology, Inc.+#...........  17,152    490,376
  Imation Corp............................  22,839  1,004,002
  Komag, Inc.+#...........................  19,665    687,095
  Lexar Media, Inc.+#.....................  54,137    461,788
  Maxtor Corp.+#.......................... 171,930    698,036
  Mercury Computer Systems, Inc.+#........  14,219    284,096
  Mobility Electronics, Inc.+#............  18,220    204,793
  Palm, Inc.+#............................  28,368    805,084
  PAR Technology Corp.+#..................   2,738     87,890
  Quantum Corp.+#......................... 124,527    372,336
  Rackable Systems, Inc.#.................   4,242     78,350
  Radiant Systems, Inc.+#.................  15,570    202,877
  Rimage Corp.+...........................   6,435    184,363
  Silicon Storage Technology, Inc.+#......  59,640    328,616
  Stratasys, Inc.+#.......................   7,091    168,127
  Synaptics, Inc.+#.......................  14,910    401,228
  Virage Logic Corp.+#....................   9,250     97,032
                                                   ----------
                                                    9,925,438
                                                   ----------
Information Processing - Services -- 4.41%                   
  3Com Corp.+#............................ 260,508    943,039
  3D Systems Corp.+#......................   8,250    146,768
  Adaptec, Inc.+#.........................  75,761    376,532
  Aeroflex, Inc.+#........................  50,662    555,762
  Agilysys, Inc.#.........................  20,654    393,459
  Anixter International, Inc.+#...........  21,671    794,025
  Ansoft Corp.+#..........................   4,388    152,220
  Anteon International Corp.+#............  18,790    805,527
  Applied Digital Solutions, Inc.+#.......  42,378    127,982
  aQuantive, Inc.+#.......................  38,465  1,034,324
  Arbinet Holdings, Inc.+#................   4,496     29,494
  Ariba, Inc.+#...........................  44,890    387,401
  AsiaInfo Holdings, Inc.+#...............  22,541     85,430
  Audible, Inc.+#.........................  16,361    211,057
  Autobytel, Inc.+........................  28,359    148,034
  Black Box Corp.#........................  11,434    534,082
  Blue Coat Sytems, Inc.+#................   7,125    322,691
  Brocade Communications Systems, Inc.+#.. 182,319    796,734
  Catapult Communications Corp.+#.........   6,657    112,570
  Ciber, Inc.+#...........................  36,114    222,101
  Click Commerce, Inc.+#..................   5,611    133,261
  CNET Networks, Inc.+#...................  87,875  1,317,246
  Cogent Communications Group, Inc.+#.....   4,828     26,168
  Covansys Corp.+.........................  20,921    307,539
  CSG Systems International, Inc.+#.......  34,193    820,632
  Cyberguard Corp.+.......................  14,358    136,114
  Digital Insight Corp.+#.................  23,676    784,149
  Digital River, Inc.+#...................  23,226    602,018
  Digitas, Inc.+#.........................  60,573    757,162
  Earthlink, Inc.+#.......................  86,816    993,175
  eCollege.com, Inc.+#....................  12,003    199,130
  Entrust, Inc.+#.........................  42,076    210,380
  Epicor Software Corp.+#.................  35,984    496,939
  Equinix, Inc.+#.........................  10,479    418,322
  Extreme Networks, Inc.+.................  82,741    407,086
  Factset Research Systems, Inc.#.........  23,304    902,331
  FileNET Corp.+..........................  27,797    748,851
  Forrester Research, Inc.+...............   8,795    163,939
  Gartner, Inc., Class A+#................  37,728    508,573
  GSI Commerce, Inc.+#....................  22,149    368,559
  Harris Interactive, Inc.+#..............  34,749    138,301
  iGate Corp.+#...........................  14,347     58,105
                                                                [Download Table]


                                                        Value    
                                              Shares   (Note 2)  
                                                                 

-----------------------------------------------------------------
Information Processing - Services (continued)                    
  Infospace, Inc.+...........................  22,542 $   594,207
  Intergraph Corp.+#.........................  19,163     920,207
  Internet Capital Group, Inc.+#.............  26,074     216,414
  Internet Security Systems, Inc.+#..........  26,580     607,619
  IPass, Inc.+#..............................  36,580     248,012
  iVillage, Inc.+............................  32,139     263,540
  j2 Global Communications, Inc.+#...........  16,103     768,596
  Jack Henry & Associates, Inc.#.............  49,263     942,894
  Jupitermedia Corp.+#.......................  13,754     225,153
  Kanbay International, Inc.+#...............  16,787     277,993
  Keynote Systems, Inc.+.....................  11,280     149,460
  Kronos, Inc.+#.............................  21,775   1,030,611
  Manhattan Associates, Inc.+................  19,905     426,166
  MatrixOne, Inc.+#..........................  35,012     176,460
  McDATA Corp., Class A+#.................... 105,342     383,445
  Mentor Graphics Corp.+.....................  53,052     475,346
  Merge Technologies, Inc.+..................  11,973     341,709
  Micros Systems, Inc.+#.....................  25,823   1,247,509
  MTS Systems Corp...........................  13,437     473,923
  Ness Technologies, Inc.+#..................  12,879     128,661
  Netratings, Inc.+#.........................   9,651     130,289
  NetScout Systems, Inc.+#...................  16,126      89,983
  NIC, Inc.+.................................  22,750     138,775
  Nutri/System, Inc.+#.......................  16,432     639,698
  Online Resources Corp.+#...................  14,346     168,135
  Opsware, Inc.+#............................  50,608     298,587
  Pegasystems, Inc.+.........................   8,978      65,629
  Perot Systems Corp., Class A+#.............  55,596     772,784
  Phase Forward, Inc.+#......................  15,005     161,004
  ProQuest Co.+#.............................  17,228     481,523
  RadiSys Corp.+.............................  13,545     247,874
  Redback Networks, Inc.+#...................  28,444     383,710
  Rightnow Technologies, Inc.+#..............   7,382     133,688
  Sapient Corp.+#............................  54,740     340,483
  Schawk, Inc., Class A#.....................   8,467     156,555
  Secure Computing Corp.+#...................  24,398     335,229
  SI International, Inc.+#...................   6,607     179,380
  Sohu.com, Inc.+............................  16,865     320,435
  SonicWALL, Inc.+#..........................  36,303     269,731
  Sykes Enterprises, Inc.+...................  17,485     241,293
  Syntel, Inc.#..............................   5,315     109,276
  Terremark Worldwide, Inc.+#................  20,340      70,783
  Trizetto Group, Inc.+#.....................  28,768     467,480
  Tyler Technologies, Inc.+#.................  23,972     209,755
  United Online, Inc.#.......................  41,601     586,990
  ValueClick, Inc.+#.........................  59,309   1,119,754
  VASCO Data Security International, Inc.+#..  16,258     183,390
  Vignette Corp.+#...........................  19,757     349,896
  webMethods, Inc.+#.........................  36,203     292,520
  Websense, Inc.+#...........................  16,228   1,054,009
  WebSideStory, Inc.+#.......................   6,101     109,818
                                                      -----------
                                                       38,683,593
                                                      -----------
Information Processing - Software -- 3.37%                       
  Acxiom Corp................................  59,700   1,324,146
  Advent Software, Inc.+.....................  14,659     419,834
  Agile Software Corp.+#.....................  36,175     224,647
  Allscripts Heathcare Solutions, Inc.+#.....  22,799     305,507
  Altiris, Inc.+.............................  14,947     246,775
  American Reprographics Co.+................   9,068     195,053
  Amicas, Inc.+..............................  30,507     144,908
  Ansys, Inc.+...............................  21,483     902,716
  Aspen Technologies, Inc.+#.................  29,123     215,510
  Atari, Inc.+#..............................  36,597      46,112
  Blackbaud, Inc.#...........................   6,998     118,616
  Blackboard, Inc.+..........................  12,343     381,892
  Borland Software Corp.+#...................  54,021     327,907
  Bottomline Technologies, Inc.+.............  10,141     112,565

N-CSRS 108th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 108th
                                                                [Download Table]
                                                                                 
104 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                          

                                                                [Download Table]


                                                            Value   
                                                  Shares   (Note 2) 
                                                                    
--------------------------------------------------------------------
COMMON STOCK (continued)                                            
Information Processing - Software (continued)                       
  CCC Information Services Group, Inc.+..........   5,689 $  148,540
  Computer Programs & Systems, Inc.#.............   5,178    208,466
  Concur Technologies, Inc.+#....................  19,654    248,230
  Cybersource Corp.+#............................  18,181    136,539
  Dendrite International, Inc.+#.................  28,915    544,759
  Echelon Corp.+#................................  20,051    165,421
  Eclipsys Corp.+................................  25,990    466,001
  eFunds Corp.+..................................  30,756    633,266
  Emageon, Inc.+#................................   9,750    125,580
  EPIQ Systems, Inc.+#...........................   9,016    171,394
  eResearch Technology, Inc.+#...................  34,280    443,583
  FalconStor Software, Inc.+#....................  16,406    124,522
  HPL Technologies, Inc.+........................   1,684        480
  IDX Systems Corp.+#............................  16,969    741,036
  Infocrossing, Inc.+#...........................  13,750    100,238
  Informatica Corp.+#............................  58,968    662,800
  Infousa, Inc.+.................................  22,200    224,886
  InPhonic, Inc.+#...............................  11,219    132,496
  Integral Systems, Inc.#........................   7,045    152,524
  Inter-Tel, Inc.#...............................  14,545    297,154
  Intervideo, Inc.+#.............................   6,914     70,799
  InterVoice-Brite, Inc.+#.......................  25,712    222,409
  Interwoven, Inc.+#.............................  28,052    266,213
  JDA Software Group, Inc.+#.....................  19,739    296,085
  Keane, Inc.+#..................................  32,483    339,772
  Lawson Software, Inc.+#........................  42,140    319,843
  Lionbridge Technologies, Inc.+#................  28,926    188,019
  Majesco Entertainment Co.+#....................  10,986     15,161
  Mantech International Corp., Class A+..........  10,598    265,374
  MapInfo Corp.+.................................  14,018    201,439
  Micromuse, Inc.+#..............................  54,782    405,935
  Microstrategy, Inc., Class A+..................   9,367    691,940
  Motive, Inc.+#.................................  14,962     46,681
  MRO Software, Inc.+............................  13,573    206,853
  NDCHealth Corp.................................  24,481    461,222
  NetIQ Corp.+#..................................  36,784    439,569
  Nuance Communications, Inc.#...................  77,597    482,653
  Open Solutions, Inc.+#.........................  13,249    293,598
  Openwave Systems, Inc.+#.......................  46,747    776,468
  Packeteer, Inc.+#..............................  22,976    211,379
  Parametric Technology Corp.+#.................. 184,446  1,079,009
  PDF Solutions, Inc.+#..........................  12,523    195,860
  Per-Se Technologies, Inc.+#....................  15,280    349,606
  Phoenix Technologies, Ltd.+#...................  16,879    106,844
  Progress Software Corp.+#......................  25,278    782,101
  QAD, Inc.......................................   8,250     64,350
  Quality Systems, Inc.+#........................   5,101    413,793
  Quest Software, Inc.+#.........................  43,521    685,456
  Renaissance Learning, Inc.#....................   5,367    106,481
  RSA Security, Inc.+#...........................  48,353    628,589
  S1 Corp.+......................................  47,641    209,144
  Seachange International, Inc.+#................  17,238    132,560
  Serena Software, Inc.+#........................  18,964    444,516
  SPSS, Inc.+#...................................  12,090    349,159
  SSA Global Technologies, Inc.+.................   6,190    112,534
  Stellent, Inc.+................................  16,239    169,373
  SupportSoft, Inc.+.............................  29,189    116,756
  Synnex Corp.+..................................   5,866     91,803
  Talx Corp.#....................................  12,911    532,579
  THQ, Inc.+#....................................  42,138    957,375
  TIBCO Software, Inc.+#......................... 146,518  1,226,356
  Tradestation Group, Inc.+#.....................  13,557    161,464
  Transaction Systems Architects, Inc., Class A+.  25,591    744,698
  Ulticom, Inc.+#................................   8,760    100,915
  Ultimate Software Group, Inc.+#................  15,433    265,602
  Unica Corp.#...................................   3,253     36,076
  VeriFone Holdings, Inc.+#......................  16,874    386,415
  Verint Systems, Inc.+#.........................   8,885    334,343
                                                                [Download Table]


                                                             Value    
                                                    Shares  (Note 2)  
                                                                      

----------------------------------------------------------------------
Information Processing - Software (continued)                         
  Verity, Inc.+#................................... 24,186 $   318,772
  WebEx Communications, Inc.+#..................... 22,451     534,558
  Wind River Systems, Inc.+#....................... 48,149     663,493
  Witness Systems, Inc.+#.......................... 18,319     367,296
                                                           -----------
                                                            29,563,391
                                                           -----------
Insurance -- 2.27%                                                    
  21st Century Insurance Group(1)#................. 21,855     373,721
  Affirmative Insurance Holdings, Inc.#............  5,771      77,909
  Alfa Corp.#...................................... 22,075     384,767
  American Physicians Capital, Inc.+...............  5,001     227,295
  Argonaut Group, Inc.+#........................... 18,935     602,133
  Baldwin & Lyons, Inc., Class B#..................  5,099     127,832
  Bristol West Holdings, Inc.#..................... 11,783     218,339
  Centene Corp.+#.................................. 28,398     681,836
  Ceres Group, Inc.+............................... 23,467     117,335
  Citizens, Inc., Class A+#........................ 21,402     113,859
  CNA Surety Corp.+................................ 10,604     156,621
  Crawford & Co., Class B#......................... 15,832      94,992
  Delphi Financial Group, Inc., Class A............ 18,922     896,524
  Direct General Corp.#............................ 10,837     185,204
  Donegal Group, Inc., Class A.....................  6,419     155,532
  EMC Insurance Group, Inc.........................  4,275      83,619
  Enstar Group, Inc.+#.............................  2,207     157,094
  FBL Financial Group, Inc., Class A...............  8,811     276,225
  First Acceptance Corp.+#......................... 11,532     117,165
  FPIC Insurance Group, Inc.+#.....................  6,900     261,372
  Great American Financial Resources, Inc.#........  5,746     115,667
  Harleysville Group, Inc..........................  8,997     245,708
  Hilb, Rogal & Hamilton Co.#...................... 21,767     848,478
  Horace Mann Educators Corp....................... 29,119     551,514
  Independence Holding Co..........................  3,145      56,579
  Infinity Property & Casualty Corp................ 14,048     519,074
  James River Group, Inc...........................  3,017      56,599
  Kansas City Life Insurance Co....................  2,493     125,847
  KMG America Corp.+............................... 14,357     125,624
  LandAmerica Financial Group, Inc.#............... 12,282     795,259
  Midland Co.#.....................................  7,290     275,562
  National Interstate Corp.+#......................  3,064      55,887
  National Western Life Insurance Co., Class A+#...  1,514     333,080
  Navigators Group, Inc.+#.........................  6,039     244,036
  Odyssey Re Holdings Corp.#.......................  8,013     205,453
  Ohio Casualty Corp.#............................. 42,527   1,258,799
  Phoenix Cos., Inc.#.............................. 64,510     877,336
  PMA Capital Corp., Class A+#..................... 21,616     191,950
  Presidential Life Corp.#......................... 13,917     268,459
  ProAssurance Corp.+.............................. 18,989     945,272
  Republic Cos. Group, Inc.#.......................  4,075      59,088
  RLI Corp......................................... 15,298     798,556
  Safety Insurance Group, Inc.#....................  7,901     316,909
  SeaBright Insurance Holdings, Inc.+..............  5,468      73,490
  Selective Insurance Group, Inc.#................. 19,257   1,077,814
  State Auto Financial Corp.#......................  9,507     327,326
  Tower Group, Inc................................. 11,373     229,735
  Triad Guaranty, Inc.+#...........................  6,062     262,848
  UICI#............................................ 23,936     852,600
  United Fire & Casualty Co.#...................... 11,550     527,835
  Universal American Financial Corp.+#............. 17,792     262,610
  USI Holdings Corp.+#............................. 30,783     430,962
  WellCare Health Plans, Inc.+#.................... 12,637     498,909
  Zenith National Insurance Corp................... 16,215     768,591
                                                           -----------
                                                            19,892,830
                                                           -----------
Insurance - Life -- 0.03%                                             
  American Equity Investment Life Holding Company#. 22,304     262,295
                                                           -----------
Investment Company -- 0.02%                                           
  Technology Investment Capital Corp.#.............  9,046     138,223
                                                           -----------

N-CSRS 109th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 109th
                                                                [Download Table]
                                                                                 
November 30, 2005 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  105
                                          - CONTINUED                            

                                                                [Download Table]


                                                              Value   
                                                    Shares   (Note 2) 
                                                                      
----------------------------------------------------------------------
COMMON STOCK (continued)                                              
Leisure & Tourism -- 3.27%                                            
  AFC Enterprises, Inc.+#..........................  13,492 $  165,412
  Alliance Gaming Corp.+#..........................  34,696    413,923
  Alloy, Inc.+#....................................  24,921    152,766
  Ambassadors Group, Inc...........................  11,441    287,055
  Ameristar Casinos, Inc.#.........................  16,605    391,712
  Arctic Cat, Inc.#................................   9,223    193,498
  Aztar Corp.+#....................................  23,645    740,325
  BJ's Restaurants, Inc.+#.........................   9,738    231,180
  Blockbuster, Inc., Class A#...................... 129,273    484,774
  Bluegreen Corp.+#................................  14,071    209,236
  Bob Evans Farms, Inc.#...........................  24,011    580,586
  Buffalo Wild Wings, Inc.+#.......................   4,697    132,549
  California Pizza Kitchen, Inc.+#.................  13,107    429,647
  Callaway Golf Co.#...............................  51,801    758,885
  Carmike Cinemas, Inc.#...........................   8,358    219,983
  CEC Entertainment, Inc.+.........................  23,855    854,009
  Churchill Downs, Inc.#...........................   5,276    199,855
  CKE Restaurants, Inc.#...........................  40,066    505,232
  Dave & Buster's, Inc.+#..........................   9,521    143,862
  Denny's Corp.+#..................................  61,576    300,491
  Dollar Thrifty Automotive Group, Inc.+#..........  17,072    640,200
  Dominos Pizza, Inc...............................  21,591    539,775
  Dover Downs Gaming & Entertainment, Inc.#........   6,492     81,539
  Dover Motorsports, Inc.#.........................  11,575     74,427
  Escalade, Inc.#..................................   5,343     67,589
  Gaylord Entertainment Co.+#......................  27,253  1,178,965
  Great Wolf Resorts, Inc.+#.......................  17,301    168,166
  Handleman Co.#...................................  14,812    203,369
  IHOP Corp.#......................................  13,606    650,367
  Isle of Capri Casinos, Inc.+#....................   9,590    260,081
  Jack in the Box, Inc.+...........................  24,789    832,910
  Jakks Pacific, Inc.+#............................  17,110    348,702
  K2, Inc.+#.......................................  32,292    328,087
  La Quinta Corp.+#@............................... 137,021  1,501,750
  Landry's Seafood Restaurants, Inc.#..............  11,140    301,337
  Life Time Fitness, Inc.+#........................  15,886    610,499
  Lodgian, Inc.+...................................  16,667    171,503
  Lone Star Steakhouse & Saloon, Inc.#.............  12,121    280,844
  Luby's, Inc.+#...................................  15,367    196,390
  Macrovision Corp.+#..............................  34,254    532,307
  Magna Entertainment Corp., Class A+#.............  25,440    192,581
  Marcus Corp......................................  13,771    334,084
  Marine Products Corp.#...........................   8,836     88,890
  McCormick + Schmicks Seafood Restaurants, Inc.+#.   5,147    122,190
  Midway Games, Inc.+#.............................  12,086    264,925
  Mikohn Gaming Corp.+#............................  16,586    166,026
  Monarch Casino & Resort, Inc.+#..................   6,278    134,286
  MTR Gaming Group, Inc.+..........................  15,932    118,853
  Multimedia Games, Inc.+#.........................  18,619    189,541
  Nautilus Group, Inc.#............................  22,604    400,091
  NetFlix, Inc.+#..................................  24,862    684,699
  O'Charley's, Inc.+...............................  15,037    218,187
  P.F. Chang's China Bistro, Inc.+#................  17,751    913,289
  Papa John's International, Inc.+#................   7,368    401,261
  Party City Corp.+#...............................   7,939    135,836
  Pinnacle Airlines Corp.+#........................  13,202     91,754
  Pinnacle Entertainment, Inc.+#...................  27,507    657,142
  Playboy Enterprises, Inc., Class B+#.............  13,897    199,144
  Rare Hospitality International, Inc.+#...........  23,289    745,947
  RC2 Corp.+#......................................  12,187    430,689
  Red Robin Gourmet Burgers, Inc.+#................   9,625    528,412
  Republic Airways Holdings, Inc.+.................  10,262    149,107
  Riviera Holdings Corp.+(1)#......................   5,765     80,595
  Ruby Tuesday, Inc.#..............................  43,765  1,064,365
  Ruth's Chris Steak House, Inc.#..................   8,826    156,044
  Six Flags, Inc.+#................................  63,219    471,614
  Speedway Motorsports, Inc.#......................  10,448    406,532
  Steak n Shake Co.+#..............................  18,862    325,369
                                                                [Download Table]


                                                     Value    
                                            Shares  (Note 2)  
                                                              

--------------------------------------------------------------
Leisure & Tourism (continued)                                 
  Steinway Musical Instruments, Inc.+(1)...  4,791 $   119,775
  Sunterra Corp.+#......................... 13,200     155,100
  Texas Roadhouse, Inc.+#.................. 28,591     431,724
  Tivo, Inc.+#............................. 38,698     208,195
  Trans World Entertainment Corp.+#........ 13,156      85,909
  Travelzoo, Inc.+#........................  2,372      51,496
  Triarc Cos., Inc., Class B#.............. 29,739     444,301
  Vail Resorts, Inc.+...................... 20,886     778,212
  WMS Industries, Inc.+#................... 14,461     359,067
                                                   -----------
                                                    28,669,019
                                                   -----------
Machinery -- 3.18%                                            
  Actuant Corp., Class A+#................. 18,167     963,759
  AGCO Corp.+#............................. 61,397   1,039,451
  Alamo Group, Inc.#.......................  4,181      88,219
  Albany International Corp., Class A#..... 19,335     737,244
  Applied Industrial Technologies, Inc.#... 20,404     651,908
  Astec Industries, Inc.+.................. 10,673     299,164
  Aviall, Inc.+............................ 22,720     697,504
  Baldor Electric Co.#..................... 22,529     578,770
  Brady Corp., Class A..................... 27,989   1,049,028
  Briggs & Stratton Corp.#................. 35,031   1,267,772
  Bucyrus International, Inc.#............. 13,801     647,267
  Carbo Ceramics, Inc.#.................... 13,241     780,954
  Clarcor, Inc............................. 34,982   1,037,916
  Cognex Corp.............................. 28,129     870,311
  Crane Co.#............................... 35,150   1,116,012
  EnPro Industries, Inc.+.................. 14,210     409,958
  Flowserve Corp.+#........................ 37,531   1,402,158
  Franklin Electric Co., Inc.#............. 15,087     641,197
  Gardner Denver, Inc.+#................... 17,047     831,894
  Gehl Co.+................................  7,994     206,085
  Global Power Equipment Group, Inc.+#..... 24,275     113,364
  Gorman-Rupp Co...........................  6,216     141,352
  Granite Construction, Inc.#.............. 23,509     872,654
  Hughes Supply, Inc....................... 45,100   1,747,174
  Insituform Technologies, Inc., Class A+#. 18,203     361,694
  Intevac Inc.+#........................... 13,830     169,971
  JLG Industries, Inc.#.................... 34,612   1,574,846
  Kadant, Inc.+............................  9,438     171,866
  Kennametal, Inc.......................... 25,773   1,412,103
  Layne Christensen Co.+#..................  6,461     143,240
  Lindsay Manufacturing Co.#...............  7,876     146,257
  Lufkin Industries, Inc.#.................  9,582     428,794
  Manitowoc Co., Inc....................... 20,427   1,023,393
  Middleby Corp.+#.........................  3,450     270,480
  NACCO Industries, Inc., Class A..........  3,523     412,543
  Nordson Corp............................. 16,918     673,675
  Precision Castparts Corp.................      2         102
  Presstek, Inc.+#......................... 19,851     183,225
  Regal-Beloit Corp.#...................... 16,624     586,661
  Robbins & Myers, Inc.#...................  7,894     167,353
  Sauer-Danfoss, Inc.......................  6,837     122,998
  Stewart & Stevenson Services, Inc........ 19,645     402,723
  Tecumseh Products Co., Class A#.......... 11,230     250,654
  Tennant Co...............................  5,350     251,022
  TurboChef Technologies, Inc.+#...........  8,686     114,134
  Wabtec Corp.............................. 31,808     821,601
                                                   -----------
                                                    27,880,450
                                                   -----------
Manufacturing -- 0.06%                                        
  Applied Films Corp.+..................... 10,123     202,764
  Greenbrier Companies, Inc.#..............  4,220     114,995
  Reddy Ice Holdings, Inc..................  6,919     149,589
  Zoltek Companies, Inc.+#.................  7,274      64,011
                                                   -----------
                                                       531,359
                                                   -----------

N-CSRS 110th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 110th
                                                                [Download Table]
                                                                                 
106 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                          

                                                                [Download Table]


                                                    Value   
                                           Shares  (Note 2) 
                                                            
------------------------------------------------------------
COMMON STOCK (continued)                                    
Medical - Biomedical/Gene -- 1.01%                          
  Aastrom Biosciences, Inc.+#............. 69,109 $  149,967
  Alexion Pharmaceuticals, Inc.+#......... 20,838    406,549
  Barrier Therapeutics, Inc.+#............  9,975     71,820
  Cell Genesys, Inc.+#.................... 30,828    179,419
  Coley Pharmaceutical Group, Inc.+.......  4,479     71,485
  Cotherix, Inc.+#........................  8,505    105,547
  Decode Genetics, Inc.+#................. 37,036    307,399
  Encysive Pharmaceuticals, Inc.+#........ 39,455    448,603
  Exelixis, Inc.+#........................ 56,365    455,429
  Genitope, Corp.+#....................... 16,186    128,517
  GTx, Inc.+#.............................  5,158     40,387
  Human Genome Sciences, Inc.+#........... 88,693    820,410
  ICOS Corp.+#............................ 43,351  1,235,070
  Keryx Biopharmaceuticals, Inc.+#........ 18,728    260,132
  Lifecell Corp.+#........................ 21,786    400,427
  Marshall Edwards, Inc.+#................  5,064     38,790
  Momenta Pharmaceuticals, Inc.+#.........  6,450    142,545
  Monogram Biosciences, Inc............... 82,579    147,816
  Myogen, Inc.+........................... 14,064    305,751
  Myriad Genetics, Inc.+#................. 20,893    401,355
  Progenics Pharmaceuticals, Inc.+#....... 13,575    359,330
  Regeneron Pharmaceuticals, Inc.+#....... 23,587    263,467
  Savient Pharmaceuticals, Inc.+#......... 41,267    154,339
  StemCells, Inc.+#....................... 42,442    178,256
  Stratagene Corp.+.......................  5,046     51,974
  Tercica, Inc.+#.........................  7,570     71,839
  Vertex Pharmaceuticals, Inc.+#.......... 64,311  1,639,931
                                                  ----------
                                                   8,836,554
                                                  ----------
Medical Technology -- 2.84%                                 
  Abaxis, Inc.+#.......................... 13,439    222,953
  Adeza Biomedical Corp.+.................  2,847     52,954
  Albany Molecular Research, Inc.+#....... 16,126    197,382
  Andrx Corp.+............................ 49,692    884,021
  AngioDynamics, Inc.+....................  1,577     32,502
  Animas Corp.+#..........................  8,327    141,809
  Applera Corp. - Celera Genomics Group+.. 50,068    621,844
  Arena Pharmaceuticals, Inc.+#........... 23,938    258,052
  Ariad Pharmaceuticals, Inc.+#........... 41,065    253,371
  Arqule, Inc.+#.......................... 21,416    148,413
  Aspect Medical Systems, Inc.+#.......... 11,040    415,877
  Bio-Rad Laboratories, Inc., Class A+#... 11,939    697,476
  Bio-Reference Labs, Inc.+#..............  6,881    124,821
  Biosite, Inc.+#......................... 11,471    676,560
  Cambrex Corp.#.......................... 17,922    323,492
  Cantel Medical Corp.+#..................  7,649    140,053
  Cepheid, Inc.+#......................... 28,829    316,831
  Connetics Corp.+#....................... 23,623    313,241
  Conor Medsystems, Inc.+#................  5,660    111,898
  CuraGen Corp.+#......................... 32,025    131,943
  Curis, Inc.+#........................... 32,524    127,169
  Cyberonics, Inc.+#...................... 14,448    407,578
  Dexcom, Inc.+#..........................  3,185     44,654
  Digene Corp.+#.......................... 10,171    278,889
  Diversa Corp.+#......................... 15,857     81,188
  DJ Orthopedics, Inc.+#.................. 14,733    459,080
  Enzo Biochem, Inc.+#.................... 18,653    254,427
  Enzon, Inc.+#........................... 29,780    202,206
  EPIX Pharmaceuticals, Inc.+#............ 15,791     77,850
  Foxhollow Technologies, Inc.+#..........  9,427    410,452
  Geron Corp.+#........................... 43,397    389,705
  Haemonetics Corp.+...................... 17,576    898,661
  HealthTronics Surgical Services, Inc.+#. 22,976    168,644
  Hologic, Inc.+#......................... 14,793  1,051,338
  II-VI, Inc.+#........................... 15,662    299,614
  Illumina, Inc.+#........................ 24,366    383,764
  Immucor Corp.+#......................... 30,851    764,179
  Incyte Genomics, Inc.+#................. 56,439    313,801
                                                                [Download Table]


                                                 Value    
                                        Shares  (Note 2)  
                                                          

----------------------------------------------------------
Medical Technology (continued)                            
  Integra LifeSciences Corp.+#......... 13,949 $   509,696
  InterMune, Inc.+#.................... 16,975     245,289
  Intralase Corp.+#....................  8,822     152,709
  IRIS International, Inc.+............ 11,146     274,972
  Kyphon, Inc.+#....................... 19,738     838,668
  Laserscope+#......................... 13,485     290,197
  LCA-Vision, Inc.#.................... 13,815     659,390
  Lexicon Genetics, Inc.+#............. 43,162     163,152
  Lifeline Systems, Inc.+#.............  8,317     295,503
  Luminex Corp.+#...................... 17,331     181,629
  Martek Biosciences Corp.+#........... 21,327     558,981
  Maxygen, Inc.+....................... 17,328     127,881
  Nanogen, Inc.+#...................... 32,437      91,472
  Nektar Therapeutics+#................ 57,691     970,363
  Neurometrix, Inc.+...................  3,881     120,660
  Northfield Laboratories, Inc.+#...... 15,944     204,402
  Noven Pharmaceuticals, Inc.+#........ 15,996     216,106
  OccuLogix, Inc.+#....................  8,043      61,690
  OraSure Technologies, Inc.+#......... 30,346     411,492
  Orchid Cellmark, Inc.+#.............. 16,611     111,626
  Palomar Medical Technologies, Inc.+#. 11,456     389,848
  Seattle Genetics, Inc.+#............. 17,958      89,251
  Serologicals Corp.+#................. 23,614     474,169
  Specialty Laboratories, Inc.+#.......  5,181      68,234
  Stereotaxis, Inc.+#..................  9,626      67,960
  SurModics, Inc.+#.................... 10,258     402,216
  Symmetry Medical, Inc.+#.............  5,655     103,882
  Telik, Inc.+#........................ 35,281     592,015
  Thoratec Corp.+#..................... 32,773     670,208
  TriPath Imaging, Inc.+#.............. 20,528     126,452
  Ventana Medical Systems, Inc.+#...... 21,151     814,525
  Viasys Healthcare, Inc.+............. 21,170     577,941
  Vital Images, Inc.+#.................  8,329     221,884
  West Pharmaceutical Services, Inc.#.. 21,111     527,142
  Wright Medical Group, Inc.+#......... 19,704     382,060
  Zoll Medical Corp.+..................  6,501     169,091
                                               -----------
                                                24,841,448
                                               -----------
Metals -- 2.21%                                           
  AK Steel Holding Corp.+#............. 74,535     617,895
  AM Castle & Co.+#....................  7,123     147,090
  AMCOL International Corp.#........... 14,665     298,433
  Brush Engineered Materials, Inc.+.... 13,055     207,444
  Carpenter Technology Corp.#.......... 16,700   1,094,685
  Century Aluminum Co.+#............... 15,410     356,279
  Chaparral Steel Co.+#................ 15,400     385,000
  CIRCOR International, Inc.#.......... 10,617     276,573
  Cleveland-Cliffs, Inc.#.............. 14,852   1,415,247
  Commercial Metals Co.#............... 41,053   1,440,960
  Dynamic Materials Corp.#.............  3,876      94,264
  Gibraltar Industries, Inc.#.......... 16,356     359,668
  Hecla Mining Co.+#................... 80,391     284,584
  Lawson Products, Inc.................  3,108     117,327
  MascoTech, Inc.(2)(3)................  9,672           0
  Maverick Tube Corp.+#................ 29,120   1,108,016
  Metal Management, Inc.#.............. 14,750     371,258
  Metals USA, Inc.+#................... 13,772     302,984
  Mueller Industries, Inc.............. 24,849     672,662
  NN, Inc.............................. 11,482     114,131
  NS Group, Inc.+...................... 15,091     619,637
  Omerga Flex, Inc.+#..................  2,385      35,513
  Oregon Steel Mills, Inc.+#........... 24,056     657,932
  Quanex Corp.#........................ 17,030   1,053,306
  RBC Bearings, Inc.+#.................  5,797      90,491
  Reliance Steel & Aluminum Co......... 19,483   1,256,848
  Roanoke Electric Steel Corp.#........  7,544     175,700
  Royal Gold, Inc.#.................... 12,838     334,045
  RTI International Metals, Inc.+#..... 15,051     561,402

N-CSRS 111th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 111th
                                                                [Download Table]
                                                                                 
November 30, 2005 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  107
                                          - CONTINUED                            

                                                                [Download Table]


                                                        Value    
                                              Shares   (Note 2)  
                                                                 
-----------------------------------------------------------------
COMMON STOCK (continued)                                         
Metals (continued)                                               
  Ryerson Tull, Inc.#........................  17,043 $   385,001
  Schnitzer Steel Industries, Inc., Class A#.  14,853     512,280
  Steel Dynamics, Inc.#......................  27,428     949,557
  Steel Technologies, Inc.#..................   7,580     200,794
  Sun Hydraulics, Inc.#......................   4,561      86,978
  Titanium Metals Corp.+#....................   7,664     483,982
  Tredegar Corp.#............................  19,460     243,250
  USEC, Inc..................................  58,467     643,137
  Valmont Industries, Inc.#..................  11,683     389,862
  Wheeling-Pittsburgh Corp.+#................   5,943      53,309
  Worthington Industries, Inc.#..............  47,021     954,056
                                                      -----------
                                                       19,351,580
                                                      -----------
Mining -- 0.18%                                                  
  Charles & Colvard, Ltd.#...................   8,293     223,579
  Coeur d'Alene Mines Corp.+#................ 162,976     702,427
  Compass Minerals International, Inc.#......  13,665     329,053
  Stillwater Mining Co.+#....................  27,677     295,867
                                                      -----------
                                                        1,550,926
                                                      -----------
Mobile Homes -- 0.30%                                            
  Champion Enterprises, Inc.+#...............  51,390     743,613
  Coachmen Industries, Inc.#.................   9,638     116,909
  Fleetwood Enterprises, Inc.+#..............  37,730     430,499
  Monaco Coach Corp.#........................  17,700     262,491
  Palm Harbor Homes, Inc.+#..................   6,479     121,999
  Skyline Corp...............................   4,631     177,136
  Winnebago Industries, Inc.#................  22,665     761,771
                                                      -----------
                                                        2,614,418
                                                      -----------
Multimedia -- 0.25%                                              
  Entravision Communications Corp.+#.........  51,977     389,308
  Gemstar-TV Guide International, Inc.+...... 167,196     443,069
  Journal Communications, Inc., Class A#.....  18,964     256,204
  Martha Stewart Living, Inc., Class A+#.....  15,239     306,609
  Media General, Inc., Class A#..............  14,599     740,169
  WPT Enterprises, Inc.+#....................   3,907      26,724
                                                      -----------
                                                        2,162,083
                                                      -----------
Oil & Gas -- 5.37%                                               
  Alon USA Energy, Inc.#.....................   7,171     140,050
  Atlas America, Inc.+.......................   8,198     463,515
  ATP Oil & Gas Corp.+#......................  12,335     445,417
  Atwood Oceanics, Inc.+#....................   8,983     637,703
  Barrett Bill Corp.+#.......................   8,838     346,892
  Berry Petroleum Co., Class A#..............  11,640     664,062
  Bois d'Arc Energy, Inc.+#..................   9,146     144,141
  Brigham Exploration Co.+#..................  17,252     211,164
  Bronco Drilling Co., Inc...................   3,459      84,746
  Cabot Oil & Gas Corp., Class A.............  33,218   1,402,132
  Cal Dive International, Inc.+#.............  26,289   1,908,844
  Callon Petroleum Co.+......................   9,236     163,477
  Carrizo Oil & Gas, Inc.+#..................  13,547     343,146
  Cheniere Energy, Inc.+#....................  32,514   1,164,977
  Chesapeake Energy Corp.....................  13,380     235,488
  Cimarex Energy Co.+........................  55,191   2,147,482
  Clayton Williams Energy, Inc.+#............   3,820     145,427
  Comstock Resources, Inc.+#.................  27,647     847,933
  Crosstex Energy, Inc.#.....................   4,176     272,985
  Delta Petroleum Corp.+#....................  20,783     334,606
  DLB Oil and Gas, Inc.+(2)(3)...............   3,000           0
  Dril-Quip, Inc.+#..........................   4,786     244,086
  Edge Petroleum Corp.+#.....................  11,624     284,323
  Encore Acquisition Co.+#...................  33,476   1,039,095
  Endeavour International Corp.+.............  38,126     137,254
  Energy Partners, Ltd.+#....................  22,681     524,838
  Evergreen Solar, Inc.+#....................  26,820     322,108
  Frontier Oil Corp.#........................  37,209   1,402,035
                                                                [Download Table]


                                                     Value    
                                           Shares   (Note 2)  
                                                              

--------------------------------------------------------------
Oil & Gas (continued)                                         
  FX Energy, Inc.+#.......................  23,526 $   269,608
  Gasco Energy, Inc.+#....................  43,596     297,325
  Giant Industries, Inc.+#................   9,794     525,448
  Global Industries, Ltd.+#...............  56,220     666,207
  Goodrich Petroleum Corp.+#..............   6,948     159,040
  Grey Wolf, Inc.+#....................... 129,592     973,236
  Gulf Island Fabrication, Inc............   6,333     157,375
  Hanover Compressor Co.+#................  61,200     827,424
  Harvest Natural Resources, Inc.+#.......  25,557     234,613
  Holly Corp.#............................  14,865     904,089
  Hornbeck Offshore Services, Inc.+#......   9,722     318,493
  Houston Exploration Co.+#...............  19,464   1,063,902
  Hydril Co.+.............................  12,890     826,249
  Input/Output, Inc.+#....................  47,433     352,902
  KCS Energy, Inc.+#......................  33,825     884,524
  Laclede Group, Inc.#....................  14,336     429,507
  Lone Star Technologies, Inc.+#..........  20,266     993,034
  Markwest Hydrocarbon, Inc...............   3,826      83,789
  McMoRan Exploration Co.+#...............  14,013     253,635
  Meridian Resource Corp.+#...............  58,796     242,240
  New Jersey Resources Corp...............  18,628     791,876
  Oceaneering International, Inc.+#.......  17,627     898,977
  Oil States International, Inc.+#........  27,621     940,771
  Parallel Petroleum Corp.+#..............  23,103     379,120
  Parker Drilling Co.+....................  65,004     616,238
  Penn Virginia Corp.#....................  12,568     749,807
  Peoples Energy Corp.#...................  25,814     927,497
  Petrocorp, Inc.(2)(3)...................   2,364           0
  PetroHawk Energy Corp.+#................  34,271     456,147
  Petroleum Development Corp.+#...........  11,264     380,160
  PetroQuest Energy, Inc.+................  27,657     252,508
  Pioneer Drilling Co.+#..................  13,395     234,680
  Remington Oil & Gas Corp.+..............  15,845     530,174
  RPC, Inc.#..............................   9,974     331,137
  SEACOR Holdings, Inc.+#.................  12,225     823,354
  Spinnaker Exploration Co.+#.............  17,058   1,113,376
  St. Mary Land & Exploration Co.#........  38,865   1,384,371
  Stone Energy Corp.+#....................  16,254     721,678
  Superior Energy Services, Inc.+#........  52,745   1,148,259
  Superior Well Services, Inc.+...........   4,381      92,264
  Swift Energy Co.+#......................  19,238     888,603
  Syntroleum Corp.+#......................  26,516     213,984
  Tetra Technologies, Inc.+#..............  23,026     674,662
  Todco, Class A+#........................  32,160   1,336,891
  Toreador Resorces Corp.+#...............   9,660     220,151
  TransMontaigne, Inc.+...................  28,702     179,100
  Tri-Valley Corp.+#......................  15,106     151,664
  Universal Compression Holdings, Inc.+#..  12,071     487,427
  UNOVA, Inc.+#...........................  33,267     935,468
  Veritas DGC, Inc.+......................  22,984     751,577
  W&T Offshore, Inc.......................   8,600     251,550
  W-H Energy Services, Inc.+..............  18,980     632,603
  Warren Resources, Inc.+#................  14,669     230,157
  Whiting Petroleum Corp.+#...............  20,229     838,492
                                                   -----------
                                                    47,085,289
                                                   -----------
Paper/Forest Products -- 0.68%                                
  Bowater, Inc.#..........................  37,971   1,179,000
  Buckeye Technologies, Inc.+.............  20,897     159,235
  Caraustar Industries, Inc.+#............  19,531     192,576
  Deltic Timber Corp......................   6,820     307,036
  Glatfelter#.............................  29,860     430,581
  Graphic Packaging Corp.+#...............  44,230     120,306
  Longview Fibre Co.......................  34,681     737,318
  Neenah Paper, Inc.#.....................  10,024     281,273
  Potlatch Corp...........................  19,673     950,993
  Rock-Tenn Co., Class A#.................  20,006     267,280
  Schweitzer-Mauduit International, Inc.#.  10,315     245,600

N-CSRS 112th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 112th
                                                                [Download Table]
                                                                                 
108 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                          

                                                                [Download Table]


                                                      Value   
                                            Shares   (Note 2) 
                                                              
--------------------------------------------------------------
COMMON STOCK (continued)                                      
Paper/Forest Products (continued)                             
  Universal Forest Products, Inc.#.........  10,816 $  621,487
  Wausau-Mosinee Paper Corp.#..............  28,852    341,031
  Xerium Technologies, Inc.#...............   9,100     80,808
                                                    ----------
                                                     5,914,524
                                                    ----------
Pollution Control -- 0.69%                                    
  Aleris International, Inc.+#.............  20,895    694,759
  American Ecology Corp.#..................   8,199    133,398
  Calgon Carbon Corp.#.....................  22,943    132,152
  Clean Harbors, Inc.+#....................  10,265    296,248
  Covanta Holding Corp.....................  73,083    953,002
  Darling International, Inc.+#............  43,397    147,116
  Duratek, Inc.+#..........................   9,481    155,583
  KFX, Inc.+#..............................  39,927    505,077
  Mine Safety Appliances Co.#..............  19,592    760,365
  Newpark Resources, Inc.+.................  57,168    419,041
  Tetra Tech, Inc.+........................  35,532    554,299
  Waste Connections, Inc.+.................  31,788  1,107,494
  Waste Industries USA, Inc.#..............   3,982     55,509
  Waste Services, Inc.+#...................  43,335    153,406
                                                    ----------
                                                     6,067,449
                                                    ----------
Publishing -- 0.63%                                           
  Banta Corp.#.............................  16,845    850,672
  Bowne & Co., Inc.#.......................  23,215    343,350
  Consolidated Graphics, Inc.+#............   7,661    392,167
  Courier Corp.#...........................   6,694    235,562
  Ennis , Inc.#............................  17,259    306,347
  Hollinger International, Inc., Class A#..  40,081    361,130
  Journal Register Co.#....................  28,331    442,814
  Primedia, Inc.+#......................... 100,078    202,158
  Readers Digest Assoc., Inc., Class A#....  67,615  1,050,061
  Scholastic Corp.+........................  22,349    743,551
  Standard Register Co.....................  11,632    172,386
  Thomas Nelson, Inc.#.....................   7,790    192,802
  Topps Co., Inc.#.........................  24,091    191,283
  Value Line, Inc..........................     915     36,874
                                                    ----------
                                                     5,521,157
                                                    ----------
Railroads & Equipment -- 0.36%                                
  Florida East Coast Industries, Inc.#.....  21,997    973,587
  Genesee & Wyoming, Inc., Class A+........  15,803    531,297
  Kansas City Southern+#...................  55,619  1,388,806
  RailAmerica, Inc.+#......................  25,646    279,285
                                                    ----------
                                                     3,172,975
                                                    ----------
Real Estate -- 0.33%                                          
  Avatar Holdings, Inc.+#..................   3,933    223,434
  California Coastal Communities, Inc.+#...   5,325    209,166
  Consolidated-Tomoka Land Co..............   3,845    247,580
  Housevalues, Inc.+#......................   4,357     55,682
  Jones Lang LaSalle, Inc.+#...............  23,118  1,155,438
  Mercer International Inc.+#..............  19,457    149,235
  Tarragon Reality Investors, Inc.+#.......   7,184    142,746
  Trammell Crow Co.+#......................  23,694    612,727
  United Capital Corp.+#...................   1,971     48,250
  ZipRealty, Inc.+#........................   4,718     40,386
                                                    ----------
                                                     2,884,644
                                                    ----------
Real Estate Investment Trusts -- 5.86%                        
  AAMES Investment Corp.#..................  27,984    167,904
  Acadia Realty Trust#.....................  18,843    385,905
  Affordable Residential Communities#......  17,651    157,447
  Agree Realty Corp........................   5,211    147,315
  Alexander's, Inc.+.......................   1,306    328,720
  Alexandria Real Estate Equities, Inc.#...  14,375  1,207,500
  American Campus Communities, Inc.#.......  11,281    283,943
  American Home Mortgage Investment Corp.#.  24,002    712,619
                                                                [Download Table]


                                                      Value   
                                             Shares  (Note 2) 
                                                              

--------------------------------------------------------------
Real Estate Investment Trusts (continued)                     
  Amli Residential Properties#.............. 17,414 $  654,418
  Anthracite Capital, Inc................... 36,194    392,343
  Anworth Mtg. Asset Corp.#................. 32,169    255,422
  Arbor Realty Trust, Inc.#.................  8,707    234,915
  Ashford Hospitality Trust, Inc.#.......... 23,537    251,140
  Bedford Property Investors, Inc...........  9,967    229,241
  Bimini Mortgage Management, Inc.#......... 14,268    131,266
  BioMed Realty Trust, Inc.#................ 30,280    777,288
  Boykin Lodging Co.+....................... 11,905    142,860
  Brandywine Realty Trust#.................. 37,992  1,101,008
  Capital Automotive REIT#.................. 28,089  1,085,078
  Capital Lease Funding, Inc................ 16,428    161,487
  Capital Trust, Inc.#......................  8,139    249,460
  Cedar Shopping Centers, Inc.#............. 13,682    188,128
  Colonial Properties Trust#................ 26,830  1,178,642
  Columbia Equity Trust, Inc................  9,413    136,394
  Commercial Net Lease Realty............... 35,441    718,035
  Corporate Office Properties Trust#........ 19,681    710,090
  Correctional Properties Trust.............  7,467    214,751
  Cousins Properties, Inc.#................. 26,686    742,938
  Criimi MAE, Inc.+#........................ 10,584    209,246
  Deerfield Triarc Capital Corp............. 16,977    241,243
  DiamondRock Hospitality Co.#.............. 17,631    211,572
  Digital Realty Trust, Inc.#...............  7,675    172,534
  EastGroup Properties, Inc.#............... 14,925    673,565
  ECC Capital Corp.#........................ 38,709    116,127
  Education Realty Trust, Inc............... 14,826    185,177
  Entertainment Properties Trust#........... 17,377    743,388
  Equity Inns, Inc.#........................ 36,645    502,769
  Equity Lifestyle Properties, Inc.#........ 12,824    594,521
  Equity One, Inc........................... 25,102    596,424
  Extra Space Storage, Inc.#................ 25,374    386,700
  FelCor Lodging Trust, Inc.+............... 33,972    576,845
  Fieldstone Investment Corp.#.............. 33,159    371,381
  First Industrial Realty Trust, Inc.#...... 29,170  1,185,761
  First Potomac Realty Trust................ 11,172    308,906
  Getty Realty Corp.#....................... 11,897    319,672
  Glenborough Realty Trust, Inc.#........... 21,862    414,722
  Glimcher Realty Trust#.................... 24,305    624,152
  GMH Communities Trust#.................... 20,624    310,804
  Government Properties Trust, Inc.#........ 14,055    126,917
  Gramercy Capital Corp.#...................  9,296    217,991
  Heritage Property Investment Trust, Inc.#. 18,697    629,154
  Hersha Hospitality Trust#................. 13,779    127,042
  Highland Hospitality Corp.#............... 33,999    367,529
  Highwoods Properties, Inc.#............... 36,539  1,053,419
  Home Properties of New York, Inc.#........ 21,391    890,507
  HomeBanc Corp.#........................... 38,313    300,757
  IMPAC Mtg. Holdings, Inc.#................ 51,094    587,581
  Inland Real Estate Corp.#................. 45,647    679,227
  Innkeepers USA Trust...................... 29,043    506,510
  Investors Real Estate Trust#.............. 30,230    284,464
  JER Investors Trust, Inc..................  8,305    132,880
  Kilroy Realty Corp.#...................... 19,619  1,208,530
  Kite Realty Group Trust#.................. 13,001    203,206
  Lasalle Hotel Properties.................. 20,345    684,813
  Lexington Corporate Properties Trust#..... 35,173    748,833
  LTC Properties, Inc.#..................... 15,742    322,396
  Luminent Mtg. Capital, Inc.#.............. 27,537    220,296
  Maguire Properties, Inc.#................. 23,507    752,224
  Medical Properties Trust, Inc.............  8,711     79,619
  Meristar Hospitality Corp.+#.............. 59,380    581,330
  MFA Mtg. Investments, Inc.#............... 55,939    341,228
  Mid-America Apartment Communities, Inc.#.. 12,838    623,542
  MortgageIT Holdings, Inc.#................ 16,127    213,199
  National Health Investors, Inc............ 15,908    439,856
  National Health Realty, Inc...............  4,898     94,874
  Nationwide Health Properties, Inc.#....... 45,559  1,036,467

N-CSRS 113th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 113th
                                                                [Download Table]
                                                                                 
November 30, 2005 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  109
                                          - CONTINUED                            

                                                                [Download Table]


                                                      Value    
                                             Shares  (Note 2)  
                                                               
---------------------------------------------------------------
COMMON STOCK (continued)                                       
Real Estate Investment Trusts (continued)                      
  Newcastle Investment Corp.#............... 29,716 $   806,195
  NorthStar Realty Finance Corp............. 12,986     119,601
  Novastar Financial, Inc.#................. 17,905     501,161
  Omega Healthcare Investors, Inc.#......... 34,650     416,493
  One Liberty Properties, Inc...............  5,221      99,721
  Origen Financial, Inc..................... 11,675      79,040
  Parkway Properties, Inc...................  9,555     399,399
  Pennsylvania Real Estate Investment Trust. 24,770     914,756
  Post Properties, Inc.#.................... 27,069   1,095,212
  Prentiss Properties Trust................. 30,684   1,258,044
  PS Business Parks, Inc.................... 11,178     526,484
  RAIT Investment Trust#.................... 18,735     492,356
  Ramco-Gershenson Properties Trust#........  9,852     270,240
  Redwood Trust, Inc.#...................... 13,345     575,703
  Saul Centers, Inc.........................  7,423     276,655
  Saxon Capital, Inc.#...................... 33,871     406,452
  Senior Housing Properties Trust #......... 40,531     762,388
  Sizeler Property Investors, Inc.#......... 12,540     160,512
  Sovran Self Storage, Inc.................. 10,968     544,013
  Spirit Finance Corp.#..................... 45,918     528,057
  Strategic Hotel Capital, Inc.#............ 27,960     516,421
  Sun Communities, Inc...................... 11,006     336,784
  Sunstone Hotel Investors, Inc............. 18,027     456,083
  Tanger Factory Outlet Centers, Inc.#...... 18,748     515,383
  Taubman Centers, Inc.#.................... 34,419   1,205,353
  Town and Country Trust#................... 11,926     345,854
  Trustreet Properties, Inc.#............... 39,314     614,871
  U-Store-It Trust.......................... 19,423     412,156
  Universal Health Realty Income Trust......  7,986     264,656
  Urstadt Biddle Properties, Inc., Class A.. 14,293     233,405
  Washington Real Estate Investment Trust... 28,532     892,766
  Winston Hotels, Inc.#..................... 18,002     180,920
                                                    -----------
                                                     51,353,291
                                                    -----------
Registered Investment Companies -- 0.04%                       
  Gladstone Capital Corp.#..................  7,672     179,985
  NGP Capital Resources Co.#................ 11,814     164,215
                                                    -----------
                                                        344,200
                                                    -----------
Retail -- 4.10%                                                
  99 Cents Only Stores+#.................... 28,883     278,143
  Aaron Rents, Inc., Class B#............... 26,465     549,678
  AC Moore Arts & Crafts, Inc.+#............  9,846     140,896
  Aeropostale, Inc.+........................ 37,675     936,977
  Allion Healthcare, Inc.#..................  2,719      41,818
  Big 5 Sporting Goods Corp.#............... 13,794     332,297
  Big Lots, Inc.+#.......................... 77,107     947,645
  Blue Nile, Inc.+#......................... 10,050     416,975
  Blyth, Inc.#.............................. 18,033     357,053
  Bombay Co., Inc.+#........................ 24,397      96,612
  Bon-Ton Stores, Inc.......................  4,360      80,529
  Build-A-Bear Workshop, Inc.+#.............  6,490     184,965
  Building Materials Holding Corp.#.........  9,448     777,854
  Burlington Coat Factory Warehouse Corp.... 11,272     446,822
  Cabela's, Inc.+#.......................... 20,924     364,078
  Casey's General Stores, Inc............... 34,067     784,222
  Cash America International, Inc.#......... 19,892     450,554
  Central Garden & Pet Co.+#................ 13,098     576,574
  Citi Trends, Inc.+#.......................  2,747      97,821
  Coldwater Creek, Inc.+#................... 24,143     758,090
  Conns, Inc.+#.............................  3,229     109,172
  Cost Plus, Inc.+#......................... 14,946     274,707
  Deb Shops, Inc............................  2,924      85,030
  Design Within Reach, Inc.+#...............  8,104      48,867
  Drugstore.Com, Inc.+...................... 46,362     142,331
  DSW, Inc.+#...............................  7,760     197,958
  First Cash Financial Services, Inc.+#.....  8,671     251,459
  Fossil, Inc.+#............................ 32,865     655,328
                                                                [Download Table]


                                                 Value    
                                        Shares  (Note 2)  
                                                          

----------------------------------------------------------
Retail (continued)                                        
  Fred's, Inc., Class A#............... 27,033 $   449,018
  GameStop Corp.#...................... 37,053   1,246,463
  Golf Galaxy, Inc.#...................  3,091      48,591
  Great Atlantic & Pacific Tea Co.+#... 11,865     357,848
  Guitar Center, Inc.+................. 17,563     926,273
  Hibbett Sporting Goods, Inc.+#....... 24,240     726,230
  Homestore Common, Inc.+.............. 99,992     440,965
  IKON Office Solutions, Inc.#......... 78,396     788,664
  Ingles Markets, Inc., Class A#.......  7,577     127,597
  Insight Enterprises, Inc.+#.......... 32,856     684,390
  Jo-Ann Stores, Inc.+................. 15,624     198,737
  Jos. A. Bank Clothiers, Inc.+#.......  9,144     457,291
  Krispy Kreme Doughnuts, Inc.+........ 37,527     185,759
  Leapfrog Enterprises, Inc.+#......... 22,002     286,906
  Linens 'N Things, Inc.+.............. 30,728     786,944
  Longs Drug Stores Corp............... 20,872     889,773
  MarineMax, Inc.+#....................  9,123     239,570
  Movado Group, Inc.#.................. 12,441     229,536
  Movie Gallery, Inc.#................. 17,005      83,835
  MWI Veterinary Supply, Inc.+.........  3,248      75,776
  Myers Industries, Inc.#.............. 17,849     249,708
  Nash Finch Co.#......................  8,673     233,044
  New York & Co., Inc.+#...............  8,853     150,855
  Nu Skin Enterprises, Inc., Class A... 38,216     664,194
  Overstock.com, Inc.+#................  7,108     264,489
  Pacific Sunwear of California, Inc.+. 51,263   1,356,419
  Pantry, Inc.+........................ 11,546     474,541
  Pathmark Stores, Inc.+#.............. 34,003     365,872
  Petco Animal Supplies, Inc.+......... 39,123     830,581
  Pier 1 Imports, Inc.#................ 58,450     742,315
  Pozen, Inc.+#........................ 16,217     164,927
  Priceline.com, Inc.+................. 17,083     410,334
  Regis Corp.#......................... 30,548   1,220,393
  Restoration Hardware, Inc.+#......... 20,443     119,592
  Retail Ventures, Inc.+#.............. 11,313     144,467
  Ruddick Corp.#....................... 23,203     468,933
  Rush Enterprises, Inc.+.............. 14,028     214,769
  Ryans Restaurant Group, Inc.+#....... 28,507     338,948
  School Specialty, Inc.+.............. 15,478     570,210
  Select Comfort Corp.+#............... 24,503     587,337
  Sharper Image Corp.+#................  7,917      80,358
  ShopKo Stores, Inc.+................. 20,231     580,225
  Smart & Final, Inc.+.................  9,029     121,892
  Sports Authority, Inc.+#............. 17,568     552,865
  Sturm, Ruger & Co., Inc.#............ 14,398     101,506
  Syms Corp.#..........................  4,426      62,539
  Systemax, Inc.+#.....................  6,546      38,752
  Tractor Supply Co.+#................. 22,294   1,200,755
  Tuesday Morning Corp.#............... 17,542     478,721
  United Stationers, Inc.+............. 22,545   1,104,705
  Weis Markets, Inc.#..................  9,655     406,476
  West Marine, Inc.+#..................  9,255     122,906
  Wilsons The Leather Experts, Inc.+#.. 12,861      57,231
  Yankee Candle Co., Inc.#............. 30,828     781,490
  Zale Corp.+#@........................ 34,280     956,412
  Zumiez, Inc.+#.......................  2,120      83,888
                                               -----------
                                                35,917,270
                                               -----------
Retirement/Aged Care -- 0.14%                             
  American Retirement Corp.+#.......... 18,809     463,077
  Sunrise Senior Living, Inc.+#........ 22,477     750,732
                                               -----------
                                                 1,213,809
                                               -----------
Savings & Loan -- 1.83%                                   
  Anchor BanCorp Wisconsin, Inc.#...... 15,438     477,034
  Bank Mutual Corp.#................... 38,847     411,001
  BankAtlantic Bancorp, Inc., Class A#. 29,734     414,492
  Bankunited Financial Corp............ 17,582     448,165

N-CSRS 114th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 114th
                                                                [Download Table]
                                                                                 
110 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                          

                                                                [Download Table]


                                                      Value    
                                            Shares   (Note 2)  
                                                               
---------------------------------------------------------------
COMMON STOCK (continued)                                       
Savings & Loan (continued)                                     
  Berkshire Hills Bancorp, Inc.#...........   5,232 $   170,511
  Beverly Hills Bancorp, Inc.#.............   9,321      91,066
  BFC Financial Corp.+.....................  16,377      92,858
  Brookline Bancorp, Inc.#.................  41,867     588,650
  Charter Financial Corp.#.................   2,662      93,330
  Clifton Savings Bancorp, Inc.#...........   9,121      93,855
  Coastal Financial Corp.#.................  10,860     145,850
  Commercial Capital Bancorp, Inc.#........  30,047     501,184
  CSF Holdings, Inc.+(2)(3)................   2,375           0
  Dime Community Bancshares................  18,085     267,839
  Fidelity Bankshares, Inc.#...............  15,231     475,055
  First Defiance Financial Corp.#..........   4,771     133,493
  First Financial Holdings, Inc............   8,387     256,139
  First Indiana Corp.#.....................   7,260     253,737
  First Niagara Financial Group, Inc.#.....  78,505   1,137,537
  First Place Financial Corp...............  10,174     242,752
  FirstFed Financial Corp.+#...............  11,225     587,516
  Flagstar Bancorp, Inc.#..................  23,501     354,160
  Flushing Financial Corp..................  13,052     219,274
  Franklin Bank Corp.+#....................  13,719     253,802
  Harbor Florida Bancshares, Inc.#.........  14,126     531,985
  Horizon Financial Corp.#.................   6,872     155,651
  Itla Capital Corp.+......................   3,907     204,922
  Kearny Financial Corp.#..................  14,816     187,422
  KNBT Bancorp, Inc........................  22,339     366,136
  MAF Bancorp, Inc.........................  21,923     933,262
  NASB Financial, Inc.#....................   2,081      78,870
  NewAlliance Bancshares, Inc.#............  77,513   1,158,044
  Northwest Bancorp, Inc.#.................  13,320     294,772
  OceanFirst Financial Corp................   6,096     146,914
  Ocwen Financial Corp.+#..................  23,349     197,066
  Partners Trust Financial Group, Inc......  33,892     406,704
  PennFed Financial Services, Inc.#........   6,187     119,038
  PFF Bancorp, Inc.#.......................  13,193     403,046
  Provident Financial Holdings, Inc........   3,343      91,899
  Provident Financial Services, Inc........  49,286     886,655
  Provident New York Bancorp...............  27,591     319,780
  Rockville Financial, Inc.+#..............   5,938      80,044
  Sound Federal Bancorp, Inc.#.............   7,567     149,297
  Sterling Financial Corp.+#...............  23,480     612,828
  TierOne Corp.............................  12,318     369,170
  United Community Financial Corp.#........  18,380     216,700
  United Financial Bancorp, Inc.#..........   5,443      63,955
  Westfield Financial, Inc.#...............   2,954      70,866
  WSFS Financial Corp......................   3,969     250,841
                                                    -----------
                                                     16,005,167
                                                    -----------
Schools -- 0.53%                                               
  Bright Horizons Family Solutions, Inc.+#.  18,385     650,461
  Corinthian Colleges, Inc.+#..............  61,773     748,071
  DeVry, Inc.+#............................  39,546     918,258
  Educate, Inc.+#..........................  12,433     136,141
  Learning Tree International, Inc.+#......   6,101      82,486
  Lincoln Educational Sevices+.............   2,857      40,284
  Shuffle Master, Inc.+#...................  24,130     675,881
  Strayer Education, Inc...................   9,942     992,212
  Universal Technical Institute, Inc.+#....  14,524     441,239
                                                    -----------
                                                      4,685,033
                                                    -----------
Semiconductors -- 3.51%                                        
  Actel Corp.+#............................  17,093     248,874
  ADE Corp.+#..............................   6,838     161,377
  Advanced Analogic Technologies, Inc.#....   7,579     104,439
  Amis Holdings, Inc.+#....................  29,841     297,515
  Amkor Technology, Inc.+#.................  68,035     421,817
  Applied Micro Circuits Corp.+#........... 209,184     552,246
  Asyst Technologies, Inc.+#...............  32,308     200,956
  Atmel Corp.+#............................ 285,443     956,234
  ATMI, Inc.+#.............................  25,223     721,630
                                                                [Download Table]


                                                                    Value    
                                                          Shares   (Note 2)  
                                                                             

-----------------------------------------------------------------------------
Semiconductors (continued)                                                   
  August Technology Corp.+#..............................  12,208 $   131,480
  Axcelis Technologies, Inc.+#...........................  68,031     322,467
  Brooks Automation, Inc.+...............................  50,420     648,401
  Cirrus Logic, Inc.+#...................................  57,775     436,779
  Cohu, Inc.#............................................  14,697     391,969
  Conexant Systems, Inc.+#............................... 319,978     790,346
  Credence Systems Corp.+#...............................  60,688     492,180
  Cypress Semiconductor Corp.+#..........................  89,474   1,342,110
  Diodes, Inc.+#.........................................   6,599     266,402
  Emcore Corp.+#.........................................  25,144     154,384
  Emulex Corp.+#.........................................  56,429   1,124,630
  Entegris, Inc.+#.......................................  80,469     812,737
  Exar Corp.+............................................  23,880     295,157
  Fairchild Semiconductor International, Inc., Class A+#.  81,277   1,409,343
  FormFactor, Inc.+#.....................................  22,968     644,482
  Genesis Microchip, Inc.+#..............................  22,701     508,502
  Hittite Microwave Corp.#...............................   3,123      78,356
  Integrated Device Technology, Inc.+.................... 133,140   1,595,017
  Integrated Silicon Solution, Inc.+#....................  25,009     175,313
  IXYS Corp.+#...........................................  16,774     201,623
  Kopin Corp.+#..........................................  47,794     326,911
  Kulicke & Soffa Industries, Inc.+#.....................  35,155     297,060
  Laedis Technology, Inc.+#..............................  12,290      65,751
  Lattice Semiconductor Corp.+#..........................  77,142     377,224
  LTX Corp.+#............................................  41,663     184,984
  Mattson Technology, Inc.+#.............................  28,908     286,767
  Micrel, Inc.+#.........................................  42,187     509,619
  Microsemi Corp.+.......................................  41,852   1,161,393
  MKS Instruments, Inc.+#................................  22,153     418,027
  Monolithic Power Systems, Inc.+#.......................  11,681     155,474
  Omnivision Technologies, Inc.+#........................  38,621     683,592
  ON Semiconductor Corp.+#...............................  97,215     563,847
  Pericom Semiconductor Corp.+#..........................  17,915     140,633
  Photronics, Inc.+#.....................................  27,137     430,936
  PLX Technology, Inc.+#.................................  15,819     156,134
  Portalplayer, Inc.+#...................................  10,363     249,023
  Power Integrations, Inc.+#.............................  19,961     435,349
  Rambus, Inc.+#.........................................  67,562   1,134,366
  Rudolph Technologies, Inc.+#...........................   8,760     112,566
  Semitool, Inc.+#.......................................  11,289     107,471
  Semtech Corp.+#........................................  50,078     997,053
  Sigmatel, Inc.+#.......................................  24,235     352,862
  Sirf Technology Holdings, Inc.+#.......................  23,853     661,205
  Skyworks Solutions, Inc.+#............................. 106,954     576,482
  Supertex, Inc.+#.......................................   6,782     286,472
  Tessera Technologies, Inc.+#...........................  29,821     820,077
  TranSwitch Corp.+#.....................................  70,354     104,827
  Trident Microsystems, Inc.+#...........................  34,366     647,455
  Triquint Semiconductor, Inc.+#.........................  94,262     424,179
  Ultratech Stepper, Inc.+#..............................  16,241     266,840
  Varian Semiconductor Equipment Associates, Inc.+#......  24,997   1,100,368
  Veeco Instruments, Inc.+#..............................  17,881     316,673
  Vitesse Semiconductor Corp.+#.......................... 148,182     312,664
  Volterra Semiconductor Corp.+#.........................  10,345     130,554
  Zoran Corp.+...........................................  29,545     499,901
                                                                  -----------
                                                                   30,781,505
                                                                  -----------
Telecommunications -- 3.09%                                                  
  Adtran, Inc.#..........................................  44,648   1,319,795
  Airspan Networks, Inc.+#...............................  25,938     152,515
  Alaska Communications Systems Holdings, Inc.#..........   8,808      88,168
  Anaren, Inc.+#.........................................  11,760     168,756
  Applied Signal Technology, Inc.#.......................   7,713     138,603
  Arris Group, Inc.+#....................................  70,545     685,697
  Atheros Communications, Inc.+#.........................  23,277     225,554
  Audiovox Corp., Class A+...............................  11,592     160,549
  Brightpoint, Inc.+#....................................  18,461     519,493
  Broadwing Corp.+#......................................  44,251     297,367

N-CSRS 115th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 115th
                                                                [Download Table]
                                                                                 
November 30, 2005 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  111
                                          - CONTINUED                            

                                                                [Download Table]


                                                         Value    
                                               Shares   (Note 2)  
                                                                  
------------------------------------------------------------------
COMMON STOCK (continued)                                          
Telecommunications (continued)                                    
  Centennial Communications Corp., Class A+#..  14,959 $   237,399
  Ciena Corp.+................................ 388,549   1,161,761
  Cincinnati Bell, Inc.+#..................... 166,868     650,785
  Comtech Telecommunications Corp.+#..........  14,704     641,094
  Consolidated Communications Holdings, Inc.#.  10,643     138,678
  CT Communications, Inc......................  12,903     158,965
  Digi International, Inc.+...................  15,328     197,425
  Ditech Communications Corp.+#...............  21,712     190,414
  Dobson Communications Corp., Class A+#......  76,156     561,270
  EndWave Corp.+#.............................   4,910      47,823
  Essex Corp.+#...............................  11,614     221,247
  Fairpoint Communications, Inc.#.............  18,429     220,227
  Finisar Corp.+#............................. 137,322     263,658
  Foundry Networks, Inc.+.....................  83,093   1,154,162
  General Communication, Inc.+................  37,637     382,016
  Glenayre Technologies, Inc.+#...............  45,442     142,688
  Globetel Communications Corp.+#.............  46,597     146,315
  Golden Telecom, Inc.#.......................  14,650     395,550
  Hungarian Telephone & Cable Corp.+#.........   2,626      43,198
  IDT Corp., Class B+#........................  39,517     482,107
  Intrado, Inc.+#.............................  11,985     270,621
  Iowa Telecommunications Services, Inc.#.....  15,277     257,417
  Ixia+#......................................  22,312     307,459
  JAMDAT Mobile, Inc.+#.......................   8,062     184,378
  Level 3 Communications, Inc.+#.............. 471,447   1,602,920
  MasTec, Inc.+...............................  18,410     181,707
  MRV Communications, Inc.+#..................  70,805     128,865
  Netgear, Inc.+#.............................  21,604     416,957
  NeuStar, Inc.#..............................  16,392     497,005
  North Pittsburgh Systems, Inc...............  10,188     199,481
  Novatel Wireless, Inc.+#....................  19,708     268,423
  Oplink Communications, Inc..................   9,967     135,751
  Plantronics, Inc.#..........................  33,312     920,077
  Powerwave Technologies, Inc.+#..............  74,163     931,487
  Preformed Line Products Co.#................   1,673      69,112
  Premiere Global Services, Inc.+#............  48,879     369,525
  Price Communications Corp.+#................  31,109     471,924
  RCN Corp.+#.................................  15,518     338,448
  RF Micro Devices, Inc.+#.................... 127,329     723,229
  SafeNet, Inc.+#.............................  16,697     593,578
  SBA Communcations Corp.+#...................  50,022     922,406
  Shenandoah Telecommunications Co.#..........   4,636     188,639
  Sonus Networks, Inc.+#...................... 168,513     692,588
  Spectralink Corp.#..........................  13,003     167,869
  SureWest Communications#....................   9,906     280,340
  Sycamore Networks, Inc.+#................... 119,831     487,712
  Symmetricom, Inc.+#.........................  31,312     274,293
  Syniverse Holdings, Inc.+...................  11,946     231,036
  Talk America Holdings, Inc.+................  20,266     194,554
  Tekelec+#...................................  38,370     498,810
  Telkonet, Inc.+#............................  24,117     112,144
  Terayon Communication Systems+#.............  52,194     108,042
  Time Warner Telecom, Inc., Class A+#........  34,051     320,079
  UbiquiTel, Inc.+............................  51,584     504,492
  USA Mobility, Inc.+#........................  18,230     497,679
  UTStarcom, Inc.+#...........................  67,996     563,687
  Valor Communications Group, Inc.#...........  19,932     241,974
  ViaSat, Inc.+#..............................  14,655     405,211
  Westell Technologies, Inc., Class A+#.......  36,655     173,378
  Zhone Technologies, Inc.+#..................  74,607     164,881
                                                       -----------
                                                        27,091,457
                                                       -----------
Textile - Products -- 0.12%                                       
  Angelica Corp.#.............................   6,231      86,175
  Dixie Group, Inc.+#.........................   7,277     101,878
  G&K Services, Inc., Class A#................  13,158     504,478
  Innovo Group, Inc.+#........................  17,250      21,562
                                                                [Download Table]


                                                       Value    
                                             Shares   (Note 2)  
                                                                

----------------------------------------------------------------
Textile - Products (continued)                                  
  UniFirst Corp.#...........................   6,304 $   194,794
  Wellman, Inc.#............................  22,030     170,732
                                                     -----------
                                                       1,079,619
                                                     -----------
Therapeutics -- 1.54%                                           
  Abgenix, Inc.+#...........................  60,912     835,104
  Amylin Pharmaceuticals, Inc.+#............  74,540   2,788,541
  AtheroGenics, Inc.+#......................  25,599     383,729
  Bioenvision, Inc.+#.......................  27,453     150,442
  BioMarin Pharmaceutical, Inc.+#...........  49,733     484,399
  Cell Therapeutics, Inc.+#.................  43,841      92,066
  CV Therapeutics, Inc.+#...................  29,468     728,744
  Cypress Biosciences, Inc.+#...............  20,645     116,644
  Discovery Laboratories, Inc.+#............  36,342     244,218
  DOV Pharmaceutical, Inc.+#................  15,454     223,156
  Inspire Phamaceuticals, Inc.+#............  28,563     206,796
  Introgen Therapeutics, Inc.+#.............  13,462      83,195
  Ista Pharmaceuticals, Inc.+#..............   9,266      64,028
  Mannkind Corp.+#..........................  17,208     223,188
  Medarex, Inc.+#...........................  75,148     786,048
  Medicines Co.+#...........................  33,548     612,922
  MGI Pharma, Inc.+#........................  52,205   1,030,527
  Nabi Biopharmaceuticals+#.................  39,954     128,252
  Neurocrine Biosciences, Inc.+#............  24,879   1,480,798
  Nitromed, Inc.+#..........................  11,161     181,255
  NPS Pharmaceuticals, Inc.+#...............  26,352     305,420
  Nuvelo, Inc.+#............................  28,531     248,505
  Onyx Pharmaceuticals, Inc.+#..............  23,962     604,561
  Renovis, Inc.+#...........................  13,076     207,385
  Threshold Pharmaceuticals, Inc.+#.........   3,799      50,945
  Trimeris, Inc.+#..........................  12,042     131,740
  United Therapeutics Corp.+#...............  15,363   1,097,379
  ViaCell, Inc.+#...........................   5,359      32,476
                                                     -----------
                                                      13,522,463
                                                     -----------
Tobacco -- 0.14%                                                
  Alliance One International, Inc.#.........  58,797     179,919
  Universal Corp............................  17,397     702,491
  Vector Group, Ltd.#.......................  17,777     334,918
                                                     -----------
                                                       1,217,328
                                                     -----------
Utilities - Communication -- 0.06%                              
  Commonwealth Telephone Enterprises, Inc.#.  14,381     498,445
                                                     -----------
Utilities - Electric -- 1.32%                                   
  Allete, Inc.#.............................  17,210     795,963
  Black Hills Corp.#........................  22,098     807,682
  Calpine Corp.+#........................... 385,644     196,678
  Central Vermont Public Service Corp.#.....   8,316     169,646
  CH Energy Group, Inc.#....................  10,702     499,783
  Cleco Corp................................  33,877     748,004
  Duquesne Light Holdings, Inc.#............  52,651     892,434
  El Paso Electric Co.+#....................  32,410     701,028
  Empire District Electric Co.#.............  17,528     355,994
  Headwaters, Inc.+#........................  28,081   1,000,526
  Idacorp, Inc..............................  28,651     818,273
  MGE Energy, Inc.#.........................  13,888     487,747
  NorthWestern Corp.#.......................  24,180     749,096
  Ormat Technologies, Inc.#.................   4,886     122,394
  Otter Tail Corp...........................  19,799     594,960
  Pike Electric Corp.+......................   9,164     165,777
  Plug Power, Inc.+#........................  34,297     175,944
  Sierra Pacific Resources+.................  79,829   1,076,095
  UIL Holdings Corp.#.......................   9,944     480,494
  UniSource Energy Corp.#...................  23,463     759,263
                                                     -----------
                                                      11,597,781
                                                     -----------

N-CSRS 116th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 116th
                                                                [Download Table]
                                                                                 
112 SMALL CAP INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                          

                                                                [Download Table]


                                                  Shares/                
                                                 Principal      Value    
                                                  Amount       (Note 2)  
                                                                         
-------------------------------------------------------------------------
COMMON STOCK (continued)                                                 
Utilities - Gas, Distribution -- 0.55%                                   
  EnergySouth, Inc.#...........................        4,616 $    127,817
  Nicor, Inc.#.................................       29,968    1,201,717
  Northwest Natural Gas Co.#...................       18,707      642,772
  South Jersey Industries, Inc.................       18,981      545,704
  Southwest Gas Corp...........................       25,542      681,461
  WGL Holdings, Inc.#..........................       33,062    1,005,746
  World Fuel Services Corp.#...................       18,381      631,387
                                                             ------------
                                                                4,836,604
                                                             ------------
Utilities - Gas, Pipeline -- 0.10%                                       
  Aquila, Inc.+#...............................      253,448      899,740
                                                             ------------
Utilities - Miscellaneous -- 0.17%                                       
  Casella Waste Systems, Inc., Class A+........       13,125      160,650
  Pacific Ethanol, Inc.+#......................        2,106       22,681
  Quantum Fuel Systems Technologies Worldwide,                           
   Inc.+#......................................       30,685       78,247
  Walter Industries, Inc.#.....................       24,611    1,239,164
                                                             ------------
                                                                1,500,742
                                                             ------------
Water Services -- 0.19%                                                  
  American States Water Co.#...................       11,388      348,473
  California Water Service Group...............       11,726      416,859
  Connecticut Water Service, Inc.#.............        5,478      138,210
  Middlesex Water Co.#.........................        7,728      147,218
  Pico Holdings, Inc.+.........................        5,802      195,876
  SJW Corp.....................................        5,192      264,792
  Southwest Water Co.#.........................       13,219      179,250
                                                             ------------
                                                                1,690,678
                                                             ------------
Total Common Stock                                                       
   (Cost $709,999,129).........................               823,888,411
                                                             ------------
WARRANTS -- 0.00%                                                        
Financial Services -- 0.00%                                              
  Imperial Credit Industries, Inc.                                       
   Expires 1/31/08 (Strike price $2.15)+(2)(3).          255            0
                                                             ------------
Information Processing - Software -- 0.00%                               
  Microstrategy, Inc.                                                    
   Expires 6/24/07 (Strike price $40.00).......          491          118
                                                             ------------
Total Warrants                                                           
   (Cost $0)...................................                       118
                                                             ------------
CORPORATE BONDS -- 0.02%                                                 
Metals -- 0.02%                                                          
  Mueller Industries, Inc.:                                              
   6.00% due 11/01/14#......................... $    152,000      144,400
                                                             ------------
Total Corporate Bonds                                                    
   (Cost $152,000).............................                   144,400
                                                             ------------
Total Long-Term Investment Securities                                    
   (Cost $710,151,129).........................               824,032,929
                                                             ------------
SHORT-TERM INVESTMENTS SECURITIES -- 29.70%                              
Collective Investment Pool -- 25.35%                                     
  Securities Lending Quality Trust(4)            222,143,847  222,143,847
                                                             ------------
                                                        [Enlarge/Download Table]


                                                           Principal       Value      
                                                            Amount        (Note 2)    
                                                                                      

--------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS (continued)                                                    
Commercial Paper -- 4.11%                                                             
  Rabobank USA Financial Corp.:                                                       
   4.03% due 12/13/05@.................................. $10,000,000   $    9,986,567 
  UBS Finance, Inc.:                                                                  
   4.02% due 12/01/05@..................................  26,000,000       26,000,000 
                                                                       -------------- 
                                                                           35,986,567 
                                                                       -------------- 
Government Obligations -- 0.24%                                                       
  United States Treasury Bills:                                                       
   3.61% due 12/01/05@..................................      10,000           10,000 
   3.68% due 12/01/05@..................................      50,000           50,000 
   3.69% due 12/01/05@..................................      30,000           30,000 
   3.70% due 12/01/05@..................................   1,417,000        1,417,000 
   3.71% due 12/01/05@..................................      30,000           30,000 
   3.72% due 12/01/05@..................................      40,000           40,000 
   3.73% due 12/01/05@..................................      25,000           25,000 
   3.74% due 12/01/05@..................................      70,000           70,000 
   3.81% due 12/08/05@..................................      30,000           29,978 
   3.82% due 12/08/05@..................................      25,000           24,981 
   3.85% due 12/08/05@..................................      15,000           14,989 
   3.85% due 12/22/05@..................................      65,000           64,854 
   3.86% due 12/15/05@..................................      70,000           69,895 
   3.86% due 12/22/05@..................................      45,000           44,899 
   3.88% due 12/15/05@..................................      15,000           14,977 
   3.89% due 12/15/05@..................................      30,000           29,955 
   3.92% due 12/15/05@..................................      55,000           54,916 
   3.96% due 12/15/05@..................................      80,000           79,877 
                                                                       -------------- 
                                                                            2,101,321 
                                                                       -------------- 
Total Short-Term Investments Securities                                               
   (Cost $260,231,735)..................................                  260,231,735 
                                                                       -------------- 
REPURCHASE AGREEMENT -- 1.48%                                                         
  Agreement with State Street Bank & Trust Co., bearing                               
   interest at 3.68%, dated 11/30/05, to be repurchased                               
   12/01/05 in the amount of $13,004,329 and                                          
   collateralized by Federal Home Loan Banks Notes,                                   
   bearing interest at 4.13%, due 10/19/07 and having                                 
   an approximate value of $13,397,236                                                
   (Cost $13,003,000)@..................................  13,003,000       13,003,000 
                                                                       -------------- 
TOTAL INVESTMENTS                                                                     
   (Cost $983,385,864)(5)...............................      125.22%   1,097,267,664 
Liabilities in excess of other assets...................      (25.22)%   (220,973,416)
                                                         -----------   -------------- 
NET ASSETS --                                                 100.00%  $  876,294,248 
                                                         ===========   ============== 

--------                                                                        
+  Non-income producing security                                                
@  The security or a portion thereof represents collateral for open futures     
contracts.                                                                
#  The security or a portion thereof is out on loan (see Note 2).               
(1)Security represents an investment in an affiliated company (see Note 3).     
(2)Fair value security (see Note 2).                                            
(3)Illiquid Security.                                                           
(4)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(5)See Note 5 for cost of investments on a tax basis.                           

                                                        [Enlarge/Download Table]

Open Futures Contracts                                                                 
---------------------------------------------------------------------------------------
                                                                           Unrealized  
Number of                     Expiration    Value at      Value as of     Appreciation 
Contracts    Description         Date      Trade Date  November 30, 2005 (Depreciation)
---------------------------------------------------------------------------------------
                                                                                       
152 Long  Russell 2000 Index December 2005 $49,788,975    $51,535,600      $1,746,625  
                                                                           ==========  

See Notes to Financial Statements                                               

N-CSRS 117th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 117th
                                                                [Download Table]
                                                                             
November 30, 2005  SOCIAL AWARENESS FUND - PORTFOLIO PROFILE (Unaudited)  113

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Financial Services................  10.77%
Insurance.........................   9.11%
Oil & Gas.........................   7.10%
Banks.............................   6.59%
Collective Investment Pool........   5.45%
Household Products................   4.70%
Information Processing -- Software   4.50%
Drugs.............................   4.15%
Hospital Supplies.................   3.87%
Retail............................   3.63%
Information Processing -- Hardware   3.54%
Telecommunications................   3.53%
Beverages.........................   3.39%
Semiconductors....................   3.32%
Information Processing -- Services   3.31%
Freight...........................   2.82%
Leisure & Tourism.................   2.81%
Multimedia........................   2.62%
Medical Technology................   2.10%
Foods.............................   1.54%
Utilities -- Communication........   1.51%
Machinery.........................   1.38%
Broadcasting......................   1.30%
Building Materials................   1.23%
Medical -- Biomedical/Gene........   1.20%
Automotive........................   1.07%
Apparel & Products................   1.06%
Real Estate Investment Trusts.....   1.04%
Metals............................   0.94%
Publishing........................   0.94%
Utilities -- Electric.............   0.87%
Railroads & Equipment.............   0.83%
Commercial Services...............   0.79%
Electronics/Electrical Equipment..   0.71%
Repurchase Agreement..............   0.52%
Mining............................   0.40%
Chemical..........................   0.23%
Home Builders.....................   0.13%
Utilities -- Gas, Pipeline........   0.10%
Airlines..........................   0.09%
Government Obligations............   0.08%
Heavy Duty Trucks/Parts...........   0.06%
                                   ------ 
                                   105.33%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 118th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 118th
                                                                [Download Table]
                                                                                  
114 SOCIAL AWARENESS FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005

                                                                [Download Table]


                                                         Value    
                                               Shares   (Note 2)  
                                                                  
------------------------------------------------------------------
COMMON STOCK -- 98.76%                                            
Airlines -- 0.09%                                                 
  Southwest Airlines Co.......................  20,740 $   342,210
                                                       -----------
Apparel & Products -- 1.06%                                       
  Chico's FAS, Inc.+..........................   7,600     335,236
  Nike, Inc., Class B.........................  43,980   3,751,494
                                                       -----------
                                                         4,086,730
                                                       -----------
Automotive -- 1.07%                                               
  Danaher Corp................................  66,590   3,695,745
  Lear Corp.#.................................  15,300     425,952
                                                       -----------
                                                         4,121,697
                                                       -----------
Banks -- 6.59%                                                    
  Bank of America Corp........................ 221,686  10,173,171
  Bank of New York Co., Inc...................  87,420   2,832,408
  Fifth Third Bancorp.........................  52,250   2,104,107
  Northern Trust Corp.........................  46,390   2,444,289
  Wachovia Corp...............................   5,200     277,680
  Wells Fargo & Co............................ 120,140   7,550,799
                                                       -----------
                                                        25,382,454
                                                       -----------
Beverages -- 3.39%                                                
  Coca-Cola Co................................ 161,950   6,913,646
  Coca-Cola Enterprises, Inc..................  53,755   1,033,171
  PepsiCo, Inc................................  86,300   5,108,960
                                                       -----------
                                                        13,055,777
                                                       -----------
Broadcasting -- 1.30%                                             
  Clear Channel Communications, Inc...........  10,170     331,135
  Comcast Corp., Class A+..................... 114,190   3,014,616
  Univision Communications, Inc., Class A+#...  46,360   1,401,463
  XM Satellite Radio Holdings, Inc., Class A+.   8,630     252,514
                                                       -----------
                                                         4,999,728
                                                       -----------
Building Materials -- 1.23%                                       
  American Standard Cos., Inc.................  48,180   1,834,694
  Masco Corp..................................  97,370   2,898,705
                                                       -----------
                                                         4,733,399
                                                       -----------
Chemical -- 0.23%                                                 
  Eastman Chemical Co.#.......................  15,730     870,341
                                                       -----------
Commercial Services -- 0.79%                                      
  Cendant Corp................................ 172,070   3,057,684
                                                       -----------
Drugs -- 4.15%                                                    
  Abbott Laboratories......................... 139,020   5,242,444
  Barr Pharmaceuticals, Inc.+#................  15,230     873,441
  Caremark Rx, Inc.+..........................  47,180   2,424,580
  Forest Laboratories, Inc.+..................  11,520     450,086
  King Pharmaceuticals, Inc.+.................  38,540     606,234
  Kos Pharmaceuticals, Inc.+#.................   4,920     327,574
  Merck & Co., Inc............................ 206,260   6,064,044
                                                       -----------
                                                        15,988,403
                                                       -----------
Electronics/Electrical Equipment -- 0.71%                         
  JDS Uniphase Corp.+#........................  87,230     224,181
  Molex, Inc.#................................  34,520     924,791
  Solectron Corp.+#...........................  99,080     355,697
  Xerox Corp.+................................  86,180   1,223,756
                                                       -----------
                                                         2,728,425
                                                       -----------
Financial Services -- 10.25%                                      
  American Express Co......................... 105,350   5,417,097
  Ameriprise Financial, Inc...................  21,070     885,993
  Capital One Financial Corp..................  57,110   4,743,557
  Citigroup, Inc.@............................ 260,615  12,652,858
  Fannie Mae..................................  50,780   2,439,979
  Freddie Mac.................................  87,620   5,471,869
  Goldman Sachs Group, Inc....................   1,230     158,621
  H & R Block, Inc.#..........................  58,670   1,433,895
                                                                [Download Table]


                                                     Value    
                                           Shares   (Note 2)  
                                                              

--------------------------------------------------------------
Financial Services (continued)                                
  JPMorgan Chase & Co..................... 139,813 $ 5,347,847
  Merrill Lynch & Co., Inc................  14,180     941,836
                                                   -----------
                                                    39,493,552
                                                   -----------
Foods -- 1.54%                                                
  Archer-Daniels-Midland Co...............  73,900   1,741,823
  General Mills, Inc......................  88,300   4,196,899
                                                   -----------
                                                     5,938,722
                                                   -----------
Freight -- 2.82%                                              
  FedEx Corp..............................  39,260   3,832,561
  United Parcel Service, Inc., Class B....  90,271   7,032,111
                                                   -----------
                                                    10,864,672
                                                   -----------
Heavy Duty Trucks/Parts -- 0.06%                              
  Navistar International Corp.+...........   8,340     236,606
                                                   -----------
Home Builders -- 0.13%                                        
  DR Horton, Inc.#........................  14,140     501,122
                                                   -----------
Hospital Supplies -- 3.87%                                    
  Cardinal Health, Inc....................  75,900   4,853,805
  Johnson & Johnson....................... 157,100   9,700,925
  St. Jude Medical, Inc.+.................   2,500     119,425
  Stryker Corp............................   5,440     235,552
                                                   -----------
                                                    14,909,707
                                                   -----------
Household Products -- 4.70%                                   
  Colgate-Palmolive Co....................  89,980   4,905,710
  Kimberly-Clark Corp.....................  78,340   4,620,493
  Procter & Gamble Co..................... 150,375   8,599,946
                                                   -----------
                                                    18,126,149
                                                   -----------
Information Processing - Hardware -- 3.54%                    
  Apple Computer, Inc.+...................  18,670   1,266,199
  Dell, Inc.+............................. 172,140   5,191,742
  EMC Corp.+.............................. 123,350   1,718,266
  Hewlett-Packard Co...................... 183,840   5,454,533
  Seagate Technology, Inc.+(1)(4).........  22,401           0
                                                   -----------
                                                    13,630,740
                                                   -----------
Information Processing - Services -- 3.31%                    
  Computer Sciences Corp.+................  25,950   1,303,468
  eBay, Inc.+.............................  52,510   2,352,973
  First Data Corp.........................  82,880   3,586,218
  Fiserv, Inc.+...........................  19,730     897,912
  Google, Inc.+...........................   2,340     947,677
  Symantec Corp.+.........................  93,419   1,650,714
  Yahoo!, Inc.+...........................  50,250   2,021,557
                                                   -----------
                                                    12,760,519
                                                   -----------
Information Processing - Software -- 4.50%                    
  Microsoft Corp.......................... 459,345  12,728,450
  Oracle Corp.+........................... 365,410   4,593,204
                                                   -----------
                                                    17,321,654
                                                   -----------
Insurance -- 9.11%                                            
  Aetna, Inc..............................  31,710   2,932,858
  AFLAC, Inc..............................   8,565     411,120
  American International Group, Inc.(3)...  42,160   2,830,622
  Chubb Corp..............................  47,660   4,615,395
  Hartford Financial Services Group, Inc..  15,370   1,342,877
  Lincoln National Corp...................  38,730   2,013,185
  MetLife, Inc............................  77,580   3,990,715
  Progressive Corp........................  39,270   4,829,817
  St. Paul Travelers Cos., Inc............ 107,530   5,003,371
  UnitedHealth Group, Inc.................  94,160   5,636,418
  XL Capital, Ltd., Class A#..............  22,620   1,501,516
                                                   -----------
                                                    35,107,894
                                                   -----------

N-CSRS 119th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 119th
                                                                [Download Table]
                                                                                  
November 30, 2005 SOCIAL AWARENESS FUND - SCHEDULE OF INVESTMENTS (Unaudited)  115
                                          - CONTINUED                             

                                                                [Download Table]


                                                            Value    
                                                  Shares   (Note 2)  
                                                                     
---------------------------------------------------------------------
COMMON STOCK (continued)                                             
Leisure & Tourism -- 2.81%                                           
  Carnival Corp.#................................  15,540 $   846,775
  Harley-Davidson, Inc...........................  52,250   2,814,185
  McDonald's Corp................................ 156,860   5,309,711
  Yum! Brands, Inc...............................  38,290   1,868,169
                                                          -----------
                                                           10,838,840
                                                          -----------
Machinery -- 1.38%                                                   
  Caterpillar, Inc...............................  10,380     599,756
  Illinois Tool Works, Inc.......................  53,258   4,701,084
                                                          -----------
                                                            5,300,840
                                                          -----------
Medical - Biomedical/Gene -- 1.20%                                   
  Amgen, Inc.+...................................  54,230   4,388,834
  Genentech, Inc.+...............................   2,330     222,794
                                                          -----------
                                                            4,611,628
                                                          -----------
Medical Technology -- 2.10%                                          
  Boston Scientific Corp.+....................... 104,590   2,769,543
  Guidant Corp...................................  48,420   2,986,546
  Zimmer Holdings, Inc.+.........................  37,060   2,322,550
                                                          -----------
                                                            8,078,639
                                                          -----------
Metals -- 0.94%                                                      
  Freeport-McMoRan Copper & Gold, Inc., Class B#.  69,770   3,635,715
                                                          -----------
Mining -- 0.40%                                                      
  Southern Copper Corp.#.........................  24,120   1,534,273
                                                          -----------
Multimedia -- 2.62%                                                  
  News Corp., Class A............................  96,470   1,428,721
  Time Warner, Inc............................... 169,290   3,043,834
  Walt Disney Co................................. 225,190   5,613,987
                                                          -----------
                                                           10,086,542
                                                          -----------
Oil & Gas -- 7.10%                                                   
  Apache Corp....................................  21,310   1,391,117
  BJ Services Co.................................  10,990     402,783
  Burlington Resources, Inc......................  63,880   4,615,330
  Chesapeake Energy Corp.........................  10,010     289,789
  Denbury Resources, Inc.+#......................  31,580     714,971
  EOG Resources, Inc.............................  17,530   1,257,777
  Equitable Resources, Inc.#.....................  27,540   1,029,721
  Grant Prideco, Inc.+#..........................  23,440     899,862
  Kinder Morgan, Inc.#...........................  24,060   2,179,836
  Murphy Oil Corp................................  29,570   1,462,532
  Noble Corp.....................................  39,280   2,830,910
  Noble Energy, Inc..............................   6,940     259,348
  Pioneer Natural Resources Co.#.................   3,760     191,497
  Plains Exploration & Production Co.+#..........   7,930     336,232
  Pogo Producing Co.#............................  15,970     782,530
  Schlumberger, Ltd..............................  61,520   5,889,310
  Vintage Petroleum, Inc.#.......................  28,630   1,499,639
  XTO Energy, Inc................................  32,420   1,319,170
                                                          -----------
                                                           27,352,354
                                                          -----------
Publishing -- 0.94%                                                  
  Tribune Co..................................... 112,860   3,608,134
                                                          -----------
Railroads & Equipment -- 0.83%                                       
  CSX Corp.......................................  65,710   3,196,134
                                                          -----------
Real Estate Investment Trusts -- 1.04%                               
  Equity Office Properties Trust#................ 129,000   4,022,220
                                                          -----------
Retail -- 3.63%                                                      
  Best Buy Co., Inc..............................  12,552     605,508
  Costco Wholesale Corp.#........................  28,860   1,442,423
  Dollar General Corp............................  17,940     339,245
  Federated Department Stores, Inc...............  17,050   1,098,532
  Gap, Inc....................................... 125,030   2,173,021
  Kroger Co.+.................................... 119,700   2,329,362
                                                        [Enlarge/Download Table]


                                                             Shares/                 
                                                            Principal      Value     
                                                             Amount       (Note 2)   
                                                                                     

-------------------------------------------------------------------------------------
Retail (continued)                                                                   
  Safeway, Inc...........................................       7,350   $    170,888 
  Staples, Inc...........................................      25,450        587,895 
  Target Corp............................................      98,030      5,245,585 
                                                                        ------------ 
                                                                          13,992,459 
                                                                        ------------ 
Semiconductors -- 3.32%                                                              
  Analog Devices, Inc....................................      41,730      1,582,401 
  Broadcom Corp., Class A+...............................      25,540      1,188,632 
  Intel Corp.............................................     358,880      9,574,918 
  KLA-Tencor Corp........................................       9,130        467,365 
                                                                        ------------ 
                                                                          12,813,316 
                                                                        ------------ 
Telecommunications -- 3.53%                                                          
  Avaya, Inc.+#..........................................      17,230        205,382 
  BellSouth Corp.........................................     120,670      3,289,464 
  Cisco Systems, Inc.+...................................     263,020      4,613,371 
  QUALCOMM, Inc..........................................     115,850      5,267,699 
  Qwest Communications International, Inc.+#.............      41,180        215,783 
                                                                        ------------ 
                                                                          13,591,699 
                                                                        ------------ 
Utilities - Communication -- 1.51%                                                   
  AT&T, Inc..............................................     234,019      5,829,413 
                                                                        ------------ 
Utilities - Electric -- 0.87%                                                        
  AES Corp.+.............................................      45,440        716,589 
  Allegheny Energy, Inc.+................................       8,940        248,800 
  DPL, Inc...............................................       4,610        117,786 
  Dynegy, Inc., Class A+#................................      30,720        147,149 
  Energy East Corp.#.....................................      17,960        421,162 
  NRG Energy, Inc.+#.....................................      30,400      1,327,568 
  Reliant Resources, Inc.+...............................      40,540        371,346 
                                                                        ------------ 
                                                                           3,350,400 
                                                                        ------------ 
Utilities - Gas, Pipeline -- 0.10%                                                   
  National Fuel Gas Co...................................      12,370        398,933 
                                                                        ------------ 
Total Long-Term Investment Securities                                                
   (Cost $358,921,243)...................................                380,499,724 
                                                                        ------------ 
SHORT-TERM INVESTMENT SECURITIES -- 6.05%                                            
Collective Investment Pool -- 5.45%                                                  
  Securities Lending Quality Trust(2)....................  21,000,928     21,000,928 
                                                                        ------------ 
Commercial Paper -- 0.52%                                                            
  UBS Finance, Inc.:                                                                 
   4.02% due 12/01/05@................................... $ 2,000,000      2,000,000 
                                                                        ------------ 
Government Obligations -- 0.08%                                                      
  United States Treasury Bills:                                                      
   3.84% due 12/08/05@...................................     320,000        319,762 
                                                                        ------------ 
Total Short-Term Investment Securities                                               
   (Cost $23,320,690)....................................                 23,320,690 
                                                                        ------------ 
REPURCHASE AGREEMENT -- 0.52%                                                        
  Agreement with State Street Bank & Trust Co., bearing                              
   interest at 3.68%, dated 11/30/05, to be repurchased                              
   12/01/05 in the amount of $1,191,204 and                                          
   collateralized by Federal Home Loan Bank Notes,                                   
   bearing interest at 4.13%, due 10/19/07 and having an                             
   approximate value of $2,053,083                                                   
   (Cost $1,991,000)@....................................   1,991,000      1,991,000 
                                                                        ------------ 
TOTAL INVESTMENTS                                                                    
   (Cost $384,232,933)(5)................................      105.33%   405,811,414 
Liabilities in excess of other assets....................       (5.33)%  (20,551,969)
                                                          -----------   ------------ 
NET ASSETS --                                                  100.00%  $385,259,445 
                                                          ===========   ============ 

N-CSRS 120th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 120th
                                                                [Download Table]
                                                                                  
116 SOCIAL AWARENESS FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005
                            - CONTINUED                                           

--------                                                                        
+  Non-income producing security                                                
#  The security or a portion thereof is out on loan (see Note 2).               
@  The security or a portion thereof represents collateral for open futures     
contracts.                                                                
(1)Fair valued security (see Note 2)                                            
(2)The security is purchased with the cash collateral received from securities  
loaned (see Note 2).                                                      
(3)Security represents an investment in an affiliated company (see Note 3).     
(4)Illiquid security                                                            
(5)See Note 5 for cost of investments on a tax basis.                           

                                                                [Download Table]

Open Futures Contracts                                                           
---------------------------------------------------------------------------------
Number of                  Expiration    Value at     Value as of     Unrealized 
Contracts   Description       Date      Trade Date November 30, 2005 Depreciation
---------------------------------------------------------------------------------
                                                                                 
 16 Long  S & P 500 Index December 2005 $4,970,900    $5,004,400       $33,500   
                                                                       =======   

See Notes to Financial Statements                                               

N-CSRS 121st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 121st
                                                                [Download Table]
                                                                        
November 30, 2005  STOCK INDEX FUND - PORTFOLIO PROFILE (Unaudited)  117

Industry Allocation*                                                            

                                                                [Download Table]
                                          
Oil & Gas.........................   9.08%
Financial Services................   9.04%
Banks.............................   6.30%
Insurance.........................   6.29%
Retail............................   5.59%
Conglomerates.....................   4.73%
Drugs.............................   4.60%
Telecommunications................   4.30%
Information Processing -- Hardware   3.67%
Information Processing -- Software   3.59%
Semiconductors....................   3.27%
Utilities -- Electric.............   3.10%
Hospital Supplies.................   3.03%
Collective Investment Pool........   2.76%
Household Products................   2.61%
Multimedia........................   2.29%
Aerospace/Defense.................   2.16%
Beverages.........................   2.15%
Leisure & Tourism.................   1.90%
Information Processing -- Services   1.78%
Chemical..........................   1.52%
Utilities -- Communication........   1.50%
Electronics/Electrical Equipment..   1.48%
Tobacco...........................   1.45%
Medical -- Biomedical/Gene........   1.25%
Foods.............................   1.21%
Machinery.........................   1.06%
Freight...........................   1.04%
Medical Technology................   0.86%
Broadcasting......................   0.72%
Paper/Forest Products.............   0.71%
Real Estate Investment Trusts.....   0.69%
Railroads & Equipment.............   0.64%
Commercial Services...............   0.59%
Savings & Loan....................   0.58%
Metals............................   0.57%
Automotive........................   0.54%
Apparel & Products................   0.48%
Healthcare........................   0.45%
Home Builders.....................   0.36%
Building Materials................   0.28%
Hospital Management...............   0.27%
Publishing........................   0.23%
Therapeutics......................   0.20%
Mining............................   0.18%
Advertising.......................   0.17%
Utilities -- Gas, Distribution....   0.17%
Pollution Control.................   0.16%
Repurchase Agreement..............   0.15%
Heavy Duty Trucks/Parts...........   0.13%
Hardware & Tools..................   0.11%
Utilities -- Gas, Pipeline........   0.11%
Airlines..........................   0.10%
Appliances/Furnishings............   0.10%
Schools...........................   0.09%
Human Resources...................   0.06%
Photography.......................   0.06%
United States Treasury Bills......   0.05%
                                   ------ 
                                   102.56%
                                   ====== 

*  Calculated as a percentage of net assets.                                    

N-CSRS 122nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 122nd
                                                                [Download Table]
                                                                              
118  STOCK INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited)  November 30, 2005

                                                                [Download Table]


                                                  Value    
                                      Shares     (Note 2)  
                                                           
-----------------------------------------------------------
COMMON STOCK -- 99.07%                                     
Advertising -- 0.17%                                       
  Interpublic Group of Cos., Inc.+..   173,600 $  1,617,952
  Omnicom Group, Inc................    74,700    6,316,632
                                               ------------
                                                  7,934,584
                                               ------------
Aerospace/Defense -- 2.16%                                 
  Boeing Co.........................   336,900   22,973,211
  General Dynamics Corp.............    82,600    9,441,180
  Goodrich Corp.....................    50,000    1,926,000
  Honeywell International, Inc......   351,100   12,829,194
  L-3 Communications Holdings, Inc..    48,800    3,635,600
  Lockheed Martin Corp..............   149,500    9,059,700
  Northrop Grumman Corp.............   146,700    8,416,179
  Raytheon Co.......................   185,400    7,123,068
  Rockwell Collins, Inc.............    72,600    3,317,820
  United Technologies Corp..........   420,800   22,655,872
                                               ------------
                                                101,377,824
                                               ------------
Airlines -- 0.10%                                          
  Southwest Airlines Co.............   284,500    4,694,250
                                               ------------
Apparel & Products -- 0.48%                                
  Coach, Inc.+......................   156,000    5,371,080
  Jones Apparel Group, Inc..........    48,700    1,400,612
  Liz Claiborne, Inc................    44,100    1,538,208
  Nike, Inc., Class B...............    78,400    6,687,520
  Reebok International, Ltd.........    21,600    1,243,728
  TJX Cos., Inc.#...................   191,300    4,287,033
  VF Corp...........................    36,700    2,079,055
                                               ------------
                                                 22,607,236
                                               ------------
Appliances/Furnishings -- 0.10%                            
  Leggett & Platt, Inc..............    77,500    1,819,700
  Maytag Corp.#.....................    32,800      583,184
  Whirlpool Corp....................    27,500    2,250,875
                                               ------------
                                                  4,653,759
                                               ------------
Automotive -- 0.54%                                        
  AutoNation, Inc.+#................    74,100    1,535,352
  AutoZone, Inc.+#..................    22,900    2,039,474
  Cooper Tire & Rubber Co.#.........    25,200      370,692
  Danaher Corp......................    97,600    5,416,800
  Ford Motor Co.#...................   760,900    6,186,117
  General Motors Corp.#.............   232,200    5,085,180
  Genuine Parts Co.#................    71,500    3,168,165
  Goodyear Tire & Rubber Co.+#......    72,400    1,240,212
  Visteon Corp.+#...................    52,900      357,604
                                               ------------
                                                 25,399,596
                                               ------------
Banks -- 6.30%                                             
  AmSouth Bancorp...................   144,000    3,828,960
  Bank of America Corp.............. 1,649,900   75,713,911
  Bank of New York Co., Inc.........   319,700   10,358,280
  BB&T Corp.#.......................   224,900    9,569,495
  Comerica, Inc.....................    68,700    3,961,929
  Compass Bancshares, Inc...........    51,100    2,476,306
  Fifth Third Bancorp...............   228,300    9,193,641
  First Horizon National Corp.#.....    51,400    2,000,488
  Huntington Bancshares, Inc........    94,800    2,271,408
  KeyCorp...........................   168,100    5,574,196
  M&T Bank Corp.....................    33,200    3,592,904
  Marshall & Ilsley Corp............    85,100    3,657,598
  Mellon Financial Corp.............   171,800    5,779,352
  National City Corp................   233,600    7,921,376
  North Fork Bancorp., Inc..........   196,500    5,305,500
  Northern Trust Corp...............    76,300    4,020,247
  PNC Financial Services Group#.....   119,500    7,620,515
  Regions Financial Corp............   189,200    6,374,148
  State Street Bank & Trust Co......   135,900    7,840,071
  SunTrust Banks, Inc.#.............   148,900   10,830,986
                                                                [Download Table]


                                                         Value    
                                             Shares     (Note 2)  
                                                                  

------------------------------------------------------------------
Banks (continued)                                                 
  Synovus Financial Corp...................   128,100 $  3,606,015
  U.S. Bancorp.............................   750,500   22,725,140
  Wachovia Corp............................   647,700   34,587,180
  Wells Fargo & Co.........................   693,200   43,567,620
  Zions Bancorp............................    37,000    2,798,310
                                                      ------------
                                                       295,175,576
                                                      ------------
Beverages -- 2.15%                                                
  Anheuser-Busch Cos., Inc.................   318,900   13,948,686
  Brown-Forman Corp., Class B..............    34,100    2,348,126
  Coca-Cola Co.............................   852,600   36,397,494
  Coca-Cola Enterprises, Inc...............   123,800    2,379,436
  Constellation Brands, Inc., Class A+.....    80,500    1,901,410
  Molson Coors Brewing Co..................    23,500    1,564,865
  Pepsi Bottling Group, Inc.#..............    57,100    1,684,450
  PepsiCo, Inc.............................   685,700   40,593,440
                                                      ------------
                                                       100,817,907
                                                      ------------
Broadcasting -- 0.72%                                             
  Clear Channel Communications, Inc........   222,800    7,254,368
  Comcast Corp., Class A+..................   901,700   23,804,880
  Univision Communications, Inc., Class A+.    94,600    2,859,758
                                                      ------------
                                                        33,919,006
                                                      ------------
Building Materials -- 0.28%                                       
  American Standard Cos., Inc..............    75,400    2,871,232
  Masco Corp...............................   176,700    5,260,359
  Sherwin-Williams Co......................    46,800    2,051,712
  Vulcan Materials Co......................    42,100    2,808,070
                                                      ------------
                                                        12,991,373
                                                      ------------
Chemical -- 1.52%                                                 
  Air Products & Chemicals, Inc............    91,100    5,390,387
  Ashland, Inc.#...........................    30,500    1,700,375
  Dow Chemical Co..........................   396,100   17,923,525
  E.I. du Pont de Nemours and Co...........   377,400   16,133,850
  Eastman Chemical Co.#....................    33,500    1,853,555
  Ecolab, Inc..............................    75,700    2,518,539
  Engelhard Corp...........................    49,400    1,457,300
  Hercules, Inc.+..........................    46,400      545,664
  Monsanto Co..............................   110,300    8,081,681
  PPG Industries, Inc.#....................    69,800    4,238,954
  Praxair, Inc.............................   132,800    6,905,600
  Rohm & Haas Co...........................    59,700    2,614,860
  Sigma-Aldrich Corp.......................    27,800    1,835,912
                                                      ------------
                                                        71,200,202
                                                      ------------
Commercial Services -- 0.59%                                      
  Ball Corp................................    44,900    1,850,778
  Cendant Corp.............................   429,600    7,633,992
  Cintas Corp..............................    56,700    2,535,624
  Convergys Corp.+.........................    57,600      956,160
  Fluor Corp...............................    35,700    2,645,370
  Moody's Corp.............................   103,700    6,237,555
  Paychex, Inc.............................   136,700    5,797,447
                                                      ------------
                                                        27,656,926
                                                      ------------
Conglomerates -- 4.73%                                            
  3M Co....................................   314,100   24,650,568
  Eaton Corp...............................    60,600    3,861,432
  General Electric Co...................... 4,353,300  155,499,876
  ITT Industries, Inc......................    38,100    4,143,756
  Loews Corp...............................    55,700    5,379,506
  Textron, Inc.............................    55,000    4,339,500
  Tyco International, Ltd.#................   831,100   23,702,972
                                                      ------------
                                                       221,577,610
                                                      ------------
Drugs -- 4.60%                                                    
  Abbott Laboratories......................   638,300   24,070,293
  Allergan, Inc............................    53,700    5,370,000

N-CSRS 123rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 123rd
                                                                [Download Table]
                                                                                
November 30, 2005  STOCK INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  119
                                           CONTINUED                            

                                                                [Download Table]


                                                         Value    
                                             Shares     (Note 2)  
                                                                  
------------------------------------------------------------------
COMMON STOCK (continued)                                          
Drugs (continued)                                                 
  Bristol-Myers Squibb Co..................   803,100 $ 17,338,929
  Caremark Rx, Inc.+.......................   184,700    9,491,733
  Eli Lilly & Co...........................   465,600   23,512,800
  Forest Laboratories, Inc.+...............   139,500    5,450,265
  King Pharmaceuticals, Inc.+..............    99,200    1,560,416
  Merck & Co., Inc.........................   901,600   26,507,040
  Mylan Laboratories, Inc.#................    89,800    1,875,922
  Pfizer, Inc.............................. 3,026,700   64,166,040
  Schering-Plough Corp.....................   606,200   11,711,784
  Watson Pharmaceuticals, Inc.+............    42,900    1,431,144
  Wyeth....................................   550,700   22,887,092
                                                      ------------
                                                       215,373,458
                                                      ------------
Electronics/Electrical Equipment -- 1.48%                         
  Agilent Technologies, Inc.+..............   202,900    7,235,414
  American Power Conversion Corp.#.........    70,300    1,575,423
  Applera Corp. - Applied Biosystems Group.    80,300    2,214,674
  Comverse Technology, Inc.+...............    82,700    2,167,567
  Emerson Electric Co......................   169,600   12,823,456
  Fisher Scientific International, Inc.+#..    50,100    3,230,448
  Jabil Circuit, Inc.+.....................    70,700    2,341,584
  JDS Uniphase Corp.+#.....................   676,800    1,739,376
  Johnson Controls, Inc....................    79,100    5,493,495
  Millipore Corp.+.........................    21,200    1,353,832
  Molex, Inc...............................    59,600    1,596,684
  NVIDIA Corp.+............................    69,200    2,502,964
  Parker Hannifin Corp.....................    49,200    3,365,772
  Perkinelmer, Inc.........................    53,500    1,220,335
  Pitney Bowes, Inc........................    94,000    3,916,040
  PMC-Sierra, Inc.+........................    74,900      589,463
  Sanmina-SCI Corp.+.......................   215,800      893,412
  Solectron Corp.+.........................   375,100    1,346,609
  Symbol Technologies, Inc.................    99,800    1,140,714
  Tektronix, Inc.#.........................    34,700      887,973
  Thermo Electron Corp.+...................    66,400    2,048,440
  W. W. Grainger, Inc......................    31,200    2,191,176
  Waters Corp.+............................    47,200    1,851,656
  Xerox Corp.+.............................   394,000    5,594,800
                                                      ------------
                                                        69,321,307
                                                      ------------
Financial Services -- 8.51%                                       
  American Express Co......................   509,500   26,198,490
  Ameriprise Financial, Inc................   102,000    4,289,100
  Bear Stearns Cos., Inc...................    46,200    5,127,738
  Capital One Financial Corp.#.............   118,500    9,842,610
  Charles Schwab Corp......................   426,700    6,507,175
  CIT Group, Inc...........................    82,800    4,098,600
  Citigroup, Inc........................... 2,123,100  103,076,505
  Countrywide Financial Corp...............   244,100    8,497,121
  E*TRADE Group, Inc.+.....................   166,900    3,257,888
  Equifax, Inc.............................    53,500    2,049,050
  Fannie Mae...............................   397,400   19,095,070
  Federated Investors, Inc., Class B.......    34,800    1,271,592
  Franklin Resources, Inc..................    61,000    5,665,680
  Freddie Mac..............................   283,700   17,717,065
  Goldman Sachs Group, Inc.................   190,900   24,618,464
  H & R Block, Inc.........................   133,300    3,257,852
  Janus Capital Group, Inc.................    91,600    1,755,972
  JPMorgan Chase & Co...................... 1,442,500   55,175,625
  Lehman Brothers Holdings, Inc............   111,700   14,074,200
  MBNA Corp................................   516,500   13,826,705
  Merrill Lynch & Co., Inc.................   380,400   25,266,168
  Morgan Stanley...........................   446,000   24,989,380
  Principal Financial Group, Inc.#.........   114,900    5,821,983
  SLM Corp.................................   171,400    9,007,070
  T. Rowe Price Group, Inc.................    53,300    3,834,935
                                                      ------------
                                                       398,322,038
                                                      ------------
                                                                [Download Table]


                                                            Value    
                                                Shares     (Note 2)  
                                                                     

---------------------------------------------------------------------
Foods -- 1.21%                                                       
  Archer-Daniels-Midland Co...................   267,100 $  6,295,547
  Campbell Soup Co............................    76,000    2,295,960
  ConAgra Foods, Inc..........................   212,700    4,573,050
  General Mills, Inc..........................   150,400    7,148,512
  H J Heinz Co................................   140,000    4,860,800
  Hershey Foods Corp..........................    75,400    4,088,188
  Kellogg Co..................................   105,200    4,636,164
  McCormick & Co., Inc.#......................    55,000    1,717,100
  Sara Lee Corp...............................   322,200    5,818,932
  Sysco Corp..................................   259,900    8,399,968
  Tyson Foods, Inc., Class A..................   103,300    1,738,539
  Wm. Wrigley Jr. Co..........................    73,900    5,068,801
                                                         ------------
                                                           56,641,561
                                                         ------------
Freight -- 1.04%                                                     
  FedEx Corp..................................   124,300   12,134,166
  Ryder System, Inc...........................    26,400    1,120,152
  United Parcel Service, Inc., Class B........   454,700   35,421,130
                                                         ------------
                                                           48,675,448
                                                         ------------
Hardware & Tools -- 0.11%                                            
  Black & Decker Corp.........................    33,100    2,906,511
  Snap-on, Inc................................    23,800      889,406
  Stanley Works...............................    29,900    1,435,200
                                                         ------------
                                                            5,231,117
                                                         ------------
Healthcare -- 0.45%                                                  
  Bausch & Lomb, Inc.#........................    22,100    1,795,846
  Laboratory Corp. of America Holdings+.......    55,500    2,879,895
  Manor Care, Inc.............................    32,500    1,281,475
  McKesson Corp...............................   126,600    6,367,980
  Medco Health Solutions, Inc.+...............   124,900    6,700,885
  Patterson Cos., Inc.+.......................    56,700    1,981,098
                                                         ------------
                                                           21,007,179
                                                         ------------
Heavy Duty Trucks/Parts -- 0.13%                                     
  Dana Corp.#.................................    61,800      430,746
  Navistar International Corp.+...............    25,400      720,598
  PACCAR, Inc.................................    70,500    5,066,130
                                                         ------------
                                                            6,217,474
                                                         ------------
Home Builders -- 0.36%                                               
  Centex Corp.................................    52,700    3,786,495
  DR Horton, Inc..............................   111,700    3,958,648
  KB Home.....................................    31,900    2,225,663
  Lennar Corp.#...............................    54,900    3,166,632
  Pulte Homes, Inc............................    88,000    3,663,440
                                                         ------------
                                                           16,800,878
                                                         ------------
Hospital Management -- 0.27%                                         
  HCA, Inc....................................   173,800    8,862,062
  Health Management Associates, Inc., Class A.   101,600    2,379,472
  Tenet Healthcare Corp.+#....................   192,500    1,505,350
                                                         ------------
                                                           12,746,884
                                                         ------------
Hospital Supplies -- 3.03%                                           
  AmerisourceBergen Corp......................    42,700    3,430,945
  Becton, Dickinson and Co....................   102,700    5,980,221
  Cardinal Health, Inc........................   175,200   11,204,040
  CR Bard, Inc................................    43,300    2,808,871
  Hospira, Inc.+..............................    65,700    2,900,655
  Johnson & Johnson........................... 1,221,500   75,427,625
  Medtronic, Inc.#............................   497,300   27,634,961
  St. Jude Medical, Inc.+.....................   149,700    7,151,169
  Stryker Corp................................   119,300    5,165,690
                                                         ------------
                                                          141,704,177
                                                         ------------
Household Products -- 2.61%                                          
  Alberto-Culver Co., Class B.................    31,000    1,347,880
  Avon Products, Inc..........................   193,300    5,286,755

N-CSRS 124th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 124th
                                                                [Download Table]
                                                                                
120  STOCK INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  November 30, 2005
                             CONTINUED                                          

                                                                [Download Table]


                                                              Value    
                                                  Shares     (Note 2)  
                                                                       
-----------------------------------------------------------------------
COMMON STOCK (continued)                                               
Household Products (continued)                                         
  Clorox Co.....................................    62,400 $  3,387,072
  Colgate-Palmolive Co..........................   213,300   11,629,116
  Fortune Brands, Inc...........................    60,000    4,677,600
  International Flavors & Fragrances, Inc.......    33,600    1,093,344
  Kimberly-Clark Corp...........................   195,600   11,536,488
  Newell Rubbermaid, Inc.#......................   113,100    2,609,217
  Procter & Gamble Co.#......................... 1,410,697   80,677,761
                                                           ------------
                                                            122,245,233
                                                           ------------
Human Resources -- 0.06%                                               
  Robert Half International, Inc................    69,500    2,659,070
                                                           ------------
Information Processing - Hardware -- 3.67%                             
  Apple Computer, Inc.+.........................   340,700   23,106,274
  Dell, Inc.+...................................   984,500   29,692,520
  EMC Corp.+....................................   989,900   13,789,307
  Gateway, Inc.+#...............................   108,300      329,232
  Hewlett-Packard Co............................ 1,176,501   34,906,785
  International Business Machines Corp..........   655,300   58,256,170
  Lexmark International, Inc., Class A+.........    48,800    2,323,856
  Network Appliance, Inc.+......................   151,000    4,397,120
  Sun Microsystems, Inc.+....................... 1,400,300    5,279,131
                                                           ------------
                                                            172,080,395
                                                           ------------
Information Processing - Services -- 1.78%                             
  Affiliated Computer Services, Inc., Class A+#.    51,600    2,878,248
  Computer Sciences Corp.+......................    75,900    3,812,457
  eBay, Inc.+...................................   455,900   20,428,879
  Electronic Data Systems Corp..................   213,100    4,911,955
  First Data Corp...............................   316,800   13,707,936
  Fiserv, Inc.+.................................    77,300    3,517,923
  Monster Worldwide, Inc.+......................    50,100    1,948,890
  NCR Corp.+....................................    76,400    2,593,780
  Symantec Corp.+...............................   444,060    7,846,540
  Unisys Corp.+#................................   139,900      860,385
  Yahoo!, Inc.+.................................   514,900   20,714,427
                                                           ------------
                                                             83,221,420
                                                           ------------
Information Processing - Software -- 3.59%                             
  Adobe Systems, Inc.#..........................   201,800    6,580,698
  Autodesk, Inc.................................    93,700    3,909,164
  Automatic Data Processing, Inc................   238,200   11,195,400
  BMC Software, Inc.+#..........................    89,500    1,833,855
  Citrix Systems, Inc.+.........................    70,000    1,899,800
  Computer Associates International, Inc........   190,200    5,422,602
  Compuware Corp.+..............................   159,400    1,471,262
  IMS Health, Inc...............................    92,800    2,268,960
  Intuit, Inc.+.................................    74,500    3,990,965
  Mercury Interactive Corp.+#...................    35,600      989,680
  Microsoft Corp.#.............................. 3,783,300  104,835,243
  Novell, Inc.+#................................   156,900    1,220,682
  Oracle Corp.+................................. 1,548,700   19,467,159
  Parametric Technology Corp.+..................   111,900      654,615
  Siebel Systems, Inc...........................   214,500    2,252,250
                                                           ------------
                                                            167,992,335
                                                           ------------
Insurance -- 6.29%                                                     
  ACE, Ltd......................................   130,100    7,220,550
  Aetna, Inc....................................   119,000   11,006,310
  AFLAC, Inc....................................   206,000    9,888,000
  Allstate Corp.................................   269,700   15,130,170
  AMBAC Financial Group, Inc....................    44,000    3,374,360
  American International Group, Inc.(1)......... 1,065,600   71,544,384
  Aon Corp......................................   130,800    4,762,428
  Chubb Corp....................................    81,500    7,892,460
  CIGNA Corp....................................    52,700    5,929,804
  Cincinnati Financial Corp.....................    71,845    3,199,258
  Coventry Health Care, Inc.+...................    66,000    3,931,620
  Hartford Financial Services Group, Inc........   122,900   10,737,773
                                                                [Download Table]


                                                                 Value    
                                                      Shares    (Note 2)  
                                                                          

--------------------------------------------------------------------------
Insurance (continued)                                                     
  Humana, Inc.+......................................  66,600 $  3,052,278
  Jefferson-Pilot Corp...............................  55,400    3,077,470
  Lincoln National Corp..............................  70,900    3,685,382
  Marsh & McLennan Cos., Inc......................... 219,800    6,789,622
  MBIA, Inc..........................................  55,100    3,404,078
  MetLife, Inc.#..................................... 310,600   15,977,264
  MGIC Investment Corp...............................  38,300    2,493,330
  Progressive Corp...................................  81,000    9,962,190
  Prudential Financial, Inc.......................... 210,600   16,300,440
  Safeco Corp........................................  51,400    2,891,250
  St. Paul Travelers Cos., Inc....................... 277,300   12,902,769
  Torchmark Corp.....................................  42,900    2,321,748
  UnitedHealth Group, Inc............................ 518,700   31,049,382
  UnumProvident Corp................................. 122,400    2,692,800
  WellPoint, Inc.+................................... 251,900   19,353,477
  Xl Capital, Ltd., Class A#.........................  57,700    3,830,126
                                                              ------------
                                                               294,400,723
                                                              ------------
Leisure & Tourism -- 1.90%                                                
  Brunswick Corp.....................................  40,000    1,571,600
  Carnival Corp...................................... 177,200    9,655,628
  Darden Restaurants, Inc............................  55,200    1,975,056
  Electronic Arts, Inc.+............................. 124,600    7,022,456
  Harley-Davidson, Inc............................... 112,600    6,064,636
  Harrah's Entertainment, Inc........................  75,400    5,133,986
  Hasbro, Inc........................................  73,600    1,502,912
  Hilton Hotels Corp................................. 134,600    2,950,432
  International Game Technology...................... 140,000    4,109,000
  Marriott International, Inc., Class A..............  70,400    4,548,544
  Mattel, Inc........................................ 165,800    2,760,570
  McDonald's Corp.................................... 513,300   17,375,205
  Sabre Holdings Corp., Class A#.....................  53,900    1,232,693
  Starbucks Corp.+................................... 315,400    9,603,930
  Starwood Hotels & Resorts Worldwide, Inc., Class B.  89,300    5,402,650
  Wendy's International, Inc.#.......................  47,500    2,412,050
  Yum! Brands, Inc................................... 117,300    5,723,067
                                                              ------------
                                                                89,044,415
                                                              ------------
Machinery -- 1.06%                                                        
  Caterpillar, Inc................................... 277,900   16,057,062
  Cooper Industries, Ltd., Class A...................  38,100    2,771,394
  Cummins, Inc.......................................  19,100    1,699,900
  Deere & Co.........................................  99,000    6,865,650
  Dover Corp.........................................  83,200    3,365,440
  Illinois Tool Works, Inc...........................  85,800    7,573,566
  Ingersoll-Rand Co., Class A#....................... 138,500    5,488,755
  Pall Corp.#........................................  51,100    1,418,536
  Rockwell Automation, Inc...........................  74,600    4,209,678
                                                              ------------
                                                                49,449,981
                                                              ------------
Medical - Biomedical/Gene -- 1.25%                                        
  Amgen, Inc.+....................................... 506,600   40,999,138
  Biogen Idec, Inc.+................................. 138,900    5,946,309
  Genzyme Corp.+#.................................... 105,400    7,835,436
  MedImmune, Inc.+................................... 101,100    3,630,501
                                                              ------------
                                                                58,411,384
                                                              ------------
Medical Technology -- 0.86%                                               
  Baxter International, Inc.......................... 255,600    9,940,284
  Biomet, Inc........................................ 102,400    3,647,488
  Boston Scientific Corp.+........................... 242,500    6,421,400
  Chiron Corp.+......................................  44,800    1,984,640
  Guidant Corp....................................... 135,500    8,357,640
  Quest Diagnostics, Inc.............................  68,400    3,426,156
  Zimmer Holdings, Inc.+............................. 101,500    6,361,005
                                                              ------------
                                                                40,138,613
                                                              ------------
Metals -- 0.57%                                                           
  Alcoa, Inc......................................... 358,200    9,818,262
  Allegheny Technologies, Inc........................  34,600    1,141,108

N-CSRS 125th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 125th
                                                                [Download Table]
                                                                                
November 30, 2005  STOCK INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  121
                                           CONTINUED                            

                                                                [Download Table]


                                                               Value    
                                                   Shares     (Note 2)  
                                                                        
------------------------------------------------------------------------
COMMON STOCK (continued)                                                
Metals (continued)                                                      
  Freeport-McMoRan Copper & Gold, Inc., Class B#.    72,800 $  3,793,608
  Nucor Corp.....................................    64,100    4,299,828
  Phelps Dodge Corp..............................    39,800    5,399,666
  United States Steel Corp.#.....................    46,900    2,232,440
                                                            ------------
                                                              26,684,912
                                                            ------------
Mining -- 0.18%                                                         
  Newmont Mining Corp............................   183,200    8,449,184
                                                            ------------
Multimedia -- 2.29%                                                     
  Gannett Co., Inc...............................   100,300    6,180,486
  McGraw-Hill Cos., Inc..........................   153,600    8,148,480
  Meredith Corp..................................    17,300      882,300
  News Corp., Class A............................ 1,005,900   14,897,379
  Time Warner, Inc............................... 1,927,700   34,660,046
  Viacom, Inc., Class B..........................   651,000   21,743,400
  Walt Disney Co.................................   825,400   20,577,222
                                                            ------------
                                                             107,089,313
                                                            ------------
Oil & Gas -- 9.08%                                                      
  Amerada Hess Corp..............................    32,900    4,030,908
  Anadarko Petroleum Corp........................    97,000    8,789,170
  Apache Corp....................................   135,000    8,812,800
  Baker Hughes, Inc..............................   140,000    8,029,000
  BJ Services Co.................................   132,400    4,852,460
  Burlington Resources, Inc......................   156,400   11,299,900
  ChevronTexaco Corp.............................   924,700   52,994,557
  ConocoPhillips.................................   571,600   34,587,516
  Devon Energy Corp..............................   186,100   11,203,220
  El Paso Corp.#.................................   270,700    2,974,993
  EOG Resources, Inc.............................    98,600    7,074,550
  Exxon Mobil Corp.@............................. 2,589,200  150,251,275
  Halliburton Co.................................   208,700   13,283,755
  Kerr-McGee Corp................................    47,400    4,097,730
  Kinder Morgan, Inc.............................    43,300    3,922,980
  Marathon Oil Corp.#............................   150,300    8,911,287
  Murphy Oil Corp.#..............................    67,500    3,338,550
  Nabors Industries, Ltd.+.......................    64,700    4,529,647
  National-Oilwell Varco, Inc.+..................    71,200    4,316,144
  Noble Corp.#...................................    56,200    4,050,334
  Occidental Petroleum Corp......................   164,100   13,013,130
  Peoples Energy Corp.#..........................    15,700      564,101
  Rowan Cos., Inc................................    44,800    1,607,424
  Schlumberger, Ltd.#............................   241,500   23,118,795
  Sunoco, Inc....................................    56,000    4,323,200
  Transocean, Inc.+..............................   135,000    8,618,400
  Valero Energy Corp.............................   125,400   12,063,480
  Weatherford International, Ltd.+#..............    67,700    4,705,827
  XTO Energy, Inc................................   148,266    6,032,944
                                                            ------------
                                                             425,398,077
                                                            ------------
Paper/Forest Products -- 0.71%                                          
  Avery Dennison Corp.#..........................    45,400    2,669,066
  Bemis Co., Inc.................................    44,000    1,212,200
  Georgia-Pacific Corp...........................   106,900    5,055,301
  International Paper Co.#.......................   201,400    6,350,142
  Louisiana-Pacific Corp.........................    45,600    1,229,832
  Meadwestvaco Corp..............................    75,600    2,116,044
  Pactiv Corp.+..................................    61,600    1,246,784
  Plum Creek Timber Co., Inc.....................    75,600    2,945,376
  Sealed Air Corp.+..............................    34,100    1,763,311
  Temple-Inland, Inc.............................    46,400    1,942,768
  Weyerhaeuser Co.#..............................   100,600    6,670,786
                                                            ------------
                                                              33,201,610
                                                            ------------
Photography -- 0.06%                                                    
  Eastman Kodak Co.#.............................   117,900    2,826,063
                                                            ------------
                                                                [Download Table]


                                                               Value    
                                                   Shares     (Note 2)  
                                                                        

------------------------------------------------------------------------
Pollution Control -- 0.16%                                              
  Allied Waste Industries, Inc.+#................    89,700 $    754,377
  Waste Management, Inc..........................   230,900    6,906,219
                                                            ------------
                                                               7,660,596
                                                            ------------
Publishing -- 0.23%                                                     
  Dow Jones & Co., Inc.#.........................    24,200      825,462
  Knight-Ridder, Inc.#...........................    28,500    1,721,400
  New York Times Co., Class A#...................    59,700    1,641,750
  R. R. Donnelley & Sons Co......................    88,200    3,016,440
  Tribune Co.....................................   108,900    3,481,533
                                                            ------------
                                                              10,686,585
                                                            ------------
Railroads & Equipment -- 0.64%                                          
  Burlington Northern Santa Fe Corp..............   153,300   10,145,394
  CSX Corp.......................................    89,100    4,333,824
  Norfolk Southern Corp..........................   166,100    7,348,264
  Union Pacific Corp.#...........................   108,400    8,296,936
                                                            ------------
                                                              30,124,418
                                                            ------------
Real Estate Investment Trusts -- 0.69%                                  
  Apartment Investment & Management Co., Class A.    39,300    1,522,089
  Archstone-Smith Trust..........................    87,000    3,637,470
  Equity Office Properties Trust.................   168,700    5,260,066
  Equity Residential.............................   118,000    4,809,680
  ProLogis.......................................   101,500    4,604,040
  Public Storage, Inc............................    34,000    2,400,400
  Simon Property Group, Inc......................    75,200    5,813,712
  Vornado Realty Trust...........................    48,500    4,139,475
                                                            ------------
                                                              32,186,932
                                                            ------------
Retail -- 5.59%                                                         
  Albertson's, Inc...............................   151,200    3,553,200
  Amazon.com, Inc.+..............................   126,000    6,105,960
  Bed Bath & Beyond, Inc.+.......................   121,400    5,178,924
  Best Buy Co., Inc..............................   166,200    8,017,488
  Big Lots, Inc.+................................    46,800      575,172
  Circuit City Stores, Inc.......................    67,600    1,414,868
  Costco Wholesale Corp..........................   196,700    9,831,066
  CVS Corp.......................................   333,800    9,019,276
  Dillard's, Inc., Class A#......................    26,500      555,705
  Dollar General Corp............................   131,900    2,494,229
  Express Scripts, Inc., Class A+................    61,000    5,152,060
  Family Dollar Stores, Inc.#....................    63,700    1,433,887
  Federated Department Stores, Inc...............   108,809    7,010,564
  Gap, Inc.......................................   237,900    4,134,702
  Home Depot, Inc................................   878,900   36,720,442
  J.C. Penney Co., Inc...........................   102,800    5,393,916
  Kohl's Corp.+..................................   141,500    6,509,000
  Kroger Co.+....................................   297,300    5,785,458
  Limited Brands, Inc............................   143,300    3,188,425
  Lowe's Cos., Inc...............................   320,100   21,600,348
  Nordstrom, Inc.................................    90,900    3,352,392
  Office Depot, Inc.+............................   129,900    3,855,432
  OfficeMax, Inc.................................    29,100      849,138
  RadioShack Corp................................    55,200    1,259,112
  Safeway, Inc...................................   184,200    4,282,650
  Sears Holdings Corp.+#.........................    41,899    4,819,223
  Staples, Inc...................................   301,750    6,970,425
  SUPERVALU, Inc.................................    55,900    1,829,048
  Target Corp....................................   363,200   19,434,832
  Tiffany & Co...................................    58,400    2,376,880
  Wal-Mart Stores, Inc........................... 1,025,600   49,803,136
  Walgreen Co....................................   419,800   19,176,464
                                                            ------------
                                                             261,683,422
                                                            ------------
Savings & Loan -- 0.58%                                                 
  Golden West Financial Corp.....................   105,000    6,802,950
  Sovereign Bancorp, Inc.........................   148,600    3,248,396
  Washington Mutual, Inc.........................   409,560   16,869,776
                                                            ------------
                                                              26,921,122
                                                            ------------

N-CSRS 126th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 126th
                                                                [Download Table]
                                                                                
122  STOCK INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  November 30, 2005
                             CONTINUED                                          

                                                                [Download Table]


                                                           Value    
                                               Shares     (Note 2)  
                                                                    
--------------------------------------------------------------------
COMMON STOCK (continued)                                            
Schools -- 0.09%                                                    
  Apollo Group, Inc., Class A+...............    60,000 $  4,272,000
                                                        ------------
Semiconductors -- 3.27%                                             
  Advanced Micro Devices, Inc.+#.............   163,500    4,280,430
  Altera Corp.+#.............................   152,900    2,791,954
  Analog Devices, Inc........................   152,900    5,797,968
  Applied Materials, Inc.....................   666,200   12,064,882
  Applied Micro Circuits Corp.+..............   125,500      331,320
  Broadcom Corp., Class A+...................   116,000    5,398,640
  Freescale Semiconductor, Inc., Class B+....   166,300    4,290,540
  Intel Corp................................. 2,502,100   66,756,028
  KLA-Tencor Corp.#..........................    81,100    4,151,509
  Linear Technology Corp.....................   126,000    4,701,060
  LSI Logic Corp.+...........................   160,400    1,316,884
  Maxim Integrated Products, Inc.............   134,600    4,919,630
  Micron Technology, Inc.+#..................   253,000    3,607,780
  National Semiconductor Corp................   140,900    3,646,492
  Novellus Systems, Inc.+#...................    57,000    1,406,190
  QLogic Corp.+#.............................    33,100    1,094,286
  Teradyne, Inc.+............................    80,700    1,180,641
  Texas Instruments, Inc.....................   666,500   21,647,920
  Xilinx, Inc................................   143,600    3,796,784
                                                        ------------
                                                         153,180,938
                                                        ------------
Telecommunications -- 4.30%                                         
  ADC Telecommunications, Inc.+#.............    47,871      978,005
  Alltel Corp................................   156,700   10,472,261
  Andrew Corp.+..............................    66,800      730,124
  Avaya, Inc.+#..............................   174,100    2,075,272
  BellSouth Corp.............................   752,400   20,510,424
  CenturyTel, Inc............................    53,400    1,767,540
  Ciena Corp.+...............................   237,400      709,826
  Cisco Systems, Inc.+....................... 2,624,300   46,030,222
  Citizens Communications Co.................   141,000    1,840,050
  Corning, Inc.+.............................   604,500   12,241,125
  Lucent Technologies, Inc.+#................ 1,825,300    5,092,587
  Motorola, Inc.............................. 1,013,900   24,424,851
  QUALCOMM, Inc..............................   669,500   30,442,165
  Qwest Communications International, Inc.+#.   626,200    3,281,288
  Scientific-Atlanta, Inc....................    62,900    2,661,928
  Tellabs, Inc.+.............................   183,700    1,884,762
  Verizon Communications, Inc................ 1,135,500   36,313,290
                                                        ------------
                                                         201,455,720
                                                        ------------
Therapeutics -- 0.20%                                               
  Gilead Sciences, Inc.+.....................   187,200    9,489,168
                                                        ------------
Tobacco -- 1.45%                                                    
  Altria Group, Inc..........................   852,200   62,031,638
  Reynolds American, Inc.#...................    35,200    3,133,504
  UST, Inc...................................    67,500    2,604,150
                                                        ------------
                                                          67,769,292
                                                        ------------
Utilities - Communication -- 1.50%                                  
  AT&T, Inc.................................. 1,613,363   40,188,872
  Sprint Corp................................ 1,204,390   30,157,926
                                                        ------------
                                                          70,346,798
                                                        ------------
Utilities - Electric -- 3.10%                                       
  AES Corp.+.................................   268,200    4,229,514
  Allegheny Energy, Inc.+....................    66,800    1,859,044
  Ameren Corp................................    83,700    4,390,902
  American Electric Power Co., Inc...........   161,500    5,901,210
  Calpine Corp.+#............................   233,200      118,932
  CenterPoint Energy, Inc.#..................   127,200    1,681,584
  Cinergy Corp...............................    81,700    3,356,236
  CMS Energy Corp.+..........................    90,100    1,259,598
  Consolidated Edison, Inc.#.................   100,400    4,572,216
  Constellation Energy Group, Inc............    73,100    3,873,569
  Dominion Resources, Inc....................   140,000   10,633,000
  DTE Energy Co..............................    73,100    3,190,084
  Duke Energy Corp.#.........................   380,400   10,217,544
                                                        [Enlarge/Download Table]


                                                               Shares/                    
                                                              Principal        Value      
                                                               Amount         (Note 2)    
                                                                                          

------------------------------------------------------------------------------------------
Utilities - Electric (continued)                                                          
  Dynegy, Inc., Class A+#..................................      123,800   $      593,002 
  Edison International, Inc................................      133,700        6,032,544 
  Entergy Corp.............................................       85,300        5,971,000 
  Exelon Corp..............................................      275,300       14,326,612 
  FirstEnergy Corp.........................................      135,500        6,363,080 
  FPL Group, Inc...........................................      161,900        6,862,941 
  NiSource, Inc............................................      112,000        2,411,360 
  PG&E Corp................................................      140,200        5,156,556 
  Pinnacle West Capital Corp...............................       40,600        1,684,494 
  PPL Corp.................................................      155,900        4,583,460 
  Progress Energy, Inc.#...................................      103,200        4,621,296 
  Public Service Enterprise Group, Inc.....................       98,100        6,152,832 
  Southern Co..............................................      306,700       10,645,557 
  TECO Energy, Inc.........................................       85,400        1,493,646 
  TXU Corp.................................................       98,500       10,109,055 
  Xcel Energy, Inc.#.......................................      165,400        3,061,554 
                                                                           -------------- 
                                                                              145,352,422 
                                                                           -------------- 
Utilities - Gas, Distribution -- 0.17%                                                    
  Keyspan Corp.............................................       71,600        2,402,896 
  Nicor, Inc.#.............................................       18,200          729,820 
  Sempra Energy............................................      105,200        4,623,540 
                                                                           -------------- 
                                                                                7,756,256 
                                                                           -------------- 
Utilities - Gas, Pipeline -- 0.11%                                                        
  Williams Cos., Inc.......................................      234,900        5,050,350 
                                                                           -------------- 
Total Long-Term Investment Securities                                                     
   (Cost $3,080,095,177)...................................                 4,639,276,117 
                                                                           -------------- 
SHORT-TERM INVESTMENTS -- 3.34%                                                           
Collective Investment Pool -- 2.76%                                                       
  Securities Lending Quality Trust(2)......................  129,135,233      129,135,233 
                                                                           -------------- 
Commercial Paper -- 0.53%                                                                 
  Rabobank USA Financial Corp.:                                                           
   4.03% due 12/13/05@..................................... $ 10,000,000        9,986,566 
  UBS Finance, Inc.:                                                                      
   4.02% due 12/01/05@.....................................   15,000,000       15,000,000 
                                                                           -------------- 
                                                                               24,986,566 
                                                                           -------------- 
Government Obligations -- 0.05%                                                           
  United States Treasury Bills:                                                           
   3.53% due 12/08/05@.....................................      590,000          589,595 
   3.70% due 12/01/05@.....................................      900,000          900,000 
   3.81% due 12/08/05@.....................................       70,000           69,948 
   3.82% due 12/08/05@.....................................       15,000           14,989 
   3.83% due 12/08/05@.....................................      490,000          489,635 
   3.85% due 12/08/05@.....................................       30,000           29,978 
   3.89% due 12/15/05@.....................................       30,000           29,955 
   3.91% due 12/15/05@.....................................       50,000           49,924 
   3.92% due 12/15/05@.....................................      150,000          149,772 
                                                                           -------------- 
                                                                                2,323,796 
                                                                           -------------- 
Total Short-Term Investments                                                              
   (Cost $156,445,595).....................................                   156,445,595 
                                                                           -------------- 
REPURCHASE AGREEMENT -- 0.15%                                                             
  Agreement with State Street Bank & Trust Co., bearing                                   
   interest at 3.68%, dated 11/30/05, to be repurchased                                   
   12/01/05 in the amount of $7,241,740 and collateralized                                
   by Federal Home Loan Bank Notes, bearing interest at                                   
   3.88%, due 06/08/07 and having an approximate value                                    
   of $7,461,491 (Cost $7,241,000)@........................    7,241,000        7,241,000 
                                                                           -------------- 
TOTAL INVESTMENTS                                                                         
   (Cost $3,243,781,772)(3)................................       102.56%   4,802,962,712 
Liabilities in excess of other assets......................        (2.56)%   (120,000,820)
                                                            ------------   -------------- 
NET ASSETS --                                                     100.00%  $4,682,961,892 
                                                            ============   ============== 

N-CSRS 127th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 127th
                                                                [Download Table]
                                                                                
November 30, 2005  STOCK INDEX FUND - SCHEDULE OF INVESTMENTS (Unaudited) -  123
                                           CONTINUED                            

--------                                                                        
+  Non-income producing security                                                
#  The security or a portion thereof is out on loan.                            
@  The security or a portion thereof represents collateral for open futures     
contracts.                                                                
(1)Security represents an investment in an affiliated company (see Note 3).     
(2)The security is purchased with the cash collateral received from securities  
loaned.                                                                   
(3)See Note 5 for cost of investments on a tax basis.                           

                                                                [Download Table]

Open Futures Contracts                                                            
----------------------------------------------------------------------------------
                                                                      Unrealized  
Number of                Expiration    Value at      Value as of     Appreciation 
Contracts  Description      Date      Trade Date  November 30, 2005 (Depreciation)
----------------------------------------------------------------------------------
                                                                                  
133 Long  S&P 500 Index December 2005 $40,044,770    $41,599,075      $1,554,305  
                                                                      ==========  

See Notes to Financial Statements                                               

N-CSRS 128th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 128th
                                                                [Download Table]
                                                                  
124  VALUE FUND - PORTFOLIO PROFILE (Unaudited)  November 30, 2005

Industry Allocation*                                                            

                                                                [Download Table]
                                         
Banks............................. 14.32%
Oil & Gas......................... 11.01%
Financial Services................  9.96%
Aerospace/Defense.................  7.27%
Broadcasting......................  5.68%
Repurchase Agreement..............  5.57%
Insurance.........................  5.33%
Information Processing -- Software  5.25%
Utilities -- Electric.............  5.16%
Tobacco...........................  4.46%
Leisure & Tourism.................  3.40%
Drugs.............................  3.37%
Commercial Services...............  3.28%
Information Processing -- Hardware  3.16%
Information Processing -- Services  2.60%
Chemical..........................  2.41%
Utilities -- Communication........  2.25%
Multimedia........................  1.47%
Metals............................  1.20%
Telecommunications................  0.91%
Utilities -- Gas, Distribution....  0.85%
Beverages.........................  0.46%
                                   ----- 
                                   99.37%
                                   ===== 

*  Calculated as a percentage of Net Assets.                                    

N-CSRS 129th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 129th
                                                                [Download Table]
                                                                        
November 30, 2005  VALUE FUND - SCHEDULE OF INVESTMENTS (Unaudited)  125

                                                                [Download Table]


                                                     Value    
                                           Shares   (Note 2)  
                                                              
--------------------------------------------------------------
COMMON STOCK -- 93.80%                                        
Aerospace/Defense -- 7.27%                                    
  Honeywell International, Inc............ 127,200 $ 4,647,888
  Raytheon Co.............................  15,890     610,494
  United Technologies Corp................ 112,110   6,036,002
                                                   -----------
                                                    11,294,384
                                                   -----------
Banks -- 14.32%                                               
  Bank of America Corp....................  66,270   3,041,130
  UBS AG..................................  84,240   7,743,341
  Wachovia Corp...........................  74,400   3,972,960
  Wells Fargo & Co........................ 119,300   7,498,005
                                                   -----------
                                                    22,255,436
                                                   -----------
Beverages -- 0.46%                                            
  Diageo PLC Sponsored ADR................  12,300     715,245
                                                   -----------
Broadcasting -- 5.68%                                         
  Comcast Corp., Special Class A+.........  87,300   2,273,292
  Liberty Global, Inc. Class A+........... 147,800   3,297,418
  Liberty Global, Inc. Class C............ 156,420   3,248,843
                                                   -----------
                                                     8,819,553
                                                   -----------
Chemical -- 2.41%                                             
  Praxair, Inc............................  72,090   3,748,680
                                                   -----------
Commercial Services -- 3.28%                                  
  Cendant Corp............................ 286,790   5,096,258
                                                   -----------
Drugs -- 3.37%                                                
  Sanofi-Aventis..........................  78,530   3,157,692
  Wyeth...................................  49,920   2,074,675
                                                   -----------
                                                     5,232,367
                                                   -----------
Electronics/Electrical Equipment -- 0.00%                     
  Symbol Technologies, Inc................       3          34
                                                   -----------
Financial Services -- 9.96%                                   
  Capital One Financial Corp..............  46,120   3,830,727
  Citigroup, Inc..........................  30,800   1,495,340
  Countrywide Financial Corp..............  79,520   2,768,091
  Freddie Mac.............................  25,090   1,566,871
  JPMorgan Chase & Co..................... 136,300   5,213,475
  Lehman Brothers Holdings, Inc...........   4,740     597,240
                                                   -----------
                                                    15,471,744
                                                   -----------
Information Processing - Hardware -- 3.16%                    
  Hutchinson Technology, Inc.+............  60,700   1,735,413
  International Business Machines Corp....  35,750   3,178,175
                                                   -----------
                                                     4,913,588
                                                   -----------
Information Processing - Services -- 2.60%                    
  Synopsys, Inc.+......................... 206,820   4,037,126
                                                   -----------
Information Processing - Software -- 5.25%                    
  Microsoft Corp.......................... 233,280   6,464,189
  Novell, Inc.+........................... 217,280   1,690,438
                                                   -----------
                                                     8,154,627
                                                   -----------
Insurance -- 5.33%                                            
  Everest Reinsurance Group, Ltd..........  14,810   1,556,827
  Genworth Financial, Inc................. 139,040   4,789,928
  Platinum Underwriters Holdings, Ltd.....  63,550   1,935,733
                                                   -----------
                                                     8,282,488
                                                   -----------
                                                                [Download Table]


                                                              Shares/               
                                                             Principal     Value    
                                                              Amount      (Note 2)  
                                                                                    

------------------------------------------------------------------------------------
Leisure & Tourism -- 3.40%                                                          
  Take-Two Interactive Software, Inc.+.....................    289,570  $  5,284,653
                                                                        ------------
Metals -- 1.20%                                                                     
  Phelps Dodge Corp........................................     13,750     1,865,463
                                                                        ------------
Multimedia -- 1.47%                                                                 
  News Corp., Class A......................................    153,760     2,277,186
                                                                        ------------
Oil & Gas -- 11.01%                                                                 
  BP, PLC ADR..............................................     96,170     6,331,833
  Exxon Mobil Corp.........................................    112,960     6,555,069
  Halliburton Co...........................................     30,861     1,964,303
  Total SA Sponsored ADR...................................     18,150     2,263,123
                                                                        ------------
                                                                          17,114,328
                                                                        ------------
Telecommunications -- 0.91%                                                         
  IDT Corp., Class B+......................................    116,330     1,419,226
                                                                        ------------
Tobacco -- 4.46%                                                                    
  Altria Group, Inc........................................     95,190     6,928,880
                                                                        ------------
Utilities - Communication -- 2.25%                                                  
  Sprint Corp..............................................    139,500     3,493,080
                                                                        ------------
Utilities - Electric -- 5.16%                                                       
  AES Corp.+...............................................    241,570     3,809,559
  CMS Energy Corp.+........................................    123,350     1,724,433
  PG&E Corp................................................     29,010     1,066,988
  Reliant Resources, Inc.+.................................    154,280     1,413,204
                                                                        ------------
                                                                           8,014,184
                                                                        ------------
Utilities - Gas, Distribution -- 0.85%                                              
  Sempra Energy............................................     30,241     1,329,092
                                                                        ------------
Total Long-Term Investment Securities                                               
   (Cost $143,653,437).....................................              145,747,622
                                                                        ------------
REPURCHASE AGREEMENT -- 5.57%                                                       
  Agreement with State Street Bank & Trust Co., bearing                             
   interest at 3.68%, dated 11/30/05, to be repurchased                             
   12/01/05 in the amount of $8,659,885 and collateralized                          
   by Federal National Mtg. Assoc., bearing interest at                             
   3.25%, due 08/15/08 and having an approximate value                              
   of $8,836,919 (Cost $8,659,000)......................... $8,659,000     8,659,000
                                                                        ------------
TOTAL INVESTMENTS                                                                   
   (Cost $152,312,437)(1)..................................      99.37%  154,406,622
Other assets less liabilities..............................       0.63%      973,562
                                                            ----------  ------------
NET ASSETS --                                                   100.00% $155,380,184
                                                            ==========  ============

--------                                                                        
ADR--American Depository Receipt                                                
+  Non-income producing                                                         
(1)See Note 5 for cost of investments on a tax basis.                           

See Notes to Financial Statements                                               

N-CSRS 130th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 130th
                                                                [Download Table]
                                                                        
126  STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)  November 30, 2005

                                                        [Enlarge/Download Table]

                                                                ASSET          BLUE CHIP       CAPITAL                      
                                                              ALLOCATION        GROWTH       CONSERVATION     CORE EQUITY   
                                                                 FUND            FUND            FUND            FUND       
----------------------------------------------------------------------------------------------------------------------------
                                                                                                                            
ASSETS:                                                                                                                     
Long-term investment securities, at value (unaffiliated)*+. $  152,639,320  $   55,991,338  $   92,114,098  $  496,883,239  
Long-term investment securities, at value (affiliated)*+...      1,770,885         201,420          54,000       2,603,354  
Short-term investment securities, at value*................      8,165,726       2,215,995      13,228,916               -  
Repurchase agreements (cost equals market value)...........      8,684,000               -      10,538,000       6,315,000  
                                                            --------------  --------------  --------------  --------------  
Total Investments..........................................    171,259,931      58,408,753     115,935,014     505,801,593  
                                                            --------------  --------------  --------------  --------------  
Cash.......................................................              -          31,759               -             173  
Foreign cash*..............................................              -           2,075               -               -  
Receivable for-                                                                                                             
   Fund shares sold........................................         49,233          74,937          56,975          91,832  
   Dividends and interest..................................        814,085          55,239       1,012,521       1,244,087  
   Investments sold........................................        914,894         144,094       1,759,365       5,543,850  
   Options written.........................................              -               -               -               -  
Prepaid expenses and other assets..........................         17,244             768           4,819          11,987  
Due from investment adviser for expense reimbursements/                                                                     
 fee waivers...............................................              -               -               -          12,471  
Variation margin on futures contracts......................              -               -               -               -  
Collateral received for securities loaned..................              -               -               -               -  
Unrealized appreciation on forward foreign currency                                                                         
 contracts.................................................              -               -               -               -  
                                                            --------------  --------------  --------------  --------------  
TOTAL ASSETS...............................................    173,055,387      58,717,625     118,768,694     512,705,993  
                                                            --------------  --------------  --------------  --------------  
LIABILITIES:                                                                                                                
Payable for-                                                                                                                
   Fund shares redeemed....................................         15,357           2,876           6,514         222,256  
   Investments purchased...................................        728,167         373,530       1,395,208       2,398,418  
   Investment advisory and management fees.................         70,391          36,292          43,729         323,108  
   Administrative service fee..............................          9,855           3,176           6,122          29,229  
   Transfer agent fees and expenses........................            249             249             249             332  
   Directors' fees and expenses............................         42,480           7,405          40,052         189,644  
Other accrued expenses.....................................         36,330          25,123          74,493         165,471  
Variation margin on futures contracts......................        129,150               -               -               -  
Collateral upon return of securities loaned................              -       1,579,300       9,228,916               -  
Due to custodian...........................................         40,690               -         327,849               -  
Due to custodian for foreign cash*.........................             47               -               -               -  
Call and put options written, at value@....................              -               -               -               -  
Unrealized depreciation on forward currency contracts......              -               -               -               -  
                                                            --------------  --------------  --------------  --------------  
TOTAL LIABILITIES..........................................      1,072,716       2,027,951      11,123,132       3,328,458  
                                                            --------------  --------------  --------------  --------------  
NET ASSETS................................................. $  171,982,671  $   56,689,674  $  107,645,562  $  509,377,535  
                                                            ==============  ==============  ==============  ==============  
NET ASSETS REPRESENTED BY:                                                                                                  
Capital shares at par value of $0.01 per share............. $      137,082  $       62,986  $      114,523  $      395,900  
Additional paid-in capital.................................    140,470,223      49,451,547     109,928,271     646,763,452  
Accumulated undistributed net investment income (loss).....        149,222          56,106         124,545         447,958  
Accumulated undistributed net realized gain (loss) on                                                                       
 investments, futures contracts, options contracts, and                                                                     
 foreign exchange transactions.............................     21,224,681      (1,907,096)       (736,854)   (182,786,006) 
Unrealized appreciation (depreciation) on investments......      9,876,717       9,026,257      (1,784,923)     44,556,231  
Unrealized appreciation (depreciation) on futures contracts                                                                 
 and written options contracts.............................        124,750               -               -               -  
Unrealized foreign exchange gain (loss) on other assets and                                                                 
 liabilities...............................................             (4)           (126)              -               -  
                                                            --------------  --------------  --------------  --------------  
NET ASSETS................................................. $  171,982,671  $   56,689,674  $  107,645,562  $  509,377,535  
                                                            ==============  ==============  ==============  ==============  
CAPITAL SHARES:                                                                                                             
   Authorized (Par value $0.01 per share)..................  1,000,000,000   1,000,000,000   1,000,000,000   1,000,000,000  
   Outstanding.............................................     13,708,176       6,298,617      11,452,339      39,589,992  
   NET ASSET VALUE, OFFERING AND REDEMPTION                                                                                 
    PRICE PER SHARE........................................ $        12.55  $         9.00  $         9.40  $        12.87  
                                                            ==============  ==============  ==============  ==============  
--------                                                                                                                    
*Cost                                                                                                                       
   Long-term investment securities (unaffiliated).......... $  143,517,660  $   46,919,291  $   93,898,088  $  452,150,411  
                                                            ==============  ==============  ==============  ==============  
   Long-term investment securities (affiliated)............ $    1,015,828  $      247,210  $       54,933  $    2,779,951  
                                                            ==============  ==============  ==============  ==============  
   Short-term investment securities........................ $    8,165,726  $    2,215,995  $   13,228,916  $            -  
                                                            ==============  ==============  ==============  ==============  
   Foreign cash............................................ $          (43) $        2,127  $            -  $            -  
                                                            ==============  ==============  ==============  ==============  
@Premiums received on options written...................... $            -  $            -  $            -  $            -  
                                                            ==============  ==============  ==============  ==============  
+Including securities on loan.............................. $            -  $    1,514,254  $    9,053,549  $            -  
                                                            ==============  ==============  ==============  ==============  
                                                        [Enlarge/Download Table]

                                                              GOVERNMENT       GROWTH &         HEALTH         INCOME &    
                                                              SECURITIES        INCOME         SCIENCES         GROWTH     
                                                                 FUND            FUND            FUND            FUND      
---------------------------------------------------------------------------------------------------------------------------
                                                                                                                           
ASSETS:                                                                                                                    
Long-term investment securities, at value (unaffiliated)*+. $  124,604,685  $  153,918,684  $  171,800,911  $  228,178,251 
Long-term investment securities, at value (affiliated)*+...              -               -               -               - 
Short-term investment securities, at value*................     15,057,679       8,268,593      42,138,333      25,816,415 
Repurchase agreements (cost equals market value)...........      1,080,000       2,135,000               -               - 
                                                            --------------  --------------  --------------  -------------- 
Total Investments..........................................    140,742,364     164,322,277     213,939,244     253,994,666 
                                                            --------------  --------------  --------------  -------------- 
Cash.......................................................            705             204               -          75,475 
Foreign cash*..............................................              -               -          45,612               - 
Receivable for-                                                                                                            
   Fund shares sold........................................         24,284          34,860         157,086          28,707 
   Dividends and interest..................................      1,301,586         261,570          78,047         824,524 
   Investments sold........................................              -               -         171,541       4,593,387 
   Options written.........................................              -               -          18,398               - 
Prepaid expenses and other assets..........................          3,891           2,244           4,392           2,838 
Due from investment adviser for expense reimbursements/                                                                    
 fee waivers...............................................              -           1,852               -          17,256 
Variation margin on futures contracts......................              -               -               -               - 
Collateral received for securities loaned..................        727,188               -               -               - 
Unrealized appreciation on forward foreign currency                                                                        
 contracts.................................................              -               -               -               - 
                                                            --------------  --------------  --------------  -------------- 
TOTAL ASSETS...............................................    142,800,018     164,623,007     214,414,320     259,536,853 
                                                            --------------  --------------  --------------  -------------- 
LIABILITIES:                                                                                                               
Payable for-                                                                                                               
   Fund shares redeemed....................................         68,534          37,965          17,099         179,350 
   Investments purchased...................................              -               -       1,209,847       4,339,477 
   Investment advisory and management fees.................         52,301          96,234         140,457         143,889 
   Administrative service fee..............................          7,322           8,982           9,832          13,081 
   Transfer agent fees and expenses........................            332             249             249             249 
   Directors' fees and expenses............................         46,083          49,029          23,621          52,842 
Other accrued expenses.....................................         48,343          56,399          34,485          46,386 
Variation margin on futures contracts......................              -               -               -               - 
Collateral upon return of securities loaned................     15,784,867       8,268,593      37,773,920      25,816,415 
Due to custodian...........................................              -               -               -               - 
Due to custodian for foreign cash*.........................              -               -               -               - 
Call and put options written, at value@....................              -               -       2,526,278               - 
Unrealized depreciation on forward currency contracts......              -               -               -               - 
                                                            --------------  --------------  --------------  -------------- 
TOTAL LIABILITIES..........................................     16,007,782       8,517,451      41,735,788      30,591,689 
                                                            --------------  --------------  --------------  -------------- 
NET ASSETS................................................. $  126,792,236  $  156,105,556  $  172,678,532  $  228,945,164 
                                                            ==============  ==============  ==============  ============== 
NET ASSETS REPRESENTED BY:                                                                                                 
Capital shares at par value of $0.01 per share............. $      128,140  $      109,290  $      157,038  $      222,748 
Additional paid-in capital.................................    130,764,188     166,906,916     134,623,987     227,809,949 
Accumulated undistributed net investment income (loss).....        154,432          71,818        (652,442)        341,044 
Accumulated undistributed net realized gain (loss) on                                                                      
 investments, futures contracts, options contracts, and                                                                    
 foreign exchange transactions.............................     (2,199,242)    (22,665,113)     16,571,530     (15,619,165)
Unrealized appreciation (depreciation) on investments......     (2,055,282)     11,682,645      21,624,671      16,190,588 
Unrealized appreciation (depreciation) on futures contracts                                                                
 and written options contracts.............................              -               -         355,451               - 
Unrealized foreign exchange gain (loss) on other assets and                                                                
 liabilities...............................................              -               -          (1,703)              - 
                                                            --------------  --------------  --------------  -------------- 
NET ASSETS................................................. $  126,792,236  $  156,105,556  $  172,678,532  $  228,945,164 
                                                            ==============  ==============  ==============  ============== 
CAPITAL SHARES:                                                                                                            
   Authorized (Par value $0.01 per share)..................  1,000,000,000   1,000,000,000   1,000,000,000   1,000,000,000 
   Outstanding.............................................     12,813,998      10,929,005      15,703,836      22,274,806 
   NET ASSET VALUE, OFFERING AND REDEMPTION                                                                                
    PRICE PER SHARE........................................ $         9.89  $        14.28  $        11.00  $        10.28 
                                                            ==============  ==============  ==============  ============== 
--------                                                                                                                   
*Cost                                                                                                                      
   Long-term investment securities (unaffiliated).......... $  126,659,967  $  142,236,039  $  150,176,240  $  211,987,663 
                                                            ==============  ==============  ==============  ============== 
   Long-term investment securities (affiliated)............ $            -  $            -  $            -  $            - 
                                                            ==============  ==============  ==============  ============== 
   Short-term investment securities........................ $   15,057,679  $    8,268,593  $   42,138,333  $   25,816,415 
                                                            ==============  ==============  ==============  ============== 
   Foreign cash............................................ $            -  $            -  $       46,814  $            - 
                                                            ==============  ==============  ==============  ============== 
@Premiums received on options written...................... $            -  $            -  $    2,881,729  $            - 
                                                            ==============  ==============  ==============  ============== 
+Including securities on loan.............................. $   15,431,892  $    8,054,581  $   37,275,755  $   24,993,978 
                                                            ==============  ==============  ==============  ============== 

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 131st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 131st
                                                                [Download Table]
                                                                                  
November 30, 2005 STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) - CONTINUED 127

                                                        [Enlarge/Download Table]

                                                               INFLATION                     INTERNATIONAL   INTERNATIONAL  
                                                               PROTECTED     INTERNATIONAL    GOVERNMENT       GROWTH I     
                                                                 FUND        EQUITIES FUND     BOND FUND         FUND       
----------------------------------------------------------------------------------------------------------------------------
                                                                                                                            
ASSETS:                                                                                                                     
Long-term investment securities, at value                                                                                   
 (unaffiliated)*+.......................................... $   14,199,461  $  603,008,586  $  136,255,028  $  381,860,496  
Long-term investment securities, at value (affiliated)*+...              -               -               -               -  
Short-term investment securities, at value*................        990,000       4,067,882               -      57,709,573  
Repurchase agreements (cost equals market value)...........              -      24,256,000         106,000       3,475,000  
                                                            --------------  --------------  --------------  --------------  
Total Investments..........................................     15,189,461     631,332,468     136,361,028     443,045,069  
                                                            --------------  --------------  --------------  --------------  
Cash.......................................................            232             320             191           1,243  
Foreign cash*..............................................              -       3,730,483       2,237,163       1,464,777  
Receivable for-                                                                                                             
   Fund shares sold........................................         72,137         657,870         146,749         173,018  
   Dividends and interest..................................        112,168       1,368,633       2,130,966         726,938  
   Investments sold........................................              -      13,547,644       7,428,696       2,667,286  
   Options written.........................................              -               -               -               -  
Prepaid expenses and other assets..........................             55           7,550           3,217           4,757  
Due from investment adviser for expense reimbursements/                                                                     
 fee waivers...............................................          4,328               -               -          35,615  
Variation margin on futures contracts......................              -               -               -               -  
Collateral received for securities loaned..................              -               -               -               -  
Unrealized appreciation on forward foreign currency                                                                         
 contracts.................................................              -               -          66,176               -  
                                                            --------------  --------------  --------------  --------------  
TOTAL ASSETS...............................................     15,378,381     650,644,968     148,374,186     448,118,703  
                                                            --------------  --------------  --------------  --------------  
LIABILITIES:                                                                                                                
Payable for-                                                                                                                
   Fund shares redeemed....................................            287         122,651          25,008          86,809  
   Investments purchased...................................              -      18,594,184       6,756,965       1,570,113  
   Investment advisory and management fees.................          6,214         166,578          58,188         299,043  
   Administrative service fee..............................            870          35,135           8,146          22,460  
   Transfer agent fees and expenses........................            338           1,852              83             166  
   Directors' fees and expenses............................            426          32,417          36,614          89,850  
Other accrued expenses.....................................         37,197         212,586          65,064         170,605  
Variation margin on futures contracts......................              -         102,779               -               -  
Collateral upon return of securities loaned................              -       3,168,551               -      54,653,573  
Due to custodian...........................................              -               -               -               -  
Due to custodian for foreign cash*.........................              -               -               -               -  
Call and put options written, at value@....................              -               -               -               -  
Unrealized depreciation on forward currency contracts......              -               -          47,556               -  
                                                            --------------  --------------  --------------  --------------  
TOTAL LIABILITIES..........................................         45,332      22,436,733       6,997,624      56,892,619  
                                                            --------------  --------------  --------------  --------------  
NET ASSETS................................................. $   15,333,049  $  628,208,235  $  141,376,562  $  391,226,084  
                                                            ==============  ==============  ==============  ==============  
NET ASSETS REPRESENTED BY:                                                                                                  
Capital shares at par value of $0.01 per share............. $       15,706  $      738,691  $      111,117  $      437,738  
Additional paid-in capital.................................     15,750,102     540,206,095     127,281,450     489,874,602  
Accumulated undistributed net investment income                                                                             
 (loss)....................................................         47,774         646,861       1,184,740         270,373  
Accumulated undistributed net realized gain (loss) on                                                                       
 investments, futures contracts, options contracts, and                                                                     
 foreign exchange transactions.............................         (9,697)     18,447,742      11,412,582    (151,189,037) 
Unrealized appreciation (depreciation) on investments......       (470,836)     68,315,144       1,395,250      51,824,894  
Unrealized appreciation (depreciation) on futures contracts                                                                 
 and written options contracts.............................              -         356,503               -               -  
Unrealized foreign exchange gain (loss) on other assets                                                                     
 and liabilities...........................................              -        (502,801)         (8,577)          7,514  
                                                            --------------  --------------  --------------  --------------  
NET ASSETS................................................. $   15,333,049  $  628,208,235  $  141,376,562  $  391,226,084  
                                                            ==============  ==============  ==============  ==============  
CAPITAL SHARES:                                                                                                             
   Authorized (Par value $0.01 per share)..................  1,000,000,000   1,000,000,000   1,000,000,000   1,000,000,000  
   Outstanding.............................................      1,570,631      73,869,052      11,111,729      43,773,829  
   NET ASSET VALUE, OFFERING AND REDEMPTION                                                                                 
    PRICE PER SHARE........................................ $         9.76  $         8.50  $        12.72  $         8.94  
                                                            ==============  ==============  ==============  ==============  
--------                                                                                                                    
*Cost......................................................                                                                 
   Long-term investment securities (unaffiliated).......... $   14,670,297  $  534,693,442  $  134,859,778  $  330,035,602  
                                                            ==============  ==============  ==============  ==============  
   Long-term investment securities (affiliated)............ $            -  $            -  $            -  $            -  
                                                            ==============  ==============  ==============  ==============  
   Short-term investment securities........................ $      990,000  $    4,067,882  $            -  $   57,709,573  
                                                            ==============  ==============  ==============  ==============  
   Foreign cash............................................ $            -  $    3,731,727  $    2,230,691  $    1,459,356  
                                                            ==============  ==============  ==============  ==============  
@Premiums received on options written...................... $            -  $            -  $            -  $            -  
                                                            ==============  ==============  ==============  ==============  
+Including securities on loan.............................. $            -  $    3,037,828  $            -  $   51,853,253  
                                                            ==============  ==============  ==============  ==============  
                                                        [Enlarge/Download Table]

                                                               LARGE CAP                                       MID CAP    
                                                                GROWTH       LARGE CAPITAL  MID CAP INDEX     STRATEGIC   
                                                                 FUND         GROWTH FUND       FUND         GROWTH FUND  
--------------------------------------------------------------------------------------------------------------------------
                                                                                                                          
ASSETS:                                                                                                                   
Long-term investment securities, at value                                                                                 
 (unaffiliated)*+.......................................... $  336,398,877  $   10,289,424  $2,124,941,644 $   11,035,799 
Long-term investment securities, at value (affiliated)*+...              -               -               -              - 
Short-term investment securities, at value*................      5,060,195               -     386,288,153        480,000 
Repurchase agreements (cost equals market value)...........     11,256,000         281,000       9,665,000              - 
                                                            --------------  --------------  -------------- -------------- 
Total Investments..........................................    352,715,072      10,570,424   2,520,894,797     11,515,799 
                                                            --------------  --------------  -------------- -------------- 
Cash.......................................................            996          81,476             649         16,922 
Foreign cash*..............................................              -               -               -              - 
Receivable for-                                                                                                           
   Fund shares sold........................................         81,862               -       1,661,051              - 
   Dividends and interest..................................        253,239          10,637       2,019,490          5,149 
   Investments sold........................................      4,887,030         130,313       3,467,158        283,915 
   Options written.........................................              -               -               -              - 
Prepaid expenses and other assets..........................          5,057              79          32,313             81 
Due from investment adviser for expense reimbursements/                                                                   
 fee waivers...............................................         23,331           4,206               -          3,308 
Variation margin on futures contracts......................              -               -               -              - 
Collateral received for securities loaned..................              -               -               -              - 
Unrealized appreciation on forward foreign currency                                                                       
 contracts.................................................              -               -               -              - 
                                                            --------------  --------------  -------------- -------------- 
TOTAL ASSETS...............................................    357,966,587      10,797,135   2,528,075,458     11,825,174 
                                                            --------------  --------------  -------------- -------------- 
LIABILITIES:                                                                                                              
Payable for-                                                                                                              
   Fund shares redeemed....................................         39,524               -          64,232              - 
   Investments purchased...................................      4,000,881         133,081       1,441,923        443,295 
   Investment advisory and management fees.................        242,012           6,458         475,159          6,420 
   Administrative service fee..............................         19,930             603         121,537            642 
   Transfer agent fees and expenses........................            166             338           2,045            338 
   Directors' fees and expenses............................        108,503             621         293,098            621 
Other accrued expenses.....................................         96,894          64,458         231,251         60,143 
Variation margin on futures contracts......................              -               -          25,400              - 
Collateral upon return of securities loaned................      5,060,195               -     371,490,814              - 
Due to custodian...........................................              -               -               -              - 
Due to custodian for foreign cash*.........................              -               -               -              - 
Call and put options written, at value@....................              -               -               -              - 
Unrealized depreciation on forward currency contracts......              -               -               -              - 
                                                            --------------  --------------  -------------- -------------- 
TOTAL LIABILITIES..........................................      9,568,105         205,559     374,145,459        511,459 
                                                            --------------  --------------  -------------- -------------- 
NET ASSETS................................................. $  348,398,482  $   10,591,576  $2,153,929,999 $   11,313,715 
                                                            ==============  ==============  ============== ============== 
NET ASSETS REPRESENTED BY:                                                                                                
Capital shares at par value of $0.01 per share............. $      517,043  $       10,001  $      916,432 $       10,002 
Additional paid-in capital.................................    639,885,059       9,991,069   1,584,405,335      9,973,947 
Accumulated undistributed net investment income                                                                           
 (loss)....................................................         15,775          15,969         894,746        (21,964)
Accumulated undistributed net realized gain (loss) on                                                                     
 investments, futures contracts, options contracts, and                                                                   
 foreign exchange transactions.............................   (321,476,225)       (483,407)    161,986,589        (34,704)
Unrealized appreciation (depreciation) on investments......     29,456,830       1,057,944     404,982,972      1,386,434 
Unrealized appreciation (depreciation) on futures contracts                                                               
 and written options contracts.............................              -               -         743,925              - 
Unrealized foreign exchange gain (loss) on other assets                                                                   
 and liabilities...........................................              -               -               -              - 
                                                            --------------  --------------  -------------- -------------- 
NET ASSETS................................................. $  348,398,482  $   10,591,576  $2,153,929,999 $   11,313,715 
                                                            ==============  ==============  ============== ============== 
CAPITAL SHARES:                                                                                                           
   Authorized (Par value $0.01 per share)..................  1,000,000,000   1,000,000,000   1,000,000,000  1,000,000,000 
   Outstanding.............................................     51,704,346       1,000,106      91,643,171      1,000,154 
   NET ASSET VALUE, OFFERING AND REDEMPTION                                                                               
    PRICE PER SHARE........................................ $         6.74  $        10.59  $        23.50 $        11.31 
                                                            ==============  ==============  ============== ============== 
--------                                                                                                                  
*Cost......................................................                                                               
   Long-term investment securities (unaffiliated).......... $  306,942,047  $    9,231,480  $1,719,958,672 $    9,649,365 
                                                            ==============  ==============  ============== ============== 
   Long-term investment securities (affiliated)............ $            -  $            -  $            - $            - 
                                                            ==============  ==============  ============== ============== 
   Short-term investment securities........................ $    5,060,195  $            -  $  386,288,153 $      480,000 
                                                            ==============  ==============  ============== ============== 
   Foreign cash............................................ $            -  $            -  $            - $            - 
                                                            ==============  ==============  ============== ============== 
@Premiums received on options written...................... $            -  $            -  $            - $            - 
                                                            ==============  ==============  ============== ============== 
+Including securities on loan.............................. $    4,844,659  $            -  $  360,933,768 $            - 
                                                            ==============  ==============  ============== ============== 

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 132nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 132nd
                                                                [Download Table]
                                                                                  
128 STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) - CONTINUED November 30, 2005

                                                        [Enlarge/Download Table]

                                                                MONEY                         SCIENCE &                    
                                                               MARKET I     NASDAQ-100(R)     TECHNOLOGY      SMALL CAP    
                                                                 FUND        INDEX FUND          FUND           FUND       
---------------------------------------------------------------------------------------------------------------------------
                                                                                                                           
ASSETS:                                                                                                                    
Long-term investment securities, at value                                                                                  
 (unaffiliated)*+.......................................... $            - $   89,900,731  $ 1,128,487,717  $  623,534,297 
Long-term investment securities, at value (affiliated)*+...              -              -                -         266,800 
Short-term investment securities, at value*................    386,018,866      9,265,320       73,756,366     133,386,319 
Repurchase agreements (cost equals market value)...........     13,595,000      4,851,000                -               - 
                                                            -------------- --------------  ---------------  -------------- 
Total Investments..........................................    399,613,866    104,017,051    1,202,244,083     757,187,416 
                                                            -------------- --------------  ---------------  -------------- 
Cash.......................................................             40            363              598          60,417 
Foreign cash*..............................................              -              -            5,774               - 
Receivable for-                                                                                                            
   Fund shares sold........................................      1,566,166        103,946          101,610          91,641 
   Dividends and interest..................................        514,010         50,417          697,919         306,668 
   Investments sold........................................              -              -        6,649,495      12,006,090 
   Options written.........................................              -              -                -               - 
Prepaid expenses and other assets..........................         10,282          1,070           86,783           7,593 
Due from investment adviser for expense reimbursements/                                                                    
 fee waivers...............................................              -              -                -          32,901 
Variation margin on futures contracts......................              -              -                -               - 
Collateral received for securities loaned..................              -              -                -               - 
Unrealized appreciation on forward foreign currency                                                                        
 contracts.................................................              -              -                -               - 
                                                            -------------- --------------  ---------------  -------------- 
TOTAL ASSETS...............................................    401,704,364    104,172,847    1,209,786,262     769,692,726 
                                                            -------------- --------------  ---------------  -------------- 
LIABILITIES:                                                                                                               
Payable for-                                                                                                               
   Fund shares redeemed....................................        330,584         52,416          284,020          55,221 
   Investments purchased...................................              -              -        3,347,556      13,099,864 
   Investment advisory and management fees.................        133,528         30,574          821,059         440,460 
   Administrative service fee..............................         23,367          5,351           65,924          35,843 
   Transfer agent fees and expenses........................          2,421          1,188            1,519              73 
   Directors' fees and expenses............................        131,585         15,628          290,407         139,560 
Other accrued expenses.....................................         78,837         46,890           72,865         129,583 
Variation margin on futures contracts......................              -         19,200                -               - 
Collateral upon return of securities loaned................              -      8,765,878       53,192,635     125,910,053 
Due to custodian...........................................              -              -                -               - 
Due to custodian for foreign cash*.........................              -              -                -               - 
Call and put options written, at value@....................              -              -                -               - 
Unrealized depreciation on forward currency contracts......              -              -                -               - 
                                                            -------------- --------------  ---------------  -------------- 
TOTAL LIABILITIES..........................................        700,322      8,937,125       58,075,985     139,810,657 
                                                            -------------- --------------  ---------------  -------------- 
NET ASSETS................................................. $  401,004,042 $   95,235,722  $ 1,151,710,277  $  629,882,069 
                                                            ============== ==============  ===============  ============== 
NET ASSETS REPRESENTED BY:                                                                                                 
Capital shares at par value of $0.01 per share............. $    4,010,040 $      205,482  $       974,004  $      517,052 
Additional paid-in capital.................................    396,994,002     84,685,160    2,745,976,497     527,011,890 
Accumulated undistributed net investment income                                                                            
 (loss)....................................................              -         99,198       (2,881,285)         98,334 
Accumulated undistributed net realized gain (loss) on                                                                      
 investments, futures contracts, options contracts, and                                                                    
 foreign exchange transactions.............................              -     (9,390,551)  (1,683,422,204)      4,189,922 
Unrealized appreciation (depreciation) on investments......              -     19,491,548       91,063,301      98,064,871 
Unrealized appreciation (depreciation) on futures contracts                                                                
 and written options contracts.............................              -        144,885                -               - 
Unrealized foreign exchange gain (loss) on other assets                                                                    
 and liabilities...........................................              -              -              (36)              - 
                                                            -------------- --------------  ---------------  -------------- 
NET ASSETS................................................. $  401,004,042 $   95,235,722  $ 1,151,710,277  $  629,882,069 
                                                            ============== ==============  ===============  ============== 
CAPITAL SHARES:                                                                                                            
   Authorized (Par value $0.01 per share)..................  1,000,000,000  1,000,000,000    1,000,000,000   1,000,000,000 
   Outstanding.............................................    401,004,042     20,548,249       97,400,370      51,705,231 
   NET ASSET VALUE, OFFERING AND REDEMPTION                                                                                
    PRICE PER SHARE........................................ $         1.00 $         4.63  $         11.82  $        12.18 
                                                            ============== ==============  ===============  ============== 
--------                                                                                                                   
*Cost......................................................                                                                
   Long-term investment securities (unaffiliated).......... $            - $   70,409,183  $ 1,037,424,416  $  525,383,088 
                                                            ============== ==============  ===============  ============== 
   Long-term investment securities (affiliated)............ $            - $            -  $             -  $      353,138 
                                                            ============== ==============  ===============  ============== 
   Short-term investment securities........................ $  386,018,866 $    9,265,320  $    73,756,366  $  133,386,319 
                                                            ============== ==============  ===============  ============== 
   Foreign cash............................................ $            - $            -  $         5,930  $            - 
                                                            ============== ==============  ===============  ============== 
@Premiums received on options written...................... $            - $            -  $             -  $            - 
                                                            ============== ==============  ===============  ============== 
+Including securities on loan.............................. $            - $    8,482,443  $    52,071,786  $  123,337,421 
                                                            ============== ==============  ===============  ============== 
                                                        [Enlarge/Download Table]

                                                                               SOCIAL                                   
                                                              SMALL CAP       AWARENESS     STOCK INDEX                 
                                                              INDEX FUND        FUND           FUND         VALUE FUND  
------------------------------------------------------------------------------------------------------------------------
                                                                                                                        
ASSETS:                                                                                                                 
Long-term investment securities, at value                                                                               
 (unaffiliated)*+.......................................... $  823,119,574 $  377,669,102  $4,567,731,733 $  145,747,622
Long-term investment securities, at value (affiliated)*+...        913,355      2,830,622      71,544,384              -
Short-term investment securities, at value*................    260,231,735     23,320,690     156,445,595              -
Repurchase agreements (cost equals market value)...........     13,003,000      1,991,000       7,241,000      8,659,000
                                                            -------------- --------------  -------------- --------------
Total Investments..........................................  1,097,267,664    405,811,414   4,802,962,712    154,406,622
                                                            -------------- --------------  -------------- --------------
Cash.......................................................            163            672         339,225            925
Foreign cash*..............................................              -              -               -              -
Receivable for-                                                                                                         
   Fund shares sold........................................        850,901        152,145       1,109,409        183,461
   Dividends and interest..................................        600,684        719,774      10,624,142        457,116
   Investments sold........................................          1,423              -         564,761      1,152,738
   Options written.........................................              -              -               -              -
Prepaid expenses and other assets..........................          8,818          7,021         129,000            285
Due from investment adviser for expense reimbursements/                                                                 
 fee waivers...............................................              -              -               -              -
Variation margin on futures contracts......................        212,325              -               -              -
Collateral received for securities loaned..................        363,000              -               -              -
Unrealized appreciation on forward foreign currency                                                                     
 contracts.................................................              -              -               -              -
                                                            -------------- --------------  -------------- --------------
TOTAL ASSETS...............................................  1,099,304,978    406,691,026   4,815,729,249    156,201,147
                                                            -------------- --------------  -------------- --------------
LIABILITIES:                                                                                                            
Payable for-                                                                                                            
   Fund shares redeemed....................................         97,361         58,498         305,650          3,863
   Investments purchased...................................              -              -         391,684        678,508
   Investment advisory and management fees.................        216,714        157,238         925,852         96,472
   Administrative service fee..............................         49,173         22,013         266,514          8,658
   Transfer agent fees and expenses........................          1,611            249           2,596            166
   Directors' fees and expenses............................         77,913         88,392         921,752          2,752
Other accrued expenses.....................................         61,111         71,463         551,551         30,544
Variation margin on futures contracts......................              -         32,800         266,525              -
Collateral upon return of securities loaned................    222,506,847     21,000,928     129,135,233              -
Due to custodian...........................................              -              -               -              -
Due to custodian for foreign cash*.........................              -              -               -              -
Call and put options written, at value@....................              -              -               -              -
Unrealized depreciation on forward currency contracts......              -              -               -              -
                                                            -------------- --------------  -------------- --------------
TOTAL LIABILITIES..........................................    223,010,730     21,431,581     132,767,357        820,963
                                                            -------------- --------------  -------------- --------------
NET ASSETS................................................. $  876,294,248 $  385,259,445  $4,682,961,892 $  155,380,184
                                                            ============== ==============  ============== ==============
NET ASSETS REPRESENTED BY:                                                                                              
Capital shares at par value of $0.01 per share............. $      526,264 $      190,140  $    1,387,525 $      131,666
Additional paid-in capital.................................    707,591,428    364,764,638   2,974,768,462    150,835,574
Accumulated undistributed net investment income                                                                         
 (loss)....................................................        390,261        393,835       4,313,716        390,068
Accumulated undistributed net realized gain (loss) on                                                                   
 investments, futures contracts, options contracts, and                                                                 
 foreign exchange transactions.............................     52,157,870     (1,701,149)    141,756,944      1,928,691
Unrealized appreciation (depreciation) on investments......    113,881,800     21,578,481   1,559,180,940      2,094,185
Unrealized appreciation (depreciation) on futures contracts                                                             
 and written options contracts.............................      1,746,625         33,500       1,554,305              -
Unrealized foreign exchange gain (loss) on other assets                                                                 
 and liabilities...........................................              -              -               -              -
                                                            -------------- --------------  -------------- --------------
NET ASSETS................................................. $  876,294,248 $  385,259,445  $4,682,961,892 $  155,380,184
                                                            ============== ==============  ============== ==============
CAPITAL SHARES:                                                                                                         
   Authorized (Par value $0.01 per share)..................  1,000,000,000  1,000,000,000   1,000,000,000  1,000,000,000
   Outstanding.............................................     52,626,358     19,014,028     138,752,499     13,166,579
   NET ASSET VALUE, OFFERING AND REDEMPTION                                                                             
    PRICE PER SHARE........................................ $        16.65 $        20.26  $        33.75 $        11.80
                                                            ============== ==============  ============== ==============
--------                                                                                                                
*Cost......................................................                                                             
   Long-term investment securities (unaffiliated).......... $  709,399,083 $  356,658,752  $3,045,546,115 $  143,653,437
                                                            ============== ==============  ============== ==============
   Long-term investment securities (affiliated)............ $      752,046 $    2,262,491  $   34,549,062 $            -
                                                            ============== ==============  ============== ==============
   Short-term investment securities........................ $  260,231,735 $   23,320,690  $  156,445,595 $            -
                                                            ============== ==============  ============== ==============
   Foreign cash............................................ $            - $            -  $            - $            -
                                                            ============== ==============  ============== ==============
@Premiums received on options written...................... $            - $            -  $            - $            -
                                                            ============== ==============  ============== ==============
+Including securities on loan.............................. $  217,265,263 $   20,382,797  $  125,638,671 $            -
                                                            ============== ==============  ============== ==============

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 133rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 133rd
                                                                [Download Table]
                                                                                 
For the Period Ended November 30, 2005  STATEMENTS OF OPERATIONS (Unaudited)  129

                                                        [Enlarge/Download Table]

                                                                ASSET      BLUE CHIP    CAPITAL                  GOVERNMENT  
                                                              ALLOCATION    GROWTH    CONSERVATION CORE EQUITY   SECURITIES  
                                                                 FUND        FUND         FUND        FUND          FUND     
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                                             
INVESTMENT INCOME:                                                                                                           
Dividends (unaffiliated).................................... $   980,294  $  275,839  $         -  $ 4,946,113  $         -  
Dividends (affiliated)......................................      10,731       1,275            -       16,654            -  
Securities lending income...................................           -         424       15,850            -       15,660  
Interest (unaffiliated).....................................   1,834,362          56    2,358,320      152,512    2,763,093  
Interest (affiliated).......................................       3,850           -        2,750            -            -  
                                                             -----------  ----------  -----------  -----------  -----------  
   Total investment income*.................................   2,829,237     277,594    2,376,920    5,115,279    2,778,753  
                                                             -----------  ----------  -----------  -----------  -----------  
EXPENSES:                                                                                                                    
Investment advisory and management fees.....................     439,943     204,899      229,803    2,075,297      330,057  
Administrative service fee..................................      61,592      17,929       32,172      183,467       46,208  
Transfer agent fees and expenses............................         691         691          691          921          921  
Custodian fees..............................................      49,246      16,070       21,046       60,520       16,415  
Reports to shareholders.....................................      17,899       4,209       45,296        6,370       12,819  
Audit and tax fees..........................................      14,629      14,872       16,711       14,158       16,705  
Legal fees..................................................       2,619       1,419        1,711        5,534        2,131  
Directors' fees and expenses................................       8,369       2,058       22,181       24,622        6,051  
Interest expense............................................           -           -            -          142            -  
Other expenses..............................................       6,058       3,094        3,793       13,002        5,449  
                                                             -----------  ----------  -----------  -----------  -----------  
   Total expenses before fee waivers, expense                                                                                
    reimbursements, and fees paid indirectly................     601,046     265,241      373,404    2,384,033      436,756  
                                                             -----------  ----------  -----------  -----------  -----------  
   Fees waived and expenses reimbursed by investment                                                                         
    adviser (Note 3)........................................           -           -            -     (156,270)           -  
   Fees paid indirectly (Note 7)............................           -        (578)           -      (22,425)           -  
                                                             -----------  ----------  -----------  -----------  -----------  
   Net expenses.............................................     601,046     264,663      373,404    2,205,338      436,756  
                                                             -----------  ----------  -----------  -----------  -----------  
Net investment income (loss)................................   2,228,191      12,931    2,003,516    2,909,941    2,341,997  
                                                             -----------  ----------  -----------  -----------  -----------  
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS                                                                           
 AND FOREIGN CURRENCIES:                                                                                                     
  Net realized gain (loss) on investments (unaffiliated)....  10,328,545     794,707     (441,055)  10,904,504      568,688  
  Net realized gain (loss) on investments (affiliated)......           -           -            -       (2,020)           -  
  Net realized gain (loss) on futures contracts and written                                                                  
   options contracts........................................     560,409           -            -            -            -  
  Net realized foreign exchange gain (loss) on other                                                                         
   assets and liabilities...................................           -      (1,506)           -            -            -  
                                                             -----------  ----------  -----------  -----------  -----------  
  Net realized gain (loss) on investments and foreign                                                                        
   currencies...............................................  10,888,954     793,201     (441,055)  10,902,484      568,688  
                                                             -----------  ----------  -----------  -----------  -----------  
  Change in unrealized appreciation (depreciation) on                                                                        
   investments (unaffiliated)...............................  (7,436,106)  3,264,678   (2,202,395)   8,620,080   (3,760,499) 
  Change in unrealized appreciation (depreciation) on                                                                        
   investments (affiliated).................................     292,039      34,770         (435)     458,283            -  
  Change in unrealized appreciation (depreciation) on                                                                        
   futures contracts and written options contracts..........     204,250           -            -            -            -  
  Change in unrealized foreign exchange gain (loss) on                                                                       
   other assets and liabilities.............................           2         (59)           -            -            -  
                                                             -----------  ----------  -----------  -----------  -----------  
Net unrealized gain (loss) on investments and foreign                                                                        
 currencies.................................................  (6,939,815)  3,299,389   (2,202,830)   9,078,363   (3,760,499) 
                                                             -----------  ----------  -----------  -----------  -----------  
Net realized and unrealized gain (loss) on investments and                                                                   
 foreign currencies.........................................   3,949,139   4,092,590   (2,643,885)  19,980,847   (3,191,811) 
                                                             -----------  ----------  -----------  -----------  -----------  
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                              
 FROM OPERATIONS............................................ $ 6,177,330  $4,105,521  $  (640,369) $22,890,788  $  (849,814) 
                                                             ===========  ==========  ===========  ===========  ===========  
*Net of foreign withholding taxes on interest and                                                                            
 dividends of............................................... $     2,296  $    1,039  $     1,301  $    12,192  $         -  
                                                             -----------  ----------  -----------  -----------  -----------  
                                                        [Enlarge/Download Table]

                                                               GROWTH &      HEALTH      INCOME &  
                                                                INCOME      SCIENCES      GROWTH   
                                                                 FUND         FUND         FUND    
---------------------------------------------------------------------------------------------------
                                                                                                   
INVESTMENT INCOME:                                                                                 
Dividends (unaffiliated).................................... $ 1,456,956  $   236,495  $ 3,307,058 
Dividends (affiliated)......................................           -            -            - 
Securities lending income...................................       2,985       39,812       14,399 
Interest (unaffiliated).....................................      38,734          270        3,562 
Interest (affiliated).......................................           -            -            - 
                                                             -----------  -----------  ----------- 
   Total investment income*.................................   1,498,675      276,577    3,325,019 
                                                             -----------  -----------  ----------- 
EXPENSES:                                                                                          
Investment advisory and management fees.....................     611,926      813,622      888,346 
Administrative service fee..................................      57,113       56,954       80,759 
Transfer agent fees and expenses............................         691          691          691 
Custodian fees..............................................      15,709       23,204       27,558 
Reports to shareholders.....................................      16,119       13,834       21,303 
Audit and tax fees..........................................      14,193       14,719       14,188 
Legal fees..................................................       2,445        2,297        2,924 
Directors' fees and expenses................................       7,671        6,736       10,303 
Interest expense............................................           -            -        1,413 
Other expenses..............................................       4,906        5,413        6,627 
                                                             -----------  -----------  ----------- 
   Total expenses before fee waivers, expense                                                      
    reimbursements, and fees paid indirectly................     730,773      937,470    1,054,112 
                                                             -----------  -----------  ----------- 
   Fees waived and expenses reimbursed by investment                                               
    adviser (Note 3)........................................     (37,274)           -      (96,550)
   Fees paid indirectly (Note 7)............................           -       (7,835)           - 
                                                             -----------  -----------  ----------- 
   Net expenses.............................................     693,499      929,635      957,562 
                                                             -----------  -----------  ----------- 
Net investment income (loss)................................     805,176     (653,058)   2,367,457 
                                                             -----------  -----------  ----------- 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS                                                 
 AND FOREIGN CURRENCIES:                                                                           
  Net realized gain (loss) on investments (unaffiliated)....   5,894,580   10,648,590    8,871,475 
  Net realized gain (loss) on investments (affiliated)......           -            -            - 
  Net realized gain (loss) on futures contracts and written                                        
   options contracts........................................           -    1,390,187            - 
  Net realized foreign exchange gain (loss) on other                                               
   assets and liabilities...................................           -       (4,979)           - 
                                                             -----------  -----------  ----------- 
  Net realized gain (loss) on investments and foreign                                              
   currencies...............................................   5,894,580   12,033,798    8,871,475 
                                                             -----------  -----------  ----------- 
  Change in unrealized appreciation (depreciation) on                                              
   investments (unaffiliated)...............................  (2,971,541)  11,917,221      290,481 
  Change in unrealized appreciation (depreciation) on                                              
   investments (affiliated).................................           -            -            - 
  Change in unrealized appreciation (depreciation) on                                              
   futures contracts and written options contracts..........           -      266,645            - 
  Change in unrealized foreign exchange gain (loss) on                                             
   other assets and liabilities.............................           -         (969)           - 
                                                             -----------  -----------  ----------- 
Net unrealized gain (loss) on investments and foreign                                              
 currencies.................................................  (2,971,541)  12,182,897      290,481 
                                                             -----------  -----------  ----------- 
Net realized and unrealized gain (loss) on investments and                                         
 foreign currencies.........................................   2,923,039   24,216,695    9,161,956 
                                                             -----------  -----------  ----------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                    
 FROM OPERATIONS............................................ $ 3,728,215  $23,563,637  $11,529,413 
                                                             ===========  ===========  =========== 
*Net of foreign withholding taxes on interest and                                                  
 dividends of............................................... $         -  $     5,920  $         - 
                                                             -----------  -----------  ----------- 

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 134th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 134th
                                                        [Enlarge/Download Table]
                                                                                             
130  STATEMENTS OF OPERATIONS (Unaudited) - CONTINUED  For the Period Ended November 30, 2005

                                                        [Enlarge/Download Table]

                                                 INFLATION  INTERNATIONAL INTERNATIONAL INTERNATIONAL  LARGE CAP   LARGE CAPITAL 
                                                 PROTECTED    EQUITIES     GOVERNMENT     GROWTH I      GROWTH        GROWTH     
                                                   FUND         FUND        BOND FUND       FUND         FUND          FUND      
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                 
INVESTMENT INCOME:                                                                                                               
Dividends (unaffiliated)........................ $       -   $ 5,510,762   $     3,750   $ 3,596,540  $ 1,482,384    $  42,078   
Dividends (affiliated)..........................         -             -             -             -            -            -   
Securities lending income.......................         -        12,030             -        91,437        5,827            -   
Interest (unaffiliated).........................   425,899       318,582     3,223,708        98,018       59,993        4,679   
Interest (affiliated)...........................         -             -             -             -            -            -   
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
   Total investment income*.....................   425,899     5,841,374     3,227,458     3,785,995    1,548,204       46,757   
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
EXPENSES:                                                                                                                        
Investment advisory and management fees.........    33,460       974,139       365,474     1,831,826    1,509,884       38,152   
Administrative service fee......................     4,684       202,577        51,166       135,824      124,343        3,561   
Transfer agent fees and expenses................       286         5,740           231           460          462          286   
Custodian fees..................................    16,596       350,343        54,593       278,548       24,917       38,531   
Reports to shareholders.........................     1,238        31,504        13,626        35,035       35,421        1,307   
Audit and tax fees..............................    16,186        17,512        16,515        17,470       14,178       13,692   
Legal fees......................................     1,843         3,784         2,227         4,031       19,175        1,742   
Directors' fees and expenses....................       262        18,127         6,559        16,857       16,419          351   
Interest expense................................         -             -           156           550       10,105            -   
Other expenses..................................     2,602        34,626         5,889         9,433        8,572        2,972   
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
   Total expenses before fee waivers,                                                                                            
    expense reimbursements, and fees                                                                                             
    paid indirectly.............................    77,157     1,638,352       516,436     2,330,034    1,763,476      100,594   
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
   Fees waived and expenses reimbursed by                                                                                        
    investment adviser (Note 3).................   (33,659)            -             -      (370,326)     (58,238)     (58,211)  
   Fees paid indirectly (Note 7)................         -             -             -             -            -            -   
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
   Net expenses.................................    43,498     1,638,352       516,436     1,959,708    1,705,238       42,383   
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
Net investment income (loss)....................   382,401     4,203,022     2,711,022     1,826,287     (157,034)       4,374   
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                                           
 INVESTMENTS AND FOREIGN CURRENCIES:                                                                                             
  Net realized gain (loss) on investments                                                                                        
   (unaffiliated)...............................   (13,586)   23,911,031     4,356,395    17,640,482   11,347,809     (108,070)  
  Net realized gain (loss) on investments                                                                                        
   (affiliated).................................         -             -             -             -            -            -   
  Net realized gain (loss) on futures contracts                                                                                  
   and written options contracts................         -     2,258,489             -             -            -            -   
  Net realized foreign exchange gain (loss) on                                                                                   
   other assets and liabilities.................         -      (587,487)     (123,740)      (72,322)           -         (145)  
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
Net realized gain (loss) on investments and                                                                                      
 foreign currencies.............................   (13,586)   25,582,033     4,232,655    17,568,160   11,347,809     (108,215)  
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
  Change in unrealized appreciation                                                                                              
   (depreciation) on investments                                                                                                 
   (unaffiliated)...............................  (583,346)   42,240,399    (7,902,623)   21,982,185    7,711,158      846,188   
  Change in unrealized appreciation                                                                                              
   (depreciation) on investments                                                                                                 
   (affiliated).................................         -             -             -             -            -            -   
  Change in unrealized appreciation                                                                                              
   (depreciation) on futures contracts and                                                                                       
   written options contracts....................         -       (18,792)            -             -            -            -   
  Change in unrealized foreign exchange gain                                                                                     
   (loss) on other assets and liabilities.......         -       (74,533)      (49,676)        7,926            -            -   
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
Net unrealized gain (loss) on investments and                                                                                    
 foreign currencies.............................  (583,346)   42,147,074    (7,952,299)   21,990,111    7,711,158      846,188   
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
Net realized and unrealized gain (loss) on                                                                                       
 investments and foreign currencies.............  (596,932)   67,729,107    (3,719,644)   39,558,271   19,058,967      737,973   
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
NET INCREASE (DECREASE) IN NET ASSETS                                                                                            
 RESULTING FROM OPERATIONS...................... $(214,531)  $71,932,129   $(1,008,622)  $41,384,558  $18,901,933    $ 742,347   
                                                 =========   ===========   ===========   ===========  ===========    =========   
*Net of foreign withholding taxes on interest                                                                                    
 and dividends of............................... $       -   $   276,370   $     1,389   $   198,069  $         -    $      92   
                                                 ---------   -----------   -----------   -----------  -----------    ---------   
                                                                [Download Table]

                                                    MIDCAP       MID CAP  
                                                    INDEX       STRATEGIC 
                                                     FUND      GROWTH FUND
--------------------------------------------------------------------------
                                                                          
INVESTMENT INCOME:                                                        
Dividends (unaffiliated)........................ $ 13,512,180  $   19,489 
Dividends (affiliated)..........................            -           - 
Securities lending income.......................      252,405           - 
Interest (unaffiliated).........................      908,718       4,513 
Interest (affiliated)...........................            -           - 
                                                 ------------  ---------- 
   Total investment income*.....................   14,673,303      24,002 
                                                 ------------  ---------- 
EXPENSES:                                                                 
Investment advisory and management fees.........    2,796,379      37,585 
Administrative service fee......................      712,794       3,759 
Transfer agent fees and expenses................        6,184         286 
Custodian fees..................................      101,493      38,531 
Reports to shareholders.........................      157,803       1,308 
Audit and tax fees..............................       14,094      13,692 
Legal fees......................................       14,550       1,746 
Directors' fees and expenses....................       80,256         361 
Interest expense................................            -           - 
Other expenses..................................       34,699       2,983 
                                                 ------------  ---------- 
   Total expenses before fee waivers,                                     
    expense reimbursements, and fees                                      
    paid indirectly.............................    3,918,252     100,251 
                                                 ------------  ---------- 
   Fees waived and expenses reimbursed by                                 
    investment adviser (Note 3).................            -     (54,612)
   Fees paid indirectly (Note 7)................            -           - 
                                                 ------------  ---------- 
   Net expenses.................................    3,918,252      45,639 
                                                 ------------  ---------- 
Net investment income (loss)....................   10,755,051     (21,637)
                                                 ------------  ---------- 
REALIZED AND UNREALIZED GAIN (LOSS) ON                                    
 INVESTMENTS AND FOREIGN CURRENCIES:                                      
  Net realized gain (loss) on investments                                 
   (unaffiliated)...............................   86,641,827     270,231 
  Net realized gain (loss) on investments                                 
   (affiliated).................................            -           - 
  Net realized gain (loss) on futures contracts                           
   and written options contracts................    5,729,269           - 
  Net realized foreign exchange gain (loss) on                            
   other assets and liabilities.................            -           - 
                                                 ------------  ---------- 
Net realized gain (loss) on investments and                               
 foreign currencies.............................   92,371,096     270,231 
                                                 ------------  ---------- 
  Change in unrealized appreciation                                       
   (depreciation) on investments                                          
   (unaffiliated)...............................   90,801,612   1,088,913 
  Change in unrealized appreciation                                       
   (depreciation) on investments                                          
   (affiliated).................................            -           - 
  Change in unrealized appreciation                                       
   (depreciation) on futures contracts and                                
   written options contracts....................      (40,150)          - 
  Change in unrealized foreign exchange gain                              
   (loss) on other assets and liabilities.......            -           - 
                                                 ------------  ---------- 
Net unrealized gain (loss) on investments and                             
 foreign currencies.............................   90,761,462   1,088,913 
                                                 ------------  ---------- 
Net realized and unrealized gain (loss) on                                
 investments and foreign currencies.............  183,132,558   1,359,144 
                                                 ------------  ---------- 
NET INCREASE (DECREASE) IN NET ASSETS                                     
 RESULTING FROM OPERATIONS...................... $193,887,609  $1,337,507 
                                                 ============  ========== 
*Net of foreign withholding taxes on interest                             
 and dividends of............................... $          -  $      176 
                                                 ------------  ---------- 

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 135th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 135th
                                                        [Enlarge/Download Table]
                                                                                             
For the Period Ended November 30, 2005  STATEMENTS OF OPERATIONS (Unaudited) - CONTINUED  131

                                                        [Enlarge/Download Table]

                                                               MONEY     NASDAQ-100(R)  SCIENCE &                  SMALL CAP  
                                                              MARKET I       INDEX      TECHNOLOGY    SMALL CAP      INDEX    
                                                                FUND         FUND          FUND         FUND         FUND     
------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              
INVESTMENT INCOME:                                                                                                            
Dividends (unaffiliated).................................... $        -   $  280,787   $  2,935,554  $ 2,992,966  $ 4,838,508 
Dividends (affiliated)......................................          -            -              -            -        1,416 
Securities lending income...................................          -       12,247         45,121      112,662      427,969 
Interest (unaffiliated).....................................  7,334,047       55,390        127,499       19,252      633,666 
Interest (affiliated).......................................          -            -              -            -            - 
                                                             ----------   ----------   ------------  -----------  ----------- 
   Total investment income*.................................  7,334,047      348,424      3,108,174    3,124,880    5,901,559 
                                                             ----------   ----------   ------------  -----------  ----------- 
EXPENSES:                                                                                                                     
Investment advisory and management fees.....................    955,278      180,578      5,224,632    2,774,935    1,270,327 
Administrative service fee..................................    143,011       31,601        410,460      218,913      285,500 
Transfer agent fees and expenses............................      7,639        3,897          4,818          517        4,765 
Custodian fees..............................................     23,140       14,267         74,603       94,135      115,952 
Reports to shareholders.....................................     39,446        8,423        115,764       70,714       54,301 
Audit and tax fees..........................................     13,106       14,725         14,110       14,145       14,177 
Legal fees..................................................      1,633        1,761         10,629        5,784        5,671 
Directors' fees and expenses................................     18,222        3,983         54,557       27,150       28,639 
Interest expense............................................          -            -              -        1,097            - 
Other expenses..............................................      8,490        8,663         25,951       13,604       14,537 
                                                             ----------   ----------   ------------  -----------  ----------- 
   Total expenses before fee waivers, expense                                                                                 
    reimbursements, and fees paid indirectly................  1,209,965      267,898      5,935,524    3,220,994    1,793,869 
                                                             ----------   ----------   ------------  -----------  ----------- 
   Fees waived and expenses reimbursed by investment                                                                          
    adviser (Note 3)........................................    (90,067)           -              -     (250,087)           - 
   Fees paid indirectly (Note 7)............................          -            -       (138,577)           -            - 
                                                             ----------   ----------   ------------  -----------  ----------- 
   Net expenses.............................................  1,119,898      267,898      5,796,947    2,970,907    1,793,869 
                                                             ----------   ----------   ------------  -----------  ----------- 
Net investment income (loss)................................  6,214,149       80,526     (2,688,773)     153,973    4,107,690 
                                                             ----------   ----------   ------------  -----------  ----------- 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS                                                                            
 AND FOREIGN CURRENCIES:                                                                                                      
  Net realized gain (loss) on investments (unaffiliated)....          -    1,321,385     76,611,132   35,458,664   26,376,763 
  Net realized gain (loss) on investments (affiliated)......          -            -              -       51,407        2,349 
  Net realized gain (loss) on futures contracts and written                                                                   
   options contracts........................................          -       22,582              -            -    2,130,056 
  Net realized foreign exchange gain (loss) on other assets                                                                   
   and liabilities..........................................          -            -         (2,885)           -            - 
                                                             ----------   ----------   ------------  -----------  ----------- 
Net realized gain (loss) on investments and foreign                                                                           
 currencies.................................................          -    1,343,967     76,608,247   35,510,071   28,509,168 
                                                             ----------   ----------   ------------  -----------  ----------- 
  Change in unrealized appreciation (depreciation) on                                                                         
   investments (unaffiliated)...............................          -    5,632,962    (17,744,576)  27,091,247   42,365,982 
  Change in unrealized appreciation (depreciation) on                                                                         
   investments (affiliated).................................          -            -              -      (12,991)     136,254 
  Change in unrealized appreciation (depreciation) on                                                                         
   futures contracts and written options contracts..........          -      130,805              -            -    1,429,225 
  Change in unrealized foreign exchange gain (loss) on                                                                        
   other assets and liabilities.............................          -            -          2,381            -            - 
                                                             ----------   ----------   ------------  -----------  ----------- 
Net unrealized gain (loss) on investments and foreign                                                                         
 currencies.................................................          -    5,763,767    (17,742,195)  27,078,256   43,931,461 
                                                             ----------   ----------   ------------  -----------  ----------- 
Net realized and unrealized gain (loss) on investments and                                                                    
 foreign currencies.........................................          -    7,107,734     58,866,052   62,588,327   72,440,629 
                                                             ----------   ----------   ------------  -----------  ----------- 
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                               
 FROM OPERATIONS............................................ $6,214,149   $7,188,260   $ 56,177,279  $62,742,300  $76,548,319 
                                                             ==========   ==========   ============  ===========  =========== 
*Net of foreign withholding taxes on interest and                                                                             
 dividends of............................................... $        -   $      924   $     88,298  $     4,252  $     3,443 
                                                             ----------   ----------   ------------  -----------  ----------- 
                                                        [Enlarge/Download Table]

                                                               SOCIAL        STOCK               
                                                              AWARENESS      INDEX       VALUE   
                                                                FUND         FUND        FUND    
-------------------------------------------------------------------------------------------------
                                                                                                 
INVESTMENT INCOME:                                                                               
Dividends (unaffiliated).................................... $ 3,626,421  $ 44,044,698 $  825,751
Dividends (affiliated)......................................      17,918       450,580          -
Securities lending income...................................      21,471       290,660          -
Interest (unaffiliated).....................................     173,129       491,991    115,966
Interest (affiliated).......................................           -             -          -
                                                             -----------  ------------ ----------
   Total investment income*.................................   3,838,939    45,277,929    941,717
                                                             -----------  ------------ ----------
EXPENSES:                                                                                        
Investment advisory and management fees.....................     966,554     5,846,626    319,557
Administrative service fee..................................     135,318     1,603,048     28,678
Transfer agent fees and expenses............................         691         7,815        460
Custodian fees..............................................      29,195       212,640     16,181
Reports to shareholders.....................................      37,638       398,866      3,205
Audit and tax fees..........................................      14,184         4,302     14,731
Legal fees..................................................       4,277        34,585      1,465
Directors' fees and expenses................................      17,786       195,846      1,088
Interest expense............................................           -             -          -
Other expenses..............................................       9,846        92,942      2,393
                                                             -----------  ------------ ----------
   Total expenses before fee waivers, expense                                                    
    reimbursements, and fees paid indirectly................   1,215,489     8,396,670    387,758
                                                             -----------  ------------ ----------
   Fees waived and expenses reimbursed by investment                                             
    adviser (Note 3)........................................           -             -          -
   Fees paid indirectly (Note 7)............................           -             -          -
                                                             -----------  ------------ ----------
   Net expenses.............................................   1,215,489     8,396,670    387,758
                                                             -----------  ------------ ----------
Net investment income (loss)................................   2,623,450    36,881,259    553,959
                                                             -----------  ------------ ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS                                               
 AND FOREIGN CURRENCIES:                                                                         
  Net realized gain (loss) on investments (unaffiliated)....  25,089,629    71,066,885  1,118,254
  Net realized gain (loss) on investments (affiliated)......           -       714,511          -
  Net realized gain (loss) on futures contracts and written                                      
   options contracts........................................     176,919     1,166,158          -
  Net realized foreign exchange gain (loss) on other assets                                      
   and liabilities..........................................           -             -          -
                                                             -----------  ------------ ----------
Net realized gain (loss) on investments and foreign                                              
 currencies.................................................  25,266,548    72,947,554  1,118,254
                                                             -----------  ------------ ----------
  Change in unrealized appreciation (depreciation) on                                            
   investments (unaffiliated)...............................  (8,910,790)  131,110,071    801,869
  Change in unrealized appreciation (depreciation) on                                            
   investments (affiliated).................................     488,634    11,595,186          -
  Change in unrealized appreciation (depreciation) on                                            
   futures contracts and written options contracts..........      39,200     1,380,805          -
  Change in unrealized foreign exchange gain (loss) on                                           
   other assets and liabilities.............................           -             -          -
                                                             -----------  ------------ ----------
Net unrealized gain (loss) on investments and foreign                                            
 currencies.................................................  (8,382,956)  144,086,062    801,869
                                                             -----------  ------------ ----------
Net realized and unrealized gain (loss) on investments and                                       
 foreign currencies.........................................  16,883,592   217,033,616  1,920,123
                                                             -----------  ------------ ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                  
 FROM OPERATIONS............................................ $19,507,042  $253,914,875 $2,474,082
                                                             ===========  ============ ==========
*Net of foreign withholding taxes on interest and                                                
 dividends of............................................... $         -  $          - $    6,676
                                                             -----------  ------------ ----------

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 136th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 136th
                                                                [Download Table]
                                                   
132             STATEMENTS OF CHANGES IN NET ASSETS

                                                        [Enlarge/Download Table]

                                                                  ASSET ALLOCATION               BLUE CHIP        
                                                                        FUND                    GROWTH FUND       
                                                             --------------------------  ------------------------ 
                                                               For the                     For the                
                                                              Six Months                  Six Months              
                                                                Ended        For the        Ended       For the   
                                                             November 30,   Year Ended   November 30,  Year Ended 
                                                                 2005        May 31,         2005       May 31,   
                                                             (Unaudited)       2005      (Unaudited)      2005    
                                                             ------------  ------------  ------------ ----------- 
                                                                                                                  
INCREASE (DECREASE) IN NET ASSETS                                                                                 
OPERATIONS:                                                                                                       
Net investment income (loss)................................ $  2,228,191  $  4,226,547  $    12,931  $   215,494 
 Net realized gain (loss) on investments and foreign                                                              
   currencies...............................................   10,888,954    10,554,583      793,201    1,640,354 
 Net unrealized gain (loss) on investments and                                                                    
   foreign currencies.......................................   (6,939,815)     (818,899)   3,299,389    1,139,883 
                                                             ------------  ------------  -----------  ----------- 
Net increase (decrease) in net assets resulting from                                                              
 operations.................................................    6,177,330    13,962,231    4,105,521    2,995,731 
                                                             ------------  ------------  -----------  ----------- 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                               
 Net investment income......................................   (2,250,001)   (4,250,003)           -     (168,526)
 Net realized gain on securities............................            -    (7,242,855)           -            - 
                                                             ------------  ------------  -----------  ----------- 
Total distributions to shareholders.........................   (2,250,001)  (11,492,858)           -     (168,526)
                                                             ------------  ------------  -----------  ----------- 
Net increase (decrease) in net assets resulting from                                                              
 capital share transactions (Note 6)........................  (19,254,132)   (7,460,401)   3,946,010    5,442,129 
                                                             ------------  ------------  -----------  ----------- 
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................  (15,326,803)   (4,991,028)   8,051,531    8,269,334 
NET ASSETS:                                                                                                       
Beginning of period.........................................  187,309,474   192,300,502   48,638,143   40,368,809 
                                                             ------------  ------------  -----------  ----------- 
End of period+.............................................. $171,982,671  $187,309,474  $56,689,674  $48,638,143 
                                                             ============  ============  ===========  =========== 
+ Includes accumulated undistributed net investment                                                               
 income (loss).............................................. $    149,222  $    171,032  $    56,106  $    43,175 
                                                             ============  ============  ===========  =========== 
                                                        [Enlarge/Download Table]

                                                                CAPITAL CONSERVATION                               
                                                                        FUND                 CORE EQUITY FUND      
                                                             -------------------------  -------------------------- 
                                                               For the                    For the                  
                                                              Six Months                 Six Months                
                                                                Ended        For the       Ended        For the    
                                                             November 30,   Year Ended  November 30,   Year Ended  
                                                                 2005        May 31,        2005        May 31,    
                                                             (Unaudited)       2005     (Unaudited)       2005     
                                                             ------------  -----------  ------------  ------------ 
                                                                                                                   
INCREASE (DECREASE) IN NET ASSETS                                                                                  
OPERATIONS:                                                                                                        
Net investment income (loss)................................ $  2,003,516  $ 3,264,822  $  2,909,941  $  7,514,205 
 Net realized gain (loss) on investments and foreign                                                               
   currencies...............................................     (441,055)      50,318    10,902,484     7,172,272 
 Net unrealized gain (loss) on investments and                                                                     
   foreign currencies.......................................   (2,202,830)   1,635,063     9,078,363    21,045,635 
                                                             ------------  -----------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                               
 operations.................................................     (640,369)   4,950,203    22,890,788    35,732,112 
                                                             ------------  -----------  ------------  ------------ 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                                
 Net investment income......................................   (2,040,002)  (3,375,002)   (2,570,001)   (7,470,010)
 Net realized gain on securities............................            -     (454,517)            -             - 
                                                             ------------  -----------  ------------  ------------ 
Total distributions to shareholders.........................   (2,040,002)  (3,829,519)   (2,570,001)   (7,470,010)
                                                             ------------  -----------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                               
 capital share transactions (Note 6)........................   23,423,333    7,946,078   (51,562,974)  (89,397,919)
                                                             ------------  -----------  ------------  ------------ 
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................   20,742,962    9,066,762   (31,242,187)  (61,135,817)
NET ASSETS:                                                                                                        
Beginning of period.........................................   86,902,600   77,835,838   540,619,722   601,755,539 
                                                             ------------  -----------  ------------  ------------ 
End of period+.............................................. $107,645,562  $86,902,600  $509,377,535  $540,619,722 
                                                             ============  ===========  ============  ============ 
+ Includes accumulated undistributed net investment                                                                
 income (loss).............................................. $    124,545  $   161,031  $    447,958  $    108,018 
                                                             ============  ===========  ============  ============ 

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 137th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 137th
                                                                [Download Table]
                                                                
      STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED        133

                                                        [Enlarge/Download Table]

                                                                GOVERNMENT SECURITIES          GROWTH & INCOME      
                                                                        FUND                        FUND            
                                                             --------------------------  -------------------------- 
                                                               For the                     For the                  
                                                              Six Months                  Six Months                
                                                                Ended        For the        Ended        For the    
                                                             November 30,   Year Ended   November 30,   Year Ended  
                                                                 2005        May 31,         2005        May 31,    
                                                             (Unaudited)       2005      (Unaudited)       2005     
                                                             ------------  ------------  ------------  ------------ 
                                                                                                                    
INCREASE (DECREASE) IN NET ASSETS                                                                                   
OPERATIONS:                                                                                                         
Net investment income (loss)................................ $  2,341,997  $  4,259,821  $    805,176  $  2,481,877 
 Net realized gain (loss) on investments and foreign                                                                
   currencies...............................................      568,688       370,686     5,894,580    11,094,924 
 Net unrealized gain (loss) on investments and                                                                      
   foreign currencies.......................................   (3,760,499)    4,382,017    (2,971,541)    4,025,652 
                                                             ------------  ------------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                
 operations.................................................     (849,814)    9,012,524     3,728,215    17,602,453 
                                                             ------------  ------------  ------------  ------------ 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                                 
 Net investment income......................................   (2,390,001)   (4,345,003)     (770,002)   (2,470,001)
 Net realized gain on securities............................            -             -             -             - 
                                                             ------------  ------------  ------------  ------------ 
Total distributions to shareholders.........................   (2,390,001)   (4,345,003)     (770,002)   (2,470,001)
                                                             ------------  ------------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                
 capital share transactions (Note 6)........................   (5,516,465)  (15,466,080)  (16,576,873)  (25,145,088)
                                                             ------------  ------------  ------------  ------------ 
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................   (8,756,280)  (10,798,559)  (13,618,660)  (10,012,636)
NET ASSETS:                                                                                                         
Beginning of period.........................................  135,548,516   146,347,075   169,724,216   179,736,852 
                                                             ------------  ------------  ------------  ------------ 
End of period+.............................................. $126,792,236  $135,548,516  $156,105,556  $169,724,216 
                                                             ============  ============  ============  ============ 
+ Includes accumulated undistributed net investment                                                                 
 income (loss).............................................. $    154,432  $    202,436  $     71,818  $     36,644 
                                                             ============  ============  ============  ============ 
                                                        [Enlarge/Download Table]


                                                                HEALTH SCIENCES FUND        INCOME & GROWTH FUND    
                                                             --------------------------  -------------------------- 
                                                               For the                     For the                  
                                                              Six Months                  Six Months                
                                                                Ended        For the        Ended        For the    
                                                             November 30,   Year Ended   November 30,   Year Ended  
                                                                 2005        May 31,         2005        May 31,    
                                                             (Unaudited)       2005      (Unaudited)       2005     
                                                             ------------  ------------  ------------  ------------ 
                                                                                                                    
INCREASE (DECREASE) IN NET ASSETS                                                                                   
OPERATIONS:                                                                                                         
Net investment income (loss)................................ $   (653,058) $ (1,191,194) $  2,367,457  $  4,772,367 
 Net realized gain (loss) on investments and foreign                                                                
   currencies...............................................   12,033,798    11,974,818     8,871,475    15,876,721 
 Net unrealized gain (loss) on investments and                                                                      
   foreign currencies.......................................   12,182,897   (13,097,824)      290,481     3,926,751 
                                                             ------------  ------------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                
 operations.................................................   23,563,637    (2,314,200)   11,529,413    24,575,839 
                                                             ------------  ------------  ------------  ------------ 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                                 
 Net investment income......................................            -             -    (2,100,003)   (4,790,006)
 Net realized gain on securities............................            -    (7,252,739)            -             - 
                                                             ------------  ------------  ------------  ------------ 
Total distributions to shareholders.........................            -    (7,252,739)   (2,100,003)   (4,790,006)
                                                             ------------  ------------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                
 capital share transactions (Note 6)........................   (1,425,955)    6,057,770   (11,835,733)  (18,362,322)
                                                             ------------  ------------  ------------  ------------ 
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................   22,137,682    (3,509,169)   (2,406,323)    1,423,511 
NET ASSETS:                                                                                                         
Beginning of period.........................................  150,540,850   154,050,019   231,351,487   229,927,976 
                                                             ------------  ------------  ------------  ------------ 
End of period+.............................................. $172,678,532  $150,540,850  $228,945,164  $231,351,487 
                                                             ============  ============  ============  ============ 
+ Includes accumulated undistributed net investment                                                                 
 income (loss).............................................. $   (652,442) $        616  $    341,044  $     73,590 
                                                             ============  ============  ============  ============ 

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 138th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 138th
                                                                [Download Table]
                                                         
134       STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

                                                        [Enlarge/Download Table]

                                                                                           INTERNATIONAL EQUITIES   
                                                              INFLATION PROTECTED FUND              FUND            
                                                             --------------------------  -------------------------- 
                                                               For the                     For the                  
                                                              Six Months  For the Period  Six Months                
                                                                Ended      December 20,     Ended        For the    
                                                             November 30,     2004*      November 30,   Year Ended  
                                                                 2005        through         2005        May 31,    
                                                             (Unaudited)   May 31, 2005  (Unaudited)       2005     
                                                             ------------ -------------- ------------  ------------ 
                                                                                                                    
INCREASE (DECREASE) IN NET ASSETS                                                                                   
OPERATIONS:                                                                                                         
Net investment income (loss)................................ $   382,401   $   136,725   $  4,203,022  $  7,376,589 
 Net realized gain (loss) on investments and foreign                                                                
   currencies...............................................     (13,586)        3,889     25,582,033     5,058,114 
 Net unrealized gain (loss) on investments and                                                                      
   foreign currencies.......................................    (583,346)      112,510     42,147,074    22,669,797 
                                                             -----------   -----------   ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                
 operations.................................................    (214,531)      253,124     71,932,129    35,104,500 
                                                             -----------   -----------   ------------  ------------ 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                                 
 Net investment income......................................    (360,002)     (111,350)    (3,900,003)   (7,045,012)
 Net realized gain on securities............................           -             -              -             - 
                                                             -----------   -----------   ------------  ------------ 
Total distributions to shareholders.........................    (360,002)     (111,350)    (3,900,003)   (7,045,012)
                                                             -----------   -----------   ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                
 capital share transactions (Note 6)........................   5,034,580    10,731,228     66,231,247   262,117,743 
                                                             -----------   -----------   ------------  ------------ 
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................   4,460,047    10,873,002    134,263,373   290,177,231 
NET ASSETS:                                                                                                         
Beginning of period.........................................  10,873,002             -    493,944,862   203,767,631 
                                                             -----------   -----------   ------------  ------------ 
End of period+.............................................. $15,333,049   $10,873,002   $628,208,235  $493,944,862 
                                                             ===========   ===========   ============  ============ 
+ Includes accumulated undistributed net investment                                                                 
 income (loss).............................................. $    47,774   $    25,375   $    646,861  $    343,842 
                                                             ===========   ===========   ============  ============ 
                                                        [Enlarge/Download Table]

                                                              INTERNATIONAL GOVERNMENT     INTERNATIONAL GROWTH I   
                                                                      BOND FUND                     FUND            
                                                             --------------------------  -------------------------- 
                                                               For the                     For the                  
                                                              Six Months                  Six Months                
                                                                Ended        For the        Ended        For the    
                                                             November 30,   Year Ended   November 30,   Year Ended  
                                                                 2005        May 31,         2005        May 31,    
                                                             (Unaudited)       2005      (Unaudited)       2005     
                                                             ------------  ------------  ------------  ------------ 
                                                                                                                    
INCREASE (DECREASE) IN NET ASSETS                                                                                   
OPERATIONS:                                                                                                         
Net investment income (loss)................................ $  2,711,022  $  5,616,670  $  1,826,287  $  3,804,009 
 Net realized gain (loss) on investments and foreign                                                                
   currencies...............................................    4,232,655     8,741,274    17,568,160    43,893,963 
 Net unrealized gain (loss) on investments and                                                                      
   foreign currencies.......................................   (7,952,299)    2,755,014    21,990,111    (9,235,918)
                                                             ------------  ------------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                
 operations.................................................   (1,008,622)   17,112,958    41,384,558    38,462,054 
                                                             ------------  ------------  ------------  ------------ 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                                 
 Net investment income......................................   (2,500,001)   (8,325,043)   (2,170,003)   (3,815,009)
 Net realized gain on securities............................            -   (12,733,073)            -             - 
                                                             ------------  ------------  ------------  ------------ 
Total distributions to shareholders.........................   (2,500,001)  (21,058,116)   (2,170,003)   (3,815,009)
                                                             ------------  ------------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                
 capital share transactions (Note 6)........................   (3,286,114)    8,033,507   (22,177,769)  (44,382,224)
                                                             ------------  ------------  ------------  ------------ 
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................   (6,794,737)    4,088,349    17,036,786    (9,735,179)
NET ASSETS:                                                                                                         
Beginning of period.........................................  148,171,299   144,082,950   374,189,298   383,924,477 
                                                             ------------  ------------  ------------  ------------ 
End of period+.............................................. $141,376,562  $148,171,299  $391,226,084  $374,189,298 
                                                             ============  ============  ============  ============ 
+ Includes accumulated undistributed net investment                                                                 
 income (loss).............................................. $  1,184,740  $    973,719  $    270,373  $    614,089 
                                                             ============  ============  ============  ============ 

--------                                                                        
*  Commencement of operations                                                   

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 139th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 139th
                                                                [Download Table]
                                                                
      STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED        135

                                                        [Enlarge/Download Table]

                                                                LARGE CAP GROWTH FUND     LARGE CAPITAL GROWTH FUND 
                                                             --------------------------  -------------------------- 
                                                               For the                     For the                  
                                                              Six Months                  Six Months  For the Period
                                                                Ended        For the        Ended      December 20, 
                                                             November 30,   Year Ended   November 30,     2004*     
                                                                 2005        May 31,         2005        through    
                                                             (Unaudited)       2005      (Unaudited)   May 31, 2005 
                                                             ------------  ------------  ------------ --------------
                                                                                                                    
INCREASE (DECREASE) IN NET ASSETS                                                                                   
OPERATIONS:                                                                                                         
Net investment income (loss)................................ $   (157,034) $  2,192,405  $     4,374   $    12,665  
 Net realized gain (loss) on investments and foreign                                                                
   currencies...............................................   11,347,809    21,772,310     (108,215)     (375,192) 
 Net unrealized gain (loss) on investments and                                                                      
   foreign currencies.......................................    7,711,158   (12,503,854)     846,188       211,756  
                                                             ------------  ------------  -----------   -----------  
Net increase (decrease) in net assets resulting from                                                                
 operations.................................................   18,901,933    11,460,861      742,347      (150,771) 
                                                             ------------  ------------  -----------   -----------  
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                                 
 Net investment income......................................            -    (1,950,003)           -        (1,070) 
 Net realized gain on securities............................            -             -            -             -  
                                                             ------------  ------------  -----------   -----------  
Total distributions to shareholders.........................            -    (1,950,003)           -        (1,070) 
                                                             ------------  ------------  -----------   -----------  
Net increase (decrease) in net assets resulting from                                                                
 capital share transactions (Note 6)........................  (35,795,294)  (77,497,314)           -    10,001,070  
                                                             ------------  ------------  -----------   -----------  
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................  (16,893,361)  (67,986,456)     742,347     9,849,229  
NET ASSETS:                                                                                                         
Beginning of period.........................................  365,291,843   433,278,299    9,849,229             -  
                                                             ------------  ------------  -----------   -----------  
End of period+.............................................. $348,398,482  $365,291,843  $10,591,576   $ 9,849,229  
                                                             ============  ============  ===========   ===========  
+ Includes accumulated undistributed net investment income                                                          
 (loss)..................................................... $     15,775  $    172,809  $    15,969   $    11,595  
                                                             ============  ============  ===========   ===========  
                                                        [Enlarge/Download Table]

                                                                    MIDCAP INDEX FUND        MID CAP STRATEGIC GROWTH FUND
                                                             ------------------------------  ---------------------------- 
                                                                For the                        For the                    
                                                               Six Months                     Six Months                  
                                                                 Ended          For the         Ended      For the Period 
                                                              November 30,     Year Ended    November 30,   December 20,  
                                                                  2005          May 31,          2005      2004* through  
                                                              (Unaudited)         2005       (Unaudited)    May 31, 2005  
                                                             --------------  --------------  ------------  -------------- 
                                                                                                                          
INCREASE (DECREASE) IN NET ASSETS                                                                                         
OPERATIONS:                                                                                                               
Net investment income (loss)................................ $   10,755,051  $   16,302,022  $   (21,637)   $   (16,376)  
 Net realized gain (loss) on investments and foreign                                                                      
   currencies...............................................     92,371,096      78,890,928      270,231       (304,937)  
 Net unrealized gain (loss) on investments and                                                                            
   foreign currencies.......................................     90,761,462     129,467,227    1,088,913        297,521   
                                                             --------------  --------------  -----------    -----------   
Net increase (decrease) in net assets resulting from                                                                      
 operations.................................................    193,887,609     224,660,177    1,337,507        (23,792)  
                                                             --------------  --------------  -----------    -----------   
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                                       
 Net investment income......................................    (10,080,005)    (16,250,010)           -         (1,555)  
 Net realized gain on securities............................              -     (31,449,287)           -              -   
                                                             --------------  --------------  -----------    -----------   
Total distributions to shareholders.........................    (10,080,005)    (47,699,297)           -         (1,555)  
                                                             --------------  --------------  -----------    -----------   
Net increase (decrease) in net assets resulting from                                                                      
 capital share transactions (Note 6)........................     44,788,464     193,558,369            -     10,001,555   
                                                             --------------  --------------  -----------    -----------   
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................    228,596,068     370,519,249    1,337,507      9,976,208   
NET ASSETS:                                                                                                               
Beginning of period.........................................  1,925,333,931   1,554,814,682    9,976,208              -   
                                                             --------------  --------------  -----------    -----------   
End of period+.............................................. $2,153,929,999  $1,925,333,931  $11,313,715    $ 9,976,208   
                                                             ==============  ==============  ===========    ===========   
+ Includes accumulated undistributed net investment income                                                                
 (loss)..................................................... $      894,746  $      219,700  $   (21,964)   $      (327)  
                                                             ==============  ==============  ===========    ===========   

--------                                                                        
*  Commencement of operations                                                   

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 140th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 140th
                                                                [Download Table]
                                                         
136       STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED

                                                        [Enlarge/Download Table]


                                                                 MONEY MARKET I FUND     NASDAQ-100(R) INDEX FUND 
                                                             --------------------------  ------------------------ 
                                                               For the                     For the                
                                                              Six Months                  Six Months              
                                                                Ended        For the        Ended       For the   
                                                             November 30,   Year Ended   November 30,  Year Ended 
                                                                 2005        May 31,         2005       May 31,   
                                                             (Unaudited)       2005      (Unaudited)      2005    
                                                             ------------  ------------  ------------ ----------- 
                                                                                                                  
INCREASE (DECREASE) IN NET ASSETS                                                                                 
OPERATIONS:                                                                                                       
Net investment income (loss)................................ $  6,214,149  $  6,209,016  $    80,526  $   663,529 
 Net realized gain (loss) on investments and foreign                                                              
   currencies...............................................            -             -    1,343,967     (304,754)
 Net unrealized gain (loss) on investments and foreign                                                            
   currencies...............................................            -             -    5,763,767    3,987,744 
                                                             ------------  ------------  -----------  ----------- 
Net increase (decrease) in net assets resulting from                                                              
 operations.................................................    6,214,149     6,209,016    7,188,260    4,346,519 
                                                             ------------  ------------  -----------  ----------- 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                               
 Net investment income......................................   (6,214,149)   (6,209,139)           -     (636,617)
 Net realized gain on securities............................            -             -            -            - 
                                                             ------------  ------------  -----------  ----------- 
Total distributions to shareholders.........................   (6,214,149)   (6,209,139)           -     (636,617)
                                                             ------------  ------------  -----------  ----------- 
Net increase (decrease) in net assets resulting from                                                              
 capital share transactions (Note 6)........................   (6,929,411)  (45,772,928)  (2,472,417)  (6,279,097)
                                                             ------------  ------------  -----------  ----------- 
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................   (6,929,411)  (45,773,051)   4,715,843   (2,569,195)
NET ASSETS:                                                                                                       
Beginning of period.........................................  407,933,453   453,706,504   90,519,879   93,089,074 
                                                             ------------  ------------  -----------  ----------- 
End of period+.............................................. $401,004,042  $407,933,453  $95,235,722  $90,519,879 
                                                             ============  ============  ===========  =========== 
+ Includes accumulated undistributed net investment income                                                        
 (loss)..................................................... $          -  $          -  $    99,198  $    18,672 
                                                             ============  ============  ===========  =========== 
                                                        [Enlarge/Download Table]

                                                                  SCIENCE & TECHNOLOGY                                  
                                                                          FUND                     SMALL CAP FUND       
                                                             ------------------------------  -------------------------- 
                                                                For the                        For the                  
                                                               Six Months                     Six Months                
                                                                 Ended          For the         Ended        For the    
                                                              November 30,     Year Ended    November 30,   Year Ended  
                                                                  2005          May 31,          2005        May 31,    
                                                              (Unaudited)         2005       (Unaudited)       2005     
                                                             --------------  --------------  ------------  ------------ 
                                                                                                                        
INCREASE (DECREASE) IN NET ASSETS                                                                                       
OPERATIONS:                                                                                                             
Net investment income (loss)................................ $   (2,688,773) $     (148,055) $    153,973  $ (1,044,843)
 Net realized gain (loss) on investments and foreign                                                                    
   currencies...............................................     76,608,247      76,319,634    35,510,071    85,107,281 
 Net unrealized gain (loss) on investments and foreign                                                                  
   currencies...............................................    (17,742,195)    (64,404,667)   27,078,256    (9,325,020)
                                                             --------------  --------------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                    
 operations.................................................     56,177,279      11,766,912    62,742,300    74,737,418 
                                                             --------------  --------------  ------------  ------------ 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                                     
 Net investment income......................................              -               -             -             - 
 Net realized gain on securities............................              -               -             -             - 
                                                             --------------  --------------  ------------  ------------ 
Total distributions to shareholders.........................              -               -             -             - 
                                                             --------------  --------------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                    
 capital share transactions (Note 6)........................   (114,703,211)   (208,296,917)  (39,782,922)  (75,947,756)
                                                             --------------  --------------  ------------  ------------ 
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................    (58,525,932)   (196,530,005)   22,959,378    (1,210,338)
NET ASSETS:                                                                                                             
Beginning of period.........................................  1,210,236,209   1,406,766,214   606,922,691   608,133,029 
                                                             --------------  --------------  ------------  ------------ 
End of period+.............................................. $1,151,710,277  $1,210,236,209  $629,882,069  $606,922,691 
                                                             ==============  ==============  ============  ============ 
+ Includes accumulated undistributed net investment income                                                              
 (loss)..................................................... $   (2,881,285) $     (192,512) $     98,334  $    (55,639)
                                                             ==============  ==============  ============  ============ 

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 141st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 141st
                                                                [Download Table]
                                                                
      STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED        137

                                                        [Enlarge/Download Table]

                                                                                              SOCIAL AWARENESS      
                                                                SMALL CAP INDEX FUND                FUND            
                                                             --------------------------  -------------------------- 
                                                               For the                     For the                  
                                                              Six Months                  Six Months                
                                                                Ended        For the        Ended        For the    
                                                             November 30,   Year Ended   November 30,   Year Ended  
                                                                 2005        May 31,         2005        May 31,    
                                                             (Unaudited)       2005      (Unaudited)       2005     
                                                             ------------  ------------  ------------  ------------ 
                                                                                                                    
INCREASE (DECREASE) IN NET ASSETS                                                                                   
OPERATIONS:                                                                                                         
Net investment income (loss)................................ $  4,107,690  $  4,590,487  $  2,623,450  $  5,766,525 
 Net realized gain (loss) on investments and foreign                                                                
   currencies...............................................   28,509,168    25,196,427    25,266,548    18,369,511 
 Net unrealized gain (loss) on investments and foreign                                                              
   currencies...............................................   43,931,461    22,236,982    (8,382,956)    6,407,491 
                                                             ------------  ------------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                
 operations.................................................   76,548,319    52,023,896    19,507,042    30,543,527 
                                                             ------------  ------------  ------------  ------------ 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                                 
 Net investment income......................................   (3,820,008)   (5,465,009)   (2,350,003)   (5,645,004)
 Net realized gain on securities............................            -             -             -             - 
                                                             ------------  ------------  ------------  ------------ 
Total distributions to shareholders.........................   (3,820,008)   (5,465,009)   (2,350,003)   (5,645,004)
                                                             ------------  ------------  ------------  ------------ 
Net increase (decrease) in net assets resulting from                                                                
 capital share transactions (Note 6)........................  116,999,198   159,140,729   (28,461,088)  (27,155,208)
                                                             ------------  ------------  ------------  ------------ 
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................  189,727,509   205,699,616   (11,304,049)   (2,256,685)
NET ASSETS:                                                                                                         
Beginning of period.........................................  686,566,739   480,867,123   396,563,494   398,820,179 
                                                             ------------  ------------  ------------  ------------ 
End of period+.............................................. $876,294,248  $686,566,739  $385,259,445  $396,563,494 
                                                             ============  ============  ============  ============ 
+ Includes accumulated undistributed net investment income                                                          
 (loss)..................................................... $    390,261  $    102,579  $    393,835  $    120,388 
                                                             ============  ============  ============  ============ 
                                                        [Enlarge/Download Table]


                                                                    STOCK INDEX FUND                 VALUE FUND        
                                                             ------------------------------  ------------------------- 
                                                                For the                        For the                 
                                                               Six Months                     Six Months               
                                                                 Ended          For the         Ended        For the   
                                                              November 30,     Year Ended    November 30,   Year Ended 
                                                                  2005          May 31,          2005        May 31,   
                                                              (Unaudited)         2005       (Unaudited)       2005    
                                                             --------------  --------------  ------------  ----------- 
                                                                                                                       
INCREASE (DECREASE) IN NET ASSETS                                                                                      
OPERATIONS:                                                                                                            
Net investment income (loss)................................ $   36,881,259  $   75,095,075  $    553,959  $   107,636 
 Net realized gain (loss) on investments and foreign                                                                   
   currencies...............................................     72,947,554      93,119,848     1,118,254    2,337,834 
 Net unrealized gain (loss) on investments and foreign                                                                 
   currencies...............................................    144,086,062     161,268,149       801,869     (154,895)
                                                             --------------  --------------  ------------  ----------- 
Net increase (decrease) in net assets resulting from                                                                   
 operations.................................................    253,914,875     329,483,072     2,474,082    2,290,575 
                                                             --------------  --------------  ------------  ----------- 
DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                                    
 Net investment income......................................    (34,190,002)    (73,920,013)     (250,000)     (22,649)
 Net realized gain on securities............................              -     (62,425,954)            -     (491,833)
                                                             --------------  --------------  ------------  ----------- 
Total distributions to shareholders.........................    (34,190,002)   (136,345,967)     (250,000)    (514,482)
                                                             --------------  --------------  ------------  ----------- 
Net increase (decrease) in net assets resulting from                                                                   
 capital share transactions (Note 6)........................     (7,909,281)     47,614,181   130,265,735    6,642,220 
                                                             --------------  --------------  ------------  ----------- 
TOTAL INCREASE (DECREASE) IN NET ASSETS.....................    211,815,592     240,751,286   132,489,817    8,418,313 
NET ASSETS:                                                                                                            
Beginning of period.........................................  4,471,146,300   4,230,395,014    22,890,367   14,472,054 
                                                             --------------  --------------  ------------  ----------- 
End of period+.............................................. $4,682,961,892  $4,471,146,300  $155,380,184  $22,890,367 
                                                             ==============  ==============  ============  =========== 
+ Includes accumulated undistributed net investment income                                                             
 (loss)..................................................... $    4,313,716  $    1,622,459  $    390,068  $    86,109 
                                                             ==============  ==============  ============  =========== 

SEE NOTES TO FINANCIAL STATEMENTS                                               

N-CSRS 142nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 142nd
                                                                [Download Table]
                                                      
138          NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 -- Organization                                                          

VALIC Company I (the "Series" or "VC I") was incorporated under the laws of   
Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company    
("VALIC"). VALIC, the investment adviser to the Series, is an indirect          
wholly-owned subsidiary of American International Group, Inc. ("AIG"). The      
Series is registered under the Investment Company Act of 1940, as amended (the  
"1940 Act"), as an open-end, management investment company. The Series consists 
of 24 separate mutual funds (the "Funds"), each of which issues its own         
separate class of capital shares:                                               

Asset Allocation Fund              Large Capital Growth Fund                    
Blue Chip Growth Fund              Mid Cap Index Fund                           
Capital Conservation Fund          Mid Cap Strategic Growth Fund                
Core Equity Fund                   (formerly Mid Capital Growth Fund)           
Government Securities Fund         Money Market I Fund                          
Growth & Income Fund               Nasdaq-100(R) Index Fund                     
Health Sciences Fund               Science & Technology Fund                    
Income & Growth Fund               Small Cap Fund                               
Inflation Protected Fund           Small Cap Index Fund                         
International Equities Fund        Social Awareness Fund                        
International Government Bond Fund Stock Index Fund                             
International Growth I Fund        Value Fund                                   
Large Cap Growth Fund                                                           

Each Fund is diversified with the exception of International Government Bond  
Fund, Nasdaq-100(R) Index Fund, Inflation Protected Fund and Health Sciences    
Fund, which are non-diversified as defined by the 1940 Act.                     

Indemnifications. Under the Funds organizational documents, its officers and  
directors are indemnified against certain liability arising out of the          
performance of their duties to the Funds. In addition, in the normal course of  
business the Funds enter into contracts that contain the obligation to          
indemnify others. The Funds maximum exposure under these arrangements is        
unknown. Currently, however, the Funds expect the risk of loss to be remote.    

Note 2 -- Significant Accounting Policies                                       

The preparation of financial statements in accordance with U.S. generally     
accepted accounting principles ("GAAP") requires management to make estimates   
and assumptions that affect the reported amounts and disclosures in the         
financial statements. Actual results could differ from these estimates. The     
following is a summary of the significant accounting policies followed by the   
Funds in the preparation of their financial statements:                         

A. Security Valuation                                                           

Stocks are generally valued based upon closing sales prices reported on       
recognized securities exchanges. Stocks listed on the NASDAQ are valued using   
the NASDAQ Official Closing Price ("NOCP"). Generally, the NOCP will be the     
last sale price unless the reported trade for the stock is outside the range of 
the bid/ask price. In such cases, the NOCP will be normalized to the nearer of  
the bid or ask price. For listed securities having no sales reported and for    
unlisted securities, such securities will be valued based upon the last         
reported bid price.                                                             

As of the close of regular trading on the New York Stock Exchange, securities 
traded primarily on security exchanges outside the United States are valued at  
the last sale price on such exchanges on the day of valuation, or if there is   
no sale on the day of valuation, at the last-reported bid price. If a           
security's price is available from more than one exchange, a portfolio uses the 
exchange that is the primary market for the security. However, depending on the 
foreign market, closing prices may be up to 15 hours old when they are used to  
price the Fund's shares, and the Fund may determine that certain closing prices 
are unreliable. This determination will be based on review of a number of       
factors, including developments in foreign markets, the performance of U.S.     
securities markets, and the performance of instruments trading in U.S. markets  
that represent foreign securities and baskets of foreign securities. If the     
Fund determines that closing prices do not reflect the fair value of the        
securities, the Fund will adjust the previous closing prices in accordance with 
pricing procedures approved by the Board to reflect what it believes to be the  
fair value of the securities as of the close of regular trading on the New York 
Stock Exchange. The Fund may also fair value securities in other situations,    
for example, when a particular foreign market is closed but the Fund is open.   
For foreign equity securities, the Fund uses an outside pricing service to      
provide it with closing market prices and information used for adjusting those  
prices.                                                                         

Non-convertible bonds and debentures, other long-term debt securities, and    
short term debt securities with maturities in excess of 60 days, are valued at  
bid prices obtained for the day of valuation from a bond pricing service, when  
such prices are available. If a vendor quote is unavailable the securities may  
be priced at the mean of two independent quotes obtained from brokers.          
Securities for which market quotations are not readily available are valued as  
determined pursuant to procedures adopted in good faith by the Board of         
Directors.                                                                      

Short-term securities with 60 days or less to maturity are amortized to       
maturity based on their cost to the Fund if acquired within 60 days of maturity 
or, if already held by the Fund on the 60th day, are amortized to maturity      
based on the value determined on the 61st day.                                  

Future contracts and options traded on national securities exchanges are      
valued as of the close of the exchange upon which they trade. Forward contracts 
are valued at the 4:00 p.m. eastern time forward rate. Other securities are     
valued on the basis of last sale or bid price (if a last sale price is not      
available) in what is, in the opinion of the Adviser or Subadviser, the         
broadest and most representative market, that may be either a securities        
exchange or the over-the-counter market.                                        

For the Money Market I Fund, securities are valued at amortized cost, which   
approximates market value. The amortized cost method involves valuing a         
security at its cost on the date of purchase and thereafter assuming a constant 
amortization to maturity of any discount or premium.                            

N-CSRS 143rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 143rd
                                                                [Download Table]
                                                                
   NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED     139

Securities for which market quotations are not readily available or if a      
development/significant event occurs that may significantly impact the value of 
the security, then these securities are valued, as determined pursuant to       
procedures adopted in good faith by the Board of Directors.                     

B. Options, Futures, and Forward Currency Contracts                             

Options. An option is a contract conveying a right to buy or sell a financial 
instrument at a specified price during a stipulated period. The premium paid by 
a Fund for the purchase of a call or a put option is included in the Fund's     
Statement of Assets and Liabilities as an investment and subsequently marked to 
market to reflect the current market value of the option. When a Fund writes a  
call or a put option, an amount equal to the premium received by the Fund is    
included in the Fund's Statement of Assets and Liabilities as a liability and   
is subsequently marked to market to reflect the current market value of the     
option written. If an option which the Fund has written either expires on its   
stipulated expiration date, or if the Fund enters into a closing purchase       
transaction, the Fund realizes a gain (or loss if the cost of a closing         
purchase transaction exceeds the premium received when the option was written)  
without regard to any unrealized gain or loss on the underlying security, and   
the liability related to such options is extinguished. If a call option which   
the Fund has written is exercised, the Fund realizes a gain or loss from the    
sale of the underlying security and the proceeds from such sale are increased   
by the premium originally received. If a put option which the Fund has written  
is exercised, the amount of the premium originally received reduces the cost of 
the security which the Fund purchased upon exercise of the option.              

During the period ended November 30, 2005 the following Fund had options      
written:                                                                        

                                                                [Download Table]

                                                       Written Options    
                                                    --------------------- 
                                                     Health Sciences Fund 
                                                    --------------------- 
                                                    Number of   Premiums  
                                                    Contracts   Received  
                                                    --------- ----------- 
                                                                          
Options outstanding as of May 31, 2005.............    7,102  $ 2,849,745 
Options written....................................   13,469    4,338,504 
Options terminated in closing purchase transactions  (12,433)  (4,026,169)
Options exercised..................................     (378)    (280,351)
Options expired....................................       --           -- 
                                                    --------------------- 
Options outstanding as of November 30, 2005........    7,760  $ 2,881,729 
                                                    --------------------- 

Futures Contracts. A futures contract is an agreement between two parties to  
buy and sell a financial instrument at a set price on a future date. Upon       
entering into such a contract the Funds are required to pledge to the broker an 
amount of cash or U.S. government securities equal to the minimum "initial      
margin" requirements of the exchange on which the futures contract is traded. A 
Fund's activity in futures contracts is used primarily for hedging purposes and 
from time to time for income enhancement. Futures contracts are conducted       
through regulated exchanges that minimize counter-party credit risks. A Fund's  
participation in the futures markets involves certain risks, including          
imperfect correlation between movements in the price of futures contracts and   
movements in the price of the securities hedged or used for cover. Pursuant to  
a contract, the Funds agree to receive from or pay to the broker an amount of   
cash equal to the daily fluctuation in value of the contract. Such receipts or  
payments are known as "variation margin" and are recorded by the Funds as       
unrealized appreciation or depreciation. Futures contracts involve elements of  
risk in excess of the amount reflected in the Statement of Assets and           
Liabilities. When a contract is closed, the Funds record a realized gain or     
loss equal to the difference between the value of the contract at the time it   
was opened and the value at the time it was closed.                             

Forward Foreign Currency Contracts. Certain Funds may enter into forward      
foreign currency contracts ("forward contracts") to attempt to protect          
securities and related receivables and payables against changes in future       
foreign exchange rates or to enhance return. A forward contract is an agreement 
between two parties to buy or sell currency at a set price on a future date.    
The market value of the contract will fluctuate with changes in currency        
exchange rates. The contract is marked-to-market daily using the forward rate   
and the change in market value is recorded by the Fund as unrealized gain or    
loss. On the settlement date, the Fund records either realized gains or losses  
equal to the difference between the value of the contract at the time it was    
opened and the value at the time it was closed. Risks may arise upon entering   
into these contracts from the potential inability of counterparties to meet the 
terms of their contracts and from unanticipated movements in the value of a     
foreign currency relative to the U.S. dollar. Forward contracts involve         
elements of risk in excess of the amount reflected in the Statement of Assets   
and Liabilities. The Fund bears the risk of an unfavorable change in the        
foreign exchange rate underlying the forward contract.                          

The Funds will cover outstanding forward contracts by maintaining liquid      
portfolio securities denominated in, or whose value is tied to, the currency    
underlying the forward contract or the currency being hedged. To the extent     
that a Fund is not able to cover its forward foreign currency positions with    
underlying portfolio securities, the custodian will segregate cash or other     
liquid assets having a value equal to the aggregate amount of a Fund's          
commitments under forward contracts entered into with respect to position       
hedges, settlement hedges and anticipatory hedges.                              

C. Repurchase Agreements                                                        

The Funds, along with other affiliated registered investment companies,       
pursuant to exemptive relief granted by the Securities and Exchange Commission, 
may transfer uninvested cash balances into a single joint account, the daily    
aggregate balance of which is invested in one or more repurchase agreements     
collateralized by U.S. Treasury or federal agency obligations. For repurchase   
agreements and joint repurchase agreements, the Funds' custodian takes          
possession of the collateral pledged for investments in such repurchase         
agreements. The underlying collateral is valued daily on a mark-to-market basis 
to ensure that the value, at the time the agreement is entered into, is equal   
to at least 102% of the repurchase price, including accrued interest. In the    
event of default of the obligation to repurchase, a Fund has the right to       
liquidate the collateral and apply the proceeds in satisfaction of the          
obligation. If the seller defaults and the value of the collateral declines or  
if bankruptcy proceedings are commenced with respect to the seller of the       
security, realization of the collateral by the Fund may be delayed or limited.  

N-CSRS 144th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 144th
                                                                [Download Table]
                                                            
140    NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED

As of November 30, 2005, the following funds held a percentage of an undivided
interest in the joint repurchase agreement with State Street Bank & Trust Co.:  

                                                                [Download Table]

                     Percentage  Principal 
Fund                 Ownership    Amount   
-------------------------------------------
                                           
Growth & Income.....    1.43%   $ 2,135,000
Large Cap Growth....    7.52%    11,256,000
Large Capital Growth    0.19%       281,000
Money Market I......    0.40%       595,000

As of such date, the repurchase agreement in that joint account and the       
collateral therefore were as follows:                                           

State Street Bank & Trust Co. Repurchase Agreement, dated November 30, 2005,  
bearing interest at a rate of 3.48% per annum, with a principal amount of       
$149,641,000, a repurchase price of $149,655,465, and maturity date of          
December 1, 2005. The repurchase agreement is collateralized by the following:  

                                                                [Download Table]

                    Interest Maturity  Principal      Market   
Type of Collateral    Rate     Date     Amount        Value    
---------------------------------------------------------------
                                                               
U.S. Treasury Notes   4.75%  11/15/08 $150,900,000 $152,635,199

As of November 30, 2005, the following funds held a percentage of an undivided
interest in the joint repurchase agreement with UBS Warburg, LLC:               

                                                                [Download Table]

               Percentage  Principal 
Fund           Ownership    Amount   
-------------------------------------
                                     
Money Market I    4.33%   $13,000,000

As of such date, the repurchase agreement in that joint account and the       
collateral therefore were as follows:                                           

UBS Warburg, LLC Repurchase Agreement, dated November 30, 2005, bearing       
interest at a rate of 3.94% per annum, with a principal amount of $300,000,000, 
a repurchase price of $300,032,833, and maturity date of December 1, 2005. The  
repurchase agreement is collateralized by the following:                        

                                                                [Download Table]

                                    Interest Maturity  Principal      Market   
Type of Collateral                    Rate     Date     Amount        Value    
-------------------------------------------------------------------------------
                                                                               
U.S. Treasury Inflation Index Bonds   2.38%  1/15/25  $ 50,000,000 $ 54,722,130
U.S. Treasury Inflation Index Bonds   3.63%  4/15/28   162,007,000  251,396,810

D. Mortgage-Backed Dollar Rolls                                                 

During the period ended November 30, 2005, the Asset Allocation Fund and      
Capital Conservation Fund and entered into dollar rolls using "to be announced" 
("TBA") mortgage-backed securities ("TBA Rolls"). The Funds' policy is to       
record the components of TBA Rolls as purchase/sale transactions. Any           
difference between the purchase and sale price is recorded as a realized gain   
or loss on the date the transaction is entered into. The Asset Allocation Fund  
and Capital Conservation Fund, had no TBA Rolls outstanding at November 30,     
2005.                                                                           

Dollar roll transactions involve the risk that the market value of the        
securities held by the Fund may decline below the price of the securities that  
the Fund has sold but is obligated to repurchase under the agreement. In the    
event that the buyer of securities in a dollar roll transaction files           
bankruptcy or becomes insolvent, the Fund's use of the proceeds from the sale   
of the securities may be restricted pending a determination by the other party, 
or its trustee or receiver, whether to enforce the Fund's obligation to         
repurchase the securities. The return earned by the Fund with the proceeds of   
the dollar roll transaction may not exceed transaction costs.                   

E. Foreign Currency Translation                                                 

The books and records of VC I are maintained in U.S. dollars. Assets and      
liabilities denominated in foreign currencies and commitments under forward     
foreign currency contracts are translated into U.S. dollars based on the        
exchange rate of such currencies against U.S. dollars on the date of valuation. 

VC I does not isolate that portion of the results of operations arising as a  
result of changes in the foreign exchange rates from the changes in the market  
prices of securities held at the end of the period. Similarly, VC I does not    
isolate the effect of changes in foreign exchange rates from the changes in the 
market prices of portfolio securities sold during the period.                   

Realized foreign exchange gains and losses on other assets and liabilities and
change in unrealized foreign exchange gains and losses on other assets and      
liabilities located in the Statement of Operations include realized foreign     
exchange gains and losses from currency gains or losses between the trade and   
the settlement dates of securities transactions, the difference between the     
amounts of interest, dividends and foreign withholding taxes recorded on a      
Fund's books and the U.S. dollar equivalent amounts actually received or paid   
and changes in the unrealized foreign exchange gains and losses relating to the 
other assets and liabilities arising as a result of changes in the exchange     
rate.                                                                           

F. Investment Securities Loaned                                                 

To realize additional income, a fund may lend portfolio securities with a     
value of up to 33 1/3% of its total assets. Any such loans will be continuously 
secured by collateral in an amount at least equal to the market value of the    
securities loaned. Such collateral will be cash, U.S. government securities,    
letters of credit, or other collateral as deemed appropriate. The Fund may use  
the cash collateral received to invest in short-term investments. The           
description of the short-term investments made with cash collateral from        
securities lending is included in the applicable fund's Schedule of             
Investments. The risks in lending portfolio securities, as with other           
extensions of secured credit, consist of possible delays in receiving           
additional collateral or in the recovery of the securities or possible loss of  
rights in the collateral should the borrower fail financially. Loans by a fund  
will only be made to broker-dealers deemed by the Custodian to be creditworthy  
and will not be made unless, in the judgment of VALIC, the consideration to be  
earned from such loans would justify the risk. It is the Series' policy to      
obtain additional collateral from or return excess collateral to the borrower   
by the end of the next business day. Therefore, the value of the collateral may 
be temporarily less than the value of the securities on loan. Each fund         
receives income earned on the securities loaned during the lending period and a 
portion of the interest or rebate earned on the collateral received.            

N-CSRS 145th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 145th
                                                                [Download Table]
                                                                
   NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED     141

G. Securities Transactions, Investment Income, Expenses, Dividends and          
Distributions to Shareholders                                                   

Security transactions are recorded on a trade date basis. Realized gains and  
losses on securities sold are determined on the basis of identified cost.       
Dividend income and capital gains distributions received are recorded on the    
ex-dividend date except for certain dividends from foreign securities, which    
are recorded as soon as the Fund is informed after the ex-dividend date.        
Interest income is accrued daily except when collection is not expected. For    
financial statement purposes, VC I amortizes all premiums and accretes all      
discounts on fixed income securities. Funds which earn foreign income and       
capital gains may be subject to foreign withholding taxes and capital gains     
taxes at various rates. Under applicable foreign law, a withholding of tax may  
be imposed on interest, dividends and capital gains at various rates. India,    
Thailand and certain other countries tax regulations require that taxes be paid 
on capital gains realized by the Fund. Common expenses incurred by VC I are     
allocated among the Funds based upon relative net assets or other appropriate   
allocation methods. In all other respects, expenses are charged to each Fund as 
incurred on a specific identification basis.                                    

Dividends from net investment income, if any, are normally declared and paid  
quarterly, except for the Money Market I Fund, which declares daily and pays    
monthly. Distributions from net realized capital gains, if any, are normally    
declared and paid annually.                                                     

The Funds record dividends and distributions to their shareholders on the     
ex-dividend date. The amount of dividends and distributions from net investment 
income and net realized gains are determined and presented in accordance with   
federal income tax regulations, which may differ from U.S. generally accepted   
accounting principles. These "book/tax" differences are either considered       
temporary or permanent in nature. To the extent these differences are permanent 
in nature, such amounts are reclassified within the capital accounts at fiscal  
year end based on their federal tax-basis treatment; temporary differences do   
not require reclassification. Net investment income (loss), net realized gain   
(loss) and net assets are not affected by these reclassifications.              

Each Fund intends to comply with the requirements of the Internal Revenue     
Code, as amended, applicable to regulated investment companies and distribute   
all of its taxable income, including any net realized gain on investments, to   
its shareholders. Therefore, no federal tax provision is required. Each Fund is 
considered a separate entity for tax purposes.                                  

Note 3 -- Advisory Fees and Other Transactions with Affiliates                  

VALIC, an indirect wholly owned subsidiary of AIG, serves as investment       
adviser to VC I. Certain officers and directors of VC I are officers and        
directors of VALIC or affiliates of VALIC.                                      

VALIC receives from VC I a monthly fee based on each fund's average daily net 
asset value at the following annual rates.                                      

International Equities Fund  0.35% on the first $500 million;     
                             0.25% on the assets over $500 million
------------------------------------------------------------------
Mid Cap Index Fund*          0.35% on the first $500 million;     
Small Cap Index Fund*        0.25% on $500 million to $3 billion  
Stock Index Fund*            0.20% on $3 billion to $5 billion    
                       0.15% on assets over $5 billion
------------------------------------------------------------------
Blue Chip Growth Fund        0.80%                                
------------------------------------------------------------------
Core Equity Fund*            0.80% on the first $250 million;     
                      0.75% on the next $250 million
                           0.70% on $500 million to $1 billion
                       0.65% on assets over $1 billion
------------------------------------------------------------------
Growth & Income Fund         0.75%                                
------------------------------------------------------------------
Science & Technology Fund*   0.90% on first $500 million          
                         0.85% on assets over $500 million
------------------------------------------------------------------
Small Cap Fund*              0.90% on the first $250 million;     
                      0.85% on the next $250 million
                           0.80% on $500 million to $1 billion
                       0.75% on assets over $1 billion
------------------------------------------------------------------
Health Sciences Fund*        1.00% on first $500 million          
                         0.95% on assets over $500 million
------------------------------------------------------------------
Inflation Protected Fund     0.50% on the first $250 million;     
                      0.45% on the next $250 million
                         0.40% on assets over $500 million
------------------------------------------------------------------
International Growth I Fund* 0.95% on the first $250 million;     
                      0.90% on the next $250 million
                           0.85% on $500 million to $1 billion
                       0.80% on assets over $1 billion
------------------------------------------------------------------
Large Cap Growth Fund        0.85%                                
------------------------------------------------------------------

N-CSRS 146th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 146th
                                                                [Download Table]
                                                            
142    NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED

Large Capital Growth Fund*          0.69% on the first $250 million;    
                              0.64% on the next $250 million
                                 0.59% on assets over $500 million
----------------------------------------------------------------------- 
Mid Cap Strategic Growth Fund       0.70% on the first $250 million;    
                              0.65% on the next $250 million
                                 0.60% on assets over $500 million
----------------------------------------------------------------------- 
Asset Allocation Fund               0.50%                               
Social Awareness Fund                                                   
----------------------------------------------------------------------- 
Capital Conservation Fund*          0.50% on the first $250 million;    
Government Securities Fund*         0.45% on the next $250 million      
International Government Bond Fund* 0.40% on $500 million to $1 billion 
                               0.35% on assets over $1 billion
----------------------------------------------------------------------- 
Money Market I Fund*                0.40%                               
Nasdaq-100(R) Index Fund                                                
----------------------------------------------------------------------- 
Income & Growth Fund*               0.77% on the first $250 million;    
                              0.72% on the next $250 million
                                   0.67% on $500 million to $1 billion
                               0.62% on assets over $1 billion
----------------------------------------------------------------------- 
Value Fund*                         0.78% on the first $250 million;    
                              0.73% on the next $250 million
                                   0.68% on $500 million to $1 billion
                               0.63% on assets over $1 billion

* Prior to October 1, 2005, the management fees for the Mid Cap Index Fund,   
Small Cap Index Fund, and Stock Index Fund were 0.35% on the first $500 million 
and 0.25% on assets over $500 million; the Core Equity Fund was 0.80%; Science  
& Technology Fund and Small Cap Fund were 0.90%; Health Sciences Fund was       
1.00%; International Growth I Fund was 0.95; Large Capital Growth Fund was      
0.85%; Capital Conservation Fund, Government Securities Fund, International     
Government Bond Fund, and Money Market I Fund were 0.50%; Income & Growth Fund  
was 0.77%; and Value Fund was 0.78%.                                            

VALIC has agreed to waive a portion of its management fee or to reimburse     
certain expenses of the funds listed below through September 30, 2006. The      
table below reflects total annual operating expenses by fund, as limited by the 
adviser, shown as a percentage of average net assets.                           

                                                                [Download Table]

                          Maximum  
                          Expenses 
Fund                     Limitation
-----------------------------------
                                   
Blue Chip Growth........    1.10%  
Core Equity.............    0.85%  
Growth & Income.........    0.85%  
Income & Growth.........    0.83%  
Inflation Protected.....    0.65%  
International Growth I..    1.01%  
Large Cap Growth........    0.96%  
Large Capital Growth*...    0.80%  
Mid Cap Strategic Growth    0.85%  
Money Market I*.........    0.55%  
Small Cap...............    0.95%  
Value...................    1.30%  

* Prior to October 1, 2005, the expense limitations for the Large Capital     
Growth and the Money Market I Fund were 0.85% and 0.56% respectively.           

VALIC has entered into sub-advisory agreements with the following:            

AIG Global Investment Corp. ("AIGGIC")--sub-adviser for the Asset     
       Allocation Fund, Capital Conservation Fund, Government Securities Fund,
    Inflation Protected Fund, International Equities Fund, International
   Government Bond Fund, Mid Cap Index Fund, Nasdaq-100(R) Index Fund,
 Small Cap Index Fund, Social Awareness Fund and Stock Index Fund.
    AIG SunAmerica Asset Management Corp.--sub-adviser for the Growth & Income
      Fund, Large Cap Growth Fund, Money Market I Fund, and a portion of the
Large Capital Growth Fund.                                      
 A I M Capital Management, Inc.*--sub-adviser for a portion of the Large
     Capital Growth Fund and a portion of the International Growth I Fund.
  American Century Investment Management, Inc. and American Century Global
Investment Management, Inc. (collectively, "American            
     Century")--sub-adviser for the Income & Growth Fund, a portion of the
 International Growth I Fund, and a portion of the Small Cap Fund.
 Brazos Capital Management, LP--sub-adviser for a portion of the Mid Cap
Strategic Growth Fund.                                          
    Franklin Portfolio Associates, LLC--sub-adviser for a portion of the Small
Cap Fund.                                                       
Massachusetts Financial Services Company ("MFS")--sub-adviser for a   
portion of the International Growth I Fund.                     
Morgan Stanley Investment Management, Inc. (d/b/a/"Van                
   Kampen")--sub-adviser for a portion of the Mid Cap Strategic Growth
Fund.                                                           

N-CSRS 147th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 147th
                                                                [Download Table]
                                                                
   NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED     143

OppenheimerFunds, Inc.--sub-adviser for the Value Fund.               
    RCM Capital Management, LLC **--sub-adviser for a portion of the Science &
Technology Fund.                                                
    T. Rowe Price Associates, Inc.--sub-adviser for the Blue Chip Growth Fund,
       Health Sciences Fund and for a portion of the Science & Technology Fund
and Small Cap Fund.                                             
WM Advisors, Inc.--sub-adviser for a portion of the Core Equity Fund. 
   Wellington Management Company, LLP--sub-adviser for a portion of the Core
Equity Fund.                                                    

* Effective June 20, 2005, AIM Capital Management, Inc. and Massachusetts     
Financial Services Company ("MFS") became sub-advisers for the International    
Growth I Fund, each managing a portion of the assets of the Fund. American      
Century Investment Management, Inc. continues to manage a portion of the assets 
of the International Growth I Fund.                                             

** Effective September 19, 2005, RCM Capital Management, LLC ("RCM") became a 
sub-adviser for the Science & Technology Fund, managing a portion of the assets 
of the Fund. T. Rowe Price Associates, Inc. continues to manage a portion of    
the assets of the Science & Technology Fund.                                    

The sub-advisers are compensated for their services by VALIC.                 

VC I, on behalf of each Fund has entered into an Administrative Services      
Agreement with AIG SunAmerica Asset Management Corp. ("SAAMCo"). SAAMCo         
receives from each Fund an annual fee of 0.07% based on the average daily net   
assets of the Fund. Under the agreement, SAAMCo will provide certain accounting 
and administrative services to VC I. During the period ended November 30, 2005, 
the Series accrued $4,631,431 for accounting and administrative services.       

VC I, on behalf of each Fund has entered into a Transfer Agency and Services  
Agreement with VALIC. Under this agreement, VALIC provides services which       
include the issuance and redemption of shares, payment of dividends between the 
Series and their "institutional" shareholders and certain shareholder reporting 
services including confirmation of transactions, statements of account and tax  
reporting. For the period ended November 30, 2005, the Series accrued $50,525   
in transfer agency and services fees.                                           

On January 23, 2001, the Board of Directors ratified a Deferred Compensation  
Plan for its independent directors who are not officers, directors, or          
employees of VALIC, or an affiliate of VALIC. The effective date of the plan    
was January 1, 2001. The first deferral of compensation was made in March 2001. 
Under the deferred compensation plan, directors may elect to defer all or a     
portion of their compensation. Amounts deferred may be invested in up to six    
different investment options that are specified in the plan as selected by the  
directors. For the period ended November 30, 2005, VC I has deferred $8,532 of  
director compensation.                                                          

The Series provides a retirement plan for its independent directors who are   
not officers, directors, or employees of VALIC or an affiliate of VALIC. VC I   
and VC II are responsible for the payment of the retirement benefits, as well   
as all expenses of administration of the plan. Benefits vested under the plan   
are payable for a ten-year period upon retirement and are based upon each       
director's years of service. The following amounts for the retirement plan      
liability are included in the payable for Directors' fees and expenses line on  
the Statement of Assets and Liabilities and the amounts for the retirement plan 
expenses are included in the Directors' fees and expenses line on the Statement 
of Operations:                                                                  

                                                                [Download Table]

                                              Retirement Plan Retirement Plan
                              Retirement Plan     Expense        Payments    
                              Liability as of --------------- ---------------
                               November 30,        For the period ended      
Fund                               2005              November 30, 2005       
----------------------------- --------------- -------------------------------
                                                                             
Asset Allocation.............    $ 42,267         $ 3,678         $   461    
Blue Chip Growth.............       7,520             917              --    
Capital Conservation.........      30,171          10,142             213    
Core Equity..................     188,711          10,917           1,362    
Government Securities........      45,859           2,692             340    
Growth & Income..............      48,822           3,378             425    
Health Sciences..............      24,015           3,007              --    
Income & Growth..............      52,884           4,556              --    
Inflation Protected..........         340             167              --    
International Equities.......      36,996           8,300           1,371    
International Government Bond      36,642           2,892             377    
International Growth I.......      89,955           7,498              --    
Large Cap Growth.............     107,097           7,514              --    
Large Capital Growth.........         516             194              --    
Mid Cap Index................     299,438          35,848           4,970    
Mid Cap Strategic Growth.....         519             197              --    
Money Market I...............     130,607           8,258           1,043    
Nasdaq-100 Index(R)..........      15,659           1,780              --    
Science & Technology.........     288,716          24,144           3,003    
Small Cap....................     139,846          12,112              --    
Small Cap Index..............      82,311          13,138           1,894    
Social Awareness.............      88,172           7,852             992    
Stock Index..................     927,072          86,816          11,472    
Value........................       3,383             545              --    

N-CSRS 148th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 148th
                                                                [Download Table]
                                                            
144    NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED

At November 30, 2005, VALIC, AIG Annuity Insurance Company ("AIGAIC"), and    
American General Life Insurance Company ("AGL"), through their insurance        
company separate accounts, owned over five percent of the outstanding shares of 
the following Funds:                                                            

                                                                [Download Table]

Fund                           VALIC  AIGAIC  AGL  
----------------------------- ------  ------ ----- 
                                                   
Asset Allocation.............  99.97%    --      * 
Blue Chip Growth.............  99.75%    --      * 
Capital Conservation......... 100.00%    --     -- 
Core Equity.................. 100.00%    --     -- 
Government Securities........  89.71% 10.29%    -- 
Growth & Income..............  93.45%  6.55%    -- 
Health Sciences..............  99.96%    --      * 
Income & Growth..............  99.98%    --      * 
Inflation Protected.......... 100.00%    --     -- 
International Equities.......  98.87%     *      * 
International Government Bond 100.00%    --     -- 
International Growth I....... 100.00%    --     -- 
Large Cap Growth............. 100.00%    --     -- 
Large Capital Growth......... 100.00%    --     -- 
Mid Cap Index................  98.48%    --      * 
Mid Cap Strategic Growth..... 100.00%    --     -- 
Money Market I...............  84.01%     *  14.96%
Nasdaq-100(R) Index..........  94.95%    --   5.03%
Science & Technology.........  99.71%     *      * 
Small Cap.................... 100.00%    --     -- 
Small Cap Index..............  99.20%    --      * 
Social Awareness............. 100.00%    --     -- 
Stock Index..................  95.06%     *      * 
Value........................ 100.00%    --     -- 

--------                                                                        
*Less than 5% ownership.                                                        

As disclosed in the schedule of investments, certain funds own securities     
issued by AIG or an affiliate thereof. During the period ended November 30,     
2005, the following Funds recorded realized gains (losses) and income on        
security transactions of AIG and subsidiaries of AIG as follows:                

                                                        [Enlarge/Download Table]

                                                                                                               Change in  
                                                                 Market Value                      Realized   Unrealized  
Fund                              Security               Income   at 5/31/05  Purchases   Sales   Gain/(Loss) Gain/(Loss) 
-------------------- ---------------------------------- -------- ------------ ---------- -------- ----------- ----------- 
                                                                                                                          
Asset Allocation.... American International Group, Inc. $ 10,731 $ 1,402,638  $       -- $     --  $     --   $   292,647 
Asset Allocation.... Riviera Holdings Corp.                                                                               
                     11.00% 6/15/10                        3,850      76,825          --       --        --          (608)
Blue Chip Growth.... American International Group, Inc.    1,275     166,650          --       --        --        34,770 
Capital Conservation Riviera Holdings Corp.                                                                               
                     11.00% 6/15/10                        2,750      54,875          --       --        --          (435)
Core Equity......... American International Group, Inc.   16,654   2,231,721          --   84,630    (2,020)      458,283 
Small Cap........... Perini Corp.                             --     393,588          --  466,280    58,406        14,286 
Small Cap........... Steinway Musical Instruments, Inc.       --     344,881          --   43,805    (6,999)      (27,277)
Small Cap Index..... Perini Corp.                             --      61,361     148,594    2,853     1,574       130,588 
Small Cap Index..... Steinway Musical Instruments, Inc.       --     114,101      23,152    1,586       545       (16,437)
Small Cap Index..... 21st Century Insurance Group          1,416     184,935     129,010    4,041       213        63,604 
Small Cap Index..... Riviera Holdings Corp.                   --          --     123,565    1,486        17       (41,501)
Social Awareness.... American International Group, Inc.   17,918   2,341,988          --       --        --       488,634 
Stock Index......... American International Group, Inc.  450,580  58,905,220   1,189,007  859,539   714,511    11,595,185 
                                                                [Download Table]


                       Premium    Market Value
Fund                 Amortization at 11/30/05 
-------------------- ------------ ------------
                                              
Asset Allocation....    $  --     $ 1,695,285 
Asset Allocation....                          
                         (617)         75,600 
Blue Chip Growth....       --         201,420 
Capital Conservation                          
                         (440)         54,000 
Core Equity.........       --       2,603,354 
Small Cap...........       --              -- 
Small Cap...........       --         266,800 
Small Cap Index.....       --         339,264 
Small Cap Index.....       --         119,775 
Small Cap Index.....       --         373,721 
Small Cap Index.....       --          80,595 
Social Awareness....       --       2,830,622 
Stock Index.........       --      71,544,384 

During the period, the following funds incurred brokerage commissions with    
affiliated brokers which are affiliates of a sub-adviser:                       

                                                                [Download Table]

                             International     Mid Cap                
                               Growth I    Strategic Growth Value Fund
                             ------------- ---------------- ----------
                                                                      
J.P. Morgan Securities, Inc.    $5,790           $--           $--    
J.P. Morgan Securities, Ltd.     1,762            --            --    
Morgan Stanley & Co., Inc...        --            28            --    
Oppenheimer & Co., Inc......        --            --            84    

N-CSRS 149th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 149th
                                                                [Download Table]
                                                                
   NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED     145

Note 4 -- Investment Activity                                                   

The cost of purchases and proceeds from sales and maturities of long-term     
investments, during the period ended November 30, 2005, were as follows:        

                                                        [Enlarge/Download Table]

                               Purchases of      Sales of                                     
                                investment      investment                                    
                                securities      securities                                    
                              (excluding U.S. (excluding U.S. Purchases of U.S. Sales of U.S. 
                                government      government       government      government   
Fund                            securities)     securities)      securities      securities   
----------------------------- --------------- --------------- ----------------- --------------
                                                                                              
Asset Allocation.............  $ 97,110,610    $100,798,438    $20,878,151.00   $30,120,196.49
Blue Chip Growth.............    12,649,371       8,746,377                --               --
Capital Conservation.........    70,691,333      55,274,861        34,300,614       29,196,363
Core Equity..................   101,248,810     152,259,715                --               --
Government Securities........     2,550,810       2,535,055        87,346,655       91,594,723
Growth & Income..............   121,009,443     135,828,160                --               --
Health Sciences..............    52,080,138      54,098,186                --               --
Income & Growth..............    85,892,857      97,509,021                --               --
Inflation Protected..........     1,559,395         190,271         4,461,966        1,240,426
International Equities.......   364,950,543     293,761,256                --               --
International Government Bond   127,648,367     127,678,260        15,948,723       18,973,934
International Growth I.......   242,452,598     259,415,618                --               --
Large Cap Growth.............   215,907,662     262,281,490                --               --
Large Capital Growth.........     5,710,585       5,841,445                --               --
Mid Cap Index................   302,580,837     207,972,548                --               --
Mid Cap Strategic Growth.....    11,822,722      11,163,242                --               --
Nasdaq-100(R) Index..........     1,940,571       6,604,043                --               --
Science & Technology.........   296,108,580     389,513,000                --               --
Small Cap....................   260,825,103     288,376,091                --               --
Small Cap Index..............   273,054,140     149,466,917                --               --
Social Awareness.............   293,233,478     322,717,061                --               --
Stock Index..................   143,523,501     154,908,434                --               --
Value........................   143,513,531      21,595,918                --               --

Note 5 -- Federal Income Taxes                                                  

The following tables detail the tax basis distributions as well as the        
components of distributable earnings. The tax basis components of distributable 
earnings differ from the amounts reflected in the Statements of Assets and      
Liabilities due to temporary book/tax differences primarily arising from wash   
sales, post October losses, principal paydown adjustments, investments in       
passive foreign investment companies, and derivative transactions. Also         
included in the following tables are the capital loss carryforwards at May 31,  
2005.                                                                           

The information in the following table is presented on the basis of cost for  
Federal Income Tax purposes at November 30, 2005.                               

                                                        [Enlarge/Download Table]

                               Identified Cost    Gross        Gross     Net Unrealized
                               of Investments   Unrealized   Unrealized   Appreciation 
Fund                                Owned      Appreciation Depreciation (Depreciation)
------------------------------ --------------- ------------ ------------ --------------
                                                                                       
Asset Allocation.............. $  161,414,604  $ 14,849,613 $  5,004,286  $  9,845,327 
Blue Chip Growth..............     50,100,607     9,940,486    1,632,340     8,308,146 
Capital Conservation..........    117,738,475    20,283,538   22,086,999    (1,803,461)
Core Equity...................    468,818,484    74,431,771   37,448,662    36,983,109 
Government Securities.........    142,821,192       319,933    2,398,761    (2,078,828)
Growth & Income...............    153,113,075    13,302,475    2,093,273    11,209,202 
Health Sciences...............    194,431,963    36,054,382   16,547,101    19,507,281 
Income & Growth...............    239,763,017    26,803,416   12,571,767    14,231,649 
Inflation Protected...........     15,664,501            --      475,040      (475,040)
International Equities........    564,870,101    77,167,736   10,705,369    66,462,367 
International Government Bond*    135,075,696     4,977,185    3,691,852     1,285,333 
International Growth I........    391,478,424    54,386,641    2,819,996    51,566,645 
Large Cap Growth..............    324,452,839    33,549,907    5,287,674    28,262,233 
Large Capital Growth..........      9,516,811     1,168,279      114,666     1,053,613 
Mid Cap Index.................  2,126,709,170   551,374,090  157,188,463   394,185,627 
Mid Cap Strategic Growth......     10,130,805     1,516,524      131,530     1,384,994 
Money Market I................    399,613,866            --           --            -- 
Nasdaq-100(R) Index...........     87,132,322    22,793,380    5,908,651    16,884,729 
Science & Technology..........  1,158,649,751   120,047,324   76,452,993    43,594,331 
Small Cap.....................    661,124,132   123,114,238   27,050,954    96,063,284 
Small Cap Index...............    986,595,930   166,249,265   55,577,531   110,671,734 
Social Awareness..............    384,699,648    31,382,744   10,270,978    21,111,766 

N-CSRS 150th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 150th
                                                                [Download Table]
                                                            
146    NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED

                                                                [Download Table]

            Identified Cost     Gross         Gross     Net Unrealized
            of Investments    Unrealized    Unrealized   Appreciation 
Fund             Owned       Appreciation  Depreciation (Depreciation)
----------- --------------- -------------- ------------ --------------
                                                                      
Stock Index $3,270,995,669  $1,915,976,125 $384,009,082 $1,531,967,043
Value......    152,364,159       7,012,200    4,969,737      2,042,463

--------                                                                        
*The tax adjustments for International Government Bond Fund are for the 12      
months ended, September 30, 2005.                                             

The tax basis distributable earnings at May 31, 2005 and the tax character of 
distributions paid during the year ended May 31, 2005 were as follows:          

                                                        [Enlarge/Download Table]

                                         Distributable Earnings               Tax Distributions   
                               ------------------------------------------- -----------------------
                                           Long-Term Gains/                                       
                                             Capital Loss     Unrealized                Long-Term 
                                Ordinary    Carryover And    Appreciation   Ordinary     Capital  
Fund                             Income      Other Losses   (Depreciation)   Income       Gains   
------------------------------ ----------- ---------------- -------------- ----------- -----------
                                                                                                  
Asset Allocation.............. $ 1,415,414 $     9,083,246  $   16,989,388 $ 7,039,090 $ 4,453,768
Blue Chip Growth..............      48,966      (1,982,186)      5,008,631     168,526          --
Capital Conservation..........     177,661        (277,260)        399,369   3,546,130     283,389
Core Equity...................     290,315    (186,115,368)     27,904,746   7,470,010          --
Government Securities.........     242,157      (2,744,384)      1,681,671   4,345,003          --
Growth & Income...............      81,606     (28,086,250)     14,180,743   2,470,001          --
Health Sciences...............   1,665,685       4,985,952       7,681,617          --   7,252,739
Income & Growth...............     109,002     (22,531,701)     13,941,168   4,790,006          --
Inflation Protected...........      33,644              --         108,306     111,350          --
International Equities........   1,363,835      (6,275,340)     24,168,995   7,045,012          --
International Government Bond*   4,979,422       8,063,980       5,355,573  10,907,390   5,251,507
International Growth I........     813,450    (168,749,668)     29,584,048   3,815,009          --
Large Cap Growth..............     272,775    (331,629,437)     20,551,075   1,950,003          --
Large Capital Growth..........      11,922        (370,861)        207,425       1,070          --
Mid Cap Index.................   7,621,586      73,934,189     303,384,015  22,834,216  24,865,081
Mid Cap Strategic Growth......          --        (303,495)        296,081       1,555          --
Money Market I................     126,909              --              --   6,209,139          --
Nasdaq-100(R) Index...........      23,363      (8,113,619)     11,251,767     636,617          --
Science & Technology..........          --  (1,712,407,326)     61,176,097          --          --
Small Cap.....................          --     (29,318,562)     68,985,028          --          --
Small Cap Index...............  10,662,366      16,513,802      68,169,498   5,465,009          --
Social Awareness..............     196,210     (26,506,681)     29,533,921   5,645,004          --
Stock Index...................   3,575,294      95,042,470   1,389,261,786  76,332,202  60,013,765
Value.........................     937,501          13,682       1,240,594      22,649     491,833

--------                                                                        
*The Distributable Earnings and Tax Distributions for International Government  
Bond Fund are for the tax year ended September 30, 2005.                      

As of May 31, 2005, the Funds indicated below have capital loss carryforwards,
which expire in the year indicated, and are available to offset future capital  
gains, if any:                                                                  

                                                        [Enlarge/Download Table]

                                            Capital Loss Carryforward                   
                         ---------------------------------------------------------------
Fund                          2009          2010         2011        2012        2013   
------------------------ -------------- ------------ ------------ ----------- ----------
                                                                                        
Blue Chip Growth*....... $    1,872,942 $    957,898 $  1,926,868 $   371,470 $       --
Capital Conservation....             --           --           --          --     50,164
Core Equity.............      2,934,676   72,344,700   78,196,502  32,639,490         --
Government Securities...             --           --           --   1,250,061  1,300,788
Growth & Income.........             --           --   28,086,250          --         --
Income & Growth.........             --    2,779,354   19,509,810     242,537         --
International Equities..             --           --    5,416,543     318,652         --
International Growth I..      2,367,409   75,705,853   90,616,760          --         --
Large Cap Growth........    150,587,901   77,415,024  102,053,141   1,573,371         --
Large Capital Growth....             --           --           --          --    370,861
Mid Cap Strategic Growth             --           --           --          --    303,495
Nasdaq-100(R) Index.....         24,628    1,657,023    3,340,356     637,691  2,259,403
Science & Technology....  1,125,723,172  404,504,281  171,964,888          --         --
Small Cap...............      3,746,543   25,572,019           --          --         --
Social Awareness........             --           --   25,472,613   1,034,068         --

--------                                                                        
*The capital loss carryforward includes $3,121,426 of capital losses from the   
acquisition of VC I Growth Fund on August 27, 2004. These losses may be       
subject to annual limitations pursuant to section 382(b)(1) of the Internal   
Revenue Code.                                                                 

N-CSRS 151st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 151st
                                                                [Download Table]
                                                                
   NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED     147

The Fund's indicated below, utilized capital loss carryforwards, which offset 
net taxable gains realized in the current year.                                 

                                                                [Download Table]

                       Capital Loss
                       Carryforward
Fund                     Utilized  
---------------------- ------------
                                   
Blue Chip Growth...... $ 1,393,096 
Core Equity...........   5,121,958 
Growth & Income.......  10,945,038 
Income & Growth.......  15,781,913 
International Equities   6,483,523 
International Growth I  43,590,548 
Large Cap Growth......  21,971,788 
Science & Technology..   3,964,258 
Small Cap.............  80,525,024 
Social Awareness......  17,849,759 
Value.................     677,498 

Under the current tax law, capital losses related to securities and foreign   
currency realized after October 31 and prior to the Fund's fiscal year end may  
be deferred as occurring on the first day of the following year. For the fiscal 
year ended May 31, 2005, the Funds elected to defer capital losses as follows : 

                                                                [Download Table]

                       Deferred Post-October Deferred Post-October
Fund                       Capital Loss          Currency Loss    
---------------------- --------------------- ---------------------
                                                                  
Capital Conservation..      $   227,096            $     --       
Government Securities.          193,535                  --       
International Equities               --             506,047       
International Growth I               --              59,646       
Nasdaq-100(R) Index...          194,518                  --       
Science & Technology..       10,208,747               6,238       

For the year ended May 31, 2005, the International Equities Fund elected to   
defer $34,098 of Post October Passive Foreign Investment Company ("PFIC") loss  
deferrals.                                                                      

Note 6 -- Capital Share Transactions                                            

Transactions in capital shares of each Fund were as follows:                  

                                                        [Enlarge/Download Table]

                                         Asset Allocation                                     Blue Chip Growth                   
                        --------------------------------------------------  ---------------------------------------------------- 
                          For the period ended       For the year ended       For the period ended        For the year ended     
                           November 30, 2005*           May 31, 2005           November 30, 2005*            May 31, 2005        
                        ------------------------  ------------------------  ------------------------  -------------------------- 
                          Shares       Amount       Shares       Amount       Shares       Amount        Shares        Amount    
                        ----------  ------------  ----------  ------------  ----------  ------------  -----------  ------------- 
                                                                                                                                 
Shares sold............    738,265  $  9,188,973   2,508,057  $ 30,754,292   1,550,336  $ 13,362,250    1,728,959  $  13,680,168 
Shares issued in merger         --            --          --            --          --            --      493,674      3,787,688 
Reinvested dividends...    180,091     2,250,001     926,092    11,492,858          --            --       19,920        168,526 
Shares redeemed........ (2,466,284)  (30,693,106) (4,046,850)  (49,707,551) (1,098,984)   (9,416,240)  (1,511,507)   (12,194,253)
                        ----------  ------------  ----------  ------------  ----------  ------------  -----------  ------------- 
Net increase (decrease) (1,547,928) $(19,254,132)   (612,701) $ (7,460,401)    451,352  $  3,946,010      731,046  $   5,442,129 
                        ==========  ============  ==========  ============  ==========  ============  ===========  ============= 

                                       Capital Conservation                                      Core Equity                     
                        --------------------------------------------------  ---------------------------------------------------- 
                          For the period ended       For the year ended       For the period ended        For the year ended     
                           November 30, 2005*           May 31, 2005           November 30, 2005*            May 31, 2005        
                        ------------------------  ------------------------  ------------------------  -------------------------- 
                          Shares       Amount       Shares       Amount       Shares       Amount        Shares        Amount    
                        ----------  ------------  ----------  ------------  ----------  ------------  -----------  ------------- 
Shares sold............  3,753,905  $ 35,973,392   2,608,800  $ 25,227,318   1,121,942  $ 14,106,007    2,912,042  $  34,878,334 
Reinvested dividends...    214,558     2,040,002     395,276     3,829,519     202,068     2,570,001      615,040      7,470,010 
Shares redeemed........ (1,512,767)  (14,590,061) (2,174,055)  (21,110,759) (5,421,456)  (68,238,982) (10,957,557)  (131,746,263)
                        ----------  ------------  ----------  ------------  ----------  ------------  -----------  ------------- 
Net increase (decrease)  2,455,696  $ 23,423,333     830,021  $  7,946,078  (4,097,446) $(51,562,974)  (7,430,475) $ (89,397,919)
                        ==========  ============  ==========  ============  ==========  ============  ===========  ============= 

                                       Government Securities                                   Growth & Income                   
                        --------------------------------------------------  ---------------------------------------------------- 
                          For the period ended       For the year ended       For the period ended        For the year ended     
                           November 30, 2005*           May 31, 2005           November 30, 2005*            May 31, 2005        
                        ------------------------  ------------------------  ------------------------  -------------------------- 
                          Shares       Amount       Shares       Amount       Shares       Amount        Shares        Amount    
                        ----------  ------------  ----------  ------------  ----------  ------------  -----------  ------------- 
Shares sold............    834,800  $  8,415,529   1,665,058  $ 16,735,032     392,035  $  5,541,082    1,105,748  $  14,799,432 
Reinvested dividends...    239,022     2,390,001     432,605     4,345,003      54,279       770,002      178,683      2,470,001 
Shares redeemed........ (1,621,079)  (16,321,995) (3,640,324)  (36,546,115) (1,619,382)  (22,887,957)  (3,144,962)   (42,414,521)
                        ----------  ------------  ----------  ------------  ----------  ------------  -----------  ------------- 
Net increase (decrease)   (547,257) $ (5,516,465) (1,542,661) $(15,466,080) (1,173,068) $(16,576,873)  (1,860,531) $ (25,145,088)
                        ==========  ============  ==========  ============  ==========  ============  ===========  ============= 

N-CSRS 152nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 152nd
                                                                [Download Table]
                                                            
148    NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED

                                                        [Enlarge/Download Table]


                                      Health Sciences                                         Income & Growth                    
                 --------------------------------------------------------  ----------------------------------------------------- 
                     For the period ended          For the year ended         For the period ended         For the year ended    
                      November 30, 2005*              May 31, 2005             November 30, 2005*             May 31, 2005       
                 ---------------------------  ---------------------------  --------------------------  ------------------------- 
                    Shares         Amount        Shares         Amount        Shares        Amount        Shares       Amount    
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
                                                                                                                                 
Shares sold.....    1,531,327  $  15,997,326     3,939,992  $  37,966,004    1,215,526  $  12,279,494    3,287,468  $ 31,366,071 
Reinvested                                                                                                                       
 dividends......           --             --       730,387      7,252,739      205,890      2,100,003      500,754     4,790,006 
Shares redeemed.   (1,683,885)   (17,423,281)   (4,125,596)   (39,160,973)  (2,591,786)   (26,215,230)  (5,687,332)  (54,518,399)
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
Net increase                                                                                                                     
 (decrease).....     (152,558) $  (1,425,955)      544,783  $   6,057,770   (1,170,370) $ (11,835,733)  (1,899,110) $(18,362,322)
                 ============  =============  ============  =============  ===========  =============  ===========  ============ 

                                    Inflation Protected                                    International Equities                
                 --------------------------------------------------------  ----------------------------------------------------- 
                                                     For the period                                                              
                     For the period ended         December 20, 2004 to        For the period ended         For the year ended    
                      November 30, 2005*              May 31, 2005             November 30, 2005*             May 31, 2005       
                 ---------------------------  ---------------------------  --------------------------  ------------------------- 
                    Shares         Amount        Shares         Amount        Shares        Amount        Shares       Amount    
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
Shares sold.....      703,342  $   7,071,782     1,082,851  $  10,871,299   21,620,960  $ 175,089,412   40,404,226  $299,000,913 
Reinvested                                                                                                                       
 dividends......       36,506        360,002        11,039        111,350      472,383      3,900,003      936,150     7,045,012 
Shares redeemed.     (238,240)    (2,397,204)      (24,867)      (251,421) (13,564,213)  (112,758,168)  (5,964,278)  (43,928,182)
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
Net increase                                                                                                                     
 (decrease).....      501,608  $   5,034,580     1,069,023  $  10,731,228    8,529,130  $  66,231,247   35,376,098  $262,117,743 
                 ============  =============  ============  =============  ===========  =============  ===========  ============ 

                               International Government Bond                               International Growth I                
                 --------------------------------------------------------  ----------------------------------------------------- 
                     For the period ended          For the year ended         For the period ended         For the year ended    
                      November 30, 2005*              May 31, 2005             November 30, 2005*             May 31, 2005       
                 ---------------------------  ---------------------------  --------------------------  ------------------------- 
                    Shares         Amount        Shares         Amount        Shares        Amount        Shares       Amount    
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
Shares sold.....      660,805  $   8,632,983     1,669,659  $  22,412,720    1,908,930  $  16,500,368    4,288,009  $ 33,303,810 
Reinvested                                                                                                                       
 dividends......      194,343      2,500,001     1,583,448     21,058,116      250,133      2,170,003      472,775     3,815,009 
Shares redeemed.   (1,105,725)   (14,419,098)   (2,643,890)   (35,437,329)  (4,736,894)   (40,848,140) (10,419,550)  (81,501,043)
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
Net increase                                                                                                                     
 (decrease).....     (250,577) $  (3,286,114)      609,217  $   8,033,507   (2,577,831) $ (22,177,769)  (5,658,766) $(44,382,224)
                 ============  =============  ============  =============  ===========  =============  ===========  ============ 

                                     Large Cap Growth                                       Large Capital Growth                 
                 --------------------------------------------------------  ----------------------------------------------------- 
                                                                                                             For the period      
                     For the period ended          For the year ended         For the period ended       December 20, 2004+ to   
                      November 30, 2005*              May 31, 2005             November 30, 2005*             May 31, 2005       
                 ---------------------------  ---------------------------  --------------------------  ------------------------- 
                    Shares         Amount        Shares         Amount        Shares        Amount        Shares       Amount    
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
Shares sold.....    1,722,134  $  11,171,251     4,825,409  $  30,286,319           --  $          --    1,000,000  $ 10,000,000 
Reinvested                                                                                                                       
 dividends......           --             --       304,213      1,950,003           --             --          106         1,070 
Shares redeemed.   (7,214,604)   (46,966,545)  (17,491,425)  (109,733,636)          --             --           --            -- 
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
Net increase                                                                                                                     
 (decrease).....   (5,492,470) $ (35,795,294)  (12,361,803) $ (77,497,314)          --  $          --    1,000,106  $ 10,001,070 
                 ============  =============  ============  =============  ===========  =============  ===========  ============ 

                                       Mid Cap Index                                      Mid Cap Strategic Growth               
                 --------------------------------------------------------  ----------------------------------------------------- 
                                                                                                             For the period      
                     For the period ended          For the year ended         For the period ended       December 20, 2004+ to   
                      November 30, 2005*              May 31, 2005             November 30, 2005*             May 31, 2005       
                 ---------------------------  ---------------------------  --------------------------  ------------------------- 
                    Shares         Amount        Shares         Amount        Shares        Amount        Shares       Amount    
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
Shares sold.....    7,644,218  $ 172,651,659    15,298,835  $ 308,210,918           --  $          --    1,000,000  $ 10,000,000 
Reinvested                                                                                                                       
 dividends......      437,640     10,080,005     2,271,229     47,699,297           --             --          154         1,555 
Shares redeemed.   (6,142,432)  (137,943,200)   (7,984,580)  (162,351,846)          --             --           --            -- 
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
Net increase                                                                                                                     
 (decrease).....    1,939,426  $  44,788,464     9,585,484  $ 193,558,369           --  $          --    1,000,154  $ 10,001,555 
                 ============  =============  ============  =============  ===========  =============  ===========  ============ 

                                      Money Market I                                        NASDAQ-100(R) Index                  
                 --------------------------------------------------------  ----------------------------------------------------- 
                     For the period ended          For the year ended         For the period ended         For the year ended    
                      November 30, 2005*              May 31, 2005             November 30, 2005*             May 31, 2005       
                 ---------------------------  ---------------------------  --------------------------  ------------------------- 
                    Shares         Amount        Shares         Amount        Shares        Amount        Shares       Amount    
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
Shares sold.....  112,893,479  $ 112,893,602   343,187,113  $ 343,187,113    3,297,249  $  14,561,989    8,011,139  $ 33,257,917 
Reinvested                                                                                                                       
 dividends......    6,214,149      6,214,149     6,209,139      6,209,139           --             --      142,755       636,617 
Shares redeemed. (126,037,162)  (126,037,162) (395,169,180)  (395,169,180)  (3,896,155)   (17,034,406)  (9,678,790)  (40,173,631)
                 ------------  -------------  ------------  -------------  -----------  -------------  -----------  ------------ 
Net increase                                                                                                                     
 (decrease).....   (6,929,534) $  (6,929,411)  (45,772,928) $ (45,772,928)    (598,906) $  (2,472,417)  (1,524,896) $ (6,279,097)
                 ============  =============  ============  =============  ===========  =============  ===========  ============ 

--------                                                                        
+Commencement of operations.                                                    

N-CSRS 153rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 153rd
                                                                [Download Table]
                                                                
   NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED     149

                                                        [Enlarge/Download Table]


                                    Science & Technology                                         Small Cap                      
                   ------------------------------------------------------  ---------------------------------------------------- 
                      For the period ended         For the year ended        For the period ended        For the year ended     
                       November 30, 2005*             May 31, 2005            November 30, 2005*            May 31, 2005        
                   --------------------------  --------------------------  ------------------------  -------------------------- 
                      Shares        Amount        Shares        Amount       Shares       Amount        Shares        Amount    
                   -----------  -------------  -----------  -------------  ----------  ------------  -----------  ------------- 
                                                                                                                                
Shares sold.......   2,431,772  $  27,683,210    7,753,021  $  82,465,995   1,857,031  $ 21,725,613    4,033,054  $  41,904,735 
Reinvested                                                                                                                      
 dividends........          --             --           --             --          --            --           --             -- 
Shares redeemed... (12,460,648)  (142,386,421) (27,286,728)  (290,762,912) (5,252,782)  (61,508,535) (11,323,071)  (117,852,491)
                   -----------  -------------  -----------  -------------  ----------  ------------  -----------  ------------- 
Net increase                                                                                                                    
 (decrease)....... (10,028,876) $(114,703,211) (19,533,707) $(208,296,917) (3,395,751) $(39,782,922)  (7,290,017) $ (75,947,756)
                   ===========  =============  ===========  =============  ==========  ============  ===========  ============= 

                                       Small Cap Index                                       Social Awareness                   
                   ------------------------------------------------------  ---------------------------------------------------- 
                      For the period ended         For the year ended        For the period ended        For the year ended     
                       November 30, 2005*             May 31, 2005            November 30, 2005*            May 31, 2005        
                   --------------------------  --------------------------  ------------------------  -------------------------- 
                      Shares        Amount        Shares        Amount       Shares       Amount        Shares        Amount    
                   -----------  -------------  -----------  -------------  ----------  ------------  -----------  ------------- 
Shares sold.......  11,331,789  $ 181,621,677   14,631,585  $ 214,641,332     899,161  $ 17,620,476    2,991,468  $  55,587,902 
Reinvested                                                                                                                      
 dividends........     234,046      3,820,008      361,706      5,465,009     117,887     2,350,003      295,947      5,645,004 
Shares redeemed...  (4,239,189)   (68,442,487)  (4,110,375)   (60,965,612) (2,463,700)  (48,431,567)  (4,640,935)   (88,388,114)
                   -----------  -------------  -----------  -------------  ----------  ------------  -----------  ------------- 
Net increase                                                                                                                    
 (decrease).......   7,326,646  $ 116,999,198   10,882,916  $ 159,140,729  (1,446,652) $(28,461,088)  (1,353,520) $ (27,155,208)
                   ===========  =============  ===========  =============  ==========  ============  ===========  ============= 

                                         Stock Index                                               Value                        
                   ------------------------------------------------------  ---------------------------------------------------- 
                      For the period ended         For the year ended        For the period ended        For the year ended     
                       November 30, 2005*             May 31, 2005            November 30, 2005*            May 31, 2005        
                   --------------------------  --------------------------  ------------------------  -------------------------- 
                      Shares        Amount        Shares        Amount       Shares       Amount        Shares        Amount    
                   -----------  -------------  -----------  -------------  ----------  ------------  -----------  ------------- 
Shares sold.......   7,569,530  $ 248,872,739   12,944,520  $ 408,130,934  11,577,399  $135,694,126      858,877  $   9,363,642 
Reinvested                                                                                                                      
 dividends........   1,026,120     34,190,002    4,219,795    136,345,967      21,026       250,000       46,308        514,482 
Shares redeemed...  (8,839,260)  (290,972,022) (15,783,770)  (496,862,720)   (485,267)   (5,678,391)    (300,217)    (3,235,904)
                   -----------  -------------  -----------  -------------  ----------  ------------  -----------  ------------- 
Net increase                                                                                                                    
 (decrease).......    (243,610) $  (7,909,281)   1,380,545  $  47,614,181  11,113,158  $130,265,735      604,968  $   6,642,220 
                   ===========  =============  ===========  =============  ==========  ============  ===========  ============= 

--------                                                                        
*Unaudited                                                                      

Note 7 -- Expense Reductions                                                    

Through expense offset arrangements resulting from broker commission          
recapture, a portion of the Fund's expenses have been reduced. For the period   
ended November 30, 2005, the amount of expense reductions received by each      
fund, used to offset the Fund's non-affiliated expenses, were as follows:       

                                                                [Download Table]

Fund                 Expense Reductions
-------------------- ------------------
                                       
Blue Chip Growth....      $    578     
Core Equity.........        22,425     
Health Sciences.....         7,835     
Science & Technology       138,577     

Note 8 -- Investment Concentration                                              

Capital Conservation Fund, Government Securities Fund, and Inflation Protected
Fund invest in U.S. Government sponsored securities. No assurance can be given  
that the U.S. Government will provide support to such U.S. Government sponsored 
agencies or instrumentalities in the future since it is not required to do so   
by law. As a result of each Fund's concentration in such investments, it may be 
subject to risks associated with U.S. Government securities. At the end of the  
period, the Funds had 29.11%,61.66%, and 23.71%, respectively, of their net     
assets invested in such securities.                                             

Some of the Funds may invest internationally, including in "emerging market"  
countries. Emerging markets securities involve risks not typically associated   
with investing in securities of issuers in more developed markets. These        
investments are subject to various risk factors including market, credit,       
exchange rate and sovereign risk. The markets in which these securities trade   
can be volatile and at times illiquid. These securities may be denominated in   
currencies other than U.S. dollars. While investing internationally may reduce  
portfolio risk by increasing the diversification of portfolio investments, the  
value of the investment may be affected by fluctuating currency values,         
changing local and regional economic, political and social conditions, and      
greater market volatility. These risks are primary risks of the International   
Equities Fund and International Growth I Fund. The International Equities Fund  
had 21.25% and 28.64% of its net assets invested in equity securities domiciled 
in the United Kingdom and Japan, respectively. The International Growth I Fund  
had 15.73%,15.77% and 19.17% of its net assets invested in equity securities    
domiciled in the United Kingdom, France and Japan, respectively.                

The Health Sciences Fund is concentrated in the health services industry and  
is less diversified than stock funds investing in a broader range of            
industries. The Fund may also invest a considerable portion of assets in        
companies in the same business, such as pharmaceuticals, or in related          
businesses, such as hospital management or managed care. Developments that      
could adversely effect the Fund include increased competition in the health     
care industry, changes in legislation or government regulations, reductions in  
government funding, product liability or other litigation, and obsolescence of  
popular products.                                                               

The Nasdaq-100(R) Index Fund and Science & Technology Fund are concentrated in
the technology sector. As a result, the Funds are subject to greater volatility 
than a fund that does not concentrate in a particular sector. Because the       
Nasdaq-100(R) Index may consist of relatively more companies in certain         
industry sectors than others, (such as technology), the Fund's performance may  
be more susceptible to developments which effect those sectors emphasized by    
the Index.                                                                      

N-CSRS 154th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 154th
                                                                [Download Table]
                                                            
150    NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED

Note 9 -- Lines of Credit                                                       

The Series and VALIC Company II have established an $85 million committed and 
$40 million uncommitted lines of credit with State Street Bank & Trust Company, 
the Funds' custodian. Interest is currently payable at the Federal Funds Rate   
plus 50 basis points on the committed line and State Street's discretionary bid 
rate on the uncommitted line of credit. There is also a commitment fee of 10    
basis points per annum for the daily unused portion of the committed line of    
credit, which is included in other expenses on the Statement of Operations. For 
the period ended November 30, 2005, the following funds had borrowings:         

                                                                [Download Table]

                                                    Average   Weighted
                                 Days     Interest    Debt    Average 
Fund                          Outstanding Charges   Utilized  Interest
----------------------------- ----------- -------- ---------- --------
                                                                      
Core Equity..................      1      $   142  $1,360,483   3.75% 
Income & Growth..............     14        1,413     903,994   4.68% 
International Growth I.......      3          550   1,534,525   4.31% 
International Government Bond      1          156   1,602,755   3.50% 
Large Cap Growth.............     39       10,105   2,323,768   3.94% 
Small Cap....................      6        1,097   1,547,612   4.27% 

As of November 30, 2005, none of the Funds had outstanding borrowings.        

Note 10 -- Interfund Lending Agreement                                          

Pursuant to exemptive relief granted by the Securities and Exchange           
Commission, the Funds are permitted to participate in an interfund lending      
program among investment companies advised by VALIC or an affiliate. The        
interfund lending program allows the participating Funds to borrow money from   
and loan money to each other for temporary or emergency purposes. An interfund  
loan will be made under this facility only if the participating Funds receive a 
more favorable interest rate than would otherwise be available from a typical   
bank for a comparable transaction. For the period ended November 30, 2005, none 
of the Funds participated in the program.                                       

Note 11 -- Subsequent Events                                                    

At a special meeting of the Board of Director's of VC I held on June 16, 2005,
the Board approved the establishment of nine new funds: Broad Cap Value Fund,   
Foreign Value Fund, Global Equity Fund, Global Strategy Fund, Large Cap Core    
Fund, Small Cap Aggressive Growth Fund, Small Cap Special Values Fund, Small    
Cap Strategic Growth Fund and Large Cap Strategic Growth Fund. These funds      
commenced operations on December 5, 2005.                                       

The sub-advisers for these Funds are as follows:                              

Broad Cap Value Fund             Barrow, Hanley, Mewhinney & Strauss, Inc.      
Foreign Value Fund               Templeton Global Advisors, Ltd.                
Global Equity Fund               Putnam Investment Management, LLC              
Global Strategy Fund             Templeton Investment Counsel, LLC              
         Franklin Advisers, Inc.
Large Cap Core Fund              Evergreen Investment Management Company, LLC   
Small Cap Aggressive Growth Fund Credit Suisse Asset Management, LLC            
Small Cap Special Values Fund    Evergreen Investment Management Company, LLC   
                   Putnam Investment Management, LLC
Small Cap Strategic Growth Fund  Evergreen Investment Management Company, LLC   
Large Cap Strategic Growth Fund  American Century Investment Management, Inc.   

At a meeting of the Board of Director's of VC I held on October 18, 2005, the 
Board approved the name change of the Large Cap Strategic Growth Fund to VALIC  
Ultra Fund and the reorganization of the VC I Large Cap Growth Fund with and    
into the VC I VALIC Ultra Fund, subject to approval by the shareholders of the  
VC I Large Cap Growth Fund. If approved, the reorganization is scheduled to     
occur on or about May 26, 2006.                                                 

Effective February 1, 2006, the management fees for Large Capital Growth Fund 
will be reduced to 0.64% on the first $750 million and 0.59% on assets over     
$750 million.                                                                   

At a meeting of the Board of Director's of VC I held on January 17, 2006, the 
Board approved a revision to the dividend policy for all Funds, except the      
Money Market I Fund, changing the frequency of ordinary income dividends from   
Quarterly to Annually.                                                          

Note 12 -- Other Matters                                                        

On May 26, 2005, the New York Attorney General and the New York Superintendent
of Insurance filed a civil complaint against American International Group, Inc. 
("AIG") as well as its former Chairman and Chief Executive Officer and former   
Vice Chairman and Chief Financial Officer, in the Supreme Court of the State of 
New York. The complaint asserts claims under New York's Martin Act and          
Insurance Law, among others, and makes allegations concerning certain           
transactions entered into by AIG and certain of its subsidiaries, but in no     
case involving any subsidiary engaged in providing management or administrative 
services to the Funds. The complaint seeks disgorgement, injunctive relief,     
punitive damages and costs, among other things. AIG is the indirect parent      
company and an affiliated person of The Variable Annuity Life Insurance Company 
("VALIC"), AIG Global Investment Corp. ("AIGGIC") AIG SunAmerica Asset          
Management Corp. ("SAAMCo") and Brazos Capital Management, LP ("Brazos").       
AIGGIC, SAAMCo and Brazos serve as subadvisers to several of the Funds. Neither 
VALIC, AIGGIC, SAAMCo, Brazos or their respective officers and directors, nor   
the Funds have been named in the complaint, and the complaint does not seek any 
penalties against them. In VALIC's view, the matters alleged in the lawsuit are 
not material in relation to the financial position of VALIC, AIGGIC, SAAMCo or  
Brazos, or to their ability to provide their respective services to the Funds.  
Due to a provision in the law governing the operation of mutual funds, however, 
if the lawsuit results in an injunction being entered against AIG, then VALIC,  
AIGGIC, SAAMCo and Brazos will need to obtain permission from the Securities    
and Exchange Commission to continue to service the Funds. While the Securities  
and Exchange Commission has granted this type of relief to others in the past   
in similar circumstances, there is no assurance that this permission would be   
granted.                                                                        

N-CSRS 155th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 155th
                                                                [Download Table]
                                                                
   NOTES TO FINANCIAL STATEMENTS (Unaudited) - CONTINUED     151

Note 13 -- Fund Mergers                                                         

Pursuant to a plan of reorganization approved by the shareholders of the VC I 
Growth Fund, on August 26, 2004, the VC I Blue Chip Growth Fund acquired all of 
the assets and liabilities of VC I Growth Fund. The details of the              
reorganization which was consummated on August 27, 2004 are set forth below.    

All shares of the VC I Growth Fund were exchanged, tax-free, for shares of VC 
I Blue Chip Growth Fund. In conjunction with the reorganizations, the VC I Blue 
Chip Growth Fund is the surviving entity.                                       

Net assets and unrealized appreciation (depreciation) as of the merger date   
were as follows:                                                                

                                                        [Enlarge/Download Table]
                                                                                        
Net assets of the VC I Blue Chip Growth Fund prior to merger................ $40,399,584
Net assets of the VC I Growth Fund prior to merger.......................... $ 3,787,688
                                                                             -----------
Aggregate net assets of the VC I Blue Chip Growth Fund following acquisition $44,187,272
                                                                             -----------
Unrealized appreciation (depreciation) in the Growth Fund................... $   207,846

N-CSRS 156th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 156th
                                                                [Download Table]
                                           
152                    FINANCIAL HIGHLIGHTS

                                                        [Enlarge/Download Table]

                                                                             Asset Allocation Fund                               
                                               --------------------------------------------------------------------------------  
                                                 Six Months                                                                      
                                                   Ended                               Year Ended May 31,                        
                                                November 30,    ---------------------------------------------------------------  
                                                 2005/(g)/          2005           2004           2003         2002       2001   
                                               ------------     --------      --------       --------       --------   --------  
                                                                                                                                 

PER SHARE DATA                                                                                                                   
Net asset value at beginning of period........   $  12.28       $  12.12      $  11.21       $  11.35       $  12.71   $  14.68  
                                               --------------------------------------------------------------------------------  
Income (loss) from investment operations:                                                                                        
   Net investment income (loss)...............       0.16/(e)/      0.27/(e)/     0.17/(e)/      0.25/(e)/      0.33       0.43  
   Net realized and unrealized gain (loss)                                                                                       
    on investments and foreign currencies.....       0.27           0.61          1.07          (0.12)         (1.03)     (0.79) 
                                               --------------------------------------------------------------------------------  
   Total income (loss) from investment                                                                                           
    operations................................       0.43           0.88          1.24           0.13          (0.70)     (0.36) 
                                               --------------------------------------------------------------------------------  
Distributions from:                                                                                                              
   Investment income..........................      (0.16)         (0.27)        (0.19)         (0.26)         (0.33)     (0.43) 
   Realized gain on securities................          -          (0.45)        (0.14)         (0.01)         (0.33)     (1.18) 
                                               --------------------------------------------------------------------------------  
   Total distributions........................      (0.16)         (0.72)        (0.33)         (0.27)         (0.66)     (1.61) 
                                               --------------------------------------------------------------------------------  
Net asset value at end of period..............   $  12.55       $  12.28      $  12.12       $  11.21       $  11.35   $  12.71  
                                               --------------------------------------------------------------------------------  
TOTAL RETURN/(a)/.............................       3.54%          7.31%        11.08%/(f)/     1.28%/(f)/    (5.57)%    (2.46)%
                                               --------------------------------------------------------------------------------  

RATIOS/SUPPLEMENTAL DATA                                                                                                         
Ratio of expenses to average net assets/(c)/..       0.68%/(b)/     0.65%         0.68%          0.72%          0.64%      0.58% 
Ratio of expenses to average net assets/(d)/..       0.68%/(b)/     0.65%         0.68%          0.72%          0.64%      0.58% 
Ratio of expense reductions to                                                                                                   
 average net assets...........................          -              -             -              -              -          -  
Ratio of net investment income (loss) to                                                                                         
 average net assets/(c)/......................       2.53%/(b)/     2.18%         1.47%          2.36%          2.71%      3.10% 
Ratio of net investment income (loss) to                                                                                         
 average net assets/(d)/......................       2.53%/(b)/     2.18%         1.47%          2.36%             -          -  
Portfolio turnover rate.......................         74%           104%           75%           112%            71%       112% 
Number of shares outstanding at end of                                                                                           
 period (000's)...............................     13,708         15,256        15,869         14,704         15,944     16,388  
Net assets at end of period (000's)...........   $171,983       $187,309      $192,301       $164,757       $180,925   $208,369  
                                                        [Enlarge/Download Table]

                                                                             Blue Chip Growth Fund                               
                                               ----------------------------------------------------------------------------      
                                                Six Months                                                         November 1,   
                                                  Ended                        Year Ended May 31,                   2000* to     
                                               November 30,    ------------------------------------------------      May 31,     
                                                2005/(g)/          2005         2004          2003        2002        2001       
                                               ------------    -------      -------       -------       -------   -----------    
                                                                                                                                 

PER SHARE DATA                                                                                                                   
Net asset value at beginning of period........   $  8.32       $  7.89      $  6.79       $  7.26       $  8.57     $ 10.00      
                                               ----------------------------------------------------------------------------      
Income (loss) from investment operations:                                                                                        
   Net investment income (loss)...............      0.00/(e)/     0.04/(e)/   (0.00)/(e)/   (0.01)/(e)/   (0.01)       0.02      
   Net realized and unrealized gain (loss)                                                                                       
    on investments and foreign currencies.....      0.68          0.42         1.10         (0.46)        (1.29)      (1.43)     
                                               ----------------------------------------------------------------------------      
   Total income (loss) from investment                                                                                           
    operations................................      0.68          0.46         1.10         (0.47)        (1.30)      (1.41)     
                                               ----------------------------------------------------------------------------      
Distributions from:                                                                                                              
   Investment income..........................         -         (0.03)           -             -         (0.01)      (0.02)     
   Realized gain on securities................         -             -            -             -             -           -      
                                               ----------------------------------------------------------------------------      
   Total distributions........................         -         (0.03)           -             -         (0.01)      (0.02)     
                                               ----------------------------------------------------------------------------      
Net asset value at end of period..............   $  9.00       $  8.32      $  7.89       $  6.79       $  7.26     $  8.57      
                                               ----------------------------------------------------------------------------      
TOTAL RETURN/(a)/.............................      8.17%         5.81%       16.20%        (6.47)%      (15.22)%    (14.14)%    
                                               ----------------------------------------------------------------------------      

RATIOS/SUPPLEMENTAL DATA                                                                                                         
Ratio of expenses to average net assets/(c)/..      1.04%/(b)/    1.08%        1.07%         1.24%         1.15%       0.88%/(b)/
Ratio of expenses to average net assets/(d)/..      1.04%/(b)/    1.10%        1.07%         1.24%         1.15%       0.88%/(b)/
Ratio of expense reductions to                                                                                                   
 average net assets...........................      0.00%/(b)/    0.01%        0.01%         0.03%         0.00%       0.00%     
Ratio of net investment income (loss) to                                                                                         
 average net assets/(c)/......................      0.05%/(b)/    0.47%       (0.02)%       (0.19)%       (0.17)%      0.31%/(b)/
Ratio of net investment income (loss) to                                                                                         
 average net assets/(d)/......................      0.05%/(b)/    0.45%       (0.02)%       (0.19)%           -           -      
Portfolio turnover rate.......................        17%           42%          30%           44%           39%         70%     
Number of shares outstanding at end of                                                                                           
 period (000's)...............................     6,299         5,847        5,116         3,495         2,763       1,702      
Net assets at end of period (000's)...........   $56,690       $48,638      $40,369       $23,728       $20,063     $14,592      

* Date Fund commenced operations.                                               
/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/The Fund's performance figure was increased by less than 0.01% from gains  
 on the disposal of investments in violation of investment restrictions.
/(g)/Unaudited.                                                                 

N-CSRS 157th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 157th
                                                                [Download Table]
                                                                
             FINANCIAL HIGHLIGHTS - CONTINUED                153

                                                        [Enlarge/Download Table]

                                                                        Capital Conservation Fund                         
                                               -------------------------------------------------------------------------- 
                                                 Six Months                                                               
                                                   Ended                            Year Ended May 31,                    
                                                November 30,    --------------------------------------------------------- 
                                                 2005/(f)/          2005          2004          2003       2002     2001  
                                               ------------     -------      -------        -------      -------  ------- 
                                                                                                                          

PER SHARE DATA                                                                                                            
Net asset value at beginning of period........   $   9.66       $  9.53      $ 10.04        $  9.38      $  9.34  $  8.78 
                                               -------------------------------------------------------------------------- 
Income (loss) from investment operations:                                                                                 
   Net investment income (loss)...............       0.20/(e)/     0.37/(e)/    0.28/(e)/      0.36/(e)/    0.52     0.58 
   Net realized and unrealized gain (loss)                                                                                
    on investments and foreign currencies.....      (0.25)         0.19        (0.37)          0.68         0.04     0.56 
                                               -------------------------------------------------------------------------- 
   Total income (loss) from investment                                                                                    
    operations................................      (0.05)         0.56        (0.09)          1.04         0.56     1.14 
                                               -------------------------------------------------------------------------- 
Distributions from:                                                                                                       
   Investment income..........................      (0.21)        (0.38)       (0.31)         (0.38)       (0.52)   (0.58)
   Realized gain on securities................          -         (0.05)       (0.11)             -            -        - 
                                               -------------------------------------------------------------------------- 
   Total distributions........................      (0.21)        (0.43)       (0.42)         (0.38)       (0.52)   (0.58)
                                               -------------------------------------------------------------------------- 
Net asset value at end of period..............   $   9.40       $  9.66      $  9.53        $ 10.04      $  9.38  $  9.34 
                                               -------------------------------------------------------------------------- 
TOTAL RETURN/(a)/.............................      (0.55)%        5.99%       (0.82)%/(e)/   11.31%        6.12%   13.35%
                                               -------------------------------------------------------------------------- 

RATIOS/SUPPLEMENTAL DATA                                                                                                  
Ratio of expenses to average net assets/(c)/..       0.81%/(b)/    0.70%        0.68%          0.70%        0.65%    0.58%
Ratio of expenses to average net assets/(d)/..       0.81%/(b)/    0.70%        0.68%          0.70%        0.65%    0.58%
Ratio of expense reductions to                                                                                            
 average net assets...........................          -             -            -              -            -        - 
Ratio of net investment income (loss) to                                                                                  
 average net assets/(c)/......................       4.36%/(b)/    3.83%        2.89%          3.77%        5.50%    6.35%
Ratio of net investment income (loss) to                                                                                  
 average net assets/(d)/......................       4.36%/(b)/    3.83%        2.89%          3.77%           -        - 
Portfolio turnover rate.......................         97%          198%         171%           218%         132%     418%
Number of shares outstanding at end of                                                                                    
 period (000's)...............................     11,452         8,997        8,167          8,954        7,440    6,058 
Net assets at end of period (000's)...........   $107,646       $86,903      $77,836        $89,866      $69,785  $56,560 
                                                        [Enlarge/Download Table]

                                                                               Core Equity Fund                                 
                                               -------------------------------------------------------------------------------  
                                                 Six Months                                                                     
                                                   Ended                               Year Ended May 31,                       
                                                November 30,    --------------------------------------------------------------  
                                                 2005/(f)/           2005          2004          2003         2002       2001   
                                               ------------     ---------      --------      --------      --------   --------  
                                                                                                                                

PER SHARE DATA                                                                                                                  
Net asset value at beginning of period........   $  12.37        $  11.77      $  10.12      $  11.10      $  13.36   $  23.31  
                                               -------------------------------------------------------------------------------  
Income (loss) from investment operations:                                                                                       
   Net investment income (loss)...............       0.07/(e)/       0.16/(e)/     0.10/(e)/     0.11/(e)/     0.07       0.04  
   Net realized and unrealized gain (loss)                                                                                      
    on investments and foreign currencies.....       0.49            0.60          1.65         (0.98)        (2.26)     (2.54) 
                                               -------------------------------------------------------------------------------  
   Total income (loss) from investment                                                                                          
    operations................................       0.56            0.76          1.75         (0.87)        (2.19)     (2.50) 
                                               -------------------------------------------------------------------------------  
Distributions from:                                                                                                             
   Investment income..........................      (0.06)          (0.16)        (0.10)        (0.11)        (0.07)     (0.04) 
   Realized gain on securities................          -               -             -             -             -      (7.41) 
                                               -------------------------------------------------------------------------------  
   Total distributions........................      (0.06)          (0.16)        (0.10)        (0.11)        (0.07)     (7.45) 
                                               -------------------------------------------------------------------------------  
Net asset value at end of period..............   $  12.87        $  12.37      $  11.77      $  10.12      $  11.10   $  13.36  
                                               -------------------------------------------------------------------------------  
TOTAL RETURN/(a)/.............................       4.56%           6.48%        17.36%        (7.79)%      (16.43)%   (11.62)%
                                               -------------------------------------------------------------------------------  

RATIOS/SUPPLEMENTAL DATA                                                                                                        
Ratio of expenses to average net assets/(c)/..       0.85%/(b)/      0.85%         0.85%         0.85%         0.84%      0.86% 
Ratio of expenses to average net assets/(d)/..       0.91%/(b)/      0.93%         0.95%         0.97%         0.93%      0.88% 
Ratio of expense reductions to                                                                                                  
 average net assets...........................       0.01%/(b)/      0.01%         0.01%         0.05%         0.00%      0.00% 
Ratio of net investment income (loss) to                                                                                        
 average net assets/(c)/......................       1.10%/(b)/     1.30%//        0.88%         1.08%         0.55%      0.24% 
Ratio of net investment income (loss) to                                                                                        
 average net assets/(d)/......................       1.04%/(b)/     1.22%//        0.79%         0.96%            -          -  
Portfolio turnover rate.......................         20%             31%           28%           25%           64%        71% 
Number of shares outstanding at end of                                                                                          
 period (000's)...............................     39,590          43,687        51,118        55,358        61,675     68,430  
Net assets at end of period (000's)...........   $509,378        $540,620      $601,756      $560,038      $684,642   $913,980  

/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/Unaudited.                                                                 

N-CSRS 158th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 158th
                                                                [Download Table]
                                                 
154              FINANCIAL HIGHLIGHTS - CONTINUED

                                                        [Enlarge/Download Table]

                                                                         Government Securities Fund                           
                                               ------------------------------------------------------------------------------ 
                                                 Six Months                                                                   
                                                   Ended                              Year Ended May 31,                      
                                                November 30,    ------------------------------------------------------------- 
                                                 2005/(f)/           2005          2004          2003        2002      2001   
                                               ------------     --------       --------      --------      --------  -------- 
                                                                                                                              

PER SHARE DATA                                                                                                                
Net asset value at beginning of period........   $  10.14       $   9.82       $  11.24      $  10.37      $  10.07  $   9.51 
                                               ------------------------------------------------------------------------------ 
Income (loss) from investment operations:                                                                                     
   Net investment income (loss)...............       0.18/(e)/      0.31/(e)/      0.27/(e)/     0.38/(e)/     0.51      0.58 
   Net realized and unrealized gain (loss)                                                                                    
    on investments and foreign currencies.....      (0.24)          0.33          (0.65)         0.95          0.30      0.56 
                                               ------------------------------------------------------------------------------ 
   Total income (loss) from investment                                                                                        
    operations................................      (0.06)          0.64          (0.38)         1.33          0.81      1.14 
                                               ------------------------------------------------------------------------------ 
Distributions from:                                                                                                           
   Investment income..........................      (0.19)         (0.32)         (0.29)        (0.39)        (0.51)    (0.58)
   Realized gain on securities................          -              -          (0.75)        (0.07)            -         - 
                                               ------------------------------------------------------------------------------ 
   Total distributions........................      (0.19)         (0.32)         (1.04)        (0.46)        (0.51)    (0.58)
                                               ------------------------------------------------------------------------------ 
Net asset value at end of period..............   $   9.89       $  10.14       $   9.82      $  11.24      $  10.37  $  10.07 
                                               ------------------------------------------------------------------------------ 
TOTAL RETURN/(a)/.............................      (0.64)%         6.54%/(f)/    (3.40)%       12.99%         8.17%    12.23%
                                               ------------------------------------------------------------------------------ 

RATIOS/SUPPLEMENTAL DATA                                                                                                      
Ratio of expenses to average net assets/(c)/..       0.66%/(b)/     0.66%          0.65%         0.66%         0.63%     0.58%
Ratio of expenses to average net assets/(d)/..       0.66%/(b)/     0.66%          0.65%         0.66%         0.63%     0.58%
Ratio of expense reductions to average net                                                                                    
 assets.......................................          -              -              -             -             -         - 
Ratio of net investment income (loss) to                                                                                      
 average net assets/(c)/......................       3.55%/(b)/     3.03%          2.59%         3.54%         4.89%     5.83%
Ratio of net investment income (loss) to                                                                                      
 average net assets/(d)/......................       3.55%/(b)/     3.03%          2.59%         3.54%            -         - 
Portfolio turnover rate.......................         69%           216%           169%          201%           89%       84%
Number of shares outstanding at end of                                                                                        
 period (000's)...............................     12,814         13,361         14,904        17,836        12,993    11,873 
Net assets at end of period (000's)...........   $126,792       $135,549       $146,347      $200,412      $134,726  $119,514 
                                                        [Enlarge/Download Table]

                                                                             Growth & Income Fund                              
                                               ------------------------------------------------------------------------------  
                                                 Six Months                                                                    
                                                   Ended                              Year Ended May 31,                       
                                                November 30,    -------------------------------------------------------------  
                                                 2005/(f)/          2005          2004          2003         2002       2001   
                                               ------------     --------      --------      --------      --------   --------  
                                                                                                                               

PER SHARE DATA                                                                                                                 
Net asset value at beginning of period........   $  14.02       $  12.87      $  11.32      $  12.87      $  14.84   $  21.04  
                                               ------------------------------------------------------------------------------  
Income (loss) from investment operations:                                                                                      
   Net investment income (loss)...............       0.07/(e)/      0.19/(e)/     0.07/(e)/     0.09/(e)/     0.08       0.11  
   Net realized and unrealized gain (loss)                                                                                     
    on investments and foreign currencies.....       0.26           1.15          1.55         (1.55)        (1.75)     (2.39) 
                                               ------------------------------------------------------------------------------  
   Total income (loss) from investment                                                                                         
    operations................................       0.33           1.34          1.62         (1.46)        (1.67)     (2.28) 
                                               ------------------------------------------------------------------------------  
Distributions from:                                                                                                            
   Investment income..........................      (0.07)         (0.19)        (0.07)        (0.09)        (0.09)     (0.11) 
   Realized gain on securities................          -              -             -             -         (0.21)     (3.81) 
                                               ------------------------------------------------------------------------------  
   Total distributions........................      (0.07)         (0.19)        (0.07)        (0.09)        (0.30)     (3.92) 
                                               ------------------------------------------------------------------------------  
Net asset value at end of period..............   $  14.28       $  14.02      $  12.87      $  11.32      $  12.87   $  14.84  
                                               ------------------------------------------------------------------------------  
TOTAL RETURN/(a)/.............................       2.35%         10.47%        14.33%       (11.31)%      (11.36)%   (10.91)%
                                               ------------------------------------------------------------------------------  

RATIOS/SUPPLEMENTAL DATA                                                                                                       
Ratio of expenses to average net assets/(c)/..       0.85%/(b)/     0.85%         0.85%         0.85%         0.85%      0.82% 
Ratio of expenses to average net assets/(d)/..       0.90%/(b)/     0.90%         0.89%         0.91%         0.87%      0.83% 
Ratio of expense reductions to average net                                                                                     
 assets.......................................          -              -             -             -             -          -  
Ratio of net investment income (loss) to                                                                                       
 average net assets/(c)/......................       0.99%/(b)/     1.41%         0.55%         0.82%         0.59%      0.62% 
Ratio of net investment income (loss) to                                                                                       
 average net assets/(d)/......................       0.94%/(b)/     1.35%         0.51%         0.76%            -          -  
Portfolio turnover rate.......................         76%            74%          168%           97%          110%        65% 
Number of shares outstanding at end of                                                                                         
 period (000's)...............................     10,929         12,102        13,963        15,402        17,145     18,026  
Net assets at end of period (000's)...........   $156,106       $169,724      $179,737      $174,359      $220,745   $267,487  

/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/Unaudited.                                                                 

N-CSRS 159th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 159th
                                                                [Download Table]
                                                                
             FINANCIAL HIGHLIGHTS - CONTINUED                155

                                                        [Enlarge/Download Table]

                                                                          Health Sciences Fund                                  
                                        ---------------------------------------------------------------------------------       
                                          Six Months                                                                            
                                            Ended                          Year Ended May 31,                    November 1,    
                                           November       ---------------------------------------------------      2000* to     
                                         30, 2005/(f)/         2005           2004          2003        2002     May 31, 2001   
                                        ------------      --------       --------       -------       -------   ------------    
                                                                                                                                

PER SHARE DATA                                                                                                                  
Net asset value at beginning of period.   $   9.49        $  10.06       $   7.98       $  7.76       $  8.93     $ 10.00       
                                        ---------------------------------------------------------------------------------       
Income (loss) from investment                                                                                                   
 operations:                                                                                                                    
   Net investment income (loss)........      (0.04)/(e)/     (0.08)/(e)/    (0.07)/(e)/   (0.05)/(e)/   (0.04)       0.01       
   Net realized and unrealized                                                                                                  
    gain (loss) on investments and                                                                                              
    foreign currencies.................       1.55           (0.02)          2.15          0.27         (1.13)      (1.07)      
                                        ---------------------------------------------------------------------------------       
   Total income (loss) from                                                                                                     
    investment operations..............       1.51           (0.10)          2.08          0.22         (1.17)      (1.06)      
                                        ---------------------------------------------------------------------------------       
Distributions from:                                                                                                             
   Investment income...................          -               -              -             -             -       (0.01)      
   Realized gain on securities.........          -           (0.47)             -             -             -           -       
                                        ---------------------------------------------------------------------------------       
   Total distributions.................          -           (0.47)             -             -             -       (0.01)      
                                        ---------------------------------------------------------------------------------       
Net asset value at end of period.......   $  11.00        $   9.49       $  10.06       $  7.98       $  7.76     $  8.93       
                                        ---------------------------------------------------------------------------------       
TOTAL RETURN/(a)/......................      15.91%          (1.23)%        26.07%         2.84%/(f)/  (13.10)%    (10.60)%     
                                        ---------------------------------------------------------------------------------       

RATIOS/SUPPLEMENTAL DATA                                                                                                        
Ratio of expenses to average net                                                                                                
 assets/(c)/...........................       1.15%/(b)/      1.17%          1.15%         1.24%         1.22%       1.08%/(b)/ 
Ratio of expenses to average net                                                                                                
 assets/(d)/...........................       1.15%/(b)/      1.17%          1.15%         1.24%         1.22%       1.08%/(b)/ 
Ratio of expense reductions to                                                                                                  
 average net assets....................       0.01%/(b)/      0.01%          0.03%         0.03%         0.00%       0.00%      
Ratio of net investment income (loss)                                                                                           
 to average net assets/(c)/............      (0.81)%/(b)/    (0.80)%        (0.77)%       (0.75)%       (0.65)%     (0.03)%/(b)/
Ratio of net investment income (loss)                                                                                           
 to average net assets/(d)/............      (0.81)%/(b)/    (0.80)%        (0.77)%       (0.75)%           -           -       
Portfolio turnover rate................         32%             49%            41%           48%           70%        158%      
Number of shares outstanding at end                                                                                             
 of period (000's).....................     15,704          15,856         15,312         9,732         7,029       2,684       
Net assets at end of period (000's)....   $172,679        $150,541       $154,050       $77,673       $54,514     $23,965       
                                                        [Enlarge/Download Table]

                                                                         Income & Growth Fund                                 
                                        --------------------------------------------------------------------------------      
                                          Six Months                                                                          
                                            Ended                         Year Ended May 31,                   December 11,   
                                         November 30,    --------------------------------------------------      2000* to     
                                          2005/(f)/          2005          2004          2003         2002     May 31, 2001   
                                        ------------     --------      --------      --------      --------   ------------    
                                                                                                                              

PER SHARE DATA                                                                                                                
Net asset value at beginning of period.   $   9.87       $   9.07      $   7.73      $   8.51      $   9.61     $  10.00      
                                        --------------------------------------------------------------------------------      
Income (loss) from investment                                                                                                 
 operations:                                                                                                                  
   Net investment income (loss)........       0.10/(e)/      0.20/(e)/     0.13/(e)/     0.11/(e)/     0.08         0.04      
   Net realized and unrealized                                                                                                
    gain (loss) on investments and                                                                                            
    foreign currencies.................       0.40           0.80          1.34         (0.79)        (1.10)       (0.40)     
                                        --------------------------------------------------------------------------------      
   Total income (loss) from                                                                                                   
    investment operations..............       0.50           1.00          1.47         (0.68)        (1.02)       (0.36)     
                                        --------------------------------------------------------------------------------      
Distributions from:                                                                                                           
   Investment income...................      (0.09)         (0.20)        (0.13)        (0.10)        (0.08)       (0.03)     
   Realized gain on securities.........          -              -             -             -             -            -      
                                        --------------------------------------------------------------------------------      
   Total distributions.................      (0.09)         (0.20)        (0.13)        (0.10)        (0.08)       (0.03)     
                                        --------------------------------------------------------------------------------      
Net asset value at end of period.......   $  10.28       $   9.87      $   9.07      $   7.73      $   8.51     $   9.61      
                                        --------------------------------------------------------------------------------      
TOTAL RETURN/(a)/......................       5.11%         11.07%        19.16%        (7.87)%      (10.58)%      (3.60)%    
                                        --------------------------------------------------------------------------------      

RATIOS/SUPPLEMENTAL DATA                                                                                                      
Ratio of expenses to average net                                                                                              
 assets/(c)/...........................       0.83%/(b)/     0.83%         0.83%         0.83%         0.83%        0.83%/(b)/
Ratio of expenses to average net                                                                                              
 assets/(d)/...........................       0.91%/(b)/     0.91%         0.91%         0.93%         0.93%        0.87%/(b)/
Ratio of expense reductions to                                                                                                
 average net assets....................          -              -             -             -             -            -      
Ratio of net investment income (loss)                                                                                         
 to average net assets/(c)/............       2.05%/(b)/     2.05%         1.50%         1.47%         0.91%        0.79%/(b)/
Ratio of net investment income (loss)                                                                                         
 to average net assets/(d)/............       1.97%/(b)/     1.97%         1.43%         1.37%            -            -      
Portfolio turnover rate................         37%            72%           71%           64%           65%          72%     
Number of shares outstanding at end                                                                                           
 of period (000's).....................     22,275         23,445        25,344        26,008        27,664       27,197      
Net assets at end of period (000's)....   $228,945       $231,351      $229,928      $200,919      $235,508     $261,303      

* Date Fund commenced operations.                                               
/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/Unaudited.                                                                 

N-CSRS 160th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 160th
                                                                [Download Table]
                                                 
156              FINANCIAL HIGHLIGHTS - CONTINUED

                                                                [Download Table]

                                                Inflation Protected Fund      
                                          ------------------------------      
                                          Six Months Ended  December 20, 2004*
                                            November 30,            to        
                                             2005/(f)/         May 31, 2005   
                                          ----------------  ------------------
                                                                              

PER SHARE DATA                                                                
Net asset value at beginning of period...     $ 10.17            $ 10.00      
                                          ------------------------------      
Income (loss) from investment                                                 
 operations:                                                                  
   Net investment income (loss)..........        0.28/(e)/          0.20/(e)/ 
   Net realized and unrealized                                                
    gain (loss) on investments and                                            
    foreign currencies...................       (0.45)              0.10      
                                          ------------------------------      
   Total income (loss) from investment                                        
    operations...........................       (0.17)              0.30      
                                          ------------------------------      
Distributions from:                                                           
   Investment income.....................       (0.24)             (0.13)     
   Realized gain on securities...........           -                  -      
                                          ------------------------------      
   Total distributions...................       (0.24)             (0.13)     
                                          ------------------------------      
Net asset value at end of period.........     $  9.76            $ 10.17      
                                          ------------------------------      
TOTAL RETURN/(a)/........................       (1.64)%             3.00%     
                                          ------------------------------      

RATIOS/SUPPLEMENTAL DATA                                                      
Ratio of expenses to average net                                              
 assets/(c)/.............................        0.65%/(b)/         0.65%/(b)/
Ratio of expenses to average net                                              
 assets/(d)/.............................        1.15%/(b)/         2.27%/(b)/
Ratio of expense reductions to average                                        
 net assets..............................           -                  -      
Ratio of net investment income (loss)                                         
 to average net assets/(c)/..............        5.71%/(b)/         4.67%/(b)/
Ratio of net investment income (loss)                                         
 to average net assets/(d)/..............        5.21%/(b)/         3.05%/(b)/
Portfolio turnover rate..................          12%                39%     
Number of shares outstanding at end of                                        
 period (000's)..........................       1,571              1,069      
Net assets at end of period (000's)......     $15,333            $10,873      
                                                        [Enlarge/Download Table]

                                                                      International Equities Fund                            
                                          ---------------------------------------------------------------------------------  
                                          Six Months Ended                          Year Ended May 31,                       
                                            November 30,     --------------------------------------------------------------  
                                             2005/(f)/            2005          2004          2003         2002       2001   
                                          ----------------   --------       --------      --------      --------   --------  
                                                                                                                             

PER SHARE DATA                                                                                                               
Net asset value at beginning of period...     $   7.56       $   6.80       $   5.50      $   6.67      $   8.78   $  12.55  
                                          ---------------------------------------------------------------------------------  
Income (loss) from investment                                                                                                
 operations:                                                                                                                 
   Net investment income (loss)..........         0.06/(e)/      0.16/(e)/      0.12/(e)/     0.09/(e)/     0.09       0.12  
   Net realized and unrealized                                                                                               
    gain (loss) on investments and                                                                                           
    foreign currencies...................         0.93           0.73           1.29         (1.20)        (1.07)     (2.46) 
                                          ---------------------------------------------------------------------------------  
   Total income (loss) from investment                                                                                       
    operations...........................         0.99           0.89           1.41         (1.11)        (0.98)     (2.34) 
                                          ---------------------------------------------------------------------------------  
Distributions from:                                                                                                          
   Investment income.....................        (0.05)         (0.13)         (0.11)        (0.06)        (0.16)     (0.09) 
   Realized gain on securities...........            -              -              -             -         (0.97)     (1.34) 
                                          ---------------------------------------------------------------------------------  
   Total distributions...................        (0.05)         (0.13)         (0.11)        (0.06)        (1.13)     (1.43) 
                                          ---------------------------------------------------------------------------------  
Net asset value at end of period.........     $   8.50       $   7.56       $   6.80      $   5.50      $   6.67   $   8.78  
                                          ---------------------------------------------------------------------------------  
TOTAL RETURN/(a)/........................        13.15%         13.10%/(f)/    25.78%       (16.64)%      (10.66)%   (19.59)%
                                          ---------------------------------------------------------------------------------  

RATIOS/SUPPLEMENTAL DATA                                                                                                     
Ratio of expenses to average net                                                                                             
 assets/(c)/.............................         0.57%/(b)/     0.67%          0.61%         0.68%         0.78%      0.42% 
Ratio of expenses to average net                                                                                             
 assets/(d)/.............................         0.57%/(b)/     0.67%          0.61%         0.68%         0.78%      0.42% 
Ratio of expense reductions to average                                                                                       
 net assets..............................            -              -              -             -             -          -  
Ratio of net investment income (loss)                                                                                        
 to average net assets/(c)/..............         1.45%/(b)/     2.17%          1.96%         1.71%         1.16%      1.08% 
Ratio of net investment income (loss)                                                                                        
 to average net assets/(d)/..............         1.45%/(b)/     2.17%          1.96%         1.71%            -          -  
Portfolio turnover rate..................           53%            68%            12%            0%           45%        45% 
Number of shares outstanding at end of                                                                                       
 period (000's)..........................       73,869         65,340         29,964        16,491        15,226     13,501  
Net assets at end of period (000's)......     $628,208       $493,945       $203,768      $ 90,680      $101,562   $118,524  

* Date Fund commenced operations.                                               
/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/Unaudited.                                                                 

N-CSRS 161st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 161st
                                                                [Download Table]
                                                                
             FINANCIAL HIGHLIGHTS - CONTINUED                157

                                                        [Enlarge/Download Table]

                                                                International Government Bond Fund                      
                                          ----------------------------------------------------------------------------  
                                            Six Months                                                                  
                                              Ended                             Year Ended May 31,                      
                                           November 30,    -----------------------------------------------------------  
                                            2005/(f)/          2005          2004          2003        2002      2001   
                                          ------------     --------      --------      --------      --------  -------  
                                                                                                                        

PER SHARE DATA                                                                                                          
Net asset value at beginning of period...   $  13.04       $  13.40      $  13.83      $  11.04      $  10.10  $ 10.88  
                                          ----------------------------------------------------------------------------  
Income (loss) from investment                                                                                           
 operations:                                                                                                            
   Net investment income (loss)..........       0.24/(e)/      0.50/(e)/     0.55/(e)/     0.05/(e)/     0.54     0.43  
   Net realized and unrealized                                                                                          
    gain (loss) on investments and                                                                                      
    foreign currencies...................      (0.33)          1.08         (0.25)         2.81          0.49    (0.91) 
                                          ----------------------------------------------------------------------------  
   Total income (loss) from investment                                                                                  
    operations...........................      (0.09)          1.58          0.30          2.86          1.03    (0.48) 
                                          ----------------------------------------------------------------------------  
Distributions from:                                                                                                     
   Investment income.....................      (0.23)         (0.76)        (0.52)            -             -    (0.26) 
   Realized gain on securities...........          -          (1.18)        (0.21)        (0.07)        (0.09)   (0.04) 
                                          ----------------------------------------------------------------------------  
   Total distributions...................      (0.23)         (1.94)        (0.73)        (0.07)        (0.09)   (0.30) 
                                          ----------------------------------------------------------------------------  
Net asset value at end of period.........   $  12.72       $  13.04      $  13.40      $  13.83      $  11.04  $ 10.10  
                                          ----------------------------------------------------------------------------  
TOTAL RETURN/(a)/........................      (0.73)%        12.30%         2.10%        25.96%        10.23%   (4.47)%
                                          ----------------------------------------------------------------------------  

RATIOS/SUPPLEMENTAL DATA                                                                                                
Ratio of expenses to average net                                                                                        
 assets/(c)/.............................       0.71%/(b)/     0.69%         0.72%         0.77%         0.73%    0.58% 
Ratio of expenses to average net                                                                                        
 assets/(d)/.............................       0.71%/(b)/     0.69%         0.72%         0.77%         0.73%    0.58% 
Ratio of expense reductions to average                                                                                  
 net assets..............................          -              -             -             -             -        -  
Ratio of net investment income (loss)                                                                                   
 to average net assets/(c)/..............       3.71%/(b)/     3.77%         3.95%         4.81%         5.71%    3.82% 
Ratio of net investment income (loss)                                                                                   
 to average net assets/(d)/..............       3.71%/(b)/     3.77%         3.95%         4.81%            -        -  
Portfolio turnover rate..................        101%           136%          119%           70%          110%      72% 
Number of shares outstanding at end of                                                                                  
 period (000's)..........................     11,112         11,362        10,753        11,386         9,242    9,898  
Net assets at end of period (000's)......   $141,377       $148,171      $144,083      $157,478      $102,053  $99,977  
                                                        [Enlarge/Download Table]

                                                                        International Growth I Fund                              
                                          ---------------------------------------------------------------------------------      
                                            Six Months                                                                           
                                              Ended                         Year Ended May 31,                    December 11,   
                                           November 30,    ---------------------------------------------------      2000* to     
                                            2005/(f)/          2005           2004          2003         2002     May 31, 2001   
                                          ------------     --------      ---------      --------      --------   ------------    
                                                                                                                                 

PER SHARE DATA                                                                                                                   
Net asset value at beginning of period...   $   8.07       $   7.38       $   6.07      $   7.25      $   8.31     $  10.00      
                                          ---------------------------------------------------------------------------------      
Income (loss) from investment                                                                                                    
 operations:                                                                                                                     
   Net investment income (loss)..........       0.04/(e)/      0.08/(e)/      0.06/(e)/     0.08/(e)/     0.05         0.05      
   Net realized and unrealized                                                                                                   
    gain (loss) on investments and                                                                                               
    foreign currencies...................       0.88           0.69           1.31         (1.15)        (1.09)       (1.70)     
                                          ---------------------------------------------------------------------------------      
   Total income (loss) from investment                                                                                           
    operations...........................       0.92           0.77           1.37         (1.07)        (1.04)       (1.65)     
                                          ---------------------------------------------------------------------------------      
Distributions from:                                                                                                              
   Investment income.....................      (0.05)         (0.08)         (0.06)        (0.11)        (0.02)       (0.04)     
   Realized gain on securities...........          -              -              -             -             -            -      
                                          ---------------------------------------------------------------------------------      
   Total distributions...................      (0.05)         (0.08)         (0.06)        (0.11)        (0.02)       (0.04)     
                                          ---------------------------------------------------------------------------------      
Net asset value at end of period.........   $   8.94       $   8.07       $   7.38      $   6.07      $   7.25     $   8.31      
                                          ---------------------------------------------------------------------------------      
TOTAL RETURN/(a)/........................      11.40%         10.46%         22.57%       (14.76)%      (12.56)%      (3.60)%    
                                          ---------------------------------------------------------------------------------      

RATIOS/SUPPLEMENTAL DATA                                                                                                         
Ratio of expenses to average net                                                                                                 
 assets/(c)/.............................       1.01%/(b)/     1.03%         1.06%//        1.06%         1.06%        1.06%/(b)/
Ratio of expenses to average net                                                                                                 
 assets/(d)/.............................       1.20%/(b)/     1.29%         1.28%//        1.36%         1.33%        1.10%/(b)/
Ratio of expense reductions to average                                                                                           
 net assets..............................          -              -              -             -             -            -      
Ratio of net investment income (loss)                                                                                            
 to average net assets/(c)/..............       0.94%/(b)/     0.99%         0.83%//        1.25%         0.67%        0.99%/(b)/
Ratio of net investment income (loss)                                                                                            
 to average net assets/(d)/..............       0.75%/(b)/     0.73%         0.61%//        0.95%            -            -      
Portfolio turnover rate..................         64%            94%           164%          192%          205%         183%     
Number of shares outstanding at end of                                                                                           
 period (000's)..........................     43,774         46,352         52,010        56,825        60,441       64,151      
Net assets at end of period (000's)......   $391,226       $374,189       $383,924      $345,213      $438,474     $533,368      

* Date Fund commenced operations.                                               
/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/Unaudited.                                                                 

N-CSRS 162nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 162nd
                                                                [Download Table]
                                                 
158              FINANCIAL HIGHLIGHTS - CONTINUED

                                                        [Enlarge/Download Table]


                                                                      Large Cap Growth Fund                                     
                                  ---------------------------------------------------------------------------------------       
                                  Six Months Ended                     Year Ended May 31,                   December 11, 2000*  
                                    November 30,      ---------------------------------------------------           to          
                                     2005/(f)/            2005           2004          2003         2002       May 31, 2001     
                                  ----------------    --------      --------       --------      --------   ------------------  
                                                                                                                                

PER SHARE DATA                                                                                                                  
Net asset value at beginning of                                                                                                 
 period..........................     $   6.39        $   6.23      $   5.45       $   6.20      $   7.43        $  10.00       
                                  ---------------------------------------------------------------------------------------       
Income (loss) from investment                                                                                                   
 operations:                                                                                                                    
   Net investment income (loss)..        (0.00)/(e)/      0.03/(e)/    (0.00)/(e)/     0.00/(e)/    (0.01)          (0.01)      
   Net realized and unrealized                                                                                                  
    gain (loss) on investments                                                                                                  
    and foreign currencies.......         0.35            0.16          0.78          (0.75)        (1.22)          (2.56)      
                                  ---------------------------------------------------------------------------------------       
   Total income (loss) from                                                                                                     
    investment operations........         0.35            0.19          0.78          (0.75)        (1.23)          (2.57)      
                                  ---------------------------------------------------------------------------------------       
Distributions from:                                                                                                             
   Investment income.............            -           (0.03)            -              -             -               -       
   Realized gain on securities...            -               -             -              -             -               -       
                                  ---------------------------------------------------------------------------------------       
   Total distributions...........            -           (0.03)            -              -             -               -       
                                  ----------------    -------------------------------------------------------------------       
Net asset value at end of period.     $   6.74        $   6.39      $   6.23       $   5.45      $   6.20        $   7.43       
                                  ---------------------------------------------------------------------------------------       
TOTAL RETURN/(a)/................         5.48%           3.12%        14.31%        (12.04)%      (16.55)%        (25.70)%     
                                  ---------------------------------------------------------------------------------------       

RATIOS/SUPPLEMENTAL DATA                                                                                                        
Ratio of expenses to average                                                                                                    
 net assets/(c)/.................         0.96%/(b)/      0.98%         1.06%          1.06%         1.05%           1.06%/(b)/ 
Ratio of expenses to average                                                                                                    
 net assets/(d)/.................         0.99%/(b)/      1.00%         1.08%          1.10%         1.15%           1.10%/(b)/ 
Ratio of expense reductions to                                                                                                  
 average net assets..............            -               -             -              -             -               -       
Ratio of net investment income                                                                                                  
 (loss) to                                                                                                                      
 average net assets/(c)/.........        (0.09)%/(b)/     0.55%        (0.07)%         0.05%        (0.13)%         (0.27)%/(b)/
Ratio of net investment income                                                                                                  
 (loss) to                                                                                                                      
 average net assets/(d)/.........        (0.12)%/(b)/     0.53%        (0.09)%         0.01%            -               -       
Portfolio turnover rate..........           62%            132%          141%            86%          150%             94%      
Number of shares outstanding at                                                                                                 
 end of period (000's)...........       51,704          57,197        69,559         78,170        83,752          84,055       
Net assets at end of period                                                                                                     
 (000's).........................     $348,398        $365,292      $433,278       $426,061      $519,129        $624,700       
                                                                [Download Table]

                                           Large Capital Growth         
                                                   Fund                 
                                  -------------------------------       
                                  Six Months Ended   December 20, 2004* 
                                    November 30,             to         
                                     2005/(f)/          May 31, 2005    
                                  ----------------   ------------------ 
                                                                        

PER SHARE DATA                                                          
Net asset value at beginning of                                         
 period..........................     $  9.85              $10.00       
                                  -------------------------------       
Income (loss) from investment                                           
 operations:                                                            
   Net investment income (loss)..       (0.00)/(e)/          0.01/(e)/  
   Net realized and unrealized                                          
    gain (loss) on investments                                          
    and foreign currencies.......        0.74               (0.16)      
                                  -------------------------------       
   Total income (loss) from                                             
    investment operations........        0.74               (0.15)      
                                  -------------------------------       
Distributions from:                                                     
   Investment income.............           -                0.00       
   Realized gain on securities...           -                   -       
                                  -------------------------------       
   Total distributions...........           -                0.00       
                                  -------------------------------       
Net asset value at end of period.     $ 10.59              $ 9.85       
                                  -------------------------------       
TOTAL RETURN/(a)/................        7.51%              (1.49)%     
                                  -------------------------------       

RATIOS/SUPPLEMENTAL DATA                                                
Ratio of expenses to average                                            
 net assets/(c)/.................        0.83%/(b)/          0.85%/(b)/ 
Ratio of expenses to average                                            
 net assets/(d)/.................        1.98%/(b)/          2.73%/(b)/ 
Ratio of expense reductions to                                          
 average net assets..............           -                   -       
Ratio of net investment income                                          
 (loss) to                                                              
 average net assets/(c)/.........        0.09%/(b)/          0.29%/(b)/ 
Ratio of net investment income                                          
 (loss) to                                                              
 average net assets/(d)/.........       (1.06)%/(b)/        (1.59)%/(b)/
Portfolio turnover rate..........          58%                 45%      
Number of shares outstanding at                                         
 end of period (000's)...........       1,000               1,000       
Net assets at end of period                                             
 (000's).........................     $10,592              $9,849       

* Date Fund commenced operations.                                               
/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/Unaudited.                                                                 

N-CSRS 163rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 163rd
                                                                [Download Table]
                                                                
             FINANCIAL HIGHLIGHTS - CONTINUED                159

                                                        [Enlarge/Download Table]


                                                                         Mid Cap Index Fund                                     
                                     ------------------------------------------------------------------------------------------ 
                                     Six Months Ended                              Year Ended May 31,                           
                                       November 30,      ---------------------------------------------------------------------- 
                                        2005/(f)/             2005            2004            2003          2002        2001    
                                     ----------------    ----------      ----------      ----------      ----------  ---------- 
                                                                                                                                

PER SHARE DATA                                                                                                                  
Net asset value at beginning of                                                                                                 
 period.............................    $    21.46       $    19.41      $    15.62      $    18.01      $    19.82  $    23.73 
                                     ------------------------------------------------------------------------------------------ 
Income (loss) from investment                                                                                                   
 operations:                                                                                                                    
   Net investment income (loss).....          0.12/(e)/        0.19/(e)/       0.14/(e)/       0.11/(e)/       0.13        0.19 
   Net realized and unrealized                                                                                                  
    gain (loss) on investments and                                                                                              
    foreign currencies..............          2.03             2.42            3.94           (1.88)           0.16        1.74 
                                     ------------------------------------------------------------------------------------------ 
   Total income (loss) from                                                                                                     
    investment operations...........          2.15             2.61            4.08           (1.77)           0.29        1.93 
                                     ------------------------------------------------------------------------------------------ 
Distributions from:                                                                                                             
   Investment income................         (0.11)           (0.19)          (0.15)          (0.10)          (0.14)      (0.19)
   Realized gain on securities......             -            (0.37)          (0.14)          (0.52)          (1.96)      (5.65)
                                     ------------------------------------------------------------------------------------------ 
   Total distributions..............         (0.11)           (0.56)          (0.29)          (0.62)          (2.10)      (5.84)
                                     ------------------------------------------------------------------------------------------ 
Net asset value at end of period....    $    23.50       $    21.46      $    19.41      $    15.62      $    18.01  $    19.82 
                                     ------------------------------------------------------------------------------------------ 
TOTAL RETURN/(a)/...................         10.03%           13.50%          26.22%          (9.50)%          2.03%      10.11%
                                     ------------------------------------------------------------------------------------------ 

RATIOS/SUPPLEMENTAL DATA                                                                                                        
Ratio of expenses to average net                                                                                                
 assets/(c)/........................          0.38%/(b)/       0.40%           0.41%           0.45%           0.41%       0.38%
Ratio of expenses to average net                                                                                                
 assets/(d)/........................          0.38%/(b)/       0.40%           0.41%           0.45%           0.41%       0.38%
Ratio of expense reductions to                                                                                                  
 average net assets.................             -                -               -               -               -           - 
Ratio of net investment income                                                                                                  
 (loss) to average net assets/(c)/..          1.06%/(b)/       0.95%           0.80%           0.77%           0.74%       0.84%
Ratio of net investment income                                                                                                  
 (loss) to average net assets/(d)/..          1.06%/(b)/       0.95%           0.80%           0.77%              -           - 
Portfolio turnover rate.............            10%              14%             11%             10%             17%         34%
Number of shares outstanding at                                                                                                 
 end of period (000's)..............        91,643           89,704          80,118          70,135          64,086      52,860 
Net assets at end of period (000's).    $2,153,930       $1,925,334      $1,554,815      $1,095,294      $1,154,008  $1,047,680 
                                                                [Download Table]

                                            Mid Cap Strategic Growth       
                                                      Fund                 
                                     -------------------------------       
                                     Six Months Ended                      
                                       November 30,     December 20, 2004* 
                                        2005/(f)/        to May 31, 2005   
                                     ----------------   ------------------ 
                                                                           

PER SHARE DATA                                                             
Net asset value at beginning of                                            
 period.............................     $  9.97              $10.00       
                                     -------------------------------       
Income (loss) from investment                                              
 operations:                                                               
   Net investment income (loss).....       (0.02)/(e)/         (0.02)/(e)/ 
   Net realized and unrealized                                             
    gain (loss) on investments and                                         
    foreign currencies..............        1.36               (0.01)      
                                     -------------------------------       
   Total income (loss) from                                                
    investment operations...........        1.34               (0.03)      
                                     -------------------------------       
Distributions from:                                                        
   Investment income................           -                0.00       
   Realized gain on securities......           -                   -       
                                     -------------------------------       
   Total distributions..............           -                0.00       
                                     -------------------------------       
Net asset value at end of period....     $ 11.31              $ 9.97       
                                     -------------------------------       
TOTAL RETURN/(a)/...................       13.44%              (0.28)%     
                                     -------------------------------       

RATIOS/SUPPLEMENTAL DATA                                                   
Ratio of expenses to average net                                           
 assets/(c)/........................        0.85%/(b)/          0.85%/(b)/ 
Ratio of expenses to average net                                           
 assets/(d)/........................        1.87%/(b)/          2.68%/(b)/ 
Ratio of expense reductions to                                             
 average net assets.................           -                   -       
Ratio of net investment income                                             
 (loss) to average net assets/(c)/..       (0.40)%/(b)/        (0.37)%/(b)/
Ratio of net investment income                                             
 (loss) to average net assets/(d)/..       (1.42)%/(b)/        (2.20)%/(b)/
Portfolio turnover rate.............         111%                 72%      
Number of shares outstanding at                                            
 end of period (000's)..............       1,000               1,000       
Net assets at end of period (000's).     $11,314              $9,976       

* Date Fund commenced operations.                                               
/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method./ /    
/(f)/Unaudited.                                                                 

N-CSRS 164th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 164th
                                                                [Download Table]
                                                 
160              FINANCIAL HIGHLIGHTS - CONTINUED

                                                        [Enlarge/Download Table]

                                                                        Money Market I Fund                              
                                          ------------------------------------------------------------------------------ 
                                            Six Months                                                                   
                                              Ended                              Year Ended May 31,                      
                                           November 30,    ------------------------------------------------------------- 
                                            2005/(f)/          2005           2004          2003        2002      2001   
                                          ------------     --------      ---------      --------      --------  -------- 
                                                                                                                         

PER SHARE DATA                                                                                                           
Net asset value at beginning of period...   $   1.00       $   1.00       $   1.00      $   1.00      $   1.00  $   1.00 
                                          ------------------------------------------------------------------------------ 
Income (loss) from investment                                                                                            
 operations:                                                                                                             
   Net investment income (loss)..........       0.02/(e)/      0.01/(e)/      0.01/(e)/     0.01/(e)/     0.02      0.06 
   Net realized and unrealized                                                                                           
    gain (loss) on investments and                                                                                       
    foreign currencies...................          -              -              -             -             -         - 
                                          ------------------------------------------------------------------------------ 
   Total income (loss) from investment                                                                                   
    operations...........................       0.02           0.01           0.01          0.01          0.02      0.06 
                                          ------------------------------------------------------------------------------ 
Distributions from:                                                                                                      
   Investment income.....................      (0.02)         (0.01)         (0.01)        (0.01)        (0.02)    (0.06)
   Realized gain on securities...........          -              -              -             -             -         - 
                                          ------------------------------------------------------------------------------ 
   Total distributions...................      (0.02)         (0.01)         (0.01)        (0.01)        (0.02)    (0.06)
                                          ------------------------------------------------------------------------------ 
Net asset value at end of period.........   $   1.00       $   1.00       $   1.00      $   1.00      $   1.00  $   1.00 
                                          ------------------------------------------------------------------------------ 
TOTAL RETURN/(a)/........................       1.53%          1.46%          0.51%         1.00%         2.14%     5.77%
                                          ------------------------------------------------------------------------------ 

RATIOS/SUPPLEMENTAL DATA                                                                                                 
Ratio of expenses to average net                                                                                         
 assets/(c)/.............................       0.55%/(b)/     0.57%         0.60%//        0.59%         0.60%     0.57%
Ratio of expenses to average net                                                                                         
 assets/(d)/.............................       0.59%/(b)/     0.61%         0.64%//        0.64%         0.62%     0.58%
Ratio of expense reductions to average                                                                                   
 net assets..............................          -              -              -             -             -         - 
Ratio of net investment income (loss)                                                                                    
 to average net assets/(c)/..............       3.04%/(b)/     1.43%          0.51%         1.01%         2.07%     5.59%
Ratio of net investment income (loss)                                                                                    
 to average net assets/(d)/..............       3.00%/(b)/     1.40%         0.47%//        0.96%            -         - 
Portfolio turnover rate..................        N/A            N/A            N/A           N/A           N/A       N/A 
Number of shares outstanding at end of                                                                                   
 period (000's)..........................    401,004        407,934        453,707       524,446       734,135   579,507 
Net assets at end of period (000's)......   $401,004       $407,933       $453,707      $524,446      $734,135  $579,507 
                                                        [Enlarge/Download Table]

                                                                       Nasdaq-100(R) Index Fund                              
                                          -----------------------------------------------------------------------------      
                                           Six Months                                                                        
                                             Ended                        Year Ended May 31,                   October 2,    
                                          November 30,    -------------------------------------------------     2000* to     
                                           2005/(f)/          2005          2004          2003        2002    May 31, 2001   
                                          ------------    -------      --------       -------       -------   ------------   
                                                                                                                             

PER SHARE DATA                                                                                                               
Net asset value at beginning of period...   $  4.28       $  4.11       $  3.36       $  3.40       $  5.09     $ 10.00      
                                          -----------------------------------------------------------------------------      
Income (loss) from investment                                                                                                
 operations:                                                                                                                 
   Net investment income (loss)..........      0.00/(e)/     0.03/(e)/    (0.01)/(e)/   (0.01)/(e)/   (0.01)       0.01      
   Net realized and unrealized                                                                                               
    gain (loss) on investments and                                                                                           
    foreign currencies...................      0.35          0.17          0.76         (0.03)        (1.68)      (4.91)     
                                          -----------------------------------------------------------------------------      
   Total income (loss) from investment                                                                                       
    operations...........................      0.35          0.20          0.75         (0.04)        (1.69)      (4.90)     
                                          -----------------------------------------------------------------------------      
Distributions from:                                                                                                          
   Investment income.....................         -         (0.03)            -             -             -       (0.01)     
   Realized gain on securities...........         -             -             -             -             -           -      
                                          -----------------------------------------------------------------------------      
   Total distributions...................         -         (0.03)            -             -             -       (0.01)     
                                          -----------------------------------------------------------------------------      
Net asset value at end of period.........   $  4.63       $  4.28       $  4.11       $  3.36       $  3.40     $  5.09      
                                          -----------------------------------------------------------------------------      
TOTAL RETURN/(a)/........................      8.18%         4.81%        22.32%        (1.18)%      (33.20)%    (49.01)%    
                                          -----------------------------------------------------------------------------      

RATIOS/SUPPLEMENTAL DATA                                                                                                     
Ratio of expenses to average net                                                                                             
 assets/(c)/.............................      0.59%/(b)/    0.65%        0.63%//        0.81%         0.77%       0.52%/(b)/
Ratio of expenses to average net                                                                                             
 assets/(d)/.............................      0.59%/(b)/    0.65%        0.63%//        0.81%         0.77%       0.52%/(b)/
Ratio of expense reductions to average                                                                                       
 net assets..............................         -             -             -             -             -           -      
Ratio of net investment income (loss)                                                                                        
 to average net assets/(c)/..............      0.18%/(b)/    0.73%       (0.32)%//      (0.48)%       (0.36)%      0.31%/(b)/
Ratio of net investment income (loss)                                                                                        
 to average net assets/(d)/..............      0.18%/(b)/    0.73%       (0.32)%//      (0.48)%           -           -      
Portfolio turnover rate..................         2%            8%           14%            6%            2%         19%     
Number of shares outstanding at end of                                                                                       
 period (000's)..........................    20,548        21,147        22,672        15,570         7,786       3,732      
Net assets at end of period (000's)......   $95,236       $90,520       $93,089       $52,306       $26,449     $19,005      

* Date Fund commenced operations.                                               
/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/Unaudited.                                                                 

N-CSRS 165th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 165th
                                                                [Download Table]
                                                                
             FINANCIAL HIGHLIGHTS - CONTINUED                161

                                                        [Enlarge/Download Table]

                                                          Science & Technology Fund                                    
                       ----------------------------------------------------------------------------------------------  
                          Six Months                                                                                   
                            Ended                                      Year Ended May 31,                              
                         November 30,     ---------------------------------------------------------------------------  
                          2005/(f)/             2005             2004              2003           2002         2001    
                       ------------       ----------       -----------       ----------       ----------   ----------  
                                                                                                                       

PER SHARE DATA                                                                                                         
Net asset value at                                                                                                     
 beginning of period..  $    11.27        $    11.08        $     9.14       $     9.56       $    17.28   $    41.14  
                       ----------------------------------------------------------------------------------------------  
Income (loss) from                                                                                                     
 investment                                                                                                            
 operations:                                                                                                           
   Net investment                                                                                                      
    income (loss).....       (0.03)/(e)/       (0.00)/(e)/       (0.07)/(e)/      (0.05)/(e)/      (0.07)       (0.17) 
   Net realized and                                                                                                    
    unrealized gain                                                                                                    
    (loss) on                                                                                                          
    investments and                                                                                                    
    foreign                                                                                                            
    currencies........        0.58              0.19              2.01            (0.37)           (6.86)      (15.86) 
                       ----------------------------------------------------------------------------------------------  
   Total income                                                                                                        
    (loss) from                                                                                                        
    investment                                                                                                         
    operations........        0.55              0.19              1.94            (0.42)           (6.93)      (16.03) 
                       ----------------------------------------------------------------------------------------------  
Distributions from:                                                                                                    
   Investment income..           -                 -                 -                -                -            -  
   Realized gain on                                                                                                    
    securities........           -                 -                 -                -            (0.79)       (7.83) 
                       ----------------------------------------------------------------------------------------------  
   Total                                                                                                               
    distributions.....           -                 -                 -                -            (0.79)       (7.83) 
                       ----------------------------------------------------------------------------------------------  
Net asset value at                                                                                                     
 end of period........  $    11.82        $    11.27        $    11.08       $     9.14       $     9.56   $    17.28  
                       ----------------------------------------------------------------------------------------------  
TOTAL RETURN/(a)/.....        4.88%             1.71%            21.23%           (4.39)%         (41.26)%     (42.24)%
                       ----------------------------------------------------------------------------------------------  

RATIOS/SUPPLEMENTAL                                                                                                    
 DATA                                                                                                                  
Ratio of expenses                                                                                                      
 to average net                                                                                                        
 assets/(c)/..........        1.01%/(b)/        1.03%            1.01%//           1.00%            1.00%        0.98% 
Ratio of expenses                                                                                                      
 to average net                                                                                                        
 assets/(d)/..........        1.01%/(b)/        1.03%            1.02%//           1.04%            1.02%        0.98% 
Ratio of expense                                                                                                       
 reductions to                                                                                                         
 average net assets...        0.02%/(b)/        0.01%             0.01%            0.02%            0.00%        0.00% 
Ratio of net                                                                                                           
 investment income                                                                                                     
 (loss) to average                                                                                                     
 net assets/(c)/......       (0.48)%/(b)/      (0.02)%          (0.68)%//         (0.66)%          (0.59)%      (0.66)%
Ratio of net                                                                                                           
 investment income                                                                                                     
 (loss) to average                                                                                                     
 net assets/(d)/......       (0.48)%/(b)/      (0.02)%          (0.69)%//         (0.71)%              -            -  
Portfolio turnover                                                                                                     
 rate.................          26%               56%               56%              53%             104%         176% 
Number of shares                                                                                                       
 outstanding at end                                                                                                    
 of period (000's)....      97,400           107,429           126,963          129,123          129,126      116,654  
Net assets at end                                                                                                      
 of period (000's)....  $1,151,710        $1,210,236        $1,406,766       $1,180,380       $1,234,937   $2,015,574  

/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/Unaudited.                                                                 

N-CSRS 166th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 166th
                                                                [Download Table]
                                                 
162              FINANCIAL HIGHLIGHTS - CONTINUED

                                                        [Enlarge/Download Table]

                                                                            Small Cap Fund                                       
                                     -------------------------------------------------------------------------------------       
                                       Six Months                                                                                
                                         Ended                            Year Ended May 31,                     December 11,    
                                      November 30,     ------------------------------------------------------      2000* to      
                                       2005/(f)/            2005           2004            2003         2002     May 31, 2001    
                                     ------------      --------       ---------       --------       --------   ------------     
                                                                                                                                 

PER SHARE DATA                                                                                                                   
Net asset value at beginning of                                                                                                  
 period.............................   $  11.01        $   9.75        $   7.67       $   8.75       $   9.09     $  10.00       
                                     -------------------------------------------------------------------------------------       
Income (loss) from investment                                                                                                    
 operations:                                                                                                                     
   Net investment income (loss).....       0.00/(e)/      (0.02)/(e)/     (0.04)/(e)/    (0.02)/(e)/    (0.01)       (0.01)      
   Net realized and unrealized                                                                                                   
    gain (loss) on investments and                                                                                               
    foreign currencies..............       1.17            1.28            2.12          (1.06)         (0.33)       (0.90)      
                                     -------------------------------------------------------------------------------------       
   Total income (loss) from                                                                                                      
    investment operations...........       1.17            1.26            2.08          (1.08)         (0.34)       (0.91)      
                                     -------------------------------------------------------------------------------------       
Distributions from:                                                                                                              
   Investment income................          -               -               -              -              -            -       
   Realized gain on securities......          -               -               -              -              -            -       
                                     -------------------------------------------------------------------------------------       
   Total distributions..............          -               -               -              -              -            -       
                                     -------------------------------------------------------------------------------------       
Net asset value at end of period....   $  12.18        $  11.01        $   9.75       $   7.67       $   8.75     $   9.09       
                                     -------------------------------------------------------------------------------------       
TOTAL RETURN/(a)/...................      10.63%          12.92%/(f)/     27.12%        (12.34)%        (3.74)%      11.51%      
                                     -------------------------------------------------------------------------------------       

RATIOS/SUPPLEMENTAL DATA                                                                                                         
Ratio of expenses to average net                                                                                                 
 assets/(c)/........................       0.95%/(b)/      0.95%          0.95%//         0.95%          0.95%        0.95%/(b)/ 
Ratio of expenses to average net                                                                                                 
 assets/(d)/........................       1.03%/(b)/      1.05%          1.04%//         1.06%          1.06%        1.00%/(b)/ 
Ratio of expense reductions to                                                                                                   
 average net assets.................          -               -               -              -              -            -       
Ratio of net investment income                                                                                                   
 (loss) to average net assets/(c)/..       0.05%/(b)/     (0.17)%        (0.39)%//       (0.29)%        (0.15)%      (0.14)%/(b)/
Ratio of net investment income                                                                                                   
 (loss) to average net assets/(d)/..      (0.03)%/(b)/    (0.27)%        (0.48)%//       (0.40)%            -            -       
Portfolio turnover rate.............         42%            119%             66%            74%            68%         130%      
Number of shares outstanding at                                                                                                  
 end of period (000's)..............     51,705          55,101          62,391         69,895         75,125       78,572       
Net assets at end of period (000's).   $629,882        $606,923        $608,133       $535,870       $657,045     $714,608       

* Date Fund commenced operations.                                               
/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/Unaudited.                                                                 

N-CSRS 167th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 167th
                                                                [Download Table]
                                                                
             FINANCIAL HIGHLIGHTS - CONTINUED                163

                                                        [Enlarge/Download Table]

                                                                            Small Cap Index Fund                              
                                               ------------------------------------------------------------------------------ 
                                                 Six Months                                                                   
                                                   Ended                              Year Ended May 31,                      
                                                November 30,    ------------------------------------------------------------- 
                                                 2005/(f)/          2005          2004          2003         2002      2001   
                                               ------------     --------      --------      --------      --------   -------- 
                                                                                                                              

PER SHARE DATA                                                                                                                
Net asset value at beginning of period........   $  15.16       $  13.97      $  10.86      $  11.97      $  14.11   $  15.66 
                                               ------------     ------------------------------------------------------------- 
Income (loss) from investment operations:                                                                                     
   Net investment income (loss)...............       0.08/(e)/      0.11/(e)/     0.08/(e)/     0.09/(e)/     0.13       0.19 
   Net realized and unrealized gain (loss)                                                                                    
    on investments and foreign currencies.....       1.48           1.21          3.13         (1.12)        (0.32)      0.40 
                                               ------------------------------------------------------------------------------ 
   Total income (loss) from investment                                                                                        
    operations................................       1.56           1.32          3.21         (1.03)        (0.19)      0.59 
                                               ------------------------------------------------------------------------------ 
Distributions from:                                                                                                           
   Investment income..........................      (0.07)         (0.13)        (0.10)        (0.08)        (0.13)     (0.19)
   Realized gain on securities................          -              -             -             -         (1.82)     (1.95)
                                               ------------------------------------------------------------------------------ 
   Total distributions........................      (0.07)         (0.13)        (0.10)        (0.08)        (1.95)     (2.14)
                                               ------------------------------------------------------------------------------ 
Net asset value at end of period..............   $  16.65       $  15.16      $  13.97      $  10.86      $  11.97   $  14.11 
                                               ------------------------------------------------------------------------------ 
TOTAL RETURN/(a)/.............................      10.32%          9.46%        29.62%        (8.55)%       (1.08)%     5.23%
                                               ------------------------------------------------------------------------------ 

RATIOS/SUPPLEMENTAL DATA                                                                                                      
Ratio of expenses to average net assets/(c)/..       0.44%/(b)/     0.46%         0.48%         0.52%         0.48%      0.44%
Ratio of expenses to average net assets/(d)/..       0.44%/(b)/     0.46%         0.48%         0.52%         0.48%      0.44%
Ratio of expense reductions to average net                                                                                    
 assets.......................................          -              -             -             -             -          - 
Ratio of net investment income (loss) to                                                                                      
 average net assets/(c)/......................       1.01%/(b)/     0.78%         0.65%         0.93%         1.03%      1.31%
Ratio of net investment income (loss) to                                                                                      
 average net assets/(d)/......................       1.01%/(b)/     0.78%         0.65%         0.93%            -          - 
Portfolio turnover rate.......................         19%            18%           15%           35%           34%        57%
Number of shares outstanding at end of                                                                                        
 period (000's)...............................     52,626         45,300        34,417        24,411        21,473     16,769 
Net assets at end of period (000's)...........   $876,294       $686,567      $480,867      $265,018      $257,046   $236,530 
                                                        [Enlarge/Download Table]

                                                                            Social Awareness Fund                              
                                               ------------------------------------------------------------------------------  
                                                 Six Months                                                                    
                                                   Ended                              Year Ended May 31,                       
                                                November 30,    -------------------------------------------------------------  
                                                 2005/(f)/          2005          2004          2003         2002       2001   
                                               ------------     --------      --------      --------      --------   --------  
                                                                                                                               

PER SHARE DATA                                                                                                                 
Net asset value at beginning of period........   $  19.38       $  18.28      $  15.73      $  17.66      $  21.01   $  24.77  
                                               ------------     -------------------------------------------------------------  
Income (loss) from investment operations:                                                                                      
   Net investment income (loss)...............       0.13/(e)/      0.27/(e)/     0.16/(e)/     0.16/(e)/     0.13       0.20  
   Net realized and unrealized gain (loss)                                                                                     
    on investments and foreign currencies.....       0.87           1.09          2.55         (1.60)        (2.76)     (3.23) 
                                               ------------------------------------------------------------------------------  
   Total income (loss) from investment                                                                                         
    operations................................       1.00           1.36          2.71         (1.44)        (2.63)     (3.03) 
                                               ------------------------------------------------------------------------------  
Distributions from:                                                                                                            
   Investment income..........................      (0.12)         (0.26)        (0.16)        (0.15)        (0.14)     (0.20) 
   Realized gain on securities................          -              -             -         (0.34)        (0.58)     (0.53) 
                                               ------------------------------------------------------------------------------  
   Total distributions........................      (0.12)         (0.26)        (0.16)        (0.49)        (0.72)     (0.73) 
                                               ------------------------------------------------------------------------------  
Net asset value at end of period..............   $  20.26       $  19.38      $  18.28      $  15.73      $  17.66   $  21.01  
                                               ------------------------------------------------------------------------------  
TOTAL RETURN/(a)/.............................       5.18%          7.47%        17.27%        (7.89)%      (12.77)%   (12.33)%
                                               ------------------------------------------------------------------------------  

RATIOS/SUPPLEMENTAL DATA                                                                                                       
Ratio of expenses to average net assets/(c)/..       0.63%/(b)/     0.63%         0.63%         0.65%         0.61%      0.58% 
Ratio of expenses to average net assets/(d)/..       0.63%/(b)/     0.63%         0.63%         0.65%         0.61%      0.58% 
Ratio of expense reductions to average net                                                                                     
 assets.......................................          -              -             -             -             -          -  
Ratio of net investment income (loss) to                                                                                       
 average net assets/(c)/......................       1.36%/(b)/     1.42%         0.89%         1.05%         0.69%      0.85% 
Ratio of net investment income (loss) to                                                                                       
 average net assets/(d)/......................       1.36%/(b)/     1.42%         0.89%         1.05%            -          -  
Portfolio turnover rate.......................         78%            53%           79%           58%           40%        29% 
Number of shares outstanding at end of                                                                                         
 period (000's)...............................     19,014         20,461        21,814        22,221        23,444     23,321  
Net assets at end of period (000's)...........   $385,259       $396,563      $398,820      $349,610      $414,108   $489,982  

/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/Unaudited.                                                                 

N-CSRS 168th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 168th
                                                                [Download Table]
                                                 
164              FINANCIAL HIGHLIGHTS - CONTINUED

                                                        [Enlarge/Download Table]

                                                                          Stock Index Fund                                      
                                     -----------------------------------------------------------------------------------------  
                                        Six Months                                                                              
                                          Ended                                   Year Ended May 31,                            
                                       November 30,    -----------------------------------------------------------------------  
                                        2005/(f)/           2005            2004            2003           2002         2001    
                                     ------------      ----------     -----------      ----------      ----------   ----------  
                                                                                                                                

PER SHARE DATA                                                                                                                  
Net asset value at beginning of                                                                                                 
 period.............................  $    32.17       $    30.74      $    26.51      $    30.11      $    36.89   $    42.98  
                                     -----------------------------------------------------------------------------------------  
Income (loss) from investment                                                                                                   
 operations:                                                                                                                    
   Net investment income (loss).....        0.27/(e)/      0.54/ (e)/        0.39/(e)/       0.35/(e)/       0.33         0.35  
   Net realized and unrealized                                                                                                  
    gain (loss) on investments and                                                                                              
    foreign currencies..............        1.56             1.88            4.33           (2.97)          (5.45)       (4.99) 
                                     -----------------------------------------------------------------------------------------  
   Total income (loss) from                                                                                                     
    investment operations...........        1.83             2.42            4.72           (2.62)          (5.12)       (4.64) 
                                     -----------------------------------------------------------------------------------------  
Distributions from:                                                                                                             
   Investment income................       (0.25)           (0.54)          (0.39)          (0.34)          (0.34)       (0.35) 
   Realized gain on securities......           -            (0.45)          (0.10)          (0.64)          (1.32)       (1.10) 
                                     -----------------------------------------------------------------------------------------  
   Total distributions..............       (0.25)           (0.99)          (0.49)          (0.98)          (1.66)       (1.45) 
                                     -----------------------------------------------------------------------------------------  
Net asset value at end of period....  $    33.75       $    32.17      $    30.74      $    26.51      $    30.11   $    36.89  
                                     -----------------------------------------------------------------------------------------  
TOTAL RETURN/(a)/...................        5.69%            7.89%          17.90%          (8.44)%        (14.16)%     (10.87)%
                                     -----------------------------------------------------------------------------------------  

RATIOS/SUPPLEMENTAL DATA                                                                                                        
Ratio of expenses to average net                                                                                                
 assets/(c)/........................        0.37%/(b)/       0.38%          0.38%//          0.40%           0.37%        0.34% 
Ratio of expenses to average net                                                                                                
 assets/(d)/........................        0.37%/(b)/       0.38%          0.38%//          0.40%           0.37%        0.34% 
Ratio of expense reductions to                                                                                                  
 average net assets.................           -                -               -               -               -            -  
Ratio of net investment income                                                                                                  
 (loss) to average net assets/(c)/..        1.61%/(b)/       1.72%           1.33%           1.39%           1.01%        0.86% 
Ratio of net investment income                                                                                                  
 (loss) to average net assets/(d)/..        1.61%/(b)/       1.72%          1.33%//          1.39%              -            -  
Portfolio turnover rate.............           3%               5%              3%              6%              6%           7% 
Number of shares outstanding at                                                                                                 
 end of period (000's)..............     138,752          138,996         137,616         136,800         135,870      131,180  
Net assets at end of period (000's).  $4,682,962       $4,471,146      $4,230,395      $3,627,137      $4,091,054   $4,839,632  
                                                        [Enlarge/Download Table]

                                                                    Value Fund                                
                                     -------------------------------------------------------------------      
                                       Six Months                                                             
                                         Ended                   Year Ended May 31,            December 31,   
                                      November 30,    -----------------------------------        2001* to     
                                       2005/(f)/          2005          2004          2003     May 31, 2002   
                                     ------------     -------       --------      -------      ------------   
                                                                                                              

PER SHARE DATA                                                                                                
Net asset value at beginning of                                                                               
 period.............................   $  11.15       $  9.99        $  8.62      $  9.69        $ 10.00      
                                     -------------------------------------------------------------------      
Income (loss) from investment                                                                                 
 operations:                                                                                                  
   Net investment income (loss).....       0.07/(e)/     0.06/(e)/      0.08/(e)/    0.07/(e)/      0.02      
   Net realized and unrealized                                                                                
    gain (loss) on investments and                                                                            
    foreign currencies..............       0.60          1.42           1.38        (1.05)         (0.31)     
                                     -------------------------------------------------------------------      
   Total income (loss) from                                                                                   
    investment operations...........       0.67          1.48           1.46        (0.98)         (0.29)     
                                     -------------------------------------------------------------------      
Distributions from:                                                                                           
   Investment income................      (0.02)        (0.01)         (0.09)       (0.06)         (0.02)     
   Realized gain on securities......          -         (0.31)             -        (0.03)             -      
                                     -------------------------------------------------------------------      
   Total distributions..............      (0.02)        (0.32)         (0.09)       (0.09)         (0.02)     
                                     -------------------------------------------------------------------      
Net asset value at end of period....   $  11.80       $ 11.15        $  9.99      $  8.62        $  9.69      
                                     -------------------------------------------------------------------      
TOTAL RETURN/(a)/...................       6.00%        14.83%/(f)/    17.01%      (10.01)%        (2.89)%    
                                     -------------------------------------------------------------------      

RATIOS/SUPPLEMENTAL DATA                                                                                      
Ratio of expenses to average net                                                                              
 assets/(c)/........................       0.95%/(b)/    1.28%         1.32%//       1.50%          1.46%/(b)/
Ratio of expenses to average net                                                                              
 assets/(d)/........................       0.95%/(b)/    1.39%         1.32%//       1.50%          1.46%/(b)/
Ratio of expense reductions to                                                                                
 average net assets.................          -             -              -            -              -      
Ratio of net investment income                                                                                
 (loss) to average net assets/(c)/..       1.35%/(b)/    0.60%         0.89%//       0.94%          0.52%/(b)/
Ratio of net investment income                                                                                
 (loss) to average net assets/(d)/..       1.35%/(b)/    0.49%         0.89%//       0.94%             -      
Portfolio turnover rate.............         26%          144%            36%          40%            20%     
Number of shares outstanding at                                                                               
 end of period (000's)..............     13,167         2,053          1,448        1,291          1,121      
Net assets at end of period (000's).   $155,380       $22,890        $14,472      $11,134        $10,855      

* Date Fund commenced operations.                                               
/(a)/Total return is not annualized. It does include, if any, expense           
reimbursements and expense reductions. The effect of fees and charges 
incurred at the separate account level are not reflected in these     
   performance figures. If such expenses had been included, the total return
would have been lower for each period presented.                      
/(b)/Annualized.                                                                
/(c)/Includes, if any, expense reimbursement, but excludes, if any, expense     
reductions.                                                           
/(d)/Excludes, if any, expense reimbursements and expense reductions.           
/(e)/The per share amounts are calculated using the average share method.       
/(f)/Unaudited.                                                                 

N-CSRS 169th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 169th
                                                                [Download Table]
                                                                
        APPROVAL OF ADVISORY AGREEMENTS (Unaudited)          165

The Board, including the Directors that are not interested persons of the     
Series Company, as defined in the 1940 Act (the "Independent Directors"),       
approved with respect to each Fund (except for the Inflation Protected Fund,    
the Large Capital Growth Fund and the Mid Cap Strategic Growth Fund), the       
Investment Advisory Agreement between VALIC and the Series Company and the      
Investment Sub-Advisory Agreements between VALIC and each of the following      
sub-advisers at a meeting of the Board held on July 25-26, 2005: AIGGIC, AIM,   
American Century, American Century Global, Franklin Portfolio, MFS,             
Oppenheimer, SAAMCo, T. Rowe Price, Wellington Management and WMA. Also at the  
July 2005 meeting, the Board, and a majority of the Independent Directors,      
approved a new Investment Sub-Advisory Agreement between VALIC and RCM Capital  
Management LLC ("RCM") that would become effective on or about September 19,    
2005. The Investment Advisory Agreement and Investment Sub-advisory Agreements  
are collectively referred to as the "Advisory Agreements."                      

In addition, at a meeting on June 16, 2005, the Board, including a majority of
the Independent Directors, approved an amendment to the Investment Advisory     
Agreement with respect to the "New Funds" (Broad Cap Value Fund, Foreign Value  
Fund, Global Equity Fund, Global Strategy Fund, Large Cap Core Fund, Small Cap  
Aggressive Growth Fund, Small Cap Special Values Fund, Small Cap Strategic      
Growth Fund and VALIC Ultra Fund) and Investment Sub-Advisory Agreements with   
respect to those Funds between VALIC and each of the following sub-advisers:    
American Century (with respect to the VALIC Ultra Fund), BHMS (with respect to  
the Broad Cap Value Fund), CSAM (with respect to the Small Cap Aggressive       
Fund), Evergreen (with respect to the Large Cap Core, Small Cap Special Values  
and Small Cap Strategic Growth Funds), Franklin Advisers (with respect to the   
Global Strategy Fund), Putnam (with respect to the Global Equity and Small Cap  
Special Values Funds), Templeton Global (with respect to the Foreign Value      
Fund) and Templeton Investment (with respect to the Global Strategy Fund).      
These Advisory Agreements with respect to these nine Funds were approved for an 
initial period of two years.                                                    

At a meeting held on April 25-26, 2005, the Board, including a majority of the
Independent Directors, approved an amendment to the Investment Sub-Advisory     
Agreement with AIM and approved an Investment Sub-Advisory Agreement with MFS,  
both with respect to the International Growth I Fund. The Investment            
Sub-Advisory Agreements with respect to the Fund were approved for an initial   
period of two years. The Board noted that AIM and MFS would each manage 25% of  
the Fund's assets and American Century would continue to manage the remaining   
50% of the Fund's assets. AIM and MFS assumed sub-advisory duties effective     
June 19, 2005.                                                                  

In addition, at a regular meeting held on October 18-19, 2004, the Board,     
including a majority of the Independent Directors, approved an amendment to the 
Investment Advisory Agreement with respect to certain new VC I funds (the       
Inflation Protected Fund, Large Capital Growth Fund and Mid Cap Strategic       
Growth Fund), and Investment Sub-Advisory Agreements (or amendments thereto)    
with respect to such Funds, between VALIC and each of the following             
sub-advisers: AIGGIC (with respect to the Inflation Protected Fund), AIM (with  
respect to the Large Capital Growth Fund), Brazos (with respect to the Mid Cap  
Strategic Growth Fund), SAAMCo (with respect to the Large Capital Growth Fund)  
and Van Kampen (with respect to the Mid Cap Strategic Growth Fund). The         
Advisory Agreements with respect to these three Funds were approved for an      
initial period of two years.                                                    

AIGGIC, AIM, American Century, American Century Global, BHMS, Brazos, CSAM,   
Evergreen, Franklin Advisers, Franklin Portfolio, MFS, Oppenheimer, Putnam,     
RCM, SAAMCo, T. Rowe Price, Templeton Global, Templeton Investment, Van Kampen, 
Wellington Management and WMA are collectively referred to as the               
"Sub-advisers" and each a "Sub-adviser."                                        

In connection with the approval of Advisory Agreements described above, the   
Board received materials related to certain factors used in its consideration   
whether to renew or approve such Advisory Agreements. Those factors included:   
(1) the nature, extent and quality of services provided or to be provided by    
(as the case may be) by VALIC and the Sub-advisers; (2) the advisory fee and    
sub-advisory-fees charged in connection with VALIC's and the Sub-advisers'      
management of the Funds, compared to advisory fee rates and sub-advisory fee    
rates of a group of funds with similar investment objectives (respectively, the 
"Expense Group/Universe" and the "Sub-Advisor Expense Group/Universe"), as      
selected by an independent third-party provider of investment company data;     
(3) the investment performance of the Funds, if any, compared to performance of 
comparable funds as selected by an independent third-party provider of          
investment company data ("Performance Group/Universe") and against benchmarks   
and/or indices, and with respect to the International Growth I Fund with        
respect to AIM and MFS, the Large Capital Growth Fund and the Mid Cap Strategic 
Growth Fund, the performance of comparable funds or accounts managed by the     
relevant Sub-adviser; (4) the costs of services and the benefits potentially    
derived by VALIC and the Sub-advisers; (5) the terms of the Advisory            
Agreements; (6) whether the Funds will benefit from possible economies of       
scale; and (7) information regarding VALIC and each of the Sub-advisers'        
compliance and regulatory history. The Directors also took into account         
performance, fee and expense information regarding each Fund provided to them   
on a quarterly basis. The Independent Directors were separately represented by  
counsel that is independent of VALIC in connection with their consideration of  
approval of the Advisory Agreements. The matters discussed below were also      
considered separately by the Independent Directors in executive sessions during 
which such independent counsel provided guidance to the Independent Directors.  

The Expense Group and the Performance Group each consists of a Fund and a     
select group of funds that are chosen to be comparable to the Fund based upon   
certain factors, including fund type (in this case, funds underlying variable   
insurance products), comparability of investment objectives and asset category  
(for example, large cap value, small cap growth, mid cap core), sales load      
type, asset size and expense components. In many cases, the other funds that    
comprise a Fund's Expense Group and Performance Group may differ. The Expense   
Universe and the Performance Universe each generally consists of a Fund, the    
funds in its Expense Group or Performance Group, respectively, and all other    
funds in the asset category or categories included in the Expense Group or      
Performance Group regardless of asset size or primary channel of distribution.  
A Fund's Subadvisor Expense Group and Subadvisor Expense Universe are comprised 
of the Fund and certain other comparable funds in its asset category or         
categories with subadviser agreements. The funds that comprise a Fund's Expense 
Group/Universe, Performance Group/Universe and Sub-Advisor Group/Universe are   
selected by an independent third-party provider of investment company data.     

Nature, Extent and Quality of Services. The Board considered the nature,      
quality and extent of services to be provided to the Funds by VALIC and the     
Sub-advisers. The Board reviewed information provided by VALIC relating to its  
operations and personnel. The Board also took into account its familiarity with 
VALIC's management through board meetings, discussions and reports during the   
preceding year. The Board considered that VALIC is responsible for the          
management of the day-to-day operations of VC I, including but not limited to,  
general supervision of and coordination of the services provided by the         
Sub-advisers, and is also responsible for monitoring and reviewing the          
activities of the Sub-advisers and other third-party service providers and      
makes changes/replacements when deemed appropriate. The Board also noted that   
VALIC personnel meet on a periodic basis to discuss the performance of the      
Funds, as well as the positioning of the insurance products, employer-sponsored 
retirement plans and the Funds generally vis-a-vis competitors. In addition, it 
was considered that VALIC works to developing marketing strategies to promote   
an identity for the Funds separate and apart from the insurance products and    
the employer-sponsored retirement plans. The Board also considered VALIC's      
financial condition and whether it had the financial wherewithal to provide the 
services under the Investment Advisory Agreement with respect to each Fund.     

N-CSRS 170th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 170th
                                                                [Download Table]
                                                       
166         APPROVAL OF ADVISORY AGREEMENTS (Unaudited)

With respect to the services provided by the Sub-advisers, the Board          
considered information provided to them regarding the services provided by the  
Sub-adviser, including information presented throughout the previous year, if   
applicable. The Board considered that the Sub-advisers make investment          
decisions for the Funds according to each Fund's investment objective and       
restrictions. It was also noted that each Sub-adviser (i) determines the        
securities to be purchased or sold on behalf of the Funds it manages as may be  
necessary in connection therewith; (ii) provides VALIC with records concerning  
its activities, which VALIC or VC I are required to maintain; and (iii) renders 
regular reports to VALIC and to officers and Directors of VC I concerning its   
discharge of the foregoing responsibilities. The Board reviewed the             
qualifications, background and responsibilities of each Sub-adviser's           
investment and compliance personnel who would be responsible for providing      
investment management services to the Funds. The Directors also took into       
account the financial condition of each Sub-adviser. The Directors also noted   
each Sub-adviser's brokerage practices.                                         

The Board considered VALIC's and each Sub-adviser's history and investment    
experience. With respect to RCM and in addition to the considerations described 
above, the Board noted that RCM would share responsibility for providing        
investment management services to the Science & Technology Fund with T. Rowe    
Price. The Board noted that a contributing factor for the addition of RCM to    
the Science and Technology Fund was that the addition of RCM could potentially  
have had a higher return with lower risk based on quantitative models presented 
by management. The Board noted that a contributing factor for the addition of   
AIM and MFS as sub-advisers to the International Growth I Fund was that the     
addition of the sub-advisers could potentially improve performance, maintain    
style consistency and control portfolio risk. Management presented statistical  
analyses that showed that the addition of AIM and MFS could potentially reduce  
portfolio risk while increasing portfolio returns and represented that this was 
primarily due to AIM's and MFS's differing investment styles.                   

The Board concluded that it was satisfied with the nature, quality and extent 
of the services to be provided by VALIC and each Sub-adviser under the Advisory 
Agreements.                                                                     

Fees and Expenses. The Board received and reviewed information regarding each 
Fund's total expenses, advisory and sub-advisory fees, and other expenses       
compared against the expenses and fees of the funds in its Expense Group,       
Expense Universe and Subadvisor Expense Group and, in some cases as noted       
below, the Subadvisor Expense Universe. It was noted that VALIC negotiates the  
sub-advisory fees with each of the unaffiliated Sub-advisers at arms-length.    
The Board also considered that the sub-advisory fees are paid by VALIC out of   
its advisory fee and not by the Funds, and that sub-advisory fees may vary      
widely within the Subadvisor Expense Group or Subadvisor Expense Universe for   
various reasons, including market pricing demands, existing relationships,      
experience and success, and individual client needs.                            

The Board noted that management proposed the institution of breakpoints or the
addition of additional breakpoints to twelve of the Funds' advisory fee         
schedules. In addition, the Board noted that management proposed lowering the   
expense caps of the Large Cap Growth Fund and the Money Market I Fund. The      
total expense information, advisory fee information, and sub-advisory fee       
information considered by the Board, among other fee and expense data, is       
summarized below.                                                               

. Asset Allocation Fund (sub-advised by AIGGIC). The Board considered that
  the Fund's total expenses and actual advisory fees were below the median
 of its Expense Group and Expense Universe. In addition, the Board noted
that the Fund's actual sub-advisory fee was at the median of its      
Sub-adviser Expense Group.                                            

  . Blue Chip Growth Fund (sub-advised by T. Rowe Price). The Board considered
that although the Fund's total expenses and actual advisory fees were 
  above the median of its Expense Group and Expense Universe, the Fund had
   only $48.5 million in assets as of April 30, 2005, and if the Fund grows,
 its total expenses would potentially continue to decrease. In addition,
 the Board noted that the Fund's actual sub-advisory fees were below the
median of its Sub-adviser Expense Group.                              

. Broad Cap Value Fund (subadvised by BHMS). The Board considered that the
Fund's anticipated total expenses (taking into account the proposed   
  expense limitation) were below the median of its Expense Group and above
   the median of its Expense Universe. In addition, the Board noted that the
Fund's proposed contractual advisory fee was below the median of its  
   Expense Group. The Board also noted that the Fund's proposed sub-advisory
fees were above the average of its Subadvisor Expense Group at asset  
   levels below approximately $150 million and below such average for higher
asset levels. The Board also noted VALIC's current undertakings to    
maintain expense limitations for the Fund.                            

. Capital Conservation Fund (sub-advised by AIGGIC ). The Board considered
   that the Fund's total expenses were below the median of its Expense Group
  and Expense Universe and that the Fund's actual advisory fees were above
    the median of the Expense Group and Expense Universe. The Board noted that
the Fund's sub-advisory fees were above the median of the Sub-adviser 
   Expense Group. The Board also noted that, at the July 2005 meeting, VALIC
proposed and the Board approved the institution of breakpoints to the 
Fund's contractual advisory fee.                                      

  . Core Equity Fund (sub-advised by Wellington and WMA). The Board considered
that the Fund's total expenses (net of applicable expense             
waivers/reimbursements) were above the median of its Expense Group and
below the median of its Expense Universe and that the Fund's actual   
advisory fees were above the median of its Expense Group and Expense  
    Universe. The Board noted that the Fund's sub-advisory fees were below the
   median of its Sub-adviser Expense Group and Sub-adviser Expense Universe.
 The Board also noted that, at the July 2005 meeting, VALIC proposed and
the Board approved the institution of breakpoints to the Fund's       
contractual advisory fee. The Board also noted VALIC's current        
undertakings to maintain expense limitations for the Fund.            

 . Foreign Value Fund (subadvised by Templeton Global). The Board considered
that the Fund's anticipated total expenses (taking into account the   
 proposed expense limitation) were above the median of its Expense Group
    and below the median of its Expense Universe. In addition, the Board noted
that the Fund's contractual advisory fee was below the median of its  
    Expense Group. The Board also noted that the Fund's sub-advisory fees were
    slightly above the average of its Subadvisor Expense Group at asset levels
below approximately $500 million and equal to such average for higher 
asset levels. The Board also noted VALIC's current undertakings to    
maintain expense limitations for the Fund.                            

. Global Equity Fund (subadvised by Putnam). The Board considered that the
Fund's anticipated total expenses (taking into account the proposed   
    expense limitation) were above the median of its Expense Group and Expense
Universe. In addition, the Board noted that the Fund's proposed       
    contractual advisory fee was below the median of its Expense Group. It was
   also noted that the Fund's proposed sub-advisory fees were at or slightly
 above the average of its Subadvisor Expense Group for all asset levels.
The Board also noted VALIC's current undertakings to maintain expense 
limitations for the Fund.                                             

N-CSRS 171st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 171st
                                                                [Download Table]
                                                                
        APPROVAL OF ADVISORY AGREEMENTS (Unaudited)          167

. Global Strategy Fund (subadvised by Franklin Advisers and Templeton     
Investment). The Board considered that the Fund's anticipated total   
   expenses (taking into account the proposed expense limitation) were below
the median of its Expense Group and Expense Universe In addition, the 
   Board noted that the Fund's proposed contractual advisory fees were below
the median of its Expense Group. The Board also noted that the Fund's 
    proposed sub-advisory fee was below the average for its Subadvisor Expense
    Group at asset levels up to approximately $1.2 billion, but rises slightly
  above the average of its Expense Group at higher asset levels. The Board
 also noted VALIC's current undertakings to maintain expense limitations
for the Fund.                                                         

 . Government Securities Fund (sub-advised by AIGGIC ). The Board considered
   that the Fund's total expenses were above the median of its Expense Group
 and below the median of its Expense Universe and that the Fund's actual
advisory fees were below the median of its Expense Group and Expense  
    Universe. The Board noted that the Fund's sub-advisory fees were above the
median of its Sub-adviser Expense Group, noting the relatively small  
number of funds in the Sub-adviser Expense Group. The Board also noted
    VALIC's current undertakings to maintain expense limitations for the Fund.
  The Board also considered that, at the July 2005 meeting, VALIC proposed
and the Board approved the institution of breakpoints to the Fund's   
contractual advisory fee.                                             

. Growth & Income Fund (sub-advised by SAAMCo). The Board considered that 
the Fund's total expenses (net of applicable expense                  
   waivers/reimbursements) were at the median of its Expense Group and below
the median of its Expense Universe and that the Fund's actual advisory
 fees were below the median of its Expense Group and above the median of
 its Expense Universe. The Board noted that the Fund's sub-advisory fees
were below the median of its Sub-adviser Expense Group and Sub-adviser
Expense Universe. The Board also noted VALIC's current undertakings to
maintain expense limitations for the Fund.                            

 . Health Sciences Fund (sub-advised by T. Rowe Price). The Board considered
   that the Fund's total expenses were above the median of its Expense Group
 and below the median of its Expense Universe and that the Fund's actual
advisory fees were above the median of its Expense Group and Expense  
 Universe. With respect to sub-advisory fees, it was reported that there
  were too few comparable funds for the third party provider of investment
  management information to compose a Sub-adviser Expense Group sufficient
   to provide meaningful comparisons. The Board also noted that, at the July
2005 meeting, VALIC proposed and the Board approved the institution of
breakpoints to the Fund's contractual advisory fee.                   

. Income & Growth Fund (sub-advised by American Century). The Board       
considered that the Fund's total expenses (net of applicable expense  
   waivers/reimbursements) were at the median of its Expense Group and below
the median of its Expense Universe and that the Fund's actual advisory
   fees were above the median of its Expense Group and Expense Universe. The
    Board noted that the Fund's sub-advisory fees were below the median of its
    Sub-adviser Expense Group and Sub-adviser Expense Universe. The Board also
    noted VALIC's current undertakings to maintain expense limitations for the
Fund. The Board also considered that, at the July 2005 meeting, VALIC 
proposed and the Board approved the institution of breakpoints to the 
Fund's contractual advisory fee.                                      

. Inflation Protected Fund (sub-advised by AIGGIC). The Board considered  
  that the Fund's proposed advisory fees were at the median of its Expense
    Group, noting the relatively small number of funds in the Expense Group as
  it was reported that there were few comparable funds for the third party
provider of investment management information to include. Management  
    explained the Fund's estimated total expenses and the Board noted that the
Fund's total expenses would be capped and that VALIC would waive or   
reimburse Fund expenses above the expense cap.                        

 . International Equities Fund (sub-advised by AIGGIC). The Board considered
that the Fund's total expenses were below the median of its Expense   
  Universe and slightly above the median of its Expense Group and that the
    Fund's actual advisory fees were above the median of its Expense Group and
   Expense Universe. The Board noted the relatively small number of funds in
   the Expense Group as it was reported that there were few comparable funds
for the third party provider of investment management information to  
 include in the peer group. The Board noted that the Fund's sub-advisory
fees were below the median of its Sub-advisor Expense Group and       
Sub-advisor Expense Universe.                                         

. International Government Bond Fund (sub-advised by AIGGIC). The Board   
 considered that the Fund's total expenses and actual advisory fees were
   below the median of its Expense Group and its Expense Universe. The Board
 also noted that, at the July 2005 meeting, VALIC proposed and the Board
    approved the institution of breakpoints to the Fund's contractual advisory
fee. In addition, it was noted that the Fund's sub-advisory fees were 
below the median of its Subadvisor Expense Group.                     

. International Growth I Fund (sub-advised by American Century Global, AIM
and MFS). The Board considered that the Fund's total expenses (net of 
   applicable expense waivers/reimbursements) were slightly above the median
    of its Expense Group and below the median of its Expense Universe and that
    the Fund's actual advisory fees were above the median of its Expense Group
 and Expense Universe. The Board noted that the Fund's sub-advisory fees
were above the median of its Sub-adviser Expense Group. The Board also
    noted VALIC's current undertakings to maintain expense limitations for the
Fund. The Board also considered that, at the July 2005 meeting, VALIC 
proposed and the Board approved the institution of breakpoints to the 
Fund's contractual management fee.                                    

  At the April 2005 meeting, the Board noted that the sub-advisory fees of
  AIM and MFS were below American Century's sub-advisory fee rate but were
   above the median for the Fund's Sub-adviser Expense Group. As a result of
the addition of AIM and MFS, the Board noted that the aggregate       
sub-advisory fee rate payable by VALIC would decrease.                

. Large Cap Core Fund (subadvised by Evergreen). The Board considered that
 the Fund's anticipated total expenses (taking into account the proposed
   expense limitation) were at the median of its Expense Group and below the
 median of its Expense Universe and that the Fund's proposed contractual
   advisory fees were below the median of its Expense Group. The Board noted
that the Fund's sub-advisory fees were below the average for its      
    Subadvisor Expense Group at asset levels over $125 million. The Board also
    noted VALIC's current undertakings to maintain expense limitations for the
Fund.                                                                 

. Large Cap Growth Fund (sub-advised by SAAMCo). The Board considered that
the Fund's total expenses (net of applicable expense                  
   waivers/reimbursements) and actual advisory fees were above the median of
its Expense Group and Expense Universe. The Board considered that the 
    Board had approved the lowering of the Fund's expense cap and its advisory
    fee at its July 2004 meeting, and that the full benefit of this adjustment
was not reflected in the comparative fee information. In addition, the
    Board noted that the Fund's sub-advisory fees were below the median of its
Sub-adviser Expense Group and Sub-adviser Expense Universe.           

N-CSRS 172nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 172nd
                                                                [Download Table]
                                                       
168         APPROVAL OF ADVISORY AGREEMENTS (Unaudited)

. Large Capital Growth Fund (sub-advised by AIM & SAAMCo). At the October 
 2004 meeting, the Board considered that the Fund's contractual advisory
fees and sub-advisory fees were below the median of its Expense Group.
Management discussed the Fund's estimated total expenses and the Board
   noted that the Fund's total expenses would be capped and that VALIC would
waive or reimburse Fund expenses above the Fund's expense cap.        

 . Mid Cap Index Fund (sub-advised by AIGGIC). The Board considered that the
 Fund's total expenses and actual advisory fees were below the median of
its Expense Group and Expense Universe. The Board also noted that the 
   Fund's sub-advisory fees were below the median of its Sub-adviser Expense
    Group. The Board also noted that, at the July 2005 meeting, VALIC proposed
 and the Board approved the institution of additional breakpoints to the
Fund's contractual advisory fee.                                      

  . Mid Cap Strategic Growth Fund (sub-advised by Brazos & Van Kampen). At the
October 2004 meeting, the Board considered that the Fund's contractual
    management fees and sub-advisory fees were below the median of its Expense
 Group. Management discussed the Fund's estimated total expenses and the
   Board noted that the Fund's total expenses would be capped and that VALIC
would waive or reimburse Fund expenses above the Fund's expense cap.  

  . Money Market I Fund (sub-advised by SAAMCo). The Board considered that the
  Fund's total expenses (net of applicable expense waivers/reimbursements)
 and actual advisory fees were above the median of its Expense Group and
 its Expense Universe. The Board also noted that the Fund's sub-advisory
fees were above the median of its Sub-adviser Expense Group. The Board
  took into account its approval at the July 2005 meeting of the reduction
of the Fund's cap on total expenses from 0.60% to 0.55%, effective    
    October 1, 2005. The Board also considered that, at the July 2005 meeting,
VALIC proposed and the Board approved the reduction of the Fund's     
contractual management fee from 0.50% to 0.40%.                       

. Nasdaq-100 Index Fund (sub-advised by AIGGIC). The Board considered that
  the Fund's total expenses and actual advisory fees were above the median
of its Expense Group and Expense Universe. The Board considered       
 management's discussion of the appropriateness of the peer group chosen
    for the Fund. The Board noted that the Fund's sub-advisory fees were below
the median of its Sub-adviser Expense Group and Sub-adviser Expense   
Universe.                                                             

. Science & Technology Fund (sub-advised by T. Rowe Price and RCM). The   
  Board considered that the Fund's total expenses were above the median of
 its Expense Group and below the median of its Expense Universe and that
    the Fund's actual advisory fees were above the median of its Expense Group
    and Expense Universe. The Board noted that the Fund's current sub-advisory
fees were below the median of its Subadvisor Expense Group. The Board 
noted that, at the July 2005 meeting, VALIC proposed and the Board    
approved the institution of breakpoints to the Fund's contractual     
management fee.                                                       

 The Board noted that VALIC also proposed that RCM initially manage $250
 million of the Fund's assets, with T. Rowe Price managing the remaining
portion of the Fund's assets. As a result of the addition of RCM, the 
  aggregate sub-advisory fee rate payable by VALIC would slightly increase
and VALIC will retain a smaller percentage of its advisory fee.       

 . Small Cap Aggressive Fund (subadvised by CSAM). The Board considered that
 the Fund's anticipated total expenses (taking into account the proposed
    expense limitation) were below the median of its Expense Group and Expense
Universe. The Board considered that the Fund's proposed contractual   
advisory fees were slightly below the median of its Expense Group. The
    Board noted that the Fund's proposed sub-advisory fees were slightly above
    the average of its Subadvisor Expense Group at all asset levels. The Board
 also noted VALIC's current undertakings to maintain expense limitations
for the Fund.                                                         

  . Small Cap Fund (sub-advised by American Century, Franklin Portfolio and T.
  Rowe Price). The Board considered that the Fund's total expenses (net of
  applicable expense waivers/reimbursements) and actual advisory fees were
above the median of its Expense Group and Expense Universe. The Board 
noted that the Fund's sub-advisory fees were above the median of its  
    Sub-adviser Expense Group and Sub-adviser Expense Universe. The Board also
noted that, at the July 2005 meeting, VALIC proposed and the Board    
approved the institution of breakpoints to the Fund's contractual     
management fee. The Board also noted VALIC's current undertakings to  
maintain expense limitations for the Fund.                            

. Small Cap Index Fund (sub-advised by AIGGIC). The Board considered that 
the Fund's total expenses were at the median of its Expense Group and 
    below the median of its Expense Universe and that the actual advisory fees
 were at the median of its Expense Group and Expense Universe. The Board
   noted the relatively small number of funds in the Expense Group as it was
    reported that there were few comparable funds for the third party provider
of investment management information to include in the peer group. The
 Board also noted that, at the July 2005 meeting, VALIC proposed and the
Board approved the institution of additional breakpoints to the Fund's
contractual advisory fee. In addition, the Board noted that the Fund's
  sub-advisory fees were below the median of its Sub-adviser Expense Group
and Sub-adviser Expense Universe.                                     

. Small Cap Special Values Fund (subadvised by Evergreen and Putnam). The 
  Board considered that the Fund's anticipated total expenses (taking into
account the proposed expense limitation) were below the median of its 
    Expense Group and Expense Universe. The Board also noted that the proposed
  contractual advisory fees were below the median of its Expense Group. In
addition, it was noted that the Fund's proposed sub-advisory fees were
    above the average of its Subadvisor Expense Group at all asset levels. The
Board also noted VALIC's current undertakings to maintain expense     
limitations for the Fund.                                             

. Small Cap Strategic Growth Fund (subadvised by Evergreen). The Board    
considered that the Fund's total expenses (taking into account the    
    proposed expense limitation) were slightly above the median of its Expense
 Group and but below the median of its Expense Universe. In addition, it
   was noted that the Fund's contractual advisory fees were at the median of
its Expense Group. It was also noted that the Fund's sub-advisory fees
were slightly above the average of its Subadvisor Expense Group at all
asset levels. The Board also noted VALIC's current undertakings to    
maintain expense limitations for the Fund.                            

. Social Awareness Fund (sub-advised by AIGGIC). The Board considered that
  the Fund's total expenses and actual advisory fees were below the median
  of its Expense Group and Expense Universe. The Board also noted that the
   Fund's sub-advisory fees were below the median of its Sub-adviser Expense
Group and Sub-adviser Expense Universe.                               

N-CSRS 173rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 173rd
                                                                [Download Table]
                                                                
        APPROVAL OF ADVISORY AGREEMENTS (Unaudited)          169

. Stock Index Fund (sub-advised by AIGGIC). The Board considered that the 
    Fund's total expenses were above the median of its Expense Group and below
   the median of its Expense Universe and that the actual advisory fees were
    below the median of its Expense Group and Expense Universe. The Board also
noted that, at the July 2005 meeting, VALIC proposed and the Board    
approved the institution of additional breakpoints to the Fund's      
contractual advisory fee. In addition, the Board noted that the Fund's
sub-advisory fees were below the median of its Expense Group.         

. VALIC Ultra Fund (subadvised by American Century). The Board considered 
  that the Fund's total expenses (taking into account the proposed expense
limitation) were above the median of its Expense Group and Expense    
Universe. In addition, the Board noted that the Fund's proposed       
  contractual advisory fees were above the median of its Expense Group. It
    was also noted that the Fund's sub-advisory fees were above the average of
its Subadvisor Expense Group at all asset levels. The Board also noted
    VALIC's current undertakings to maintain expense limitations for the Fund.

. Value Fund (sub-advised by Oppenheimer). The Board considered that,     
    although the Fund's total expenses and actual advisory fees were above the
   median of its Expense Group and Expense Universe, the Fund had only $22.9
   million in assets and if the Fund grows, total expenses could potentially
    continue to decrease. The Board also noted that, at the July 2005 meeting,
 VALIC proposed and the Board approved the institution of breakpoints to
   the Fund's contractual advisory fee. The Board also noted that the Fund's
proposed sub-advisory fees were above the median of its Sub-adviser   
Expense Group and Sub-adviser Expense Universe.                       

The Directors concluded that the advisory fee and sub-advisory fee for each   
Fund are fair and reasonable in light of the usual and customary charges made   
for services of the same nature and quality and the other factors considered.   

Investment Performance. With respect to the Funds for which Advisory          
Agreements were approved at the July 2005 Board meeting, the Board received and 
reviewed information prepared by management and by a third party provider of    
investment company information regarding the Funds' investment performance      
compared against its benchmark and other funds in its Performance Group and     
Performance Universe. All information reviewed by the Board at its July 2005    
meeting related to Performance Group, Performance Universe and its Lipper Index 
are as of the period ended April 30, 2005, while all information prepared by    
management (including benchmark related information) is as of the period ended  
June 30, 2005. With respect to the International Growth I Fund with respect to  
AIM and MFS, the Large Capital Growth Fund and the Mid Cap Strategic Growth     
Fund, the Board considered the performance of comparable funds or accounts      
managed by the relevant Sub-adviser. A summary of certain of the information    
that the Board considered is as follows:                                        

. Asset Allocation Fund (sub-advised by AIGGIC). The Board considered that
  the Fund's performance exceeded the Lipper Flexible Portfolio Fund Index
and the median of its Performance Universe for the three-, five- and  
   ten-year periods, but trailed such index and its Performance Universe for
the one-year period. In addition, it was noted that the Fund slightly 
trailed the median of its Performance Group for the one-, five- and   
ten-year periods and outperformed the Group for the three-year period.
   Furthermore, the Board noted that the Fund outperformed its blended index
    for the one-, three- and five-year periods but slightly trailed such index
   for the ten-year period. The blended index is comprised of the S&P 500(R)
 Index (55%), the Lehman Brothers Aggregate Bond Index (35%) and the New
   York City 30 Day Certificate of Deposit Primary Offering Rate ("30-Day CD
    Rate") (10%). The Directors concluded that the Fund's performance has been
satisfactory.                                                         

  . Blue Chip Growth Fund (sub-advised by T. Rowe Price). The Board considered
    that the Fund's performance exceeded the Lipper Large Cap Growth Index and
the median of its Performance Universe for the one- and three-year    
    periods. It was also noted that the Fund's performance exceeded the median
   of its Performance Group for three-year period, but slightly trailed such
    median for the one-year period. In addition, the Board noted that the Fund
outperformed its benchmark, the S&P(R) 500 Index, for the one- and    
 three-year periods. The Directors concluded that the Fund's performance
has been satisfactory.                                                

 . Broad Cap Value Fund (subadvised by BHMS). As the Fund had no performance
history as of June 2005, the Board considered the performance of a    
composite of portfolios managed by BHMS that have similar investment  
objectives and investment strategies as the Fund. With respect to such
 composite, BHMS reported that its composite outperformed the S&P 500(R)
Index and the Russell 1000 Value Index for the one-, three-, five- and
ten-year periods.                                                     

. Capital Conservation (sub-advised by AIGGIC ). The Board considered that
the Fund's performance slightly trailed the Lipper A Rated Bond Fund  
Index, the median of its Performance Group and the median of its      
   Performance Universe for the one-, three-, five- and ten-year periods. In
 addition, the Board noted that the Fund slightly trailed its benchmark,
the Lehman Brothers Aggregate Bond Index, for the same periods. The   
   Directors noted management's discussion of the Fund's performance and its
    recent improvement and concluded that the Fund's underperformance is being
addressed.                                                            

  . Core Equity Fund (sub-advised by Wellington and WMA). The Board considered
  that the Fund's performance exceeded the Lipper Large Cap Core Index for
   the one- and three-year periods, but trailed such index for the five- and
  ten-year periods. It was also noted that the Fund's performance exceeded
the median of its Performance Universe for the three-year period but  
   trailed the median for the one-, five- and ten-year periods. In addition,
the Board noted that the Fund's performance exceeded the median of its
    Performance Group for the three-year period and trailed the median for the
    one-, five- and ten-year periods. Finally, the Board noted that the Fund's
performance trailed its benchmark, the S&P 500(R) Index for the one-, 
 three-, five- and ten-year periods. The Directors also noted the Fund's
more recent short-term performance. The Directors noted management's  
discussion of the Fund's performance and concluded that the Fund's    
performance has been satisfactory in light of all factors considered. 

. Foreign Value Fund (subadvised by Templeton Global). As the Fund had no 
   performance history as of June 2005, the Board considered the performance
 of the Templeton Foreign Fund, which has a similar investment objective
   and investment strategies as the Fund. Templeton Global reported that its
 fund had outperformed the Morgan Stanley Capital International ("MSCI")
    Europe, Australasia and the Far East Index ("EAFE Index") and the MSCI All
Country World ex. U.S. Index over the longer term for the five- and   
ten-year periods but trailed those indices for the one- and three-year
   periods, noting the effect of the recent market environment on the fund's
performance.                                                          

N-CSRS 174th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 174th
                                                                [Download Table]
                                                       
170         APPROVAL OF ADVISORY AGREEMENTS (Unaudited)

 . Global Equity Fund (subadvised by Putnam). As the Fund had no performance
history as of June 2005, the Board considered the performance of the  
 Putnam Global Equity Fund, which has a similar investment objective and
investment strategies to the Fund. Putnam reported that its fund had  
underperformed the MSCI World Index for the one-, three- and five-year
  periods, but outperformed the index for the ten-year period. Putnam also
  reported that its fund had outperformed the average of the Lipper Global
Large-Cap Core Funds for the one-, three- and ten-year periods, but   
  trailed the index for the five-year period. The Directors noted Putnam's
discussion of its long-term investment philosophy.                    

. Global Strategy Fund (subadvised by Franklin Advisers and Templeton     
  Investment). As the Fund had no performance history as of June 2005, the
   Board considered the performance of the Templeton Global Asset Allocation
  Fund, which has a similar investment objective and investment strategies
   as the Fund. Franklin Advisers and Templeton Investment reported that its
    fund had outperformed the J.P. Morgan Global Government Bond Index for the
   year-to-date and the one- and ten-year periods, but trailed the index for
   the three- and five-year periods. The Sub-advisers also reported that its
fund had outperformed the MSCI All Country World Index for the one-,  
three-, five- and ten-year periods.                                   

 . Government Securities Fund (sub-advised by AIGGIC ). The Board considered
 that the Fund's performance exceeded the Lipper General U.S. Government
Fund Index, the median of its Performance Group and the median of its 
   Performance Universe for the one-, three-, five- and ten-year periods. In
addition, the Board noted that the Fund slightly outperformed its     
benchmark, the Lehman Brothers U.S. Government Bond Index, for the    
    three-year period but slightly underperformed such benchmark for the one-,
    five- and ten-year periods. The Directors noted management's discussion of
   the Fund's performance and concluded that the Fund's performance has been
satisfactory in light of all factors considered.                      

. Growth & Income Fund (sub-advised by SAAMCo). The Board considered that 
 the Fund's performance exceeded the Lipper Large Cap Core Index for the
    one-, three, and five-year periods, but trailed the index for the ten-year
  period. It also noted that the Fund's performance exceeded the median of
   its Performance Group for the one, three-, five- and ten-year periods. In
 addition, the Fund's performance exceeded the median of its Performance
Universe for the one- and five- year periods, but slightly trailed the
   median for the three- and ten-year periods. The Board also noted that the
 Fund outperformed its benchmark, the S&P 500(R) Index, for the one-year
period but trailed such benchmark for the three-, five- and ten-year  
periods. The Directors concluded that the Fund's performance has been 
satisfactory in light of all factors considered.                      

 . Health Sciences Fund (sub-advised by T. Rowe Price). The Board considered
  that the Fund's performance exceeded the median of its Performance Group
   and the median for its Performance Universe for the three-year period and
 trailed such medians for the one-year period. The Board also noted that
the Fund outperformed the Lipper Health/Biotech Fund Index for the    
    three-year period and underperformed the index for the one-year period. In
 addition, the Board noted that the Fund outperformed its benchmark, the
    S&P 500(R) Index, for the three-year period and trailed such benchmark for
 the one-year period. The Directors noted management's discussion of the
Fund's performance including its continued monitoring of the Fund and 
 concluded that the Fund's performance has been satisfactory in light of
all factors considered.                                               

. Income & Growth Fund (sub-advised by American Century). The Board       
   considered that the Fund's performance trailed the Lipper Multi-Cap Value
Index, the median of its Performance Group and the median of its      
 Performance Universe for the one-, and three-year periods. In addition,
   the Board noted that the Board outperformed its benchmark, the S&P 500(R)
Index, for the one- and three-year periods. The Directors noted       
 management's discussion of its monitoring of the Fund's performance and
 concluded that the Fund's performance has been satisfactory in light of
all factors considered.                                               

 . International Equities Fund (sub-advised by AIGGIC). The Board considered
    that the Fund's performance trailed the median of its Performance Universe
  for the three-, five-, and ten-year periods and exceeded its Performance
   Universe for the one-year period. The independent third party provider of
    investment company information did not provide information with respect to
 the Fund's Performance Group because there were only two other funds in
    such group. In addition, the Board considered that the Fund underperformed
 its benchmark, the EAFE Index, for the one-, three-, five- and ten-year
periods. The Directors noted management's discussion of the Fund's    
  performance including its continued monitoring of the Fund and concluded
that the Fund's performance is satisfactory in light of all factors   
considered.                                                           

. International Government Bond Fund (sub-advised by AIGGIC). The Board   
  considered that the Fund's performance exceeded the Lipper Global Income
    Fund Index and the median of its Performance Universe for the one-, three,
 five-year periods and lagged the index and its Performance Universe for
the ten-year period. It was also noted that the Fund's performance    
  exceeded the median in its Performance Group for the one- and three-year
periods, but trailed the median for the five- and ten-year periods. In
addition, the Board noted that the Fund underperformed its blended    
 benchmark for the one-, three-, five- and ten-year periods. The blended
  benchmark is comprised of the JP Morgan Emerging Markets Bond Index Plus
  (EMBI+) (30%) and the JP Morgan Government Bond Index Plus (GBI+) (70%).
 The Directors concluded that the Fund's performance was satisfactory in
light of all factors considered.                                      

. International Growth I Fund (sub-advised by American Century Global, AIM
 and MFS). The Board considered that the Fund's performed just above the
    median of its Performance Universe for the one-year period but trailed the
   median for the three-year period. The independent third party provider of
    investment company information did not provide information with respect to
 the Fund's Performance Group because there were only four funds in such
group. In addition, the Board noted that the Fund underperformed its  
  benchmark, the EAFE Index, for the benchmark for the one- and three-year
periods. The Directors also noted the Fund's more recent short-term   
 performance. The Directors took into account management's hiring of AIM
 and MFS as Sub-advisers of the Fund in an attempt to address the Fund's
underperformance. The Directors noted that the performance of the new 
Sub-advisers was not reflected in the performance information. The    
    Directors concluded that appropriate action had been to address the Fund's
performance.                                                          

At the April 2005 meeting, the Board considered the performance of the
    AIM's and MFS's funds that are managed with a similar investment objective
    and similar investment strategies as the Fund. It noted that both of their
comparable funds (the AIM International Growth Fund and the MFS       
   International Equity Portfolio) outperformed their Performance Groups for
the one and three-year periods. Furthermore, it was noted that the AIM
    International Growth Fund outperformed the EAFE Index for the year-to-date
and the three-year period ended March 31, 2005 and that the MFS       
    International Equity Portfolio outperformed the EAFE Index for the year to
date, one-, three- and five-year periods ended March 31, 2005.        

N-CSRS 175th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 175th
                                                                [Download Table]
                                                                
        APPROVAL OF ADVISORY AGREEMENTS (Unaudited)          171

. Large Cap Core Fund (subadvised by Evergreen). As the Fund had no       
   performance history as of June 2005, the Board considered the performance
of a composite fund managed by Evergreen that has similar investment  
objectives and investment strategies as the Fund. With respect to such
composite, the Evergreen Fundamental Large Cap composite, Evergreen   
reported that its composite outperformed the S&P 500(R) Index for the 
   one-, three- and five-year periods and trailed the index for the ten-year
period.                                                               

. Large Cap Growth Fund (sub-advised by SAAMCo). The Board considered that
the Fund's performance trailed the Lipper Large Cap Growth Index, the 
    median of its Performance Group and the median of its Performance Universe
    for the one- and three-year periods. In addition, the Board noted that the
   Fund lagged its benchmark, the S&P 500(R) Index, for the same period. The
    Directors took into account management's proposal at the July 2005 meeting
    to reduce the Fund's expense cap, which the Board considered and approved.
    The Directors also noted management's discussion of the Fund and concluded
   that appropriate steps are being taken to address the Fund's performance.

  . Large Capital Growth Fund (sub-advised by AIM and SAAMCo). As the Fund had
no performance history as of October 2004, the Board considered the   
 performance of funds that are managed by the Sub-advisers and that have
   similar investment objectives and investment strategies as the Fund. With
 respect to the comparable fund managed by AIM, the AIM Large Cap Growth
Fund Portfolio, it was reported that such fund outperformed both the  
  Russell 1000 Growth Index and the average of the Lipper Large Cap Growth
Category for the one-, three- and five-year periods.                  

 . Mid Cap Index Fund (sub-advised by AIGGIC). The Board considered that the
Fund's performance was comparable to the median of its Performance    
   Universe for all periods--the Fund exceeded the median of its Performance
Universe for the one- and ten-year periods, but slightly trailed the  
median for the three- and five-year periods. In addition, it was noted
    that the Fund's performance exceeded the Lipper Mid Cap Core Index for all
  periods except the three-year period. The Board also noted that the Fund
   slightly underperformed its benchmark, the S&P Mid Cap 400 Index, for all
periods. The Directors concluded that the Fund's performance has been 
satisfactory in light of all factors considered.                      

. Mid Cap Strategic Growth Fund (sub-advised by Brazos and Van Kampen). As
the Fund had no performance history as of October 2004, the Board     
  considered the performance of funds that are managed by the Sub-advisers
  and that have similar investment objectives and investment strategies as
  the Fund. With respect to the comparable fund managed by Brazos, its Mid
Cap Composite Portfolio, it was reported that the comparable fund     
    outperformed both the Russell Mid Cap Growth Index and the Russell Mid Cap
Index for six of the past eleven years. With respect to the comparable
    fund managed by Van Kampen, the Morgan Stanley Institutional Funds Mid Cap
Growth Portfolio, it was reported that the comparable fund had        
 outperformed the Russell Mid Cap Growth Index and average of the Lipper
   Mid Cap Growth Category for the one- and ten-year periods, and the period
since inception (March 30, 1990), but lagged such index and category  
average for the three- and five-year periods.                         

  . Money Market I Fund (sub-advised by SAAMCo). The Board considered that the
Fund's performance trailed the median of its Performance Group and    
   Performance Universe for the one-, three-, five- and ten-year periods. It
 also noted that the Fund's performance exceeded the Lipper Money Market
  Fund Index for the one- and three-year periods but trailed the index for
    the five- and ten-year periods. In addition, the Board noted that the Fund
 outperformed its benchmark, the 30-Day CD Rate, for the one-, five- and
 ten-year periods but slightly trailed such benchmark for the three-year
period. The Board took into account the proposed reduction of the     
  management fee and the expense cap, which the Board approved at the July
 2005 meeting, and the potential effect of such reductions on the Fund's
performance. The Directors also noted the relatively small range of   
returns among the Fund's peer group. The Directors concluded that     
appropriate action has been taken to address the Fund's performance.  

. Nasdaq-100 Index Fund (sub-advised by AIGGIC). The Board considered that
    the Fund's performance exceeded the median of its Performance Universe for
   the three-year period but trailed the median for the one- year period. It
 was also noted that the Fund's performance trailed the Lipper Multi Cap
  Growth Index for the one-year period, but outperformed the index for the
  three-year period. In addition, the Board noted that the Fund lagged its
   benchmark, the Nasdaq-100 Index, for the one- and three-year periods. The
Directors noted management's discussion of the appropriateness of the 
    Fund's peer group. The Directors concluded that the Fund's performance has
been satisfactory in light of all factors considered.                 

. Science & Technology Fund (sub-advised by T. Rowe Price and RCM). The   
    Board considered that the Fund's performance exceeded the Lipper Science &
Technology Index for the one- and three-year periods, but trailed such
 index for the five- and ten-year periods. It also noted that the Fund's
    performance was at or exceeded the median of its Performance Group for the
    one-, three- and five-year periods. With respect to the Fund's Performance
   Universe, it was noted that the Fund's performance was at or exceeded the
   median for the one- and three-year periods but trailed the median for the
   five-year period. In addition, the Board noted that the Fund outperformed
    its benchmark, the S&P 500(R) Index, for the three-year period, but lagged
such benchmark for the one-, five- and ten-year periods. The Directors
    took into account management's plans for the Fund, as well as the proposed
  addition of RCM, which was not reflected in the performance information.
 The Directors concluded that the Fund's performance was satisfactory in
light of all factors considered.                                      

In approving the Sub-Advisory Agreement with RCM, the Board also      
    considered the performance of the Allianz/PIMCO RCM Global Tech Fund which
is managed by RCM with a similar investment objective and investment  
strategy as the Science & Technology Fund and noted that it had       
exceptional performance for the one-, three- and five-year periods.   

. Small Cap Aggressive Fund (subadvised by CSAM). As the Fund had no      
   performance history as of June 2005, the Board considered the performance
of a composite of funds managed by CSAM that has a similar investment 
objective and investment strategy as the Fund. With respect to CSAM's 
  Small Cap Growth Equity composite, CSAM reported that such its composite
    outperformed the Russell 2000 Growth Index for the ten-year period and the
 period since inception (January 1, 1990) but trailed such index for the
one-, three- and five-year periods.                                   

  . Small Cap Fund (sub-advised by American Century, Franklin Portfolio and T.
    Rowe Price). The Board considered that the Fund's performance exceeded the
 median of its Performance Group for the one- and three-year periods. It
  also noted that in its Performance Universe, the Fund trailed the median
  in the three-year period but exceeded the median in the one-year period.
In addition, it was noted that the Fund's performance beat the Lipper 
 Small Cap Core Index for the one-year period but trailed such index for
    the three-year period. The Board also noted that the Fund outperformed its
     benchmark, the Russell 2000 Index, for the one-year period but trailed such

N-CSRS 176th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 176th
                                                                [Download Table]
                                                       
172         APPROVAL OF ADVISORY AGREEMENTS (Unaudited)

benchmark for the three-year period. The Directors took into account    
 management's discussion of the Fund's performance, including the recent
  market environment with respect to smaller capitalization companies. The
  Directors concluded that the Fund's performance has been satisfactory in
light of all factors considered.                                      

. Small Cap Index Fund (sub-advised by AIGGIC). The Board considered that 
 the Fund's performance exceeded the median of its Performance Group for
  the three- and five-year periods but trailed the median for the one-year
period. In its Performance Universe, it was noted that the Fund's     
    performance exceeded the median for the three-year period, but trailed the
   median for the one- and five-year periods. In addition, it was noted that
the Fund's performance trailed the Lipper Small Cap Core Index for the
 one-, three-, five- and ten-year periods. The Board also noted that the
 Fund slightly underperformed its benchmark, the Russell 2000 Index, for
the one-, three-, five- and ten-year periods. The Directors took into 
  account management's discussion of the Fund's performance. The Directors
 concluded that the Fund's performance has been satisfactory in light of
all factors considered.                                               

  . Small Cap Special Values Fund (subadvised by Evergreen and Putnam). As the
   Fund had no performance history as of June 2005, the Board considered the
 performance of funds that are managed by the Sub-advisers and that have
   similar investment objectives and investment strategies as the Fund. With
respect to the comparable composite of funds managed by Evergreen, the
Evergreen Special Values composite, Evergreen reported that its fund  
   outperformed the Russell 2000 Value Index for the one-, three-, five- and
 ten-year periods and the period since inception (October 1, 1993). With
respect to the comparable fund managed by Putnam, the Putnam Small Cap
 Value Fund, Putnam reported that its fund outperformed the Russell 2000
Value Index and average of the Lipper Small Cap Value Category for the
    one- and five-year periods and the period since inception (April 13, 1999)
and trailed the index and category average for the three-year period. 

  . Small Cap Strategic Growth Fund (subadvised by Evergreen). As the Fund had
no performance history as of June 2005, the Board considered the      
performance of a composite fund that is managed by Evergreen that has 
   similar investment objectives and investment strategies as the Fund. With
respect to such composite, the Evergreen Special Equity composite,    
    Evergreen reported that its composite outperformed the Russell 2000 Growth
   Index for the three- and five-year periods and the period since inception
(January 1, 2000) and matched the index for the one-year period.      

. Social Awareness Fund (sub-advised by AIGGIC). The Board considered that
 the Fund's performance outperformed the Lipper Large Cap Core Index for
the three-, five-, and ten-year periods and underperformed for the    
 one-year period. It was also noted that the Fund's performance exceeded
    the median of its Performance Group for the three-year period, but trailed
the median for the one- and five-year periods. In addition, the Board 
  noted that the Fund's performance exceeded the median of its Performance
 Group for the three-, five, and ten-year periods but trailed the median
  for the one-year period. Finally, the Board noted that the Fund slightly
   underperformed its benchmark, the S&P 500(R) Index, for the one-, three-,
five- and ten-year periods. The Directors concluded that the Fund's   
performance has been satisfactory in light of all factors considered. 

. Stock Index Fund (sub-advised by AIGGIC). The Board considered that the 
Fund's performance was no more than 0.11% above or below the median of
  both its Performance Group and Performance Universe and was no more than
   0.12% below the Lipper S&P 500 Fund Index for the one-, three-, five- and
ten-year periods. The Board also noted that the Fund slightly         
   underperformed its benchmark, the S&P 500(R) Index, for the same periods.
   The Directors concluded that the Fund's performance has been satisfactory
in light of all factors considered.                                   

. VALIC Ultra Fund (subadvised by American Century). As the Fund had no   
   performance history as of June 2005, the Board considered the performance
of the American Century Ultra Fund, which has a similar investment    
objectives and investment strategies as the Fund. With respect to the 
American Century Ultra Fund, American Century reported that the fund  
    outperformed the Russell 1000 Growth Index for the one-, three-, five- and
    ten-year periods, but trailed the S&P 500(R) Index for those same periods.
In addition, American Century reported that the American Century Ultra
   Fund outperformed the average of the Lipper Large Cap Growth Category for
those same periods.                                                   

. Value Fund (sub-advised by Oppenheimer). The Board considered that the  
  Fund's performance exceeded the Lipper Large Cap Value Index, the median
 of its Performance Group and the median of its Performance Universe for
the one- and three-year periods. The Board also noted that the Fund   
outperformed its benchmark, the S&P 500(R) Index, for the one- and    
 three-year periods. The Directors concluded that the Fund's performance
has been satisfactory.                                                

Cost of Services & Benefits Derived. The Board was provided information       
related to the cost of services and benefits derived in connection with the     
Advisory Agreements. Management reported that it believed that any indirect     
costs are inconsequential to the analysis of the adequacy of the advisory fees  
and that any collateral benefits derived as a result of providing advisory      
services to the Funds are de minimis.                                           

Profitability and Economies of Scale. The Board received information related  
to VALIC's profitability with respect to the services it provides to the Funds. 
It was noted that the sub-advisory fees paid pursuant to the Sub-Advisory       
Agreements are paid by VALIC out of the advisory fees that VALIC receives under 
the Investment Advisory Agreement. The Directors also relied on the ability of  
VALIC to negotiate the Investment Sub-Advisory Agreements and the fees          
thereunder at arm's length. The Board determined that the profitability to each 
Sub-adviser in connection with its relationship with the Funds is therefore not 
a material factor in their consideration of the Sub-Advisory Agreements. For    
similar reasons, the potential for the Funds to experience economies of scale   
from the Sub-advisers' management of the Funds was not considered a material    
factor to the Board's approval of the Sub-advisory Agreements. With respect to  
VALIC, the Board determined that its profitability was reasonable.              

Furthermore, the Board noted that VALIC serves as a transfer agent to the     
Funds and SAAMCo serves as the administrator to the Funds and that the fees for 
such services are paid for by the Funds.                                        

Terms of the Advisory Agreements. The Board reviewed the terms of the Advisory
Agreements including the duties and responsibilities undertaken. The Board also 
reviewed the terms of payment for services rendered by VALIC and the            
Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the  
fees it received from the Funds. The Board noted that the Sub-Advisory          
Agreements provide that each Sub-adviser will pay all of its own expenses in    
connection with the performance of its duties as well as the cost of            
maintaining the staff and personnel as necessary for it to perform its          
obligations. The Board also considered the termination and liability provisions 
of the Advisory Agreements.                                                     

N-CSRS 177th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 177th
                                                                [Download Table]
                                                                
        APPROVAL OF ADVISORY AGREEMENTS (Unaudited)          173

Compliance. The Board reviewed the administrator's compliance personnel and   
VALIC's and each Sub-adviser's regulatory history, including information        
whether it was currently involved in any regulatory actions or investigations.  
In addition, the Board reviewed information concerning the compliance staff of  
RCM and AIM and MFS who would be responsible for providing compliance functions 
on behalf of the Science & Technology Fund and International Growth I Fund,     
respectively. The Board concluded that there was no information that it felt    
would have a material adverse effect on VALIC's or the Sub-advisers' ability to 
provide services to the Funds.                                                  

Conclusions. In reaching its decision to recommend the renewal and/or approval
of the Advisory Agreements, the Board did not identify any single factor as     
being controlling, but based its recommendation on each of the factors it       
considered and each Director contributes different weight to the various        
factors. Based upon the materials it reviewed, the representations made to it   
and the considerations described above, and as part of their deliberations, the 
Board, including the Independent Directors, concluded that VALIC and the        
Sub-advisers possess the capability and resources to perform the duties         
required of it under its Advisory Agreement.                                    

Further, based upon its review of the Advisory Agreements, the materials      
provided, and the considerations described above, the Board, including the      
Independent Directors, concluded that (1) the terms of the Advisory Agreements  
are reasonable, fair and in the best interest of the Funds and their            
shareholders, and (2) the advisory fee rates and sub-advisory fee rates are     
fair and reasonable in light of the usual and customary charges made for        
services of the same nature and quality and the other factors considered.       

N-CSRS 178th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 178th
                                                                [Download Table]
                                                                     
174  DIRECTOR AND OFFICERS INFORMATION (Unaudited)  November 30, 2005

                                                        [Enlarge/Download Table]

                                                                                                           Number of   
                                                                                                            Funds in   
                                 Position    Term of Office                                               Fund Complex 
Name, Birth Date                 Held With    and Length of                                               Overseen by  
and Address*                   VALIC Complex Time Served (4) Principal Occupations During Past Five Years Director (2) 
------------------------------ ------------- --------------- -------------------------------------------- ------------ 
                                                                                                                       
Independent Directors                                                                                                  
Thomas J. Brown                Director         November      Formerly, Chief Operating Officer and            48      
  DOB: December 24, 1945                           2005-      Chief Financial Officer, American General                
                                                 Present      Asset Management (Investment                             
                                                              Management), (2000 to 2002).                             

-----------------------------------------------------------------------------------------------------------------------
Dr. Judith L. Craven           Director            1998-      Retired Administrator.                           91      
  DOB: October 6, 1945                           Present                                                               

-----------------------------------------------------------------------------------------------------------------------
William F. Devin               Chairman of          July      Retired.                                         91      
  DOB: December 30, 1938       the Board (5)       2005-                                                               
                                                 Present                                                               

-----------------------------------------------------------------------------------------------------------------------
Dr. Timothy J. Ebner           Director            1998-      Professor and Head, Department of                48      
  DOB: July 15, 1949                             Present      Neuroscience, and Visscher Chair of                      
                                                              Physiology, University of Minnesota                      
                                                              (1999-Present). Formerly, Director,                      
                                                              Graduate Program in Neuroscience,                        
                                                              University of Minnesota (1995-1999);                     
                                                              Professor of Neurosurgery, University of                 
                                                              Minnesota (1980-1999) .                                  

-----------------------------------------------------------------------------------------------------------------------
Judge Gustavo E. Gonzales, Jr. Director            1998-      Retired.                                         48      
  DOB: July 27, 1940                             Present                                                               

-----------------------------------------------------------------------------------------------------------------------
Dr. Norman Hackerman           Director            1984-      President Emeritus, Rice University,             48      
  DOB: March 2, 1912                             Present      Houston, Texas (1985-Present).                           

-----------------------------------------------------------------------------------------------------------------------
Dr. John Wm. Lancaster         Director            1984-      Pastor Emeritus and Director of Planned          48      
  DOB: December 15, 1923                         Present      Giving, First Presbyterian Church                        
                                                              (1997-Present).                                          

-----------------------------------------------------------------------------------------------------------------------
Kenneth J. Lavery              Director            2001-      Vice President of Massachusetts Capital          48      
  DOB: December 30, 1949                         Present      Resources Company (1982-Present).                        

-----------------------------------------------------------------------------------------------------------------------
Ben H. Love                    Director            1993-      Retired.                                         48      
  DOB: September 26, 1930                        Present                                                               

-----------------------------------------------------------------------------------------------------------------------
Dr. John E. Maupin, Jr.        Director            1998-      President, Meharry Medical College,              48      
  DOB: October 28, 1946                          Present      Nashville, Tennessee (1994-Present).                     

-----------------------------------------------------------------------------------------------------------------------
                                                                [Download Table]


Name, Birth Date                    Other Directorships      
and Address*                        Held by Director (3)     
------------------------------ ------------------------------
                                                             
Independent Directors                                        
Thomas J. Brown                Trustee, Merrimac Funds, a    
  DOB: December 24, 1945       mutual fund company (2004-    
                               Present).                     

-------------------------------------------------------------
Dr. Judith L. Craven           Director, A.G. Belo           
  DOB: October 6, 1945         Corporation, a media company  
                               (1992-Present); Director      
                               SYSCO Corporation, a food     
                               marketing and distribution    
                               company (1996-Present);       
                               Director, Luby's, Inc., a     
                               restaurant chain (1998-       
                               Present); Director, University
                               of Texas Board of Regents     
                               (2001-Present).               

-------------------------------------------------------------
William F. Devin               Board of Governors,           
  DOB: December 30, 1938       Boston Stock Exchange         
                               (1985-Present).               

-------------------------------------------------------------
Dr. Timothy J. Ebner           None.                         
  DOB: July 15, 1949                                         

-------------------------------------------------------------
Judge Gustavo E. Gonzales, Jr. None.                         
  DOB: July 27, 1940                                         

-------------------------------------------------------------
Dr. Norman Hackerman           Chairman--Scientific Advisory 
  DOB: March 2, 1912           Board for The Robert A. Welch 
                               Foundation (1983-Present).    

-------------------------------------------------------------
Dr. John Wm. Lancaster         None.                         
  DOB: December 15, 1923                                     

-------------------------------------------------------------
Kenneth J. Lavery              Director, Board of Overseers, 
  DOB: December 30, 1949       Newton Wellesley Hospital     
                               (1996-Present).               

-------------------------------------------------------------
Ben H. Love                    None.                         
  DOB: September 26, 1930                                    

-------------------------------------------------------------
Dr. John E. Maupin, Jr.        Director, Monarch Dental      
  DOB: October 28, 1946        Corporation (1997-Present);   
                               Director, Pinnacle Financial  
                               Partners, Inc. (2000-Present).
-------------------------------------------------------------

N-CSRS 179th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 179th
                                                                [Download Table]
                                                                                 
November 30, 2005  DIRECTOR AND OFFICERS INFORMATION (Unaudited) - CONTINUED  175

                                                        [Enlarge/Download Table]

                                                                                                    Number of   
                                                                                                     Funds in   
                          Position    Term of Office                                               Fund Complex 
Name, Birth Date          Held With    and Length of                                               Overseen by  
and Address*            VALIC Complex Time Served (4) Principal Occupations During Past Five Years Director (2) 
----------------------- ------------- --------------- -------------------------------------------- ------------ 
                                                                                                                
Interested Directors                                                                                            
Peter A. Harbeck (1)      Director          2001-       President, CEO and Director, AIG               100      
  DOB: January 23, 1954                   Present       SunAmerica Asset Management Corp.                       
                                                        ("SAAMCo.") (August 1995 to present);                   
                                                        Director, AIG SunAmerica Capital                        
                                                        Services, Inc. ("SACS") (August 1993 to                 
                                                        Present) President and CEO, AIG Advisor                 
                                                        Group, Inc. (June 2004 to present)                      
----------------------------------------------------------------------------------------------------------------
Officers                                                                                                        
Evelyn M. Curran          President         2002-       Senior Vice President, VALIC (2001-            N/A      
  DOB: June 4, 1965                       Present       Present); Formerly, Vice President, VC I                
                                                        and VC II (2001-2002); Formerly, Vice                   
                                                        President, American General Fund Group                  
                                                        (1999-2001); Senior Attorney, American                  
                                                        General Corp. (1997-1999).                              
----------------------------------------------------------------------------------------------------------------
Gregory R. Kingston       Treasurer         2000-       Assistant Treasurer (1999-2000); Vice          N/A      
  DOB: January 18, 1966                   Present       President, SAAMCo (2001-Present);                       
                                                        Formerly, Vice President, American                      
                                                        General Investment Management, L.P.                     
                                                        (1999-2001); Assistant Treasurer, First                 
                                                        Investors Management Co. (1994-1999).                   
----------------------------------------------------------------------------------------------------------------
Nori L. Gabert            Secretary         2000-       Vice President and Deputy General              N/A      
  DOB: August 15, 1953                    Present       Counsel, SAAMCo (2001-Present);                         
                                                        Formerly, Associate General Counsel,                    
                                                        American General Corp. (1997-2001).                     
----------------------------------------------------------------------------------------------------------------
                                                                [Download Table]


Name, Birth Date        Other Directorships 
and Address*            Held by Director (3)
----------------------- --------------------
                                            
Interested Directors                        
Peter A. Harbeck (1)            None        
  DOB: January 23, 1954                     

--------------------------------------------
Officers                                    
Evelyn M. Curran                N/A         
  DOB: June 4, 1965                         

--------------------------------------------
Gregory R. Kingston             N/A         
  DOB: January 18, 1966                     

--------------------------------------------
Nori L. Gabert                  N/A         
  DOB: August 15, 1953                      

--------------------------------------------

*  The business address for each Director and Officer is, 2929 Allen Parkway,   
Houston, TX, 77019.                                                       
(1)Interested Director, as defined within the Investment Company Act of 1940    
(the "1940 Act"), because of current or former employment by with SAAMCo  
(Mr. Harbeck), companies affiliated with VALIC.                           
(2)The "Fund Complex" consists of all registered investment company portfolios  
for which VALIC or an affiliated person of VALIC serves as investment     
adviser or business manager. The "Fund Complex" includes the AIG Series   
 Trust, Inc. (6 funds), SunAmerica Equity Funds (9 funds), SunAmerica Income
Funds (6 funds), SunAmerica Money Market Funds, Inc. (2 funds), SunAmerica
Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Focused Series, Inc. 
(17 portfolios), SunAmerica Focused Alpha Growth Fund, Inc. (1 Fund),     
 SunAmerica Focused Alpha Large-Cap Fund, Inc. (1 fund), Anchor Series Trust
(9 portfolios), Seasons Series Trust (24 portfolios), SunAmerica Series   
 Trust (32 portfolios), VALIC Company I (33 funds), and VALIC Company II (15
funds).                                                                   
(3)Directorships of companies required to report to the Securities and Exchange 
Commission under the Securities Exchange Act of 1934 (i.e. "public        
companies") or other investment companies registered under the 1940 Act   
other than those listed under the preceding column.                       
(4)Directors serve until their successors are duly elected and qualified.       
(5)Effective July 27, 2005, Mr. Devin became Chairman of the Board. Previously, 
Mr. Devin was a Director from 2001 to July 27, 2005.                      

  Additional Information concerning the Directors and Officers is contained in
the Statement of Additional Information and is available without charge by
calling 1-800-448-2542.                                                   

N-CSRS 180th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 180th
                                                                [Download Table]
                                         
176                       VALIC COMPANY I

BOARD OF DIRECTORS                                                              
Thomas J. Brown                                                                 
Judith L. Craven                                                                
William F. Devin                                                                
Timothy J. Ebner                                                                
Gustavo E. Gonzales, Jr.                                                        
Norman Hackerman                                                                
Peter A. Harbeck                                                                
John W. Lancaster                                                               
Kenneth J. Lavery                                                               
Ben H. Love                                                                     
John E. Maupin, Jr.                                                             

CUSTODIAN                                                                       
State Street Bank and Trust Company                                             
225 Franklin Street                                                             
Boston, Massachusetts 02110                                                     

INVESTMENT ADVISER                                                              
The Variable Annuity                                                            
Life Insurance Company (VALIC)                                                  
2929 Allen Parkway                                                              
Houston, Texas 77019                                                            

INVESTMENT SUB-ADVISERS                                                         
AIG Global Investment Corp.                                                     
175 Water Street                                                                
New York, New York 10038                                                        

AIG SunAmerica Asset Management Corp.                                           
Harborside Financial Center                                                     
3200 Plaza 5                                                                    
Jersey City, New Jersey 07311                                                   

A I M Capital Management, Inc.                                                  
11 Greenway Plaza                                                               
Houston, TX 77046                                                               

American Century Investment Management, Inc.                                    
4500 Main Street                                                                
Kansas City, Missouri 64111                                                     

Brazos Capital Management, LP                                                   
5949 Sherry Lane, Suite 1600                                                    
Dallas, Texas 75225                                                             

Franklin Portfolio Associates, LLC                                              
One Boston Place, 29th Floor                                                    
Boston, Massachusetts 02108                                                     

Massachusetts Financial Services Company                                        
500 Boylston Street                                                             
Boston, MA 02116                                                                

Morgan Stanley Investment Management (d/b/a "Van Kampen")                       
1221 Avenue of the Americas                                                     
New York, New York 10020                                                        

OppenheimerFunds, Inc.                                                          
Two World Financial Center                                                      
225 Liberty Street, 11th Floor                                                  
New York, New York 10281                                                        

RCM Capital Management, LLC ("RCM")                                             
4 Embarcadero Center                                                            
San Francisco, California 94111                                                 

T. Rowe Price Associates, Inc.                                                  
100 East Pratt Street                                                           
Baltimore, Maryland 21202                                                       

WM Advisors, Inc.                                                               
1201 Third Avenue                                                               
Seattle, Washington 98101                                                       

Wellington Management Company, LLP                                              
75 State Street                                                                 
Boston, Massachusetts 02109                                                     

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                   
Ernst & Young LLP                                                               
1401 McKinney, Suite 1200                                                       
Houston, Texas 77010                                                            

TRANSFER AND SHAREHOLDER SERVICE AGENT                                          
The Variable Annuity                                                            
Life Insurance Company (VALIC)                                                  
2929 Allen Parkway                                                              
Houston, Texas 77019                                                            

OFFICERS                                                                        
Evelyn M. Curran,                                                               
President and Chief Executive Officer                                           
John Packs,                                                                     
Vice President and Senior Investment Officer                                    
Gregory R. Kingston,                                                            
Treasurer and Chief Financial Officer                                           
Nori L. Gabert,                                                                 
Vice President, Chief Legal Officer and Secretary                               
Gregory N. Bressler, Vice President                                             
Cynthia A. Gibbons,                                                             
Vice President, Chief Compliance Officer and Assistant Secretary                
Donna Handel,                                                                   
Vice President and Assistant Treasurer                                          
Kathryn A. Pearce,                                                              
Assistant Treasurer                                                             
Mark Matthes,                                                                   
Assistant Secretary                                                             

The accompanying report has not been audited by independent accountants and   
accordingly no opinion has been expressed thereon.                              

This report is for the information of the shareholders and variable contract  
owners participating in VALIC Company I. It is authorized for distribution to   
other persons only when preceded or accompanied by an effective prospectus      
which contains information on how to purchase shares and other pertinent        
information.                                                                    

If you would like further information about this material or products issued  
by VALIC or American General Life Insurance Company, please contact your        
financial professional.                                                         

DISCLOSURE OF QUARTERLY FUND PORTFOLIO HOLDINGS                                 

VALIC Company I is required to file its complete schedule of portfolio        
holdings with the U.S. Securities and Exchange Commission for its first and     
third fiscal quarters on Form N-Q. Once filed, VALIC Company I's Form N-Q will  
be available without charge on the U.S. Securities and Exchange Commission's    
website at www.sec.gov. You can also obtain copies of Form N-Q by (i) visiting  
the U.S. Securities and Exchange Commission's Public Reference Room in          
Washington, DC (information on the operation of the Public Reference Room may   
be obtained by calling 1-800-SEC-0330), (ii) sending your request and a         
duplicating fee to the U.S. Securities and Exchange Commission's Public         
Reference Room, Washington DC 20549-0102 or (iii) sending your request          
electronically to www.publicinfo@sec.gov.                                       

VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES                          

A description of the policies and procedures that VALIC Company I uses to     
determine how to vote proxies related to securities held in the Fund's          
portfolios which is available in VALIC Company I's Statement of Additional      
Information, may be obtained without charge upon request, by calling            
1-800-448-2542. This information is also available from the EDGAR database on   
the U.S. Securities and Exchange Commission's website at http://www.sec.gov.    

PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES                     

Information regarding how VALIC Company I voted proxies relating to securities
held in the VALIC Company I Funds during the twelve month period ended June 30, 
2005 is available without charge, upon request, by calling 1-800-448-2542 or on 
the U.S. Securities and Exchange Commission's website at http://www.sec.gov.    

N-CSRS 181st “Page” of 185 TOC 1st Previous Next ↓Bottom Just 181st
                                                              AIG VALIC ONLINE
                                                                Account Access

                                                                [Download Table]
                                                                              
   You must establish a Manage your account on the Web through AIG VALIC      
Personal Identification Online!                                               
    Number (PIN) before                                                       
    using the automated Enjoy quick, easy and secure access -- now or anytime.
      account services. Go to www.aigvalic.com and click on "AIG VALIC Online"
                        in the Login Section.                                 
  Your PIN is valid for You'll find these exciting features:                  
both AIG VALIC by Phone                                                       
      at 1.800.428.2542 .  View your account portfolio including values       
  and AIG VALIC Online. .  View, download or print account and transaction    
                           confirmation statements                            
                        .  View current and historical fund performance and   
                           unit values                                        
                        .  View or download transaction history               
                        .  View your financial advisor's contact information  
                        .  Update or reset your Personal Identification Number
                           (PIN)                                              
                        .  Change your contact information such as telephone, 
                           address or e-mail                                  
                        .  Initiate account transactions including:           
                           > Allocation changes                               
                           > Transfer money among investment options          
                           > Rebalance account to your desired allocation mix 
                           > Loan modeling                                    
                        .  Request forms for a variety of services            
                        .  Enroll in the electronic document delivery service 

                        Start exploring AIG VALIC Online today by establishing
                        a Personal Identification Number (PIN)!               

                        To set up a PIN through AIG VALIC Online:             

                        .  Go to www.aigvalic.com                             
                        .  Click "AIG VALIC Online" in the Login Section      
                        .  Click "I am a new user"                            
                        .  Enter the information required to establish a new  
                           PIN                                                
                        .  Click "I Agree" to accept AIG VALIC'S access       
                           agreement (required)                               
                        .  Verify and/or update your address, e-mail and      
                           telephone number information                       
                        .  Click "Continue" to update your record and proceed 
                           to the Client Summary screen                       

                        Your PIN setup is complete when the Client Summary    
                        screen appears.                                       

                        This PIN is valid for both AIG VALIC by Phone at      
                        1-800-428-2542 and AIG VALIC Online.                  

                        AIG VALIC by Phone is our toll-free automated phone   
                        line providing 24-hour access to your account.        


N-CSRS 182nd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 182nd
                                                                [Download Table]
                                         
                          ---------------
VALIC Company I              PRSRT STD   
P.O. Box 3206              U.S. POSTAGE  
Houston, Texas 77253-3206      PAID      
                           LANCASTER, PA 
                          PERMIT NO. 1765
                          ---------------

VL 4873 VER 11/05                                                               

N-CSRS 183rd “Page” of 185 TOC 1st Previous Next ↓Bottom Just 183rd
Item 2. Code of Ethics.                                                         

Not applicable.                                                                 

Item 3. Audit Committee Financial Expert.                                       

Not applicable.                                                                 

Item 4. Principal Accountant Fees and Services.                                 

Not applicable.                                                                 

Item 5. Audit Committee of Listed Registrants.                                  

Not applicable.                                                                 

Item 6. Schedule of Investments.                                                

Included in Item 1 to the Form.                                                 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End       
Management Investment Companies.                                

Not applicable.                                                                 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.       

Item 9. Purchases of Equity Securities by Closed-End Management Investment      
Company and Affiliated Purchasers.                              

Not applicable.                                                                 

Item 10. Submission of Matters to a Vote of Security Holders.                   

Not applicable.                                                                 

Item 11. Controls and Procedures.                                               

        (a)     An evaluation was performed within 90 days of the filing of this
               report, under the supervision and with the participation of the
               registrant's management, including the President and Treasurer,
       of the effectiveness of the design and operation of the
              registrant's disclosure controls and procedures. Based on that
                evaluation, the registrant's management, including the President
         and Treasurer, concluded that the registrant's disclosure
controls and procedures are effective.          

     (b)     There was no change in the Registrant's internal control over
          financial reporting (as defined in Rule 30a-3(d) under the
         Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that
               occurred during the second fiscal quarter of the period covered
             by this report that has materially affected, or is reasonably
              likely to materially affect, the Registrant's internal contro1
over financial reporting.                       

N-CSRS 184th “Page” of 185 TOC 1st Previous Next ↓Bottom Just 184th
Item 12. Exhibits.                                                              

(a)     (1) Not applicable.                                     

                (2) Certification pursuant to Rule 30a-2(a) under the Investment
            Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as
Exhibit 99.CERT.                                

(3) Not applicable.                             

       (b)     Certification pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 attached hereto as Exhibit 99.906.CERT. 

N-CSRS Last “Page” of 185 TOC 1st Previous Next ↓Bottom Just 185th
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the     
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.             

VALIC Company I                                                                 

By:   /s/ Evelyn M. Curran                                                      
----------------------------                                        
Evelyn M. Curran                                                    
President                                                           

Date: February 7, 2006                                                          

Pursuant to the requirements of the Securities Exchange Act of 1934 and the     
Investment Company Act of 1940, this report has been signed below by the        
following persons on behalf of the registrant and in the capacities and on the  
dates indicated.                                                                

By:   /s/ Evelyn M. Curran                                                      
----------------------------                                        
Evelyn M. Curran                                                    
President                                                           

Date: February 7, 2006                                                          

By:   /s/ Gregory R. Kingston                                                   
----------------------------                                        
Gregory R. Kingston                                                 
Treasurer                                                           

Date: February 7, 2006

N-CSRS	1st “Page” of 185	TOC	↑Top	Previous	Next	↓Bottom	Just 1st

N-CSRS	2nd “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 2nd

N-CSRS	3rd “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 3rd

N-CSRS	4th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 4th

N-CSRS	5th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 5th

N-CSRS	6th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 6th

N-CSRS	7th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 7th

N-CSRS	8th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 8th

N-CSRS	9th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 9th

N-CSRS	10th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 10th

N-CSRS	11th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 11th

N-CSRS	12th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 12th

N-CSRS	13th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 13th

N-CSRS	14th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 14th

N-CSRS	15th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 15th

N-CSRS	16th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 16th

N-CSRS	17th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 17th

N-CSRS	18th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 18th

N-CSRS	19th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 19th

N-CSRS	20th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 20th

N-CSRS	21st “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 21st

N-CSRS	22nd “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 22nd

N-CSRS	23rd “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 23rd

N-CSRS	24th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 24th

N-CSRS	25th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 25th

N-CSRS	26th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 26th

N-CSRS	27th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 27th

N-CSRS	28th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 28th

N-CSRS	29th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 29th

N-CSRS	30th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 30th

N-CSRS	31st “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 31st

N-CSRS	32nd “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 32nd

N-CSRS	33rd “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 33rd

N-CSRS	34th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 34th

N-CSRS	35th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 35th

N-CSRS	36th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 36th

N-CSRS	37th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 37th

N-CSRS	38th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 38th

N-CSRS	39th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 39th

N-CSRS	40th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 40th

N-CSRS	41st “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 41st

N-CSRS	42nd “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 42nd

N-CSRS	43rd “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 43rd

N-CSRS	44th “Page” of 185	TOC	1st	Previous	Next	↓Bottom	Just 44th

Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-CSRS’ Filing	Date	First	Last	Other Filings

	9/30/06	146
	5/26/06	154
Filed on / Effective on:	2/7/06	185
	2/1/06	154
	1/17/06	154
	12/20/05	139
	12/5/05	154
	12/1/05	144
For Period End:	11/30/05	1	179	NSAR-A
	10/18/05	154
	10/1/05	146	172
	9/30/05	150		DEF 14C
	9/19/05	147	169	485BPOS
	7/27/05	179
	6/30/05	173	180	DEF 14C, N-PX
	6/20/05	147
	6/19/05	169
	6/16/05	154	169
	6/1/05	6
	5/31/05	136	163	24F-2NT, N-CSR, NSAR-B
	5/26/05	154
	4/30/05	170	173
	3/31/05	174
	12/20/04	152	163	485BPOS, 497
	11/30/04	138	139	N-CSRS, NSAR-A
	8/27/04	150	155	N-PX
	8/26/04	155		24F-2NT
	5/31/02	168		24F-2NT, N-30D, NSAR-B
	5/31/01	159	166	24F-2NT, N-30D, NSAR-B
	1/23/01	147
	1/1/01	147
	12/11/00	162
	5/31/00	156		24F-2NT, N-30D, NSAR-B
	1/1/00	176
	4/13/99	176
	10/1/93	176
				List all Filings

↑Top

Filing Submission 0001193125-06-022051 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Valic Co I – ‘N-CSRS’ for 11/30/05

On: Tuesday, 2/7/06, at 2:47pm ET · Effective: 2/7/06 · For: 11/30/05 · Accession #: 1193125-6-22051 · File #: 811-03738

Previous ‘N-CSRS’: ‘N-CSRS’ on 2/7/05 for 11/30/04 · Next: ‘N-CSRS’ on 2/7/07 for 11/30/06 · Latest: ‘N-CSRS’ on 2/7/24 for 11/30/23

Certified Semi-Annual Shareholder Report of a Management Investment Company — Form N-CSRFiling Table of Contents

N-CSRS — Valic Company I Semi-Annual ReportDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Certified Semi-Annual Shareholder Report of a Management Investment Company — Form N-CSR
Filing Table of Contents

N-CSRS — Valic Company I Semi-Annual Report
Document Table of Contents