SEC Info - SA Funds Investment Trust - ‘N-30D’ for 12/31/01

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SA Funds Investment Trust – ‘N-30D’ for 12/31/01

On: Tuesday, 3/5/02 · For: 12/31/01 · Accession #: 912057-2-8678 · File #: 811-09195

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

 3/05/02  SA Funds Investment Trust         N-30D      12/31/01    1:834K                                   Merrill Corp/FA

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Annual or Semi-Annual Report Mailed to               345±  1.28M 
                          Shareholders

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) *Bailey (C.H.) P.L.C Continental Small Company Series, The Financial Highlights Japanese Small Company Series, The Notes to Financial Statements November 30, 2001 Pacific Rim Small Company Series, The Report of Independent Certified Public Accountants SA International HBtM Fund SA International Small Company Fund SA U.S. HBtM Fund SA U.S. Market Fund Schedule of Investments Shares Statement of Assets and Liabilities Statement of Operations Statements of Assets and Liabilities Statements of Changes in Net Assets Statements of Operations Table of Contents The Continental Small Company Series The Japanese Small Company Series The Pacific Rim Small Company Series The United Kingdom Small Company Series United Kingdom Small Company Series, The 100
1	1st Page - Filing Submission
51	SA U.S. Market Fund
52	SA U.S. HBtM Fund
54	SA International HBtM Fund
55	SA International Small Company Fund
63	Table of Contents
64	Schedule of Investments
66	Statement of Assets and Liabilities
67	November 30, 2001
68	Statement of Operations
69	Statements of Changes in Net Assets
70	Financial Highlights
71	Notes to Financial Statements
74	Report of Independent Certified Public Accountants
75	The Japanese Small Company Series
"	The Pacific Rim Small Company Series
"	The United Kingdom Small Company Series
"	The Continental Small Company Series
93	Shares
102	100
132	*Bailey (C.H.) P.L.C
150	Statements of Assets and Liabilities
152	Statements of Operations

N-30D 1st “Page” of 160 TOC ↑Top Previous Next ↓Bottom Just 1st
 
[LOGO]

SEMI-ANNUAL REPORT

DECEMBER 31, 2001 
(UNAUDITED) 

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TABLE OF CONTENTS                                                               

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                                                                PAGE
                                                                    
PORTFOLIOS OF INVESTMENTS                                           
  SA Fixed Income Fund......................................      1 
  SA U.S. Market Fund.......................................      3 
  SA U.S. HBtM Fund.........................................     15 
  SA U.S. Small Company Fund................................     18 
  SA International HBtM Fund................................     33 
  SA International Small Company Fund.......................     39 
STATEMENTS OF ASSETS AND LIABILITIES........................     40 
STATEMENTS OF OPERATIONS....................................     42 
STATEMENTS OF CHANGES IN NET ASSETS.........................     44 
FINANCIAL HIGHLIGHTS........................................     48 
NOTES TO FINANCIAL STATEMENTS...............................     54 
FINANCIAL STATEMENTS OF DFA INVESTMENT DIMENSIONS GROUP             
INC & DFA INVESTMENT TRUST COMPANY..........................     61 

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SA Fixed Income Fund                                                            
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited)                 

                                                                [Download Table]

                                               FACE                  
                                              AMOUNT        VALUE+   
                                                                     
---------------------------------------------------------------------
BONDS AND NOTES -- 86.4%                                             
AUSTRALIA -- 2.9%                                                    
  New South Wales Treasury, 7.000%,                                  
    4/01/04 (a).........................  AUD   2,000,000 $ 1,066,931
  Queensland Treasury, 8.000%, 5/14/03                               
    (a).................................  AUD   2,000,000   1,070,969
                                                          -----------
                                                            2,137,900
                                                          -----------

AUSTRIA -- 2.8%                                                      
  Bank Austria AG, 5.750%, 6/08/06......  USD   1,000,000   1,026,930
  Oesterreich Kontrollbank, 5.500%,                                  
    1/20/06.............................  USD   1,000,000   1,034,785
                                                          -----------
                                                            2,061,715
                                                          -----------

CANADA -- 5.4%                                                       
  Canada Mortgage & Housing Corp.,                                   
    5.250%, 12/01/06....................  CAD   1,800,000   1,139,258
  Government of Canada, 7.000%,                                      
    12/01/06............................  CAD   2,600,000   1,795,654
  Province of British Columbia, 4.625%,                              
    10/03/06............................  USD   1,000,000     982,268
                                                          -----------
                                                            3,917,180
                                                          -----------

DENMARK -- 2.6%                                                      
  Kingdom of Denmark, 5.375%, 9/15/03                                
    (a).................................  DKK   9,000,000     871,195
  LB Rheinland-Pfalz Giro, 5.500%,                                   
    7/20/06 (a).........................  SEK  10,700,000   1,019,373
                                                          -----------
                                                            1,890,568
                                                          -----------

FRANCE -- 1.5%                                                       
  TotalFinaElf SA, 7.000%,                                           
    10/05/05 (a)........................  USD   1,000,000   1,071,920
                                                          -----------

GERMANY -- 5.8%                                                      
  Bank Nederlandse Gemeenten NV, 7.875%,                             
    3/07/05 (a).........................  USD   1,000,000   1,095,676
  Deutsche Ausgleichsbank, 7.000%,                                   
    6/23/05.............................  USD   1,000,000   1,080,725
  Hypothekenbank in Essen AG, 6.875%,                                
    11/12/04............................  GBP    700,000    1,054,942
  Landwirtschaftliche Rentenbank,                                    
    4.500%, 10/23/06....................  USD   1,000,000     976,402
                                                          -----------
                                                            4,207,745
                                                          -----------

NORWAY -- 1.5%                                                       
  Eksportfinans A/S, 7.250%,                                         
    4/07/04 (a).........................  AUD   2,000,000   1,063,873
                                                          -----------

SWEDEN -- 3.1%                                                       
  Kingdom of Sweden, 3.500%, 4/20/06                                 
    (a).................................  SEK  10,000,000     904,694
  Kommuninvest Oerebro, 5.875%, 1/15/04                              
    (a).................................  SEK   5,000,000     486,703
  Oresundskonsortiet, 5.500%,                                        
    8/19/04 (a).........................  SEK   9,000,000     866,593
                                                          -----------
                                                            2,257,990
                                                          -----------

                                               FACE                  
                                              AMOUNT        VALUE+   
                                                                     
---------------------------------------------------------------------

UNITED KINGDOM -- 2.8%                                               
  Abbey National Treasury Service,                                   
    6.500%, 3/05/04.....................  GBP    700,000  $ 1,040,525
  Glaxo Wellcome Plc, 6.125%, 1/25/06...  USD   1,000,000   1,039,031
                                                          -----------
                                                            2,079,556
                                                          -----------

UNITED STATES -- 58.0%                                               
  Citigroup, Inc., 5.750%, 5/10/06......  USD   1,000,000   1,025,222
  Eli Lilly & Co., 8.375%, 2/07/05......  USD   1,000,000   1,108,130
  Federal Home Loan Bank, 4.125%,                                    
    11/15/06 (a)........................  USD   4,500,000   4,360,896
  Federal Home Loan Bank, 4.875%,                                    
    11/15/06 (a)........................  USD 13,500,000   13,525,015
  Federal Home Loan Bank, 5.250%,                                    
    8/15/06 (a).........................  USD   5,000,000   5,097,010
  Federal Home Loan Bank, 6.375%,                                    
    8/15/06 (a).........................  USD   2,000,000   2,132,692
  Federal National Mortgage Association,                             
    6.000%, 12/15/05....................  USD   1,000,000   1,052,754
  Heller Financial, Inc., 6.375%,                                    
    3/15/06 Class A.....................  USD   1,000,000   1,057,651
  International Bank For                                             
    Reconstruction & Development,                                    
    7.000%, 1/27/05.....................  USD   1,000,000   1,083,958
  International Finance Corp., 7.125%,                               
    4/06/05.............................  USD   1,000,000   1,083,043
  JP Morgan Chase & Co., 5.625%,                                     
    8/15/06.............................  USD   1,000,000   1,016,731
  KFW International Finance, 6.500%,                                 
    2/16/04 (a).........................  CAD   1,500,000     998,032
  Kimberly-Clark Corp., 10.000%,                                     
    3/15/05.............................  USD   1,000,000   1,168,883
  Merck & Co, Inc., 5.250%, 7/01/06.....  USD   1,000,000   1,016,973
  Novartis AG, 6.625%, 10/18/05.........  USD   1,000,000   1,065,948
  Proctor & Gamble Co., 1.500%, 12/07/05                             
    (a).................................  JPY 116,000,000     918,395
  Tennessee Valley Authority, 6.375%,                                
    6/15/05.............................  USD   2,250,000   2,390,780
  Wal-Mart Stores, Inc., 8.000%,                                     
    9/15/06.............................  USD   1,000,000   1,128,472
  Wells Fargo & Co., 5.900%, 5/21/06....  USD   1,000,000   1,033,198
                                                          -----------
                                                           42,263,783
                                                          -----------
  TOTAL BONDS AND NOTES                                              
    (Identified Cost $63,155,179).......                   62,952,230
                                                          -----------

SHORT-TERM INVESTMENTS -- 11.6%                                      

UNITED STATES -- 11.6%                                               
  Barton Capital Corp., 1.870%,                                      
    1/15/02.............................  USD   1,000,000     999,273
  Caisse Centrale Desjardins, 1.870%,                                
    1/15/02.............................  USD   1,000,000     999,273
  CDC Commercial Paper, Inc., 1.910%,                                
    1/04/02.............................  USD        408          408
  Ciesco LP, 1.800%, 1/15/02............  USD   1,000,000     999,300

                                                                               1

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SA Fixed Income Fund                                                            
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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

                                               FACE                  
                                              AMOUNT        VALUE+   
                                                                     
  Enterprise Funding Corp., 1.880%,                                  
    1/09/02.............................  USD   1,068,000 $ 1,067,554
  Govco, Inc., 1.800%, 1/22/02..........  USD   1,270,000   1,268,666
  PACCAR Financial Corp., 1.950%,                                    
    1/04/02.............................  USD   1,000,000     999,838
  Sheffield Receivable Corp., 1.850%,                                
    1/04/02.............................  USD   1,000,000     999,845
  SSgA Government Money Market Fund.....  USD    783,876      783,876
  SSgA Money Market Fund................  USD    333,002      333,002
  Windmill Financial Corp., 1.820%,                                  
    1/03/02.............................  USD        375          375
                                                          -----------
                                                            8,451,410
                                                          -----------
  TOTAL SHORT-TERM INVESTMENTS                                       
    (Identified Cost $8,451,410)........                    8,451,410
                                                          -----------

                                                                [Download Table]


                                                               
-------------------------------------------------------------- 
TOTAL INVESTMENTS -- 98.0%                                     
  (IDENTIFIED COST $71,606,589)#..................  71,403,640 
  Cash and Other Assets, Less Liabilities --                   
    2.0%..........................................   1,425,526 
                                                    ---------- 
NET ASSETS -- 100%................................  $72,829,166
                                                    ========== 

+  See Note 1.                                                              
#  At December 31, 2001, the aggregate cost of investment securities for    
     income tax purposes was $71,606,589. Net unrealized depreciation aggregated
  $202,949, of which $350,958 related to appreciated investment securities
and $553,907 related to depreciated investment securities.            
(a)  Security is segregated as collateral for open forward foreign currency     
contracts.                                                            
Key to abbreviations:                                                           
AUD  -- Australian Dollar                                                       
CAD  -- Canadian Dollar                                                         
DKK  -- Danish Krone                                                            
GBP  -- British Pound                                                           
JPY  -- Japanese Yen                                                            
SEK  -- Swedish Krona                                                           
USD  -- U.S. Dollar                                                             

Ten Largest Sector Holdings at December 31, 2001                                
(As a percentage of Net Assets):                                                

                                                                [Download Table]

Industry                          Percentage 
--------                          -----------
                                             
Government Agency                    39.2%   
Foreign Government Agency            15.4%   
Financial Services                   12.9%   
Banks                                11.4%   
Health Care  -- Drugs                 5.8%   
Supranational Organizations           3.0%   
Diversified Operations                2.9%   
Retail -- General                     1.5%   
Other                                 1.5%   
Oil & Gas                             1.5%   

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 

2                                                                             

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited)                 

                                                                [Download Table]

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
COMMON STOCKS -- 98.6%                                           
ADVERTISING -- 0.5%                                              
  Catalina Marketing Corp.*.............        300   $    10,410
  Getty Images, Inc.*...................        600        13,788
  Interpublic Group of Cos., Inc........      3,070        90,688
  Lamar Advertising Co. Class A*........        200         8,468
  Omnicom Group, Inc....................      1,800       160,830
  TMP Worldwide, Inc.*..................      1,800        77,220
                                                      -----------
                                                          361,404
                                                      -----------

AEROSPACE/DEFENSE -- 1.1%                                        
  Alliant Techsystems, Inc.*............        450        34,740
  Boeing Co.............................      4,800       186,144
  General Dynamics Corp.................      1,000        79,640
  Goodrich Corp.........................        600        15,972
  Honeywell International, Inc..........      1,400        47,348
  Newport News Shipbuilding, Inc........        400        28,500
  Northrop Grumman Corp.................        300        30,243
  Raytheon Co...........................      3,100       100,657
  Rockwell Collins......................        400         7,800
  The Titan Corp.*......................        600        14,970
  United Technologies Corp..............      4,700       303,761
                                                      -----------
                                                          849,775
                                                      -----------

AGRICULTURAL OPERATIONS -- 0.0%                                  
  AGCO Corp.............................      1,200        18,936
                                                      -----------

AIRLINES -- 0.4%                                                 
  Alaska Air Group, Inc.*...............        700        20,370
  AMR Corp.*............................      3,000        66,510
  Atlantic Coast Airlines                                        
    Holdings, Inc.*.....................        500        11,645
  Continental Airlines, Inc.                                     
    Class B*............................        600        15,726
  Delta Air Lines, Inc..................      1,000        29,260
  Northwest Airlines Corp. Class A*.....        500         7,850
  SkyWest, Inc..........................        600        15,270
  Southwest Airlines Co.................      6,000       110,880
                                                      -----------
                                                          277,511
                                                      -----------

APPLIANCES -- 0.1%                                               
  Maytag Corp...........................        500        15,515
  Whirlpool Corp........................        300        21,999
                                                      -----------
                                                           37,514
                                                      -----------

AUTO & RELATED -- 1.0%                                           
  AutoZone, Inc.*.......................        600        43,080
  BorgWarner, Inc.......................        300        15,675
  Cummins Engine Co., Inc...............        500        19,270
  Dana Corp.............................        600         8,328
  Delphi Automotive Systems Corp........      3,400        46,444
  Dollar Thrifty Automotive                                      
    Group, Inc.*........................        500         7,750
  Ford Motor Co.........................     10,400       163,488
  General Motors Corp...................      3,300       160,380
  Harley-Davidson, Inc..................      1,800        97,758
  Johnson Controls, Inc.................        700        56,525
  Lear Corp.*...........................        700        26,698
  Navistar International Corp...........      1,200        47,400
  O'Reilly Automotive, Inc.*............      1,000        36,470

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  PACCAR, Inc...........................        500   $    32,810
  TRW, Inc..............................      1,000        37,040
  United Rentals, Inc.*.................        600        13,620
  Visteon Corp..........................      1,000        15,040
                                                      -----------
                                                          827,776
                                                      -----------

BANKS/SAVINGS & LOANS -- 5.3%                                    
  Associated Banc-Corp..................        330        11,646
  Astoria Financial Corp................        600        15,876
  BancorpSouth, Inc.....................        700        11,620
  Bank of America Corp..................      9,600       604,320
  Bank of New York Co., Inc.............      4,500       183,600
  Bank One Corp.........................      7,000       273,350
  Banknorth Group, Inc..................      1,400        31,528
  BB&T Corp.............................      2,745        99,122
  BOK Financial Corp....................        618        19,473
  Capitol Federal Financial.............        600        12,504
  Charter One Financial, Inc............      1,155        31,358
  City National Corp....................        300        14,055
  Comerica, Inc.........................      1,100        63,030
  Commerce Bancshares, Inc..............        315        12,282
  Commercial Federal Corp...............        600        14,100
  Compass Bancshares, Inc...............      2,400        67,920
  Dime Bancorp, Inc.....................        500        18,040
  F.N.B Corp............................        500        13,175
  Fifth Third Bancorp...................      3,450       211,588
  First Charter Corp....................        600        10,686
  First Financial Bancorp...............        630        11,119
  First Tennessee National Corp.........      2,500        90,650
  First Virginia Banks, Inc.............        300        15,228
  FleetBoston Financial Corp............      6,308       230,242
  Fulton Financial Corp.................        630        13,753
  Golden State Bancorp, Inc.............      1,100        28,765
  Golden West Financial Corp............      1,000        58,850
  Greater Bay Bancorp...................        400        11,432
  GreenPoint Financial Corp.............        700        25,025
  Hibernia Corp. Class A................      1,000        17,790
  Hudson United Bancorp.................        500        14,350
  Huntington Bancshares, Inc............      2,000        34,380
  Independence Community Bank Corp......        700        15,932
  M&T Bank Corp.........................        400        29,140
  Marshall & Ilsley Corp................        200        12,656
  Mercantile Bankshares Corp............        400        17,216
  National Commerce Financial Corp......      1,200        30,360
  New York Community Bancorp, Inc.......        918        20,995
  North Fork Bancorp., Inc..............      1,000        31,990
  Northern Trust Corp...................      1,100        66,242
  Ocwen Financial Corp.*................      1,100         9,328
  Old National Bancorp..................        441        11,135
  People's Bank.........................        500        10,630
  PNC Bank Corp.........................      1,700        95,540
  Provident Financial Group, Inc........        400        10,512
  Republic Bancorp, Inc.................      1,100        15,235
  Riggs National Corp...................        500         6,985
  Roslyn Bancorp, Inc...................        900        15,750
  Silicon Valley Bancshares*............        500        13,365

                                                                               3

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

                                                                [Download Table]
-----------------------------------------------------------------

                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
BANKS/SAVINGS & LOANS  (CONTINUED)                               
  SouthTrust Corp.......................      2,100   $    51,807
  Sovereign Bancorp, Inc................      2,500        30,600
  Sun Trust Banks, Inc..................      3,000       188,100
  TCF Financial Corp....................        500        23,990
  The Colonial BancGroup, Inc...........      1,100        15,499
  TrustCo Bank Corp. NY.................      1,380        17,347
  Trustmark Corp........................        600        14,538
  U.S. Bancorp..........................     11,815       247,288
  UnionBanCal Corp......................      1,600        60,800
  Valley National Bancorp...............        500        16,475
  Wachovia Corp.........................     14,700       460,992
  Washington Federal, Inc...............        500        12,890
  Washington Mutual, Inc................      7,950       259,965
  Webster Financial Corp................        500        15,765
  Whitney Holding Corp..................        300        13,155
  Zions Bancorp.........................      2,700       141,966
                                                      -----------
                                                        4,255,045
                                                      -----------

BROADCASTING -- 0.3%                                             
  Clear Channel                                                  
    Communications, Inc.*...............      3,500       178,185
  Hearst-Argyle Television, Inc.*.......        500        10,780
  Hispanic Broadcasting Corp.*..........        500        12,750
  Paxson Communications Corp.*..........      1,000        10,450
  Sinclair Broadcast Group, Inc.                                 
    Class A*............................      2,200        20,812
  Univision Communications, Inc.                                 
    Class A*............................        700        28,322
                                                      -----------
                                                          261,299
                                                      -----------

BUILDING & CONSTRUCTION -- 0.4%                                  
  Centex Corp...........................        500        28,545
  Clayton Homes, Inc....................      1,100        18,810
  D.R. Horton, Inc......................        500        16,230
  Dal-Tile International, Inc.*.........      1,100        25,575
  Fleetwood Enterprises, Inc............        700         7,931
  Jacobs Engineering Group, Inc.*.......        300        19,800
  KB HOME...............................        900        36,090
  Lafarge Corp..........................        500        18,785
  Lennar Corp...........................        500        23,410
  Masco Corp............................      2,300        56,350
  Modine Manufacturing Co...............        400         9,332
  Pulte Corp............................        500        22,335
  Simpson Manufacturing Co., Inc.*......        200        11,460
  Texas Industries, Inc.................        300        11,070
  Vulcan Materials Co...................        500        23,970
  York International Corp...............        500        19,065
                                                      -----------
                                                          348,758
                                                      -----------

BUSINESS SERVICES -- 1.7%                                        
  Acxiom Corp.*.........................        900        15,723
  American Management Systems, Inc.*....        700        12,656
  Ariba, Inc.*..........................      2,100        12,936
  Automatic Data Processing, Inc........      3,200       188,480
  BEA Systems, Inc.*....................      1,900        29,260
  Cendant Corp.*........................      7,895       154,821
  Ceridian Corp.*.......................      1,500        28,125
  Certegy, Inc.*........................        300        10,266

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  ChoicePoint, Inc.*....................        300   $    15,207
  Cintas Corp...........................      3,400       163,200
  Ecolab, Inc...........................        800        32,200
  Electronic Data Systems Corp..........      1,900       130,245
  Expeditors International of                                    
    Washington, Inc.....................        300        17,085
  First Data Corp.......................      1,600       125,520
  Fiserv, Inc.*.........................        750        31,740
  Global Payments, Inc..................        240         8,256
  Harte-Hanks, Inc......................        700        19,719
  i2 Technologies, Inc.*................      1,020         8,058
  John H. Harland Co....................        500        11,050
  Keane, Inc.*..........................        700        12,621
  Manpower, Inc.........................        500        16,855
  Manugistics Group, Inc.*..............        800        17,112
  NCO Group, Inc.*......................        500        11,450
  Paychex, Inc..........................      3,750       130,687
  Robert Half International, Inc.*......        800        21,360
  Sapient Corp.*........................      1,500        11,580
  SEI Investments Co....................        600        27,066
  Solectron Corp.*......................      5,400        60,912
  TeleTech Holdings, Inc.*..............        900        13,131
  Tetra Tech, Inc.*.....................        625        12,444
  The Reynolds & Reynolds Co.                                    
    Class A.............................        500        12,125
  Westwood One, Inc.*...................        700        21,035
                                                      -----------
                                                        1,382,925
                                                      -----------

CHEMICALS -- 1.0%                                                
  Air Products & Chemicals, Inc.........      1,400        65,674
  Albemarle Corp........................        500        12,000
  Ashland, Inc..........................        400        18,432
  Cabot Corp............................        400        14,280
  Cabot Microelectronics Corp.*.........        112         8,891
  Crompton Corp.........................      1,100         9,900
  Dow Chemical Co.......................      5,400       182,412
  E.I. du Pont de Nemours & Co..........      5,200       221,052
  Eastman Chemical Co...................        800        31,216
  Engelhard Corp........................        600        16,608
  Great Lakes Chemical Corp.............        300         7,284
  Hercules, Inc.........................      1,300        13,000
  IMC Global, Inc.......................        700         9,100
  International Specialty                                        
    Products, Inc.*.....................      4,800        42,960
  Lyondell Chemical Co..................        700        10,031
  Millennium Chemicals, Inc.............        600         7,560
  Praxair, Inc..........................      1,000        55,250
  Rohm & Haas Co........................        900        31,167
  RPM, Inc..............................        900        13,014
  Sigma-Aldrich Corp....................        400        15,764
  Solutia, Inc..........................      1,100        15,422
                                                      -----------
                                                          801,017
                                                      -----------

COMMERCIAL SERVICES -- 0.2%                                      
  Arbitron, Inc.*.......................        300        10,245
  Convergys Corp.*......................        800        29,992
  Deluxe Corp...........................        600        24,948
  Plexus Corp.*.........................        500        13,280

4                                                                             

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
COMMERCIAL SERVICES  (CONTINUED)                                 
  Polycom, Inc.*........................        500   $    17,200
  Quanta Services, Inc.*................      1,300        20,059
  Quintiles Transnational Corp.*........        600         9,630
  Veritas DGC, Inc.*....................        500         9,250
                                                      -----------
                                                          134,604
                                                      -----------
COMMUNICATIONS EQUIPMENT -- 0.1%                                 
  Andrew Corp.*.........................        700        15,323
  L-3 Communications Holdings, Inc.*....        200        18,000
  Tekelec*..............................        500         9,055
                                                      -----------
                                                           42,378
                                                      -----------

COMPUTERS -- 2.3%                                                
  Apple Computer, Inc.*.................      2,800        61,320
  Compaq Computer Corp..................      6,800        66,368
  Dell Computer Corp.*..................     15,700       426,726
  Gateway, Inc.*........................      3,200        25,728
  Hewlett-Packard Co....................      9,700       199,238
  International Business Machines                                
    Corp................................      8,800     1,064,448
                                                      -----------
                                                        1,843,828
                                                      -----------

COMPUTER EQUIPMENT -- 2.1%                                       
  Adaptec, Inc..........................      1,200        17,400
  Advanced Digital Information Corp.*...      1,000        16,040
  Brocade Communications                                         
    Systems, Inc.*......................        900        29,808
  Electronics for Imaging, Inc.*........        600        13,746
  EMC Corp..............................     13,300       178,752
  Emulex Corp.*.........................        800        31,608
  Ingram Micro, Inc. Class A*...........        600        10,392
  Intel Corp............................     37,900     1,191,955
  Maxtor Corp.*.........................      2,400        15,216
  Mentor Graphics Corp.*................        600        14,142
  NYFIX, Inc.*..........................        500        10,010
  Palm, Inc.*...........................      3,438        13,339
  Read-Rite Corp.*......................      1,200         7,932
  SanDisk Corp.*........................        500         7,200
  Silicon Storage Technology, Inc.*.....      1,100        10,604
  Storage Technology Corp.*.............        800        16,536
  VERITAS Software Corp.*...............      2,000        89,660
  Western Digital Corp.*................      2,800        17,556
                                                      -----------
                                                        1,691,896
                                                      -----------

COMPUTER SERVICES -- 1.2%                                        
  Affiliated Computer Services, Inc.                             
    Class A*............................        900        95,517
  Avocent Corp.*........................        500        12,125
  Cadence Design Systems, Inc.*.........      1,200        26,304
  CDW Computer Centers, Inc.*...........        500        26,855
  Cisco Systems, Inc.*..................     14,000       253,540
  Computer Sciences Corp.*..............      1,400        68,572
  Compuware Corp.*......................      3,000        35,370
  Diebold, Inc..........................        700        28,308
  DST Systems, Inc.*....................        500        24,925
  Extreme Networks, Inc.*...............        600         7,740
  Jack Henry & Associates, Inc..........        500        10,920

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  NCR Corp.*............................        500   $    18,430
  Network Appliance, Inc.*..............      2,000        43,740
  Sun Microsystems, Inc.*...............     18,000       221,400
  SunGard Data Systems, Inc.*...........      2,200        63,646
  Sybase, Inc.*.........................        700        11,032
  Unisys Corp.*.........................      1,900        23,826
  Wind River Systems, Inc.*.............        800        14,328
                                                      -----------
                                                          986,578
                                                      -----------

COMPUTER SOFTWARE -- 4.5%                                        
  3Com Corp.............................      3,500        22,330
  Activision, Inc.*.....................        500        13,005
  Adobe Systems, Inc....................      1,000        31,050
  Advent Software, Inc.*................        300        14,985
  Ascential Software Corp.*.............      1,700         6,885
  BMC Software, Inc.*...................      2,000        32,740
  CheckFree Corp.*......................        700        12,600
  Citrix Systems, Inc.*.................      1,500        33,990
  Computer Associates                                            
    International, Inc..................      3,500       120,715
  Electronic Arts, Inc.*................      2,000       119,900
  Enterasys Networks, Inc.*.............      2,500        22,125
  Informatica Corp.*....................        800        11,608
  Internet Security Systems, Inc.*......        200         6,412
  Intuit, Inc.*.........................      1,100        47,058
  J.D. Edwards & Co.*...................        900        14,805
  Liberate Technologies, Inc.*..........      1,100        12,628
  Macromedia, Inc.*.....................        600        10,680
  Mercury Interactive Corp.*............        400        13,592
  Micromuse, Inc.*......................        700        10,500
  Microsoft Corp.*......................     32,300     2,139,875
  National Instruments Corp.*...........        500        18,730
  NetIQ Corp.*..........................        500        17,630
  Network Associates, Inc.*.............        800        20,680
  Novell, Inc.*.........................      2,200        10,098
  NVIDIA Corp.*.........................      1,200        80,280
  Oracle Corp.*.........................     33,400       461,254
  Parametric Technology Corp.*..........      1,100         8,591
  PeopleSoft, Inc.*.....................      1,800        72,360
  Peregrine Systems, Inc.*..............      1,500        22,245
  Quest Software, Inc.*.................        500        11,055
  Rational Software Corp.*..............      1,200        23,400
  Red Hat, Inc.*........................      1,700        12,070
  SERENA Software, Inc.*................      1,000        21,740
  Siebel Systems, Inc.*.................      2,800        78,344
  Symantec Corp.*.......................        500        33,165
  TIBCO Software, Inc.*.................      1,200        17,916
  WebMD Corp.*..........................      1,800        12,708
                                                      -----------
                                                        3,619,749
                                                      -----------

CONSUMER PRODUCTS -- 2.0%                                        
  Avon Products, Inc....................      2,400       111,600
  Blyth, Inc............................        500        11,625
  Clorox Co.............................      2,300        90,965
  Colgate-Palmolive Co..................      5,700       329,175
  Energizer Holdings, Inc.*.............        800        15,240
  Estee Lauder Companies, Inc.                                   
    Class A.............................        500        16,030

                                                                               5

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
CONSUMER PRODUCTS  (CONTINUED)                                   
  Fortune Brands, Inc...................        900   $    35,631
  Gillette Co...........................      6,300       210,420
  Hasbro, Inc...........................        900        14,607
  International Flavors &                                        
    Fragrances, Inc.....................        500        14,855
  Mattel, Inc...........................      2,100        36,120
  Newell Rubbermaid, Inc................      1,600        44,112
  Procter & Gamble Co...................      7,800       617,214
  The Dial Corp.........................        900        15,435
  The Scotts Co. Class A*...............        300        14,280
  The Yankee Candle Co., Inc.*..........      1,100        24,926
  Tupperware Corp.......................        600        11,550
                                                      -----------
                                                        1,613,785
                                                      -----------
CONTAINERS & GLASS -- 0.0%                                       
  Owens-Illinois, Inc.*.................      1,700        16,983
                                                      -----------

CONTAINERS -- PAPER/PLASTIC -- 0.1%                              
  Bemis Co., Inc........................        300        14,754
  Longview Fibre Co.....................        900        10,629
  Sealed Air Corp.*.....................        500        20,410
  Smurfit-Stone Container Corp.*........      1,000        15,970
  Sonoco Products Co....................        500        13,290
                                                      -----------
                                                           75,053
                                                      -----------

DISTRIBUTION/WHOLESALE -- 0.2%                                   
  Fastenal Co...........................        200        13,286
  Genuine Parts Co......................      1,400        51,380
  Grainger, Inc.........................        600        28,800
  International Multifoods Corp.........        900        21,510
                                                      -----------
                                                          114,976
                                                      -----------

DIVERSIFIED OPERATIONS -- 1.8%                                   
  Carlisle Cos., Inc....................        600        22,188
  Cooper Industries, Inc................        500        17,460
  Corning, Inc..........................     14,400       128,448
  Crane Co..............................        500        12,820
  Danaher Corp..........................        900        54,279
  Federal Signal Corp...................        600        13,362
  Fidelity National Financial, Inc......        550        13,640
  Hawaiian Electric Industries, Inc.....        300        12,084
  Hillenbrand Industries, Inc...........      1,300        71,851
  Illinois Tool Works, Inc..............      1,800       121,896
  ITT Industries, Inc...................        500        25,250
  Lockheed Martin Corp..................      3,500       163,345
  Minnesota Mining & Manufacturing                               
    Co..................................      2,400       283,704
  Pentair, Inc..........................        500        18,495
  PerkinElmer, Inc......................      8,200       287,164
  Pittston Brink's Group................        500        11,050
  PPG Industries, Inc...................        900        46,548
  Sensient Technologies Corp............        600        12,486
  SPS Technologies, Inc.*...............        300        10,476
  Textron, Inc..........................      1,100        45,606

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  Trinity Industries, Inc...............        600   $    16,302
  Tyco International Ltd................        259        15,255
  Viad Corp.............................        600        14,208
                                                      -----------
                                                        1,417,917
                                                      -----------

EDUCATION -- 0.1%                                                
  Apollo Group, Inc. Class A*...........        600        27,006
  Career Education Corp.*...............        500        17,140
  DeVry, Inc.*..........................        600        17,070
  Sylvan Learning Systems, Inc.*........        500        11,035
                                                      -----------
                                                           72,251
                                                      -----------

ELECTRIC UTILITIES -- 0.1%                                       
  Great Plains Energy, Inc..............      1,200        30,240
  Western Resources, Inc................        500         8,600
                                                      -----------
                                                           38,840
                                                      -----------

ELECTRICAL EQUIPMENT -- 3.5%                                     
  Belden, Inc...........................        500        11,775
  Cable Design Technologies Corp.*......      1,100        15,048
  Fairchild Semiconductor Corp.                                  
    Class A*............................        600        16,920
  General Electric Co...................     59,600     2,388,768
  KEMET Corp.*..........................        500         8,875
  Lincoln Electric Holdings, Inc........        900        21,996
  Microchip Technology, Inc.*...........        500        19,370
  Micron Technology, Inc.*..............      3,600       111,600
  Molex, Inc............................        800        24,760
  Power-One, Inc.*......................        900         9,369
  Sanmina Corp.*........................      3,920        78,008
  Semtech Corp.*........................        600        21,414
  Xilinx, Inc.*.........................      2,700       105,435
                                                      -----------
                                                        2,833,338
                                                      -----------

ELECTRONICS -- 2.9%                                              
  Advanced Micro Devices, Inc.*.........      5,700        90,402
  Agilent Technologies, Inc.*...........      3,800       108,338
  Altera Corp.*.........................      2,300        48,806
  Amkor Technology, Inc.*...............        600         9,618
  Amphenol Corp. Class A*...............        300        14,415
  Analog Devices, Inc.*.................      1,400        62,146
  Anixter International, Inc.*..........        600        17,406
  Applied Materials, Inc.*..............      4,900       196,490
  Applied Micro Circuits Corp.*.........      1,800        20,376
  Arrow Electronics, Inc.*..............      1,000        29,900
  Asyst Technologies, Inc.*.............        700         8,932
  Atmel Corp.*..........................      3,700        27,269
  Avnet, Inc............................        922        23,483
  AVX Corp..............................      1,400        33,026
  Broadcom Corp. Class A*...............        700        28,609
  Cirrus Logic, Inc.*...................        500         6,610
  Coherent, Inc.*.......................        200         6,184
  Cree, Inc.*...........................        600        17,676
  Curtiss-Wright Corp. Class B..........         19           906
  Cypress Semiconductor Corp.*..........        700        13,951
  DuPont Photomasks, Inc.*..............        200         8,690
  Emerson Electric Co...................      5,900       336,890
  Exar Corp.*...........................        600        12,510

6                                                                             

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
ELECTRONICS  (CONTINUED)                                         
  General Motors Corp. Class H*.........      1,700   $    26,265
  Gentex Corp.*.........................        700        18,711
  Hubbell, Inc. Class B.................        500        14,690
  Integrated Circuit Systems, Inc.*.....        300         6,777
  Integrated Device                                              
    Technology, Inc.*...................        600        15,954
  International Rectifier Corp.*........        400        13,952
  Intersil Corp. Class A*...............        500        16,125
  Jabil Circuit, Inc.*..................      2,000        45,440
  KLA-Tencor Corp.*.....................        700        34,692
  Kopin Corp.*..........................      1,200        16,800
  Lam Research Corp.*...................        600        13,932
  Lattice Semiconductor Corp.*..........        500        10,285
  Linear Technology Corp................      2,100        81,984
  LSI Logic Corp.*......................      2,200        34,716
  Maxim Integrated Products, Inc.*......      3,336       175,174
  Micrel, Inc.*.........................        400        10,492
  MKS Instruments, Inc.*................        500        13,515
  National Semiconductor Corp.*.........      1,100        33,869
  Novellus Systems, Inc.*...............        756        29,824
  PMC-Sierra, Inc.*.....................      1,300        27,638
  QLogic Corp.*.........................        500        22,255
  Rambus, Inc.*.........................      4,400        35,156
  Rockwell International Corp...........      1,100        19,646
  Silicon Laboratories, Inc.*...........        500        16,855
  Synopsys, Inc.*.......................        500        29,535
  Tech Data Corp.*......................        300        12,984
  Tektronix, Inc.*......................      2,000        51,560
  Teradyne, Inc.*.......................        700        21,098
  Texas Instruments, Inc................     10,400       291,200
  Thermo Electron Corp..................      1,195        28,513
  Thomas & Betts Corp...................        500        10,575
  Vishay Intertechnology, Inc.*.........        600        11,700
  Vitesse Semiconductor Corp.*..........      1,500        18,645
                                                      -----------
                                                        2,333,190
                                                      -----------

ENERGY -- 1.1%                                                   
  ChevronTexaco Corp....................      6,356       569,561
  DTE Energy Co.........................        700        29,358
  Energy East Corp......................      1,300        24,687
  Entergy Corp..........................        900        35,199
  Kinder Morgan, Inc....................      2,300       128,087
  Progress Energy, Inc..................      1,000        45,030
  RGS Energy Group, Inc.................        400        15,040
  Sempra Energy.........................      1,700        41,735
                                                      -----------
                                                          888,697
                                                      -----------

ENVIROMENTAL SERVICES -- 0.0%                                    
  Rollins, Inc..........................        600        12,000
                                                      -----------

FACILITY SERVICES -- 0.0%                                        
  ABM Industries, Inc...................        400        12,540
                                                      -----------

FINANCIAL SERVICES -- 8.2%                                       
  A.G. Edwards, Inc.....................      1,700        75,089
  Affiliated Managers Group, Inc.*......        200        14,096

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  Ambac Financial Group, Inc............        450   $    26,037
  American Express Co...................      8,000       285,520
  AmeriCredit Corp.*....................        500        15,775
  Ameritrade Holding Corp. Class A*.....      1,600         9,472
  AmSouth Bancorporation................      2,900        54,810
  Capital One Financial Corp............      1,200        64,740
  Charles Schwab Corp...................      8,200       126,854
  Citigroup, Inc........................     25,833     1,304,050
  Citizens Banking Corp.................        500        16,440
  Commerce Bancorp, Inc.................        500        19,755
  Concord EFS, Inc.*....................      3,000        98,340
  Countrywide Credit                                             
    Industries, Inc.....................      3,000       122,910
  Cullen/ Frost Bankers, Inc............        500        15,440
  Dun & Bradstreet Corp.*...............        500        17,650
  E*Trade Group, Inc.*..................      3,000        30,750
  Eaton Vance Corp......................        600        21,330
  Equifax, Inc..........................      1,200        28,980
  First Commonwealth Financial Corp.....      1,200        13,824
  First Midwest Bancorp, Inc............        500        14,595
  FirstMerit Corp.......................        500        13,545
  Franklin Resources, Inc...............      2,100        74,067
  H&R Block, Inc........................        800        35,760
  Household International, Inc..........      3,700       214,378
  IndyMac Bancorp, Inc.*................        500        11,690
  Interactive Data Corp.................        900        12,726
  J. P. Morgan Chase & Co...............     24,140       877,489
  KeyCorp...............................      3,400        82,756
  Knight Trading Group, Inc.*...........        600         6,612
  LaBranche & Co., Inc.*................        500        17,230
  Legg Mason, Inc.......................        300        14,994
  Lehman Brothers Holdings, Inc.........      4,400       293,920
  MBIA, Inc.............................        600        32,178
  MBNA Corp.............................      5,100       179,520
  Mellon Financial Corp.................      2,400        90,288
  Merrill Lynch & Co., Inc..............      5,000       260,600
  Metris Cos., Inc......................        500        12,855
  Morgan Stanley Dean Witter & Co.......      6,600       369,204
  National City Corp....................      3,600       105,264
  Neuberger Berman, Inc.................        300        13,170
  Pacific Century Financial Corp........      2,500        64,725
  Protective Life Corp..................        500        14,465
  Raymond James Financial, Inc..........        600        21,312
  Regions Financial Corp................      4,400       131,736
  Sky Financial Group, Inc..............        700        14,238
  State Street Corp.....................      2,000       104,500
  Stilwell Financial, Inc...............        400        10,888
  Susquehanna Bancshares, Inc...........        800        16,680
  Synovus Financial Corp................      2,300        57,615
  T. Rowe Price Group, Inc..............        700        24,311
  The Bear Stearns Cos., Inc............        400        23,456
  The Goldman Sachs Group, Inc..........      2,800       259,700
  UICI*.................................        700         9,450
  Union Planters Corp...................      2,700       121,851
  USA Education, Inc....................      1,000        84,020
  Waddell & Reed Financial, Inc.                                 
    Class A.............................        500        16,100

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
FINANCIAL SERVICES  (CONTINUED)                                  
  Wells Fargo & Co......................     10,200   $   443,190
  Wilmington Trust Corp.................        300        18,993
                                                      -----------
                                                        6,531,933
                                                      -----------

FOOD & BEVERAGES -- 3.2%                                         
  Adolph Coors Co. Class B..............        200        10,680
  Anheuser-Busch Cos., Inc..............      5,300       239,613
  Archer-Daniels-Midland Co.............      5,277        75,725
  Campbell Soup Co......................      3,300        98,571
  Coca-Cola Co..........................     14,900       702,535
  Coca-Cola Enterprises, Inc............      2,700        51,138
  ConAgra, Inc..........................      4,300       102,211
  Corn Products International, Inc......        400        14,100
  Dean Foods Co.*.......................        429        29,238
  Dole Food Co., Inc....................        600        16,098
  Flowers Foods, Inc.*..................        200         7,984
  General Mills, Inc....................      2,200       114,422
  H.J. Heinz Co.........................      3,100       127,472
  Hershey Foods Corp....................        500        33,850
  Hormel Foods Corp.....................        700        18,809
  Interstate Bakeries Corp..............      4,300       103,974
  Kellogg Co............................      3,300        99,330
  Kraft Foods, Inc. Class A.............      3,300       112,299
  McCormick & Co., Inc..................        500        20,985
  PepsiAmericas, Inc....................      3,400        46,920
  PepsiCo, Inc..........................      7,890       384,164
  Performance Food Group Co.*...........        400        14,068
  Smithfield Foods, Inc.*...............        800        17,632
  SYSCO Corp............................      4,000       104,880
  Tyson Foods, Inc. Class A.............        702         8,108
  Wm. Wrigley Jr. Co....................        400        20,548
                                                      -----------
                                                        2,575,354
                                                      -----------

FOREST & PAPER PRODUCTS -- 0.6%                                  
  Georgia-Pacific Group.................      1,405        38,792
  International Paper Co................      4,124       166,403
  Kimberly-Clark Corp...................      3,200       191,360
  Mead Corp.............................      1,000        30,890
  P.H. Glatfelter Co....................        700        10,906
  Wausau-Mosinee Paper Corp.............        800         9,680
  Weyerhaeuser Co.......................      1,100        59,488
                                                      -----------
                                                          507,519
                                                      -----------

FUNERAL SERVICES -- 0.0%                                         
  Service Corp. International*..........      3,000        14,970
                                                      -----------
HEALTH CARE -- BIOTECHNOLOGY -- 2.0%                             
  Affymetrix, Inc.*.....................        200         7,550
  Amgen, Inc.*..........................      6,300       355,572
  Aviron*...............................        400        19,892
  Biogen, Inc.*.........................        900        51,615
  Cell Genesys, Inc.*...................        600        13,944
  Chiron Corp.*.........................      1,100        48,224
  CuraGen Corp.*........................        500        11,185
  Genentech, Inc.*......................      3,000       162,750

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  Genzyme Corp.*........................      1,700   $   101,762
  Gilead Sciences, Inc.*................        400        26,288
  Guilford Pharmaceuticals, Inc.*.......        500         6,000
  ICOS Corp.*...........................        500        28,720
  IDEC Pharmaceuticals Corp.*...........        900        62,037
  ImClone Systems, Inc.*................        300        13,938
  Immunex Corp.*........................      3,300        91,443
  Immunomedics, Inc.*...................        800        16,208
  Incyte Genomics, Inc.*................        700        13,692
  Medarex, Inc.*........................        600        10,776
  Medtronic, Inc........................      9,800       501,858
  Myriad Genetics, Inc.*................        200        10,528
  Pharmaceutical Product                                         
    Development, Inc.*..................        500        16,155
  Protein Design Labs, Inc.*............        400        13,120
  Scios, Inc.*..........................        500        11,885
  Techne Corp.*.........................        800        29,480
  VISX, Inc.*...........................        700         9,275
                                                      -----------
                                                        1,633,897
                                                      -----------

HEALTH CARE -- DRUGS -- 5.9%                                     
  Abbott Laboratories...................      9,300       518,475
  Alkermes, Inc.*.......................        500        13,180
  American Home Products Corp...........      7,900       484,744
  AmerisourceBergen Corp................        859        54,590
  Andrx Group*..........................        300        21,123
  Barr Laboratories, Inc.*..............        200        15,872
  Bristol-Myers Squibb Co...............     11,600       591,600
  Celgene Corp.*........................        500        15,960
  Cephalon, Inc.*.......................        200        15,117
  Eli Lilly & Co........................      6,700       526,218
  Forest Laboratories, Inc.*............      1,800       147,510
  ICN Pharmaceuticals, Inc..............        500        16,750
  IVAX Corp.*...........................      1,550        31,217
  King Pharmaceuticals, Inc.*...........      1,949        82,111
  Ligand Pharmaceuticals, Inc.                                   
    Class B*............................        700        12,621
  MedImmune, Inc.*......................      1,100        50,985
  Millennium Pharmaceuticals, Inc.*.....      1,300        31,863
  Mylan Laboratories, Inc...............      2,500        93,750
  Pfizer, Inc...........................     37,675     1,501,349
  Pharmacia Corp........................      7,900       336,935
  Sepracor, Inc.*.......................        500        28,530
  SICOR, Inc.*..........................      1,000        15,680
  Tularik, Inc.*........................        500        12,010
  Vertex Pharmaceuticals, Inc.*.........      1,500        36,885
  Watson Pharmaceuticals, Inc.*.........        900        28,251
                                                      -----------
                                                        4,683,326
                                                      -----------

HEALTH CARE -- PRODUCTS -- 3.5%                                  
  Abgenix, Inc.*........................      1,200        40,368
  Allergan, Inc.........................        800        60,040
  Apogent Technologies, Inc.*...........        400        10,320
  Arrow International, Inc..............        400        15,976
  Bausch & Lomb, Inc....................        200         7,532
  Beckman Coulter, Inc..................      2,500       110,750
  Becton, Dickinson & Co................      2,100        69,615

8                                                                             

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
HEALTH CARE  (CONTINUED)                                         
  Biomet, Inc...........................      1,600   $    49,440
  Boston Scientific Corp.*..............      2,400        57,888
  C.R. Bard, Inc........................        300        19,350
  Cooper Cos., Inc......................        300        14,994
  Cytyc Corp.*..........................        500        13,050
  Datascope Corp........................        300        10,176
  DENTSPLY International, Inc...........      1,000        50,200
  Guidant Corp.*........................      1,800        89,640
  Henry Schein, Inc.*...................        300        11,109
  Human Genome Sciences, Inc.*..........      1,000        33,720
  Inverness Medical                                              
    Innovations, Inc.*..................        100         1,805
  Invitrogen Corp.*.....................        300        18,579
  Johnson & Johnson.....................     18,412     1,088,149
  Merck & Co., Inc......................      9,200       540,960
  Perrigo Co.*..........................      1,100        13,002
  Schering-Plough Corp..................      8,800       315,128
  St. Jude Medical, Inc.*...............        700        54,355
  Stryker Corp..........................      1,200        70,044
  Varian Medical Systems, Inc.*.........        300        21,378
  Viasys Healthcare, Inc.*..............        174         3,517
  Zimmer Holdings, Inc.*................        980        29,929
                                                      -----------
                                                        2,821,014
                                                      -----------
HEALTH CARE -- SERVICES -- 2.6%                                  
  AdvancePCS*...........................        800        23,480
  AmeriPath, Inc.*......................        400        12,804
  Apria Healthcare Group, Inc.*.........        800        19,992
  Baxter International, Inc.............      5,200       278,876
  Beverly Enterprises, Inc.*............      1,000         8,600
  Cardinal Health, Inc..................      4,200       271,572
  Caremark Rx, Inc.*....................      1,100        17,941
  Cerner Corp.*.........................        400        19,972
  Covance, Inc.*........................      1,100        24,970
  Coventry Health Care, Inc.*...........        500         9,975
  DaVita, Inc.*.........................        700        17,115
  Express Scripts, Inc.*................        500        23,380
  First Health Group Corp.*.............      8,600       212,764
  HCA-The Healthcare Corp...............      2,700       104,058
  Health Management Associates, Inc.                             
    Class A*............................      2,000        36,800
  Health Net, Inc.*.....................      1,000        21,780
  Healthsouth Corp.*....................      2,400        35,568
  Humana, Inc.*.........................      1,300        15,327
  IMS Health, Inc.......................      1,800        35,118
  Laboratory Corporation of America                              
    Holdings*...........................        600        48,510
  Lincare Holdings, Inc.*...............      1,100        31,515
  Manor Care, Inc.*.....................        500        11,855
  McKesson HBOC, Inc....................      1,400        52,360
  Mid Atlantic Medical                                           
    Services, Inc.*.....................        500        11,350
  NDCHealth Corp........................        300        10,365
  Omnicare, Inc.........................        600        14,928
  Orthodontic Centers of                                         
    America, Inc.*......................        500        15,250
  Oxford Health Plans, Inc.*............        600        18,084

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------

  Patterson Dental Co.*.................        500   $    20,465
  Pediatrix Medical Group, Inc.*........        600        20,352
  Quest Diagnostics, Inc.*..............        800        57,368
  Renal Care Group, Inc.*...............        500        16,050
  STERIS Corp.*.........................        600        10,962
  Tenet Healthcare Corp.*...............      2,000       117,440
  Triad Hospitals, Inc.*................        287         8,423
  Trigon Healthcare, Inc.*..............        300        20,835
  UnitedHealth Group, Inc...............      5,600       396,312
  Wellpoint Health Networks, Inc.*......        300        35,055
                                                      -----------
                                                        2,107,571
                                                      -----------

HOUSEHOLD PRODUCTS -- 0.0%                                       
  Black & Decker Corp...................        300        11,319
  Furniture Brands                                               
    International, Inc.*................        500        16,010
                                                      -----------
                                                           27,329
                                                      -----------

INSTRUMENTS -- SCIENTIFIC -- 0.2%                                
  Applera Corp. -- Applied Biosystems                            
    Group...............................      1,000        39,270
  FEI Co.*..............................      1,400        44,114
  Fisher Scientific                                              
    International, Inc.*................        500        14,600
  Millipore Corp........................        200        12,140
  Waters Corp.*.........................        800        31,000
                                                      -----------
                                                          141,124
                                                      -----------

INSURANCE -- 3.8%                                                
  21St Century Insurance Group..........        700        13,615
  Aetna, Inc............................      1,400        46,186
  AFLAC, Inc............................      3,100        76,136
  Alfa Corp.............................        600        13,464
  Allmerica Financial Corp..............        200         8,910
  Allstate Corp.........................      4,300       144,910
  American Financial Group, Inc.........        500        12,275
  American International Group, Inc.....     15,645     1,242,213
  American National Insurance Co........        200        16,820
  AmerUs Group Co.......................        400        14,336
  Aon Corp..............................      2,600        92,352
  Arthur J. Gallagher & Co..............        500        17,245
  Brown & Brown, Inc....................        500        13,650
  Chubb Corp............................        900        62,100
  Cincinnati Financial Corp.............        800        30,520
  CNA Financial Corp.*..................        900        26,253
  CNA Surety Corp.......................        900        13,950
  Conseco, Inc.*........................      3,300        14,718
  Erie Indemnity Co. Class A............        300        11,547
  Harleysville Group, Inc...............      2,900        69,281
  Hartford Financial Services                                    
    Group, Inc..........................      1,900       119,377
  HCC Insurance Holdings, Inc...........        500        13,775
  Horace Mann Educators Corp............        700        14,854
  Lincoln National Corp.................      1,500        72,855
  Loews Corp............................      1,200        66,456
  Markel Corp.*.........................        100        17,965
  Marsh & McLennan Cos., Inc............      3,000       322,350
  Mercury General Corp..................        500        21,830
  MGIC Investment Corp..................        900        55,548
  MONY Group, Inc.......................        400        13,828

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
INSURANCE  (CONTINUED)                                           
  Old Republic International Corp.......        700   $    19,607
  Radian Group, Inc.....................        400        17,180
  Reinsurance Group of America, Inc.....        400        13,312
  Safeco Corp...........................      1,000        31,150
  St. Paul Cos., Inc....................      2,200        96,734
  The First American Corp...............        700        13,118
  The PMI Group, Inc....................        200        13,402
  The Progressive Corp..................        300        44,790
  Torchmark, Inc........................      1,000        39,330
  Transatlantic Holdings, Inc...........        200        18,200
  Unitrin, Inc..........................        300        11,856
  UnumProvident Corp....................      1,500        39,765
  W.R. Berkley Corp.....................        500        26,850
                                                      -----------
                                                        3,044,613
                                                      -----------

INSURANCE CONTRACTS -- 0.3%                                      
  CIGNA Corp............................      2,300       213,095
  Jefferson-Pilot Corp..................        600        27,762
                                                      -----------
                                                          240,857
                                                      -----------
INTERNET SERVICES -- 0.6%                                        
  DoubleClick, Inc.*....................      2,000        22,680
  Earthlink, Inc.*......................        800         9,736
  Juniper Networks, Inc.*...............      1,600        30,320
  Openwave Systems, Inc.*...............        700         6,853
  Overture Services, Inc.*..............        500        17,715
  Priceline.com, Inc.*..................      2,200        12,914
  Qwest Communications                                           
    International, Inc..................     10,029       141,710
  Real Networks, Inc.*..................      1,300         7,722
  Retek, Inc.*..........................        500        14,935
  Riverstone Networks, Inc.*............      1,282        21,281
  Stellent, Inc.*.......................        400        11,824
  Total System Services, Inc............      1,200        25,416
  VeriSign, Inc.*.......................      1,015        38,611
  Vignette Corp.*.......................      1,900        10,203
  West Corp.*...........................        600        14,964
  Yahoo!, Inc.*.........................      3,000        53,220
                                                      -----------
                                                          440,104
                                                      -----------

LEISURE -- 0.7%                                                  
  American Classic Voyages Co.*.........        100             1
  Argosy Gaming Co.*....................        500        16,260
  Bally Total Fitness Holding Corp.*....        500        10,780
  Brunswick Corp........................        500        10,880
  Choice Hotels International, Inc.*....        800        17,720
  Extended Stay America, Inc.*..........      1,000        16,400
  Gaylord Entertainment Co.*............        700        17,220
  Harrah's Entertainment, Inc.*.........      1,000        37,010
  Hilton Hotels Corp....................      3,000        32,760
  International Game Technology*........        300        20,490
  Mandalay Resort Group*................        500        10,700
  Marriott International, Inc.                                   
    Class A.............................      1,500        60,975
  Metro-Goldwyn-Mayer, Inc. *...........        900        19,710
  MGM Mirage, Inc.*.....................      1,600        46,192
  Park Place Entertainment Corp.*.......      1,500        13,755

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  Sabre Holdings Corp. Class A..........      1,316   $    55,733
  Six Flags, Inc.*......................      1,800        27,684
  Speedway Motorsports, Inc*............        500        12,865
  Starwood Hotels & Resorts                                      
    Worldwide, Inc. Class B.............      1,200        35,820
  Station Casinos, Inc.*................      5,850        65,461
  Topps Co., Inc.*......................        900        10,935
                                                      -----------
                                                          539,351
                                                      -----------

MACHINERY -- 0.5%                                                
  Caterpillar, Inc......................      2,100       109,725
  Deere & Co............................      1,400        61,124
  Dover Corp............................      1,600        59,312
  Ingersoll-Rand Co.....................        800        33,448
  Kadant, Inc.*.........................          0             0
  Kennametal, Inc.......................        400        16,108
  Milacron, Inc.........................        700        11,067
  National-Oilwell, Inc.*...............        600        12,366
  SPX Corp.*............................        100        13,690
  Stewart & Stevenson Services, Inc.....        500         9,405
  Tecumseh Products Co. Class A.........        700        35,441
  Terex Corp.*..........................        600        10,524
                                                      -----------
                                                          372,210
                                                      -----------

MANUFACTURING -- 0.2%                                            
  American Standard Cos., Inc.*.........        300        20,469
  Ball Corp.............................        200        14,140
  Donaldson Co., Inc....................        500        19,420
  Eaton Corp............................        300        22,323
  Leggett & Platt, Inc..................      1,600        36,800
  Nordson Corp..........................        400        10,564
  Packaging Corp. of America*...........        600        10,890
  Pall Corp.............................        500        12,030
  Varco International, Inc.*............        500         7,490
                                                      -----------
                                                          154,126
                                                      -----------

METALS & MINING -- 0.4%                                          
  Alcoa, Inc............................      5,100       181,305
  Arch Coal, Inc........................        800        18,160
  Barrick Gold Corp.....................      1,113        17,752
  CONSOL Energy, Inc....................        500        12,420
  Freeport-McMoran Copper & Gold, Inc.                           
    Class B*............................        600         8,034
  Kaiser Aluminum Corp.*................      5,000         8,100
  Massey Energy Co......................        700        14,511
  Mueller Industries, Inc.*.............        300         9,975
  Newmont Mining Corp...................        800        15,288
  Phelps Dodge Corp.....................        800        25,920
  Precision Castparts Corp..............        600        16,950
  Stillwater Mining Co.*................        800        14,800
                                                      -----------
                                                          343,215
                                                      -----------

MULTIMEDIA -- 2.8%                                               
  A.H. Belo Corp. Series A..............        600        11,250
  Adelphia Communications Corp.                                  
    Class A.............................      1,200        37,416
  AOL Time Warner, Inc.*................     22,100       709,410
  Gannett Co., Inc......................      4,900       329,427

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
MULTIMEDIA  (CONTINUED)                                          
  Liberty Media Corp. Class A*..........     14,300   $   200,200
  Macrovision Corp.*....................        200         7,044
  McGraw-Hill Cos, Inc..................      1,000        60,980
  Media General, Inc. Class A...........        200         9,966
  Pixar, Inc.*..........................        500        17,980
  The E.W. Scripps Co. Class A..........        200        13,200
  Tribune Co............................      2,400        89,832
  USA Networks, Inc.*...................      1,500        40,965
  Viacom, Inc. Class A*.................        800        35,400
  Viacom, Inc. Class B*.................      9,615       424,502
  Walt Disney Co........................     12,600       261,072
                                                      -----------
                                                        2,248,644
                                                      -----------

OFFICE EQUIPMENT -- 0.2%                                         
  IKON Office Solutions, Inc............      1,400        16,366
  Imagistics International, Inc.*.......        120         1,482
  Lexmark International Group, Inc.                              
    Class A*............................      1,000        59,000
  Pitney Bowes, Inc.....................      1,500        56,415
  Xerox Corp............................      4,300        44,806
                                                      -----------
                                                          178,069
                                                      -----------

OFFICE FURNISHINGS & SUPPLIES -- 0.1%                            
  Avery Dennison Corp...................        700        39,571
  Herman Miller, Inc....................        500        11,830
  Hon Industries, Inc...................        500        13,825
                                                      -----------
                                                           65,226
                                                      -----------

OIL & GAS -- 4.4%                                                
  AGL Resources, Inc....................      4,300        98,986
  Amerada Hess Corp.....................        900        56,250
  Anadarko Petroleum Corp...............      1,500        85,275
  Apache Corp...........................        550        27,434
  Atmos Energy Corp.....................        500        10,625
  Baker Hughes, Inc.....................      1,700        61,999
  BJ Services Co.*......................      1,000        32,450
  Burlington Resources, Inc.............        900        33,786
  Cabot Oil & Gas Corp. Class A.........        500        12,025
  Cal Dive International, Inc.*.........        400         9,872
  Chesapeake Energy Corp.*..............      1,300         8,593
  Cooper Cameron Corp.*.................        500        20,180
  Devon Energy Corp.....................        800        30,920
  Diamond Offshore Drilling, Inc........        800        24,320
  El Paso Corp..........................      3,053       136,194
  ENSCO International, Inc..............        800        19,880
  EOG Resources, Inc....................        600        23,466
  Equitable Resources, Inc..............        500        17,035
  Evergreen Resources, Inc.*............        300        11,583
  Exxon Mobil Corp......................     37,564     1,476,265
  Forest Oil Corp.......................        500        14,105
  GlobalSantaFe Corp....................        731        20,848
  Halliburton Co........................      5,900        77,290
  Hanover Compressor Co.*...............        600        15,156
  Helmerich & Payne, Inc................        400        13,352
  Houston Exploration Co.*..............        500        16,790

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  Kerr-McGee Corp.......................      1,900   $   104,120
  Murphy Oil Corp.......................        300        25,212
  Nabors Industries, Inc.*..............        900        30,897
  National Fuel Gas Co..................        500        12,350
  Newfield Exploration Co.*.............        500        17,975
  Noble Affiliates, Inc.................        500        17,645
  Noble Drilling Corp.*.................        800        27,232
  Occidental Petroleum Corp.............      3,000        79,590
  Ocean Energy, Inc.....................      5,000        96,000
  ONEOK, Inc............................        800        14,272
  Patterson-UTI Energy, Inc.*...........        600        13,986
  Phillips Petroleum Co.................      3,100       186,806
  Piedmont Natural Gas Co., Inc.........      1,600        57,280
  Pioneer Natural Resources Co.*........        800        15,408
  Pogo Producing Co.....................        600        15,762
  Pride International, Inc.*............        700        10,570
  Rowan Cos., Inc.*.....................        500         9,685
  Smith International, Inc.*............        300        16,086
  Southern Union Co.....................        525         9,902
  Spinnaker Exploration Co.*............        300        12,348
  Stone Energy Corp.*...................      1,400        55,300
  Sunoco, Inc...........................        500        18,670
  Tidewater, Inc........................        600        20,340
  Tom Brown, Inc.*......................        500        13,505
  Transocean Sedco Forex, Inc...........      1,300        43,966
  UGI Corp..............................        500        15,100
  Unocal Corp...........................      2,400        86,568
  USX- Marathon Group...................      1,900        57,000
  Vintage Petroleum, Inc................        600         8,670
  Weatherford International, Inc.*......        500        18,630
  Williams Cos., Inc....................      3,100        79,112
  XTO Energy, Inc.......................        700        12,250
                                                      -----------
                                                        3,556,916
                                                      -----------

OIL REFINING -- 0.1%                                             
  Ultramar Diamond Shamrock Corp........        500        24,740
  Valero Energy Corp....................      1,200        45,744
                                                      -----------
                                                           70,484
                                                      -----------

PAPER & RELATED PRODUCTS -- 0.1%                                 
  Boise Cascade Corp....................        300        10,203
  Bowater, Inc..........................        500        23,850
  Temple-Inland, Inc....................        300        17,019
  Westvaco Corp.........................      2,000        56,900
                                                      -----------
                                                          107,972
                                                      -----------

PHOTO EQUIPMENT & SUPPLIES -- 0.1%                               
  Eastman Kodak Co......................      1,700        50,031
                                                      -----------

PRINTING -- 0.0%                                                 
  R. R. Donnelley & Sons Co.............        700        20,783
  Valassis Communications, Inc.*........        300        10,686
                                                      -----------
                                                           31,469
                                                      -----------

PUBLISHING -- 0.1%                                               
  Dow Jones & Co., Inc..................        500        27,365
  Hollinger International, Inc.                                  
    Class A.............................        900        10,530

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
PUBLISHING  (CONTINUED)                                          
  Knight-Ridder, Inc....................        200   $    12,986
  Scholastic Corp.*.....................        300        15,099
  The New York Times Co. Class A........        700        30,275
  The Reader's Digest                                            
    Association, Inc....................        400         9,232
                                                      -----------
                                                          105,487
                                                      -----------

REAL ESTATE -- 0.1%                                              
  Catellus Development Corp.*...........        800        14,720
  The St. Joe Co........................        500        13,875
  W.P. Carey & Co. LLC..................        500        11,600
                                                      -----------
                                                           40,195
                                                      -----------

RESTAURANTS -- 0.7%                                              
  Applebee's International, Inc.........      1,950        66,690
  Bob Evans Farms, Inc..................        700        17,199
  Brinker International, Inc.*..........        500        14,880
  CBRL Group, Inc.......................        500        14,720
  Darden Restaurants, Inc...............        600        21,240
  McDonald's Corp.......................      7,700       203,819
  Outback Steakhouse, Inc.*.............        800        27,400
  Ruby Tuesday, Inc.....................        600        12,378
  Sonic Corp.*..........................        600        21,600
  Starbucks Corp.*......................      3,100        59,055
  The Cheesecake Factory*...............        500        17,385
  Tricon Global Restaurants, Inc.*......        900        44,280
  Wendy's International, Inc............        500        14,585
                                                      -----------
                                                          535,231
                                                      -----------

RETAIL -- FOOD -- 0.9%                                           
  Albertson's, Inc......................      6,600       207,834
  Kroger Co.*...........................      4,800       100,176
  Ruddick Corp..........................        900        14,391
  Safeway, Inc.*........................      5,000       208,750
  Sara Lee Corp.........................      4,700       104,481
  SUPERVALU, Inc........................        800        17,696
  Whole Foods Market, Inc.*.............        500        21,780
  Winn-Dixie Stores, Inc................      1,400        19,950
                                                      -----------
                                                          695,058
                                                      -----------

RETAIL -- GENERAL -- 2.8%                                        
  7-Eleven, Inc.*.......................      1,600        18,736
  99 Cents Only Stores*.................        500        19,050
  Big Lots, Inc.*.......................      2,200        22,880
  BJ's Wholesale Club, Inc.*............        300        13,230
  CVS Corp..............................      3,100        91,760
  Dillards, Inc. Class A................        900        14,400
  Dollar General Corp...................      2,025        30,173
  Family Dollar Stores, Inc.............        700        20,986
  Federated Department Stores, Inc.*....      1,500        61,350
  J.C. Penney Co., Inc..................      2,100        56,490
  Kmart Corp.*..........................      2,400        13,104
  Longs Drug Stores Corp................        300         7,014
  May Department Stores Co..............      2,400        88,752
  Sears, Roebuck & Co...................      3,500       166,740
  Target Corp...........................      5,400       221,670

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  TJX Cos., Inc.........................      1,600   $    63,776
  Wal-Mart Stores, Inc..................     22,900     1,317,895
                                                      -----------
                                                        2,228,006
                                                      -----------

RETAIL -- SPECIALTY -- 3.6%                                      
  Abercrombie & Fitch Co. Class A*......      1,000        26,530
  Amazon.com, Inc.*.....................      1,400        15,148
  American Eagle Outfitters, Inc.*......        600        15,702
  AutoNation, Inc.......................      2,200        27,126
  Barnes & Noble, Inc.*.................        600        17,760
  Bed Bath & Beyond, Inc.*..............      1,700        57,630
  Best Buy Co., Inc.*...................      4,300       320,264
  Borders Group, Inc.*..................        500         9,920
  Callaway Golf Co......................        800        15,320
  Children's Place Retail                                        
    Stores, Inc.*.......................      2,200        59,730
  Circuit City Stores-Circuit City                               
    Group...............................      1,700        44,115
  Claire's Stores, Inc..................      1,000        15,100
  Copart, Inc.*.........................        500        18,185
  Costco Wholesale Corp.*...............      2,800       124,264
  dELiA*s Corp. Class A*................        100           620
  Dollar Tree Stores, Inc.*.............        500        15,455
  EBay, Inc.*...........................      1,700       113,730
  Foot Locker, Inc.*....................      1,400        21,910
  Home Depot, Inc.......................     14,050       716,691
  Intimate Brands, Inc. Class A.........        800        11,888
  Kohl's Corp.*.........................      2,000       140,880
  La-Z-Boy, Inc.........................        600        13,092
  Limited, Inc..........................      2,600        38,272
  Liz Claiborne, Inc....................        300        14,925
  Lowe's Cos., Inc......................      4,600       213,486
  Michaels Stores, Inc.*................        500        16,785
  Nordstrom, Inc........................        700        14,161
  Office Depot, Inc.*...................      1,500        27,810
  OfficeMax, Inc.*......................      2,300        10,350
  Pacific Sunwear of                                             
    California, Inc.*...................        600        12,252
  PETsMART, Inc.*.......................      2,200        21,648
  Pier 1 Imports, Inc...................        800        13,872
  RadioShack Corp.......................      1,100        33,110
  Regis Corp............................        500        12,890
  Rite Aid Corp.*.......................      5,200        26,312
  Ross Stores, Inc......................        500        16,040
  Saks, Inc.*...........................      5,000        46,700
  Staples, Inc.*........................      3,700        69,190
  Talbots, Inc..........................        400        14,500
  The Gap, Inc..........................      6,900        96,186
  The Sherwin Williams Co...............      1,200        33,000
  Tiffany & Co..........................      1,200        37,764
  Toys "R" Us, Inc.*....................      4,300        89,182
  V.F. Corp.............................        500        19,505
  Walgreen Co...........................      6,100       205,326
  Williams-Sonoma, Inc.*................        600        25,740
                                                      -----------
                                                        2,910,066
                                                      -----------

STEEL -- 0.2%                                                    
  AK Steel Holding Corp.................      1,100        12,518
  Allegheny Technologies, Inc...........        600        10,050

12                                                                            

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
STEEL  (CONTINUED)                                               
  Carpenter Technology Corp.............        400   $    10,648
  Nucor Corp............................        500        26,480
  Reliance Steel & Aluminum Co..........      2,500        65,625
  Steel Dynamics, Inc.*.................        800         9,288
  USX- U.S. Steel Group.................        500         9,055
  Worthington Industries, Inc...........        900        12,780
                                                      -----------
                                                          156,444
                                                      -----------

TELECOMMUNICATIONS -- 5.9%                                       
  ADC Telecommunications, Inc.*.........      4,700        21,620
  Adtran, Inc.*.........................        600        15,312
  Advanced Fibre                                                 
    Communications, Inc.*...............        600        10,602
  ALLTEL Corp...........................      1,900       117,287
  AT&T Corp.............................     21,200       384,568
  AT&T Wireless Services, Inc.*.........     15,113       217,174
  BellSouth Corp........................     11,300       431,095
  Broadwing, Inc. *.....................        900         8,550
  Cablevision Systems Corp. Class A.....        800        37,960
  Centennial Communications Corp.                                
    Class A*............................        900         9,216
  CenturyTel, Inc.......................        700        22,960
  CIENA Corp.*..........................      5,600        80,136
  Citizens Communications Co.*..........      3,300        35,178
  Comcast Corp. Class A*................      8,300       298,800
  Comverse Technology, Inc.*............      2,300        51,451
  Cox Communications, Inc. Class A*.....      5,600       234,696
  Crown Castle International Corp.*.....      1,300        13,884
  Dobson Communications Corp.                                    
    Class A*............................        100           854
  EchoStar Communications Corp.                                  
    Class A*............................      2,300        63,181
  Harris Corp...........................        600        18,306
  JDS Uniphase Corp.*...................      3,790        32,897
  Level 3 Communications, Inc.*.........      3,100        15,500
  Lucent Technologies, Inc..............     18,600       116,994
  Motorola, Inc.........................     13,400       201,268
  Nextel Communications, Inc.                                    
    Class A*............................      5,700        62,472
  PanAmSat Corp.*.......................        900        19,692
  Plantronics, Inc.*....................        300         7,692
  Price Communications Corp.*...........        500         9,545
  QUALCOMM, Inc.*.......................      4,600       232,300
  RF Micro Devices, Inc.*...............        800        15,384
  SBC Communications, Inc...............     19,400       759,898
  Scientific-Atlanta, Inc...............      1,000        23,940
  Sprint Corp...........................      7,100       142,568
  Sprint Corp. (PCS Group)*.............      5,600       136,696
  Symbol Technologies, Inc..............      1,850        29,378
  Telephone & Data Systems, Inc.........        200        17,950
  Tellabs, Inc.*........................      2,100        31,416
  Triton PCS Holdings, Inc. Class A*....        500        14,675
  United States Cellular Corp.*.........        300        13,575
  Verizon Communications................     11,200       531,552
  Western Wireless Corp. Class A*.......        600        16,950
  WorldCom, Inc.........................     17,800       250,624
                                                      -----------
                                                        4,755,796
                                                      -----------

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------

TEXTILE & APPAREL -- 0.2%                                        
  Jones Apparel Group, Inc.*............        500   $    16,585
  Mohawk Industries, Inc.*..............      1,100        60,368
  NIKE, Inc. Class B....................        900        50,616
  Oakley, Inc.*.........................        500         8,130
  Polo Ralph Lauren Corp.*..............        700        18,732
  Reebok International Ltd.*............        600        15,900
  Wolverine World Wide, Inc.............        800        12,040
                                                      -----------
                                                          182,371
                                                      -----------

TIRES & RUBBER -- 0.0%                                           
  Goodyear Tire & Rubber Co.............      1,300        30,953
                                                      -----------

TOBACCO -- 0.8%                                                  
  Philip Morris Cos., Inc...............     13,100       600,635
  R.J. Reynolds Tobacco                                          
    Holdings, Inc.......................        600        33,780
  UST, Inc..............................      1,000        35,000
                                                      -----------
                                                          669,415
                                                      -----------

TOOLS -- HAND HELD -- 0.1%                                       
  Snap-on, Inc..........................        300        10,098
  Stanley Works.........................        900        41,913
                                                      -----------
                                                           52,011
                                                      -----------

TRANSPORTATION -- 1.3%                                           
  Burlington Northern Santa Fe Corp.....      4,000       114,120
  C.H. Robinson Worldwide, Inc..........        400        11,566
  CNF Transportation, Inc...............      1,000        33,550
  CSX Corp..............................        900        31,545
  EGL, Inc.*............................        500         6,975
  FedEx Corp.*..........................      5,600       290,528
  Forward Air Corp.*....................        300        10,176
  GATX Corp.............................        500        16,260
  J.B. Hunt Transport                                            
    Services, Inc.*.....................        600        13,920
  Kirby Corp.*..........................        500        13,775
  Landstar Systems, Inc.*...............        200        14,502
  Norfolk Southern Corp.................      2,300        42,159
  Overseas Shipholding Group, Inc.......        500        11,250
  Roadway Express, Inc..................      1,000        36,700
  Ryder System, Inc.....................        600        13,290
  Swift Transportation Co., Inc.*.......        700        15,057
  Union Pacific Corp....................      4,300       245,100
  USFreightways Corp....................      2,400        75,360
  Werner Enterprises, Inc...............        600        14,580
                                                      -----------
                                                        1,010,413
                                                      -----------

UTILITIES -- 3.1%                                                
  AES Corp.*............................      3,200        52,320
  Allegheny Energy, Inc.................      1,000        36,220
  ALLETE................................      5,400       136,080
  Alliant Energy Corp...................        500        15,180
  Ameren Corp...........................        800        33,840
  American Electric Power Co., Inc......      2,600       113,178
  American Power Conversion Corp.*......      1,000        14,460
  American Water Works Co., Inc.........        500        20,875
  Calpine Corp.*........................      1,800        30,222
  Cinergy Corp..........................      1,300        43,459

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SA U.S. Market Fund                                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
UTILITIES  (CONTINUED)                                           
  Cleco Corp............................        600   $    13,182
  CMS Energy Corp.......................      1,100        26,433
  Consolidated Edison, Inc..............      1,300        52,468
  Constellation Energy Group............      1,000        26,550
  Documentum, Inc.*.....................        400         8,688
  Dominion Resources, Inc...............      2,400       144,240
  DPL, Inc..............................        600        14,448
  DQE, Inc..............................        300         5,679
  Duke Energy Corp......................      4,700       184,522
  Dynegy, Inc. Class A..................      1,168        29,784
  Edison International..................      2,000        30,200
  El Paso Electric Co.*.................      1,200        17,400
  Exelon Corp...........................      2,550       122,094
  FirstEnergy Corp......................      1,700        59,466
  FPL Group, Inc........................        900        50,760
  IDACORP, Inc..........................        600        24,360
  KeySpan Corp..........................        700        24,255
  MDU Resources Group, Inc..............      5,500       154,825
  Mirant Corp.*.........................      1,272        20,377
  NiSource, Inc.........................      1,237        28,525
  Northeast Utilities...................        900        15,867
  Northwest Natural Gas Co..............        500        12,750
  NorthWestern Corp.....................        500        10,525
  OGE Energy Corp.......................        500        11,540
  Parker-Hannifin Corp..................        600        27,546
  Peoples Energy Corp...................      1,800        68,274
  PG&E Corp.............................      3,100        59,644
  Philadelphia Suburban Corp............        781        17,612
  Pinnacle West Capital Corp............        300        12,555
  Potomac Electric Power Co.............      1,100        24,827
  PPL Corp..............................      1,200        41,820
  Public Service Enterprise                                      
    Group, Inc..........................      1,700        71,723
  Puget Energy, Inc.....................        500        10,945
  Questar Corp..........................        700        17,535
  Reliant Energy, Inc...................      3,100        82,212
  SCANA Corp............................        400        11,132
  Sierra Pacific Resources..............        800        12,040
  Southern Co...........................      5,500       139,425
  TECO Energy, Inc......................      1,100        28,864
  TXU Corp..............................      2,600       122,590
  UIL Holdings Corp.....................        200        10,260

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  Unisource Energy Corp.................        600   $    10,914
  UtiliCorp United, Inc.................        600        15,102
  Vectren Corp..........................        500        11,990
  WGL Holdings, Inc.....................        400        11,628
  Wisconsin Energy Corp.................        500        11,280
  Xcel Energy, Inc......................      1,700        47,158
                                                      -----------
                                                        2,451,848
                                                      -----------

WASTE MANAGEMENT -- 0.2%                                         
  Allied Waste Industries, Inc.*........      1,000        14,060
  Republic Services, Inc. Class A*......        900        17,973
  Waste Management, Inc.................      5,000       159,550
                                                      -----------
                                                          191,583
                                                      -----------

OTHER -- 4.1%                                                    
  DFA 9-10 Small Co.....................    324,872     3,251,970
                                                      -----------
  TOTAL COMMON STOCKS                                            
    (Identified Cost $79,315,512).......               78,924,734
                                                      -----------

SHORT-TERM INVESTMENTS -- 3.8%                                   

OTHER -- 3.8%                                                    
  SSgA Government Money Market Fund.....  1,476,877     1,476,877
  SSgA Money Market Fund................  1,605,655     1,605,655
                                                      -----------
  TOTAL SHORT-TERM INVESTMENTS                                   
    (Identified Cost $3,082,532)........                3,082,532
                                                      -----------

                                                                [Download Table]


                                                               
-------------------------------------------------------------- 
TOTAL INVESTMENTS -- 102.4%                                    
  (IDENTIFIED COST $82,398,044)#..................  82,007,266 
  Liabilities, Less Cash and Other Assets --                   
    (2.4%)........................................  (1,930,748)
                                                    ---------- 
NET ASSETS -- 100%................................  $80,076,518
                                                    ========== 

+  See Note 1.                                                              
*  Non-income producing security                                            
#  At December 31, 2001, the aggregate cost of investment securities for    
     income tax purposes was $82,398,044. Net unrealized depreciation aggregated
    $390,778, of which $6,638,066 related to appreciated investment securities
and $7,028,844 related to depreciated investment securities.          

SEE NOTES TO FINANCIAL STATEMENTS.

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SA U.S. HBtM Fund                                                               
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited)                 

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                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
COMMON STOCKS -- 96.2%                                           
AEROSPACE/DEFENSE -- 2.3%                                        
  Goodrich Corp.........................      1,300   $    34,606
  Northrop Grumman Corp.................      2,000       201,620
  Raytheon Co...........................     23,000       746,810
                                                      -----------
                                                          983,036
                                                      -----------

AIRLINES -- 0.9%                                                 
  AMR Corp.*............................     10,700       237,219
  Delta Air Lines, Inc..................      5,500       160,930
                                                      -----------
                                                          398,149
                                                      -----------
AUTO & RELATED -- 5.9%                                           
  BorgWarner, Inc.......................      2,400       125,400
  Cummins Engine Co., Inc...............      3,800       146,452
  Dana Corp.............................      6,500        90,220
  Ford Motor Co.........................     46,600       732,552
  General Motors Corp...................     10,500       510,300
  Lear Corp.*...........................      2,300        87,722
  Navistar International Corp...........        700        27,650
  TRW, Inc..............................     13,500       500,040
  United Rentals, Inc.*.................      6,300       143,010
  Visteon Corp..........................     11,391       171,321
                                                      -----------
                                                        2,534,667
                                                      -----------

BANKS/SAVINGS & LOANS -- 1.5%                                    
  Astoria Financial Corp................      3,600        95,256
  Commercial Federal Corp...............      2,000        47,000
  Golden State Bancorp, Inc.............      1,700        44,455
  GreenPoint Financial Corp.............      3,000       107,250
  Hibernia Corp. Class A................      3,500        62,265
  Independence Community Bank Corp......      2,300        52,348
  Sovereign Bancorp, Inc................     20,600       252,144
                                                      -----------
                                                          660,718
                                                      -----------
BROADCASTING -- 3.4%                                             
  Clear Channel                                                  
    Communications, Inc.*...............     26,500     1,349,115
  Hearst-Argyle Television, Inc.*.......      4,400        94,864
  Sinclair Broadcast Group, Inc.                                 
    Class A*............................      1,600        15,136
                                                      -----------
                                                        1,459,115
                                                      -----------

BUILDING & CONSTRUCTION -- 1.6%                                  
  Centex Corp...........................      2,500       142,725
  Lafarge Corp..........................      6,200       232,934
  Pulte Corp............................      2,600       116,142
  Rayonier, Inc.........................        900        45,423
  York International Corp...............      3,900       148,707
                                                      -----------
                                                          685,931
                                                      -----------

BUSINESS SERVICES -- 0.1%                                        
  Ariba, Inc.*..........................      3,700        22,792
  The Profit Recovery Group                                      
    International, Inc.*................      5,200        42,380
                                                      -----------
                                                           65,172
                                                      -----------
CHEMICALS -- 1.6%                                                
  Ashland, Inc..........................      2,900       133,632
  Crompton Corp.........................      2,500        22,500
  Eastman Chemical Co...................      3,000       117,060
  IMC Global, Inc.......................     10,400       135,200

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  Lubrizol Corp.........................      1,800   $    63,162
  Lyondell Chemical Co..................     10,700       153,331
  Millennium Chemicals, Inc.............      4,400        55,440
  Valhi, Inc............................      1,800        22,860
                                                      -----------
                                                          703,185
                                                      -----------

COMMERCIAL SERVICES -- 0.2%                                      
  Quintiles Transnational Corp.*........      4,500        72,225
                                                      -----------

COMPUTER EQUIPMENT -- 0.4%                                       
  Ingram Micro, Inc. Class A*...........      9,600       166,272
  Maxtor Corp.*.........................      3,600        22,824
                                                      -----------
                                                          189,096
                                                      -----------

COMPUTER SERVICES -- 0.2%                                        
  Unisys Corp.*.........................      8,500       106,590
                                                      -----------

COMPUTER SOFTWARE -- 1.1%                                        
  3Com Corp.............................      7,000        44,660
  CheckFree Corp.*......................      2,200        39,600
  NetIQ Corp.*..........................      6,900       243,294
  Novell, Inc.*.........................      9,400        43,146
  WebMD Corp.*..........................     14,900       105,194
                                                      -----------
                                                          475,894
                                                      -----------

COMPUTERS -- 0.1%                                                
  Gateway, Inc.*........................      7,500        60,300
                                                      -----------

CONSUMER PRODUCTS -- 0.5%                                        
  Fortune Brands, Inc...................      3,700       146,483
  Hasbro, Inc...........................      3,400        55,182
                                                      -----------
                                                          201,665
                                                      -----------

CONTAINERS & GLASS -- 0.1%                                       
  Pactiv Corp.*.........................      1,300        23,075
                                                      -----------

CONTAINERS -- PAPER/PLASTIC -- 0.8%                              
  Smurfit-Stone Container Corp.*........     22,200       354,534
                                                      -----------

DIVERSIFIED OPERATIONS -- 0.7%                                   
  Corning, Inc..........................     12,900       115,068
  Fidelity National Financial, Inc......      2,900        71,920
  Textron, Inc..........................      3,300       136,818
                                                      -----------
                                                          323,806
                                                      -----------

ELECTRONICS -- 3.4%                                              
  Advanced Micro Devices, Inc.*.........     14,800       234,728
  Applied Micro Circuits Corp.*.........      2,000        22,640
  Arrow Electronics, Inc.*..............        700        20,930
  Curtiss-Wright Corp. Class B..........        130         6,040
  General Motors Corp. Class H*.........     15,800       244,110
  Rockwell International Corp...........      5,600       100,016
  Tech Data Corp.*......................        500        21,640
  Thermo Electron Corp..................      2,000        47,720
  Thomas & Betts Corp...................      5,000       105,750
  Vishay Intertechnology, Inc.*.........     33,900       661,050
                                                      -----------
                                                        1,464,624
                                                      -----------

FINANCIAL SERVICES -- 2.1%                                       
  Countrywide Credit                                             
    Industries, Inc.....................      5,400       221,238
  E*Trade Group, Inc.*..................      2,600        26,650

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SA U.S. HBtM Fund                                                               
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       
FINANCIAL SERVICES  (CONTINUED)                                  
  KeyCorp...............................      9,700   $   236,098
  MBIA, Inc.............................      1,900       101,897
  Pacific Century Financial Corp........      2,800        72,492
  Protective Life Corp..................        900        26,037
  The Bear Stearns Cos., Inc............      4,060       238,078
                                                      -----------
                                                          922,490
                                                      -----------

FOOD & BEVERAGES -- 4.3%                                         
  Archer-Daniels-Midland Co.............     29,396       421,833
  Coca-Cola Enterprises, Inc............     10,700       202,658
  Corn Products International, Inc......      9,200       324,300
  Kraft Foods, Inc. Class A.............     18,000       612,540
  PepsiAmericas, Inc....................      8,800       121,440
  Tyson Foods, Inc. Class A.............     15,707       181,416
                                                      -----------
                                                        1,864,187
                                                      -----------
FOREST & PAPER PRODUCTS -- 4.4%                                  
  Georgia-Pacific Group.................     10,200       281,622
  International Paper Co................     19,485       786,220
  Mead Corp.............................      8,100       250,209
  Weyerhaeuser Co.......................     11,200       605,696
                                                      -----------
                                                        1,923,747
                                                      -----------

FUNERAL SERVICES -- 0.2%                                         
  Service Corp. International*..........     19,400        96,806
                                                      -----------

HEALTH CARE -- PRODUCTS -- 0.0%                                  
  Viasys Healthcare, Inc.*..............        292         5,901
                                                      -----------

HEALTH CARE -- SERVICES -- 1.3%                                  
  Health Net, Inc.*.....................      3,600        78,408
  Healthsouth Corp.*....................     15,100       223,782
  Humana, Inc.*.........................      7,300        86,067
  Manor Care, Inc.*.....................      2,200        52,162
  Omnicare, Inc.........................      4,200       104,496
                                                      -----------
                                                          544,915
                                                      -----------
INSURANCE -- 10.2%                                               
  Allmerica Financial Corp..............      2,200        98,010
  Allstate Corp.........................     29,300       987,410
  American Financial Group, Inc.........     13,400       328,970
  American National Insurance Co........      2,400       201,840
  Cincinnati Financial Corp.............     11,900       453,985
  CNA Financial Corp.*..................     12,800       373,376
  Conseco, Inc.*........................     18,800        83,848
  Lincoln National Corp.................      2,000        97,140
  Loews Corp............................      9,400       520,572
  MONY Group, Inc.......................      4,200       145,194
  Old Republic International Corp.......      3,500        98,035
  Radian Group, Inc.....................      1,200        51,540
  Safeco Corp...........................     10,100       314,615
  St. Paul Cos., Inc....................      6,100       268,217
  The First American Corp...............      2,200        41,228
  Unitrin, Inc..........................      2,000        79,040
  UnumProvident Corp....................     10,200       270,402
                                                      -----------
                                                        4,413,422
                                                      -----------

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------

INTERNET SERVICES -- 3.4%                                        
  Commerce One, Inc.*...................      4,400   $    15,708
  Openwave Systems, Inc.*...............     17,200       168,388
  Qwest Communications                                           
    International, Inc..................     74,200     1,048,446
  VeriSign, Inc.*.......................      6,000       228,240
  Vignette Corp.*.......................      1,500         8,055
                                                      -----------
                                                        1,468,837
                                                      -----------

LEISURE -- 2.2%                                                  
  Brunswick Corp........................      4,200        91,392
  Extended Stay America, Inc.*..........      3,300        54,120
  Hilton Hotels Corp....................      3,200        34,944
  Mandalay Resort Group*................      2,600        55,640
  MGM Mirage, Inc.*.....................      6,400       184,768
  Park Place Entertainment Corp.*.......     26,900       246,673
  Six Flags, Inc.*......................      7,300       112,274
  Starwood Hotels & Resorts                                      
    Worldwide, Inc. Class B.............      6,300       188,055
                                                      -----------
                                                          967,866
                                                      -----------

MACHINERY -- 0.1%                                                
  Tecumseh Products Co. Class A.........        600        30,378
                                                      -----------

METALS & MINING -- 0.9%                                          
  Massey Energy Co......................      6,900       143,037
  Phelps Dodge Corp.....................      7,200       233,280
                                                      -----------
                                                          376,317
                                                      -----------

MULTIMEDIA -- 13.1%                                              
  A.H. Belo Corp. Series A..............      4,500        84,375
  Adelphia Communications Corp.                                  
    Class A.............................      7,000       218,260
  AOL Time Warner, Inc.*................     39,900     1,280,790
  Key3Media Group, Inc.*................      1,550         8,262
  Liberty Media Corp. Class A*..........    104,100     1,457,400
  Tribune Co............................      3,800       142,234
  Viacom, Inc. Class A*.................     17,400       769,950
  Viacom, Inc. Class B*.................     38,200     1,686,530
                                                      -----------
                                                        5,647,801
                                                      -----------

OFFICE FURNISHINGS & SUPPLIES -- 0.1%                            
  Steelcase, Inc. Class A...............      1,900        27,968
                                                      -----------

OIL & GAS -- 4.3%                                                
  Amerada Hess Corp.....................      3,600       225,000
  Anadarko Petroleum Corp...............      4,600       261,510
  Apache Corp...........................     10,230       510,272
  Devon Energy Corp.....................      1,200        46,380
  Forest Oil Corp.......................        600        16,926
  Helmerich & Payne, Inc................        800        26,704
  Occidental Petroleum Corp.............      6,900       183,057
  Pioneer Natural Resources Co.*........      3,200        61,632
  Pride International, Inc.*............      5,000        75,500
  Rowan Cos., Inc.*.....................      1,000        19,370
  Sunoco, Inc...........................      3,100       115,754
  Tidewater, Inc........................        500        16,950
  Transocean Sedco Forex, Inc...........      2,700        91,314
  USX- Marathon Group...................      6,400       192,000
                                                      -----------
                                                        1,842,369
                                                      -----------

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SA U.S. HBtM Fund                                                               
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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

                                            SHARES      VALUE+   
                                                                 
COMMON STOCKS  (CONTINUED)                                       

OIL REFINING -- 0.5%                                             
  Ultramar Diamond Shamrock Corp........      2,500   $   123,700
  Valero Energy Corp....................      2,500        95,300
                                                      -----------
                                                          219,000
                                                      -----------
PAPER & RELATED PRODUCTS -- 1.4%                                 
  Boise Cascade Corp....................      5,200       176,852
  Bowater, Inc..........................      2,200       104,940
  Louisiana-Pacific Corp................     10,500        88,620
  Temple-Inland, Inc....................      2,800       158,844
  Westvaco Corp.........................      2,000        56,900
                                                      -----------
                                                          586,156
                                                      -----------
PUBLISHING -- 0.1%                                               
  Hollinger International, Inc.                                  
    Class A.............................      2,600        30,420
  Pulitzer, Inc.........................        300        15,300
                                                      -----------
                                                           45,720
                                                      -----------

RETAIL -- FOOD -- 0.6%                                           
  SUPERVALU, Inc........................     11,700       258,804
                                                      -----------

RETAIL -- GENERAL -- 3.1%                                        
  Big Lots, Inc.*.......................      5,400        56,160
  Dillards, Inc. Class A................      8,200       131,200
  Federated Department Stores, Inc.*....      9,400       384,460
  J.C. Penney Co., Inc..................     13,000       349,700
  Kmart Corp.*..........................     21,600       117,936
  Longs Drug Stores Corp................      4,000        93,520
  Sears, Roebuck & Co...................      4,800       228,672
                                                      -----------
                                                        1,361,648
                                                      -----------

RETAIL -- SPECIALTY -- 1.9%                                      
  AutoNation, Inc.......................     18,400       226,872
  Foot Locker, Inc.*....................      3,800        59,470
  Office Depot, Inc.*...................     10,900       202,086
  Rite Aid Corp.*.......................      8,500        43,010
  Saks, Inc.*...........................     12,900       120,486
  Toys "R" Us, Inc.*....................      8,000       165,920
                                                      -----------
                                                          817,844
                                                      -----------

STEEL -- 0.4%                                                    
  AK Steel Holding Corp.................      9,800       111,524
  USX- U.S. Steel Group.................      2,200        39,842
  Worthington Industries, Inc...........      3,000        42,600
                                                      -----------
                                                          193,966
                                                      -----------

TELECOMMUNICATIONS -- 9.7%                                       
  American Tower Corp. Class A*.........      6,000        56,820
  AT&T Corp.............................     78,100     1,416,734
  AT&T Wireless Services, Inc.*.........     10,909       156,762
  Broadwing, Inc.*......................     13,200       125,400
  CIENA Corp.*..........................     12,400       177,444
  Crown Castle International Corp.*.....      9,300        99,324
  Harris Corp...........................      2,000        61,020
  JDS Uniphase Corp.*...................     43,700       379,316
  Level 3 Communications, Inc.*.........     15,000        75,000

                                            SHARES      VALUE+   
                                                                 
-----------------------------------------------------------------
  Lucent Technologies, Inc..............     13,700   $    86,173
  PanAmSat Corp.*.......................      5,900       129,092
  Sprint Corp...........................     31,400       630,512
  Telephone & Data Systems, Inc.........        700        62,825
  WorldCom, Inc.........................     50,300       708,224
  WorldCom, Inc. -- MCI Group...........      1,224        15,545
                                                      -----------
                                                        4,180,191
                                                      -----------

TIRES & RUBBER -- 0.8%                                           
  Cooper Tire & Rubber Co...............      2,300        36,708
  Goodyear Tire & Rubber Co.............     12,400       295,244
                                                      -----------
                                                          331,952
                                                      -----------

TOBACCO -- 1.1%                                                  
  R.J. Reynolds Tobacco                                          
    Holdings, Inc.......................      8,200       461,660
                                                      -----------

TRANSPORTATION -- 5.1%                                           
  Alexander & Baldwin, Inc..............      3,700        98,790
  Burlington Northern Santa Fe Corp.....     17,500       499,275
  CSX Corp..............................      9,400       329,470
  GATX Corp.............................      1,500        48,780
  Norfolk Southern Corp.................     16,900       309,777
  Ryder System, Inc.....................      6,200       137,330
  Union Pacific Corp....................     13,800       786,600
                                                      -----------
                                                        2,210,022
                                                      -----------

UTILITIES -- 0.1%                                                
  Alliant Energy Corp...................      1,200        36,431
                                                      -----------
  TOTAL COMMON STOCKS                                            
    (Identified Cost $38,315,620).......               41,598,180
                                                      -----------

SHORT-TERM INVESTMENTS -- 4.1%                                   

OTHER -- 4.1%                                                    
  SSgA Government Money Market Fund.....  1,282,289     1,282,289
  SSgA Money Market Fund................    505,832       505,832
                                                      -----------
  TOTAL SHORT TERM INVESTMENTS                                   
    (Identified Cost $1,788,121)........                1,788,121
                                                      -----------

                                                                [Download Table]


                                                               
-------------------------------------------------------------- 
TOTAL INVESTMENTS -- 100.3%                                    
  (IDENTIFIED COST $40,103,741)#..................  43,386,301 
  Liabilities, Less Cash and Other Assets --                   
    (0.3%)........................................    (134,932)
                                                    ---------- 
NET ASSETS -- 100%................................  $43,251,369
                                                    ========== 

+  See Note 1.                                                              
*  Non-income producing security                                            
#  At December 31, 2001, the aggregate cost of investment securities for    
     income tax purposes was $40,103,741. Net unrealized appreciation aggregated
$3,282,560, of which $5,193,508 related to appreciated investment     
 securities and $1,910,948 related to depreciated investment securities.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited)                 

                                                                [Download Table]

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
COMMON STOCKS -- 98.6%                                          
ADVERTISING -- 0.3%                                             
  Equity Marketing, Inc.*...............       800   $    10,408
  Getty Images, Inc.*...................     2,600        59,748
  Penton Media, Inc.....................     1,000         6,260
  ValueVision International, Inc.                               
    Class A*............................     2,700        52,893
                                                     -----------
                                                         129,309
                                                     -----------

AEROSPACE/DEFENSE -- 1.1%                                       
  AAR Corp..............................     1,600        14,416
  Alliant Techsystems, Inc.*............     1,800       138,960
  Armor Holdings, Inc.*.................     1,500        40,485
  BE Aerospace, Inc.*...................     1,500        13,755
  DRS Technologies, Inc.*...............     1,100        39,215
  Engineered Support Systems, Inc.......     1,000        34,210
  GenCorp, Inc..........................     2,500        35,275
  HEICO Corp............................       600         9,042
  Herley Industries, Inc.*..............     1,000        17,000
  Kaman Corp. Class A...................     1,800        28,080
  Ladish Co., Inc.*.....................     1,200        13,413
  Northrop Grumman Corp.................       195        19,658
  Orbital Sciences Corp. Class A*.......     3,900        16,107
  REMEC, Inc.*..........................     1,300        12,987
  Triumph Group, Inc.*..................       400        13,000
  United Industrial Corp................       900        15,075
                                                     -----------
                                                         460,678
                                                     -----------

AGRICULTURAL OPERATIONS -- 0.3%                                 
  AGCO Corp.............................     3,000        47,340
  Cadiz, Inc.*..........................     2,900        23,258
  Delta & Pine Land Co..................     2,300        52,049
                                                     -----------
                                                         122,647
                                                     -----------

AIRLINES -- 0.8%                                                
  AirTran Holdings, Inc.*...............     3,300        21,780
  Alaska Air Group, Inc.*...............     5,000       145,500
  Atlantic Coast Airlines                                       
    Holdings, Inc.*.....................     1,200        27,948
  Atlas Air Worldwide                                           
    Holdings, Inc.*.....................     2,300        33,695
  Frontier Airlines, Inc.*..............       750        12,750
  Mesa Air Group, Inc.*.................     1,700        12,784
  Mesaba Holdings, Inc.*................     2,000        14,240
  Midwest Express Holdings, Inc.*.......       700        10,220
  SkyWest, Inc..........................     1,000        25,450
  US Airways Group, Inc.*...............     5,500        34,870
                                                     -----------
                                                         339,237
                                                     -----------

AUTO & RELATED -- 1.5%                                          
  A.S.V., Inc.*.........................       500         5,830
  Aftermarket Technology Corp.*.........     1,000        16,200
  American Axle & Manufacturing                                 
    Holdings, Inc.*.....................       300         6,414
  Arctic Cat, Inc.......................       900        15,300
  ArvinMeritor, Inc.....................       500         9,820
  Bandag, Inc...........................       500        17,380
  Coachmen Industries, Inc..............     1,600        19,200
  Collins & Aikman Corp.*...............     5,000        38,500
  CSK Auto Corp.*.......................     4,200        41,790
  Dollar Thrifty Automotive                                     
    Group, Inc.*........................     1,200        18,600
  Dura Automotive Systems, Inc.*........     1,400        15,400
  IMPCO Technologies, Inc.*.............       700         8,883

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  Insurance Auto Auctions, Inc.*........     1,200   $    17,412
  LoJack Corp.*.........................     1,600         8,720
  Midas, Inc............................     3,000        34,500
  Monaco Coach Corp.*...................     1,950        42,647
  National R.V. Holdings, Inc.*.........     1,100        10,780
  Oshkosh Truck Corp....................       400        19,500
  Polaris Industries, Inc...............       500        28,875
  Rent-A-Center, Inc.*..................     1,300        43,641
  Rent-Way, Inc.*.......................     3,200        19,168
  Skyline Corp..........................       500        16,125
  Standard Motor Products, Inc..........     1,300        18,070
  Strattec Security Corp.*..............       300        10,575
  Superior Industries                                           
    International, Inc..................     1,000        40,250
  Tower Automotive, Inc.*...............     3,800        34,314
  United Auto Group, Inc.*..............     1,100        28,391
  Wabash National Corp..................     1,800        14,040
  Winnebago Industries, Inc.............       800        29,552
                                                     -----------
                                                         629,877
                                                     -----------

BANKS/SAVINGS & LOANS -- 5.8%                                   
  1st Source Corp.......................       662        13,693
  AMCORE Financial, Inc.................     1,700        37,995
  Anchor BanCorp Wisconsin, Inc.........     1,400        24,836
  Area Bancshares Corp..................       750        14,603
  BancorpSouth, Inc.....................     1,600        26,560
  Banknorth Group, Inc..................       908        20,448
  BankUnited Financial Corp.                                    
    Class A*............................     1,300        19,305
  Banner Corp...........................       660        11,161
  Bay View Capital Corp.................     1,000         7,330
  Boston Private Financial                                      
    Holdings, Inc.......................       800        17,656
  Brookline Bancorp, Inc................     1,400        23,016
  BSB Bancorp, Inc......................       600        14,226
  Cathay Bancorp, Inc...................       900        57,645
  Centennial Bancorp....................     1,212         8,945
  CFS Bancorp, Inc......................     1,100        15,785
  Charter One Financial, Inc............       348         9,448
  Chemical Financial Corp...............       494        14,884
  Chittenden Corp.......................     1,950        53,820
  Coastal Bancorp, Inc..................       700        20,230
  Columbia Banking System, Inc..........       770        10,049
  Commercial Federal Corp...............     1,900        44,650
  Commonwealth Bancorp, Inc.............       700        15,505
  Community Bank Systems, Inc...........       400        10,480
  Community First Bankshares, Inc.......     1,600        41,104
  Corus Bankshares, Inc.................     1,400        63,560
  Dime Community Bancshares.............       900        25,254
  Downey Financial Corp.................       600        24,750
  East West Bancorp, Inc................     1,100        28,325
  F&M Bancorp...........................       500        12,725
  F.N.B Corp............................     2,310        60,868
  Fidelity Bankshares, Inc..............       900        14,373
  First Charter Corp....................     3,100        55,211
  First Citizens BancShares, Inc........       200        19,550
  First Federal Capital Corp............     1,800        28,260
  First Financial Bancorp...............     2,365        41,742
  First Financial Holdings, Inc.........       700        16,919
  First Indiana Corp....................       400         8,764
  First Niagara Financial                                       
    Group, Inc..........................     1,800        30,294
  First Republic Bank*..................       750        18,113

18                                                                            

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

                                                                [Download Table]
----------------------------------------------------------------

                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
BANKS/SAVINGS & LOANS  (CONTINUED)                              
  First Sentinel Bancorp, Inc...........     2,500   $    31,300
  FirstFed Financial Corp.*.............     1,200        30,756
  Flagstar Bancorp, Inc.................     1,050        21,137
  GBC Bancorp...........................     1,300        38,350
  Gold Banc Corp., Inc..................     2,200        15,642
  Greater Bay Bancorp...................     1,500        42,870
  Harbor Florida Bancshares, Inc........     1,100        18,700
  Harleysville National Corp............       840        19,782
  Heritage Commerce Corp.*..............       100           780
  Hudson River Bancorp, Inc.............       900        19,710
  Hudson United Bancorp.................       500        14,350
  Independent Bank Corp.-MA.............     1,400        30,086
  Independent Bank Corp.-MI.............       735        20,433
  Integra Bank Corp.....................     1,400        29,316
  MAF Bancorp, Inc......................     2,400        70,800
  Main Street Bancorp, Inc..............     1,500        23,430
  Mid-State Bancshares..................     2,200        35,816
  Mississippi Valley                                            
    Bankshares, Inc.....................       500        19,600
  NBT Bancorp, Inc......................     2,160        31,298
  New York Community Bancorp, Inc.......       918        20,995
  Northwest Bancorp, Inc................     1,400        16,016
  OceanFirst Financial Corp.............       700        16,912
  Ocwen Financial Corp.*................     5,400        45,792
  Pacific Capital Bancorp...............     1,800        50,022
  Pacific Northwest Bancorp.............       600        12,276
  People's Bank.........................     1,200        25,512
  PFF Bancorp, Inc......................     1,200        33,120
  Promistar Financial Corp..............       525        12,836
  Provident Bankshares Corp.............     1,540        37,422
  Provident Financial Group, Inc........     1,000        26,060
  Republic Bancorp, Inc.................     2,750        38,087
  Riggs National Corp...................     2,000        27,940
  Silicon Valley Bancshares*............       500        13,365
  St. Francis Capital Corp..............       500        11,565
  State Financial Services Corp.                                
    Class A.............................     1,100        12,705
  Staten Island Bancorp, Inc............     2,500        40,775
  Sterling Bancshares, Inc..............     3,900        48,828
  Texas Regional Bancshares, Inc.                               
    Class A.............................       840        31,794
  The Trust Co. of New Jersey...........     1,300        32,760
  TrustCo Bank Corp. NY.................     2,834        35,623
  UCBH Holdings, Inc....................     1,000        28,440
  UMB Financial Corp....................     1,100        44,000
  United Bankshares, Inc................       800        23,088
  United Community Financial Corp.......     3,600        25,920
  United National Bancorp...............     1,230        29,532
  Valley National Bancorp...............       480        15,816
  Webster Financial Corp................       456        14,378
  WesBanco, Inc.........................     1,000        21,130
  West Coast Bancorp....................       847        11,790
  Westcorp, Inc.........................     5,360       100,071
  Whitney Holding Corp..................       300        13,155
                                                     -----------
                                                       2,413,963
                                                     -----------

BROADCASTING -- 0.6%                                            
  4Kids Entertainment, Inc.*............       600        12,018
  Cumulus Media, Inc. Class A*..........     1,400        22,652
  Entravision Communications Corp.*.....     1,100        13,145

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  Liberty Digital, Inc. Class A*........     2,200   $     7,612
  Paxson Communications Corp.*..........     5,000        52,250
  Pegasus Communications Corp.*.........     2,700        28,107
  Regent Communications, Inc.*..........     3,500        23,625
  Sinclair Broadcast Group, Inc.                                
    Class A*............................     2,100        19,866
  Spanish Broadcasting System, Inc.                             
    Class A*............................     1,400        13,846
  TiVo, Inc.*...........................     1,800        11,790
  UnitedGlobalCom, Inc. Class A*........     4,600        23,000
  World Wrestling Federation                                    
    Entertainment, Inc.*................     1,100        14,465
                                                     -----------
                                                         242,376
                                                     -----------

BUILDING & CONSTRUCTION -- 2.9%                                 
  Ampco-Pittsburgh Corp.................     1,000        10,750
  Apogee Enterprises, Inc...............     1,700        26,894
  Beazer Homes USA, Inc.*...............       500        36,585
  Butler Manufacturing Co...............       400        11,080
  Centex Construction Products, Inc.....     1,300        41,665
  Champion Enterprises, Inc.*...........     3,400        41,854
  Comfort Systems USA, Inc.*............     3,800        14,060
  Crossmann Communities, Inc............       600        19,800
  Dal-Tile International, Inc.*.........     1,100        25,575
  Dycom Industries, Inc.*...............     2,100        35,091
  Elcor Corp............................     1,900        52,801
  Emcor Group, Inc.*....................     1,000        45,400
  Fleetwood Enterprises, Inc............     2,000        22,660
  Florida Rock Industries, Inc..........     5,550       203,019
  Foster Wheeler Ltd.*..................     1,200         6,120
  Granite Construction, Inc.............       750        18,060
  Hovnanian Enterprises, Inc.                                   
    Class A*............................     1,600        34,048
  Insituform Technologies, Inc.                                 
    Class A*............................     1,600        40,928
  Integrated Electrical                                         
    Services, Inc.*.....................     1,500         7,680
  Lennox International, Inc.............     4,500        43,650
  M.D.C. Holdings, Inc..................       847        32,008
  Modine Manufacturing Co...............     1,700        39,661
  NCI Building Systems, Inc.*...........       900        15,930
  Nortek, Inc.*.........................     1,200        33,480
  Palm Harbor Homes, Inc.*..............       700        16,765
  Pulte Corp............................       625        27,919
  Ryland Group, Inc.....................       400        29,280
  Schuler Homes, Inc. Class A*..........       500         9,925
  Standard Pacific Corp.................     1,400        34,048
  Texas Industries, Inc.................     1,100        40,590
  The Shaw Group, Inc.*.................     2,400        56,400
  Thor Industries, Inc..................       400        14,820
  Toll Brothers, Inc.*..................       700        30,730
  Trex Co., Inc.*.......................       700        13,293
  URS Corp.*............................     1,600        43,856
  Wackenhut Corrections Corp.*..........     1,300        18,018
                                                     -----------
                                                       1,194,443
                                                     -----------

BUSINESS SERVICES -- 3.6%                                       
  Acacia Research Corp..................       770         8,524
  Acxiom Corp.*.........................     1,700        29,699
  Administaff, Inc.*....................     1,400        38,374
  ADVO, Inc.*...........................       800        34,400
  Ambassadors International, Inc........     1,000        20,990
  American Management Systems, Inc.*....     2,100        37,968

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

                                                                [Download Table]
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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
BUSINESS SERVICES  (CONTINUED)                                  
  Angelica Corp.........................       900   $     9,756
  Banta Corp............................     1,500        44,280
  BARRA, Inc.*..........................       450        21,190
  Bowne & Co., Inc......................     2,300        29,440
  Brady Corp. Class A...................     1,000        36,600
  Braun Consulting, Inc.*...............     1,600         5,680
  CDI Corp.*............................     1,000        19,000
  Century Business Services, Inc.*......     6,000        13,800
  Charles River Associates, Inc.*.......     1,000        20,500
  CIBER, Inc.*..........................     5,100        48,195
  Consolidated Graphics, Inc.*..........       800        15,400
  CorVel Corp.*.........................       300         9,825
  Davox Corp.*..........................     1,400        13,538
  DiamondCluster                                                
    International, Inc.*................       600         7,860
  Electro Rent Corp.*...................     2,000        25,780
  Emergent Information                                          
    Technologies, Inc.*.................     1,500         3,885
  Encompass Services Corp.*.............     5,000        15,875
  ePlus, Inc.*..........................     1,200        11,460
  Fair, Issac & Co., Inc................       450        28,359
  First Consulting Group, Inc.*.........     1,900        29,450
  Forrester Research, Inc.*.............     2,000        40,280
  Franklin Covey Co.*...................     2,200        13,266
  FTI Consulting, Inc.*.................     1,100        36,080
  Gartner, Inc. Class A*................     2,700        31,563
  Heidrick & Struggles                                          
    International, Inc.*................     1,200        21,780
  Imation Corp.*........................     3,500        75,530
  Information Resources, Inc.*..........     2,300        19,090
  infoUSA, Inc.*........................     3,000        20,820
  Innotrac Corp.*.......................     1,700        11,730
  Intelli-Check, Inc.*..................       700        12,733
  John H. Harland Co....................     2,000        44,200
  Keane, Inc.*..........................     2,700        48,681
  Kelly Services, Inc. Class A..........     1,400        30,646
  Korn/Ferry International*.............     1,900        20,235
  Labor Ready, Inc.*....................     3,200        16,352
  Manugistics Group, Inc.*..............     2,000        42,160
  MAXIMUS, Inc.*........................       700        29,442
  Modis Professional Services, Inc......     5,900        42,126
  Navigant Consulting, Inc.*............     2,000        11,000
  Navigant International, Inc.*.........       900        10,305
  NCO Group, Inc.*......................     1,500        34,350
  On Assignment, Inc.*..................     1,100        25,267
  PDI, Inc.*............................     1,100        24,552
  ProBusiness Services, Inc.*...........       500         9,400
  QRS Corp.*............................       800        11,280
  Sapient Corp.*........................     5,000        38,600
  SITEL Corp.*..........................     5,000        12,000
  Spherion Corp.*.......................     2,500        24,400
  TeleTech Holdings, Inc.*..............     3,800        54,454
  Tetra Tech, Inc.*.....................     1,900        37,829
  The Corporate Executive Board Co.*....       700        25,690
  The Profit Recovery Group                                     
    International, Inc.*................     1,900        15,485
  TRC Cos., Inc.*.......................       300        15,000
  Westaff, Inc..........................       100           250
                                                     -----------
                                                       1,486,404
                                                     -----------

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------

CHEMICALS -- 2.3%                                               
  A. Schulman, Inc......................     5,900   $    80,535
  Airgas, Inc.*.........................     2,700        40,824
  Albemarle Corp........................       900        21,600
  Arch Chemicals, Inc...................     1,300        30,160
  ChemFirst, Inc........................     1,800        43,146
  Crompton Corp.........................     4,500        40,500
  Cytec Industries, Inc.*...............     1,200        32,400
  Dionex Corp.*.........................     1,100        28,061
  Ferro Corp............................     2,100        54,180
  Georgia Gulf Corp.....................     1,900        35,150
  Great Lakes Chemical Corp.............     1,000        24,280
  H.B. Fuller Co........................     1,600        46,032
  Hawkins, Inc..........................     1,200        10,680
  International Specialty                                       
    Products, Inc.*.....................     6,500        58,175
  Landec Corp.*.........................     1,800         6,750
  MacDermid, Inc........................     1,600        27,120
  Millennium Chemicals, Inc.............     2,500        31,500
  Minerals Technologies, Inc............       600        27,984
  NL Industries, Inc....................     3,500        53,445
  Olin Corp.............................     2,200        35,508
  PolyOne Corp..........................     2,000        19,600
  RPM, Inc..............................     2,000        28,920
  Spartech Corp.........................     1,400        28,770
  Symyx Technologies*...................     2,100        44,604
  Terra Industries, Inc.*...............     6,100        21,350
  TETRA Technologies, Inc.*.............       800        16,760
  Uniroyal Technology Corp.*............     2,000         6,400
  WD-40 Co..............................     1,100        29,315
  Wellman, Inc..........................     2,500        38,725
                                                     -----------
                                                         962,474
                                                     -----------

COMMERCIAL SERVICES -- 1.0%                                     
  Central Parking Corp..................     2,500        49,100
  CoStar Group, Inc.*...................       800        19,208
  F.Y.I., Inc.*.........................     1,400        46,900
  Mail-Well, Inc.*......................     2,500        10,250
  Memberworks, Inc.*....................       800        11,208
  Mobile Mini, Inc.*....................     1,000        39,120
  Plexus Corp.*.........................     1,700        45,152
  Pre-Paid Legal Services, Inc.*........     1,700        37,230
  Quanta Services, Inc.*................     2,400        37,032
  R.H. Donnelley Corp.*.................       700        20,335
  Source Information Management Co.*....     2,000        10,660
  StarTek, Inc.*........................     1,300        24,635
  The Management Network                                        
    Group, Inc.*........................     1,800        12,420
  Veritas DGC, Inc.*....................     1,800        33,300
                                                     -----------
                                                         396,550
                                                     -----------

COMMUNICATIONS EQUIPMENT -- 1.3%                                
  Acterna Corp.*........................     7,700        30,415
  Allen Telecom, Inc.*..................     2,000        17,000
  ANADIGICS, Inc.*......................       900        13,725
  Arris Group, Inc.*....................     1,900        18,544
  Avanex Corp.*.........................     6,600        38,940
  Captaris, Inc.*.......................     3,500        12,915
  Ceradyne, Inc.*.......................     1,700        19,159
  Digi International, Inc.*.............     2,300        14,651
  Ditech Communications Corp.*..........     3,600        21,672

20                                                                            

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
COMMUNICATIONS EQUIPMENT  (CONTINUED)                           
  DMC Stratex Networks, Inc.*...........     5,700   $    44,346
  Inter-Tel, Inc........................     1,400        26,908
  InterVoice-Brite, Inc.*...............     3,300        42,240
  KVH Industries, Inc.*.................     1,200         7,140
  MasTec, Inc.*.........................     2,400        16,680
  Metawave Communications Corp.*........     3,700        11,544
  Network Equipment                                             
    Technologies, Inc.*.................     3,300        17,985
  North Pittsburgh Systems, Inc.........       800        14,800
  Performance Technologies, Inc.*.......     1,600        21,312
  SBA Communcations Corp.*..............       300         3,906
  SpectraLink Corp.*....................     1,700        29,121
  Stratos Lightwave, Inc.*..............     2,569        15,799
  SymmetriCom, Inc.*....................     1,200         9,132
  Tekelec*..............................     2,400        43,464
  Terayon Communication                                         
    Systems, Inc.*......................     2,500        20,678
  Universal Access Global                                       
    Holdings, Inc.*.....................     3,500        16,415
  ViaSat, Inc.*.........................       900        14,040
                                                     -----------
                                                         542,531
                                                     -----------

COMPUTER EQUIPMENT -- 2.4%                                      
  Adaptec, Inc..........................     2,000        29,000
  Advanced Digital Information Corp.*...     3,100        49,724
  Computer Network Technology Corp.*....     1,200        21,348
  Drexler Technology Corp.*.............     1,000        23,770
  Electronics for Imaging, Inc.*........     2,200        49,082
  Hutchinson Technology, Inc.*..........     1,800        41,796
  Immersion Corp.*......................     2,800        18,868
  Insight Enterprises, Inc.*............     2,100        51,660
  JNI Corp.*............................     1,400        11,634
  Kronos, Inc.*.........................     1,200        58,056
  Maxtor Corp.*.........................     1,900        12,046
  Mentor Graphics Corp.*................     4,900       115,493
  Mercury Computer Systems, Inc.*.......     1,100        43,021
  MTS Systems Corp......................     2,100        21,231
  NeoMagic Corp.*.......................     3,100        10,912
  NYFIX, Inc.*..........................     2,300        46,046
  RadiSys Corp.*........................       700        13,762
  Rainbow Technologies, Inc.*...........     2,600        19,240
  Read-Rite Corp.*......................     8,300        54,863
  Rimage Corp.*.........................     1,200         9,744
  SCM Microsystems, Inc.*...............     2,000        29,280
  Silicon Storage Technology, Inc.*.....     3,600        34,704
  SONICblue, Inc.*......................     4,600        18,584
  Standard Microsystems Corp.*..........       800        12,416
  Systems & Computer Technology                                 
    Corp.*..............................     2,000        20,680
  TALX Corp.............................     1,089        27,203
  Trident Microsystems, Inc.*...........     1,700        13,005
  Verity, Inc.*.........................     2,500        50,625
  Western Digital Corp.*................    17,000       106,590
                                                     -----------
                                                       1,014,383
                                                     -----------

COMPUTER SERVICES -- 1.8%                                       
  3D Systems Corp.*.....................       700         9,975
  Analysts International Corp...........     4,500        18,585
  Avocent Corp.*........................       836        20,273
  Black Box Corp.*......................     1,000        52,880
  Catapult Communications Corp.*........       900        23,454

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  Computer Horizons Corp.*..............     3,800   $    12,198
  Covansys Corp.*.......................     1,700        15,215
  FactSet Research Systems, Inc.........     1,000        34,950
  Fidelity National Information                                 
    Solutions, Inc.*....................     1,800        18,342
  GTECH Holdings Corp.*.................     1,700        76,993
  Inforte Corp.*........................     1,100        15,367
  Intergraph Corp.*.....................     3,000        41,220
  Manhattan Associates, Inc.*...........     1,700        49,555
  MCSi, Inc.*...........................     1,500        35,175
  netGuru, Inc.*........................       200           400
  NetSolve, Inc.*.......................     1,200        12,600
  Ontrack Data International, Inc.*.....     1,400         9,506
  Overland Data, Inc.*..................     1,500        12,300
  PEC Solutions, Inc.*..................     1,600        60,176
  Pegasus Solutions, Inc.*..............     1,800        25,560
  Pomeroy Computer Resources, Inc.*.....       700         9,450
  Radiant Systems, Inc.*................     1,400        16,100
  Safeguard Scientifics, Inc.*..........     9,400        32,900
  Sykes Enterprises, Inc.*..............     3,600        33,624
  Syntel, Inc.*.........................     1,900        24,567
  Tier Technologies, Inc. Class B*......     1,200        25,872
  Tyler Technologies, Inc.*.............     3,300        15,015
  Viewpoint Corp.*......................     1,700        11,577
  Zomax, Inc.*..........................     1,900        15,181
                                                     -----------
                                                         729,010
                                                     -----------

COMPUTER SOFTWARE -- 4.8%                                       
  Acclaim Entertainment, Inc.*..........       300         1,590
  Activision, Inc.*.....................     2,250        58,523
  Actuate Corp.*........................     3,000        15,810
  Agile Software Corp.*.................     4,800        82,656
  Ansoft Corp.*.........................       700        10,220
  ANSYS, Inc.*..........................     1,100        27,115
  Authentidate Holding Corp.*...........     2,100         8,190
  Avant! Corp.*.........................     1,900        38,931
  Borland Software Corp.*...............     2,500        39,150
  Bottomline Technologies, Inc.*........       800         8,664
  BroadVision, Inc.*....................    17,000        46,580
  Caminus Corp.*........................     1,300        29,900
  CenterSpan Communications Corp.*......     1,000         9,500
  Clarus Corp.*.........................     1,900        11,856
  Concord Communications, Inc.*.........     1,000        20,650
  Datastream Systems, Inc.*.............     6,200        38,254
  Dendrite International, Inc.*.........     2,000        28,060
  Echelon Corp.*........................     2,700        38,232
  Evans & Sutherland Computer Corp.*....     1,400         9,282
  EXE Technologies, Inc.*...............     2,300        11,707
  FalconStor Software, Inc.*............     3,600        32,616
  FileNET Corp.*........................       600        12,174
  HNC Software, Inc.....................     1,600        32,960
  Hypercom Corp.*.......................     2,100        15,750
  Hyperion Solutions Corp.*.............     2,300        45,678
  Identix, Inc.*........................     2,600        37,934
  iManage, Inc.*........................     1,900        14,991
  Indus International, Inc.*............     2,100        15,330
  Infogrames, Inc.*.....................     4,900        34,741
  Informatica Corp.*....................     3,900        56,589
  Inktomi Corp.*........................     5,700        38,247

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
COMPUTER SOFTWARE  (CONTINUED)                                  
  InteliData Technologies Corp.*........     2,700   $     7,641
  Internet Security Systems, Inc.*......     1,000        32,060
  J.D. Edwards & Co.*...................     5,200        85,540
  JDA Software Group, Inc.*.............     1,900        42,465
  Liberate Technologies, Inc.*..........     1,100        12,628
  Macromedia, Inc.*.....................     2,280        40,584
  MapInfo Corp.*........................       950        14,906
  Mercator Software, Inc.*..............     1,800        15,048
  MetaSolv, Inc.*.......................     1,400        11,003
  Micromuse, Inc.*......................     2,900        43,500
  Midway Games, Inc.*...................     2,700        40,527
  Moldflow Corp.*.......................     1,000        14,320
  MRO Software, Inc.*...................       900        21,042
  MSC.Software Corp.*...................     2,000        31,200
  Netegrity, Inc.*......................     1,900        36,784
  NetIQ Corp.*..........................       240         8,462
  Novadigm, Inc.*.......................     2,000        18,980
  ONYX Software Corp.*..................     2,000         7,800
  OTG Software, Inc.*...................     1,900        19,000
  Packeteer, Inc.*......................     1,500        11,055
  Per-Se Technologies, Inc.*............     2,700        29,025
  Peregrine Systems, Inc.*..............     1,178        17,470
  Phoenix Technology Ltd.*..............     1,800        20,952
  Pinnacle Systems, Inc.*...............     5,000        39,700
  PLATO Learning, Inc.*.................     1,066        17,706
  Progress Software Corp.*..............     2,500        43,200
  Red Hat, Inc.*........................    10,200        72,420
  Sanchez Computer Associates, Inc.*....     1,600        13,680
  ScanSoft, Inc.*.......................     3,600        15,480
  Secure Computing Corp.*...............     1,700        34,935
  SERENA Software, Inc.*................     2,000        43,480
  SpeechWorks International, Inc.*......       900        10,125
  SPSS, Inc.*...........................     1,032        18,318
  SS&C Technologies, Inc.*..............     2,400        16,920
  Storage Computer Corp.*...............     2,200        14,080
  Symantec Corp.*.......................       100         6,633
  Take-Two Interactive                                          
    Software, Inc.*.....................     1,600        25,872
  The InterCept Group, Inc.*............     1,100        44,990
  THQ, Inc.*............................       800        38,776
  Transaction Systems Architects, Inc.                          
    Class A*............................     1,200        14,712
  Ulticom, Inc.*........................     1,200        12,072
  Ultimate Software Group, Inc.*........     2,100         8,169
  VA Software Corp.*....................     5,000        12,250
  Witness Systems, Inc.*................       900        11,988
  Xybernaut Corp.*......................     3,200         7,616
                                                     -----------
                                                       1,976,994
                                                     -----------

CONSTRUCTION MATERIALS -- 0.0%                                  
  U.S. Concrete, Inc.*..................     1,400         9,240
                                                     -----------

CONSUMER PRODUCTS -- 0.6%                                       
  Applied Extrusion                                             
    Technologies, Inc.*.................     1,600        11,392
  Blyth, Inc............................     1,900        44,175
  Central Garden & Pet Co.*.............     1,000         8,460
  Direct Focus, Inc.*...................     1,000        31,200
  Fossil, Inc.*.........................     1,600        33,600
  IDEXX Laboratories, Inc.*.............       900   $    25,659

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  Playtex Products, Inc.*...............     3,000        29,250
  Russ Berrie & Co., Inc................     1,000        30,000
  The Yankee Candle Co., Inc.*..........     1,600        36,256
                                                     -----------
                                                         249,992
                                                     -----------

CONTAINERS & GLASS -- 0.2%                                      
  Crown Cork & Seal Co., Inc............    10,800        27,432
  Owens-Illinois, Inc.*.................     7,300        72,927
                                                     -----------
                                                         100,359
                                                     -----------

CONTAINERS -- PAPER/PLASTIC -- 0.2%                             
  AEP Industries, Inc.*.................       400         9,584
  Graphic Packaging International                               
    Corp.*..............................     2,200        10,670
  Ivex Packaging Corp.*.................     1,000        19,000
  Longview Fibre Co.....................     3,600        42,516
  Rock-Tenn Co. Class A.................     1,200        17,280
                                                     -----------
                                                          99,050
                                                     -----------

DISTRIBUTION/WHOLESALE -- 1.2%                                  
  Advanced Marketing Services, Inc......     1,200        21,900
  Aviall, Inc.*.........................     2,000        15,100
  Bell Microproducts, Inc.*.............     1,700        21,454
  Brightpoint, Inc.*....................     6,700        21,038
  Daisytek International Corp...........     1,000        13,170
  Handleman Co.*........................     1,600        23,760
  Hughes Supply, Inc....................     1,400        43,218
  International Multifoods Corp.........     1,900        45,410
  Keystone Automotive                                           
    Industries, Inc.*...................     1,700        28,781
  Nash-Finch Co.........................     1,200        37,320
  NuCo2, Inc.*..........................     1,000        12,020
  Owens & Minor, Inc....................     2,400        44,400
  ScanSource, Inc.*.....................       600        28,560
  SCP Pool Corp.*.......................     1,550        42,548
  United Natural Foods, Inc.*...........     1,300        32,500
  United Stationers, Inc.*..............     1,000        33,650
  Watsco, Inc...........................     1,200        17,040
                                                     -----------
                                                         481,869
                                                     -----------

DIVERSIFIED OPERATIONS -- 1.9%                                  
  Actuant Corp. Class A.................       600        20,160
  Acuity Brands, Inc....................       800         9,680
  AMERCO*...............................       700        13,174
  Barnes Group, Inc.....................       600        14,394
  Carlisle Cos., Inc....................     1,200        44,376
  Chemed Corp...........................       500        16,950
  Cognex Corp.*.........................       900        23,049
  Cornell Corrections, Inc.*............       800        14,120
  ESCO Technologies, Inc.*..............     1,100        37,939
  Esterline Technologies Corp.*.........     1,700        27,217
  Griffon Corp..........................     2,650        39,750
  Kroll, Inc.*..........................     1,800        27,180
  Lancaster Colony Corp.................       400        14,204
  Lydall, Inc.*.........................     1,800        18,000
  Mathews International Corp.                                   
    Class A.............................     1,400        34,412
  Myers Industries, Inc.................       726         9,910
  NACCO Industries, Inc. Class A........       300        17,037
  PerkinElmer, Inc......................       933        32,674
  Sensient Technologies Corp............     2,800        58,268
  SPS Technologies, Inc.*...............       800        27,936

22                                                                            

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
DIVERSIFIED OPERATIONS  (CONTINUED)                             
  Standex International Corp............       600   $    13,050
  Sturm, Ruger & Co., Inc...............     2,700        32,346
  Tredegar Corp.........................     2,700        51,300
  Trinity Industries, Inc...............       700        19,019
  U.S. Industries, Inc..................     3,100         7,936
  Universal Corp........................       600        21,846
  UNOVA, Inc.*..........................     5,000        29,000
  UQM Technologies, Inc.*...............     1,700         9,248
  Vector Group Ltd......................     1,324        43,493
  Volt Information Sciences, Inc.*......     1,100        18,810
  Walter Industries, Inc................     2,800        31,668
  World Fuel Services Corp..............       900        16,470
  Zoltek Cos., Inc.*....................     2,400         5,688
                                                     -----------
                                                         800,304
                                                     -----------

EDUCATION -- 0.8%                                               
  Career Education Corp.*...............     1,600        54,848
  Education Management Corp.*...........       900        32,625
  ITT Educational Services, Inc.*.......     1,000        36,870
  Learning Tree International, Inc.*....     1,200        33,480
  Renaissance Learning, Inc.*...........     1,400        42,658
  Strayer Education, Inc................     1,600        77,952
  Sylvan Learning Systems, Inc.*........     2,100        46,347
                                                     -----------
                                                         324,780
                                                     -----------

ELECTRICAL EQUIPMENT -- 2.7%                                    
  Advanced Energy Industries, Inc.*.....     1,900        50,616
  American Technical Ceramics Corp.*....     1,200        12,336
  Artesyn Technologies, Inc.*...........     2,200        20,482
  Avid Technology, Inc.*................     1,300        15,795
  Belden, Inc...........................     2,300        54,165
  C&D Technologies, Inc.................     1,300        29,705
  Cable Design Technologies Corp.*......     3,100        42,408
  Celeritek, Inc.*......................     1,200        16,068
  Checkpoint Systems, Inc.*.............     3,000        40,200
  Cohu, Inc.............................     1,000        19,750
  Credence Systems Corp.*...............     1,080        20,056
  FLIR Systems, Inc.*...................     2,200        83,424
  Genlyte Group, Inc.*..................     1,400        41,664
  Helix Technology Corp.................     1,100        24,805
  Input/Output, Inc.*...................     2,600        21,346
  Intermagnetics General Corp...........     1,010        26,159
  Lincoln Electric Holdings, Inc........     4,300       105,092
  Littelfuse, Inc.*.....................     2,000        52,480
  LTX Corp.*............................     2,400        50,256
  Meade Instruments Corp.*..............     3,300        11,814
  Measurement Specialties, Inc.*........       800         7,528
  Microchip Technology, Inc.*...........       477        18,479
  ParkerVision, Inc.*...................     1,000        21,000
  Paxar Corp.*..........................     2,500        35,500
  Photon Dynamics, Inc.*................       900        41,085
  Power Integrations, Inc.*.............     2,700        61,668
  PRI Automation, Inc.*.................     1,200        24,540
  Rogers Corp.*.........................       900        27,270
  SBS Technologies, Inc.*...............       600         8,742
  Seitel, Inc.*.........................     2,000        27,200
  SIPEX Corp.*..........................       900   $    11,565
  Spectrian Corp.*......................       700         7,721

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  UCAR International, Inc.*.............     3,300        35,310
  Veeco Instruments, Inc.*..............     1,000        36,050
  Vicor Corp.*..........................     1,800        29,160
  Woodhead Industries, Inc..............       600         9,528
                                                     -----------
                                                       1,140,967
                                                     -----------

ELECTRONICS -- 5.7%                                             
  Actel Corp.*..........................     1,400        27,874
  ADE Corp.*............................       700         7,000
  Aeroflex, Inc.*.......................     2,400        45,432
  Alliance Semiconductor Corp.*.........     2,100        25,368
  Alpha Industries, Inc.*...............     2,200        47,960
  Alpha Technologies Group, Inc.*.......     1,300         5,200
  American Superconductor Corp.*........     1,600        19,616
  AMETEK, Inc...........................     1,300        41,457
  Analogic Corp.........................       300        11,553
  Anixter International, Inc.*..........     1,100        31,911
  Artisan Components, Inc.*.............     1,000        15,800
  AstroPower, Inc.*.....................     1,000        40,430
  Asyst Technologies, Inc.*.............     2,000        25,520
  ATMI, Inc.*...........................     1,500        35,775
  Audiovox Corp. Class A*...............     2,600        19,396
  Avnet, Inc............................     1,799        45,821
  Axsys Technologies, Inc.*.............       700         7,000
  AXT, Inc..............................     1,900        27,417
  Benchmark Electronics, Inc.*..........     1,100        20,856
  Brooks Automation, Inc.*..............     1,000        40,670
  ChipPAC, Inc.*........................     1,300         9,646
  Cirrus Logic, Inc.*...................     2,200        29,084
  Coherent, Inc.*.......................     1,100        34,012
  CTS Corp..............................     1,400        22,260
  Cubic Corp............................       500        25,680
  Cymer, Inc.*..........................     1,800        48,114
  Daktronics, Inc.*.....................     1,000         8,450
  DSP Group, Inc.*......................     1,300        30,238
  DuPont Photomasks, Inc.*..............       900        39,105
  Elantec Semiconductor, Inc.*..........     1,100        42,240
  Electro Scientific                                            
    Industries, Inc.*...................     1,600        48,016
  Electroglas, Inc.*....................     1,700        25,109
  EMCORE Corp.*.........................     2,500        33,625
  Energy Conversion Devices, Inc.*......     1,700        32,249
  ESS Technology, Inc...................     2,500        53,150
  Exar Corp.*...........................     1,600        33,360
  Excel Technology, Inc.*...............     1,100        19,140
  Frequency Electronics, Inc............       900        12,600
  GlobespanVirata, Inc.*................     3,000        38,850
  II-VI, Inc.*..........................       800        13,784
  InFocus Corp.*........................     3,900        85,878
  Integrated Silicon Solution, Inc.*....     1,000        12,240
  Interlogix, Inc.*.....................     1,400        54,138
  Itron, Inc.*..........................       800        24,240
  IXYS Corp.*...........................     1,300        10,517
  JMAR Technologies, Inc.*..............     2,200         6,578
  Kopin Corp.*..........................     3,800        53,200
  LeCroy Corp.*.........................       500         9,100
  Lifeline Systems, Inc.*...............       900        21,537
  LSI Logic Corp.*......................       975        15,385

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
ELECTRONICS  (CONTINUED)                                        
  MagneTek, Inc.*.......................     1,200   $    10,812
  Merix Corp.*..........................     1,050        18,112
  Methode Electronics, Inc. Class A.....     1,700        13,600
  Microsemi Corp.*......................       800        23,760
  MKS Instruments, Inc.*................     2,200        59,466
  Molecular Devices Corp.*..............     1,270        26,505
  Nanometrics, Inc.*....................       800        15,520
  Newport Corp..........................     2,200        42,416
  Nu Horizons Electronics Corp.*........       900         9,252
  Numerical Technologies, Inc.*.........     1,300        45,760
  Oak Technology, Inc.*.................     1,200        16,500
  Park Electrochemical Corp.............       600        15,840
  Parlex Corp.*.........................       800        12,600
  Pericom Semiconductor Corp.*..........     1,500        21,750
  Photronics, Inc.*.....................     2,400        75,240
  Pioneer-Standard Electronics, Inc.....     2,200        27,940
  Planar Systems, Inc.*.................       500        10,550
  PLX Technology, Inc.*.................     1,400        17,654
  QuickLogic Corp.*.....................     2,500        12,500
  Rambus, Inc.*.........................     7,000        55,930
  Recoton Corp.*........................       700         9,520
  Richardson Electronics, Ltd...........     1,100        13,310
  Sage, Inc.*...........................       800        29,656
  Siliconix, Inc.*......................       600        16,452
  Spectrum Control, Inc.*...............     1,200         6,300
  Superconductor Technologies, Inc.*....     2,700        17,550
  Supertex, Inc.*.......................       700        12,257
  Technitrol, Inc.......................     1,700        46,954
  Three-Five Systems, Inc.*.............       600         9,546
  TranSwitch Corp.*.....................     2,600        11,700
  Trimble Navigation Ltd.*..............     2,300        37,283
  Ultimate Electronics, Inc.*...........       800        24,000
  Ultratech Stepper, Inc.*..............     1,800        29,736
  Universal Electronics, Inc.*..........       700        12,047
  Valence Technology, Inc.*.............     2,000         6,740
  Vialta, Inc. Class A*.................     1,928         2,390
  Vishay Intertechnology, Inc.*.........       619        12,071
  White Electronic Designs Corp.*.......     2,700        16,605
  Wilson Greatbatch                                             
    Technologies, Inc.*.................       500        18,050
  Xicor, Inc.*..........................     1,300        14,430
  Zoran Corp.*..........................     1,200        39,168
                                                     -----------
                                                       2,351,053
                                                     -----------
ENERGY -- 0.2%                                                  
  BayCorp Holdings Ltd.*................     1,200        11,280
  Covanta Energy Corp.*.................     1,500         6,780
  KFx, Inc.*............................     3,500        10,465
  PNM Resources, Inc....................     1,200        33,540
  Syntroleum Corp.*.....................     3,000        21,300
  Watts Industries, Inc. Class A........       700        10,500
                                                     -----------
                                                          93,865
                                                     -----------

ENVIROMENTAL SERVICES -- 0.5%                                   
  Calgon Carbon Corp....................     3,100        25,885
  Duratek, Inc.*........................     1,900         8,493
  Headwaters, Inc.*.....................     3,500        40,110

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  Rollins, Inc..........................     1,500   $    30,000
  Stericycle, Inc.*.....................     1,600        97,408
                                                     -----------
                                                         201,896
                                                     -----------

FACILITY SERVICES -- 0.1%                                       
  ABM Industries, Inc...................     1,700        53,295
                                                     -----------

FINANCIAL SERVICES -- 2.5%                                      
  Actrade Financial Technologies                                
    Ltd.*...............................       500        14,725
  Advanta Corp. Class A.................     1,000         9,940
  Advanta Corp. Class B.................       900         8,190
  American Capital Strategies Ltd.......     1,400        39,690
  AmeriServ Financial, Inc..............     2,700        12,960
  Ameritrade Holding Corp. Class A*.....     6,900        40,848
  BlackRock, Inc.*......................       500        20,850
  Cash America International, Inc.......     1,500        12,750
  City Holding Co.......................     1,200        14,448
  CoBiz, Inc............................     1,050        14,175
  Coinstar, Inc.*.......................     1,500        37,500
  CompuCredit Corp.*....................     4,700        55,272
  Credit Acceptance Corp.*..............     2,100        18,690
  Digital Insight Corp.*................       600        13,416
  DVI, Inc.*............................       900        15,480
  Financial Federal Corp.*..............     3,000        93,750
  First Albany Cos., Inc................     1,042         6,354
  First Commonwealth Financial Corp.....     3,500        40,320
  Hoenig Group, Inc.*...................       900         9,432
  Interactive Data Corp.................     5,000        70,700
  Irwin Financial Corp..................     1,100        18,700
  Jefferies Group, Inc..................     2,400       101,544
  Ladenburg Thalmann Financial                                  
    Services, Inc.*.....................       461           401
  National Processing, Inc.*............     1,000        32,500
  New Century Financial Corp.*..........     1,500        20,295
  Resource America, Inc.................     1,400        13,076
  Siebert Financial Corp.*..............     1,400         5,810
  Sky Financial Group, Inc..............       601        12,224
  South Financial Group, Inc............     2,500        44,375
  Southwest Bancorporation of                                   
    Texas, Inc.*........................     1,300        39,351
  Stifel Financial Corp.................     1,100        11,550
  Susquehanna Bancshares, Inc...........     2,000        41,700
  SWS Group, Inc........................     1,034        26,315
  UICI*.................................     3,800        51,300
  WFS Financial, Inc.*..................     1,200        28,812
  World Acceptance Corp.*...............     3,800        27,740
                                                     -----------
                                                       1,025,183
                                                     -----------

FOOD & BEVERAGES -- 1.5%                                        
  American Italian Pasta Co.                                    
    Class A*............................       900        37,827
  American States Water Co..............       900        31,455
  Aurora Foods, Inc.*...................     4,000        20,200
  Corn Products International, Inc......       400        14,100
  Del Monte Foods Co.*..................     2,500        21,275
  Dole Food Co., Inc....................     1,100        29,513
  Dreyer's Grand Ice Cream, Inc.........       600        23,106
  Fleming Cos., Inc.....................     1,000        18,500
  Flowers Foods, Inc.*..................       800        31,936
  Gum Tech International, Inc.*.........     1,400         9,660
  Hain Celestial Group, Inc.*...........     1,379        37,867

24                                                                            

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SA U.S. Small Company Fund                                                      
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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
FOOD & BEVERAGES  (CONTINUED)                                   
  Interstate Bakeries Corp..............     1,200   $    29,016
  Lance, Inc............................     2,000        28,580
  Monterey Pasta Co.*...................     1,600        11,936
  Panera Bread Co. Class A*.............       500        26,020
  Performance Food Group Co.*...........     2,800        98,476
  Pilgrim's Pride Corp..................     1,400        18,970
  Ralcorp Holdings, Inc.*...............     1,500        34,050
  Scheid Vineyards, Inc. Class A*.......       100           310
  Tasty Baking Co.......................       800        14,160
  The Boston Beer Co., Inc. Class A*....       900        15,435
  The Robert Mondavi Corp. Class A*.....       500        19,000
  Triarc Cos., Inc.*....................     2,000        48,600
                                                     -----------
                                                         619,992
                                                     -----------

FOREST & PAPER PRODUCTS -- 0.5%                                 
  Buckeye Technologies, Inc.*...........     1,700        19,550
  Caraustar Industries, Inc.............       800         5,544
  Chesapeake Corp.......................     1,100        30,591
  Deltic Timber Corp....................       400        10,960
  P.H. Glatfelter Co....................     3,400        52,972
  Pope & Talbot, Inc....................       700         9,975
  Schweitzer-Mauduit                                            
    International, Inc..................       800        19,000
  Universal Forest Products, Inc........     2,000        41,860
  Wausau-Mosinee Paper Corp.............     2,600        31,460
                                                     -----------
                                                         221,912
                                                     -----------

FUNERAL SERVICES -- 0.1%                                        
  Stewart Enterprises, Inc. Class A.....     6,500        38,935
                                                     -----------

HEALTH CARE -- BIOTECHNOLOGY -- 3.9%                            
  Advanced Tissue Sciences, Inc.*.......     1,800         7,848
  Alexion Pharmaceuticals, Inc.*........       300         7,332
  Arena Pharmaceuticals, Inc.*..........     1,700        20,451
  ArQule, Inc.*.........................       800        13,600
  Avigen, Inc.*.........................     1,300        14,963
  Aviron*...............................       500        24,865
  Bio-Technology General Corp.*.........     2,800        23,044
  BioCryst Pharmaceuticals, Inc.*.......     3,000        11,880
  BioMarin Pharmaceutical, Inc.*........     3,500        47,040
  BioSource International, Inc.*........     1,500        12,450
  BioTransplant, Inc.*..................     1,900        16,815
  Cambrex Corp..........................     1,000        43,600
  Cell Genesys, Inc.*...................     1,000        23,240
  Conceptus, Inc.*......................     1,300        30,680
  Corvas International, Inc.*...........     1,400         9,170
  Cryolife, Inc.*.......................     1,150        34,500
  CUNO, Inc.*...........................     1,000        30,500
  CuraGen Corp.*........................     2,400        53,688
  CYTOGEN Corp.*........................     3,000         9,030
  Digene Corp.*.........................       800        23,600
  Dyax Corp.*...........................     1,100        12,067
  Emisphere Technologies, Inc.*.........       600        19,146
  EntreMed, Inc.*.......................       700         5,915
  Enzo Biochem, Inc.....................     1,575        37,013
  Genaera Corp.*........................     3,300        12,870
  Gene Logic, Inc.*.....................     1,300        24,492
  Genome Therapeutics Corp.*............     1,600        10,896

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  Genta, Inc.*..........................     2,300   $    32,729
  Genzyme Corp.*........................       456        27,296
  Genzyme Transgenics Corp.*............     2,000        11,640
  Guilford Pharmaceuticals, Inc.*.......     1,800        21,600
  Harvard Bioscience, Inc.*.............     2,100        20,874
  Hemispherx Biopharma, Inc.*...........     3,100        13,950
  Immunomedics, Inc.*...................     2,500        50,650
  Incyte Genomics, Inc.*................     1,300        25,428
  Insmed, Inc.*.........................     3,600        13,752
  Integra LifeSciences Holdings*........     1,600        42,144
  InterMune, Inc.*......................       500        24,630
  Interpore International, Inc.*........     1,500        12,480
  Lexicon Genetics, Inc.*...............     3,100        35,774
  Martek Biosciences Corp.*.............     1,200        26,100
  Matritech, Inc.*......................     3,100         8,827
  Maxygen, Inc.*........................     2,000        35,140
  Myriad Genetics, Inc.*................       700        36,848
  Nanogen, Inc.*........................     2,100        12,117
  NeoRx Corp.*..........................     3,200        18,464
  Neose Technologies, Inc.*.............       800        29,296
  Northfield Laboratories, Inc.*........       900         7,723
  Novavax, Inc.*........................     2,000        28,200
  Organogenesis, Inc.*..................     2,600        12,480
  Pharmaceutical Product                                        
    Development, Inc.*..................     4,800       155,088
  Progenics Pharmaceuticals, Inc.*......       600        11,082
  Regeneron Pharmaceuticals, Inc.*......       800        22,528
  Sequenom, Inc.*.......................     3,000        32,010
  Serologicals Corp.*...................     2,400        51,600
  Strategic Diagnostics, Inc.*..........     1,500        10,650
  Synaptic Pharmaceutical Corp.*........     1,600         9,632
  Tanox, Inc.*..........................     2,200        40,705
  Texas Biotechnology Corp.*............     2,000        13,000
  Titan Pharmaceuticals, Inc.*..........     1,400        13,734
  Transkaryotic Therapies, Inc.*........     1,100        47,080
  Trimeris, Inc.*.......................       800        35,976
  V.I. Technologies, Inc.*..............     2,300        15,985
  Vical, Inc.*..........................       500         6,120
  Vion Pharmaceuticals, Inc.*...........     2,600        11,466
  VISX, Inc.*...........................     1,000        13,250
                                                     -----------
                                                       1,618,743
                                                     -----------

HEALTH CARE -- DRUGS -- 3.2%                                    
  Accredo Health, Inc.*.................     1,300        51,610
  Alpharma, Inc. Class A................       600        15,870
  Amylin Pharmaceuticals, Inc.*.........     1,300        11,882
  Aphton Corp.*.........................     1,600        23,360
  ARIAD Pharmaceuticals, Inc.*..........     2,200        11,726
  Atrix Laboratories, Inc.*.............     1,100        22,671
  AVANIR Pharmaceuticals Class A*.......     5,200        22,152
  AVANT Immunotherapeutics, Inc.*.......     2,700        10,827
  Barr Laboratories, Inc.*..............       999        79,281
  Bradley Pharmaceuticals, Inc.                                 
    Class A*............................       700        14,525
  Cell Therapeutics, Inc.*..............     1,400        33,796
  Cephalon, Inc.*.......................       333        25,170
  CIMA Labs, Inc.*......................     1,000        36,150
  CollaGenex Pharmaceuticals, Inc.*.....     1,500        12,150
  Connetics Corp.*......................     3,000        35,700
  Corixa Corp.*.........................       901        13,578

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
HEALTH CARE -- DRUGS (CONTINUED)                                
COMMON STOCKS  (CONTINUED)                                      
HEALTH CARE  (CONTINUED)                                        
  Cubist Pharmaceuticals, Inc.*.........     1,400   $    50,344
  CV Therapeutics, Inc.*................       600        31,212
  D & K Healthcare Resources, Inc.......       300        17,085
  DUSA Pharmaceuticals, Inc.*...........       700         5,635
  Endo Pharmaceuticals                                          
    Holdings, Inc.*.....................     2,400        28,008
  ILEX Oncology, Inc.*..................       800        21,632
  ImmunoGen, Inc.*......................     1,000        16,580
  Impax Laboratories, Inc.*.............     2,300        30,912
  Inhale Therapeutic Systems, Inc.*.....     1,600        29,680
  Interneuron Pharmaceuticals, Inc.*....     2,600        28,834
  Isis Pharmaceuticals, Inc.*...........     2,900        64,351
  K-V Pharmaceutical Co. Class A*.......     1,100        32,450
  Kos Pharmaceuticals, Inc.*............     1,200        41,520
  Ligand Pharmaceuticals, Inc.                                  
    Class B*............................     1,100        19,690
  Maxim Pharmaceuticals, Inc.*..........     2,000        13,800
  Miravant Medical Technologies*........     1,900        18,259
  Nabi*.................................     3,400        35,088
  NaPro BioTherapeutics, Inc.*..........     1,400        15,960
  NeoPharm, Inc.........................       660        16,533
  Neurocrine Biosciences, Inc.*.........     1,000        51,310
  Neurogen Corp.*.......................       900        15,732
  NPS Pharmaceuticals, Inc.*............       500        19,150
  Orphan Medical, Inc.*.................       800        10,520
  OSI Pharmaceuticals, Inc.*............     1,100        50,314
  Penwest Pharmaceuticals Co.*..........       800        16,040
  Pharmaceutical Resources, Inc.*.......     1,500        50,700
  Pharmacopeia, Inc.*...................     1,200        16,668
  Pharmacyclics, Inc.*..................     1,500        14,910
  Sheffield Pharmaceuticals, Inc.*......     2,800        13,132
  SuperGen, Inc.*.......................       800        11,456
  Triangle Pharmaceuticals, Inc.*.......     5,400        21,654
  Tularik, Inc.*........................     1,000        24,020
  United Therapeutics Corp.*............     1,000        10,410
  Vertex Pharmaceuticals, Inc.*.........       558        13,721
  ViroPharma, Inc.*.....................       800        18,360
  VIVUS, Inc.*..........................     3,200        15,584
  Women First HealthCare, Inc.*.........     1,300        12,987
                                                     -----------
                                                       1,324,689
                                                     -----------

HEALTH CARE -- PRODUCTS -- 4.3%                                 
  1-800 CONTACTS, Inc.*.................       500         6,220
  Abaxis, Inc.*.........................     2,800        15,988
  ABIOMED, Inc.*........................     1,200        18,984
  American Medical Systems                                      
    Holdings, Inc.*.....................     1,700        35,173
  Aradigm Corp.*........................     2,700        19,170
  Arrow International, Inc..............     1,100        43,934
  ArthroCare Corp.*.....................       700        12,551
  ATS Medical, Inc.*....................     2,200        11,660
  AVI BioPharma, Inc.*..................     2,300        25,115
  Biosite Diagnostics, Inc.*............       700        12,859
  Bone Care International, Inc.*........       600        10,278
  BriteSmile, Inc.*.....................     2,500        12,500
  Cardiac Science, Inc.*................     3,800        16,910
  CardioDynamics International Corp.*...     2,300        15,203
  Cerus Corp.*..........................     1,100        50,325
  Cholestech Corp.*.....................     1,700        33,677
  Closure Medical Corp.*................       700        16,352

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  Colorado MEDtech, Inc.*...............     2,500   $     7,374
  CONMED, Corp.*........................     1,650        32,934
  Cooper Cos., Inc......................     2,800       139,944
  COR Therapeutics, Inc.*...............     1,000        23,930
  Cyberonics, Inc.*.....................     1,300        34,489
  Cygnus, Inc.*.........................     1,700         8,925
  Cytyc Corp.*..........................     1,900        49,590
  Datascope Corp........................       900        30,528
  Diagnostic Products Corp..............     1,200        52,740
  Diametrics Medical, Inc.*.............     2,700        15,282
  Endocare, Inc.*.......................     1,000        17,930
  Fusion Medical Technologies, Inc.*....     1,700         9,741
  Haemonetics Corp.*....................     1,600        54,272
  Hanger Orthopedic Group, Inc.*........     2,100        12,600
  Henry Schein, Inc.*...................       800        29,624
  I-STAT Corp.*.........................     1,300        10,257
  ICU Medical, Inc.*....................       500        22,250
  Implant Sciences Corp.*...............       300         4,221
  Inspire Pharmaceuticals, Inc.*........     1,000        14,090
  Invacare Corp.........................     1,400        47,194
  Inverness Medical                                             
    Innovations, Inc.*..................       420         7,581
  Johnson & Johnson.....................     1,246        73,639
  Kensey Nash Corp.*....................       600        10,800
  La Jolla Pharmaceutical Co.*..........     1,900        16,986
  Laser Vision Centers, Inc.*...........     3,100         6,417
  Lifecore Biomedical, Inc.*............     1,400        15,596
  Luminex Corp.*........................     1,400        23,744
  Medical Action Industries, Inc.*......       900        13,950
  Mentor Corp...........................     1,200        34,272
  Meridian Bioscience, Inc.*............     2,000        12,045
  Merit Medical Systems, Inc.*..........     2,000        37,360
  MGI Pharma, Inc.*.....................       500         7,640
  Nastech Pharmaceutical Co., Inc.*.....       900        13,950
  North American Scientific, Inc.*......       900        12,060
  Noven Pharmaceuticals, Inc.*..........     1,300        23,075
  Novoste Corp.*........................       800         6,992
  Ocular Sciences, Inc.*................     1,200        27,960
  Orapharma, Inc.*......................     1,900         8,531
  OraSure Technologies, Inc.*...........     2,600        31,590
  ORATEC Interventions, Inc.*...........     1,400         9,058
  OrthoLogic Corp.*.....................     3,000        14,670
  Perrigo Co.*..........................     2,900        34,278
  PolyMedica Corp.*.....................     1,000        16,600
  Possis Medical, Inc.*.................     1,200        20,904
  PSS World Medical, Inc.*..............     5,700        46,512
  Quidel Corp.*.........................     2,000        15,380
  Respironics, Inc.*....................     1,200        41,568
  SangStat Medical Corp.*...............     1,400        27,496
  Sola International, Inc.*.............     1,400        27,160
  The Med-Design Corp.*.................       600        11,820
  Theragenics Corp.*....................     1,800        17,748
  Thoratec Laboratories Corp.*..........     2,102        35,734
  TriPath Imaging, Inc.*................     1,400        10,542
  Urologix, Inc.*.......................       700        14,035
  Ventana Medical Systems, Inc.*........     1,300        29,406
  Vital Signs, Inc......................       400        13,960
  West Pharmaceutical Services, Inc.....     1,100        29,260
  Zoll Medical Corp.*...................       400        15,576
                                                     -----------
                                                       1,790,709
                                                     -----------

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      

HEALTH CARE -- SERVICES -- 2.7%                                 
  Albany Molecular Research, Inc.*......     1,700   $    45,033
  AmeriPath, Inc.*......................       700        22,407
  AmSurg Corp.*.........................     1,200        32,616
  Beverly Enterprises, Inc.*............     5,100        43,860
  Boron, LePore & Associates, Inc.*.....     1,200        16,548
  Celera Genomics Group -- Applera                              
    Corp.*..............................       501        13,372
  Cerner Corp.*.........................       700        34,951
  CHRONIMED, Inc.*......................     1,500         9,600
  Covance, Inc.*........................     1,100        24,970
  Coventry Health Care, Inc.*...........     1,200        23,940
  DaVita, Inc.*.........................     1,600        39,120
  DIANON Systems, Inc.*.................       384        23,347
  Hooper Holmes, Inc....................     4,000        35,800
  IDX Systems Corp.*....................     1,400        18,214
  IGEN International, Inc.*.............     1,200        48,120
  IMPATH, Inc.*.........................       800        35,608
  InterDent, Inc.*......................       150           130
  Kendle International, Inc.*...........     2,300        46,368
  LCA-Vision, Inc.*.....................       400           352
  LifePoint, Inc.*......................     3,800        11,780
  Magellan Health Services, Inc.*.......     1,300         8,255
  MedQuist, Inc.*.......................     1,800        52,650
  Mid Atlantic Medical                                          
    Services, Inc.*.....................     1,900        43,130
  MIM Corp.*............................     2,600        46,280
  PacifiCare Health Systems, Inc.*......     2,400        38,400
  PAREXEL International Corp.*..........     2,200        31,570
  Pediatrix Medical Group, Inc.*........       800        27,136
  Province Healthcare Co.*..............     1,900        58,634
  Radiologix, Inc.*.....................     2,000        20,300
  RehabCare Group, Inc.*................       900        26,640
  Res-Care, Inc.*.......................     1,700        15,045
  Sierra Health Services, Inc.*.........     2,200        17,820
  STERIS Corp.*.........................     1,300        23,751
  Sunrise Assisted Living, Inc.*........     1,500        43,665
  Syncor International Corp.*...........     1,200        34,368
  The TriZetto Group, Inc.*.............     3,100        40,672
  U.S. Physical Therapy, Inc.*..........       600         9,696
  US Oncology, Inc.*....................     6,600        49,764
  VitalWorks, Inc.*.....................     2,700        15,255
                                                     -----------
                                                       1,129,167
                                                     -----------

HOUSEHOLD PRODUCTS -- 0.4%                                      
  Applica, Inc.*........................     1,400        12,614
  Bassett Furniture Industries, Inc.....       600         8,406
  Church & Dwight Co., Inc..............     1,600        42,608
  Enesco Group, Inc.*...................     1,500         9,450
  Kimball International, Inc.                                   
    Class B.............................     1,100        16,665
  Oneida Ltd............................     1,500        19,425
  Quaker Fabric Corp.*..................     2,400        19,944
  Restoration Hardware, Inc.*...........     1,900        16,986
  Salton, Inc.*.........................       700        13,216
  Sunbeam Corp.*........................     2,000           102
                                                     -----------
                                                         159,416
                                                     -----------

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------

INSTRUMENTS -- SCIENTIFIC -- 0.4%                               
  Advanced Neuromodulation                                      
    Systems, Inc.*......................       500   $    17,625
  Datum, Inc.*..........................       900        12,474
  Endocardial Solutions, Inc.*..........     2,100        11,130
  FEI Co.*..............................     1,400        44,114
  Microvision, Inc.*....................       500         7,120
  SurModics, Inc.*......................       800        29,168
  Therma-Wave, Inc.*....................     1,900        28,348
  Visionics Corp.*......................     1,700        24,531
  X-Rite, Inc...........................     1,300        11,063
                                                     -----------
                                                         185,573
                                                     -----------

INSURANCE -- 2.6%                                               
  Alfa Corp.............................     1,100        24,684
  Argonaut Group, Inc...................     1,700        33,269
  Arthur J. Gallagher & Co..............       800        27,592
  Brown & Brown, Inc....................     1,200        32,760
  Citizens, Inc. Class A................     1,800        22,770
  CNA Surety Corp.......................     4,400        68,200
  Cobalt Corp.*.........................     1,900        12,122
  Crawford & Co. Class A................       800         6,992
  Crawford & Co. Class B................     1,300        15,236
  Danielson Holding Corp.*..............     1,900         8,436
  Delphi Financial Group, Inc.                                  
    Class A.............................       600        19,980
  FBL Financial Group, Inc. Class A.....     1,000        16,680
  FPIC Insurance Group, Inc.*...........     1,400        20,860
  Fremont General Corp..................     5,600        43,792
  Great American Financial                                      
    Resources, Inc......................       100         1,875
  Harleysville Group, Inc...............     2,900        69,281
  HCC Insurance Holdings, Inc...........     1,000        27,550
  Hilb, Rogal & Hamilton Co.............       800        44,840
  Horace Mann Educators Corp............     2,000        42,440
  LandAmerica Financial Group, Inc......     1,100        31,570
  Ohio Casualty Corp....................     2,400        38,520
  Philadelphia Consolidated Holding                             
    Corp.*..............................     1,300        49,023
  Presidential Life Corp................     2,100        43,176
  ProAssurance Corp.*...................     1,800        31,644
  RLI Corp..............................     1,000        45,000
  RTW, Inc.*............................       500           560
  Selective Insurance Group, Inc........     1,500        32,595
  State Auto Financial Corp.............     2,700        43,848
  Stewart Information Services Corp.*...     1,500        29,625
  The Commerce Group, Inc...............       700        26,383
  The First American Corp...............     2,000        37,480
  Trenwick Group Ltd....................       900         9,153
  Triad Guaranty, Inc.*.................       900        32,643
  Universal American Financial Corp.*...     3,100        21,049
  Vesta Insurance Group, Inc............     2,100        16,800
  W.R. Berkley Corp.....................       500        26,850
  Zenith National Insurance Corp........       500        13,970
                                                     -----------
                                                       1,069,248
                                                     -----------

INTERNET SERVICES -- 3.1%                                       
  Akamai Technologies, Inc.*............     9,200        54,648
  Alloy Online, Inc.*...................     2,100        45,213
  Answerthink, Inc.*....................     4,100        26,773
  CACI International, Inc. Class A*.....     1,200        47,382
  Clarent Corp.*........................     1,600         8,592

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
INTERNET SERVICES  (CONTINUED)                                  
  Commerce One, Inc.*...................     8,600   $    30,702
  Critical Path, Inc.*..................     5,000        13,700
  Digital River, Inc.*..................     3,400        54,128
  Entrust Technologies, Inc.*...........     3,100        31,589
  ePresence, Inc.*......................     3,500        14,665
  F5 Networks, Inc.*....................       900        19,386
  GenesisIntermedia, Inc................     1,100         6,490
  Hollywood Media Corp.*................     2,500        16,475
  HotJobs.com Ltd.*.....................     3,700        38,443
  iGATE Capital Corp.*..................     2,000         8,200
  Interwoven, Inc.*.....................     5,200        50,648
  ITXC Corp.*...........................     3,600        25,884
  marchFIRST, Inc.*.....................     7,700             7
  Multex.com, Inc.*.....................     4,500        20,250
  National Information                                          
    Consortium, Inc.*...................     3,300        10,494
  Neoforma, Inc.*.......................     1,300        37,895
  Net2Phone, Inc.*......................     1,400         9,450
  NetRatings, Inc.*.....................     2,300        36,064
  Opticnet, Inc.*.......................       200             0
  Overture Services, Inc.*..............     1,600        56,688
  PC-Tel, Inc.*.........................     1,300        12,623
  Priceline.com, Inc.*..................     5,000        29,100
  Quovadx, Inc.*........................     2,300        21,045
  Real Networks, Inc.*..................     6,400        38,016
  Redback Networks, Inc.*...............    12,700        50,165
  Register.com, Inc.*...................     2,700        31,050
  RSA Security, Inc.*...................     2,300        40,158
  S1 Corp.*.............................     3,400        55,012
  Saba Software, Inc.*..................     1,800         9,396
  Selectica, Inc.*......................     3,600        21,780
  SkillSoft Corp.*......................     1,300        33,696
  SportsLine.com, Inc.*.................     2,100         6,132
  Stellent, Inc.*.......................     1,600        47,296
  Travelocity.com, Inc.*................     1,000        28,710
  Tumbleweed Communications Corp.*......     2,400        14,256
  United Online, Inc.*..................     3,200        13,440
  Vitria Technology, Inc.*..............     9,100        58,149
  WatchGuard Technologies, Inc.*........     1,600        10,416
  webMethods, Inc.*.....................     3,000        50,280
  Websense, Inc.*.......................     1,400        44,898
  WorldGate Communications, Inc.*.......     2,800         7,000
  ZixIt Corp.*..........................     2,200        11,132
                                                     -----------
                                                       1,297,516
                                                     -----------

LEISURE -- 2.0%                                                 
  AMC Entertainment, Inc.*..............     1,600        19,200
  American Classic Voyages Co.*.........       600             3
  Argosy Gaming Co.*....................     1,400        45,528
  Aztar Corp.*..........................       800        14,640
  Bally Total Fitness Holding Corp.*....     1,200        25,872
  Boca Resorts, Inc. Class A*...........     4,200        55,020
  Boyd Gaming Corp.*....................     1,900        12,350
  Championship Auto Racing                                      
    Teams, Inc.*........................     1,500        24,135
  Choice Hotels International, Inc.*....     2,600        57,590
  Churchill Downs, Inc..................     1,000        36,970
  Crestline Capital Corp.*..............     1,100        34,166
  Dover Downs Entertainment, Inc........     1,000        15,300

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  Gaylord Entertainment Co.*............     2,000   $    49,200
  Hollywood Casino Corp. Class A*.......     1,500        15,750
  International Game Technology*........       400        27,320
  Isle of Capri Casinos, Inc.*..........     1,800        24,084
  K2, Inc.*.............................     1,800        12,978
  MTR Gaming Group, Inc.*...............     2,500        40,000
  Multimedia Games, Inc.*...............       500        18,995
  Penn National Gaming, Inc.*...........       800        24,272
  Prime Hospitality Corp.*..............     4,500        49,725
  Scientific Games Corp. Class A*.......     2,400        21,000
  Shuffle Master, Inc.*.................     1,650        25,856
  Speedway Motorsports, Inc*............     1,300        32,864
  Station Casinos, Inc.*................     4,600        51,474
  Topps Co., Inc.*......................     3,000        36,450
  Vail Resorts, Inc.*...................     1,400        24,822
  WMS Industries, Inc.*.................     1,600        32,000
                                                     -----------
                                                         827,564
                                                     -----------

MACHINERY -- 2.5%                                               
  A.O. Smith Corp.......................       700        13,650
  Alamo Group, Inc......................     1,000        14,250
  Albany International Corp. Class A....     2,500        54,250
  Applied Industrial                                            
    Technologies, Inc...................     1,200        22,380
  Astec Industries, Inc.*...............     1,400        20,244
  Baldor Electric Co....................     3,400        71,060
  BEI Technologies, Inc.................       800        13,952
  CARBO Ceramics, Inc...................       300        11,748
  Dril-Quip, Inc.*......................     1,400        33,740
  Flow International Corp.*.............       800         9,896
  Flowserve Corp.*......................     1,300        34,593
  FSI International, Inc.*..............     1,800        16,596
  Gardner Denver, Inc.*.................     1,400        31,248
  Gehl Co.*.............................       800        11,920
  Gerber Scientific, Inc................     1,500        13,950
  Graco, Inc............................       500        19,525
  Gulf Islands Fabrication, Inc.*.......       700         8,757
  IDEX Corp.............................     1,200        41,400
  JLG Industries, Inc...................     3,500        37,275
  Kennametal, Inc.......................       600        24,162
  Kulicke and Soffa                                             
    Industries, Inc.*...................     2,500        42,875
  Lone Star Technologies, Inc.*.........     1,800        31,680
  Lufkin Industries, Inc................       700        18,760
  Milacron, Inc.........................     3,500        55,335
  National-Oilwell, Inc.*...............       541        11,150
  Powell Industries, Inc.*..............     1,200        22,524
  Presstek, Inc.*.......................     2,400        22,008
  Regal-Beloit Corp.....................     1,300        28,340
  Sauer, Inc............................     2,700        21,600
  Semitool, Inc.*.......................     1,400        16,072
  Stewart & Stevenson Services, Inc.....     1,700        31,977
  Tecumseh Products Co. Class A.........       600        30,378
  Tennant Co............................       300        11,130
  Terex Corp.*..........................     2,500        43,850
  The Manitowoc Co., Inc................     2,500        77,750
  Thomas Industries, Inc................       500        12,500
  Woodward Governor Co..................     1,100        64,075
                                                     -----------
                                                       1,046,600
                                                     -----------

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
MANUFACTURING -- 0.9%                                           
  Applied Films Corp.*..................       500   $    15,625
  AptarGroup, Inc.......................     1,100        38,533
  Briggs & Stratton Corp................     1,100        46,970
  CLARCOR, Inc..........................     1,700        46,155
  Encore Wire Corp.*....................     1,200        14,520
  Foamex International, Inc.*...........     1,400        11,340
  Hologic, Inc.*........................     1,900        17,651
  JAKKS Pacific, Inc.*..................     1,300        24,635
  Nordson Corp..........................     2,000        52,820
  OYO Geospace Corp.*...................       200         2,388
  Quanex Corp...........................       700        19,810
  Rayovac Corp.*........................     2,200        38,720
  TTM Technologies, Inc.*...............     1,900        19,228
  Viasystems Group, Inc.*...............       100            63
  Wabtec Corp...........................     2,000        24,600
                                                     -----------
                                                         373,058
                                                     -----------
METALS & MINING -- 1.1%                                         
  AMCOL International Corp..............     2,000        14,400
  Arch Coal, Inc........................     1,900        43,130
  Brush Engineered Materials, Inc.......       700         9,968
  Century Aluminum Co...................     2,100        28,056
  CIRCOR International, Inc.............       300         5,535
  Cleveland-Cliffs, Inc.................       600        10,980
  Commercial Metals Co..................     1,400        48,972
  Commonwealth Industries, Inc..........     2,100         9,870
  Generale Cable Corp...................     3,300        43,230
  Kaiser Aluminum Corp.*................     4,000         6,480
  Kaydon Corp...........................     3,000        68,040
  Mueller Industries, Inc.*.............       700        23,275
  RTI International Metals, Inc.*.......     2,100        20,895
  Stillwater Mining Co.*................     2,700        49,950
  Titanium Metals Corp.*................     1,900         7,581
  USEC, Inc.............................     5,700        40,812
  Wolverine Tube, Inc.*.................       700         7,945
                                                     -----------
                                                         439,119
                                                     -----------
MULTIMEDIA -- 0.3%                                              
  Ackerley Group, Inc.*.................     1,200        21,000
  LodgeNet Entertainment Corp.*.........       800        13,672
  Media General, Inc. Class A...........       400        19,932
  The Liberty Corp......................       800        32,920
  Young Broadcasting, Inc. Class A*.....       900        16,155
                                                     -----------
                                                         103,679
                                                     -----------
OFFICE FURNISHINGS & SUPPLIES -- 0.3%                           
  Ennis Business Forms, Inc.............     1,600        15,360
  Interface, Inc........................     2,800        15,708
  New England Business Service, Inc.....     1,100        21,065
  Standard Register Co..................     1,200        22,236
  Wallace Computer Services, Inc........     2,400        45,576
                                                     -----------
                                                         119,945
                                                     -----------
OIL & GAS -- 3.8%                                               
  3TEC Energy Corp.*....................       800        11,200
  AGL Resources, Inc....................     1,100        25,322
  Atmos Energy Corp.....................     1,900        40,375
  Atwood Oceanics, Inc.*................       800        27,880

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------

  Berry Petroleum Co. Class A...........     1,100   $    17,270
  Cabot Oil & Gas Corp. Class A.........     1,900        45,695
  Cal Dive International, Inc.*.........       600        14,808
  Callon Petroleum Co.*.................     1,200         8,220
  Carrizo Oil & Gas, Inc.*..............     2,000         8,860
  Chesapeake Energy Corp.*..............     2,000        13,220
  Clayton Williams Energy, Inc.*........       900        11,790
  Comstock Resources, Inc.*.............     1,200         8,400
  Denbury Resources, Inc.*..............     4,200        30,702
  Edge Petroleum Corp.*.................     1,200         6,360
  Enbridge Energy Partners LP...........       600        25,236
  Evergreen Resources, Inc.*............     1,100        42,471
  Forest Oil Corp.......................       550        15,516
  Frontier Oil Corp.....................     1,600        26,624
  Giant Industries, Inc.*...............     1,100        10,153
  Grey Wolf, Inc.*......................    13,500        40,095
  Horizon Offshore, Inc.*...............     1,900        14,326
  Houston Exploration Co.*..............     1,200        40,296
  Kaneb Services LLC....................       633        12,375
  Key Energy Services, Inc.*............     4,100        37,720
  Key Production Co., Inc.*.............     1,200        20,400
  Magnum Hunter Resources, Inc.*........     2,900        24,070
  Mallon Resources Corp.*...............     1,300         3,926
  Mission Resources Corp.*..............     3,100        10,850
  New Jersey Resources Corp.............       900        42,120
  Newpark Resources, Inc.*..............     5,600        44,240
  Nuevo Energy Co.*.....................     1,300        19,500
  Oceaneering International, Inc.*......     1,400        30,968
  ONEOK, Inc............................     1,800        32,112
  Parallel Petroleum Corp.*.............     2,800         8,904
  Parker Drilling Co.*..................     3,700        13,653
  Patina Oil & Gas Corp.................     1,100        30,250
  Patterson-UTI Energy, Inc.*...........       800        18,648
  Penn Virginia Corp....................       800        27,280
  Petroleum Development Corp.*..........     1,800        11,106
  Piedmont Natural Gas Co., Inc.........       600        21,480
  Plains Resources, Inc.*...............     1,300        31,993
  Pride International, Inc.*............     1,500        22,650
  Prima Energy Corp.*...................     1,050        22,837
  Range Resources Corp.*................     2,500        11,375
  Remington Oil & Gas Corp.*............     1,100        19,030
  SEACOR SMIT, Inc.*....................       800        37,120
  SEMCO Energy, Inc.....................       900         9,675
  Southern Union Co.....................     2,100        39,606
  Southwestern Energy Co.*..............     1,500        15,600
  Spinnaker Exploration Co.*............     1,100        45,276
  St. Mary Land & Exploration Co........     1,900        40,261
  Stone Energy Corp.*...................     1,037        40,961
  Superior Energy Services, Inc.*.......     4,200        36,330
  Swift Energy Co.*.....................       400         8,080
  Tesoro Petroleum Corp.*...............     3,300        43,263
  The Meridian Resource Corp.*..........     3,200        12,768
  The Wiser Oil Co.*....................     1,600         8,560
  Tom Brown, Inc.*......................     1,600        43,216
  TransMontaigne, Inc.*.................     2,200        11,990
  Trico Marine Services, Inc.*..........     2,200        16,610
  UGI Corp..............................     1,600        48,320
  Unit Corp.*...........................     2,200        28,380
  Vintage Petroleum, Inc................     2,500        36,125

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
OIL & GAS  (CONTINUED)                                          
  W-H Energy Services, Inc.*............       700   $    13,335
  Western Gas Resources, Inc............     1,300        42,016
  Westport Resources Corp.*.............       536         9,300
                                                     -----------
                                                       1,589,098
                                                     -----------

PAPER & RELATED PRODUCTS -- 0.3%                                
  American Greetings Corp. Class A......     2,400        33,072
  Louisiana-Pacific Corp................     5,200        43,888
  Potlatch Corp.........................     1,400        41,048
                                                     -----------
                                                         118,008
                                                     -----------
PERSONAL CARE -- 0.1%                                           
  Elizabeth Arden, Inc.*................     1,500        22,905
  Nature's Sunshine Products, Inc.......     1,700        19,958
  Nu Skin Enterprises, Inc. Class A.....     2,000        17,500
                                                     -----------
                                                          60,363
                                                     -----------

PHOTO EQUIPMENT & SUPPLIES -- 0.1%                              
  Concord Camera Corp.*.................     2,700        21,384
                                                     -----------

PUBLISHING -- 0.4%                                              
  Cadmus Communications Corp............     1,000        10,750
  Hollinger International, Inc.                                 
    Class A.............................     1,800        21,060
  Information Holdings, Inc.*...........     1,500        42,465
  Journal Register Co.*.................     1,800        37,872
  Playboy Enterprises, Inc. Class B*....     1,100        18,579
  PRIMEDIA, Inc.*.......................     2,809        12,219
  ProQuest Co.*.........................     1,200        40,692
                                                     -----------
                                                         183,637
                                                     -----------

REAL ESTATE -- 0.5%                                             
  Avatar Holdings, Inc.*................       500        11,780
  Corrections Corp. of America*.........     1,800        33,408
  Getty Realty Corp.....................     1,700        32,045
  Insignia Financial Group, Inc.*.......     1,100        11,880
  Jones Lang LaSalle, Inc.*.............       900        16,245
  LNR Property Corp.....................     1,500        46,770
  Trammell Crow Co.*....................     2,900        33,930
  W.P. Carey & Co. LLC..................     1,700        39,440
                                                     -----------
                                                         225,498
                                                     -----------

RESTAURANTS -- 1.2%                                             
  Applebee's International, Inc.........     1,100        37,620
  Bob Evans Farms, Inc..................     1,400        34,398
  Buca, Inc.*...........................       700        11,347
  CBRL Group, Inc.......................     1,200        35,328
  CKE Restaurants, Inc..................     3,000        27,150
  Dave & Buster's, Inc.*................     1,400         8,792
  Famous Dave's of America, Inc.*.......     1,200         8,772
  IHOP Corp.*...........................     1,200        35,160
  Landry's Seafood Restaurants, Inc.....     1,500        27,975
  Lone Star Steakhouse &                                        
    Saloon, Inc.........................     2,200        32,626
  Luby's, Inc...........................     2,200        12,562
  O' Charley's, Inc.*...................     1,900        35,169
  P.F. Chang's China Bistro, Inc.*......       400        18,920
  Papa John's International, Inc.*......     1,000        27,480
  RARE Hospitality                                              
    International, Inc.*................     1,800        40,572
  Ruby Tuesday, Inc.....................     1,200        24,756

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  Ryan's Family Steak Houses, Inc.*.....     1,200   $    25,980
  Sonic Corp.*..........................     1,100        39,600
  The Steak n Shake Co.*................     2,900        32,016
                                                     -----------
                                                         516,223
                                                     -----------

RETAIL -- FOOD -- 0.6%                                          
  Great Atlantic & Pacific Tea                                  
    Co., Inc............................     2,300        54,694
  Pathmark Stores, Inc.*................     1,800        44,388
  Ruddick Corp..........................     3,200        51,168
  Smart & Final, Inc.*..................     1,500        15,660
  The J. M. Smucker Co..................     1,500        53,070
  Wild Oats Markets, Inc.*..............     2,500        24,825
                                                     -----------
                                                         243,805
                                                     -----------

RETAIL -- GENERAL -- 0.9%                                       
  7-Eleven, Inc.*.......................     4,200        49,182
  Bebe stores, Inc.*....................     1,800        33,588
  Casey's General Stores, Inc...........     3,000        44,700
  Duane Reade, Inc.*....................     1,600        48,560
  Electronics Boutique Holdings                                 
    Corp.*..............................     1,100        43,934
  Factory 2-U Stores, Inc.*.............     1,200        24,048
  Fred's, Inc...........................       750        30,720
  Gottschalks, Inc.*....................     2,500         6,475
  Longs Drug Stores Corp................     1,900        44,422
  PriceSmart, Inc.*.....................       300        10,500
  ShopKo Stores, Inc.*..................     2,400        22,800
  The Pantry, Inc.*.....................     1,100         5,995
  Value City Department                                         
    Stores, Inc.*.......................     2,800        13,160
                                                     -----------
                                                         378,084
                                                     -----------

RETAIL -- SPECIALTY -- 4.7%                                     
  A.C. Moore Arts & Crafts, Inc.*.......     1,500        44,250
  Action Performance Cos., Inc.*........       700        21,427
  AnnTaylor Stores Corp.*...............     1,500        52,500
  Blair Corp............................       500        11,300
  Brookstone, Inc.*.....................       800         9,384
  Burlington Coat Factory Warehouse                             
    Corp................................     3,100        52,080
  Chico's FAS, Inc.*....................     1,500        59,550
  Children's Place Retail                                       
    Stores, Inc.*.......................     1,600        43,440
  Christopher & Banks Corp.*............     1,125        38,531
  Claire's Stores, Inc..................     2,600        39,260
  Coldwater Creek, Inc..................       500        10,590
  Copart, Inc.*.........................     1,100        40,007
  Cost Plus, Inc.*......................     1,500        39,750
  Deb Shops, Inc........................       700        16,975
  dELiA*s Corp. Class A*................       500         3,100
  Footstar, Inc.*.......................     1,400        43,820
  Friedman's, Inc. Class A..............     1,600        13,472
  Gadzooks, Inc.*.......................       600         8,244
  Genesco, Inc.*........................     1,300        26,988
  Goody's Family Clothing, Inc.*........     3,300        13,860
  Group 1 Automotive, Inc.*.............       600        17,106
  GTSI Corp.*...........................     2,500        23,675
  Guitar Center, Inc.*..................     4,400        60,016
  Hancock Fabrics, Inc..................     1,700        22,355
  Hollywood Entertainment Corp.*........     4,000        57,160
  Hot Topic, Inc.*......................     1,500        47,085
  Intimate Brands, Inc. Class A.........     1,600        23,776
  J. Jill Group, Inc.*..................       700        15,071

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
RETAIL  (CONTINUED)                                             
  K-Swiss, Inc. Class A.................       500   $    16,625
  Kenneth Cole Productions, Inc.                                
    Class A*............................       500         8,850
  Movado Group, Inc.....................     1,000        19,200
  NBTY, Inc.*...........................     2,100        24,570
  OfficeMax, Inc.*......................     9,100        40,950
  Pacific Sunwear of                                            
    California, Inc.*...................     2,300        46,966
  Payless ShoeSource, Inc.*.............       700        39,494
  PC Connection, Inc.*..................     2,000        29,660
  Pep Boys -- Manny, Moe & Jack.........     2,600        44,590
  PETsMART, Inc.*.......................     5,600        55,104
  Pier 1 Imports, Inc...................     1,900        32,946
  Regis Corp............................     2,000        51,560
  Rex Stores Corp.*.....................     1,050        29,421
  Sharper Image Corp.*..................     2,400        28,200
  Shoe Carnival, Inc.*..................     1,200        16,644
  Shop At Home, Inc.*...................     4,200        11,466
  Sonic Automotive, Inc. Class A*.......     3,000        70,320
  Sotheby's Holdings, Inc. Class A*.....     1,600        26,576
  Stein Mart, Inc.*.....................     4,100        34,276
  Systemax, Inc.*.......................     4,400        10,560
  TBC Corp.*............................     1,500        20,085
  The Boyds Collection, Ltd.*...........     3,000        20,310
  The Buckle, Inc.*.....................     1,700        37,910
  The Cato Corp. Class A................     1,000        18,900
  The Dress Barn, Inc.*.................     1,100        27,511
  The Good Guys, Inc.*..................     2,100         8,358
  The Gymboree Corp.*...................     1,900        22,667
  The Men's Wearhouse, Inc.*............     2,900        59,885
  The Sports Authority, Inc.*...........     3,300        18,810
  Transport World Entertainment                                 
    Corp.*..............................     2,500        19,000
  Tuesday Morning Corp.*................     2,800        50,652
  Tweeter Home Entertainment                                    
    Group, Inc.*........................       900        26,100
  United Retail Group, Inc.*............     2,700        20,655
  Urban Outfitters, Inc.*...............     1,000        24,120
  West Marine, Inc.*....................     2,400        35,256
  Wet Seal, Inc.*.......................     1,650        38,858
  Whitehall Jewellers, Inc.*............     1,700        18,683
  Wilsons The Leather Experts, Inc.*....       900        10,269
                                                     -----------
                                                       1,970,779
                                                     -----------

STEEL -- 0.9%                                                   
  Allegheny Technologies, Inc...........     1,600        26,800
  Carpenter Technology Corp.............     1,600        42,592
  Material Sciences Corp.*..............       900         9,108
  Maverick Tube Corp.*..................     3,400        44,030
  NS Group, Inc.*.......................     1,300         9,724
  Oregon Steel Mills, Inc...............     2,100        10,395
  Reliance Steel & Aluminum Co..........     1,400        36,750
  Roanoke Electric Steel Corp...........       600         8,280
  Ryerson Tull, Inc.....................     2,200        24,200
  Steel Dynamics, Inc.*.................     3,700        42,957
  Steel Technologies, Inc...............     1,900        17,252
  The Timken Co.........................     2,400        38,832
  Valmont Industries, Inc...............     1,500        21,690
  Worthington Industries, Inc...........     2,600        36,920
                                                     -----------
                                                         369,530
                                                     -----------

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------

TELECOMMUNICATIONS -- 2.0%                                      
  Adtran, Inc.*.........................     1,600   $    40,832
  AirGate PCS, Inc.*....................       500        22,775
  Allegiance Telecom, Inc.*.............     2,000        16,580
  Anaren Microwave, Inc.*...............     1,600        27,712
  APAC Telecommunications Corp.*........     2,500         6,500
  Applied Innovation, Inc.*.............     1,000         6,200
  Boston Communications Group, Inc.*....       800         9,080
  C-Cor.net Corp.*......................     1,700        24,769
  Carrier Access Corp.*.................     2,500         7,300
  Centennial Communications Corp.                               
    Class A*............................     1,900        19,456
  CommScope, Inc.*......................     1,500        31,905
  Comtech Telecommunications Corp.*.....     1,100        13,640
  CT Communications, Inc................       900        14,859
  CTC Communications Group, Inc.*.......     1,600         8,240
  Dobson Communications Corp.                                   
    Class A*............................     1,800        15,372
  eGlobe, Inc.*.........................       574             3
  EMS Technologies, Inc.*...............       700        11,256
  General Communication, Inc.                                   
    Class A*............................     1,800        15,354
  Gentner Communications Corp.*.........       600        10,008
  Harmonic, Inc.*.......................     2,900        34,858
  Hickory Tech Corp.....................       700        11,865
  IDT Corp..............................     1,600        31,216
  IDT Corp. Class B*....................     1,600        26,576
  Inet Technologies, Inc.*..............     3,700        39,109
  InterDigital Communications Corp.*....     2,600        25,220
  Intrado, Inc.*........................       900        24,120
  Metro One                                                     
    Telecommunications, Inc.*...........     1,500        45,375
  MRV Communications, Inc.*.............     7,000        29,680
  Netro Corp.*..........................     1,500         5,505
  NTELOS, Inc.*.........................       700        10,843
  Plantronics, Inc.*....................     1,000        25,640
  Powerwave Technologies, Inc.*.........     2,600        44,928
  Proxim, Inc.*.........................     1,300        12,896
  PTEK Holdings, Inc.*..................     5,000        17,000
  RCN Corp.*............................     5,000        14,650
  Spherix, Inc.*........................     1,400        13,286
  Sunrise Telecom, Inc.*................     2,500        10,025
  Tollgrade Communications, Inc.*.......       700        23,345
  Turnstone Systems, Inc.*..............     4,500        17,865
  UbiquiTel, Inc.*......................     5,700        42,465
  Winstar Communications, Inc.*.........     4,500            77
  Wire One Technologies, Inc.*..........     2,100        13,062
                                                     -----------
                                                         821,447
                                                     -----------

TEXTILE & APPAREL -- 1.5%                                       
  Ashworth, Inc.*.......................     2,000        15,780
  Brown Shoe Co., Inc...................     1,800        29,232
  Charming Shoppes, Inc.*...............     7,100        37,701
  Columbia Sportswear Co.*..............       750        24,975
  G & K Services, Inc. Class A..........     1,000        32,300
  Global Sports, Inc.*..................     2,200        43,890
  Guess?, Inc.*.........................     3,900        29,250
  Haggar Corp...........................       800         8,680
  Kellwood Co...........................     1,400        33,614
  Lands' End, Inc.*.....................       600        30,096
  Nautica Enterprises, Inc.*............     2,000        25,580
  Oshkosh B' Gosh, Inc. Class A.........     1,400        58,716

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SA U.S. Small Company Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
TEXTILE & APPAREL  (CONTINUED)                                  
  Phillips-Van Heusen Corp..............     2,700   $    29,430
  Quiksilver, Inc.*.....................     1,400        24,080
  Reebok International Ltd.*............     1,100        29,150
  Russell Corp..........................     2,600        39,026
  Steven Madden Ltd.*...................       600         8,442
  Stride Rite Corp......................     3,300        21,615
  The Dixie Group, Inc.*................       100           459
  The Finish Line, Inc. Class A*........     1,900        29,051
  Unifi, Inc.*..........................     1,600        11,600
  Vans, Inc.*...........................     1,800        22,932
  Wolverine World Wide, Inc.............     3,300        49,665
                                                     -----------
                                                         635,264
                                                     -----------

TOBACCO -- 0.1%                                                 
  DIMON, Inc............................     4,000        28,800
                                                     -----------

TOOLS -- HAND HELD -- 0.1%                                      
  Toro Co...............................       800        36,000
                                                     -----------
TRANSPORTATION -- 2.0%                                          
  Airborne, Inc.........................     2,900        43,007
  Arkansas Best Corp.*..................     1,500        43,230
  Consolidated Freightways Corp.*.......     2,400        12,216
  Covenant Transport, Inc. Class A*.....     1,300        20,748
  EGL, Inc.*............................     4,900        68,355
  Forward Air Corp.*....................     1,500        50,880
  Heartland Express, Inc.*..............     1,625        45,126
  Interpool, Inc........................     2,700        51,975
  J.B. Hunt Transport                                           
    Services, Inc.*.....................     3,500        81,200
  Kansas City Southern                                          
    Industries, Inc.*...................     2,500        35,325
  Kirby Corp.*..........................     2,500        68,875
  Knight Transportation, Inc.*..........     1,800        33,804
  Landstar Systems, Inc.*...............       400        29,004
  Offshore Logistics, Inc.*.............     1,800        31,968
  Overseas Shipholding Group, Inc.......       700        15,750
  RailAmerica, Inc.*....................     2,200        31,812
  Roadway Express, Inc..................     1,200        44,040
  Ryder System, Inc.....................       600        13,290
  Swift Transportation Co., Inc.*.......       680        14,627
  USFreightways Corp....................     1,100        34,540
  Werner Enterprises, Inc...............       900        21,870
  Yellow Corp.*.........................     2,400        60,240
                                                     -----------
                                                         851,882
                                                     -----------

UTILITIES -- 2.3%                                               
  Avista Corp...........................     3,300        43,758
  Black Hills Corp......................     1,100        37,224
  California Water Service Group........       900        23,175
  Cascade Natural Gas Corp..............       600        13,230
  Central Vermont Public Service                                
    Corp................................       700        11,690
  CH Energy Group, Inc..................       800        34,776
  Chesapeake Utilities Corp.............       600        11,880
  Cleco Corp............................     1,800        39,546
  Documentum, Inc.*.....................     2,700        58,644
  DQE, Inc..............................     2,200        41,646

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  El Paso Electric Co.*.................     2,200   $    31,900
  Empire District Electric Co...........     1,100        23,100
  Energen Corp..........................       600        14,790
  FuelCell Energy, Inc.*................     2,700        48,978
  Green Mountain Power Corp.............       800        14,920
  Ionics, Inc.*.........................     1,200        36,036
  Madison Gas and Electric Co...........     1,000        26,450
  Middlesex Water Co....................       500        16,960
  Northwest Natural Gas Co..............     1,800        45,900
  NorthWestern Corp.....................     1,400        29,470
  NUI Corp..............................     1,000        23,700
  Otter Tail Power Co...................     2,400        69,936
  Southwest Gas Corp....................     2,300        51,405
  Southwest Water Co....................     1,312        18,525
  The Laclede Group, Inc................     1,100        26,290
  The Montana Power Co..................     7,300        41,975
  UIL Holdings Corp.....................       900        46,170
  Unisource Energy Corp.................     3,200        58,208
  Unitil Corp...........................       500        11,700
  WPS Resources Corp....................       500        18,275
                                                     -----------
                                                         970,257
                                                     -----------

WASTE MANAGEMENT -- 0.2%                                        
  Casella Waste Systems, Inc.                                   
    Class A*............................     2,000        29,620
  IMCO Recycling, Inc...................     1,700        12,155
  U S Liquids, Inc.*....................     2,100        11,927
  Waste Connections, Inc.*..............     1,000        30,990
                                                     -----------
                                                          84,692
                                                     -----------
  TOTAL COMMON STOCKS                                           
    (Identified Cost $33,966,831).......              41,043,345
                                                     -----------

SHORT-TERM INVESTMENTS -- 3.5%                                  

OTHER -- 3.5%                                                   
  SSgA Government Money Market Fund.....  1,025,865    1,025,865
  SSgA Money Market Fund................   436,613       436,613
                                                     -----------
  TOTAL SHORT-TERM INVESTMENTS                                  
    (Identified Cost $1,462,478)........               1,462,478
                                                     -----------

                                                                [Download Table]


                                                               
-------------------------------------------------------------- 
TOTAL INVESTMENTS -- 102.1%                                    
  (IDENTIFIED COST $35,429,309)#..................  42,505,823 
  Liabilities, Less Cash and Other Assets --                   
    (2.1%)........................................    (887,567)
                                                    ---------- 
NET ASSETS -- 100%................................  $41,618,256
                                                    ========== 

+  See Note 1.                                                              
*  Non-income producing security                                            
#  At December 31, 2001, the aggregate cost of investment securities for    
     income tax purposes was $35,429,309. Net unrealized appreciation aggregated
$7,076,514, of which $9,004,869 related to appreciated investment     
 securities and $1,928,355 related to depreciated investment securities.

SEE NOTES TO FINANCIAL STATEMENTS.

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PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited)                 

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                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
COMMON STOCKS -- 94.7%                                          
AUSTRALIA -- 3.1%                                               
  Amcor Ltd.............................    22,957   $    84,016
  AMP Ltd...............................    17,267       162,976
  AXA Asia Pacific Holdings, Ltd........   114,500       166,443
  Bank of Western Australia Ltd.                                
    (BankWest)..........................    18,863        40,068
  Boral Ltd.............................    39,100        65,844
  Commonwealth Bank of Australia........    22,445       343,965
  CSR Ltd...............................    53,180       184,825
  Goodman Fielder Ltd...................    38,362        27,097
  Lion Nathan Ltd.......................    10,000        23,581
  Mayne Nickless Ltd....................    11,979        42,184
  Mirvac Group..........................    40,032        79,298
  National Australia Bank Ltd...........     9,493       154,808
  Normandy Mining Ltd...................    67,217        62,273
  Origin Energy Ltd.....................    35,190        50,812
  Publishing & Broadcasting Ltd.........    35,277       176,954
  Qantas Airways Ltd....................    83,995       158,214
  Rio Tinto Ltd.........................     6,145       117,025
  Santos Ltd............................    23,826        75,611
  Seven Network Ltd.....................    14,050        49,334
  St. George Bank Ltd...................    10,169        96,855
  Wesfarmers Ltd........................     2,660        42,194
  WMC Ltd...............................    59,886       293,438
                                                     -----------
                                                       2,497,815
                                                     -----------

AUSTRIA -- 0.2%                                                 
  Telekom Austria AG*...................     9,800        81,215
  Voest-Alpine Stahl AG.................     2,342        66,920
                                                     -----------
                                                         148,135
                                                     -----------

BELGIUM -- 1.4%                                                 
  Algemene Maatschappij voor                                    
    Nijverheidskredit NV (Almanij)......     2,700        90,128
  Bekaert NV............................     3,700       142,512
  Fortis................................    17,400       450,848
  Solvay SA.............................     4,700       283,028
  Union Miniere SA......................     4,200       165,434
                                                     -----------
                                                       1,131,950
                                                     -----------

DENMARK -- 0.7%                                                 
  Carlsberg A/S.........................     1,000        41,788
  Danisco A/S...........................     2,500        89,502
  Danske Bank...........................    21,563       345,966
  Jyske Bank A/S*.......................     2,720        57,319
  TDC A/S...............................     2,380        84,778
                                                     -----------
                                                         619,353
                                                     -----------

FINLAND -- 2.0%                                                 
  Fortum Corp...........................   101,472       429,045
  Huhtamaki Van Leer Oyj, Series 1......     2,800        88,481
  Kesko Oyj.............................     8,800        80,683
  Metra Oyj, Class B....................     4,200        77,764
  Metsa-Serla Oyj, Series B.............    12,000        74,132
  Metso Oyj.............................    16,254       170,728
  Outokumpu Oyj.........................    10,700       112,867
  Pohjola Group Insurance Corp.,                                
    Series B............................     3,600   $    63,610

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  Stora Enso Oyj........................    20,400       261,127
  UPM-Kymmene Oyj.......................     7,200       238,738
                                                     -----------
                                                       1,597,175
                                                     -----------

FRANCE -- 11.3%                                                 
  Accor SA..............................     3,500       127,207
  Alcatel SA............................     9,700       165,782
  Alstom................................    15,200       168,993
  Assurances Generales De France........     7,900       379,035
  Axa...................................     6,800       142,064
  Banque Nationale de Paris.............    14,300     1,279,279
  Beghin-Say*...........................       900        32,686
  Cereol*...............................       900        22,792
  Cerestar*.............................       900        24,675
  Ciments Francais......................     1,180        50,418
  Compagnie de Saint-Gobain.............     4,100       618,610
  Compagnie Generele des Etablissements                         
    Michelin, Class B...................     5,700       187,986
  Credit Industriel et Commercial.......       500        53,632
  Credit Lyonnais SA....................    10,200       340,482
  Eiffage SA............................       222        13,517
  Faurecia..............................     1,100        57,771
  Financiere Marc de Lacharriere SA.....     1,000        35,873
  France Telecom SA.....................     9,200       367,703
  Gecina................................       800        65,159
  Groupe Danone.........................     1,800       219,511
  Imerys................................       600        57,575
  L'Oreal SA............................     3,150       226,841
  Lafarge SA............................     5,160       481,824
  Lapeyre SA............................       400        15,759
  Pechiney SA...........................     2,700       139,157
  Pernod-Ricard SA......................     2,400       185,863
  Provimi*..............................       900        17,080
  PSA Peugoet Citroen*..................    11,400       484,553
  Rallye SA.............................     1,100        49,252
  Remy Cointreau SA.....................     1,228        27,186
  Rue Imperiale de Lyon.................        20        27,595
  SEB SA................................       500        27,884
  Societe BIC SA........................     1,000        34,146
  Societe Fonciere Lyonaise.............       800        19,014
  Societe Generale......................    12,600       704,919
  Unibail...............................     1,800        91,410
  Usinor SA.............................    10,200       127,567
  Valeo SA..............................     3,400       135,588
  Vinci.................................     1,200        70,340
  Vivendi Universal SA..................    34,300     1,877,727
                                                     -----------
                                                       9,154,455
                                                     -----------

GERMANY -- 7.8%                                                 
  Allianz AG............................     1,250       295,975
  BASF AG...............................    13,950       518,435
  Bayer AG..............................     7,400       235,819
  Commerzbank AG........................    16,750       260,478
  Continental AG........................     2,000        26,437
  DaimlerChrysler AG....................    38,100     1,639,777
  DBV-Winterthur Holding AG.............       500        16,446

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PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
GERMANY  (CONTINUED)                                            
  Degussa-Huels AG......................     6,100   $   153,395
  DePfa Deutsche Pfandbriefbank AG......       500        28,262
  Deutsche Bank AG......................     5,900       417,000
  Deutsche Lufthansa AG.................    11,800       155,771
  Gehe AG...............................       500        19,361
  Hannover Rueckversicherungs-AG........       900        53,988
  Heidelberg Zement.....................     2,100       100,943
  Hoechst AG............................       600        26,865
  HypoVereinsbank.......................     5,401       165,000
  KarstadtQuelle AG.....................     2,700       106,711
  Linde AG..............................     6,000       243,011
  MAN AG................................     1,750        36,997
  Merck KGaA............................     3,200       118,183
  MG Technologies AG....................     7,300        60,757
  MobilCom AG*..........................     2,500        54,099
  Muenchener Rueckversicherungs-                                
    Gesellschaft AG.....................       450       122,153
  RWE AG................................       500        18,782
  Siemens AG............................     4,400       291,204
  Stinnes AG............................       900        18,827
  Thyssen Krupp AG......................    15,900       231,974
  Veba AG...............................    10,600       548,963
  Vereins-und Westbank AG...............       750        18,359
  Volkswagen AG.........................     7,150       334,140
                                                     -----------
                                                       6,318,112
                                                     -----------

GREECE -- 0.3%                                                  
  EFG Eurobank Ergasias.................    11,400       158,507
  Hellenic Petroleum SA.................    10,100        62,574
                                                     -----------
                                                         221,081
                                                     -----------

HONG KONG -- 2.0%                                               
  Amoy Properties Ltd...................   125,000       129,845
  Citic Pacific Ltd.....................    32,000        71,200
  Great Eagle Holdings Ltd..............    21,597        24,096
  Hang Lung Development Co., Ltd........    55,000        48,668
  Henderson Land Development Co.,                               
    Ltd.................................    51,000       232,183
  Hysan Development Co., Ltd............    43,934        44,228
  Kerry Properties Ltd..................    41,401        40,351
  New World Development Co., Ltd........    87,000        75,868
  Shangri-La Asia Ltd...................   166,000       129,858
  Sino Land Co., Ltd....................   156,000        62,018
  Swire Pacific Ltd.....................    59,000       321,567
  Tsim Sha Tsui Properties Ltd..........    58,253        48,558
  Wharf (Holdings) Ltd..................   144,000       351,794
  Wheelock and Co., Ltd.................    78,000        67,019
                                                     -----------
                                                       1,647,253
                                                     -----------

IRELAND -- 0.5%                                                 
  Allied Irish Banks Plc................     2,673        30,932
  Bank of Ireland.......................     9,034        85,483
  Irish Life & Permanent Plc............    18,301       185,713
  Jefferson Smurfit Group Plc...........    70,390       153,511
                                                     -----------
                                                         455,639
                                                     -----------

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------

ITALY -- 4.1%                                                   
  Banca di Roma*........................    32,500   $    64,369
  Banca Popolare di Lodi................     9,000        69,298
  Banca Popolare di Milano..............    38,760       135,249
  Banca Popolare di Verona..............    18,000       176,250
  Banca Toscana.........................    17,500        62,155
  Buzzi Unicem SpA......................     4,000        26,455
  Compagnia Assicuratrice Unipol SpA....    17,000        59,320
  Fiat SpA..............................    40,000       641,620
  Ifil (Finanziiaria di partecipazioni)                         
    SpA.................................    25,000       117,277
  Italcementi SpA.......................    19,180       150,243
  La Rinascente SpA.....................    17,000        59,168
  Milano Assicurazioni..................     8,000        25,636
  Olivetti SpA..........................   722,500       925,469
  Parmalat Finanziaria SpA*.............    41,600       112,202
  Pirelli SpA...........................   195,000       341,951
  Riunione Adriatica di Sicurta SpA.....     5,600        65,950
  SAI SpA...............................     3,500        43,773
  Tiscali SpA*..........................    26,000       235,605
                                                     -----------
                                                       3,311,990
                                                     -----------

JAPAN -- 20.9%                                                  
  Aisin Seiki Co., Ltd..................    14,000       150,355
  Amada Co., Ltd........................    12,000        47,630
  Aomori Bank Ltd.......................     6,000        21,067
  Asahi Bank Ltd........................   127,000        79,490
  Asahi Breweries Ltd...................    17,000       152,988
  Asahi Kasei Corp......................    21,000        73,735
  ASATSU-DK, Inc........................     1,200        23,449
  Ashikaga Bank Ltd.*...................     8,000         7,328
  Autobacs Seven Co., Ltd...............     1,200        27,937
  Awa Bank Ltd..........................     7,000        29,921
  Bank of Kyoto Ltd.....................    10,000        39,997
  Bank of Nagoya Ltd....................     6,000        25,830
  Bank of Yokohama Ltd..................     4,000        13,953
  Casio Computer Co., Ltd...............    16,000        69,369
  Chiba Bank Ltd........................    49,000       160,079
  Chudenko Corp.........................     2,000        25,937
  Chugoku Bank Ltd......................     7,000        43,279
  Citizen Watch Co......................    18,000        89,718
  Coca-Cola West Japan Co., Ltd.........     3,000        53,927
  Cosmo Oil Co., Ltd....................    21,000        29,654
  Dai Nippon Printing Co., Ltd..........    44,000       439,966
  Dai-Tokyo Fire and Marine Insurance                           
    Co., Ltd............................    18,000        29,540
  Daicel Chemical Industries Ltd........    11,000        32,326
  Daido Steel Co., Ltd..................    35,000        56,904
  Daihatsu Motor Co., Ltd...............    33,000       130,227
  Daimaru, Inc..........................     6,000        24,136
  Dainippon Ink and Chemicals, Inc......    46,000        65,659
  Daishi Bank Ltd.......................     9,000        28,097
  Daiwa Bank Holdings, Inc.*............    67,000        41,936
  Daiwa House Industry Co., Ltd.........    31,000       176,994
  Dowa Fire & Marine Insurance Co.,                             
    Ltd.................................    24,000        91,596
  Ezaki Glico Co., Ltd..................     4,000        19,021
  Fuji Heavy Industries Ltd.............    57,000       244,516

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SA International HBtM Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
JAPAN  (CONTINUED)                                              
  Fuji Photo Film.......................     2,000   $    71,445
  Fujikura Ltd..........................    37,000       138,951
  Fukuoka City Bank Ltd.................    33,000       111,839
  Fukuoka City Bank Ltd.................     9,000        21,571
  Fukuyama Transporting Co., Ltd........     8,000        30,166
  Futaba Industrial Co., Ltd............     2,000        18,533
  Futuba Corp...........................     1,000        22,594
  General Sekiyu K.K....................     2,000        12,900
  Gunma Bank Ltd........................    30,000       137,394
  GUNZE Ltd.............................     5,000        18,090
  Hachijuni Bank Ltd....................    21,000       102,267
  Hankyu Department Stores, Inc.........     4,000        24,059
  Hanshin Electric Railway Co., Ltd.....    11,000        25,945
  Heiwa Corp............................     6,000        87,016
  Higo Bank Ltd.........................     5,000        15,037
  Hino Motors Ltd.*.....................     8,000        26,624
  Hiroshima Bank Ltd....................    19,000        59,461
  Hitachi Cable Ltd.....................    14,000        54,500
  Hitachi Ltd...........................   212,000     1,553,469
  Hitachi Maxell Ltd....................     3,000        36,203
  Hitachi Metals Ltd....................    18,000        53,859
  Hokkoku Bank Ltd......................     9,000        31,257
  Hokuriku Bank Ltd.*...................    24,000        26,196
  House Foods Corp......................     4,000        32,822
  Hyakugo Bank Ltd......................     9,000        30,502
  Hyakujushi Bank Ltd...................     9,000        46,577
  Ishikawajima-Harima Heavy Industries                          
    Co., Ltd............................    28,000        43,600
  Iyo Bank Ltd..........................    10,000        51,904
  Japan Airport Terminal Co., Ltd.......     2,000        14,274
  Japan Energy Corp.....................    21,000        23,563
  JGC Corp..............................     6,000        44,287
  Joyo Bank Ltd.........................    32,000        88,665
  Juroku Bank Ltd.......................    12,000        45,798
  Kagoshima Bank Co., Ltd...............     7,000        22,975
  Kamigumi Co., Ltd.....................     8,000        32,852
  Kandenko Co., Ltd.....................     5,000        22,136
  Kansai Paint Co., Inc.................     6,000        12,823
  Kawasaki Heavy Industries Ltd.*.......    46,000        42,134
  Kawasaki Steel Corp...................   117,000       118,777
  Kinden Corp...........................     9,000        42,111
  Kissei Pharmaceutical Co., Ltd........     2,000        29,204
  Kobe Steel Ltd.*......................    85,000        33,089
  Kokusai Securities Co., Ltd...........    10,000        58,011
  Kokuyo Co., Ltd.......................     3,000        25,189
  Komatsu Ltd...........................    49,000       175,414
  Komori Corp...........................     1,000        11,289
  Koyo Seiko Co., Ltd...................    10,000        35,265
  Kubota Corp...........................    73,000       191,680
  Kuraray Co., Ltd......................    19,000       121,388
  Kyushu Matsushita Electric Co.,                               
    Ltd.................................     6,000        39,478
  Lion Corp.............................    11,000        38,539
  Makita Corp...........................     4,000        19,754
  Marui Co., Ltd........................     8,000        94,649

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  Maruichi Steel Tube Ltd...............     2,000   $    20,411
  Matsushita Electric Industrial Co.,                           
    Ltd.................................   122,000     1,567,254
  Matsushita-Kotobuk Electronics                                
    Industries Ltd......................     9,000        72,132
  Mazda Motor Corp.*....................    45,000        80,032
  Michinoku Bank Ltd....................     3,000        16,258
  Mitsubishi Gas Chemical Co., Inc......    17,000        23,746
  Mitsubishi Heavy Industries Ltd.......   199,000       531,639
  Mitsubishi Material Corp..............    44,000        60,118
  Mitsubishi Motor Corp.*...............    58,000        98,283
  Mitsubishi Rayon Co., Ltd.............     9,000        23,563
  Mitsui Chemicals, Inc.................    46,000       147,470
  Mitsui Marine & Fire Insurance Co.,                           
    Ltd.................................    23,000       107,969
  Mizuho Holdings, Inc..................        31        63,178
  Mori Seiki Co., Ltd...................     3,000        17,976
  Musashino Bank Ltd....................       600        18,228
  Nanto Bank Ltd........................     6,000        17,632
  National House Industrial Co., Ltd....     6,000        25,647
  NGK Spark Plug Co., Ltd...............    11,000        79,261
  NHK Spring Co., Ltd...................     5,000        10,114
  Nichido Fire and Marine Insurance Co.,                        
    Ltd.................................    21,000       101,305
  Nichirei Corp.........................     6,000        13,327
  Nippon Kayaku Co., Ltd................     3,000        11,198
  Nippon Meat Packers, Inc..............     9,000        95,489
  Nippon Mitsubishi Oil Corp............   121,000       461,797
  Nippon Paint Co., Ltd.................     8,000        16,487
  Nippon Sanso Corp.....................     9,000        23,151
  Nippon Sheet Glass Co., Ltd...........    13,000        41,081
  Nippon Shokubai Co., Ltd..............     4,000        14,350
  Nippon Steel Corp.....................   274,000       395,283
  Nipponkoa Insurance Co., Ltd..........     6,000        22,807
  Nishi-Nippon Bank Ltd.................    15,000        38,928
  Nishimatsu Construction Co., Ltd......     5,000        14,808
  Nissei Sangyo Co., Ltd................     2,000        21,662
  Nisshin Flour Milling Co., Ltd........    14,000        84,421
  Nisshin Steel Co., Ltd................    98,000        45,630
  Nisshinbo Industries, Inc.............    23,000        85,322
  Nissho Iwai Corp.*....................    13,000         7,145
  NKK Corp.*............................   271,000       192,375
  NTN Corp..............................    15,000        24,273
  Obayashi Corp.........................    27,000        76,666
  Okumura Corp..........................     6,000        14,747
  Onward Kashiyama Co., Ltd.............     6,000        57,614
  Q.P. Corp.............................     3,000        23,334
  Rengo Co., Ltd........................     5,000        10,419
  Rinnai Corp...........................     1,100        17,716
  San-In Godo Bank Ltd..................    15,000        52,324
  Sanyo Shinpan Finance Co., Ltd........     1,300        34,433
  Sapporo Breweries Ltd.................    12,000        33,249
  Sapporo Hokuyo Holdings, Inc.*........         9        37,646
  Sekisui Chemical Co., Ltd.............    18,000        47,401
  Sekisui House Ltd.....................    36,000       261,049
  Shiga Bank Ltd........................     4,000        12,946
  Shikoku Bank Ltd......................     6,000        29,998
  Shima Seiki Mfg., Ltd.................     1,000        16,793

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SA International HBtM Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

                                                                [Download Table]
----------------------------------------------------------------

                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
JAPAN  (CONTINUED)                                              
  Shimadzu Corp.........................     9,000   $    20,884
  Shimizu Corp..........................    33,000       111,839
  Shinko Securities Co., Ltd............    21,000        29,013
  Shiseido Co., Ltd.....................    18,000       166,384
  Showa Shell Sekiyu K.K................    13,000        69,063
  Snow Brand Milk Products Co., Ltd.*...     8,000        13,251
  Sumitomo Corp.........................    84,000       385,345
  Sumitomo Electric Industries Ltd......    44,000       307,305
  Sumitomo Forestry Co., Ltd............     6,000        31,509
  Sumitomo Metal Industries Ltd.*.......   108,000        34,623
  Sumitomo Metal Mining Co..............    18,000        60,041
  Sumitomo Osaka Cement Co., Ltd........    21,000        30,616
  Sumitomo Realty & Development Co.,                            
    Ltd.................................    15,000        68,697
  Sumitomo Rubber Industries Ltd........     5,000        18,625
  Suzuken Co., Ltd......................     1,000        15,800
  Suzuki Motor Corp.....................     8,000        87,566
  Taiheiyo Cement Corp..................    93,000       141,264
  Taisei Corp...........................    28,000        60,698
  Takashimaya Co., Ltd..................    10,000        59,003
  Tanabe Seiyaku Co., Ltd...............     3,000        26,746
  Teikoku Oil Co., Ltd..................     7,000        25,593
  The 77 Bank Ltd.......................    19,000        83,971
  The Nissan Fire & Marine Insurance                            
    Co., Ltd............................     6,000        12,823
  The Sumitomo Trust and Banking Co.,                           
    Ltd.................................    81,000       328,921
  The Tokio Marine & Fire Insurance Co.,                        
    Ltd.................................    91,000       665,430
  The Yasuda Fire & Marine Insurance                            
    Co., Ltd............................    52,000       297,687
  Toda Corp.............................     9,000        24,731
  Toho Bank Ltd.........................     5,000        14,655
  Tokuyama Corp.........................     5,000        14,159
  Tokyo Style Co., Ltd..................     2,000        17,159
  Toppan Printing Co., Ltd..............    36,000       332,219
  Toray Industries, Inc.................    63,000       152,439
  Tostem Corp...........................    14,000       189,466
  Toto Ltd..............................     3,000        14,312
  Toyo Seikan Kaisha Ltd................    11,000       140,554
  Toyo Suisan Kaisha Ltd................     2,000        14,655
  Toyota Industries Corp................    15,000       218,686
  Toyota Tsusho Corp....................     9,000        32,562
  UFJ Holdings, Inc.*...................        51       112,503
  Uny Co., Ltd..........................     6,000        61,003
  Victor Company of Japan Ltd...........     9,000        24,594
  Wacoal Corp...........................     3,000        23,907
  Yamagata Bank Ltd.....................     3,000        12,869
  Yamaguchi Bank Ltd....................     5,000        31,486
  Yamaha Corp...........................    12,000        88,848
  Yamatake Corp.........................     2,000        16,319
  Yamazaki Baking Co., Ltd..............     6,000        32,929
                                                     -----------
                                                      16,955,523
                                                     -----------

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------

NETHERLANDS -- 5.1%                                             
  ABN AMRO Holding NV...................    37,786   $   608,461
  DSM NV................................     3,440       125,577
  Hagemeyer NV..........................       834        15,590
  ING Groep NV..........................    51,210     1,305,543
  Koninklije Luchtvaart Maatschappij                            
    NV..................................     3,600        41,467
  Koninklijke (Royal) KPN NV*...........    43,100       219,067
  Koninklijke (Royal) Philips                                   
    Electronics NV......................    46,000     1,366,808
  Koninklijke Vopak NV..................     4,400        71,283
  N.V. Holdingmaatschappij De                                   
    Telegraaf...........................       800        12,170
  Oce NV................................     6,310        63,302
  Royal Vendex KBB NV...................     1,476        16,791
  Vedior NV.............................     8,646       103,668
  VNU NV................................     5,610       172,334
                                                     -----------
                                                       4,122,061
                                                     -----------

NEW ZEALAND -- 0.0%                                             
  Carter Holt Harvey Ltd................    31,900        22,576
                                                     -----------

NORWAY -- 0.5%                                                  
  Bergesen d.y. ASA, Class A............     2,500        44,282
  Den Norske Bank ASA...................     9,200        41,405
  Elkem ASA.............................       900        15,039
  Norsk Hydro ASA.......................     1,800        75,396
  Norske Skogindustrier ASA.............     7,000       131,397
  Storebrand ASA........................    15,800        91,527
                                                     -----------
                                                         399,046
                                                     -----------

PORTUGAL -- 0.5%                                                
  Banco Commercial Portugues SA.........     9,964        40,356
  Banco Espirito Santo SA...............    13,104       168,786
  Cimpor-Cimento de Portugal SGPA SA....     5,800       101,708
  Modelo Continente -- SGPS SA..........    44,000        67,367
  Sonae SGPS SA.........................    88,000        63,450
                                                     -----------
                                                         441,667
                                                     -----------

SINGAPORE -- 0.9%                                               
  Capitaland Ltd........................    65,000        65,827
  Centrepoint Properties Ltd............    49,779        55,265
  City Developments Ltd.................    47,000       153,994
  DBS Group Holdings Ltd................    10,000        74,736
  Fraser & Neave Ltd....................    30,000       123,477
  Keppel Corporation Ltd................    80,000       123,044
  Keppel Land Ltd.......................    38,000        35,397
  Neptune Orient Lines Ltd.*............    76,000        39,924
  Oversea-Chinese Banking Corp., Ltd....    11,000        65,529
                                                     -----------
                                                         737,193
                                                     -----------

SPAIN -- 3.2%                                                   
  Aceralia Corporation Siderurgica SA...     4,700        73,884
  Acerinox SA...........................     3,000       100,275
  ACS, Actividades de Construccion y                            
    Servicious SA.......................       800        19,512
  Autopistas del Mare Nostrum SA........     3,200        65,259
  Autopistas, Concesionaria Espanola                            
    SA..................................    14,001       139,461
  Azucarera Ebro Agricolas SA...........     3,840        37,258
  Compania Espanole de Petroleos SA.....    12,800       142,310

36                                                                            

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SA International HBtM Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

                                                                [Download Table]
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                                           SHARES      VALUE+   
                                                                
COMMON STOCKS  (CONTINUED)                                      
SPAIN  (CONTINUED)                                              
  Corporacion Mapfre....................     8,700   $    50,416
  Endesa SA.............................     9,600       150,143
  Fomento de Construcciones y Contratas                         
    SA..................................     6,200       128,315
  Grupo Dragados SA.....................     2,000        26,758
  Metrovacesa SA........................     2,205        30,423
  Puleva Biotech SA*....................       400         1,061
  Red Electrica de Espana...............     2,800        26,046
  Repsol-YPF SA.........................    79,300     1,156,246
  Sociedad General de Aguas de Barcelona                        
    SA..................................        50           623
  Sol Melia SA..........................    12,000        91,223
  Terra Networks SA*....................    40,300       330,032
  Vallehermoso SA.......................     4,400        27,378
                                                     -----------
                                                       2,596,623
                                                     -----------

SWEDEN -- 2.3%                                                  
  Atlas Copco AB, Series A..............     5,300       118,899
  Atlas Copco AB, Series B..............     2,600        54,845
  Billerud*.............................     3,781        25,685
  Drott AB, Series B....................     6,700        69,224
  Electrolux AB, Series B...............    21,200       317,402
  Gambro AB, Series A...................    11,400        71,434
  Gambro AB, Series B...................     4,200        26,519
  Industriforvaltnings AB Kinnevik,                             
    Series B............................     4,500        71,463
  Mo Och Domsjoe AB (MoDo), Series B....     5,900       134,617
  NCC AB................................     3,500        23,438
  Nordic Baltic Holding AB..............     5,716        30,182
  SKF AB, Series B......................     2,900        57,151
  SKF AB, Series A......................     1,600        28,623
  SSAB Svenskt Stal AB, Series A........     3,100        30,398
  Svenska Cellulosa AB (SCA),                                   
    Series B............................    13,300       365,168
  Trelleborg AB, Series B...............     1,500        11,552
  Volvo AB, Series A....................     6,300       102,157
  Volvo AB, Series B....................    20,200       340,113
                                                     -----------
                                                       1,878,870
                                                     -----------

SWITZERLAND -- 6.7%                                             
  ABB Ltd...............................    52,000       501,326
  Baloise Holdings Ltd.*................     8,000       737,527
  Bobst Group AG*.......................       600        16,631
  Ciba Specialty Chemicals AG...........     5,300       331,330
  Clariant AG...........................     3,200        60,255
  Compagnie Financiere Richemont AG*....    36,700       682,210
  Credit Suisse Group*..................    11,960       510,224
  Georg Fischer AG......................       120        22,740
  Givaudan SA...........................     1,180       359,773
  Helvetia Patria Holding*..............     1,240       189,034
  Holcim Ltd., Series B*................     1,386       298,980
  Lonza AG..............................       210       137,292
  Rieter Holding AG.....................       140        29,525
  Schindler Holding AG..................        20        28,682
  Schweizerische Lebensversicherungs-und                        
    Rentenanstalt.......................       930       400,669

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
  SGS Societe Generale de Surveillance                          
    Holding SA..........................       500   $    80,290
  SIG Holding AG........................       200        19,161
  Sulzer AG.............................       290        44,559
  Sulzer Medica AG......................     1,150        48,506
  Swisscom AG...........................     1,010       279,947
  UBS AG*...............................     8,880       448,388
  Unaxis Holding AG.....................     1,800       194,143
                                                     -----------
                                                       5,421,192
                                                     -----------

UNITED KINGDOM -- 21.2%                                         
  3I Group Plc..........................    33,393       417,259
  Abbey National Plc....................    17,466       248,842
  Aggregate Industries Plc..............    35,214        45,179
  Alliance & Leicester Group Treasury                           
    Plc.................................    20,000       233,189
  Allied Domecq Plc.....................    12,800        75,784
  Antofagasta Holdings Plc..............     7,000        53,834
  Associated British Foods Plc..........    37,000       271,104
  Associates British Ports Holdings                             
    Plc.................................    12,500        76,324
  BAA Plc...............................    57,954       463,815
  BAE Systems Plc.......................    80,068       360,267
  Barratt Developments Plc..............     6,000        37,355
  Bass Plc..............................    48,600       480,452
  Berkeley Group Plc....................     5,060        52,229
  BG Group Plc..........................   194,000       789,704
  Bodycote International Plc............     4,380        13,881
  BPB Plc...............................    14,200        61,932
  Britannic Plc.........................    10,900       116,828
  British Airways Plc...................    21,000        59,533
  British Land Company Plc..............    29,000       196,888
  Brixton Estate Plc....................     6,700        20,942
  Cable & Wireless Plc..................    67,200       322,883
  Canary Wharf Group Plc*...............    12,000        77,764
  Caradon Plc...........................     7,546        13,926
  CGU Plc...............................    58,299       716,178
  Chelsfield Plc........................     8,132        31,329
  Corus Group Plc.......................   174,700       182,865
  Debenhams Plc.........................    20,448       123,071
  F.I. Group Plc........................    17,128        88,895
  GKN Plc...............................    14,000        53,936
  Glynwed International Plc.............     5,000        15,846
  Great Universal Stores Plc............    29,300       274,746
  Hammerson Plc.........................    10,300        66,410
  Hanson Plc............................    40,400       278,397
  Hanson Plc............................     1,137         7,624
  HBOS Plc..............................    63,000       729,051
  Hilton Group Plc......................    82,700       253,684
  IMI Plc...............................    10,000        39,107
  Innogy Holdings Plc...................    27,400        76,481
  Invensys Plc..........................    71,000       123,090
  J Sainsbury Plc.......................   110,515       588,040
  Lattice Group Plc.....................   114,674       260,072
  Liberty International Plc.............    13,712        97,081
  London Merchant Securities Plc........     7,000        15,061
  Marks & Spencer Plc...................   163,122       856,099
  Millennium & Copthorne Hotels Plc.....     9,882        39,077

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SA International HBtM Fund                                                      
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited) (Continued)     

                                                                [Download Table]
----------------------------------------------------------------

                                           SHARES      VALUE+   
                                                                
  Morgan Crucible Company Plc...........     9,497   $    26,371
  National Power Plc*...................    61,400       180,758
  Northern Foods Plc....................    10,000        23,406
  Northern Rock Plc.....................     5,000        45,867
  P & O Princess Cruises Plc............    23,348       135,774
  Pearson Plc...........................    15,095       173,586
  Peninsular and Oriental Steam                                 
    Navigation Co.......................    29,448       101,785
  Pilkington Plc........................    18,773        30,567
  PowerGen Plc..........................    19,445       213,432
  Railtrack Group Plc...................    26,365       107,322
  Rank Group Plc........................    25,000        83,593
  Rexam Plc.............................    17,037        92,819
  RMC Group Plc.........................    10,000        89,990
  Rolls-Royce Plc.......................    88,235       213,579
  Royal & Sun Alliance Insurance Group                          
    Plc.................................    84,685       485,995
  Royal Bank of Scotland Group Plc......     2,600         2,920
  Royal Bank of Scotland Group Plc......     2,659        64,634
  Safeway Plc...........................    60,187       279,998
  Scottish & Newcastle Plc..............    37,497       286,194
  Scottish Power Plc....................    47,152       260,488
  Signet Group Plc......................    23,000        31,933
  Slough Estates Plc....................    16,400        79,037
  Smith W.H. Plc........................     9,000        63,327
  Spirent Plc...........................    22,000        50,534
  Stagecoach Holdings Plc...............    47,329        50,917
  Tate & Lyle Plc.......................    17,600        88,275
  Taylor Woodrow Plc....................    16,050        39,668
  Telewest Communications Plc*..........    68,000        61,292
  Thistle Hotels Plc....................    19,000        32,028
  Trinity Mirror Plc....................    11,530        68,600
  Uniq Plc..............................     2,050         4,754
  United Business Media Plc.............     8,000        55,826
  Vodafone Group Plc....................  1,525,000    3,985,136
  Whitbread Plc.........................    16,432       131,150
  Wilson Bowden Plc.....................     2,000        23,697
  Wincanton Plc.........................     2,050         5,484
  Wolseley Plc..........................    13,782       115,209
                                                     -----------
                                                      17,191,999
                                                     -----------
  TOTAL COMMON STOCKS                                           
    (Identified Cost $81,519,367).......              76,869,708
                                                     -----------

PREFERRED STOCK -- 0.1%                                         

AUSTRALIA -- 0.1%                                               
  The News Corp., Ltd...................     6,058        40,465
                                                     -----------
  TOTAL PREFERRED STOCK                                         
    (Identified Cost $46,754)...........                  40,465
                                                     -----------

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
PREFERRED STOCK  (CONTINUED)                                    

SHORT-TERM INVESTMENTS -- 4.5%                                  
UNITED STATES -- 4.5%                                           
  SSgA Government Money Market Fund.....  1,533,000  $ 1,533,000
  SSgA Money Market Fund................  2,133,151    2,133,151
                                                     -----------
                                                       3,666,151
                                                     -----------
  TOTAL SHORT-TERM INVESTMENTS                                  
    (Identified Cost $3,666,151)........               3,666,151
                                                     -----------

                                                                [Download Table]


                                                               
-------------------------------------------------------------- 
TOTAL INVESTMENTS -- 99.3%                                     
  (IDENTIFIED COST $85,232,272)#..................  80,576,324 
  Cash and Other Assets, Less Liabilities --                   
    0.7%..........................................     579,244 
                                                    ---------- 
NET ASSETS -- 100%................................  $81,155,568
                                                    ========== 

+  See Note 1.                                                              
*  Non-income producing security                                            
#  At December 31, 2001, the aggregate cost of investment securities for    
     income tax purposes was $85,232,272. Net unrealized depreciation aggregated
$4,655,948, of which $4,535,707 related to appreciated investment     
 securities and $9,191,655 related to depreciated investment securities.

Ten Largest Sector Holdings at December 31, 2001                                
(As a percentage of Net Assets):                                                

                                                                [Download Table]

Industry                          Percentage 
--------                          -----------
                                             
Banks/Savings & Loans                 8.5%   
Telecommunications                    8.4%   
Financial Services                    8.2%   
Insurance                             6.5%   
Building & Construction               5.4%   
Diversified Operations                4.5%   
Oil & Gas                             4.4%   
Auto & Related                        4.2%   
Electronics                           4.0%   
Chemicals                             3.1%   

SEE NOTES TO FINANCIAL STATEMENTS.

38                                                                            

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SA International Small Company Fund                                             
PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2001 (Unaudited)                 

                                                                [Download Table]

                                           SHARES      VALUE+   
                                                                
----------------------------------------------------------------
MUTUAL FUNDS -- 99.6%                                           
  DFA International Small Company                               
    Portfolio...........................  3,229,121  $23,637,165
                                                     -----------
  TOTAL MUTUAL FUNDS                                            
    (Identified Cost $26,206,640).......              23,637,165
                                                     -----------

SHORT-TERM INVESTMENTS -- 0.0%                                  
  SSgA Government Money Market Fund.....         2             2
  SSgA Money Market Fund................         2             2
                                                     -----------
  TOTAL SHORT-TERM INVESTMENTS                                  
    (Identified Cost $4)................                       4
                                                     -----------

                                                                [Download Table]


                                                               
-------------------------------------------------------------- 
TOTAL INVESTMENTS -- 99.6%                                     
  (IDENTIFIED COST $26,206,644)#..................  23,637,169 
  Cash and Other Assets, Less Liabilities --                   
    0.4%..........................................      90,046 
                                                    ---------- 
NET ASSETS -- 100%................................  $23,727,215
                                                    ========== 

+  See Note 1.                                                              
#  At December 31, 2001, the aggregate cost of investment securities for    
     income tax purposes was $26,206,644. Net unrealized depreciation aggregated
$2,569,475, which related solely to depreciated investment securities.

SEE NOTES TO FINANCIAL STATEMENTS.

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STATEMENTS OF ASSETS AND LIABILITIES -- DECEMBER 31, 2001 (Unaudited)           

                                                                [Download Table]

                                SA           SA      
                           FIXED INCOME  U.S. MARKET 
                               FUND         FUND     
                                                     
---------------------------------------------------- 
ASSETS                                               
  Investments in                                     
    securities, at market  $62,952,230   $78,924,734 
  Short-term investments                             
    (at amortized cost)      8,451,410     3,082,532 
  Cash                             275           263 
  Foreign currency                  --            -- 
  Receivable for                                     
    investments sold                --         2,330 
  Dividends and interest                             
    receivable               1,048,686        77,580 
  Receivable for fund                                
    shares sold                628,520       327,852 
  Receivable due from the                            
    Manager (Note 2)            43,784        38,629 
  Receivable for tax                                 
    reclaims                        --            -- 
                           -----------   ----------- 
    TOTAL ASSETS            73,124,905    82,453,920 
                           -----------   ----------- 

LIABILITIES                                          
  Payable for investments                            
    purchased                       --     2,244,575 
  Payable for fund shares                            
    redeemed                    14,000            -- 
  Payable for forward                                
    foreign currency                                 
    exchange contracts                               
    (Note 1)                   151,180            -- 
  Advisory fees payable                              
    (Note 2)                    46,961        43,896 
  Administration fee                                 
    payable (Note 2)            18,718        19,223 
  Trustees' fees payable                             
    (Note 2)                     1,509         1,509 
  Shareholder servicing                              
    fee payable (Note 2)        13,448        13,387 
  Accrued expenses and                               
    other liabilities           49,923        54,812 
                           -----------   ----------- 
    TOTAL LIABILITIES          295,739     2,377,402 
                           -----------   ----------- 

NET ASSETS                 $72,829,166   $80,076,518 
                           ===========   =========== 
NET ASSETS CONSIST OF:                               
  Capital paid in          $73,012,007   $86,018,131 
  Undistributed/(overdistributed)                    
    net investment income      148,765        (2,435)
  Accumulated net                                    
    realized gain/(loss)        22,626    (5,548,400)
  Net unrealized                                     
  appreciation/(depreciation)                        
    on:                                              
    Investments               (202,949)     (390,778)
    Foreign currency                                 
      translations            (151,283)           -- 
                           -----------   ----------- 

NET ASSETS                 $72,829,166   $80,076,518 
                           ===========   =========== 

SHARES OF BENEFICIAL                                 
  INTEREST OUTSTANDING       7,295,479     8,255,143 
NET ASSET VALUE PER SHARE  $      9.98   $      9.70 

IDENTIFIED COST OF                                   
  INVESTMENTS              $71,606,589   $82,398,044 
COST OF FOREIGN CURRENCY            --            -- 

SEE NOTES TO FINANCIAL STATEMENTS.

40                                                                            

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                                                        [Enlarge/Download Table]

                               SA          SA U.S.                       SA INTERNATIONAL
                            U.S. HBTM   SMALL COMPANY  SA INTERNATIONAL   SMALL COMPANY  
                              FUND          FUND          HBTM FUND            FUND      
                                                                                         
-----------------------------------------------------------------------------------------
ASSETS                                                                                   
  Investments in                                                                         
    securities, at market  $41,598,180   $41,043,345     $76,910,173       $23,637,165   
  Short-term investments                                                                 
    (at amortized cost)      1,788,121     1,462,478       3,666,151                 4   
  Cash                             472           825             669           107,238   
  Foreign currency                  --            --         286,817                --   
  Receivable for                                                                         
    investments sold                --        17,731         317,303                --   
  Dividends and interest                                                                 
    receivable                  41,268        21,978          97,921                --   
  Receivable for fund                                                                    
    shares sold                569,362       508,750         348,758           162,613   
  Receivable due from the                                                                
    Manager (Note 2)            29,184        35,571          21,750            12,938   
  Receivable for tax                                                                     
    reclaims                        --            --          64,348                --   
                           -----------   -----------     -----------       -----------   
    TOTAL ASSETS            44,026,587    43,090,678      81,713,890        23,919,958   
                           -----------   -----------     -----------       -----------   

LIABILITIES                                                                              
  Payable for investments                                                                
    purchased                  639,752     1,305,371         342,086           106,578   
  Payable for fund shares                                                                
    redeemed                    29,739        49,176          42,120                --   
  Payable for forward                                                                    
    foreign currency                                                                     
    exchange contracts                                                                   
    (Note 1)                        --            --              --                --   
  Advisory fees payable                                                                  
    (Note 2)                    29,784        32,531          64,594            11,800   
  Administration fee                                                                     
    payable (Note 2)            16,363        16,298          19,313            14,944   
  Trustees' fees payable                                                                 
    (Note 2)                     1,510         1,509           1,509             1,510   
  Shareholder servicing                                                                  
    fee payable (Note 2)        13,952        14,008          13,705            13,956   
  Accrued expenses and                                                                   
    other liabilities           44,118        53,529          74,995            43,955   
                           -----------   -----------     -----------       -----------   
    TOTAL LIABILITIES          775,218     1,472,422         558,322           192,743   
                           -----------   -----------     -----------       -----------   

NET ASSETS                 $43,251,369   $41,618,256     $81,155,568       $23,727,215   
                           ===========   ===========     ===========       ===========   
NET ASSETS CONSIST OF:                                                                   
  Capital paid in          $40,987,936   $37,368,128     $88,150,139       $27,468,418   
  Undistributed/(overdistributed)                                                        
    net investment income        1,442       (71,114)        (86,580)          254,264   
  Accumulated net                                                                        
    realized gain/(loss)    (1,020,569)   (2,755,272)     (2,253,356)       (1,425,992)  
  Net unrealized                                                                         
  appreciation/(depreciation)                                                            
    on:                                                                                  
    Investments              3,282,560     7,076,514      (4,666,973)       (2,569,475)  
    Foreign currency                                                                     
      translations                  --            --          12,338                --   
                           -----------   -----------     -----------       -----------   

NET ASSETS                 $43,251,369   $41,618,256     $81,155,568       $23,727,215   
                           ===========   ===========     ===========       ===========   

SHARES OF BENEFICIAL                                                                     
  INTEREST OUTSTANDING       4,272,599     3,142,473       9,520,635         2,944,106   
NET ASSET VALUE PER SHARE  $     10.12   $     13.24     $      8.52       $      8.06   

IDENTIFIED COST OF                                                                       
  INVESTMENTS              $40,103,741   $35,429,309     $85,232,272       $26,206,644   
COST OF FOREIGN CURRENCY            --            --     $   285,722                --   

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STATEMENTS OF OPERATIONS -- SIX MONTHS ENDED DECEMBER 31, 2001 (Unaudited)      

                                                                [Download Table]

                                                    SA           SA      
                                               FIXED INCOME  U.S. MARKET 
                                                   FUND         FUND     
                                                                         
------------------------------------------------------------------------ 
INVESTMENT INCOME                                                        
  INCOME:                                                                
    Dividends                                   $       --   $   410,177 
    Interest                                     1,149,921        19,706 
    Less: Taxes withheld                                --           (41)
                                                ----------   ----------- 

  TOTAL INCOME                                   1,149,921       429,842 
                                                ----------   ----------- 
  EXPENSES:                                                              
    Advisory fees (Note 2)                         244,060       227,585 
    Shareholder service fees (Note 2)               55,469        60,091 
    Administration fees (Note 2)                    27,480        30,282 
    Sub-Administration fees (Note 2)                46,629        46,629 
    Trustees' fees and expenses (Note 2)             2,773         2,773 
    Custody and accounting fees (Note 2)            44,995        71,153 
    Transfer agent fees                             19,668        19,522 
    Professional fees                               17,515        17,978 
    Registration fees                               12,626        13,504 
    Other expenses                                   7,846         7,631 
                                                ----------   ----------- 

  TOTAL EXPENSES BEFORE WAIVERS AND                                      
    REIMBURSEMENTS:                                479,061       497,148 
    Less: Expenses waived or borne by the                                
      Manager                                     (245,484)     (218,557)
                                                ----------   ----------- 

    NET EXPENSES                                   233,577       278,591 
                                                ----------   ----------- 

  NET INVESTMENT INCOME (LOSS)                     916,344       151,251 
                                                ----------   ----------- 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON                               
  INVESTMENTS                                                            
    REALIZED GAIN (LOSS) ON:                                             
      Investments                                  (58,850)     (662,001)
      Foreign currency transactions                257,367            -- 
    INCREASE (DECREASE) IN UNREALIZED                                    
      APPRECIATION/DEPRECIATION ON:                                      
      Investments                                  671,450    (1,557,982)
      Foreign currency transactions               (327,801)           -- 
                                                ----------   ----------- 

    Net realized and unrealized gain (loss)                              
      on investments and change in unrealized                            
      appreciation (depreciation)                  542,166    (2,219,983)
                                                ----------   ----------- 

  NET INCREASE (DECREASE) IN NET ASSETS                                  
    RESULTING FROM OPERATIONS                   $1,458,510   $(2,068,732)
                                                ==========   =========== 

SEE NOTES TO FINANCIAL STATEMENTS.

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                                                        [Enlarge/Download Table]

                                                   SA          SA U.S.             SA          SA INTERNATIONAL
                                                U.S. HBTM   SMALL COMPANY  INTERNATIONAL HBTM   SMALL COMPANY  
                                                  FUND          FUND              FUND               FUND      
                                                                                                               
---------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME                                                                                              
  INCOME:                                                                                                      
    Dividends                                  $   211,437   $   106,953      $   449,470        $   416,455   
    Interest                                        14,040         9,539           37,889                 --   
    Less: Taxes withheld                              (132)          (38)         (42,234)                --   
                                               -----------   -----------      -----------        -----------   

  TOTAL INCOME                                     225,345       116,454          445,125            416,455   
                                               -----------   -----------      -----------        -----------   
  EXPENSES:                                                                                                    
    Advisory fees (Note 2)                         151,721       162,523          345,586             65,079   
    Shareholder service fees (Note 2)               30,679        29,546           62,710             18,207   
    Administration fees (Note 2)                    15,590        15,006           31,898              9,254   
    Sub-Administration fees (Note 2)                46,629        46,629           46,629             46,629   
    Trustees' fees and expenses (Note 2)             2,773         2,773            2,773              2,773   
    Custody and accounting fees (Note 2)            38,454        86,041           67,917             20,995   
    Transfer agent fees                             18,493        18,834           18,426             18,174   
    Professional fees                               17,155        17,155           17,225             22,260   
    Registration fees                               10,474         9,576           13,707              7,461   
    Other expenses                                   7,863         7,844            7,854              7,955   
                                               -----------   -----------      -----------        -----------   

  TOTAL EXPENSES BEFORE WAIVERS AND                                                                            
    REIMBURSEMENTS:                                339,831       395,927          614,725            218,787   
    Less: Expenses waived or borne by the                                                                      
      Manager                                     (176,138)     (208,359)        (152,202)          (100,343)  
                                               -----------   -----------      -----------        -----------   

    NET EXPENSES                                   163,693       187,568          462,523            118,444   
                                               -----------   -----------      -----------        -----------   

  NET INVESTMENT INCOME (LOSS)                      61,652       (71,114)         (17,398)           298,011   
                                               -----------   -----------      -----------        -----------   

NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                     
  INVESTMENTS                                                                                                  
    REALIZED GAIN (LOSS) ON:                                                                                   
      Investments                                 (281,010)   (1,060,517)      (2,230,456)           (54,996)  
      Foreign currency transactions                     --            --          (15,057)                --   
    INCREASE (DECREASE) IN UNREALIZED                                                                          
      APPRECIATION/DEPRECIATION ON:                                                                            
      Investments                               (1,586,373)    1,115,504       (2,470,427)        (2,500,988)  
      Foreign currency transactions                     --            --           12,338                 --   
                                               -----------   -----------      -----------        -----------   

    Net realized and unrealized gain (loss)                                                                    
      on investments and change in unrealized                                                                  
      appreciation (depreciation)               (1,867,383)       54,987       (4,703,602)        (2,555,984)  
                                               -----------   -----------      -----------        -----------   

  NET INCREASE (DECREASE) IN NET ASSETS                                                                        
    RESULTING FROM OPERATIONS                  $(1,805,731)  $   (16,127)     $(4,721,000)       $(2,257,973)  
                                               ===========   ===========      ===========        ===========   

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STATEMENTS OF CHANGES IN NET ASSETS                                             

                                                                [Download Table]

                                                     SA FIXED INCOME FUND      
                                               --------------------------------
                                               SIX MONTHS ENDED                
                                                  12/31/2001       YEAR ENDED  
                                                 (UNAUDITED)       6/30/2001   
                                                                               
-------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS                                              
  OPERATIONS:                                                                  
    Net investment income                        $   916,344      $  1,494,088 
    Net realized gain (loss) on investments                                    
      and foreign currency transactions              198,517           753,496 
    Net increase (decrease) in unrealized                                      
      appreciation (depreciation)                    343,649          (307,628)
                                                 -----------      ------------ 
    Net increase (decrease) from operations        1,458,510         1,939,956 
                                                 -----------      ------------ 
  DISTRIBUTIONS TO SHAREHOLDERS FROM:                                          
    Net investment income                           (908,686)       (2,559,846)
    Net realized gains                              (137,475)               -- 
                                                 -----------      ------------ 
  TOTAL DISTRIBUTIONS                             (1,046,161)       (2,559,846)
                                                 -----------      ------------ 
  SHARE TRANSACTIONS                                                           
    Proceeds from sales of shares                                              
      Class S                                             --             7,518 
      Class I (Note 1)                            31,529,724        23,076,307 
    Value of distributions reinvested                                          
      Class S                                             --                -- 
      Class I (Note 1)                               945,261         2,394,982 
    Cost of shares redeemed                                                    
      Class S                                             --          (206,134)
      Class I (Note 1)                            (5,512,825)       (5,458,239)
    Value of shares consolidated                                               
      Class S                                             --       (10,890,518)
      Class I (Note 1)                                    --        10,890,518 
                                                 -----------      ------------ 
  TOTAL SHARE TRANSACTIONS                        26,962,160        19,814,434 
                                                 -----------      ------------ 
  Net increase from share transactions            26,962,160        19,814,434 
                                                 -----------      ------------ 
  TOTAL INCREASE IN NET ASSETS                    27,374,509        19,194,544 
NET ASSETS                                                                     
  Beginning of Period                             45,454,657        26,260,113 
                                                 -----------      ------------ 
  End of Period                                  $72,829,166      $ 45,454,657 
                                                 ===========      ============ 
UNDISTRIBUTED (OVERDISTRIBUTED) NET                                            
  INVESTMENT INCOME, END OF PERIOD               $   148,765      $    141,107 
CAPITAL SHARE TRANSACTIONS                                                     
CLASS S:                                                                       
  Shares sold by subscription                             --               746 
  Issued for distributions reinvested                     --                -- 
  Shares redeemed                                         --           (20,428)
  Shares consolidated to Class I (Note 1)                 --        (1,084,476)
                                                 -----------      ------------ 
  Net increase (decrease) in fund shares                  --        (1,104,158)
                                                 ===========      ============ 
CLASS I (NOTE 1):                                                              
  Shares sold by subscription                      3,142,306         2,317,760 
  Issued for distributions reinvested                 94,854           243,009 
  Shares redeemed                                   (547,947)         (541,457)
  Shares consolidated from Class S (Note 1)               --         1,077,203 
                                                 -----------      ------------ 
  Net increase in fund shares                      2,689,213         3,096,515 
                                                 ===========      ============ 

SEE NOTES TO FINANCIAL STATEMENTS.

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                                                        [Enlarge/Download Table]

                                                     SA U.S. MARKET FUND                SA U.S. HBTM FUND       
                                               --------------------------------  -------------------------------
                                               SIX MONTHS ENDED                  SIX MONTHS ENDED               
                                                  12/31/2001       YEAR ENDED       12/31/2001      YEAR ENDED  
                                                 (UNAUDITED)       6/30/2001       (UNAUDITED)       6/30/2001  
                                                                                                                
----------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS                                                                               
  OPERATIONS:                                                                                                   
    Net investment income                        $   151,251      $    195,366     $    61,652      $   230,630 
    Net realized gain (loss) on investments                                                                     
      and foreign currency transactions             (662,001)       (4,796,608)       (281,010)        (739,559)
    Net increase (decrease) in unrealized                                                                       
      appreciation (depreciation)                 (1,557,982)         (718,689)     (1,586,373)       5,932,159 
                                                 -----------      ------------     -----------      ----------- 
    Net increase (decrease) from operations       (2,068,732)       (5,319,931)     (1,805,731)       5,423,230 
                                                 -----------      ------------     -----------      ----------- 
  DISTRIBUTIONS TO SHAREHOLDERS FROM:                                                                           
    Net investment income                           (251,892)         (137,062)       (146,561)        (235,632)
    Net realized gains                                    --          (133,743)             --          (63,324)
                                                 -----------      ------------     -----------      ----------- 
  TOTAL DISTRIBUTIONS                               (251,892)         (270,805)       (146,561)        (298,956)
                                                 -----------      ------------     -----------      ----------- 
  SHARE TRANSACTIONS                                                                                            
    Proceeds from sales of shares                                                                               
      Class S                                             --            31,202              --           18,664 
      Class I (Note 1)                            30,300,596        38,743,608      17,855,218       18,292,900 
    Value of distributions reinvested                                                                           
      Class S                                             --                --              --               -- 
      Class I (Note 1)                               223,747           246,331         133,202          277,187 
    Cost of shares redeemed                                                                                     
      Class S                                             --          (310,391)             --          (93,271)
      Class I (Note 1)                            (3,732,136)       (9,348,939)     (2,362,268)      (7,433,964)
    Value of shares consolidated                                                                                
      Class S                                             --       (14,333,743)             --       (6,792,153)
      Class I (Note 1)                                    --        14,333,743              --        6,792,153 
                                                 -----------      ------------     -----------      ----------- 
  TOTAL SHARE TRANSACTIONS                        26,792,207        29,361,811      15,626,152       11,061,516 
                                                 -----------      ------------     -----------      ----------- 
  Net increase from share transactions            26,792,207        29,361,811      15,626,152       11,061,516 
                                                 -----------      ------------     -----------      ----------- 
  TOTAL INCREASE IN NET ASSETS                    24,471,583        23,771,075      13,673,860       16,185,790 
NET ASSETS                                                                                                      
  Beginning of Period                             55,604,935        31,833,860      29,577,509       13,391,719 
                                                 -----------      ------------     -----------      ----------- 
  End of Period                                  $80,076,518      $ 55,604,935     $43,251,369      $29,577,509 
                                                 ===========      ============     ===========      =========== 
UNDISTRIBUTED (OVERDISTRIBUTED) NET                                                                             
  INVESTMENT INCOME, END OF PERIOD               $    (2,435)     $     98,206     $     1,442      $    86,351 
CAPITAL SHARE TRANSACTIONS                                                                                      
CLASS S:                                                                                                        
  Shares sold by subscription                             --             2,655              --            2,034 
  Issued for distributions reinvested                     --                --              --               -- 
  Shares redeemed                                         --           (26,362)             --          (10,149)
  Shares consolidated to Class I (Note 1)                 --        (1,328,970)             --         (734,940)
                                                 -----------      ------------     -----------      ----------- 
  Net increase (decrease) in fund shares                  --        (1,352,677)             --         (743,055)
                                                 ===========      ============     ===========      =========== 
CLASS I (NOTE 1):                                                                                               
  Shares sold by subscription                      3,211,352         3,537,221       1,816,082        1,828,285 
  Issued for distributions reinvested                 23,210            23,195          13,455           29,116 
  Shares redeemed                                   (400,719)         (754,459)       (240,505)        (691,665)
  Shares consolidated from Class S (Note 1)               --         1,218,856              --          707,516 
                                                 -----------      ------------     -----------      ----------- 
  Net increase in fund shares                      2,833,843         4,024,813       1,589,032        1,873,252 
                                                 ===========      ============     ===========      =========== 

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STATEMENTS OF CHANGES IN NET ASSETS (continued)                                 

                                                                [Download Table]

                                SA U.S. SMALL COMPANY     
                           -------------------------------
                           SIX MONTHS ENDED               
                              12/31/2001      YEAR ENDED  
                             (UNAUDITED)       6/30/2001  
                                                          
----------------------------------------------------------
INCREASE (DECREASE) IN                                    
  NET ASSETS                                              
  OPERATIONS:                                             
    Net investment income                                 
      (loss)                 $   (71,114)     $   (55,201)
    Net realized gain                                     
      (loss) on                                           
      investments and                                     
      foreign currency                                    
      transactions            (1,060,517)      (1,666,727)
    Capital gain                                          
      distributions                                       
      received from DFA                                   
      International Small                                 
      Co. Portfolio                   --               -- 
    Net increase                                          
      (decrease) in                                       
      unrealized                                          
      appreciation                                        
      (depreciation)           1,115,504        4,386,166 
                             -----------      ----------- 
    Net increase                                          
      (decrease) from                                     
      operations                 (16,127)       2,664,238 
                             -----------      ----------- 
  DISTRIBUTIONS TO                                        
    SHAREHOLDERS FROM:                                    
    Net investment income             --               -- 
    Net realized gains            (1,897)         (43,808)
                             -----------      ----------- 
  TOTAL DISTRIBUTIONS             (1,897)         (43,808)
                             -----------      ----------- 
  SHARE TRANSACTIONS                                      
  Proceeds from sales of                                  
    shares                                                
    Class S                           --           16,863 
    Class I (Note 1)          14,821,217       17,392,560 
  Value of distributions                                  
    reinvested                                            
    Class S                           --               -- 
    Class I (Note 1)               1,725           40,176 
  Cost of shares redeemed                                 
    Class S                           --         (137,276)
    Class I (Note 1)          (2,439,155)      (4,228,084)
  Value of shares                                         
    consolidated                                          
    Class S                           --       (5,756,771)
    Class I (Note 1)                  --        5,756,771 
                             -----------      ----------- 
  TOTAL SHARE                                             
    TRANSACTIONS              12,383,787       13,084,239 
    Shareholder                                           
      transaction fees                                    
      (Note 2)                        --               -- 
                             -----------      ----------- 
  Net increase from share                                 
    transactions              12,383,787       13,084,239 
                             -----------      ----------- 
  TOTAL INCREASE IN NET                                   
    ASSETS                    12,365,763       15,704,669 
NET ASSETS                                                
  Beginning of Period         29,252,493       13,547,824 
                             -----------      ----------- 
  End of Period              $41,618,256      $29,252,493 
                             ===========      =========== 
  UNDISTRIBUTED                                           
    (OVERDISTRIBUTED) NET                                 
    INVESTMENT INCOME,                                    
    END OF PERIOD            $   (71,114)     $        -- 
CAPITAL SHARE                                             
  TRANSACTIONS                                            
  CLASS S:                                                
    Shares sold by                                        
      subscription                    --            1,315 
    Issued for                                            
      distributions                                       
      reinvested                      --               -- 
    Shares redeemed                   --          (10,857)
    Shares consolidated                                   
      to Class I                                          
      (Note 1)                        --         (525,283)
                             -----------      ----------- 
    Net decrease in fund                                  
      shares                          --         (534,825)
                             ===========      =========== 
  CLASS I (NOTE 1):                                       
    Shares sold by                                        
      subscription             1,203,174        1,406,825 
    Issued for                                            
      distributions                                       
      reinvested                     132            3,463 
    Shares redeemed             (199,765)        (273,857)
    Shares consolidated                                   
      from Class S                                        
      (Note 1)                        --          459,073 
                             -----------      ----------- 
    Net increase in fund                                  
      shares                   1,003,541        1,595,504 
                             ===========      =========== 

SEE NOTES TO FINANCIAL STATEMENTS.

46                                                                            

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                                                        [Enlarge/Download Table]

                              SA INTERNATIONAL HBTM FUND     SA INTERNATIONAL SMALL COMPANY FUND
                           --------------------------------  -----------------------------------
                           SIX MONTHS ENDED                   SIX MONTHS ENDED                  
                              12/31/2001       YEAR ENDED        12/31/2001        YEAR ENDED   
                             (UNAUDITED)       6/30/2001        (UNAUDITED)         6/30/2001   
                                                                                                
------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN                                                                          
  NET ASSETS                                                                                    
  OPERATIONS:                                                                                   
    Net investment income                                                                       
      (loss)                 $   (17,398)     $    668,247       $   298,011       $    95,731  
    Net realized gain                                                                           
      (loss) on                                                                                 
      investments and                                                                           
      foreign currency                                                                          
      transactions            (2,245,513)          355,381           (54,996)       (1,429,039) 
    Capital gain                                                                                
      distributions                                                                             
      received from DFA                                                                         
      International Small                                                                       
      Co. Portfolio                   --                --                --           210,137  
    Net increase                                                                                
      (decrease) in                                                                             
      unrealized                                                                                
      appreciation                                                                              
      (depreciation)          (2,458,089)       (3,263,650)       (2,500,988)         (149,661) 
                             -----------      ------------       -----------       -----------  
    Net increase                                                                                
      (decrease) from                                                                           
      operations              (4,721,000)       (2,240,022)       (2,257,973)       (1,272,832) 
                             -----------      ------------       -----------       -----------  
  DISTRIBUTIONS TO                                                                              
    SHAREHOLDERS FROM:                                                                          
    Net investment income       (608,572)         (340,159)         (153,963)               --  
    Net realized gains          (366,739)          (36,165)               --          (268,891) 
                             -----------      ------------       -----------       -----------  
  TOTAL DISTRIBUTIONS           (975,311)         (376,324)         (153,963)         (268,891) 
                             -----------      ------------       -----------       -----------  
  SHARE TRANSACTIONS                                                                            
  Proceeds from sales of                                                                        
    shares                                                                                      
    Class S                           --            47,394                --            19,534  
    Class I (Note 1)          30,143,865        39,208,950         9,443,229        11,311,021  
  Value of distributions                                                                        
    reinvested                                                                                  
    Class S                           --                --                --                --  
    Class I (Note 1)             885,414           349,807           141,207           251,005  
  Cost of shares redeemed                                                                       
    Class S                           --          (396,183)               --           (92,209) 
    Class I (Note 1)          (4,818,918)      (14,790,321)       (1,088,563)       (3,127,208) 
  Value of shares                                                                               
    consolidated                                                                                
    Class S                           --       (16,752,782)               --        (4,864,291) 
    Class I (Note 1)                  --        16,752,782                --         4,864,291  
                             -----------      ------------       -----------       -----------  
  TOTAL SHARE                                                                                   
    TRANSACTIONS              26,210,361        24,419,647         8,495,873         8,362,143  
    Shareholder                                                                                 
      transaction fees                                                                          
      (Note 2)                        --                --            63,536            74,440  
                             -----------      ------------       -----------       -----------  
  Net increase from share                                                                       
    transactions              26,210,361        24,419,647         8,559,409         8,436,583  
                             -----------      ------------       -----------       -----------  
  TOTAL INCREASE IN NET                                                                         
    ASSETS                    20,514,050        21,803,301         6,147,473         6,894,860  
NET ASSETS                                                                                      
  Beginning of Period         60,641,518        38,838,217        17,579,742        10,684,882  
                             -----------      ------------       -----------       -----------  
  End of Period              $81,155,568      $ 60,641,518       $23,727,215       $17,579,742  
                             ===========      ============       ===========       ===========  
  UNDISTRIBUTED                                                                                 
    (OVERDISTRIBUTED) NET                                                                       
    INVESTMENT INCOME,                                                                          
    END OF PERIOD            $   (86,580)     $    539,390       $   254,264       $   110,216  
CAPITAL SHARE                                                                                   
  TRANSACTIONS                                                                                  
  CLASS S:                                                                                      
    Shares sold by                                                                              
      subscription                    --             4,711                --             1,660  
    Issued for                                                                                  
      distributions                                                                             
      reinvested                      --                --                --                --  
    Shares redeemed                   --           (39,610)               --            (8,688) 
    Shares consolidated                                                                         
      to Class I                                                                                
      (Note 1)                        --        (1,733,593)               --          (480,405) 
                             -----------      ------------       -----------       -----------  
    Net decrease in fund                                                                        
      shares                          --        (1,768,492)               --          (487,433) 
                             ===========      ============       ===========       ===========  
  CLASS I (NOTE 1):                                                                             
    Shares sold by                                                                              
      subscription             3,534,082         4,085,739         1,141,589         1,204,086  
    Issued for                                                                                  
      distributions                                                                             
      reinvested                 105,156            36,552            17,651            27,797  
    Shares redeemed             (564,570)       (1,488,848)         (130,438)         (342,126) 
    Shares consolidated                                                                         
      from Class S                                                                              
      (Note 1)                        --         1,690,493                --           487,137  
                             -----------      ------------       -----------       -----------  
    Net increase in fund                                                                        
      shares                   3,074,668         4,323,936         1,028,801         1,376,894  
                             ===========      ============       ===========       ===========  

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FINANCIAL HIGHLIGHTS                                                            

                                                        [Enlarge/Download Table]

                                                                     SA FIXED                       
                                                                    INCOME FUND                     
                                               -----------------------------------------------------
                                                   SIX MONTHS                                       
                                                     ENDED                                          
                                               DECEMBER 31, 2001     YEAR ENDED       PERIOD ENDED  
                                                  (UNAUDITED)       JUNE 30, 2001    JUNE 30, 2000* 
----------------------------------------------------------------------------------------------------
                                                                      (I CLASS)        (I CLASS)    
                                                                                                    
Net Asset Value, Beginning of Period                 $  9.87           $ 10.04           $ 10.00    
                                                     -------           -------           -------    

INCOME FROM INVESTMENT OPERATIONS:                                                                  
  Net investment income                                 0.14              0.44              0.35    
  Net realized and unrealized gain on                                                               
    investments                                         0.14              0.13              0.03    
                                                     -------           -------           -------    
Total from investment operations                        0.28              0.57              0.38    
                                                     -------           -------           -------    

LESS DISTRIBUTIONS:                                                                                 
  Dividends from net investment income                 (0.15)            (0.74)            (0.34)   
  Distributions from capital gains                     (0.02)               --                --    
                                                     -------           -------           -------    
Total distributions                                    (0.17)            (0.74)            (0.34)   
                                                     -------           -------           -------    

Net asset value, end of period                       $  9.98           $  9.87           $ 10.04    
                                                     =======           =======           =======    

Total return (1)                                        5.27%             5.88%             3.90%   
Net assets, end of period (000s)                     $72,829           $45,455           $15,165    
Ratio of net expenses to average net assets                                                         
  (2)                                                   0.85%             0.87%             1.00%   
Ratio of gross expenses to average net assets                                                       
  (2)(3)                                                1.74%             2.06%             3.08%   
Ratio of net investment income to average net                                                       
  assets (2)                                            3.33%             4.20%             4.35%   
Portfolio turnover rate (1)                               71%              135%               20%   
Without giving effect to the voluntary                                                              
  expense limitations described in Note 2 to                                                        
  the Financial Statements, net investment                                                          
  income per share would have been (3)               $  0.10           $  0.31           $  0.18    

*  From commencement of operations, July 29, 1999.                          
(1)  Periods less than one year are not annualized.                             
(2)  Annualized for periods less than one year.                                 
(3)  Gross expenses before waivers and reimbursement of expenses.               

SEE NOTES TO FINANCIAL STATEMENTS.

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FINANCIAL HIGHLIGHTS (Continued)                                                

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                                                                      SA U.S.                       
                                                                    MARKET FUND                     
                                               -----------------------------------------------------
                                                   SIX MONTHS                                       
                                                     ENDED                                          
                                               DECEMBER 31, 2001     YEAR ENDED       PERIOD ENDED  
                                                  (UNAUDITED)       JUNE 30, 2001    JUNE 30, 2000* 
----------------------------------------------------------------------------------------------------
                                                                      (I CLASS)        (I CLASS)    
                                                                                                    
Net Asset Value, Beginning of Period                 $ 10.26           $ 11.59           $ 10.00    
                                                     -------           -------           -------    

INCOME FROM INVESTMENT OPERATIONS:                                                                  
  Net investment income                                 0.01              0.04              0.02    
  Net realized and unrealized gain (loss) on                                                        
    investments                                        (0.54)            (1.30)             1.57    
                                                     -------           -------           -------    
Total from investment operations                       (0.53)            (1.26)             1.59    
                                                     -------           -------           -------    

LESS DISTRIBUTIONS:                                                                                 
  Dividends from net investment income                 (0.03)            (0.04)               --    
  Distributions from capital gains                        --             (0.03)               --    
                                                     -------           -------           -------    
Total distributions                                    (0.03)            (0.07)               --    
                                                     -------           -------           -------    

Net asset value, end of period                       $  9.70           $ 10.26           $ 11.59    
                                                     =======           =======           =======    

Total return (1)                                      (10.39)%          (10.89)%           15.90%   
Net assets, end of period (000s)                     $80,077           $55,605           $16,188    
Ratio of net expenses to average net assets                                                         
  (2)                                                   0.92%             0.95%             1.08%   
Ratio of gross expenses to average net assets                                                       
  (2)                                                   1.64%             1.87%             3.33%   
Ratio of net investment income to average net                                                       
  assets (2)(3)                                         0.50%             0.44%             0.43%   
Portfolio turnover rate (1)                                1%               16%                1%   
Without giving effect to the voluntary                                                              
  expense limitations described in Note 2 to                                                        
  the Financial Statements, net investment                                                          
  income (loss) per share would have been (3)        $ (0.01)          $ (0.04)          $ (0.09)   

*  From commencement of operations, August 5, 1999.                         
(1)  Periods less than one year are not annualized.                             
(2)  Annualized for periods less than one year.                                 
(3)  Gross expenses before waivers and reimbursement of expenses.               

SEE NOTES TO FINANCIAL STATEMENTS.

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FINANCIAL HIGHLIGHTS (Continued)                                                

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                                                                     SA U.S.                       
                                                                    HBTM FUND                      
                                               ----------------------------------------------------
                                                   SIX MONTHS                                      
                                                     ENDED                                         
                                               DECEMBER 31, 2001     YEAR ENDED      PERIOD ENDED  
                                                  (UNAUDITED)      JUNE 30, 2001    JUNE 30, 2000* 
---------------------------------------------------------------------------------------------------
                                                                     (I CLASS)        (I CLASS)    
                                                                                                   
Net Asset Value, Beginning of Period                 $ 11.02           $  8.62          $ 10.00    
                                                     -------           -------          -------    

INCOME FROM INVESTMENT OPERATIONS:                                                                 
  Net investment income                                (0.00)**           0.08             0.06    
  Net realized and unrealized gain (loss) on                                                       
    investments                                        (0.86)             2.46            (1.44)   
                                                     -------           -------          -------    
Total from investment operations                       (0.86)             2.54            (1.38)   
                                                     -------           -------          -------    

LESS DISTRIBUTIONS:                                                                                
  Dividends from net investment income                 (0.04)            (0.11)              --    
  Distributions from capital gains                        --             (0.03)              --    
                                                     -------           -------          -------    
Total distributions                                    (0.04)            (0.14)              --    
                                                     -------           -------          -------    

Net asset value, end of period                       $ 10.12           $ 11.02          $  8.62    
                                                     =======           =======          =======    

Total return (1)                                        0.86%            29.69%          (13.80)%  
Net assets, end of period (000s)                     $43,251           $29,578          $ 6,987    
Ratio of net expenses to average net assets                                                        
  (2)                                                   1.05%             1.07%            1.13%   
Ratio of gross expenses to average net assets                                                      
  (2)(3)                                                2.18%             2.61%            5.67%   
Ratio of net investment income to average net                                                      
  assets (2)                                            0.40%             1.03%            1.57%   
Portfolio turnover rate (1)                                4%               26%               3%   
Without giving effect to the voluntary                                                             
  expense limitations described in Note 2 to                                                       
  the Financial Statements, net investment                                                         
  income (loss) per share would have been (3)        $ (0.01)          $ (0.04)         $ (0.12)   

*  From commencement of operations, August 5, 1999.                         
**  Amount rounds to less than $0.01.                                         
(1)  Periods less than one year are not annualized.                             
(2)  Annualized for periods less than one year.                                 
(3)  Gross expenses before waivers and reimbursement of expenses.               

SEE NOTES TO FINANCIAL STATEMENTS.

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FINANCIAL HIGHLIGHTS (Continued)                                                

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                                                                      SA U.S                       
                                                                  SMALL COMPANY                    
                                                                       FUND                        
                                               ----------------------------------------------------
                                                   SIX MONTHS                                      
                                                     ENDED                                         
                                               DECEMBER 31, 2001     YEAR ENDED      PERIOD ENDED  
                                                  (UNAUDITED)       JUNE 30, 2001    JUNE 30, 2000 
---------------------------------------------------------------------------------------------------
                                                                      (I CLASS)        (I CLASS)   
                                                                                                   
Net Asset Value, Beginning of Period                 $ 13.68           $ 12.58          $10.00*    
                                                     -------           -------          ------     

INCOME FROM INVESTMENT OPERATIONS:                                                                 
  Net investment loss                                  (0.02)            (0.03)          (0.01)    
  Net realized and unrealized gain (loss) on                                                       
    investments                                        (0.42)(4)          1.16            2.59     
                                                     -------           -------          ------     
Total from investment operations                       (0.44)             1.13            2.58     
                                                     -------           -------          ------     

LESS DISTRIBUTIONS:                                                                                
  Distributions from capital gains                     (0.00)**          (0.03)             --     
                                                     -------           -------          ------     
Total distributions                                    (0.00)**          (0.03)             --     
                                                     -------           -------          ------     

Net asset value, end of period                       $ 13.24           $ 13.68          $12.58     
                                                     =======           =======          ======     

Total return (1)                                        8.88%             9.02%          25.80%    
Net assets, end of period (000s)                     $41,618           $29,252          $6,836     
Ratio of net expenses to average net assets                                                        
  (2)                                                   1.25%             1.26%           1.28%    
Ratio of gross expenses to average net assets                                                      
  (2)(3)                                                2.64%             3.32%           6.62%    
Ratio of net investment loss to average net                                                        
  assets (2)                                           (0.47)%           (0.28)%         (0.18)%   
Portfolio turnover rate (1)                                4%               17%              4%    
Without giving effect to the voluntary                                                             
  expense limitations described in Note 2 to                                                       
  the Financial Statements, net investment                                                         
  income (loss) per share would have been (3)        $ (0.09)          $ (0.22)         $(0.30)    

*  From commencement of operations, July 29, 1999.                          
**  Amount rounds to less than $0.01.                                         
(1)  Periods less than one year are not annualized.                             
(2)  Annualized for periods less than one year.                                 
(3)  Gross expenses before waivers and reimbursement of expenses.               
(4)  The amount shown for each share outstanding throughout the period may not  
accord with the change in aggregate gains and losses in the portfolio 
     securities for the period because of timing of purchases and withdrawals of
shares in relation to the fluctuating market values of the portfolio. 

SEE NOTES TO FINANCIAL STATEMENTS.

                                                                              51

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FINANCIAL HIGHLIGHTS (Continued)                                                

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                                                                 SA INTERNATIONAL                   
                                                                     HBTM FUND                      
                                               -----------------------------------------------------
                                                   SIX MONTHS                                       
                                                     ENDED                                          
                                               DECEMBER 31, 2001     YEAR ENDED       PERIOD ENDED  
                                                  (UNAUDITED)       JUNE 30, 2001    JUNE 30, 2000* 
----------------------------------------------------------------------------------------------------
                                                                      (I CLASS)        (I CLASS)    
                                                                                                    
Net Asset Value, Beginning of Period                 $  9.41           $  9.99           $ 10.00    
                                                     -------           -------           -------    

INCOME FROM INVESTMENT OPERATIONS:                                                                  
  Net investment income (loss)                         (0.03)             0.09              0.11    
  Net realized and unrealized loss on                                                               
    investments                                        (0.75)            (0.60)            (0.08)   
                                                     -------           -------           -------    
Total from investment operations                       (0.78)            (0.51)             0.03    
                                                     -------           -------           -------    

LESS DISTRIBUTIONS:                                                                                 
  Dividends from net investment income                 (0.07)            (0.06)            (0.04)   
  Distributions from capital gains                     (0.04)            (0.01)               --    
                                                     -------           -------           -------    
Total distributions                                    (0.11)            (0.07)            (0.04)   
                                                     -------           -------           -------    

Net asset value, end of period                       $  8.52           $  9.41           $  9.99    
                                                     =======           =======           =======    

Total return (1)                                      (12.82)%           (5.15)%            0.36%   
Net assets, end of period (000s)                     $81,156           $60,642           $21,192    
Ratio of net expenses to average net assets                                                         
  (2)                                                   1.45%             1.47%             1.53%   
Ratio of gross expenses to average net assets                                                       
  (2)(3)                                                1.93%             2.10%             3.66%   
Ratio of net investment income (loss) to                                                            
  average net assets (2)                               (0.05)%            1.27%             2.22%   
Portfolio turnover rate (1)                                3%               12%                2%   
Without giving effect to the voluntary                                                              
  expense limitations                                                                               
described in Note 2 to the Financial                                                                
  Statements, net investment income per share                                                       
  would have been (3)                                $ (0.25)          $  0.05           $0.00**    

*  From commencement of operations, August 5, 1999.                         
**  Amount rounds to less than $0.01.                                         
(1)  Periods less than one year are not annualized.                             
(2)  Annualized for periods less than one year.                                 
(3)  Gross expenses before waivers and reimbursement of expenses.               

SEE NOTES TO FINANCIAL STATEMENTS.

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FINANCIAL HIGHLIGHTS (Continued)                                                

                                                        [Enlarge/Download Table]

                                                                 SA INTERNATIONAL                   
                                                                SMALL COMPANY FUND                  
                                               -----------------------------------------------------
                                                   SIX MONTHS                                       
                                                     ENDED                                          
                                               DECEMBER 31, 2001     YEAR ENDED       PERIOD ENDED  
                                                  (UNAUDITED)       JUNE 30, 2001    JUNE 30, 2000* 
----------------------------------------------------------------------------------------------------
                                                                      (I CLASS)        (I CLASS)    
                                                                                                    
Net Asset Value, Beginning of Period                 $  9.18           $ 10.42           $10.00     
                                                     -------           -------           ------     

INCOME FROM INVESTMENT OPERATIONS:                                                                  
  Net investment income                                 0.08              0.05             0.17     
  Net realized and unrealized gain (loss) on                                                        
    investments                                        (1.14)            (1.11)            0.47     
                                                     -------           -------           ------     
Total from investment operations                       (1.06)            (1.06)            0.64     
                                                     -------           -------           ------     

LESS DISTRIBUTIONS:                                                                                 
  Dividends from net investment income                 (0.06)               --            (0.22)    
  Distributions from capital gains                        --             (0.18)              --     
                                                     -------           -------           ------     
Total distributions                                    (0.06)            (0.18)           (0.22)    
                                                     -------           -------           ------     

Net asset value, end of period                       $  8.06           $  9.18           $10.42     
                                                     =======           =======           ======     

Total return (1)                                      (11.50)%          (10.15)%           5.84%    
Net assets, end of period (000s)                     $23,727           $17,850           $5,613     
Ratio of net expenses to average net assets                                                         
  (2)                                                   1.28%             1.29%            1.28%    
Ratio of gross expenses to average net assets                                                       
  (2)(3)                                                2.36%             3.04%            7.08%    
Ratio of net investment income to average net                                                       
  assets (2)                                            3.22%             0.68%            0.95%    
Portfolio turnover rate (1)                              N/A%              N/A%              25%    
Without giving effect to the voluntary                                                              
  expense limitations described in Note 2 to                                                        
  the Financial Statements, net investment                                                          
  income (loss) per share would have been                                                           
  (3)                                                $  0.06           $ (0.08)          $(0.86)    

*  From commencement of operations, August 5, 1999.                         
(1)  Periods less than one year are not annualized.                             
(2)  Annualized for periods less than one year.                                 
(3)  Gross expenses before waivers and reimbursement of expenses.               
N/A  Refer to respective Master Fund.                                           

SEE NOTES TO FINANCIAL STATEMENTS.

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SA Funds                                                                        
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2001                              

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

1.  ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES                            

SA Funds--Investment Trust (the "Trust") was organized as a Delaware    
business trust on June 16, 1998 under the name RWB Funds--Investment Trust,     
which was changed to the current name on June 7, 1999. The Agreement and        
Declaration of Trust permits the Trust to offer separate portfolios ("Funds") of
shares of beneficial interest and different classes of shares of each Fund. The 
Trust currently offers six Funds, each of which is registered under the         
Investment Company Act of 1940 (the "1940 Act"), and is a diversified mutual    
fund as defined in the 1940 Act. The Trust currently offers of the following    
Funds:                                                                          

SA Fixed Income Fund                                                    
SA U.S. Market Fund                                                     
SA U.S. HBtM Fund                                                       
SA U.S. Small Company Fund                                              
SA International HBtM Fund                                              
SA International Small Company Fund                                     

   All of the Funds commenced investment operations on August 5, 1999 with the
exception of SA Fixed Income Fund, which commenced operations on July 29, 1999. 
On November 23, 1999 the Trust's Board of Trustees authorized the creation of   
two additional Funds. These two additional Funds have not yet commenced         
operations.                                                                     

   On July 7, 1999, SA Fixed Income Fund issued 2,500 Class I shares and 2,500
Class S shares, and each of SA U.S. Market Fund, SA U.S. HBtM Fund, SA U.S.     
Small Company Fund, SA International HBtM Fund and SA International Small       
Company Fund issued 500 Class I shares and 500 Class S shares at net asset value
(the "Initial Shares") to RWB Advisory Services Inc. Effective April 7, 2000,   
RWB Advisory Services Inc. changed its name to Assante Asset Management Inc.    
(the "Manager").                                                                

   Prior to October 30, 2000 ("effective date"), the Funds offered two classes
of shares -- Class I and Class S. Effective after the close of business on      
August 11, 2000, the Class S shares of all SA Funds were consolidated into      
Class I shares, such that the Funds no longer had Class S shares outstanding.   
The Trust's Board of Trustees then eliminated the Trust's multi-class plan,     
effective October 30, 2000, and all outstanding shares of the Funds are now     
designated as "shares" (without a class denomination). Because the Funds'       
outstanding shares as of December 31, 2001 were previously accounted for as     
Class I shares, for the purposes of these financial statements, all references  
to Class I shares as of that date pertain to all of the outstanding shares of   
the relevant Fund.                                                              

Effective October 30, 2000, SA International Small Company Fund became a
feeder fund in a master/feeder relationship, which means that it invests all of 
its assets in the International Small Company Portfolio, a series of DFA        
Investment Dimensions Group (the "DFA International Small Company Portfolio" or 
the "Master Fund"). Prior to the effective date, SA International Small Company 
Fund was a fund of funds. The financial statements of the DFA International     
Small Company Portfolio are included elsewhere in this report and should be read
in conjunction with the financial statements of SA International Small Company  
Fund.                                                                           

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SA Funds                                                                        
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2001 (Continued)                  

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

The preparation of financial statements in accordance with accounting   
principles generally accepted in the United States of America requires          
management to make estimates and assumptions that affect the reported amounts   
and disclosures in the financial statements. Actual results could differ from   
those estimates. The following summarizes the significant accounting policies of
the Funds:                                                                      

SECURITY VALUATION -- Equity securities listed on an exchange for which 
market quotations are readily available are valued at their last sale price on  
the exchange where primarily traded, or in the absence of such reported sales,  
at the mean between the most recent quoted bid and asked prices. Unlisted equity
securities for which market quotations are readily available are valued at the  
mean between the most recent quoted bid and asked prices. Long-term and short   
term debt securities are valued based upon prices provided by an independent    
pricing service. Securities for which market quotations are not readily         
available are valued at fair value as determined in good faith by a committee   
appointed by the Board of Trustees of the Trust.                                

The shares of the SSgA Government Money Market Fund and the SSgA Money  
Market Fund held by the Funds and shares of the DFA International Small Company 
Portfolio held by SA International Small Company Fund are valued at the         
respective daily net asset value of the purchased fund.                         

REPURCHASE AGREEMENTS -- The Funds may agree to purchase securities from
financial institutions such as member banks of the Federal Reserve System or any
foreign bank or any domestic broker/dealer that is recognized as a reporting    
government securities dealer, subject to the seller's agreement to repurchase   
them at an agreed-upon time and price. Dimensional Fund Advisors, Inc. (the     
"Sub-adviser") will review and continuously monitor the creditworthiness of the 
seller under a repurchase agreement, and will require the seller to maintain    
liquid assets segregated on the books of the Fund or the Fund's custodian in an 
amount that is greater than the repurchase price. Default by, or bankruptcy of, 
the seller would, however, expose a Fund to possible loss because of adverse    
market action or delays in connection with the disposition of underlying        
obligations except with respect to repurchase agreements secured by U.S.        
government securities.                                                          

FOREIGN CURRENCY TRANSLATION AND FOREIGN INVESTMENTS -- The books and   
records of the Funds are maintained in U.S. dollars. The value of securities,   
currencies and other assets and liabilities denominated in currencies other than
U.S. dollars is translated into U.S. dollars based upon foreign currency        
exchange rates prevailing at the end of the period. Purchases and sales of      
investment securities are translated at contractual currency exchange rates     
established at the time of the trade. Income and expenses are translated at     
prevailing exchange rates on the respective dates of such transactions.         

  The results of operations resulting from changes in foreign exchange rates
on investments are not isolated from fluctuations arising from changes in market
prices of securities held. All such fluctuations are included with net realized 
and unrealized gain or loss on investments.                                     

SA Fixed Income Fund and SA International HBtM Fund may purchase foreign
securities. Investing in foreign securities and foreign governments involves    
special risks and considerations not typically associated with investing in U.S.
companies and securities of the U.S. government. These risks include revaluation
of currencies and                                                               

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the risk of appropriation. Moreover, the markets for securities of many foreign 
companies and foreign governments may be less liquid and the prices of such     
securities may be more volatile than those of securities of comparable U.S.     
companies and the U.S. government.                                              

   FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS -- Each Fund that may invest in
foreign securities may enter into forward foreign currency exchange contracts. A
forward foreign currency exchange contract is an agreement between two parties  
to buy or sell currency at a set price on a future date. By entering into a     
forward contract for the purchase or sale for a fixed amount of dollars of the  
amount of foreign currency involved in the underlying security transactions, a  
Fund may be able to protect itself against a possible loss resulting from an    
adverse change in the relationship between the U.S. dollar and the applicable   
foreign currency during the period between the date the security is purchased or
sold and the date on which payment is made or received.                         

The market value of the contract will fluctuate with changes in currency
exchange rates. The contract is marked-to-market daily using the forward        
currency exchange rate, and the change in market value is recorded as unrealized
appreciation (depreciation) on foreign currency translations in the Funds'      
Statements of Assets and Liabilities. When the contract is closed, realized gain
or loss is recognized, which is 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, and 
recorded as realized gain (loss) on foreign currency transactions in the Funds' 
Statements of Operations.                                                       

Forward foreign currency exchange contracts may involve risks 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.                                                                    

 At December 31, 2001, SA Fixed Income Fund had the following open forward
foreign currency exchange contracts:                                            

                                                        [Enlarge/Download Table]

                                        LOCAL     AGGREGATE                 UNREALIZED  
                          DELIVERY    CURRENCY       FACE       TOTAL      APPRECIATION 
                            DATE       AMOUNT       AMOUNT      VALUE     (DEPRECIATION)
                          ---------  -----------  ----------  ----------  --------------
                                                                                        
Great British Pound                                                                     
  (sell)................. 1/17/2002    1,496,913  $2,156,604  $2,173,972    $ (17,368)  
Japanese Yen (sell)...... 1/17/2002  120,492,092     956,294     920,503       35,791   
Australian Dollar                                                                       
  (sell)................. 1/29/2002    6,465,176   3,284,584   3,302,975      (18,391)  
Canadian Dollar (sell)... 1/28/2002    6,394,136   4,003,842   4,014,852      (11,010)  
Swedish Krona (sell)..... 1/28/2002   44,425,426   4,102,885   4,243,087     (140,202)  
                                                                            ---------   
                                                                            $(151,180)  
                                                                            =========   

 INVESTMENT TRANSACTIONS, INCOME AND EXPENSES -- Investments in securities
are accounted for as of trade date (the date the buy or sell is executed).      
Dividend income is recorded on the ex-dividend date. Interest income is recorded
on an accrual basis and includes amortization of discounts and premiums based on
the effective interest method. Gains and losses are determined on the identified
cost basis, which is the same as for federal income tax purposes.               

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Expenses directly attributable to a specific Fund are charged to the    
respective Fund. Expenses that cannot be attributed to a particular Fund are    
apportioned among the Funds evenly or based on relative net assets.             

    FEDERAL INCOME TAXES -- The Funds' policy is to comply with the requirements
of the Internal Revenue Code that are applicable to regulated investment        
companies and to distribute all of their taxable income to their shareholders.  
Therefore, no income tax provision is required.                                 

   DISTRIBUTIONS TO SHAREHOLDERS -- Each Fund, excluding SA Fixed Income Fund,
declares and pays its investment income annually. SA Fixed Income Fund declares 
and pays its net investment income quarterly. All of the Funds declare and pay  
distributions from net realized capital gains at least annually.                

  Dividends to shareholders are recorded on the ex-dividend date. Income and
capital gain distributions are determined in accordance with income tax         
regulations, which may differ from generally accepted accounting principles.    
These differences are primarily due to differing treatments of income and gains 
on various investment securities held by the Funds, timing differences and      
differing characterizations of distributions made by the Funds. Permanent book  
and tax basis differences relating to shareholder distributions will result in  
reclassifications to paid-in capital. Undistributed net investment income and   
accumulated undistributed net realized gain (loss) on investments and foreign   
currency transactions may include temporary book and tax differences which will 
reverse in a subsequent period. During any particular year net realized gains   
from investment transactions, in excess of available capital loss carry         
forwards, would be taxable to the Funds if not distributed and, therefore, would
be distributed to shareholders annually.                                        

    ORGANIZATION EXPENSES -- Costs and expenses of the Trust paid by the Manager
in connection with the organization of the Trust and the initial public offering
of its shares were immediately expensed by each Fund.                           

2.  AGREEMENTS AND TRANSACTIONS WITH AFFILIATES                                 

  The Trust has an Investment Advisory and Administrative Services Agreement
with the Manager, an indirect, wholly-owned subsidiary of Assante Corporation   
which is a publicly traded financial services company located in Winnipeg,      
Canada, under which the Manager manages the investments of and provides         
administrative services to each Fund. For the advisory services provided, the   
Manager is entitled to fees from each Fund computed daily and payable monthly at
the annual rate of 0.65% of the average daily net assets of each Fund, plus an  
amount that the Manager pays to the sub-adviser for sub-advisory services. The  
Trust and the Manager have jointly entered into a Sub-Advisory Agreement with   
Dimensional Fund Advisors Inc. ("DFA"). For the sub-advisory services provided, 
DFA is entitled to a fee computed daily and payable monthly at an annual rate   
based on each Fund's average daily net assets, which fee is included in the     
total advisory fee ratio set forth below. SA International Small Company Fund   
will not pay a fee to DFA for its sub-advisory services for as long as it       
remains a feeder fund. However, DFA receives an administration fee from the     
Master Fund and also receives advisory fees for providing advisory services to  
the funds in which the Master Fund invests.                                     

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The total advisory fees applicable to each Fund are as follows:         

                                                                [Download Table]

                                                    ADVISORY
FUND                                                  FEE   
----                                                --------
                                                            
SA Fixed Income Fund..............................    0.84% 
SA U.S. Market Fund...............................    0.70% 
SA U.S. HBtM Fund.................................    0.92% 
SA U.S. Small Company Fund........................    1.03% 
SA International HBtM Fund........................    1.03% 
SA International Small Company Fund...............    0.65% 

  For the administrative services provided, the Manager is entitled to a fee
from each Fund computed daily and payable monthly at a rate of 0.10% of the     
average daily net assets of each Fund.                                          

 The Trust has a Shareholder Servicing Agreement with the Manager. For the
shareholder services provided, the Manager is paid an annual service fee at the 
rate of up to 0.25% of the value of the average daily net assets of each Fund.  

    DFA has contractually agreed to waive its sub-advisory fees in total for the
period July 1, 2001 through June 30, 2002. In addition, the Manager has         
contractually agreed to waive its management fees and/or to reimburse expenses  
to the extent necessary to limit each Fund's total operating expenses to the    
amounts shown in the table below. This agreement will remain in effect until    
August 15, 2002, at which time the agreement may be continued, modified or      
eliminated and net expenses will be adjusted as necessary.                      

                                                                [Download Table]

                                                    EXPENSE
FUND                                                 LIMIT 
----                                                -------
                                                           
SA Fixed Income Fund..............................   0.85% 
SA U.S. Market Fund...............................   0.92% 
SA U.S. HBtM Fund.................................   1.05% 
SA U.S. Small Company Fund........................   1.25% 
SA International HBtM Fund........................   1.45% 
SA International Small Company Fund...............   1.28% 

   The Manager may elect to recapture any amounts waived or reimbursed subject
to the following conditions: (1) the Manager must request reimbursement within  
three years from the year in which the waiver/reimbursement is made, (2) the    
Board of Trustees must approve the reimbursement, and (3) the Fund must be able 
to make the                                                                     

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reimbursement and still stay within the operating expense limitations. As of    
December 31, 2001, the following amounts are subject to this recapture through  
June 30, 2002, June 30, 2003, and June 30, 2004 respectively. No amounts were   
recaptured during the period ended December 31, 2001.                           

                                                                [Download Table]

                                    AMOUNT SUBJECT  AMOUNT SUBJECT  AMOUNT SUBJECT
                                     TO RECAPTURE    TO RECAPTURE    TO RECAPTURE 
                                       THROUGH         THROUGH         THROUGH    
FUND                                JUNE 30, 2002   JUNE 30, 2003   JUNE 30, 2004 
----                                --------------  --------------  --------------
                                                                                  
SA Fixed Income Fund...............    $320,543        $421,171        $245,484   
SA U.S. Market Fund................     299,745         410,994         218,557   
SA U.S. HBtM Fund..................     288,927         344,037         176,138   
SA U.S. Small Company Fund.........     309,431         410,555         208,359   
SA International HBtM Fund.........     330,510         330,529         152,202   
SA International Small Company                                                    
  Fund.............................     251,190         248,665         100,343   

   TRUSTEES' FEES AND EXPENSES -- For their services as trustees, the trustees
who are not "interested persons" (as defined in the 1940 Act) receive a $5,000  
annual retainer fee and $1,000 per meeting attended, as well as reimbursement   
for expenses incurred in connection with attendance at such meetings. The       
interested trustees receive no compensation from the Funds or Trust for their   
services as trustees.                                                           

SUB-ADMINISTRATION FEES -- State Street Bank and Trust Company ("State  
Street") serves as sub-administrator for the Trust, pursuant to a               
sub-administration agreement with the Trust and the Manager of the Trust. For   
providing such services, State Street receives a fee which is calculated daily  
and paid monthly at an annual rate based on the average daily net assets of each
Fund as follows: 0.06% of the first $750 million of net assets, plus 0.04% of   
net assets between $750 million and $1.5 billion, plus 0.02% of net assets over 
$1.5 billion, subject to a minimum fee of $85,000 annually per Fund.            

   During the first six months of operations of each Fund, State Street waived
its minimum fee charges for sub-administration, custody and accounting, subject 
to certain requirements. The agreements for these waivers state that if certain 
requirements are not met, the Funds will repay State Street certain fees waived.
As of December 31, 2001, the waived fees subject to repayment are as follows:   

                                                                [Download Table]

                                                    AMOUNT SUBJECT
FUND                                                 TO RECAPTURE 
----                                                --------------
                                                                  
SA Fixed Income Fund..............................     $39,798    
SA U.S. Market Fund...............................      42,179    
SA U.S. HBtM Fund.................................      42,264    
SA U.S, Small Company Fund........................      42,841    
SA International HBtM Fund........................      40,451    
SA International Small Company Fund...............      47,821    

   SHAREHOLDER TRANSACTION FEES -- SA International Small Company Fund charges
a transaction fee, currently 0.675% of the Fund's offering price on purchases   
of, and exchanges for, shares of the Fund. The fee does not apply to reinvested 
dividends or capital gain distributions. The fee is not a sales charge. It is   
paid to the Fund and is passed through to the funds in which the Master Fund    
invests, where it is used to protect existing shareholders by offsetting the    
transaction costs associated with purchasing additional securities.             

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3.  PURCHASES AND SALES OF SECURITIES                                           

Excluding short-term investments, each Fund's purchases and sales of    
securities for the six months ended December 31, 2001 were as follows:          

                                                                [Download Table]

                                                    PURCHASES          
                                          -----------------------------
                                          U.S. GOVERNMENT     OTHER    
                                          ---------------  ------------
                                                                       
SA Fixed Income Fund....................    $26,129,435    $44,192,656 
SA U.S. Market Fund.....................             --     26,951,658 
SA U.S. HBtM Fund.......................             --     15,365,297 
SA U.S. Small Company Fund..............             --     13,182,568 
SA International HBtM Fund..............             --     26,207,247 
SA International Small Company Fund.....            N/A            N/A 

                                                                [Download Table]

                                                      SALES            
                                          -----------------------------
                                          U.S. GOVERNMENT     OTHER    
                                          ---------------  ------------
                                                                       
SA Fixed Income Fund....................    $ 3,139,840    $26,968,089 
SA U.S. Market Fund.....................             --        409,165 
SA U.S. HBtM Fund.......................             --      1,047,989 
SA U.S. Small Company Fund..............             --      1,077,091 
SA International HBtM Fund..............             --      1,885,158 
SA International Small Company Fund.....            N/A            N/A 

N/A -- REFER TO RESPECTIVE MASTER FUND.                                         

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SELECTED FINANCIAL STATEMENTS OF DFA INVESTMENT DIMENSIONS GROUP INC. 

INTERNATIONAL SMALL COMPANY PORTFOLIO 

TABLE OF CONTENTS 

                                                                [Download Table]

                                                                          PAGE  
                                                                        --------
                                                                                
Schedule of Investments -- December 31, 2001 (Unaudited)..............     62   

Schedule of Investments -- November 30, 2001..........................     63   

Statement of Assets and Liabilities -- December 31, 2001                        
 (Unaudited)..........................................................     64   

Statement of Assets and Liabilities -- November 30, 2001..............     65   

Statement of Operations...............................................     66   

Statements of Changes in Net Assets...................................     67   

Financial Highlights..................................................     68   

Notes to Financial Statements.........................................     69   

Report of Independent Certified Public Accountants....................     72   

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DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO 

SCHEDULE OF INVESTMENTS 
DECEMBER 31, 2001 
(UNAUDITED) 

                                                                [Download Table]

                                                                 VALUE    
                                                                 -----    
                                                                          
Investment in The Japanese Small Company Series of The DFA                
  Investment Trust Company (31.3%)                                        
  (Cost $184,709,520).......................................  $110,001,822
Investment in The Pacific Rim Small Company Series of The                 
  DFA Investment Trust Company (16.1%)                                    
  (Cost $78,655,929)........................................    56,593,038
Investment in The United Kingdom Small Company Series of The              
  DFA Investment Trust Company (16.2%)                                    
  (Cost $51,921,443)........................................    56,979,555
Investment in The Continental Small Company Series of The                 
  DFA Investment Trust Company (36.0%)                                    
  (Cost $124,376,733).......................................   126,323,315
Temporary Cash Investments (0.4%)                                         
  Repurchase Agreement, PNC Capital Markets Inc. 1.48%,                   
  01/02/02 (Collateralized by U.S. Treasury Bond 11.875%,                 
  11/15/03, valued at $1,459,763) to be repurchased at                    
  $1,437,118                                                              
  (Cost $1,437,000).........................................     1,437,000
                                                              ------------
    Total Investments (100%) (Cost $441,100,625)+...........  $351,334,730
                                                              ============

--------------                                                                  
+The cost for federal income tax purposes is $441,330,527.                      

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO 

SCHEDULE OF INVESTMENTS 
NOVEMBER 30, 2001 

                                                                [Download Table]

                                                                 VALUE+   
                                                                 ------   
                                                                          
Investment in The Japanese Small Company Series of The DFA                
  Investment Trust Company (33.2%)                                        
  (Cost $179,647,055).......................................  $118,174,113
Investment in The Pacific Rim Small Company Series of The                 
  DFA Investment Trust Company (15.6%)                                    
  (Cost $78,490,434)........................................    55,733,283
Investment in The United Kingdom Small Company Series of The              
  DFA Investment Trust Company (15.4%)                                    
  (Cost $52,029,135)........................................    54,975,951
Investment in The Continental Small Company Series of The                 
  DFA Investment Trust Company (35.4%)                                    
  (Cost $125,868,415).......................................   125,987,602
Temporary Cash Investments (0.4%)                                         
  Repurchase Agreement, PNC Capital Markets Inc. 2.00%,                   
  12/03/01 (Collateralized by U.S. Treasury Notes 6.125%,                 
  12/31/01, valued at $1,416,589) to be repurchased at                    
  $1,394,232                                                              
  (Cost $1,394,000).........................................     1,394,000
                                                              ------------
    Total Investments (100%) (Cost $437,429,039)++..........  $356,264,949
                                                              ============

--------------                                                                  
+See Note B to Financial Statements                                           
++The cost for federal income tax purposes is $437,658,941.                     

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO 

STATEMENT OF ASSETS AND LIABILITIES 

DECEMBER 31, 2001 
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
(UNAUDITED) 

                                                                [Download Table]
                                                                               
ASSETS:                                                                        
Investments at Value (Cost $441,101)........................    $      351,335 
Cash........................................................                16 
Receivable for Fund Shares Sold.............................               906 
Prepaid Expenses and Other Assets...........................                 6 
                                                                -------------- 
        Total Assets........................................           352,263 
                                                                -------------- 

LIABILITIES:                                                                   
Payable for Fund Shares Redeemed............................             1,468 
Accrued Expenses and Other Liabilities......................               143 
                                                                -------------- 
        Total Liabilities...................................             1,611 
                                                                -------------- 

NET ASSETS..................................................    $      350,652 
                                                                ============== 

SHARES OUTSTANDING $.01 PAR VALUE (Authorized                                  
  100,000,000)..............................................        47,902,810 
                                                                ============== 

NET ASSET VALUE AND REDEMPTION PRICE PER SHARE..............    $         7.32 
                                                                ============== 

PUBLIC OFFERING PRICE PER SHARE.............................    $         7.37 
                                                                ============== 

NET ASSETS CONSIST OF:                                                         
Paid-in Capital.............................................    $      453,776 
Accumulated Net Investment Income (Loss)....................              (693)
Accumulated Net Realized Gain (Loss)........................           (12,634)
Accumulated Net Realized Foreign Exchange Gain (Loss).......               (24)
Unrealized Appreciation (Depreciation) of Investment                           
  Securities and Foreign Currency...........................           (89,766)
Unrealized Net Foreign Exchange Gain (Loss).................                (7)
                                                                -------------- 
        Total Net Assets....................................    $      350,652 
                                                                ============== 

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO 

STATEMENT OF ASSETS AND LIABILITIES 

NOVEMBER 30, 2001 
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)

                                                                [Download Table]
                                                                             
ASSETS:                                                                      
Investments at Value (Cost $437,429)........................     $   356,265 
Cash........................................................              16 
Receivable for Fund Shares Sold.............................             861 
Prepaid Expenses and Other Assets...........................               2 
                                                                 ----------- 
    Total Assets............................................         357,144 
                                                                 ----------- 

LIABILITIES:                                                                 
Payable for Fund Shares Redeemed............................             802 
Accrued Expenses and Other Liabilities......................             142 
                                                                 ----------- 
    Total Liabilities.......................................             944 
                                                                 ----------- 

NET ASSETS..................................................     $   356,200 
                                                                 =========== 

SHARES OUTSTANDING $.01 PAR VALUE                                            
  (Authorized 100,000,000)..................................      46,429,156 
                                                                 =========== 

NET ASSET VALUE AND REDEMPTION PRICE PER SHARE..............     $      7.67 
                                                                 =========== 

PUBLIC OFFERING PRICE PER SHARE.............................     $      7.72 
                                                                 =========== 

NET ASSETS CONSIST OF:                                                       
Paid-in Capital.............................................     $   442,948 
Accumulated Net Investment Income (Loss)....................           5,763 
Accumulated Net Realized Gain (Loss)........................         (11,188)
Accumulated Net Realized Foreign Exchange Gain (Loss).......            (123)
Unrealized Appreciation (Depreciation) of Investment                         
  Securities and Foreign Currency...........................         (81,164)
Unrealized Net Foreign Exchange Gain (Loss).................             (36)
                                                                 ----------- 
    Total Net Assets........................................     $   356,200 
                                                                 =========== 

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO 

STATEMENT OF OPERATIONS 

FOR THE YEAR ENDED NOVEMBER 30, 2001
(AMOUNTS IN THOUSANDS)

                                                                [Download Table]
                                                                 
INVESTMENT INCOME                                                
  Dividends (Net of Foreign Taxes Withheld of                    
    $960).........................................      $  8,371 
  Interest........................................           357 
  Income from Securities Lending..................           551 
                                                        -------- 
        Total Investment Income...................         9,279 
                                                        -------- 
EXPENSES                                                         
  Investment Advisory Services....................           339 
  Administrative Services.........................         1,357 
  Accounting & Transfer Agent Fees................           448 
  Custodian Fees..................................           160 
  Legal Fees......................................            11 
  Audit Fees......................................             6 
  Filing Fees.....................................            38 
  Shareholders' Reports...........................            21 
  Directors' Fees and Expenses....................             7 
  Other...........................................            43 
                                                        -------- 
        Total Expenses............................         2,430 
                                                        -------- 
    NET INVESTMENT INCOME.........................         6,849 
                                                        -------- 

NET REALIZED AND UNREALIZED GAIN (LOSS) ON                       
  INVESTMENT SECURITIES AND FOREIGN CURRENCY                     
  Net Realized Gain (Loss) on Investment                         
    Securities Sold...............................       (11,848)
  Net Realized Gain (Loss) on Foreign Currency                   
    Transactions..................................          (123)
  Change in Unrealized Appreciation (Depreciation)               
    of:                                                          
    Investment Securities and Foreign Currency....       (18,843)
    Translation of Foreign Currency Denominated                  
     Amounts......................................            33 
                                                        -------- 

    NET LOSS ON INVESTMENT SECURITIES AND FOREIGN                
     CURRENCY.....................................       (30,781)
                                                        -------- 

NET DECREASE IN NET ASSETS RESULTING FROM                        
  OPERATIONS......................................      $(23,932)
                                                        ======== 

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO 

STATEMENTS OF CHANGES IN NET ASSETS 
(Amounts in thousands)

                                                                [Download Table]

                                  YEAR        YEAR   
                                  ENDED       ENDED  
                                NOV. 30,    NOV. 30, 
                                  2001        2000   
                                ---------   ---------
                                                     
INCREASE (DECREASE) IN NET                           
  ASSETS                                             
Operations:                                          
  Net Investment Income                              
    (Loss)....................  $  6,849    $  6,063 
  Net Realized Gain (Loss) on                        
    Investment Securities                            
    Sold......................   (11,848)      4,738 
  Net Realized Gain (Loss) on                        
    Foreign Currency                                 
    Transactions..............      (123)        (51)
  Change in Unrealized                               
    Appreciation                                     
    (Depreciation) of                                
    Investment Securities and                        
      Foreign Currency........   (18,843)    (28,028)
  Translation of Foreign                             
    Currency Denominated                             
    Amounts...................        33         (56)
                                --------    -------- 
        Net Increase                                 
          (Decrease) in Net                          
          Assets Resulting                           
          from Operations.....   (23,932)    (17,334)
                                --------    -------- 

Distributions From:                                  
  Net Investment Income.......    (6,184)     (5,230)
  Net Realized Gains..........    (4,666)         -- 
                                --------    -------- 
        Total Distributions...   (10,850)     (5,230)
                                --------    -------- 
Capital Share Transactions                           
  (1):                                               
  Shares Issued...............   146,134     134,645 
  Shares Issued in Lieu of                           
    Cash Distributions........    10,850       5,230 
  Shares Redeemed.............   (75,062)    (58,693)
                                --------    -------- 
        Net Increase                                 
          (Decrease) From                            
          Capital Shares                             
          Transactions........    81,922      81,182 
                                --------    -------- 
        Total Increase                               
          (Decrease)..........    47,140      58,618 
NET ASSETS                                           
    Beginning of Period.......   309,060     250,442 
                                --------    -------- 
    End of Period.............  $356,200    $309,060 
                                ========    ======== 

(1) SHARES ISSUED AND                                
   REDEEMED:                                         
    Shares Issued.............    17,933      14,827 
    Shares Issued in Lieu of                         
      Cash Distributions......     1,306         588 
    Shares Redeemed...........    (9,217)     (6,433)
                                --------    -------- 
                                  10,022       8,982 
                                ========    ======== 

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO 

FINANCIAL HIGHLIGHTS

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

                                                        [Enlarge/Download Table]

                                      YEAR      YEAR         YEAR       YEAR       YEAR    
                                     ENDED     ENDED        ENDED      ENDED      ENDED    
                                    NOV. 30,  NOV. 30,     NOV. 30,   NOV. 30,   NOV. 30,  
                                      2001      2000         1999       1998       1997    
                                    --------  --------     --------   --------   --------  
                                                                                           
Net Asset Value, Beginning of                                                              
  Period........................... $   8.49  $   9.13     $   7.82   $   7.82   $   9.96  
                                    --------  --------     --------   --------   --------  
INCOME FROM INVESTMENT OPERATIONS                                                          
  Net Investment Income (Loss).....     0.15      0.17         0.15       0.15       0.10  
  Net Gains (Losses) on Securities                                                         
    (Realized and Unreal-                                                                  
    ized)..........................    (0.67)    (0.62)        1.31      (0.04)     (2.22) 
                                    --------  --------     --------   --------   --------  
  Total From Investment                                                                    
    Operations.....................    (0.52)    (0.45)        1.46       0.11      (2.12) 
                                    --------  --------     --------   --------   --------  
LESS DISTRIBUTIONS                                                                         
  Net Investment Income............    (0.17)    (0.19)       (0.15)     (0.11)     (0.02) 
  Net Realized Gains...............    (0.13)       --           --         --         --  
                                    --------  --------     --------   --------   --------  
  Total Distributions..............    (0.30)    (0.19)       (0.15)     (0.11)     (0.02) 
                                    --------  --------     --------   --------   --------  
Net Asset Value, End of Period..... $   7.67  $   8.49     $   9.13   $   7.82   $   7.82  
                                    ========  ========     ========   ========   ========  
Total Return.......................    (6.36)%    (5.01)%     19.07%      1.49%    (21.35)%

Net Assets, End of Period (thou-                                                           
  sands)........................... $356,200  $309,060     $250,442   $273,992   $230,469  
Ratio of Expenses to Average Net                                                           
  Assets(1)........................     0.72%     0.71%        0.75%      0.73%      0.75% 
Ratio of Net Investment Income to                                                          
  Average Net Assets...............     2.02%     2.10%        1.76%      1.62%      1.46% 
Portfolio Turnover Rate............      N/A       N/A          N/A        N/A        N/A  

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

(1)  Represents the combined ratios for the portfolio and its respective        
pro-rata share of its Master Fund Series.                             

N/A Refer to the respective Master Fund Series.                                 

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT DIMENSIONS GROUP INC.

NOTES TO FINANCIAL STATEMENTS 

NOVEMBER 30, 2001 

A. ORGANIZATION:                                                                

   DFA Investment Dimensions Group Inc. (the "Fund") is an open-end management
investment company whose shares are offered, without a sales charge, generally  
to institutional investors and clients of registered investment advisors. One of
the Fund's thirty-nine portfolios (the "Portfolio") is included in this report. 
Of the remaining thirty-eight portfolios, six portfolios are only available     
through a select group of insurance products and are presented in a separate    
report, twenty-eight are presented in separate reports, and four have not       
commenced operations.                                                           

The Portfolio (the "Feeder Fund") invests in four series of The DFA     
Investment Trust Company (the "Master Funds"):                                  

                                                        [Enlarge/Download Table]

                                                                                                PERCENTAGE 
                                                                                                 OWNERSHIP 
PORTFOLIO (FEEDER FUND)                         SERIES (MASTER FUNDS)                           AT 11/30/01
----------------------------------------------  ----------------------------------------------  -----------
                                                                                                           
International Small Company Portfolio           The Japanese Small Company Series                    60%   
                                                The Pacific Rim Small Company Series                 43%   
                                                The United Kingdom Small Company Series              57%   
                                                The Continental Small Company Series                 60%   

The Portfolio also invests in short term temporary cash investments from
time to time.                                                                   

   The financial statements of the Master Funds are included elsewhere in this
report and should be read in conjunction with these financial statements.       

B. SIGNIFICANT ACCOUNTING POLICIES:                                             

The following significant accounting policies are in conformity with    
accounting principles generally accepted in the United States of America for    
investment companies. Such policies are consistently followed by the Fund in    
preparation of its financial statements. The preparation of financial statements
in accordance with accounting principles generally accepted in the United States
of America may require management to make estimates and assumptions that affect 
the reported amounts and disclosures in the financial statements. Actual results
could differ from those estimates.                                              

   1.  SECURITY VALUATION:  Master Fund shares held by the Feeder Fund reflect
its proportionate interest in the net assets of the corresponding Master Fund.  

 2.  FOREIGN CURRENCY:  Securities and other assets and liabilities of the
Portfolio whose values are initially expressed in foreign currencies are        
translated to U.S. dollars at the mean price of such currency against U.S.      
dollars last quoted by a major bank. Dividend and interest income and certain   
expenses are translated to U.S. dollars at the rate of exchange on their        
respective accrual dates. Receivables and payables denominated in foreign       
currencies are marked to market daily based on daily exchange rates and exchange
gains or losses are realized upon ultimate receipt or disbursement.             

The Portfolio does not isolate the effect of fluctuations in foreign    
exchange rates from the effect of fluctuations in the market prices of          
securities whether realized or unrealized.                                      

Realized gains or losses on foreign currency transactions represent net 
foreign exchange gains or losses from the disposition of foreign currencies,    
currency gains or losses realized between the trade and settlement dates on     
securities transactions, and the difference between amounts of interest,        
dividends and foreign withholding taxes recorded on the books of the Portfolio  
and the U.S. dollar equivalent amounts actually received or paid.               

                                                                              69

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 3.  FEDERAL INCOME TAXES:  It is the Portfolio's intention to continue to
qualify as a regulated investment company and distribute all of its taxable     
income. Accordingly, no provision for federal taxes is required in the financial
statements.                                                                     

4.  OTHER:  Security transactions are accounted for on the date the     
securities are purchased or sold. Costs used in determining realized gains and  
losses on the sale of investment securities are those of specific securities    
sold. Dividend income and distributions to shareholders are recorded on the     
ex-dividend date. The components of net assets may be adjusted for current      
period permanent book/tax differences which arose principally from differing    
book/tax treatments of net short-term capital gain distributions from The DFA   
Investment Trust Company and/or foreign currency and foreign taxes on capital   
gains. Interest income is recorded on an accrual basis. Expenses directly       
attributable to a Portfolio are directly charged. Common expenses are allocated 
using methods approved by the Board of Directors.                               

  The Portfolio accrues its respective share of income and expenses daily on
its investment in its corresponding Master Funds, which are treated as          
partnerships for federal income tax purposes. All of the net investment income  
and realized and unrealized gains and losses from the security transactions and 
foreign currency of the Master Funds are allocated pro rata among its investors 
at the time of such determination.                                              

The Portfolio may be subject to taxes imposed by countries in which it  
invests, with respect to its investments in issuers existing or operating in    
such countries. Such taxes are generally based on income earned or repatriated  
and capital gains realized on the sale of such investments. The Portfolio       
accrues such taxes when the related income or capital gains are earned. Some    
countries require governmental approval for the repatriation of investment      
income, capital or the proceeds of sales of foreign investors. In addition, if  
there is a deterioration in a country's balance of payments or for other        
reasons, a country may impose temporary restrictions on foreign capital         
remittances abroad.                                                             

C. INVESTMENT ADVISOR AND ADMINISTRATOR:                                        

Dimensional Fund Advisors Inc. ("DFA" or the "Advisor") provides        
administrative services to the Portfolio, including supervision of services     
provided by others, providing information to shareholders and the Board of      
Directors, and other administrative services. For the year ended November 30,   
2001, the Portfolio's administrative fees were accrued daily and paid monthly to
the Advisor based on an effective annual rate of 0.40 of 1% of average daily net
assets.                                                                         

    Certain officers of the Portfolio are also officers, and shareholders of the
Advisor.                                                                        

D. INVESTMENT TRANSACTIONS:                                                     

At November 30, 2001, gross unrealized appreciation and depreciation for
federal income tax purposes of investment securities and foreign currencies was 
as follows (amounts in thousands):                                              

                                                                [Download Table]
                                                                   
Gross Unrealized Appreciation...........................  $    533 
Gross Unrealized Depreciation...........................   (81,927)
                                                          -------- 
  Net...................................................  $(81,394)
                                                          ======== 

 At November 30, 2001 the Portfolio had a capital loss carryforward in the
amount of $11,868,000 which expires November 30, 2009.                          

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E. FINANCIAL INSTRUMENTS:                                                       

  In accordance with the Portfolio's Investment Objectives and Policies, the
Portfolio may invest, either directly or through its investment in a            
corresponding Master Fund, in certain financial instruments that have           
off-balance sheet risk and concentrations of credit risk. These instruments and 
their significant corresponding risks are described below:                      

1.  REPURCHASE AGREEMENTS:  The Portfolio may purchase money market     
instruments subject to the counterparty's agreement to repurchase them at an    
agreed upon date and price. The counterparty will be required on a daily basis  
to maintain the value of the collateral subject to the agreement at not less    
than the repurchase price (including accrued interest). The agreements are      
conditioned upon the collateral being deposited under the Federal Reserve       
book-entry system with the Fund's custodian or a third party sub-custodian. In  
the event of default or bankruptcy by the other party to the agreement,         
retention of the collateral may be subject to legal proceedings.                

All open repurchase agreements were entered into on November 30, 2001.  

2.  FOREIGN MARKETS RISKS:  Investments in foreign markets may involve  
certain considerations and risks not typically associated with investments in   
the United States, including the possibility of future political and economic   
developments and the level of foreign governmental supervision and regulation of
foreign securities markets. These markets are generally smaller, less liquid and
more volatile than the major securities markets in the United States.           
Consequently, acquisition and disposition of securities by the Fund may be      
inhibited.                                                                      

F. LINE OF CREDIT:                                                              

The Fund, together with other DFA-advised portfolios, has entered into a
$50 million unsecured line of credit with its domestic custodian bank. Each     
portfolio is permitted to borrow, subject to its investment limitations, up to a
maximum of $50 million, as long as total borrowings under the line of credit do 
not exceed $50 million in the aggregate. Borrowings under the line are charged  
interest at the current overnight federal funds rate plus a variable rate       
determined at the date of borrowing. Each portfolio is individually, and not    
jointly liable for its particular advances under the line. There is no          
commitment fee on the unused portion of the line of credit. The agreement for   
the line of credit expires in June 2002. There were no borrowings under the line
of credit by the Portfolio during the year ended November 30, 2001.             

   The Fund, together with other DFA-advised portfolios, has also entered into
an additional $25 million unsecured line of credit with its international       
custodian bank. Each portfolio is permitted to borrow, subject to investment    
limitations, up to a maximum of $25 million, as long as total borrowings under  
the line of credit do not exceed $25 million in the aggregate. Borrowings under 
the line of credit are charged interest at rates agreed to by the parties at the
time of borrowing. There is no commitment fee on the unused line of credit. The 
agreement for the line of credit expires in April 2002. There were no borrowings
under the line of credit with the international custodian bank for the year     
ended November 30, 2001.                                                        

G. REIMBURSEMENT FEES:                                                          

  Shares of the Portfolio are sold at a public offering price which is equal
to the current net asset value of such shares plus a reimbursement fee.         
Reimbursement fees are recorded as an addition to paid in capital. The          
reimbursement fees for the Portfolio are 0.675% of the net asset value of its   
shares.                                                                         

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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

TO THE SHAREHOLDERS OF THE PORTFOLIOS AND BOARD OF DIRECTORS OF                 
DFA INVESTMENT DIMENSIONS GROUP INC.                                            

In our opinion, the accompanying statement of assets and liabilities, including 
the schedule of investments, and the related statements of operations and of    
changes in net assets and the financial highlights present fairly, in all       
material respects, the financial position of the International Small Company    
Portfolio, (constituting a portfolio within DFA Investment Dimensions Group     
Inc., hereafter referred to as the "Portfolio") at November 30, 2001, the       
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights 
for each of the five years in the period then ended, in conformity with         
accounting principles generally accepted in the United States of America. These 
financial statements and financial highlights (hereafter referred to as         
"financial statements") are the responsibility of the Portfolio's management;   
our responsibility is to express an opinion on these financial statements based 
on our audits. We conducted our audits of these financial statements in         
accordance with auditing standards generally accepted in the United States of   
America, which require that we plan and perform the audit to obtain reasonable  
assurance about whether the financial statements are free of material           
misstatement. An audit includes examining, on a test basis, evidence supporting 
the amounts and disclosures in the financial statements, assessing the          
accounting principles used and significant estimates made by management, and    
evaluating the overall financial statement presentation. We believe that our    
audits, which included confirmation of securities at November 30, 2001 by       
correspondence with the transfer agent of the investee funds, provide a         
reasonable basis for our opinion.                                               

PricewaterhouseCoopers LLP                                                      

Fort Lauderdale, Florida                                                        
January 16, 2002                                                                

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SELECTED FINANCIAL STATEMENTS OF THE DFA INVESTMENT TRUST COMPANY 

THE JAPANESE SMALL COMPANY SERIES 

THE PACIFIC RIM SMALL COMPANY SERIES

THE UNITED KINGDOM SMALL COMPANY SERIES 

THE CONTINENTAL SMALL COMPANY SERIES

TABLE OF CONTENTS 

                                                                [Download Table]

                                                                          PAGE  
                                                                        --------
                                                                                
Schedules of Investments -- December 31, 2001 (Unaudited)                       
  The Japanese Small Company Series...................................     74   
  The Pacific Rim Small Company Series................................     83   
  The United Kingdom Small Company Series.............................     93   
  The Continental Small Company Series................................     99   

Schedules of Investments -- November 30, 2001                                   
  The Japanese Small Company Series...................................    111   
  The Pacific Rim Small Company Series................................    120   
  The United Kingdom Small Company Series.............................    130   
  The Continental Small Company Series................................    136   

Statements of Assets and Liabilities -- December 31, 2001                       
 (Unaudited)..........................................................    148   

Statements of Assets and Liabilities -- November 30, 2001.............    149   

Statements of Operations..............................................    150   

Statements of Changes in Net Assets...................................    151   

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

Notes to Financial Statements.........................................    154   

Report of Independent Certified Public Accountants....................    158   

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THE JAPANESE SMALL COMPANY SERIES 

SCHEDULE OF INVESTMENTS 

DECEMBER 31, 2001 
(UNAUDITED) 

                                                                [Download Table]

                                       SHARES            VALUE+
                                       ------            ------
                                                               
JAPAN -- (94.9%)                                               
COMMON STOCKS -- (93.9%)                                       
 *ASK Corp., Yokohama.............      64,000    $     28,293 
 Achilles Corp....................     549,000         623,483 
 #Advan Co., Ltd..................      36,000         377,561 
 #Aica Kogyo Co., Ltd.............     164,000         950,000 
 *Aichi Corp......................      57,000          49,093 
 Aichi Machine Industry Co.,                                   
   Ltd............................     157,000         220,183 
 Aichi Tokei Denki Co., Ltd.......      67,000         124,604 
 Aida Engineering, Ltd............     160,000         475,610 
 Aim Services Co., Ltd............       2,000          19,497 
 Aiphone Co., Ltd.................      27,400         302,611 
 Airport Facilities Co., Ltd......      72,700         269,300 
 Aisan Industry Co., Ltd..........      23,000         170,046 
 #*Aiwa Co., Ltd..................     116,300         197,675 
 *Akai Electric Co., Ltd..........     363,000           2,767 
 #Akebono Brake Industry Co.,                                  
   Ltd............................     141,000         214,939 
 Aloka Co., Ltd...................      43,000         196,646 
 Alps Logistics Co., Ltd..........       5,000          17,416 
 Altech Co., Ltd..................      14,000          60,503 
 Amada Sonoike Co., Ltd...........     191,414         293,249 
 Amatsuji Steel Ball Manufacturing                             
   Co., Ltd.......................      12,000          76,372 
 Ando Corp........................     120,000         101,524 
 *Ando Electronic Co., Ltd........      17,000          38,872 
 Anest Iwata Corp.................      74,000          83,476 
 Anrakutei Co., Ltd...............      13,000          49,543 
 Aoi Advertising Promotion,                                    
   Inc............................      14,000          74,482 
 Aoki International Co., Ltd......      74,200         218,302 
 Apic Yamada Corp.................       7,000          12,325 
 #*Arabian Oil Co., Ltd...........      48,300         215,362 
 #*Arai-Gumi, Ltd.................      49,300          27,431 
 Araya Industrial Co., Ltd........      84,000          57,622 
 Argo 21 Corp.....................      13,200         194,076 
 *Arisawa Manufacturing Co.,                                   
   Ltd............................       8,000         134,146 
 Aronkasei Co., Ltd...............      53,000         134,116 
 #Asahi Denka Kogyo KK............     169,000         927,439 
 Asahi Diamond Industrial Co.,                                 
   Ltd............................      68,000         269,512 
 Asahi Kogyosha Co., Ltd..........      48,000          94,024 
 *Asahi Optical Co., Ltd..........     180,000         215,396 
 Asahi Organic Chemicals Industry                              
   Co., Ltd.......................     259,000         562,614 
 #Asahi Soft Drinks Co., Ltd......      69,000         315,549 
 *Asahi Tec Corp..................      86,000          74,070 
 *Asahi Techno Glass Corp.........      34,000          51,052 
 Asanuma Corp.....................     145,000         111,623 
 Ashimori Industry Co., Ltd.......      84,000         106,280 
 Asia Securities Printing Co.,                                 
   Ltd............................       8,000          53,049 
 *Asics Corp......................     333,000         228,430 
 *Atsugi Nylon Industrial Co.,                                 
   Ltd............................     322,000         174,253 
 Aucnet, Inc......................      15,000         149,200 
 Azel Corp., Tokyo................      89,000          48,163 
 *Azwell, Inc.....................       2,000           6,692 
 Bando Chemical Industries,                                    
   Ltd............................     213,000         373,399 
 #Bank of Okinawa, Ltd............      19,300         305,976 
 #Bank of the Ryukyus, Ltd........      23,980         236,693 
 Best Denki Co., Ltd..............      15,000          32,012 

                                       SHARES            VALUE+
                                       ------            ------
                                                               

 *Bosch Automotive Systems                                     
   Corp...........................     219,000    $    136,875 
 Bull Dog Sauce Co., Ltd..........       9,000          48,018 
 Bunka Shutter Co., Ltd...........     134,000         265,549 
 *C Two-Network Co., Ltd..........       3,000          69,741 
 CKD Corp.........................     113,000         277,332 
 CTI Engineering Co. Ltd..........      19,000          79,649 
 *Cabin Co., Ltd..................      67,000          38,300 
 Calpis Co., Ltd..................     115,000         462,805 
 Calsonic Corp....................     261,000         656,479 
 Canon Aptex, Inc.................      34,000         174,405 
 Canon Electronics, Inc...........      40,000         254,573 
 Canon System & Support, Inc......      35,000         170,732 
 *Carolina Co., Ltd...............      40,000          24,695 
 Catena Corp......................      18,000          61,738 
 Central Finance Co., Ltd.........     180,000         543,293 
 *Central Security Patrols Co.,                                
   Ltd............................       5,000          24,771 
 #Cesar Co........................      79,000          63,224 
 #*Chiba Kogyo Bank, Ltd..........      38,100         229,413 
 Chino Corp.......................      70,000          92,302 
 *Chisan Tokan Co., Ltd...........      64,000          22,439 
 Chiyoda Co., Ltd.................      38,000         223,018 
 #*Chiyoda Corp...................     113,000         108,521 
 Chofu Seisakusho Co., Ltd........      25,000         302,401 
 *Chori Co., Ltd..................     175,000          88,034 
 Chuetsu Pulp and Paper Co.,                                   
   Ltd............................     172,000         235,976 
 Chugai Ro Co., Ltd...............     139,000         262,744 
 Chugoku Marine Paints, Ltd.......     111,000         206,433 
 Chugokukogyo Co., Ltd............      45,000          49,047 
 #Chukyo Sogo Bank, Ltd...........     118,000         274,314 
 Chuo Gyorui Co., Ltd.............      16,000          22,317 
 *Chuo Paperboard Co., Ltd........      76,000          46,921 
 Chuo Spring Co., Ltd., Nagoya....      99,000         283,719 
 #*Clarion Co., Ltd...............     171,000         119,909 
 Cleanup Corp.....................      71,000         378,270 
 *Co-Op Chemical Co., Ltd.........      80,000          35,976 
 Computer Engineering &                                        
   Consulting, Ltd................       8,000          73,110 
 Copyer Co., Ltd..................      27,000          41,982 
 Cosel Co., Ltd...................      18,000         225,000 
 *Cosmo Securities Co., Ltd.......     211,000         128,659 
 Credia Co., Ltd..................      14,000         190,686 
 #D'urban, Inc....................     114,000          91,235 
 Dai Nippon Toryo, Ltd............     193,000         207,416 
 Dai-Dan Co., Ltd.................      80,000         302,439 
 Daido Kogyo Co., Ltd.............      60,000          69,055 
 Daido Steel Sheet Corp...........      84,000          74,909 
 #Daidoh, Ltd.....................      54,000         214,024 
 Daihen Corp......................     205,000         193,750 
 Daiho Corp.......................      96,000          86,341 
 Daiichi Cement Co., Ltd..........      33,000          44,017 
 Dai-Ichi Jitsugyo Co., Ltd.......      80,000          79,878 
 #*Dai-Ichi Katei Denki Co.,                                   
   Ltd............................      91,000          15,953 
 Dai-Ichi Kogyo Seiyaku Co.,                                   
   Ltd............................      47,000          66,273 
 Daiken Corp......................     195,000         502,363 
 #Daiki Co., Ltd..................      31,000         255,183 
 Daiko Shoken Business Co.,                                    
   Ltd............................       6,000          15,000 
 #*Daikyo, Inc....................     268,000         157,287 

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THE JAPANESE SMALL COMPANY SERIES                                               

CONTINUED                                                                       

                                                                [Download Table]

                                      SHARES            VALUE+
                                      ------            ------
                                                              
#Daimei Telecom Engineering                                   
  Corp...........................      66,000    $    164,497 
Dainichi Co., Ltd................       3,200           8,854 
Dainichiseika Colour & Chemicals                              
  Manufacturing Co., Ltd.........     163,000         484,527 
Dainippon Shigyo Co., Ltd........      16,000          64,634 
Daiseki Co., Ltd.................      24,000         343,902 
Daiso Co., Ltd...................     112,000         179,268 
#*Daisue Construction Co.,                                    
  Ltd............................      92,500          31,021 
Daisyo Corp......................      24,000         215,122 
Daito Woolen Spinning & Weaving                               
  Co., Ltd., Tokyo...............      42,000          20,808 
Daiwa Industries, Ltd............      76,000         178,994 
Daiwa Kosho Lease Co., Ltd.......     101,000         230,945 
*Daiwa Seiko, Inc................     145,000          93,941 
*Daiwabo Co., Ltd................     262,000         171,738 
Daiwabo Information System Co.,                               
  Ltd............................      22,000         120,229 
#*Dantani Corp...................      68,000          14,512 
Danto Corp.......................      42,000         126,768 
Denki Kogyo Co., Ltd.............      59,000         223,049 
Denyo Co., Ltd...................      38,000         165,671 
#Deodeo Corp.....................      71,600         305,064 
*Descente, Ltd...................     133,000         195,648 
*Dia Kensetsu Co., Ltd...........      31,000          41,349 
Diamond Computer Service Co.,                                 
  Ltd............................       8,000          44,817 
*Dijet Industrial Co., Ltd.......      34,000          32,393 
Doshisha Co., Ltd................      15,000         153,316 
Dynic Corp.......................      52,000          39,634 
Eagle Industry Co., Ltd..........      43,000         124,543 
*Eco-Tech Construction Co.,                                   
  Ltd............................      68,000          26,433 
#Eiden Co., Ltd..................      40,000         159,451 
Eiken Chemical Co., Ltd..........       9,000          70,587 
*Elna Co., Ltd...................       5,000          10,290 
Enplas Corp......................      18,000         358,765 
*Enshu, Ltd......................      69,000          40,495 
*Ensuiko Sugar Refining Co.,                                  
  Ltd............................      23,000          39,969 
Exedy Corp.......................      71,000         293,849 
*FDK Corp........................      73,000         158,018 
*First Baking Co., Ltd...........      67,000          65,366 
Fontaine Co., Ltd................       5,000          53,354 
Foster Electric Co., Ltd.........      32,000          78,049 
France Bed Co., Ltd..............     193,000         453,079 
*Fudo Construction Co., Ltd......     201,000         116,433 
Fuji Denki Reiki Co., Ltd........      81,800         230,062 
Fuji Kiko Co., Ltd...............      51,000          69,581 
*Fuji Kisen Kaisha, Ltd..........       8,000           7,317 
*Fuji Kosan Co., Ltd.............     130,000          79,268 
Fuji Kyuko Co., Ltd..............     107,000         338,453 
#*Fuji Spinning Co., Ltd.,                                    
  Tokyo..........................     163,000          62,119 
Fujicco Co., Ltd.................      42,000         361,418 
*Fujii & Co., Ltd................      44,000             335 
*Fujiko Co., Ltd.................      55,000             838 
Fujikura Kasei Co., Ltd..........      15,000          45,617 
#Fujirebio, Inc..................      75,000         608,803 
Fujitec Co., Ltd.................      82,000         261,250 
Fujitsu Business Systems, Ltd....      32,500         247,713 
Fujitsu Denso, Ltd...............      36,000         199,756 
Fujitsu Devices, Inc.............      14,000          78,750 
*Fujitsu General, Ltd............       7,000          16,380 
Fujitsu Kiden, Ltd...............      16,000          42,927 
Fujiya Co., Ltd..................     190,000         244,741 
Fukuda Corp......................      65,000         162,995 
#Fukushima Bank, Ltd.............     117,000         123,064 

                                      SHARES            VALUE+
                                      ------            ------
                                                              

*Fukusuke Corp...................      95,000    $     50,686 
*Furukawa Battery Co., Ltd.......      45,000          77,172 
Furukawa Co., Ltd................     208,000         150,610 
Fuso Lexel Inc...................       8,000          34,268 
Fuso Pharmaceutical Industries,                               
  Ltd............................      78,000         283,582 
*Ga-jo-en Kanko KK...............      37,000               0 
*Gakken Co., Ltd.................     158,000         115,610 
Gastec Service, Inc..............      41,000         180,625 
Genki Sushi Co., Ltd.............       3,000          29,703 
Geostar Corp.....................      10,000          44,665 
Godo Shusei Co., Ltd.............      74,000         124,085 
*Godo Steel, Ltd.................     245,000         128,849 
*Goldwin, Inc....................      47,000          38,689 
Gourmet Kineya Co., Ltd..........      31,000         206,745 
*Graphtec Corp...................      39,000          21,105 
Gun-Ei Chemical Industry Co.,                                 
  Ltd............................     164,000         210,000 
#*Gunze Sangyo, Inc., Tokyo......      90,000          97,409 
Hac Kimisawa Co., Ltd............      41,000         258,437 
*Hagoromo Foods Corp.............      14,000         106,707 
*Hakone Tozan Railway Co.,                                    
  Ltd............................      52,000         121,280 
*Hakuto Co., Ltd.................      21,000         280,907 
Hakuyosha Co., Ltd...............      57,000         160,747 
*Hanwa Co., Ltd..................     405,000         348,819 
Happinet Corp....................      15,000         125,762 
Harashin Co., Ltd................       8,000          53,049 
Harima Chemicals, Inc............      37,000          93,628 
Harumoto Corp....................      32,000          46,341 
Hayashikane Sangyo Co., Ltd......     128,000          86,829 
Heiwado Co., Ltd.................      49,000         347,332 
#Hibiya Engineering, Ltd.........      60,000         301,372 
#*Hikari Tsushin, Inc............      32,000         262,927 
*Hirabo Corp.....................      79,000          39,139 
Hisaka Works, Ltd................      48,000         170,854 
Hitachi Electronics Engineering                               
  Co., Ltd.......................      13,000          36,662 
Hitachi Kiden Kogyo, Ltd.........      20,000          59,451 
Hitachi Koki Co., Ltd............     177,000         472,180 
Hitachi Medical Corp.............      28,000         255,030 
Hitachi Metals Techno, Ltd.......      12,000          29,268 
Hitachi Plant Engineering &                                   
  Construction Co., Ltd..........     204,000         578,415 
Hitachi Powdered Metal Co.,                                   
  Ltd............................      46,000         190,030 
#*Hitachi Seiki Co., Ltd.........     141,000          62,332 
Hitachi Tool Engineering, Ltd....      30,000         102,896 
Hochiki Corp.....................      42,000         124,848 
*Hodogaya Chemical Co., Ltd......     100,000          93,750 
*Hohsui Corp.....................      56,000          29,878 
Hokkai Can Co., Ltd., Tokyo......     116,000         221,037 
*Hokkaido Bank, Ltd..............     329,000         270,823 
Hokkaido Coca Cola Bottling Co.,                              
  Ltd............................      26,000         154,177 
Hokkaido Gas Co., Ltd............      87,000         175,724 
Hokko Chemical Industry Co.,                                  
  Ltd............................      41,000          99,375 
*Hoko Fishing Co., Ltd...........      79,000          26,494 
*Hokuriku Electric Industry Co.,                              
  Ltd............................     112,000          66,585 
Hokuriku Electrical Construction                              
  Co., Ltd.......................      36,000         104,268 
Hokuriku Gas Co., Ltd............      26,000          65,396 
*Hokushin Co., Ltd...............      39,900          25,546 
Homac Corp.......................      60,000         321,951 
Honen Corp.......................     128,000         169,756 
Honshu Chemical Industry Co.,                                 
  Ltd............................       3,000          12,348 
#Horiba, Ltd.....................      54,000         391,418 

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                                      SHARES            VALUE+
                                      ------            ------
                                                              
#Hosokawa Micron Corp............      40,000    $    179,878 
*Howa Machinery, Ltd.............     181,000          88,293 
I-Net Corp.......................       5,000          20,198 
ISE Chemicals Corp...............      17,000          48,590 
*Ichida and Co., Ltd.............      78,000          14,268 
Ichikawa Co., Ltd................      49,000         108,308 
Ichiken Co., Ltd.................      48,000          28,171 
Ichikoh Industries, Ltd..........     141,000         194,520 
Ichiyoshi Securities Co., Ltd....      36,000         109,756 
Idec Izumi Corp..................      60,000         257,469 
Ihara Chemical Industry Co.,                                  
  Ltd............................      80,000         137,195 
Iino Kaiun Kaisha, Ltd...........     161,000         218,430 
#*Ikegami Tsushinki Co., Ltd.....     102,000          65,305 
Impact 21 Co., Ltd...............      19,000         174,939 
Inaba Denki Sangyo Co., Ltd......      38,000         382,317 
Inaba Seisa Kusho Co., Ltd.......      12,000         182,561 
#Inabata and Co., Ltd., Osaka....      85,000         394,550 
Inageya Co., Ltd.................      77,000         433,712 
Intec, Inc.......................      35,000         183,803 
*Inui Steamship Co., Ltd.........      31,000          10,869 
*Iseki & Co., Ltd................     322,000         130,076 
Ishii Hyoki Co., Ltd.............       3,000          69,741 
#Ishii Iron Works Co., Ltd.......      52,000          76,890 
*Ishikawa Seisakusho, Ltd........      75,000          35,442 
Ishikawajima Transport Machinery                              
  Co., Ltd.......................      16,000          27,927 
Ishizuka Glass Co., Ltd..........      49,000          58,262 
Itochu Fuel Corp.................     192,000         908,780 
Itochu Warehouse Co., Ltd........      15,000          18,864 
Itoki Crebio Corp................      56,000          89,634 
Iuchi Seieido Co., Ltd...........      17,000         183,735 
Iwasaki Electric Co., Ltd........     110,000         225,534 
Iwatsu Electric Co., Ltd.........     145,000         165,777 
*Izukyu Corp.....................       5,000          85,366 
#Izumiya Co., Ltd................     128,000         390,244 
#*Izutsuya Co., Ltd..............     123,000         158,437 
JMS Co., Ltd.....................      59,000         142,104 
*Jac Holdings Co., Ltd...........       5,000          31,669 
Jaccs Co., Ltd...................      84,000         234,329 
Jamco Corp.......................      18,000          51,723 
*Janome Sewing Machine Co.,                                   
  Ltd............................     224,000          92,195 
Japan Aircraft Manufacturing Co.,                             
  Ltd............................      70,000         108,308 
Japan Aviation Electronics                                    
  Industry, Ltd..................     130,000         459,756 
Japan Business Computer Co.,                                  
  Ltd............................      34,000         400,381 
Japan Carlit Co., Ltd............      28,000         155,793 
*Japan Coated Paper Manufacturing                             
  Co., Ltd.......................     132,000          32,195 
Japan Digital Laboratory Co.,                                 
  Ltd............................      28,100         220,388 
Japan Foundation Engineering Co.,                             
  Ltd............................      49,200         140,625 
Japan Information Processing                                  
  Service Co., Ltd...............      26,000         223,338 
Japan Kenzai Co., Ltd............       4,000          13,537 
*Japan Maintenance Co., Ltd......      27,000          74,703 
*Japan Metals & Chemicals Co.,                                
  Ltd............................     201,000          58,216 
Japan Oil Transportation Co.,                                 
  Ltd............................      45,000          66,883 
*Japan Paperboard Industries Co.,                             
  Ltd., Tokyo....................     127,000         129,710 
Japan Pulp and Paper Co., Ltd....      99,000         282,965 
#*Japan Steel Works, Ltd.........     546,000         341,250 
#Japan Storage Battery Co.,                                   
  Ltd............................      87,000         186,997 

                                      SHARES            VALUE+
                                      ------            ------
                                                              

Japan Transcity Corp.............      90,000    $    155,716 
Japan Vilene Co., Ltd............     101,000         150,884 
Japan Wool Textile Co., Ltd......     138,000         577,454 
Jastec Co., Ltd..................       5,000         120,808 
#Jeans Mate Corp.................       9,800          63,341 
#Jeol, Ltd.......................      97,000         459,123 
*Jidosha Denki Kogyo Co., Ltd....      10,000          12,271 
Joban Kosan Co., Ltd.............     101,000          97,767 
Joint Corp.......................       5,000          79,268 
*Joint Corp......................       2,500          39,396 
#Joshin Denki Co., Ltd...........      98,000          97,104 
Jsp Corp.........................      16,000          59,756 
#*Jujiya Co., Ltd................     161,000          44,177 
Juken Sangyo Co., Ltd............      86,000         572,896 
*Juki Corp.......................     153,000         177,256 
K.R.S. Corp......................       8,000          64,634 
KTK Telecommunications                                        
  Engineering Co., Ltd...........      43,050         176,531 
Kabuki-Za Co., Ltd...............       5,000         152,439 
#Kaga Electronics Co., Ltd.......      33,000         337,043 
Kagawa Bank, Ltd.................      68,350         332,373 
Kahma Co., Ltd...................      46,000         206,159 
*Kakuei (L.) Corp................     100,000             762 
Kameda Seika.....................       9,000          37,729 
Kamei Corp.......................      59,000         260,823 
Kanaden Corp.....................      50,000         166,540 
Kanagawa Chuo Kotsu Co., Ltd.....      90,000         421,875 
#Kanamoto Co., Ltd...............      43,000         129,131 
#*Kanematsu Corp.................     402,500         561,414 
Kanematsu Electronics, Ltd.......      38,000         196,372 
*Kanematsu-NNK Corp..............      60,000          66,311 
Kanto Auto Works, Ltd.,                                       
  Yokosuka.......................      78,000         457,180 
Kanto Bank, Ltd..................      19,100         168,872 
#Kanto Denka Kogyo Co., Ltd......      83,000         155,625 
Kanto Natural Gas Development                                 
  Co., Ltd.......................     104,000         393,171 
*Kanto Special Steel Works,                                   
  Ltd............................      84,000          30,091 
*Kasai Kogyo Co., Ltd............      28,000          36,280 
Kasei (C.I.) Co., Ltd............      46,000         136,037 
Kasumi Co., Ltd..................     132,000         352,134 
Katakura Chikkarin Co., Ltd......      17,000          37,576 
#Katakura Industries Co., Ltd....      49,000         227,820 
Kato Sangyo Co., Ltd.............      17,000          69,969 
Kato Spring Works Co., Ltd.......       8,000           8,354 
Kato Works Co., Ltd..............      82,000          75,000 
Katsumura Construction Co.,                                   
  Ltd............................      48,600          31,857 
Kawada Industries, Inc...........      76,000         112,957 
Kawai Musical Instruments                                     
  Manufacturing Co., Ltd.........      99,000          70,175 
*Kawashima Textile Manufacturers,                             
  Ltd............................     126,000         105,640 
*Kawasho Corp....................     222,000         160,747 
Kawasho Gecoss Corp..............      52,000         108,201 
Kawasumi Laboratories, Inc.......      11,000         108,994 
Kayaba Industry Co., Ltd.........     321,000         423,270 
Keihin Co., Ltd..................     100,000         104,421 
Keiyo Co., Ltd...................     104,900         559,680 
Kentucky Fried Chicken Japan,                                 
  Ltd............................      10,000         187,500 
#*Kenwood Corp...................     201,000         134,817 
Key Coffee, Inc..................      33,000         381,562 
*Kibun Food Chemifa Co., Ltd.....       8,000          27,988 
*Kimmon Manufacturing Co.,                                    
  Ltd............................      41,000          34,375 

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                                      SHARES            VALUE+
                                      ------            ------
                                                              
Kimura Chemical Plants Co.,                                   
  Ltd............................      27,000    $     26,547 
*Kinki Nippon Tourist Co.,                                    
  Ltd............................     133,000         251,402 
*Kinki Sharyo Co., Ltd.,                                      
  Nagaokakyo.....................     101,000          53,117 
Kinseki, Ltd.....................      56,000         201,037 
#*Kinsho-Mataichi Corp...........      42,000          28,811 
*Kinugawa Rubber Industrial Co.,                              
  Ltd............................      83,000          39,223 
Kioritz Corp.....................      96,000          91,463 
Kishu Paper Co., Ltd.............     125,000         138,148 
*Kisoji Co., Ltd.................       2,500          26,105 
Kitagawa Iron Works Co., Ltd.....     124,000          95,457 
Kita-Nippon Bank, Ltd............       6,806         268,712 
Kitano Construction Corp.........     116,000         106,098 
Kitz Corp........................     234,000         262,180 
Koa Corp.........................      38,000         262,988 
Koatsu Gas Kogyo Co., Ltd........      78,000         203,918 
*Kobayashi Yoko Co., Ltd.........       6,000          80,488 
Koito Industries, Ltd............       8,000          17,500 
*Kokune Corp.....................      42,000          10,564 
Kokusai Kogyo Co., Ltd...........      60,000         209,909 
Komai Tekko, Inc.................      53,000          96,951 
*Komatsu Construction Co.,                                    
  Ltd............................      29,000          22,988 
*Komatsu Electronics Metals Co.,                              
  Ltd............................      13,000          32,302 
Komatsu Forklift Co., Ltd........     153,000         176,090 
Komatsu Seiren Co., Ltd..........      75,000         153,201 
Komatsu Wall Industry Co.,                                    
  Ltd............................      14,000         125,808 
Komatsu Zenoah Co................      73,000         141,883 
Konaka Co., Ltd..................      27,000         153,933 
Kondotec, Inc....................       1,500           5,945 
Konishi Co., Ltd.................      28,000         240,732 
Kosaido Co., Ltd.................      34,000         294,649 
*Kosei Securities Co., Ltd.......     137,000         124,261 
Krosaki Corp.....................      96,000          72,439 
Kumiai Chemical Industry Co.,                                 
  Ltd., Tokyo....................     153,000         192,416 
Kurabo Industries, Ltd...........     374,000         493,155 
Kurimoto, Ltd....................     204,000         342,073 
Kuroda Electric Co., Ltd.........      18,000         227,744 
*Kyoden Co., Ltd.................      17,000          34,726 
#Kyodo Printing Co., Ltd.........     132,000         427,591 
Kyodo Shiryo Co., Ltd............     145,000         104,992 
Kyoei Sangyo Co., Ltd............      44,000          83,841 
Kyoei Tanker Co., Ltd............      53,000          47,668 
Kyokuto Boeki Kaisha, Ltd........      36,000          74,085 
Kyokuto Kaihatsu Kogyo Co.,                                   
  Ltd............................      38,300         210,183 
Kyokuyo Co., Ltd.................     167,000         164,200 
Kyoritsu Maintenance Co., Ltd....       3,000          69,741 
Kyosan Electric Manufacturing                                 
  Co., Ltd.......................      94,000         164,787 
Kyowa Electronic Instruments Co.,                             
  Ltd............................      30,000          54,878 
Kyowa Leather Cloth Co., Ltd.....      32,000         123,171 
#Kyudenko Corp...................     122,000         409,146 
#*Kyushu Bank, Ltd...............     192,000         343,902 
#Laox Co., Ltd...................      21,000          34,413 
#Life Corp.......................      83,000         575,686 
*Lonseal Corp....................      18,000           7,957 
#MR Max Corp.....................      56,300         118,865 
Maeda Road Construction Co.,                                  
  Ltd............................      88,000         279,024 
Maezawa Industries, Inc..........      27,700         148,845 
Maezawa Kaisei Industries Co.,                                
  Ltd............................      20,600         203,959 
Maezawa Kyuso Industries Co.,                                 
  Ltd............................      10,000          49,543 
Magara Construction Co., Ltd.....      61,000          47,424 

                                      SHARES            VALUE+
                                      ------            ------
                                                              

#Makino Milling Machine Co.,                                  
  Ltd............................      82,000    $    218,750 
*Mamiya-Op Co., Ltd..............      26,000          25,168 
#Mars Engineering Corp...........       7,000         149,657 
Marubun Corp.....................      37,800         231,928 
*Marudai Food Co., Ltd...........     232,000         183,902 
*Maruei Department Store Co.,                                 
  Ltd............................      72,000          86,159 
Maruetsu, Inc....................     189,000         445,130 
Maruha Corp......................     434,000         396,951 
#Marusan Securities Co., Ltd.....     117,000         303,201 
Maruwa Co., Ltd..................      13,000         198,072 
*Maruwn Corp.....................      44,000          63,049 
Maruyama Manufacturing Co.,                                   
  Inc............................      73,000          55,640 
#*Maruzen Co., Ltd...............     179,000         257,858 
Maruzen Co., Ltd.................       5,000          13,720 
Maruzen Showa Unyu Co., Ltd......     175,000         292,111 
#Maspro Denkoh Corp..............      27,000         223,902 
Matsuda Sangyo Co., Ltd..........      19,000         136,128 
Matsui Construction Co., Ltd.....      40,000          82,012 
Matsuo Bridge Co., Ltd...........      37,000          53,300 
Matsuya Co., Ltd.................      74,000         235,762 
Matsuya Foods Co., Ltd...........      16,000         268,293 
Matsuzakaya Co., Ltd.............     123,000         285,000 
Meiden Engineering Co., Ltd......      31,000         122,630 
*Meidensha Corp..................     296,000         489,573 
Meiji Shipping Co., Ltd..........      47,000          51,944 
Meiko National Securities Co.,                                
  Ltd............................      99,000         222,599 
*Meisei Industrial Co., Ltd......      29,000          43,102 
Meito Sangyo Co., Ltd............      38,000         506,570 
Meito Transportation Co., Ltd....       5,000          48,552 
*Meiwa Estate Co., Ltd...........      22,000         174,390 
*Meiwa Trading Co., Ltd..........      55,000          54,916 
Melco, Inc.......................      10,000          91,463 
*Mercian Corp....................     212,000         345,793 
Milbon Co., Ltd..................       8,000         165,854 
#Mimasu Semiconductor Industry                                
  Co., Ltd.......................      30,000         301,601 
Miroku Jyoho Service Co., Ltd....       3,000          13,262 
#Misawa Homes Co., Ltd...........     190,000         366,387 
Misawa Resort Co., Ltd...........      40,000          62,500 
*Misawavan Corp..................      43,000          75,381 
Mito Securities Co., Ltd.........      35,000          62,691 
Mitsuba Corp.....................      67,000         219,588 
#Mitsubishi Cable Industries,                                 
  Ltd............................     270,000         263,415 
*Mitsubishi Kakoki Kaisha,                                    
  Ltd............................     117,000         115,930 
Mitsubishi Pencil Co., Ltd.......      61,000         355,678 
Mitsubishi Plastics, Inc.........     310,000         373,323 
*Mitsubishi Shindoh Co., Ltd.....      82,000          67,500 
Mitsubishi Steel Manufacturing                                
  Co., Ltd.......................     253,000         146,555 
Mitsuboshi Belting, Ltd..........     153,000         339,352 
#*Mitsui Construction Co.,                                    
  Ltd............................     157,000          50,259 
*Mitsui High-Tec, Inc............      38,000         260,671 
Mitsui Home Co., Ltd.............      97,000         282,424 
Mitsui Matsushima Co., Ltd.......      90,000          59,680 
*Mitsui Mining Co., Ltd..........     225,000         111,471 
Mitsui Sugar Co., Ltd............     116,000         175,945 
Mitsui-Soko Co., Ltd.............     204,000         402,713 
Mitsumura Printing Co., Ltd......      23,000          55,221 
Mitsuuroko Co., Ltd..............      76,000         403,171 
Miura Co., Ltd...................      31,000         413,491 
Miura Printing Corp..............      16,000          53,659 
Miyaji Iron Works Co. Ltd........      90,000         119,360 

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                                      SHARES            VALUE+
                                      ------            ------
                                                              
Miyoshi Oil & Fat Co., Ltd.......     120,000    $    193,902 
Miyuki Keori Co., Ltd............      50,000         136,433 
Mizuno Corp......................     120,000         305,488 
Mkc-Stat Corp....................      41,000         311,250 
Morinaga & Co., Ltd..............     220,000         357,165 
Morishita Jinton Co., Ltd........       8,800          99,268 
Morita Corp......................      72,000         192,073 
Moritex Corp.....................       4,000          37,957 
Morozoff, Ltd., Osaka............      50,000          76,219 
Mory Industries, Inc.............      66,000          81,997 
#Mos Food Services, Inc..........      47,000         300,556 
*Mutoh Industries, Ltd...........      61,000          95,312 
Mutow Co., Ltd...................      38,000         130,046 
Mycal Hokkaido Corp..............      26,000         158,537 
Myojo Foods Co., Ltd.............      25,000          37,919 
NAC Co., Ltd.....................      13,000          70,846 
NOF Corp.........................      54,000         105,777 
*Nabco, Ltd......................     120,000         115,244 
Nachi-Fujikoshi Corp.............     433,000         448,841 
Nagano Bank, Ltd.................     122,000         395,198 
Nagano Japan Radio Co., Ltd......       6,000          12,759 
Nagatanien Co., Ltd..............      56,000         334,634 
Naigai Clothes Co., Ltd..........      30,000          59,451 
*Naigai Co., Ltd.................     109,000          65,633 
Nakabayashi Co., Ltd.............      92,000         140,945 
Nakamuraya Co., Ltd..............      85,000         158,079 
#*Nakano Corp....................      66,000          21,631 
Nakayama Steel Works, Ltd........     206,000         144,451 
Nemic-Lambda KK..................       7,484          57,043 
Neturen Co., Ltd., Tokyo.........      67,000         148,094 
Nichia Steel Works, Ltd..........      64,900         148,399 
#Nichias Corp....................     237,000         411,860 
Nichiban Co., Ltd................      58,000         130,412 
*Nichiboshin, Ltd................       1,190             907 
Nichiha Corp.....................      52,980         461,960 
#*Nichimen Corp..................     190,000         105,716 
Nichimen Infinity, Inc...........      15,000         154,344 
Nichimo Co., Ltd.................      54,000          55,152 
*Nichimo Corp....................      85,000          27,858 
Nichireki Co., Ltd...............      44,000         140,183 
Nichiro Corp.....................     289,000         321,601 
Nidec Tosok Corp.................       3,000          16,075 
Nihon Dempa Kogyo Co., Ltd.......      18,000         298,399 
*Nihon Inter Electronics Corp....      11,000           8,720 
*Nihon Kentetsu Co., Ltd.........      27,000          34,985 
Nihon Kohden Corp................      85,000         213,148 
Nihon Matai Co., Ltd.............      50,000          75,457 
Nihon Nohyaku Co., Ltd...........     103,000         125,610 
Nihon Nosan Kogyo KK.............     201,000         214,482 
Nihon Parkerizing Co., Ltd.......      92,000         215,976 
*Nihon Shokuh Kako Co., Ltd......       4,000           7,622 
*Nihon Spindle Manufacturing Co.,                             
  Ltd............................      56,000          59,329 
Nihon Tokushu Toryo Co., Ltd.....      35,000          55,221 
*Niigata Engineering Co., Ltd....     142,000           1,082 
*Nikken Chemicals Co., Ltd.......     130,000         287,348 
Nikkiso Co., Ltd.................     107,000         437,134 
Nikko Co., Ltd., Akashi..........      65,000         146,151 
*Nippei Toyama Corp..............      34,000          48,201 
Nippon Beet Sugar Manufacturing                               
  Co., Ltd.......................     265,000         294,893 
*Nippon Carbide Industries Co.,                               
  Inc., Tokyo....................     101,000          50,808 

                                      SHARES            VALUE+
                                      ------            ------
                                                              

*Nippon Carbon Co., Ltd..........     177,000    $    116,021 
#Nippon Ceramic Co., Ltd.........      20,000         208,841 
#Nippon Chemical Industrial Co.,                              
  Ltd............................     131,000         140,785 
Nippon Chemi-Con Corp............     113,000         352,264 
*Nippon Chemiphar Co., Ltd.......      49,000          88,887 
Nippon Chutetsukan KK............      44,000          44,604 
#*Nippon Columbia Co., Ltd.......      99,000          73,948 
*Nippon Concrete Industries Co.,                              
  Ltd............................      65,000          50,534 
Nippon Conlux Co., Ltd...........      63,000         230,488 
*Nippon Conveyor Co., Ltd........      43,000          16,059 
Nippon Denko Co., Ltd............     159,000         201,174 
Nippon Densetsu Kogyo Co.,                                    
  Ltd............................     118,000         383,140 
Nippon Denwa Shisetu Co., Ltd....      90,000         255,869 
Nippon Felt Co., Ltd.............      28,000          74,695 
Nippon Fine Chemical Co., Ltd....      40,000         113,719 
Nippon Flour Mills Co., Ltd......     147,000         302,515 
Nippon Formula Feed Manufacturing                             
  Co., Ltd.......................     100,000          89,939 
Nippon Gas Co., Ltd..............      62,000         363,872 
*Nippon Hume Pipe Co., Ltd.......      43,000          36,052 
*Nippon Kasei Chemical Co.,                                   
  Ltd............................     154,000         152,591 
*Nippon Kinzoku Co., Ltd.........      93,000          43,948 
Nippon Koei Co., Ltd., Tokyo.....     146,000         285,991 
Nippon Kokan Koji Corp...........      14,000          38,948 
#Nippon Konpo Unyu Soko Co.,                                  
  Ltd............................      59,000         373,697 
*Nippon Koshuha Steel Co.,                                    
  Ltd............................     151,000          52,942 
*Nippon Lace Co., Ltd............      26,000           8,125 
#*Nippon Light Metal Co., Ltd....     243,000         127,797 
*Nippon Metal Industry Co.,                                   
  Ltd............................     282,000         148,308 
Nippon Pipe Manufacturing Co.,                                
  Ltd............................      35,000          76,296 
*Nippon Piston Ring Co., Ltd.....     133,000          71,974 
Nippon Road Co., Ltd.............     147,000         151,258 
Nippon Seiki Co., Ltd............      38,000         107,165 
#Nippon Seisen Co., Ltd..........      39,000          50,831 
#Nippon Sharyo, Ltd..............     215,000         304,802 
Nippon Shinyaku Co., Ltd.........      59,000         283,308 
Nippon Signal Co., Ltd...........     109,000         272,500 
Nippon Soda Co., Ltd.............     129,000         280,221 
*Nippon Steel Chemical Co.,                                   
  Ltd............................     241,000         227,774 
Nippon Suisan Kaisha, Ltd........     246,000         341,250 
Nippon Synthetic Chemical                                     
  Industry Co., Ltd..............     152,000         125,122 
Nippon Systemware Co., Ltd.......       6,000         209,909 
Nippon Thompson Co., Ltd.........      54,000         254,360 
*Nippon Tungsten Co., Ltd........       3,000           3,887 
Nippon Typewriter Co., Ltd.......      11,000          24,482 
*Nippon Valqua Industries,                                    
  Ltd............................     119,000          97,957 
*Nippon Yakin Kogyo Co., Ltd.....     243,000          68,529 
Nippon Yusoki Co., Ltd...........      49,000          88,514 
Nishimatsuya Chain Co., Ltd......      17,000         312,271 
*Nissan Construction Co., Ltd....     128,000          28,293 
#*Nissan Diesel Motor Co.,                                    
  Ltd............................     284,000         199,146 
Nissan Shatai Co., Ltd...........     251,000         359,665 
*Nisseki House Industry Co.,                                  
  Ltd............................     260,000          55,488 
Nissha Printing Co., Ltd.........      81,000         370,427 
#Nisshin Fire & Marine Insurance                              
  Co., Ltd.......................     133,000         243,293 
#Nisshin Oil Mills, Ltd..........     122,000         325,457 
Nissin Corp......................     150,000         227,515 
Nissin Electric Co., Ltd.........     187,000         242,302 
Nissin Kogyo Co., Ltd............       6,000         148,628 
Nissin Sugar Manufacturing Co.,                               
  Ltd............................      48,000          51,951 

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CONTINUED                                                                       

                                                                [Download Table]

                                      SHARES            VALUE+
                                      ------            ------
                                                              
Nissui Pharmaceutical Co.,                                    
  Ltd............................      13,000    $     57,469 
Nitsuko Corp.....................      75,000         244,093 
Nitta Corp.......................      42,000         293,232 
Nittetsu Mining Co., Ltd.........     147,000         253,216 
#Nitto Boseki Co., Ltd...........     364,000         313,506 
#Nitto Construction Co., Ltd.....      19,000          39,825 
Nitto Electric Works, Ltd........      67,000         418,750 
Nitto Flour Milling Co., Ltd.....      54,000          94,665 
*Nitto Kohki Co., Ltd............      21,000         292,111 
Nitto Seiko Co., Ltd.............      56,000          72,134 
*Nitto Seimo Co., Ltd............      32,000          10,488 
#Nittoc Construction Co., Ltd....      61,000         124,139 
Noda Corp........................       1,300           4,261 
Nohmi Bosai, Ltd.................      59,000         257,675 
Nomura Co., Ltd..................       6,000          14,543 
O-M, Ltd.........................      46,000          30,503 
*OKK Corp........................     101,000          47,729 
OSG Corp.........................      87,000         285,137 
Obayashi Road Corp...............      65,000          97,104 
*Odakyu Construction Co., Ltd....      29,000          51,944 
Odakyu Real Estate Co., Ltd......      58,000         118,918 
Ohki Corp........................      73,000          90,137 
*Ohkura Electric Co., Ltd........      34,000             518 
*Ohtsu Tire & Rubber Co., Ltd....     126,000         121,006 
Oiles Corp.......................      30,000         364,710 
Okabe Co., Ltd...................      39,000          86,799 
Okamoto Industries, Inc..........     212,000         373,262 
Oki Electric Cable Co., Ltd......      56,000          82,805 
Okinawa Electric Power Co.,                                   
  Ltd............................      10,000         162,348 
Okuma and Howa Machinery, Ltd....      69,000          46,806 
Okuma Corp.......................     113,000         159,337 
*Okura and Co., Ltd..............     128,000               0 
#Okura Industrial Co., Ltd.......      96,000         256,098 
Olympic Corp.....................      20,000         258,384 
*Ono Sokki Co., Ltd..............      43,000          61,616 
#*Optec Dai-Ichi Denko Co.,                                   
  Ltd............................     192,333          63,036 
Organo Corp......................     101,000         333,331 
*Orient Watch Co., Ltd...........      12,000           8,232 
Oriental Construction Co.,                                    
  Ltd............................      39,000         121,280 
Oriental Yeast Co., Ltd..........      16,000          69,512 
Origin Electric Co., Ltd.........      54,000         141,585 
#Osaka Oxygen Industries, Ltd....     190,000         201,296 
Osaka Securities Finance Co.,                                 
  Ltd............................      54,000          77,378 
Osaka Steel Co., Ltd.............      62,000         259,909 
Osaki Electric Co., Ltd..........      56,000         224,085 
#Oyo Corp........................      47,000         433,102 
P.S.C. Corp......................      35,000         108,041 
PCA Corp.........................       3,000          21,723 
Pacific Industrial Co., Ltd......      78,000         180,732 
#*Pacific Metals Co., Ltd........     299,000         125,343 
#Parco Co., Ltd..................      82,000         321,875 
*Pasco Corp......................     111,500         237,107 
#Penta-Ocean Construction Co.,                                
  Ltd............................     242,000         234,253 
Pigeon Corp......................      37,000         212,919 
Pilot Corp.......................      32,000         139,024 
*Pocket Card Co., Ltd............      26,000         237,409 
*Pokka Corp......................      48,000          93,293 
Poplar Co., Ltd..................       3,000          31,555 
*Press Kogyo Co., Ltd............     143,000          57,767 
*Prima Meat Packers, Ltd.........     230,000          77,134 
Pulstec Industrial Co., Ltd......       7,200          18,384 
Q'Sai Co., Ltd...................      28,000         119,299 

                                      SHARES            VALUE+
                                      ------            ------
                                                              

#RIGHT ON Co., Ltd...............      14,000    $     99,238 
Raito Kogyo Co., Ltd.............      84,900         260,783 
Rasa Industries, Ltd.............     119,000         130,610 
Renown Look, Inc.................      50,000          55,259 
#*Renown, Inc....................     402,000         171,585 
Rheon Automatic Machinery Co.,                                
  Ltd............................      40,000         112,195 
Rhythm Watch Co., Ltd............     344,000         254,329 
Ricoh Elemex Corp................      11,000          40,244 
#Ricoh Leasing Co., Ltd..........       4,000          59,390 
Riken Corp.......................     193,000         389,825 
Riken Keiki Co., Ltd.............      33,000         108,910 
Riken Vinyl Industry Co., Ltd....     123,000         301,875 
Riken Vitamin Co., Ltd...........      16,000         199,878 
#Ringer Hut Co., Ltd.............      26,000         210,061 
Rock Field Co., Ltd..............      11,000         241,044 
Rohto Pharmaceutical Co., Ltd....      32,000         179,268 
Roland Corp......................      15,400         145,549 
#Royal Co., Ltd..................      62,000         463,110 
*Ryobi, Ltd......................     238,000         232,195 
Ryoden Trading Co., Ltd..........      80,000         178,659 
Ryoyo Electro Corp...............      45,000         347,104 
*S Foods, Inc....................      28,000         132,530 
S.T. Chemical Co., Ltd...........      48,000         216,951 
SMK Corp.........................     127,000         306,852 
SPC Electronic Corp..............      29,000         179,924 
#SRL, Inc........................      23,000         210,366 
#SXL Corp........................     148,000         125,213 
Saeki Kensetsu Kogyo Co., Ltd....      71,000          58,986 
#Sagami Chain Co., Ltd...........      37,000         277,782 
Sagami Co., Ltd..................      60,000         149,085 
*Sailor Pen Co., Ltd.............      16,000          23,171 
Sakai Chemical Industry Co.,                                  
  Ltd............................      92,000         255,945 
Sakai Heavy Industries, Ltd......      60,000          73,171 
*Sakai Ovex Co., Ltd.............      85,000          38,872 
Sakata Inx Corp..................      92,000         188,628 
*Sakurada Co., Ltd...............      38,000          15,640 
San-Ai Oil Co., Ltd..............     118,000         288,704 
Sankei Building Co., Ltd.........      97,000         255,069 
Sanki Engineering Co., Ltd.......      76,000         370,732 
Sanko Co., Ltd...................       2,000           7,637 
*Sanko Metal Industrial Co.,                                  
  Ltd., Tokyo....................      54,000          28,811 
*Sankyo Aluminum Industry Co.,                                
  Ltd............................     359,000         169,649 
Sankyo Seiki Manufacturing Co.,                               
  Ltd............................      76,000         212,012 
Sankyo Seiko Co., Ltd............      86,000         160,594 
*Sankyu, Inc., Tokyo.............     415,000         291,006 
Sanoh Industrial Co., Ltd........      53,000         142,195 
Sanshin Electronics Co., Ltd.....      51,000         200,968 
*Sanwa Electric Co., Ltd.........      17,000          22,546 
Sanyo Denki Co., Ltd.............      36,000          69,146 
Sanyo Engineering & Construction,                             
  Inc............................       9,000          20,716 
#Sanyo Industries, Ltd., Tokyo...      48,000         110,122 
Sanyo Shokai, Ltd................     200,000         836,890 
Sanyo Special Steel Co., Ltd.....     339,000         286,806 
Sasebo Heavy Industries Co.,                                  
  Ltd., Tokyo....................     257,000         162,584 
*Sata Construction Co., Ltd.,                                 
  Gumma..........................      61,000          31,151 
Sato Shoji Corp..................      31,000          94,512 
Satori Electric Co., Ltd.........       2,400          11,890 
Sawafugji Electric Co., Ltd......      31,000          31,189 
*Secom Techno Service Co.,                                    
  Ltd............................       3,000          70,655 

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                                      SHARES            VALUE+
                                      ------            ------
                                                              
Seika Corp.......................     145,000    $    140,358 
*Seikitokyu Kogyo Co., Ltd.......      86,000          47,851 
*Seiko Corp......................     102,407         212,307 
Seirei Industry Co., Ltd.........      12,000          11,159 
Seiren Co., Ltd..................      81,000         167,309 
#*Seiyo Food Systems, Inc........     137,000         456,319 
Sekisui Jushi Co., Ltd...........      85,000         233,232 
Sekisui Plastics Co., Ltd........     150,000         222,942 
*Sekiwa Real Eastate, Ltd........       7,000          27,210 
Senko Co., Ltd...................     205,000         389,062 
Senshukai Co., Ltd...............      70,000         154,192 
Shaddy Co., Ltd..................      27,000         266,913 
#Shibaura Engineering Works Co.,                              
  Ltd............................      71,000         155,312 
Shibusawa Warehouse Co., Ltd.....     119,000         211,334 
Shibuya Kogyo Co., Ltd...........      54,000         349,436 
*Shikibo, Ltd....................     155,000          55,526 
#Shikoku Chemicals Corp..........      89,000         293,727 
Shikoku Coca-Cola Bottling Co.,                               
  Ltd............................      31,000         252,584 
Shimizu Bank, Ltd................      12,600         525,320 
#*Shimura Kako Co., Ltd..........      55,000          49,886 
Shin Nippon Air Technologies Co.,                             
  Ltd............................      37,180         112,503 
Shinagawa Fuel Co., Ltd..........     160,000         648,780 
Shinagawa Refractories Co.,                                   
  Ltd............................     116,000         139,695 
Shindengen Electric Manufacturing                             
  Co., Ltd.......................      68,000         177,774 
Shin-Etsu Polymer Co., Ltd.......      68,000         188,659 
#Shinkawa, Ltd...................      17,000         233,620 
#Shinki Co., Ltd.................      39,000         229,482 
*Shinko Electric Co., Ltd........     257,000         213,514 
Shinko Shoji Co., Ltd............      41,000         137,500 
Shin-Kobe Electric Machinery Co.,                             
  Ltd............................      71,000         227,828 
*Shinmaywa Industries, Ltd.......     168,000         238,171 
*Shinsho Corp....................     110,000          93,902 
*Shinwa Kaiun Kaisha, Ltd........     238,000         105,213 
Shinyei Kaisha...................      54,000          52,271 
Shiroki Co., Ltd.................     132,000         190,152 
#Sho-Bond Corp...................      24,100         211,242 
Shobunsha Publications, Inc......      25,000         251,524 
#*Shochiku Co., Ltd..............      99,000         441,425 
Shoei Co., Ltd...................       6,000          53,963 
Shoko Co., Ltd...................     156,000         143,872 
Shokusan Bank, Ltd...............      28,000          84,726 
#*Shokusan Jutaku Sogo Co.,                                   
  Ltd............................     207,000          47,332 
*Showa Aircraft Industry Co.,                                 
  Ltd............................      22,000          40,412 
#Showa Corp......................     117,000         818,643 
Showa Electric Wire & Cable Co.,                              
  Ltd., Kawasaki.................     313,000         248,110 
Showa Highpolymer Co., Ltd.......      79,000         155,953 
Showa Mining Co., Ltd............       8,000           7,622 
Showa Sangyo Co., Ltd............     282,000         505,107 
Showa Tansan Co., Ltd............       9,000          20,579 
#*Silver Seiko, Ltd..............      87,000          29,840 
Sintokogio, Ltd., Nagoya.........     108,000         237,896 
*Snow Brand Food Co., Ltd........       7,000           5,069 
Snow Brand Seed Co., Ltd.........       4,000          10,976 
Soda Nikka Co., Ltd..............      35,000          46,684 
#Sodick Co., Ltd.................      24,000          38,780 
*Sokkisha Co., Ltd...............      40,000         118,598 
Sonton Food Industry Co., Ltd....      10,000          61,052 
Sotetsu Rosen Co., Ltd...........      42,000         172,866 

                                      SHARES            VALUE+
                                      ------            ------
                                                              

Sotoh Co., Ltd...................       5,000    $     18,521 
Star Micronics Co., Ltd..........      39,000         227,698 
*Stella Chemifa Corp.............       2,500          35,252 
Subaru Enterprise Co., Ltd.......      36,000          95,762 
Sumida Corp......................       5,000          71,075 
Suminoe Textile Co., Ltd.........     142,000         147,195 
*Sumitomo Coal Mining Co.,                                    
  Ltd............................     181,000          48,285 
#*Sumitomo Construction Co.,                                  
  Ltd............................     428,000         140,274 
Sumitomo Densetsu Co., Ltd.......      50,700         192,830 
*Sumitomo Heavy Industries,                                   
  Ltd............................     412,000         219,817 
*Sumitomo Light Metal Industries,                             
  Ltd............................     493,000         232,973 
#Sumitomo Precision Products Co.,                             
  Ltd., Amagasaki City...........      78,000         306,768 
Sumitomo Seika Chemicals Co.,                                 
  Ltd............................     102,000         169,482 
*Sumitomo Special Metals Co.,                                 
  Ltd............................      50,000         204,268 
#Sumitomo Warehouse Co., Ltd.....     203,000         535,351 
*Sun Wave Corp...................      88,000         107,988 
Sun-S, Inc.......................      38,300         218,941 
SunTelephone Co., Ltd............      65,000         141,197 
#Suruga Corp.....................       5,000         106,707 
#*Suzutan Co., Ltd...............      62,000          94,040 
T.Hasegawa Co., Ltd..............      18,000         201,677 
TOC Co., Ltd.....................      10,000          48,780 
TYK Corp.........................      67,000         109,284 
Tabai Espec Corp.................      34,000         129,573 
Tachihi Enterprise Co., Ltd......       8,000         151,219 
Tachikawa Corp...................      14,000          59,223 
Tachi-S Co., Ltd.................      16,000          72,439 
#Tadano, Ltd.....................     206,000         314,024 
Taihei Dengyo Kaisha, Ltd........      66,000         158,460 
Taihei Kogyo Co., Ltd............     114,000          99,055 
Taiheiyo Kouhatsu, Inc...........      90,000          49,390 
Taiho Kogyo Co., Ltd.............      30,000         210,137 
Taikisha, Ltd....................      97,000         559,672 
Taisei Fire & Marine Insurance                                
  Co., Ltd.......................     118,000             899 
*Taisei Prefab Construction Co.,                              
  Ltd............................     134,000          73,537 
Taisei Rotec Corp................     127,000         123,902 
#Taito Co., Ltd..................      70,000         140,320 
Taiyo Toyo Sanso Co., Ltd........     232,000         390,793 
Takada Kiko Co., Ltd.............      31,000          99,238 
Takagi Securities Co., Ltd.......      34,000          40,945 
Takamatsu Corp...................      12,500         100,038 
Takano Co., Ltd..................       7,000          45,884 
*Takaoka Electric Manufacturing                               
  Co., Ltd., Tokyo...............     156,000         164,085 
#*Taka-Q Co., Ltd................      69,500          36,021 
#Takara Co., Ltd.................     108,000         864,329 
Takara Printing Co., Ltd.........       6,000          32,012 
*Takarabune Corp.................      52,000          35,671 
Takasago Electric Industry Co.,                               
  Ltd............................      22,000         192,835 
#Takasago International Corp.....      91,000         328,765 
*Takasaki Paper Manufacturing                                 
  Co., Ltd.......................     157,000          65,816 
Takashima & Co., Ltd.............      60,000          44,817 
Takigami Steel Construction Co.,                              
  Ltd............................      18,000          45,960 
Takiron Co., Ltd.................     140,000         298,780 
Tamura Corp......................     112,000         205,732 
*Tamura Electric Works, Ltd......      74,000          70,503 
*Tanseisha Co., Ltd..............      26,000          69,558 
Tasaki Shinju Co., Ltd...........      53,000         155,122 
*Tateho Chemical Industries Co.,                              
  Ltd............................      26,500          38,377 

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                                      SHARES            VALUE+
                                      ------            ------
                                                              
*Tatsuta Electric Wire & Cable                                
  Co., Ltd.......................     106,000    $     88,064 
Tayca Corp.......................      74,000         111,113 
Teac Corp........................     109,000         108,003 
Techno Ryowa, Ltd................       3,400          11,713 
Tecmo, Ltd.......................      22,000         199,040 
Teijin Seiki Co., Ltd............     138,000         235,610 
Teikoku Hormone Manufacturing                                 
  Co., Ltd.......................      33,000         178,079 
*Teikoku Piston Ring Co., Ltd....      42,000          88,674 
#Teikoku Sen-I Co., Ltd..........      39,000          82,043 
Teikoku Tsushin Kogyo Co.,                                    
  Ltd............................      73,000         178,605 
Teisan KK........................      39,000         157,248 
Tekken Corp......................     274,000         169,162 
Ten Allied Co., Ltd..............      37,000         117,881 
Tenma Corp.......................      50,000         466,844 
Teraoka Seisakusho Co., Ltd......      13,000          41,616 
Tetra Co., Ltd., Tokyo...........      41,000          56,250 
The Daito Bank, Ltd..............     114,000         277,180 
Tigers Polymer Corp..............       4,000          11,280 
*Titan Kogyo KK..................      36,000          26,616 
Toa Corp.........................     293,000         245,655 
Toa Doro Kogyo Co., Ltd..........      85,000         150,953 
*Toa Oil Co., Ltd................      67,000          57,195 
*Toa Wool Spinning & Weaving Co.,                             
  Ltd............................      73,000          25,038 
*Tobu Store Co., Ltd.............      71,000         104,444 
Tochigi Bank, Ltd................      60,000         294,969 
Tochigi Fuji Industrial Co.,                                  
  Ltd............................      51,000          71,136 
Toda Kogyo Corp..................      88,000         258,902 
Todentu Corp.....................      57,000         112,957 
Toenec Corp......................      80,000         271,951 
Tohcello Co., Ltd................       8,000          15,549 
Toho Co., Ltd....................      35,000         237,691 
Toho Real Estate Co., Ltd........      98,000         332,393 
Toho Titanium Co., Ltd...........      20,000          92,988 
#Toho Zinc Co., Ltd..............     205,000         237,500 
Tohoku Bank, Ltd.................      44,000          71,433 
Tohoku Misawa Homes Co. Ltd......      24,000          99,512 
*Tohpe Corp......................      36,000          21,128 
Tohto Suisan Co., Ltd............      54,000          71,616 
Tokai Carbon Co., Ltd............     186,000         300,549 
#Tokai Corp......................     108,000         353,963 
*Tokai Kanko Co., Ltd............     333,000          68,529 
Tokai Pulp Co., Ltd..............      88,000         279,695 
*Tokai Senko KK, Nagoya..........      47,000          23,643 
Tokai Tokyo Securities Co.,                                   
  Ltd............................     366,250         496,894 
Tokico, Ltd......................     189,000         272,264 
*Tokimec, Inc....................     119,000          66,212 
#Tokin Corp......................      56,000         200,610 
Toko Electric Corp...............      39,000          81,745 
Toko, Inc........................      81,000         161,136 
Tokushima Bank, Ltd..............      61,200         321,860 
Tokushu Paper Manufacturing Co.,                              
  Ltd............................     119,000         393,643 
Tokyo Biso Kogyo Corp............       5,000          24,771 
Tokyo Denki Komusho Co., Ltd.....      57,000         168,567 
Tokyo Denpa Co., Ltd.............      11,000         116,875 
*Tokyo Dome Corp.................     113,000         248,910 
Tokyo Kikai Seisakusho, Ltd......     132,000         372,256 
Tokyo Leasing Co., Ltd...........      29,000         130,412 
Tokyo Nissan Auto Sales Co.,                                  
  Ltd............................      63,000          60,023 

                                      SHARES            VALUE+
                                      ------            ------
                                                              

Tokyo Rakutenchi Co., Ltd........      92,000    $    262,957 
Tokyo Rope Manufacturing Co.,                                 
  Ltd............................     286,000         150,412 
Tokyo Sangyo Co., Ltd............      36,500          75,949 
Tokyo Steel Manufacturing Co.,                                
  Ltd............................      77,400         221,227 
#Tokyo Tatemono Co., Ltd.........     244,000         329,177 
*Tokyo Tekko Co., Ltd............      67,000          78,643 
Tokyo Theatres Co., Inc.,                                     
  Tokyo..........................     116,000          90,183 
*Tokyo Tomin Bank, Ltd...........       4,300          36,380 
Tokyo Tungsten Corp..............      18,000         193,445 
Tokyotokeiba Co., Ltd............     422,000         353,811 
*Tokyu Car Corp..................     213,000          90,915 
Tokyu Community Corp.............      19,000         231,562 
#*Tokyu Construction Co., Ltd....     356,000         160,091 
#*Tokyu Department Store Co.,                                 
  Ltd............................     406,000         309,451 
Tokyu Recreation Corp............      18,000          84,924 
Tokyu Store Chain Corp...........     175,000         449,505 
*Tokyu Tourist Corp..............      38,000          33,598 
Toli Corp........................     101,000         134,718 
Tomato Bank, Ltd.................     128,000         313,171 
Tomen Electronics Corp...........      10,000         275,915 
Tomoe Corp.......................      56,000          89,207 
*Tomoegawa Paper Co., Ltd........      55,000         129,954 
Tomoku Co., Ltd..................     185,000         303,163 
Tomy Co., Ltd....................      17,000         222,866 
Tonami Transportation Co.,                                    
  Ltd............................     173,000         316,463 
Topcon Corp......................      68,000         152,896 
Topre Corp.......................      85,000         261,090 
#Topy Industries, Ltd............     325,000         398,819 
Torigoe Co., Ltd.................      21,000          57,462 
Torishima Pump Manufacturing Co.,                             
  Ltd., Osaka....................      45,000         184,527 
Toshiba Ceramics Co., Ltd........     134,000         205,290 
Toshiba Chemical Corp............      27,000          29,840 
Toshiba Engineering &                                         
  Construction Co., Ltd..........     101,000         158,582 
*Toshiba Machine Co., Ltd........     294,000         445,930 
Toshiba Tungaloy Co., Ltd........     124,000         243,841 
Tosho Printing Co., Ltd..........      94,000         154,756 
Totenko Co., Ltd.................      35,000          51,486 
Totetsu Kogyo Co., Ltd...........      53,000          76,753 
Totoku Electric Co., Ltd.,                                    
  Tokyo..........................      62,000          44,421 
Tottori Bank, Ltd................     127,000         329,116 
#*Towa Corp......................      28,000         210,854 
#*Towa Real Estate Development                                
  Co., Ltd.......................     160,000          48,780 
Toyo Bussan Co., Ltd.............      11,000          48,628 
#Toyo Chemical Co., Ltd..........      52,000         113,750 
#Toyo Communication Equipment                                 
  Co., Ltd.......................      79,000         226,402 
*Toyo Construction Co., Ltd......     290,000         134,832 
*Toyo Electric Co., Ltd..........      67,000          40,854 
#*Toyo Engineering Corp..........     247,000         248,506 
*Toyo Kanetsu KK.................     206,000         131,890 
Toyo Kohan Co., Ltd..............     140,000         239,024 
#Toyo Radiator Co., Ltd..........     104,000         194,207 
Toyo Securities Co., Ltd.........     113,000         160,198 
#*Toyo Shutter Co., Ltd..........      77,000          23,476 
*Toyo Sugar Refining Co., Ltd....      60,000          29,268 
Toyo Tire & Rubber Co., Ltd......     307,000         407,149 
Toyo Umpanki Co., Ltd............     146,000         328,277 
Toyo Wharf & Warehouse Co.,                                   
  Ltd............................     118,000         134,009 
*Trusco Nakayama Corp............       7,700          74,007 

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                                       SHARES            VALUE+
                                       ------            ------
                                                               
 Tsubaki Nakashima Co., Ltd.......      47,000    $    346,410 
 Tsubakimoto Machinery &                                       
   Engineering Co., Ltd...........      44,000          49,634 
 *Tsudakoma Corp..................     101,000          64,665 
 *Tsugami Corp....................     124,000         128,537 
 *Tsukamoto Co., Ltd..............      44,000          30,183 
 Tsukishima Kikai Co., Ltd........      60,000         290,396 
 #*Tsumura & Co...................     124,000         430,030 
 Tsurumi Manufacturing Co.,                                    
   Ltd............................      42,000         174,787 
 Tsurumi Soda Co., Ltd............       7,000          17,607 
 Tsutsumi Jewelry Co., Ltd........      24,800         507,530 
 Tsutsunaka Plastic Industry Co.,                              
   Ltd............................      71,000         146,113 
 *Tsuzuki Denki Co., Ltd..........       5,000           7,698 
 U-Shin, Ltd......................      38,000         103,979 
 Ube Material Industries, Ltd.....      16,000          12,195 
 Uchida Yoko Co., Ltd.............      72,000         234,329 
 Ueki Corp........................      47,000          58,750 
 Unicafe, Inc.....................         200           2,378 
 #Uniden Corp.....................      76,000         196,951 
 Unimat Offisco Corp..............      27,700         250,609 
 Unisia Jecs Corp.................     215,000         257,279 
 *Unitika, Ltd....................     699,000         378,270 
 *Utoc Corp.......................      38,000          25,198 
 Wakachiku Construction Co.,                                   
   Ltd............................     194,000         124,207 
 Wakamoto Pharmaceutical Co.,                                  
   Ltd............................      48,000         128,415 
 Wakodo Co., Ltd..................       2,000          56,250 
 Warabeya Nichiyo Co., Ltd........       6,000          44,771 
 Xebio Co., Ltd...................      12,000         178,262 
 Yahagi Construction Co., Ltd.....      59,000         125,915 
 *Yaizu Suisankagaku Industry Co.,                             
   Ltd............................       9,000         111,128 
 Yamaichi Electronics Co., Ltd....      21,000         138,933 
 Yamamura Glass Co., Ltd..........     213,000         285,732 
 *Yamatane Corp...................     131,000          74,886 
 Yamatane Securities Co., Ltd.....     203,000         263,034 
 Yamato Corp......................      36,000         108,659 
 Yamato International, Inc........      43,000          39,002 
 Yamato Kogyo Co., Ltd............     130,000         469,665 
 Yamaura Corp.....................      19,000          44,169 
 Yamazen Co., Ltd.................     140,000         170,732 
 Yaoko Co., Ltd...................      29,000         352,332 
 Yasuda Warehouse Co., Ltd........      18,000          60,091 
 Yellow Hat, Ltd., Tokyo..........      44,000         263,262 
 Yodogawa Steel Works, Ltd........     104,000         205,305 
 Yokogawa Bridge Corp.............      70,400         233,415 
 *Yokohama Matsuzakaya, Ltd.......      27,000          13,582 
 Yokohama Reito Co., Ltd..........     111,000         533,003 
 Yokowo Co., Ltd..................      28,000         137,012 
 Yomeishu Seizo Co., Ltd..........      46,000         279,436 
 Yomiuri Land Co., Ltd............     157,000         471,479 

                                       SHARES            VALUE+
                                       ------            ------
                                                               

 Yondenko Corp....................      58,800    $    190,921 
 Yonekyu Corp.....................      41,500         218,255 
 Yonex Co., Ltd...................       8,000          23,780 
 Yorozu Corp......................      26,800          72,720 
 Yoshihara Oil Mill, Ltd..........      36,000          67,226 
 #Yoshimoto Kogyo Co., Ltd........      60,000         480,183 
 #Yuasa Corp......................     260,000         356,707 
 Yuasa Funashoku Co., Ltd.........      33,000          42,759 
 *Yuasa Trading Co., Ltd..........     174,000          84,878 
 *Yuken Kogyo Co., Ltd............      60,000          30,183 
 *Yuki Gosei Kogyo Co., Ltd.......      14,000          35,213 
 Yukiguni Maitake Co., Ltd........      12,000          55,793 
 *Yuraku Real Estate Co., Ltd.....      39,000          60,343 
 Yurtec Corp......................     119,000         336,501 
 *Yushin Precision Equipment Co.,                              
   Ltd............................      12,000         292,683 
 Yushiro Chemical Industry Co.,                                
   Ltd............................      10,000          42,226 
 #Zenchiku Co., Ltd...............     126,000         124,848 
 *Zenrin Co., Ltd.................      31,600         222,790 
 Zensho Co., Ltd..................       6,000          62,652 
                                                  ------------ 
TOTAL COMMON STOCKS                                            
  (Cost $409,037,596).............                 168,423,570 
                                                  ------------ 
INVESTMENT IN CURRENCY -- (1.0%)                               
 *Japanese Yen                                                 
   (Cost $1,806,662)..............                   1,809,082 
                                                  ------------ 
TOTAL -- JAPAN                                                 
  (Cost $410,844,258).............                 170,232,652 
                                                  ------------ 

                                                                [Download Table]
TEMPORARY CASH INVESTMENTS --                                 
  (5.1%)                                                      

                                        FACE                  
                                       AMOUNT                 
                                       ------                 
                                        (000)                 
                                                              
 Repurchase Agreement, PNC Capital                            
   Markets Inc. 1.76%, 01/04/02                               
   (Collateralized by U.S.                                    
   Treasury Notes 9.375%,                                     
   02/15/06, valued at $9,370,969)                            
   to be repurchased at $9,234,610                            
   (Cost $9,167,000)..............    $  9,167       9,167,000
                                                  ------------
TOTAL INVESTMENTS -- (100.0%)                                 
  (Cost $420,011,258)++...........                $179,399,652
                                                  ============

                                                                [Download Table]
                                                                
----------------------------------------------------------------
  +  See Note B to Financial Statements.                        
  #  Total or Partial Securities on Loan                        
  *  Non-Income Producing Securities                            
 ++  The cost for federal income tax purposes is $422,731,336.  

See accompanying Notes to Financial Statements. 

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SCHEDULE OF INVESTMENTS 

DECEMBER 31, 2001 
(UNAUDITED) 

                                                                [Download Table]

                                        SHARES             VALUE+
                                        ------             ------
                                                                 
AUSTRALIA -- (30.8%)                                             
COMMON STOCKS -- (30.7%)                                         
 *A.I. Engineering Corp., Ltd.....       129,195    $      9,920 
 A.P. Eagers, Ltd.................        22,492          44,442 
 ARB Corporation, Ltd.............        12,738          75,637 
 Abigroup, Ltd....................       129,710         162,673 
 *Access1, Ltd....................        14,403             656 
 Adelaide Bank, Ltd...............       116,153         416,202 
 Adelaide Brighton, Ltd...........       572,818         219,914 
 Adsteam Marine, Ltd..............       326,187         397,392 
 Adtrans Group, Ltd...............        29,000          27,017 
 *Agenix, Ltd.....................       149,379          25,998 
 *Allstate Explorations NL........        49,087           3,141 
 Altium...........................        44,500          59,681 
 Amalgamated Holdings, Ltd........       266,483         341,024 
 *Amity Oil NL....................        90,907          42,346 
 *An Feng Kingstream Steel,                                      
   Ltd............................       764,927           9,006 
 *Anaconda Nickel NL..............       500,170         158,739 
 *Anzoil NL.......................       123,126           1,324 
 Aquarius Platinum (Australia),                                  
   Ltd............................        44,452         201,377 
 *Ariadne Australia, Ltd..........       270,353          31,830 
 *Ashanti Goldfields Co., Ltd.....        16,421          54,217 
 Ashanti Goldfields Co., Ltd.                                    
   (Stapled Shares)...............        15,990          10,362 
 *Asia Pacific Specialty                                         
   Chemicals, Ltd.................        88,182          27,084 
 Atkins Carlyle, Ltd..............        76,226         124,861 
 *AuIron Energy, Ltd..............       260,290          75,946 
 *Auridiam Consolidated NL........        63,097           1,357 
 *Aurora Gold, Ltd................       226,812          15,674 
 *Ausdoc Group, Ltd...............       116,098         120,641 
 *Ausdrill, Ltd...................       103,961           4,789 
 *Aussie Online, Ltd..............        39,485           2,830 
 *Austal, Ltd.....................        35,300          23,310 
 *Austar United Communications,                                  
   Ltd............................       364,100          51,254 
 *Austpac Resources NL............       355,118          15,997 
 Australand Holdings, Ltd.........       445,600         421,980 
 *Australia Net.Com, Ltd..........        36,169           2,916 
 *Australian Magnesium Corp.,                                    
   Ltd............................        98,792          31,354 
 Australian Oil & Gas Corp.,                                     
   Ltd............................       101,094          77,106 
 Australian Pharmaceutical                                       
   Industries, Ltd................       287,700         497,774 
 Australian Pipeline Trust........       124,100         163,260 
 #Australian Provincial Newspaper                                
   Holdings, Ltd..................       614,929       1,082,827 
 *Australian Resources, Ltd.......       141,446          16,653 
 Australian Stock Exchange,                                      
   Ltd............................        22,300         128,991 
 Autron Corporation, Ltd..........       452,247          54,403 
 *Avatar Industries, Ltd..........        45,901          13,393 
 Bank of Queensland, Ltd..........       134,036         458,325 
 *Beach Petroleum NL..............       371,700           9,894 
 *Beaconsfield Gold NL............        89,078           9,348 
 Bendigo Bank, Ltd................       156,838         614,169 
 *Bendigo Mining NL...............       849,735          73,945 
 *Beyond International, Ltd.......        61,256          18,814 
 *Biota Holdings, Ltd.............        97,808          43,558 
 *Black Range Minerals NL.........       169,951           5,611 
 Blackmores, Ltd..................        27,894          97,095 

                                        SHARES             VALUE+
                                        ------             ------
                                                                 

 *Bligh Oil & Minerals NL Issue                                  
   00.............................        88,266    $      7,229 
 *Boulder Group NL................        78,500           4,621 
 Brandrill, Ltd...................        97,929          29,075 
 Brickworks, Ltd..................        57,178         182,930 
 *Bridgestone Australia, Ltd......        49,000          26,587 
 Bristile, Ltd....................        81,032         111,579 
 *Buderim Ginger, Ltd.............         7,889           2,383 
 *Burns, Philp & Co., Ltd.........       651,721         190,157 
 Burswood, Ltd....................       205,200          81,931 
 *CI Technologies Group, Ltd......       109,822         113,558 
 Caltex Australia, Ltd............       407,700         298,437 
 Campbell Brothers, Ltd...........        77,911         218,951 
 *Cape Range Wireless, Ltd. Rights                               
   10/24/01.......................       103,319             899 
 *Cape Range, Ltd.................       516,594          11,900 
 Casinos Austria International,                                  
   Ltd............................       258,299          79,332 
 Cedar Woods Properties, Ltd......        50,913          10,946 
 *Centamin Egypt, Ltd.............       261,882          26,811 
 #*Centaur Mining & Exploration,                                 
   Ltd............................        62,058          15,248 
 Central Equity, Ltd..............       123,243         132,482 
 Central Norseman Gold Corp.,                                    
   Ltd............................       409,800          74,469 
 Centro Properties, Ltd...........       285,175         503,624 
 *Charter Pacific Corp., Ltd......        72,823          35,786 
 *Circadian Technologies, Ltd.....        40,370          55,795 
 *Cityview Energy Corp., Ltd......        52,581           4,979 
 *Clifford Corp., Ltd.............       161,750               0 
 *Climax Mining, Ltd..............       326,034           7,176 
 #Clough, Ltd.....................       429,098         213,061 
 Coates Hire, Ltd.................       273,026         176,096 
 Comet Resources NL...............        83,600           2,696 
 Consolidated Manufacturing                                      
   Industries, Ltd................        32,784          21,816 
 Consolidated Minerals, Ltd.......       123,800          31,686 
 Consolidated Paper Industries,                                  
   Ltd............................        68,585          28,437 
 *Coplex Resources NL.............       231,400          10,661 
 Corporate Express Australia,                                    
   Ltd............................       352,710         956,906 
 Coventry Group, Ltd..............        63,616         138,398 
 Crane (G.E) Holdings, Ltd........        98,940         397,067 
 *Croesus Mining NL...............        97,100          14,166 
 *Cudgen RZ, Ltd..................        36,650           3,565 
 *Dalrymple Resources NL..........        75,462          26,653 
 Danks Holdings, Ltd..............        10,425          44,292 
 *Davnet, Ltd.....................       402,200           8,029 
 *Denehurst, Ltd..................        95,000           3,550 
 *Devine, Ltd.....................        44,183           7,916 
 *Diamin Resources NL.............       212,131          10,859 
 *Dominion Mining, Ltd............       168,015          31,822 
 Downer Group, Ltd................       368,611         141,516 
 *Durban Roodepoort Deep, Ltd.....        18,619          24,399 
 E.R.G. Limited...................       142,503          40,120 
 *Easycall Communications                                        
   (Philippines), Ltd.............       177,300           7,261 
 *Ecorp, Ltd......................       254,988          49,730 
 *Emporer Mines, Ltd..............       120,600          20,989 
 Energy Developments, Ltd.........       163,532         560,858 
 *Energy Equity Corp., Ltd........       325,630          10,001 

                                                                              83

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THE PACIFIC RIM SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                       SHARES             VALUE+
                                       ------             ------
                                                                
Energy Resources of Australia,                                  
  Ltd. Series A..................       231,589    $    229,983 
Envestra, Ltd....................       300,200         142,912 
Environmental Solutions                                         
  International, Ltd.............        67,364          22,759 
Equigold NL......................        99,000          30,913 
Fleetwood Corp., Ltd.............        43,287          35,896 
Foodland Associates, Ltd.........       117,244         735,194 
*Forest Place Group, Ltd.........        85,192          16,135 
*Formulab Neuronetics Corp.,                                    
  Ltd............................         1,061             244 
Forrester Parker Group, Ltd......       142,602          74,456 
Freedom Furniture, Ltd...........       133,595         112,153 
Futuris Corp., Ltd...............       640,000         606,076 
GRD NL...........................       142,500          93,368 
GUD Holdings, Ltd................        83,979          83,826 
GWA International, Ltd...........       415,102         524,840 
Gazal Corp., Ltd.................        71,177          71,776 
*Geo2, Ltd.......................       164,199           5,043 
George Weston Foods, Ltd.........        77,119         198,961 
*Gold Fields, Ltd................       413,721         531,566 
*Golden West Refining Corp.,                                    
  Ltd............................        17,330           3,194 
Goldfields, Ltd..................       477,502         611,070 
*Goldstream Mining NL............        90,901          27,453 
Gowing Bros., Ltd................        53,962          55,797 
*Gowing Retail...................         3,615               0 
*Gradipore, Ltd..................        21,628          31,442 
Graincorp, Ltd. Series A.........        36,600         206,086 
Grand Hotel Group................       369,971         155,295 
*Greenfields Energy Corp.,                                      
  Ltd............................       193,687           9,221 
*Green's Foods, Ltd..............        66,082          12,347 
Gunns, Ltd.......................        83,239         187,480 
*Gutnick Resources NL............       146,152           5,312 
*Gympie Gold, Ltd................       205,364          85,150 
*HIH Insurance, Ltd..............       791,605          70,912 
*Hamilton Island, Ltd............        52,600          55,197 
Hancock and Gore, Ltd............        54,806          37,032 
*Haoma Mining NL.................        98,816           4,755 
*Hardman Resources NL............       337,382          94,986 
*Hartley Poynton, Ltd............        84,981          33,931 
Healthscope, Ltd.................        59,654          70,539 
*Helix Resources NL..............        25,000           4,863 
Henry Walker Group, Ltd..........       287,948         176,877 
*Herald Resources, Ltd...........        69,910          13,778 
Hills Industries, Ltd............       229,725         341,021 
Hills Motorway Group Hly.........       279,349         720,698 
Housewares International, Ltd....        87,100          43,694 
Iluka Resources, Ltd.............       293,919         669,519 
*Industrial & Commercial                                        
  Electronic Industries, Ltd.....        54,361           2,226 
Institute of Drug Technology                                    
  Australia, Ltd.................        44,372          95,624 
*Intellect Holdings, Ltd.........        75,070          34,969 
Iron Carbide Australia, Ltd......        92,740          93,046 
*Ixla, Ltd.......................        89,921           1,335 
*Jingellic Minerals NL...........         4,329               0 
*Johnson's Well Mining NL........       200,000           5,324 
Jones (David), Ltd...............       615,898         372,020 
Joyce Corp., Ltd.................        13,049           4,342 
*Jubilee Gold Mines NL...........       133,974          98,892 
Jupiters, Ltd....................       208,795         534,399 
KTS Corp., Ltd...................        43,000          71,536 
*Keycorp, Ltd....................        67,609          67,140 

                                       SHARES             VALUE+
                                       ------             ------
                                                                

Kidston Gold Mines, Ltd..........       246,300    $     30,259 
King Island (The) Co., Ltd.......        22,000          36,262 
*Kingsgate Consolidated NL.......        83,407          53,796 
*Kresta Holdings, Ltd............        56,700           1,916 
Lemarne Corp., Ltd...............        20,790          13,303 
*Lynas Gold NL...................        40,500           5,390 
*MacMahon Holdings, Ltd..........       192,179          13,281 
Magellan Petroleum Australia,                                   
  Ltd............................        32,760          30,185 
Maryborough Sugar Factory,                                      
  Ltd............................           600           1,812 
Maxi-Cube, Ltd...................       137,121          10,178 
McConnell Dowell Corp., Ltd......        62,776          43,703 
McGuigan (Brian) Wines, Ltd......        52,474         114,159 
McPherson's, Ltd.................        61,500          41,870 
*Metal Storm, Ltd................        22,100          16,403 
*Micromedical Industries, Ltd....       150,461          51,603 
*Mikoh Corp., Ltd................        39,999           1,269 
Miller's Retail, Ltd.............       101,160         166,533 
*Mineral Deposits, Ltd...........        49,458           5,063 
Mobile Innovations, Ltd..........        84,600           6,496 
Monadelphous Group, Ltd..........        18,988          16,135 
*Mosaic Oil NL...................       345,724          37,164 
*Murchison United NL.............        71,536          32,957 
*Namoi Cotton Cooperative,                                      
  Ltd............................       135,353          16,282 
National Can Industries, Ltd.....        97,017          48,172 
National Foods, Ltd..............       469,435         718,492 
*Nautronix, Ltd..................        74,694          24,470 
Neverfail Springwater, Ltd.......        24,426          42,512 
*New Tel, Ltd....................       118,238          15,131 
Newcrest Mining, Ltd.............       131,038         277,698 
Normandy Mt. Leyshon, Ltd........       133,376           8,193 
*Normans Wine, Ltd...............        35,848           2,019 
North Flinders Mines, Ltd........        99,807         546,664 
*Novogen, Ltd....................       105,184         172,834 
*Novus Petroleum, Ltd............       245,359         224,818 
Nufarm, Ltd......................       391,902         694,111 
OPSM Protector, Ltd..............       257,306         538,702 
Oil Company of Australia, Ltd....        51,800          83,525 
*Online Advantage, Ltd...........         2,475              34 
*Orbital Engine Corp., Ltd.......       537,358         151,287 
Orica, Ltd.......................        61,396         226,595 
*Oriel Communications, Ltd.......        27,653             863 
*Oropa, Ltd......................       333,580           4,269 
Oroton International, Ltd........        38,427          77,698 
*PMP Communications, Ltd.........       381,871         127,059 
Pacific BBA, Ltd.................       279,219         470,236 
Pacific Dunlop, Ltd..............       474,235         250,038 
Pacific Hydro, Ltd...............       149,783         318,190 
*Pan Pacific Petroleum NL........       327,800          14,766 
*Pan Palladium, Ltd..............         3,925             402 
Paperlinx, Ltd...................       215,513         537,362 
*Pasminco, Ltd...................     1,000,857          25,616 
*Payce Consolidated, Ltd.........        18,000           7,832 
Penfold (W.C.), Ltd..............        14,100           9,780 
*Peptide Technology, Ltd.........       176,600         370,638 
*Perilya Mines NL................       263,500          55,302 
Permanent Trustee Co., Ltd.......        20,052          83,142 
Perpetual Trustees Australia,                                   
  Ltd............................        47,694       1,072,386 
Peter Lehmann Wines, Ltd.........        35,586          65,578 
*Petsec Energy, Ltd..............        97,992           7,023 
*Pima Mining NL..................       236,061          21,751 
Plaspak Group, Ltd...............        86,045          40,081 
*Pocketmail Group, Ltd...........        10,933             145 

84                                                                              

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THE PACIFIC RIM SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                        SHARES             VALUE+
                                        ------             ------
                                                                 
 *Polartechnics, Ltd..............        43,405    $     72,210 
 *Port Douglas Reef Resorts,                                     
   Ltd............................       251,655          12,624 
 Portman Mining, Ltd..............       241,600         173,141 
 *Powerlan, Ltd...................       182,400          43,416 
 *Precious Metals Australia,                                     
   Ltd............................        10,606             923 
 *Preston Resources NL............        64,000           8,845 
 Primary Health Care, Ltd.........        42,300         107,182 
 Prime Television, Ltd............       172,440         185,367 
 *Progen Industries, Ltd..........        24,788          17,003 
 *Prophecy International Holdings,                               
   Ltd............................        51,900           9,298 
 *Psiron, Ltd.....................        40,381           1,447 
 *Quantum Resources, Ltd..........       115,007           1,737 
 Queensland Cotton Holdings,                                     
   Ltd............................        39,866          64,282 
 *Quiktrak Networks New Shares....       158,598           2,354 
 *Quiktrak Networks, Ltd..........       396,495           5,886 
 Raptis Group, Ltd................        12,000           1,290 
 Rebel Sport, Ltd.................        77,898          63,800 
 *Redfire Resources NL............        27,900           1,500 
 Reece Australia, Ltd.............        32,100         340,956 
 *Reinsurance Australia Corp.,                                   
   Ltd............................       399,993          15,152 
 *Renewable Energy Corp., Ltd.....       104,360          42,202 
 *Resolute Mining, Ltd............        64,809          14,597 
 Ridley Corp., Ltd................       578,840         322,969 
 Rock Building Society, Ltd.......        11,373          17,582 
 Rural Press, Ltd.................       211,201         502,718 
 SPC, Ltd.........................        91,854          45,138 
 Sabre Group, Ltd.................        40,702          31,877 
 Schaffer Corp., Ltd..............        16,698          36,754 
 Scientific Services, Ltd.........       122,237          40,672 
 Select Harvests, Ltd.............        41,257          46,884 
 Servcorp, Ltd....................        21,300          35,981 
 *Shield Telecommunications,                                     
   Ltd............................       286,300           4,397 
 Sigma Co., Ltd...................        69,800         130,414 
 *Silex System, Ltd...............        60,600          78,885 
 Simeon Wines, Ltd................       203,870         268,202 
 #Simsmetal, Ltd..................       168,578         495,323 
 Singleton Group, Ltd.............       134,020         278,324 
 *Sino Securities International,                                 
   Ltd............................         8,118           1,080 
 *Skilled Engineering, Ltd........       127,146          50,115 
 *Smarttrans Holdings, Ltd........       222,685           2,736 
 *Smorgon Steel Group, Ltd........       385,500         195,360 
 Snack Foods, Ltd.................       137,218         104,658 
 *Solution 6 Holdings, Ltd........       167,494          58,302 
 Sonic Healthcare, Ltd............        84,443         345,803 
 #Sons of Gwalia, Ltd.............       236,162         905,456 
 Southern Cross Broadcasting                                     
   (Australia), Ltd...............        78,654         446,909 
 *Southern Pacific Petroleum NL...       370,840         110,101 
 *Southern Star Group, Ltd........       154,982          44,427 
 *Spectrum Network Systems, Ltd.                                 
   Series B.......................       616,446          68,159 
 *Sphere Investments, Ltd.........        27,480           2,110 
 #Spotless Group, Ltd.............       438,502       1,167,214 
 *St. Barbara Mines, Ltd..........       375,500          40,365 
 *Star Games, Ltd.................        90,810          31,610 
 *Straits Resources, Ltd..........        56,534          11,865 
 *Strategic Minerals Corp. NL.....        13,100             369 
 *Striker Resources NL............       316,300           8,581 
 Structural Systems, Ltd..........        26,367          16,196 
 *Sunland Group, Ltd..............        75,095          16,145 
 *Surfboard, Ltd..................        57,506           3,532 
 Sydney Aquarium, Ltd.............        24,135          42,005 

                                        SHARES             VALUE+
                                        ------             ------
                                                                 

 Tab Queensland, Ltd..............        66,700    $    100,722 
 Tab, Ltd.........................       110,000         153,157 
 *Takoradi, Ltd...................       993,152           8,134 
 *Tandou, Ltd.....................         3,100           1,904 
 *Tap Oil, Ltd....................       193,100         137,395 
 Tassal, Ltd......................        96,243          27,096 
 Technology One, Ltd..............       161,600          72,795 
 Television & Media Services,                                    
   Ltd............................       214,561          63,702 
 Tempo Service, Ltd...............        98,174         135,234 
 Ten Network Holdings, Ltd........       194,200         198,818 
 Thakral Holdings Group...........     1,249,419         326,177 
 *The Gribbles Group, Ltd.........       113,700          62,858 
 *Third Rail, Ltd.................       151,200           3,096 
 Ticor, Ltd.......................       347,850         224,356 
 Timbercorp, Ltd..................       239,344          82,087 
 *Titan Resources NL..............        50,000           4,095 
 #Toll Holdings, Ltd..............        95,694       1,363,782 
 *Tooth & Co., Ltd................       153,000          13,510 
 Triako Resources, Ltd............         5,400           2,543 
 Troy Resources NL................        22,548          14,312 
 *Union Capital, Ltd..............       395,200           2,832 
 United Construction Group,                                      
   Ltd............................        81,554         108,416 
 *United Energy, Ltd..............        92,300         112,921 
 Utility Services Corp., Ltd......       116,121          39,825 
 *Valdera Resources, Ltd..........         5,531               0 
 *VeCommerce, Ltd.................        13,680          16,456 
 *Victoria Petroleum NL...........       347,973           5,522 
 Villa World, Ltd.................       134,700          43,439 
 Village Roadshow, Ltd............       356,394         344,800 
 Vision Systems, Ltd..............       181,450         176,476 
 *Voicenet (Australia), Ltd.......       112,661           2,307 
 *Vos Industries, Ltd.............       102,161           2,039 
 Waterco, Ltd.....................        22,304          18,382 
 Watpac, Ltd......................       122,796          22,000 
 Wattyl, Ltd......................       152,432         169,321 
 *Webster, Ltd....................        33,551           7,728 
 West Australian Newspapers                                      
   Holdings, Ltd..................        78,440         203,573 
 *Westel Group, Ltd...............       164,855           6,245 
 *Western Metals, Ltd.............       385,787           4,740 
 White (Joe) Maltings, Ltd........        14,067          32,043 
 Wide Bay Capricorn Building                                     
   Society, Ltd...................        26,958          74,517 
 *Williams (R.M.) Holdings,                                      
   Ltd............................        24,075          14,788 
 *Yates, Ltd......................        60,281           4,320 
                                                    ------------ 
TOTAL COMMON STOCKS                                              
  (Cost $53,657,179)..............                    40,096,421 
                                                    ------------ 
PREFERRED STOCKS -- (0.1%)                                       
 Village Roadshow, Ltd. 2% Class A                               
   (Cost $59,969).................        55,477          46,033 
                                                    ------------ 
RIGHTS/WARRANTS -- (0.0%)                                        
 *Access1 Options 11/30/02........         1,310              13 
 *Advanced Engine Components, Ltd.                               
   Options 12/31/02...............        11,369              41 
 *Australian Magnesium Corp., Ltd.                               
   Warrants 07/31/05..............        49,396               0 
 *Axon Instruments, Inc. Options                                 
   Open Pay Date..................        16,148               0 
 *Beaconsfield Gold NL Options                                   
   03/15/02.......................         8,908              46 
 *Cape Range Options 11/22/02.....       103,318           1,058 

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CONTINUED                                                                       

                                                                [Download Table]

                                        SHARES             VALUE+
                                        ------             ------
                                                                 
 *Coates Hire, Ltd. Rights                                       
   01/30/02.......................       163,816    $     23,480 
 *Quiktrak Networks, Ltd. Options                                
   12/31/04.......................       158,598             487 
 *S.P.C., Ltd. NPV Rights                                        
   02/01/02.......................        18,371           1,881 
 *Surfboard, Ltd. Options                                        
   12/31/01.......................        28,753              15 
                                                    ------------ 
TOTAL RIGHTS/WARRANTS                                            
  (Cost $3,334)...................                        27,021 
                                                    ------------ 
INVESTMENT IN                                                    
  CURRENCY -- (0.0%)                                             
 *Australian Dollar                                              
   (Cost $13,745).................                        13,896 
                                                    ------------ 
TOTAL -- AUSTRALIA                                               
  (Cost $53,734,227)..............                    40,183,371 
                                                    ------------ 
HONG KONG -- (29.8%)                                             
COMMON STOCKS -- (29.7%)                                         
 *ABC Communications (Holdings),                                 
   Ltd............................       930,000          21,825 
 ALCO Holdings, Ltd...............       314,000          19,731 
 ASM Pacific Technology, Ltd......       182,000         358,265 
 *AWT World Transport Holdings,                                  
   Ltd............................       250,800             322 
 *Acme Landis Holdings, Ltd.......       170,000           7,412 
 Aeon Credit Service (Asia) Co.,                                 
   Ltd............................       200,000          70,532 
 *Allied Group, Ltd...............     7,298,000         402,437 
 *Allied Properties (Hong Kong),                                 
   Ltd............................    10,179,000         304,149 
 *Anex International Holdings,                                   
   Ltd............................       152,000           2,144 
 *Applied China Holdings, Ltd.....     1,036,250          10,631 
 *Applied International Holdings,                                
   Ltd............................     1,243,000          17,534 
 Arts Optical International                                      
   Holdings, Ltd..................       164,000          36,174 
 *Asia Commercial Holdings,                                      
   Ltd............................        72,800           2,521 
 Asia Financial Holdings, Ltd.....     1,976,908         299,153 
 Asia Satellite Telecommunications                               
   Holdings, Ltd..................       179,000         298,416 
 *Asia Securities International,                                 
   Ltd............................     2,386,600          99,469 
 Asia Standard Hotel Group,                                      
   Ltd............................        38,000           1,462 
 *Asia Standard International                                    
   Group, Ltd.....................     2,870,000         119,616 
 *Asia Tele-Net & Technology                                     
   Corp., Ltd.....................    10,520,000          49,916 
 Associated International Hotels,                                
   Ltd............................       898,000         423,213 
 *B-Tech (Holdings), Ltd..........       248,400             924 
 *Beauforte Investors Corp.,                                     
   Ltd............................        72,000          59,093 
 *Beijing Development (Hong Kong),                               
   Ltd............................       166,000          20,224 
 *Bossini International Holdings,                                
   Ltd............................       122,000           8,605 
 Boto International Holdings,                                    
   Ltd............................     2,290,000          93,975 
 *Burwill Holdings, Ltd...........     2,059,200         163,725 
 #*CCT Telecom Holdings, Ltd......       144,970          43,224 
 *CEC International Holdings,                                    
   Ltd............................       210,000           8,752 
 *CIL Holdings, Ltd...............     2,058,000           2,639 
 CNPC (Hong Kong), Ltd............     2,490,000         185,205 
 *CNT Group, Ltd..................     3,078,000          77,366 
 Cafe de Coral Holdings, Ltd......     1,191,000         687,305 
 *Capetronic International                                       
   Holdings, Ltd..................       292,490          91,897 
 *Capital Asia, Ltd...............        98,736           1,393 
 *Cash On-Line, Ltd...............        90,073             901 
 *Catic International Holdings,                                  
   Ltd............................     1,224,000          37,672 
 *Central China Enterprises,                                     
   Ltd............................     2,104,000          23,204 
 *Century City International                                     
   Holdings, Ltd..................       542,056           3,267 

                                        SHARES             VALUE+
                                        ------             ------
                                                                 

 Champion Technology Holdings,                                   
   Ltd............................    24,074,014    $    250,068 
 *Cheerful Holdings, Ltd..........     2,560,735          36,123 
 #Chen Hsong Holdings, Ltd........     1,515,000         271,998 
 *Cheuk Nang Technologies                                        
   (Holdings), Ltd................    11,250,120          31,740 
 *Cheung Tai Hong Holdings,                                      
   Ltd............................     2,018,400          23,296 
 *Cheung Wah Development Co.,                                    
   Ltd............................       904,000          35,938 
 Chevalier (OA) International,                                   
   Ltd............................     1,776,251          59,225 
 *Chevalier Construction Holdings,                               
   Ltd............................       131,203           2,356 
 Chevalier International Holdings,                               
   Ltd............................     3,127,914         220,619 
 *China Aerospace International                                  
   Holdings, Ltd..................     1,499,400         119,216 
 *China Development Corp., Ltd....     1,725,000           9,291 
 *China Digicontent Co., Ltd......     2,710,000           3,475 
 *China Everbright International,                                
   Ltd............................     1,975,000          78,515 
 *China Everbright Technology,                                   
   Ltd............................     3,244,000         137,284 
 China Foods Holdings, Ltd........     1,544,000         304,925 
 China Hong-Kong Photo Products                                  
   Holdings, Ltd..................     2,338,000         188,891 
 *China Investments Holdings,                                    
   Ltd............................       175,000           7,967 
 China Motor Bus Co., Ltd.........       114,200         966,574 
 China Online (Bermuda), Ltd......    10,580,000          86,834 
 China Overseas Land & Investment,                               
   Ltd............................     4,558,000         590,365 
 *China Pharmaceutical Enterprise                                
   and Investment Corp., Ltd......     2,444,000         219,394 
 China Rare Earth Holdings,                                      
   Ltd............................       274,000          77,303 
 China Resources Beijing Land,                                   
   Ltd............................       718,000         140,877 
 *China Sci-Tech Holdings, Ltd....     2,786,000          21,079 
 *China Star Entertainment,                                      
   Ltd............................     1,676,400          36,332 
 *China Strategic Holdings,                                      
   Ltd............................       376,000          19,287 
 #*China Travel International                                    
   Investment, Ltd................     2,730,000         563,655 
 *China United Holdings, Ltd......     1,639,800           2,103 
 *Chinese Estates Holdings,                                      
   Ltd............................     1,204,000         111,169 
 *Chinney Investments, Ltd........     1,144,000          33,009 
 Chow Sang Sang Holdings                                         
   International, Ltd.............     1,098,400         180,300 
 Chuangs China Investments,                                      
   Ltd............................     1,347,000          44,912 
 Chuang's Consortium                                             
   International, Ltd.............     1,858,884          41,002 
 Chun Wo Holdings, Ltd............     1,671,917          61,106 
 *Cig-Wh International Holdings,                                 
   Ltd............................       472,000          12,409 
 #*Citic Ka Wah Bank, Ltd.........     1,281,000         325,267 
 *Climax International Co.,                                      
   Ltd............................       296,000             797 
 *Companion Building Material                                    
   International Holdings, Ltd....     1,731,606           4,885 
 *Compass Pacific Holdings,                                      
   Ltd............................       416,000          21,339 
 Continental Holdings, Ltd........        98,825           4,816 
 *Continental Mariner Investment                                 
   Co., Ltd.......................     1,629,000         175,479 
 Coslight Technology International                               
   Group, Ltd.....................       144,000          37,395 
 *Cosmos Machinery Enterprises,                                  
   Ltd............................     1,024,000          35,456 
 *Crocodile Garments, Ltd.........     1,539,000          27,236 
 Cross Harbour Tunnel Co., Ltd....       365,603         147,688 
 *Culturecom Holdings, Ltd........     2,161,000          96,995 
 *Cybersonic Technology, Ltd......       193,000           2,698 
 *DC Finance Holdings, Ltd........        27,000             433 
 *Dah Hwa International Holdings,                                
   Ltd............................     1,122,000          17,122 
 Daido Group, Ltd.................       223,000           2,173 
 *Data Advantage..................       312,957         996,917 

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CONTINUED                                                                       

                                                                [Download Table]

                                       SHARES             VALUE+
                                       ------             ------
                                                                
Dickson Concepts International,                                 
  Ltd............................       222,000    $     46,974 
*DigitalHongKong.com.............        15,318             697 
*Dransfield Holdings, Ltd........       190,000             975 
Dynamic Holdings, Ltd............       158,000          43,563 
*Easyknit International Holdings,                               
  Ltd............................       707,150           9,613 
#*Egana International Holdings,                                 
  Ltd............................    19,766,208         491,757 
Egana Jewelry & Pearls, Ltd......     3,317,899          59,568 
*Ehealthcareasia, Ltd............         6,690             214 
Elec & Eltek International                                      
  Holdings, Ltd..................     3,078,790         351,395 
*Emperor (China Concept)                                        
  Investments, Ltd...............     6,435,000          24,757 
Emperor International Holdings,                                 
  Ltd............................       644,369          37,185 
*Essential Enterprises Co.,                                     
  Ltd............................       320,000          15,184 
*Esun Holdings, Ltd..............       653,600          46,100 
*Fairwood Holdings, Ltd..........       426,000           4,917 
*Fairyoung Holdings, Ltd.........     1,446,000          16,318 
Far East Consortium                                             
  International, Ltd.............     1,641,378         104,193 
*Far East Holdings International,                               
  Ltd............................        70,000           2,424 
*Far East Hotels & Entertainment,                               
  Ltd............................     1,853,000          91,487 
First Sign International                                        
  Holdings, Ltd..................     1,050,000          29,893 
Fong's Industries Co., Ltd.......       962,000          87,591 
*Fortuna International Holdings,                                
  Ltd............................     2,727,000          11,890 
#*Founder Holdings, Ltd..........       590,000          94,577 
Fountain Set Holdings, Ltd.......     1,274,000         207,491 
Four Seas Frozen Food Holdings,                                 
  Ltd............................       347,184          20,926 
Four Seas Mercantile Holdings,                                  
  Ltd............................       592,000         151,837 
*Fourseas.Com, Ltd...............        60,000             931 
Frankie Dominion International,                                 
  Ltd............................       630,173          16,567 
*Fu Hui Jewelry Co. (Hong Kong),                                
  Ltd............................       688,000          18,352 
*G-Prop (Holdings), Ltd..........        28,365             476 
*Geomaxima Holdings, Ltd.........       650,000          85,857 
Giordano International, Ltd......       686,000         303,507 
*Global Tech (Holdings), Ltd.....     2,220,000         179,357 
Glorious Sun Enterprises, Ltd....       840,000         126,035 
Gold Peak Industries (Holdings),                                
  Ltd............................     1,059,250         195,608 
Golden Resources Development                                    
  International, Ltd.............     1,456,500          76,581 
*Gold-Face Holdings, Ltd.........     2,003,600         200,415 
Goldlion Holdings, Ltd...........     2,052,000         107,891 
*Goldtron (Bermuda) Holdings,                                   
  Ltd............................     2,241,333          12,934 
*Golik Holdings, Ltd.............     1,536,500          36,847 
Grand Hotel Holdings, Ltd. Series                               
  A..............................     1,333,000         136,756 
Grande Holdings, Ltd.............       504,105         471,921 
Great Eagle Holdings, Ltd........       265,000         299,057 
Great Wall Electronic                                           
  International, Ltd.............     3,159,034          26,738 
*Group Sense (International),                                   
  Ltd............................     2,062,000          56,853 
#*Guangdong Investment, Ltd......     2,150,000         212,302 
*Guangnan Holdings, Ltd..........     4,146,000         115,376 
#*Guangzhou Investment Co.,                                     
  Ltd............................     3,510,000         279,077 
#HKCB Bank Holding Co., Ltd......     1,130,000         311,560 
HKR International, Ltd...........       555,260         160,215 
*Hang Fung Gold Technology,                                     
  Ltd............................     2,120,000          26,371 
Hanny Holdings, Ltd..............     5,466,336          72,204 
Harbour Centre Development,                                     
  Ltd............................       784,000         492,649 
*Harbour Ring International                                     
  Holdings, Ltd..................     2,636,000         169,021 
Henderson China Holdings, Ltd....       911,000         420,577 
*Heng Fung Holdings Co., Ltd.....     1,050,000          12,253 

                                       SHARES             VALUE+
                                       ------             ------
                                                                

High Fashion International,                                     
  Ltd............................       178,000    $     38,806 
*Hikari Tsushin International,                                  
  Ltd............................     2,248,000          23,639 
*Hinet Holdings, Ltd.............     4,258,114          10,375 
*Hon Kwok Land Investment Co.,                                  
  Ltd............................     2,290,145          51,396 
Hong Kong and Shanghai Hotels,                                  
  Ltd............................       562,000         209,006 
Hong Kong Ferry (Holdings) Co.,                                 
  Ltd............................       671,300         559,571 
Hong Kong Parkview Group, Ltd....     1,130,000          79,701 
*Hop Hing Holdings, Ltd..........       660,265          31,329 
Hopewell Holdings, Ltd...........       420,000         249,107 
Hsin Chong Construction Group,                                  
  Ltd............................     1,569,658          74,479 
*Hualing Holdings, Ltd...........     1,344,000          54,292 
Hung Hing Printing Group, Ltd....       934,442         407,433 
IDT International, Ltd...........     4,028,486         268,640 
IMC Holdings, Ltd................       604,000          94,498 
*ITC Corp., Ltd..................       466,157          22,418 
*Ideal Pacific Holdings, Ltd.....       838,000          75,226 
*Imgo, Ltd.......................     1,464,000          95,749 
*Innovative International                                       
  (Holdings), Ltd................     1,474,003           5,482 
*Interchina Holdings Co., Ltd....     1,805,000         201,382 
*Interform Ceramics Technologies,                               
  Ltd............................     1,104,000           3,115 
#International Bank of Asia,                                    
  Ltd............................     2,615,714         633,982 
International Pipe, Ltd..........     2,253,587         124,270 
*Island Dyeing & Printing Co.,                                  
  Ltd............................       444,000           5,295 
*Isteelasia.com, Ltd.............       667,286          16,943 
JCG Holdings, Ltd................     1,048,333         652,028 
*Jackin International Holdings,                                 
  Ltd............................       210,000           9,695 
*Jinhui Holdings Co., Ltd........       370,000           9,727 
K Wah International Holdings,                                   
  Ltd............................     4,255,737         251,049 
*KPI Co., Ltd....................       264,000           3,081 
*KTP Holdings, Ltd...............       180,400           6,825 
*Kader Holdings Co., Ltd.........       545,600          12,734 
*Kantone Holdings, Ltd...........       743,412           8,199 
Karrie International Holdings,                                  
  Ltd............................        66,000           4,486 
*Keck Seng Investments (Hong                                    
  Kong), Ltd.....................       858,600          75,974 
Kee-Shing Holdings Co., Ltd......       886,000          49,993 
*King Fook Holdings, Ltd.........     1,000,000          29,495 
Kingboard Chemical Holdings,                                    
  Ltd............................       926,000         593,753 
Kingmaker Footwear Holdings,                                    
  Ltd............................     1,058,750         217,239 
*Kong Sun Holdings, Ltd..........       480,000          25,238 
*Kong Tai International Holdings                                
  Co., Ltd.......................     8,300,000          19,159 
Kowloon Development Co., Ltd.....       193,000          87,245 
#*Kumagai Gumi Hong Kong, Ltd....       970,000         100,759 
*Kwong Sang Hong International,                                 
  Ltd............................     1,434,000          44,503 
Kwoon Chung Bus Holdings, Ltd....       556,000          62,745 
*Lai Sun Development Co., Ltd....     2,970,000          63,225 
*Lai Sun Garment (International),                               
  Ltd............................     2,325,000          40,550 
*Lam Soon (Hong Kong), Ltd.......       302,310          73,660 
*Lam Soon Food Industries,                                      
  Ltd............................       228,000          58,478 
*Lamex Holdings, Ltd.............     3,628,800          42,813 
Le Saunda Holdings, Ltd..........       236,000          12,106 
*Leading Spirit High-Tech                                       
  Holdings Co., Ltd..............     2,310,000           2,962 
Leefung-Asco Printers Holdings,                                 
  Ltd............................       144,000          16,066 
*Leung Kee Holdings, Ltd.........     2,414,000          33,743 
*Lippo, Ltd......................     1,074,760         137,828 
Liu Chong Hing Bank, Ltd.........       365,000         337,016 
Liu Chong Hing Investment,                                      
  Ltd............................       635,200         354,344 
*Logic International Holdings,                                  
  Ltd............................       812,000          78,098 
Luks Industrial Group, Ltd.......       645,555          84,442 

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CONTINUED                                                                       

                                                                [Download Table]

                                       SHARES             VALUE+
                                       ------             ------
                                                                
Lung Kee (Bermuda) Holdings,                                    
  Ltd............................       857,500    $    134,159 
*Magnificent Estates, Ltd........     3,778,000          16,957 
*Magnum International Holdings,                                 
  Ltd............................       300,000           5,194 
*Mansion Holdings, Ltd...........     1,420,360           9,654 
*Mansion House Group, Ltd........       698,200          14,236 
*Megga (S.) International                                       
  Holdings, Ltd..................     2,270,100           2,911 
Melbourne Enterprises, Ltd.......        45,500         139,455 
Midland Realty (Holding), Ltd....       496,000          43,253 
*Millennium Group, Ltd...........       928,000          14,281 
*Min Xin Holdings, Ltd...........       987,200          96,215 
Miramar Hotel & Investment Co.,                                 
  Ltd............................       203,000         147,085 
Moulin International Holdings,                                  
  Ltd............................     3,496,372         282,477 
*Mui Hong Kong, Ltd..............     1,845,000          21,294 
Nanyang Holdings, Ltd............       137,500          88,165 
National Electronics Holdings,                                  
  Ltd............................     2,156,000          32,072 
New Island Printing Holdings,                                   
  Ltd............................       176,000          13,091 
*New Rank City Development,                                     
  Ltd............................         1,664             181 
#*New World China Land, Ltd......       702,800         225,319 
*New World Cyberbase, Ltd........        25,220             249 
#*New World Infrastructure,                                     
  Ltd............................       410,400         149,995 
*Next Media, Ltd.................       124,000          16,538 
Ngai Lik Industrial Holdings,                                   
  Ltd............................     1,556,000         668,466 
*Nph International Holdings,                                    
  Ltd............................       600,400          70,066 
*Ocean Information Holdings,                                    
  Ltd............................       122,000           3,911 
*Onfem Holdings, Ltd.............     1,922,000          71,479 
*Oriental Metals Holdings Co.,                                  
  Ltd............................     1,237,800          39,367 
Oriental Press Group, Ltd........     4,080,600         507,599 
Oxford Properties & Finance,                                    
  Ltd............................       110,000         170,688 
Pacific Andes International                                     
  Holdings, Ltd..................       156,000           9,403 
*Pacific Century Insurance                                      
  Holdings, Ltd..................       330,000          92,045 
*Pacific Concord Holding, Ltd....     3,284,758         256,956 
*Pacific Plywood Holdings,                                      
  Ltd............................    10,210,000          57,611 
Paul Y. ITC Construction                                        
  Holdings, Ltd..................       668,446          27,431 
*Peace Mark (Holdings), Ltd......     6,758,122          26,867 
*Pearl Oriental Holdings, Ltd....     9,064,000          43,008 
Pegasus International Holdings,                                 
  Ltd............................       226,000          22,316 
*Perfect Treasure Holdings,                                     
  Ltd............................       642,000          29,639 
Perfectech International                                        
  Holdings, Ltd..................       571,450          52,764 
Pico Far East Holdings, Ltd......     1,190,000          91,564 
Playmate Toys Holdings, Ltd......     1,585,000          52,848 
Pokfulam Development Co., Ltd....       234,000          58,216 
*Poly Investments Holdings,                                     
  Ltd............................     2,670,000         101,009 
Prestige Properties Holdings,                                   
  Ltd............................       965,000          39,601 
*Prime Succession, Ltd...........       768,000          16,251 
*Prosper Evision, Ltd............        96,000           1,416 
#*QPL International Holdings,                                   
  Ltd............................     1,191,000         427,656 
*Quality Healthcare Asia, Ltd....     1,338,000          40,666 
*RNA Holdings, Ltd...............        20,600             172 
Raymond Industrial, Ltd..........       605,400          49,688 
Realty Development Corp, Ltd.....       475,000         123,351 
*Regal Hotels International                                     
  Holdings, Ltd..................     1,950,000          43,012 
*Rivera Holdings, Ltd............     3,160,000          89,153 
Road King Infrastructure, Ltd....       449,000         177,058 
*Ryoden Development, Ltd.........     1,912,000          93,174 
*S.A.S.Dragon Holdings, Ltd......     1,696,000          93,523 
SA SA International Holdings,                                   
  Ltd............................     1,134,000          81,438 
Safety Godown Co., Ltd...........       408,000         183,127 

                                       SHARES             VALUE+
                                       ------             ------
                                                                

Saint Honore Holdings, Ltd.......       128,000    $     11,654 
*Same Time Holdings, Ltd.........       410,000           6,309 
San Miguel Brewery Hong Kong,                                   
  Ltd............................       930,800         265,590 
Sea Holdings, Ltd................     1,068,000         238,312 
*Seapower International Holdings,                               
  Ltd............................       854,000           4,162 
*Seapower Resources                                             
  International, Ltd.............     2,528,000           8,753 
*Semi-Tech (Global) Co., Ltd.....     4,273,327          14,248 
Shaw Brothers Hong Kong, Ltd.....       325,000         300,083 
Shell Electric Manufacturing                                    
  (Holdings) Co., Ltd............     1,255,000         128,753 
#*Shenyin Wanguo (Hong Kong),                                   
  Ltd............................       847,500          95,642 
*Shenzhen International Holdings,                               
  Ltd............................     6,187,500         245,981 
*Shougang Concord Century                                       
  Holdings, Ltd..................     1,292,000          41,090 
*Shougang Concord Grand (Group),                                
  Ltd............................     1,701,000          65,441 
*Shougang Concord International                                 
  Enterprises Co., Ltd...........     4,166,000         152,261 
*Shougang Concord Technology                                    
  Holdings, Ltd..................     1,647,914          52,832 
Shui On Construction & Materials,                               
  Ltd............................       218,000         157,954 
*Shun Ho Construction (Holdings),                               
  Ltd............................     1,037,452          22,351 
*Shun Ho Resources Holdings,                                    
  Ltd............................       483,000          12,698 
*Shun Shing Holdings, Ltd........     2,573,600         194,723 
#Shun Tak Holdings, Ltd..........     3,422,000         421,285 
Silver Grant International                                      
  Industries, Ltd................     2,087,000         155,230 
*Simsen Metals & Holdings,                                      
  Ltd............................     1,024,000           3,414 
*Sincere Co., Ltd................       505,500          20,744 
*Singamas Container Holdings,                                   
  Ltd............................       320,000          19,287 
*Sino Foundations Holdings,                                     
  Ltd............................     1,074,000          23,414 
*Sinocan Holdings, Ltd...........       350,000           2,917 
Sinopec Kantons Holdings, Ltd....       414,000          43,535 
*Skynet (International Group)                                   
  Holdings, Ltd..................       244,240             626 
*Smartone Telecommunications                                    
  Holdings, Ltd..................       284,000         338,709 
*Solartech International                                        
  Holdings, Ltd..................     4,960,000           6,361 
*Sound International, Ltd........        79,200             863 
South China Brokerage Co.,                                      
  Ltd............................     4,872,000          83,097 
*South China Industries, Ltd.....     1,124,000          41,081 
*South China Strategic                                          
  Investments, Ltd...............       857,400          51,678 
*South East Group, Ltd...........         3,000              42 
*South Sea Development Co.,                                     
  Ltd............................     2,603,158          17,359 
Southeast Asia Properties &                                     
  Finance, Ltd...................       175,692          42,809 
*Star Bio-Tech Holdings                                         
  Limited........................        42,292             868 
Starlight International Holdings,                               
  Ltd............................     5,245,170          35,650 
*Stelux Holdings International,                                 
  Ltd............................     1,307,702          19,789 
*Styland Holdings, Ltd...........       101,808             666 
Sun Hung Kai & Co., Ltd..........     3,338,600         436,707 
*Suncorp Technologies Ltd........        23,760           1,036 
*Sunway International Holdings,                                 
  Ltd............................       402,000          31,963 
*Suwa International Holdings,                                   
  Ltd............................     1,062,000          38,134 
Symphony Hld.....................       278,000          55,259 
*Tack Hsin Holdings, Ltd.........       542,000         125,111 
Tai Cheung Holdings, Ltd.........     1,445,000         203,838 
Tai Fook Securities Group,                                      
  Ltd............................        72,000           9,418 

88                                                                              

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CONTINUED                                                                       

                                                                [Download Table]

                                        SHARES             VALUE+
                                        ------             ------
                                                                 
 Tai Sang Land Development,                                      
   Ltd............................       627,984    $    138,517 
 Tak Sing Alliance Holdings,                                     
   Ltd............................     2,909,865          93,291 
 *Tak Wing Investment Holdings,                                  
   Ltd............................       432,800          26,641 
 Tan Chong International, Ltd.....       666,000          99,073 
 Techtronic Industries Co.,                                      
   Ltd............................     1,330,000         532,999 
 *Tem Fat Hing Fung (Holdings),                                  
   Ltd............................     5,488,000           9,149 
 *Termbray Industries                                            
   International (Holdings),                                     
   Ltd............................     2,304,900         130,056 
 Tern Properties Co., Ltd.........        61,200           8,869 
 Texwinca Holdings, Ltd...........     1,074,000         513,045 
 *Tian An China Investments Co.,                                 
   Ltd............................     4,355,750          93,842 
 Tian Teck Land, Ltd..............     1,098,000         225,293 
 *Trans-Ocean (International),                                   
   Ltd............................       400,000          47,192 
 *Trasy Gold Ex, Ltd..............         2,060               8 
 *Triplenic Holdings, Ltd.........     2,378,000          25,006 
 Tristate Holdings, Ltd...........       138,000          34,509 
 Truly International Holdings,                                   
   Ltd............................     1,014,000         266,573 
 *Tung Fong Hung Holdings, Ltd....     3,473,235          61,021 
 Tungtex (Holdings) Co., Ltd......       788,000         159,665 
 *Tysan Holdings, Ltd.............     1,040,773          24,692 
 *UDL Holdings, Ltd...............        23,700             207 
 *USI Holdings, Ltd...............       928,999          76,247 
 *United Power Investment, Ltd....     1,664,000          74,687 
 *Universal Appliances, Ltd.......     2,770,000          19,893 
 Universe International Holdings,                                
   Ltd............................       382,226          31,371 
 Van Shung Chong Holdings, Ltd....       854,400         131,482 
 *Vanda Systems & Communications                                 
   Holdings, Ltd..................       644,000          74,328 
 Varitronix International, Ltd....       142,288          94,885 
 Vitasoy International Holdings,                                 
   Ltd............................       819,000         132,336 
 Wah Ha Realty Co., Ltd...........       278,600          23,938 
 *Wah Nam Group, Ltd..............     1,934,800           5,955 
 *Wai Kee Holdings, Ltd...........     1,562,738          82,167 
 *Wang On Group, Ltd..............       774,000           9,827 
 *Welback Holdings, Ltd...........     2,570,000          18,786 
 *Wiltec Holdings, Ltd............       378,511          20,144 
 *Winfoong International, Ltd.....     1,210,000          26,379 
 *Wing Fai International, Ltd.....     3,380,000         134,370 
 Wing On Co. International,                                      
   Ltd............................       565,000         215,556 
 *Wing Shan International, Ltd....       896,000          36,769 
 *Winsan China Investment Group,                                 
   Ltd............................       384,000           7,288 
 *Winsor Properties Holdings,                                    
   Ltd............................       498,000         169,239 
 *Wo Kee Hong (Holdings), Ltd.....     1,944,000          15,457 
 Wong's International (Holdings),                                
   Ltd............................     1,012,000         379,605 
 Wong's Kong King International                                  
   (Holdings), Ltd................     1,139,600          41,651 
 World Houseware (Holdings),                                     
   Ltd............................       605,700          10,875 
 YGM Trading, Ltd.................       228,000         131,575 
 Yangtzekiang Garment                                            
   Manufacturing Co., Ltd.........       405,000          60,767 
 *Yanion International Holdings,                                 
   Ltd............................       118,000          14,073 
 Yaohan International Caterers,                                  
   Ltd............................       512,000          36,113 
 *Yaohan International Holdings,                                 
   Ltd............................       974,000               0 
 Yau Lee Holdings, Ltd............       534,000          21,914 
 *Yeebo International Holdings,                                  
   Ltd............................        40,800           1,308 
 *Yiu Wing International Holdings,                               
   Ltd............................     1,404,200          21,969 
 *Yoshiya International Corp.,                                   
   Ltd............................       612,300          10,993 
 *Yugang International, Ltd.......    11,916,000         116,137 
 *Yunnan Enterprises Holdings,                                   
   Ltd............................       240,000          21,544 
                                                    ------------ 
TOTAL COMMON STOCKS                                              
  (Cost $76,694,243)..............                    38,825,155 
                                                    ------------ 

                                        SHARES             VALUE+
                                        ------             ------
                                                                 

INVESTMENT IN                                                    
  CURRENCY -- (0.1%)                                             
 *Hong Kong Dollars                                              
   (Cost $73,273).................                  $     73,276 
                                                    ------------ 
RIGHTS/WARRANTS -- (0.0%)                                        
 *Applied China Holdings, Ltd.                                   
   Warrants 04/30/04..............       207,250             957 
 *Applied International Holdings,                                
   Ltd. Warrants 04/30/04.........       248,600             414 
 *Climax International Co., Ltd.                                 
   Warrants 02/08/04..............        59,200             129 
 *Companion Building Material                                    
   International Holdings, Ltd.                                  
   Warrants 08/13/02..............     3,463,213           4,441 
 *Ehealthcareasia, Ltd. Rights                                   
   01/22/02.......................         3,345               0 
 *Gold Peak Industries Holdings,                                 
   Ltd. Warrants 02/08/02.........       105,925           1,358 
 *Hanny Holdings, Ltd. Warrants                                  
   04/03/02.......................       728,844             935 
 *Kong Sun Holdings, Ltd. Warrants                               
   04/25/02.......................        96,000             616 
 *South China Information &                                      
   Technology, Ltd. Warrants                                     
   03/28/02.......................       171,480             220 
 *Styland Holdings, Ltd. Warrants                                
   12/31/01.......................         5,090               7 
 *Tak Sing Alliance Holdings, Ltd.                               
   Warrants 02/28/02..............           919               5 
 *Tian An China Investments Co.,                                 
   Ltd. Warrants 12/04/04.........       871,150           4,916 
 *Van Shung Chong Holdings, Ltd.                                 
   Warrants 11/18/04..............        85,440           6,793 
                                                    ------------ 
TOTAL RIGHTS/WARRANTS                                            
  (Cost $0).......................                        20,791 
                                                    ------------ 
TOTAL -- HONG KONG                                               
  (Cost $76,767,516)..............                    38,919,222 
                                                    ------------ 
SINGAPORE -- (27.0%)                                             
COMMON STOCKS -- (26.9%)                                         
 ASA Ceramic, Ltd.................       356,000          41,451 
 Acma, Ltd........................     2,126,700         109,416 
 *Allgreen Properties, Ltd........       598,000         333,572 
 *Alliance Technology &                                          
   Development, Ltd...............       156,000           6,759 
 Amtek Engineering, Ltd...........       540,625         172,742 
 Apollo Enterprises, Ltd..........       193,000          73,688 
 Armstrong Industrial Corp........       730,000          35,581 
 *Asia Food and Properties,                                      
   Ltd............................     3,106,000         109,337 
 *Asia Pacific Breweries, Ltd.....        53,000         130,886 
 *Benjamin (F.J.) Holdings,                                      
   Ltd............................       611,000         134,013 
 Bonvests Holdings, Ltd...........       825,000         180,950 
 *Broadway Industrial Group,                                     
   Ltd............................       352,000          13,344 
 Bukit Sembawang Estates, Ltd.....        71,334         463,584 
 *CK Tang, Ltd....................       307,000          31,590 
 *CSE Systems & Engineering,                                     
   Ltd............................       318,000          74,054 
 CWT Distribution, Ltd............       461,500         132,464 
 Causeway Investment, Ltd.........       248,000          16,117 
 Central Properties, Ltd..........        66,000         518,278 
 Centrepoint Properties, Ltd......       158,000         175,413 
 Cerebos Pacific, Ltd.............       176,000         198,256 
 Chemical Industries (Far East),                                 
   Ltd............................       105,910          43,591 
 Chevalier Singapore Holdings,                                   
   Ltd............................       220,000          36,935 

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CONTINUED                                                                       

                                                                [Download Table]

                                       SHARES             VALUE+
                                       ------             ------
                                                                
Chip Eng Seng Corp., Ltd.........       575,000    $     54,495 
Chuan Hup Holdings, Ltd..........     3,050,000         635,933 
Chuan Soon Huat Industrial Group,                               
  Ltd............................       614,000         126,358 
Clipsal Industries Holdings,                                    
  Ltd............................       126,976         151,285 
Comfort Group, Ltd...............     2,469,000         855,760 
*Compact Metal Industries,                                      
  Ltd............................       643,000          40,046 
Cosco Investment, Ltd............     1,222,000         152,212 
Courts Singapore, Ltd............       495,000         130,016 
#Creative Technology Co., Ltd....        44,900         359,881 
Cycle & Carriage, Ltd............       251,675         419,799 
*Dovechem Terminals Holdings,                                   
  Ltd............................       339,000         137,693 
#Eastern Asia Technology, Ltd....       510,000         107,717 
*Econ International, Ltd.........     1,242,000          57,173 
Eng Wah Organisation, Ltd........       265,000          28,703 
First Capital Corp., Ltd.........     1,215,000         717,222 
*Freight Links Express Holdings,                                
  Ltd............................     1,648,000          46,856 
#Fu Yu Manufacturing, Ltd........     1,291,000         307,631 
Fuji Offset Plates Manufacturing,                               
  Ltd............................        33,750           4,935 
GB Holdings, Ltd.................       200,000          50,907 
GK Goh Holdings, Ltd.............     1,120,000         445,816 
GP Industries, Ltd...............       602,000         218,435 
*General Magnetics, Ltd..........       308,000          16,680 
#Ges International, Ltd..........       708,000         216,637 
*Goldtron, Ltd...................       473,000           6,404 
Guthrie GTS, Ltd.................     1,174,400         130,383 
*HTP Holdings, Ltd...............       479,000          77,823 
Hai Sun Hup Group, Ltd...........     2,604,000         225,638 
#Haw Par Brothers International,                                
  Ltd............................       565,200       1,242,736 
*Hind Hotels International,                                     
  Ltd............................       171,000         185,215 
Hitachi Zosen (Singapore),                                      
  Ltd............................       962,000         307,382 
Ho Bee Investment, Ltd...........       761,000          96,851 
Hong Fok Corp., Ltd..............     1,796,000         160,487 
Hong Leong Singapore Finance,                                   
  Ltd............................       598,000         563,509 
Hotel Grand Central, Ltd.........       875,280         157,612 
Hotel Plaza, Ltd.................     1,189,000         254,349 
Hotel Properties, Ltd............     1,393,000         965,632 
Hotel Royal, Ltd.................       144,333          84,419 
Hour Glass, Ltd..................       298,000          74,238 
Huan Hsin Holdings, Ltd..........       267,500         136,901 
Hup Seng Huat, Ltd...............       900,200          62,158 
Hwa Hong Corp., Ltd..............     2,785,000         678,717 
Hwa Tat Lee, Ltd.................       682,500          86,860 
IDT Holdings, Ltd................       398,000         239,253 
*IPC Corp., Ltd..................     1,936,000          62,908 
Inchcape Motors, Ltd.............       491,000         491,931 
*Inno-Pacific Holdings, Ltd......       962,500          65,157 
International Factors                                           
  (Singapore), Ltd...............       290,000          66,748 
Intraco, Ltd.....................       292,500         144,943 
Isetan (Singapore), Ltd..........        98,000         105,616 
Jack Chia-MPH, Ltd...............       638,000         224,587 
Jaya Holdings, Ltd...............     2,127,000         184,305 
Jurong Cement, Ltd...............       132,500          64,582 
Jurong Engineering, Ltd..........       112,000          75,213 
*K1 Ventures, Ltd................     2,842,500         315,577 
Keppel Land, Ltd.................       403,000         375,391 
Keppel Telecommunications and                                   
  Transportation, Ltd............     1,376,000         812,261 
Khong Guan Flour Milling, Ltd....        19,000          16,978 
Kian Ann Engineering, Ltd........       868,000          91,665 
Kian Ho Bearings, Ltd............       277,000          17,252 
Kim Eng Holdings, Ltd............     1,775,200         793,144 

                                       SHARES             VALUE+
                                       ------             ------
                                                                

Koh Brothers, Ltd................     1,494,000    $     80,910 
*L & M Group Investments, Ltd....       451,100          32,981 
*LC Development, Ltd.............     1,191,767          70,996 
Labroy Marine, Ltd...............     2,600,000         344,977 
Lee Kim Tah Holdings, Ltd........       795,000          55,971 
*Leong Hin Holdings, Ltd.........       165,000          62,551 
Liang Huat Aluminum, Ltd.........     1,477,000          59,992 
*Lim Kah Ngam, Ltd...............       350,999          10,455 
Low Keng Huat Singapore, Ltd.....       372,000          42,307 
Lum Chang Holdings, Ltd..........     1,134,030         184,245 
Magnecomp International, Ltd.....       466,000          88,329 
Marco Polo Developments, Ltd.....       925,000         916,734 
*Mediaring.Com, Ltd..............       836,000          54,330 
Metalock (Singapore), Ltd........        60,000          10,398 
Metro Holdings, Ltd..............     1,575,800         358,427 
Natsteel Broadway, Ltd...........       546,000         715,581 
Natsteel, Ltd....................       387,000         185,483 
*Neptune Orient Lines, Ltd.......       670,000         351,963 
*Nera Telecommunications, Ltd....       428,000         162,253 
*Nippecraft, Ltd.................     1,013,000          32,916 
*Orchard Parade Holdings, Ltd....     1,084,022         223,086 
Ossia International, Ltd.........       708,000          51,763 
Overseas Union Enterprise,                                      
  Ltd............................       542,000       1,878,581 
Overseas Union Trust (Foreign)...       163,800         349,511 
#*PCI, Ltd.......................       530,000         175,088 
*Pacific Can Investment Holdings,                               
  Ltd............................       101,000           2,461 
Pan-United Corp., Ltd............     1,624,000         272,646 
Pentex-Schweizer Circuits,                                      
  Ltd............................       916,000          96,734 
Pertama Holdings, Ltd............       459,750          32,368 
*Pokka Corp. (Singapore), Ltd....       159,000          14,854 
Prima, Ltd.......................       106,000         226,179 
Provisions Suppliers Corp........     3,373,000         237,471 
*Raffles Holdings, Ltd...........       775,000         176,279 
Republic Hotels and Resorts,                                    
  Ltd............................       881,000         310,127 
Robinson & Co., Ltd..............       284,832         687,978 
Rotary Engineering, Ltd..........     1,231,000         123,333 
SMB United, Ltd..................     1,254,000         101,868 
SNP Corp., Ltd...................       207,495          48,320 
*SPP, Ltd........................       454,000          15,982 
San Teh, Ltd.....................       838,406         124,864 
Scotts Holdings, Ltd.............     1,807,250         298,517 
Sea View Hotel, Ltd..............        66,000         214,460 
*Sembcorp Logistics, Ltd.........       230,000         224,208 
Sembcorp Marine, Ltd.............       801,000         357,880 
Sin Soon Huat, Ltd...............       929,000          50,311 
Sing Investments & Finance, Ltd.                                
  (Foreign)......................        94,500          57,575 
*Singapore Food Industries,                                     
  Ltd............................       245,000          89,561 
Singapore Land, Ltd..............       196,000         363,022 
Singapore Reinsurance Corp.,                                    
  Ltd............................     1,400,850         174,490 
Singapore Shipping Corp., Ltd....     1,302,000         116,344 
Singapura Building Society,                                     
  Ltd............................       139,250          86,725 
Singatronics, Ltd................       748,000          99,247 
Smrt Corporation, Ltd............       855,000         331,072 
Ssangyong Cement (Singapore),                                   
  Ltd............................       236,000         152,093 
Stamford Tyres Corp., Ltd........        62,000          12,759 
#*Straits Trading Co., Ltd.......     1,117,200       1,040,663 
Sunright, Ltd....................       378,000          71,649 
Superbowl Holdings, Ltd..........       490,000          45,112 
Superior Metal Printing, Ltd.....       490,500          39,846 
Tiger Medicals, Ltd..............       224,000         232,916 
*Transmarco, Ltd.................       106,500          44,411 

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CONTINUED                                                                       

                                                                [Download Table]

                                        SHARES             VALUE+
                                        ------             ------
                                                                 
 *Tuan Sing Holdings, Ltd.........     3,362,000    $    227,593 
 UOB-Kay Hian Holdings, Ltd.......     1,352,000         497,893 
 Unisteel Tec.....................       228,000          68,530 
 United Engineers, Ltd............       632,666         380,319 
 United Industrial Corp., Ltd.....       785,000         310,344 
 United Overseas Insurance,                                      
   Ltd............................       125,500         165,838 
 United Overseas Land, Ltd........     1,104,000       1,010,431 
 United Pulp & Paper Co., Ltd.....       354,000          85,313 
 *Uraco Holdings, Ltd.............     1,803,600         210,005 
 *Van Der Horst, Ltd..............        18,543          74,495 
 *Vertex Venture Holdings, Ltd....       800,150         179,833 
 WBL Corp., Ltd...................       510,000         477,823 
 Wearnes International (1994),                                   
   Ltd............................        33,000           9,293 
 Wing Tai Holdings, Ltd...........       661,000         293,539 
 Yeo Hiap Seng, Ltd...............       102,000         102,193 
                                                    ------------ 
TOTAL COMMON STOCKS                                              
  (Cost $54,598,653)..............                    35,126,631 
                                                    ------------ 
PREFERRED STOCKS -- (0.1%)                                       
 First Capital Corp., Ltd. 7%                                    
   (Non-Redeemable Convertible)                                  
   (Cost $102,710)................       172,500         106,966 
                                                    ------------ 
INVESTMENT IN                                                    
  CURRENCY -- (0.0%)                                             
 *Singapore Dollars                                              
   (Cost $14,204).................                        14,235 
                                                    ------------ 
RIGHTS/WARRANTS -- (0.0%)                                        
 *Acma, Ltd. Warrants 11/16/04                                   
   (Cost $0)......................       236,300           4,479 
                                                    ------------ 
TOTAL -- SINGAPORE                                               
  (Cost $54,715,567)..............                    35,252,311 
                                                    ------------ 

                                                                [Download Table]
NEW ZEALAND -- (11.2%)                                           
COMMON STOCKS -- (11.2%)                                         


                                        ------             ------
                                                                 
 *AFFCO Holdings, Ltd.............       603,825          85,487 
 *Advantage Group, Ltd............       101,600          20,307 
 Bendon Group, Ltd................        77,120          56,198 
 CDL Hotels NZ, Ltd...............       657,244          47,894 
 CDL Investments NZ, Ltd..........       262,935          18,284 
 Cavalier Corp., Ltd..............        77,444         194,454 
 Colonial Motor Co., Ltd..........        47,895          52,850 
 *Cue Energy Resources NL.........       452,354           9,795 
 DB Group, Ltd....................       132,089         318,462 
 Ebos Group, Ltd..................        57,108          77,522 
 *Evergreen Forests, Ltd..........       323,301          72,696 
 #*Fisher & Paykel Apppliances                                   
   Holdings, Ltd..................       169,339         712,181 
 Fisher & Paykel Industries,                                     
   Ltd............................       162,566       1,157,544 
 *Force Corp., Ltd................       380,914           5,552 
 Hallenstein Glassons Holdings,                                  
   Ltd............................       142,638         174,026 
 Hellaby Holdings, Ltd............       118,179         110,230 
 Horizon Energy Distribution,                                    
   Ltd............................         8,084          46,319 
 Independent Newspapers, Ltd.                                    
   (Auckland).....................     1,014,000       1,541,142 
 *Kingsgate International Corp.,                                 
   Ltd............................       479,679          27,963 
 *Met Lifecare, Ltd...............       202,860          96,297 
 Michael Hill International,                                     
   Ltd............................        90,546         184,747 
 Natural Gas Corp. Holdings,                                     
   Ltd............................     1,859,760         944,775 
 *New Zealand Oil & Gas, Ltd......       402,731          70,433 
 New Zealand Refining Co., Ltd....        62,819         481,305 

                                        SHARES             VALUE+
                                        ------             ------
                                                                 

 Northland Port Corp. (New                                       
   Zealand), Ltd..................       108,571    $     99,912 
 Nuplex Industries, Ltd...........       200,476         265,461 
 *Otter Gold Mines, Ltd...........        89,321           8,926 
 Owens Group, Ltd.................       138,522          82,483 
 *Pacific Retail Group, Ltd.......       123,160         114,876 
 Port of Tauranga, Ltd............       200,316         617,247 
 Ports of Auckland................       347,158         780,608 
 Reid Farmers, Ltd................       146,734          73,320 
 Restaurant Brand New Zealand,                                   
   Ltd............................       245,500         194,230 
 *Richina Pacific, Ltd............       137,322          34,309 
 Sanford, Ltd.....................       250,512         646,743 
 Scott Technology, Ltd............        48,074          32,029 
 *Seafresh Fisheries..............        80,520           1,006 
 *Shotover Jet, Ltd...............       106,500          19,956 
 Sky City, Ltd....................       568,916       1,492,452 
 South Port New Zealand, Ltd......        30,744          17,026 
 Steel & Tube Holdings, Ltd.......       151,610         162,877 
 *Summit Gold, Ltd................       107,419           6,486 
 Tasman Agriculture, Ltd..........       157,056         114,447 
 Taylors Group, Ltd...............        29,646          19,011 
 Tourism Holdings, Ltd............       222,252         107,353 
 *Trans Tasman Properties, Ltd....       891,408          74,237 
 Tranz Rail Holdings, Ltd.........       316,409         527,012 
 Trustpower, Ltd..................       458,529         668,262 
 Warehouse Group, Ltd.............       503,486       1,383,704 
 Waste Management NZ, Ltd.........       254,272         319,755 
 Williams & Kettle, Ltd...........        38,372          63,114 
 Wrightson, Ltd...................       317,720         156,113 
                                                    ------------ 
TOTAL COMMON STOCKS                                              
  (Cost $16,109,899)..............                    14,589,418 
                                                    ------------ 

                                                                [Download Table]

                                         FACE                   
                                        AMOUNT                  
                                        ------                  
                                                                
BONDS -- (0.0%)                                                 
Capital Properties New Zealand,                                 
  Ltd. Notes                                                    
    8.500%, 04/15/05                                            
      (Cost $210,192).............    $      201          86,214
                                                    ------------
INVESTMENT IN                                                   
  CURRENCY -- (0.0%)                                            
 *New Zealand Dollar                                            
   (Cost $9,721)..................                         9,738
                                                    ------------
RIGHTS/WARRANTS -- (0.0%)                                       
 *Force Corp., Ltd. Rights                                      
   01/18/02 (Cost $0).............        76,183           1,110
                                                    ------------
TOTAL -- NEW ZEALAND                                            
  (Cost $16,329,812)..............                    14,686,480
                                                    ------------

                                                                [Download Table]
SWITZERLAND -- (0.0%)                                           


                                        SHARES                  
                                        ------                  
                                                                
RIGHTS/WARRANTS -- (0.0%)                                       
 *Champion Technology Holdings,                                 
   Ltd. Warrants                                                
   (Cost $0)......................     4,814,803               0
                                                    ------------
MALAYSIA -- (0.3%)                                              
COMMON STOCKS -- (0.3%)                                         
 *Abrar Corp. Berhad..............        40,000           6,158
 *Autoways Holdings Berhad........        10,000           3,395
 *Instangreen Corp. Berhad........        15,000           3,789

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CONTINUED                                                                       

                                                        [Enlarge/Download Table]

                                                              SHARES           VALUE+
                                                              ------           ------
                                                                                     
 *Kuala Lumpur Industries Holdings Berhad...................   138,000  $     17,976 
 *MBF Holdings Berhad....................................... 2,228,250       120,208 
 *Perdana Industrial Holdings Berhad........................    46,000         3,753 
 *Promet Berhad............................................. 1,143,000        87,229 
 *RNC Corp. Berhad..........................................    33,000         3,561 
 *Rahman Hydraulic Tin Berhad...............................   111,000        19,425 
 *Rekapacific Berhad........................................   473,000        57,258 
 *Saship Holdings Berhad....................................   223,520        52,351 
 *Tai Wah Garments Manufacturing Berhad (Foreign)...........    60,000         6,947 
 *Wing Tiek Holdings Berhad.................................    95,800        22,437 
                                                                        ------------ 
TOTAL -- MALAYSIA                                                                    
  (Cost $2,561,491).........................................                 404,487 
                                                                        ------------ 
UNITED STATES -- (0.0%)                                                              
COMMON STOCKS -- (0.0%)                                                              
 *DF China Technology, Inc..................................       950           219 
 *Exergy, Inc...............................................     7,260             0 
                                                                        ------------ 
TOTAL -- UNITED STATES                                                               
  (Cost $4,302).............................................                     219 
                                                                        ------------ 

                                                        [Enlarge/Download Table]
TEMPORARY CASH INVESTMENTS -- (0.9%)                                                 

                                                                FACE                 
                                                               AMOUNT                
                                                               ------                
                                                                                     
 Repurchase Agreement, PNC Capital Markets Inc. 1.48%,                               
   01/02/02 (Collateralized by U.S. Treasury Notes 11.875%,                          
   11/15/03, valued at $1,220,573) to be repurchased at                              
   $1,201,099                                                                        
   (Cost $1,201,000)........................................ $    1,201     1,201,000
                                                                         ------------
TOTAL INVESTMENTS -- (100.0%) (Cost $205,313,915)++.........             $130,647,090
                                                                         ============

                                                                [Download Table]
                                                                 
-----------------------------------------------------------------
  +  See Note B to Financial Statements.                         
  *  Non-Income Producing Securities                             
  #  Total or Partial Securities on Loan                         
 ++  The cost for federal income tax purposes is $205,313,915.   

See accompanying Notes to Financial Statements. 

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SCHEDULE OF INVESTMENTS 

DECEMBER 31, 2001 
(UNAUDITED) 

                                                                [Download Table]


                                           SHARES         VALUE+
                                           ------         ------
                                                                
UNITED KINGDOM -- (99.3%)                                       
COMMON STOCKS -- (99.3%)                                        
 600 Group P.L.C..................       100,910    $    84,448 
 AEA Technology P.L.C.............        36,737        131,797 
 AIM Group P.L.C..................        32,063         51,331 
 AIT Group P.L.C..................         6,891         83,744 
 API Group P.L.C..................        51,500         53,217 
 *ASW Holdings P.L.C..............       849,314         28,739 
 Abacus Polar P.L.C...............        75,000        275,619 
 Abbeycrest P.L.C.................        42,590         58,577 
 Abbot Group P.L.C................        92,595        164,412 
 Acal P.L.C.......................        13,671        120,078 
 *Acatos & Hutcheson P.L.C........        39,436         51,656 
 Adam & Harvey Group P.L.C........        10,500         23,916 
 *Advanced Medical Solutions                                    
   P.L.C..........................        24,258          3,884 
 Advanced Power Components,                                     
   Ltd............................         7,871          6,129 
 *African Lakes Corp. P.L.C.......         7,760            819 
 *Airflow Streamlines P.L.C.......        20,500         23,869 
 Airsprung Furniture Group                                      
   P.L.C..........................        58,000         67,953 
 Alba P.L.C.......................       105,025        661,097 
 Alexandra Workwear P.L.C.........        86,243        114,850 
 Alexon Group P.L.C...............        86,632        220,019 
 Allders P.L.C....................        16,000         39,704 
 Allen P.L.C......................        50,000        212,854 
 Alpha Airports Group P.L.C.......       392,541        345,642 
 Alphameric P.L.C.................       172,688        273,952 
 Alumasc Group P.L.C..............       100,245        171,430 
 Alvis P.L.C......................       191,010        347,498 
 Amberley Group P.L.C.............       200,000         69,132 
 Amey P.L.C.......................        32,837        178,262 
 Amstrad P.L.C....................       149,652         87,122 
 *Andrew Sykes Group P.L.C........       203,650        287,503 
 *Anglesey Mining P.L.C...........        55,000          1,201 
 Anglo Eastern Plantations                                      
   P.L.C..........................        57,166         30,784 
 *Anite Group P.L.C...............       250,000        620,370 
 *Antisoma P.L.C..................        70,000         36,167 
 *Applied Optical Technologies                                  
   P.L.C..........................        21,300         19,065 
 *Arena Leisure P.L.C.............       180,335        103,016 
 *Argonaut Games, Ltd.............       100,000         90,963 
 Armitage Brothers P.L.C..........         4,000          8,732 
 Armour Trust P.L.C...............       198,500         50,557 
 Ashtenne Holdings P.L.C..........        50,000        161,915 
 Aukett Associates P.L.C..........       149,201          9,772 
 Austin Reed Group P.L.C..........        68,999        140,089 
 *Autologic Holdings P.L.C........        17,489        130,196 
 Avesco P.L.C.....................        29,998        177,912 
 Avon Rubber P.L.C................        25,041         40,272 
 *Axis-Shield P.L.C...............        18,284         87,816 
 Axon Group P.L.C.................        19,756         50,318 
 *Azlan Group P.L.C...............       185,000        359,451 
 *BNB Resources P.L.C.............        49,000         30,309 
 BPP Holdings P.L.C...............        53,250        373,941 
 BSS Group P.L.C..................        47,905        299,803 
 *BWD Securities P.L.C............        10,951         76,902 
 Babcock International Group                                    
   P.L.C..........................       310,464        438,298 
 Baggeridge Brick P.L.C...........        98,000        130,507 
 Bailey (Ben) Construction                                      
   P.L.C..........................        26,000         23,650 


                                           SHARES         VALUE+
                                           ------         ------
                                                                

 Bailey (C.H.) P.L.C..............       109,500    $    13,546 
 Bailey (C.H.) P.L.C. Class B.....        10,000          2,765 
 Barr (A.G.) P.L.C................        43,000        286,003 
 Beattie (James) P.L.C............       132,247        409,007 
 Bellway P.L.C....................        93,000        601,646 
 Bemrose Corp. P.L.C..............        50,375         75,149 
 Benchmark Group P.L.C............        21,513         77,180 
 Berisford P.L.C..................        41,406         57,551 
 Bespak P.L.C.....................        55,918        467,957 
 Bett Brothers P.L.C..............        33,108        124,319 
 *Biocompatibles International                                  
   P.L.C..........................        47,336         74,405 
 *Bioglan Pharma P.L.C............        25,961          3,023 
 *Biotrace International P.L.C....        75,000        150,089 
 Birse Group P.L.C................       421,901         75,220 
 Black Arrow Group P.L.C..........        56,500         40,704 
 Blacks Leisure Group P.L.C.......        60,959        153,043 
 *Blagden Industries P.L.C........       131,092              0 
 Blick P.L.C......................        68,555        229,484 
 Bloomsbury Publishing P.L.C......         5,307         61,289 
 Body Shop International P.L.C....       194,000        310,585 
 *Boosey & Hawkes P.L.C...........        35,500        106,176 
 Boot (Henry) & Sons P.L.C........        47,000        170,327 
 *Bradstock Group P.L.C...........       130,000          8,041 
 Brake Brothers P.L.C.............        25,261        181,988 
 Brammer (H.) P.L.C...............        86,623        364,349 
 Brewin Dolphin Holdings P.L.C....        69,762        128,439 
 Bristol Water Holdings P.L.C.....        12,000        228,354 
 *British Biotech P.L.C...........       198,000         47,548 
 British Polythene Industries                                   
   P.L.C..........................        56,740        273,753 
 Britt Allcroft Co. P.L.C.........        25,000        184,656 
 Brown & Jackson P.L.C............       296,819        142,558 
 *Brunel Holding P.L.C............        11,935          7,252 
 Budgens P.L.C....................       306,137        443,328 
 Bulgin (A.F.) & Co. P.L.C........        36,000          5,501 
 Bullough P.L.C...................       256,000         65,202 
 Bulmer (H.P.) Holdings P.L.C.....        60,500        341,203 
 *Burn Stewart Distillers                                       
   P.L.C..........................       142,500         49,775 
 *Burnden Leisure P.L.C...........        33,000          2,161 
 Burndene Investments P.L.C.......       175,001         85,324 
 Burtonwood Brewery P.L.C.........        38,000        119,737 
 Business Post Group P.L.C........        25,000        122,437 
 *CLS Holdings P.L.C..............       102,907        318,266 
 CML Microsystems P.L.C...........         3,361         16,387 
 Cadcentre Group P.L.C............        10,000         64,256 
 Caffyns P.L.C....................         6,000         32,310 
 *Cairn Energy P.L.C..............        60,206        214,242 
 *Calluna P.L.C...................        77,140              0 
 Camellia P.L.C...................         2,950        133,098 
 *Cammell Laird Group P.L.C.......       256,158         22,369 
 *Cape P.L.C......................       119,518         34,790 
 Capital & Regional Properties                                  
   P.L.C..........................        25,260         90,071 
 *Capital Bars P.L.C..............        70,000         24,960 
 Carclo Engineering Group                                       
   P.L.C..........................       100,463         78,956 
 Care UK P.L.C....................        64,835        168,907 
 *Carlisle Holdings, Ltd..........         8,709         23,766 
 Carpetright P.L.C................        95,000        860,695 
 Carr's Milling Industries                                      
   P.L.C..........................        19,000         35,672 

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                                          SHARES         VALUE+
                                          ------         ------
                                                               
Castings P.L.C...................        79,000    $   172,466 
*Cedar Group P.L.C...............        16,360            952 
*Cenes Pharmaceuticals P.L.C.....       298,612         28,249 
Chamberlin & Hill P.L.C..........        18,000         43,881 
Chapelthorpe P.L.C...............       547,324         55,761 
Charles Taylor Group P.L.C.......        15,656         86,814 
Charter P.L.C....................        88,743        162,739 
Chemring Group P.L.C.............        49,000        262,083 
Chime Communications P.L.C.......        71,838        136,966 
Chloride Group P.L.C.............       485,500        501,688 
Christie Group P.L.C.............        53,263         32,946 
Chrysalis Group P.L.C............       268,082        989,081 
Churchill China P.L.C............        30,000         68,550 
City Centre Restaurants P.L.C....       174,871        148,888 
Clarkson (Horace) P.L.C..........        44,733        127,931 
*Clinical Computing P.L.C........        40,000         17,465 
Clinton Cards P.L.C..............       124,460        288,919 
*Clubhaus P.L.C..................        31,694          1,153 
Clydeport P.L.C..................        12,500         69,496 
Coats Viyella P.L.C..............       275,000        189,113 
Colefax & Fowler Group P.L.C.....        60,000         61,127 
*Communisis P.L.C................       237,134        547,028 
Compel Group P.L.C...............         5,000          6,149 
Coral Products P.L.C.............        50,000         25,106 
*Corporate Services Group                                      
  P.L.C..........................        82,200         43,069 
Cosalt P.L.C.....................        30,700        103,437 
Countryside Property P.L.C.......        69,086        169,927 
Countrywide Assured Group                                      
  P.L.C..........................       133,374        215,467 
Courts P.L.C.....................       110,722        299,732 
Cox Insurance Holdings P.L.C.....        62,000        127,232 
*Cradley Group Holdings P.L.C....        80,000         12,225 
Cranswick P.L.C..................         9,290        113,372 
Crest Nicholson P.L.C............       267,250        754,581 
*Creston Land & Estates P.L.C....         5,000          6,440 
Croda International P.L.C........        59,635        197,021 
Cropper (James) P.L.C............        22,000         53,952 
*Crown Sports P.L.C..............       250,000         62,765 
*Culver Holdings P.L.C...........           338            145 
*DCS Group P.L.C.................        10,000          4,148 
DFS Furniture Co. P.L.C..........        41,300        269,887 
DTZ Holdings P.L.C...............        89,500        177,153 
Daejan Holdings P.L.C............        25,000        451,178 
Dairy Crest Group P.L.C..........         5,000         30,455 
*Danka Business Systems P.L.C....        15,000          3,438 
Dart Group P.L.C.................        74,000        308,562 
Davis Service Group P.L.C........        10,000         58,362 
*Dawson International P.L.C......       100,688         56,785 
Delta P.L.C......................       150,000        248,876 
Deltron Electronics P.L.C........         8,621         11,857 
Densitron International P.L.C....        74,175         31,847 
Derwent Valley Holdings P.L.C....        90,000        861,241 
Development Securities P.L.C.....        50,000        246,329 
Devro P.L.C......................        80,143         64,736 
Dewhurst P.L.C...................         9,000          9,169 
Dewhurst P.L.C. Class A                                        
  Non-Voting.....................        15,500         14,099 
Diagonal P.L.C...................        34,200         51,020 
*Dialog Corp. P.L.C..............       207,000          6,025 
Dicom Group P.L.C................        30,000        185,129 
Diploma P.L.C....................        22,648        103,172 
Dixon Motors P.L.C...............        55,408        156,848 
Domestic & General Group                                       
  P.L.C..........................        17,223        171,706 


                                          SHARES         VALUE+
                                          ------         ------
                                                               

Domino Printing Sciences                                       
  P.L.C..........................       355,935    $   603,508 
Domnick Hunter Group P.L.C.......        30,000        131,205 
Dowding & Mills P.L.C............       336,440        178,726 
Druck Holdings P.L.C.............         8,000         31,146 
EBC Group P.L.C..................        33,000         68,681 
East Surrey Holdings P.L.C.......        36,800        132,023 
Edinburgh Fund Managers Group                                  
  P.L.C..........................        61,000        440,350 
*Eidos P.L.C.....................        55,300        144,872 
Eldridge Pope & Co. P.L.C........        25,000         91,873 
Eleco Holdings P.L.C.............       104,685         31,615 
Electronic Data Processing                                     
  P.L.C..........................        55,200         40,169 
Electronics Boutique P.L.C.......       150,000        299,087 
*Emess P.L.C.....................       288,250         29,367 
Ennstone P.L.C...................       135,323         65,979 
Eurocopy P.L.C...................        41,051         22,255 
Eurodis Electron P.L.C...........        87,500         91,054 
Euromoney Institutional Investors                              
  P.L.C..........................        65,000        333,472 
European Colour P.L.C............        82,090         31,063 
European Motor Holdings P.L.C....       118,325        186,850 
*European Telecom P.L.C..........         7,000            815 
*Europower P.L.C.................       232,092         21,112 
*Evans of Leeds Contingent Units                               
  P.L.C..........................        80,000              0 
*Express Dairies P.L.C...........       722,000        141,859 
Expro International Group                                      
  P.L.C..........................        50,000        281,986 
*Eyretel P.L.C...................       134,000        173,573 
FCX International P.L.C..........        68,275        174,888 
*FII Group P.L.C.................        41,166          6,590 
Falcon Holdings P.L.C............         5,500         14,809 
Fenner P.L.C.....................        92,146        156,239 
*Ferguson International Holdings                               
  P.L.C..........................        89,105         45,390 
Ferraris Group P.L.C.............         9,600         31,577 
*Fibernet Group P.L.C............        45,339        311,788 
Filtronic P.L.C..................         4,138         21,591 
Financial Objects P.L.C..........         7,000          8,456 
Fine Art Developments P.L.C......       142,288        621,263 
First Technology P.L.C...........       117,111        681,779 
*Firth (G.M.) Holdings P.L.C.....       163,080         16,614 
Firth Rixson P.L.C...............       216,888         73,391 
Fisher (Albert) Group P.L.C......        76,000        108,952 
Forminster P.L.C.................        43,333         13,717 
Forth Ports P.L.C................       130,952      1,319,831 
Fortress Holdings P.L.C..........       120,728         41,292 
*Foster (John) & Son P.L.C.......        27,500          4,303 
Freeport Leisure P.L.C...........        12,300         79,931 
French Connection Group P.L.C....        25,000        294,721 
*Friendly Hotels P.L.C...........        51,533         13,500 
Friends, Ivory & Sime P.L.C......        60,039        216,269 
Fuller, Smith & Turner P.L.C.                                  
  Series A.......................        20,000        151,363 
Fulmar P.L.C.....................       107,500         88,398 
*Future Network P.L.C............       315,000        215,474 
GWR Group P.L.C..................        49,700        182,643 
Galliford P.L.C..................       467,870        272,378 
Games Workshop Group P.L.C.......        12,932        101,636 
*Gaming International P.L.C......        14,000         12,327 
Gardner Group P.L.C..............        26,923          7,249 
Garton Engineering P.L.C.........        10,248          6,861 

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                                          SHARES         VALUE+
                                          ------         ------
                                                               
Gaskell P.L.C....................        36,000    $    20,434 
*Gearhouse Group P.L.C...........        25,000         10,552 
Geest P.L.C......................        88,260        948,638 
Gibbs & Dandy P.L.C..............         4,500         19,321 
*Gioma Restaurants P.L.C.........       100,000         23,287 
Gleeson (M.J.) Group P.L.C.......        22,471        398,996 
Glenmorangie P.L.C...............        20,000        177,560 
*Glotel P.L.C....................        15,300          9,130 
Go-Ahead Group P.L.C.............        20,000        174,213 
Goldshield Group P.L.C...........        14,400        116,317 
Gowrings P.L.C...................         5,000          6,149 
Grainger Trust, Ltd..............        22,000        273,763 
Grampian Holdings P.L.C..........       200,324        227,412 
Grantchester Holdings P.L.C......        54,000        142,645 
Greene King P.L.C................        23,039        235,222 
*Greenwich Resources P.L.C.......       219,332          7,182 
Greggs P.L.C.....................        26,000      1,158,873 
Guiness Peat Group P.L.C.........       138,374         92,640 
*Gyrus Group P.L.C...............        30,072        113,795 
Haden Maclellan Holdings                                       
  P.L.C..........................       176,224         80,150 
Halstead (James) Group P.L.C.....        73,594        250,637 
Hamley's P.L.C...................        47,500         84,687 
Hampson Industries P.L.C.........       105,886         36,215 
*Hampton Trust P.L.C.............       232,050         20,264 
Hanover International P.L.C......        11,751         14,537 
Hardys & Hansons P.L.C...........        48,000        217,264 
*Hartstone Group P.L.C...........       240,263         14,861 
Harvey Nash Group P.L.C..........       105,000        183,382 
Havelock Europa P.L.C............        27,660         11,473 
*Hawtin P.L.C....................       196,500         25,739 
Haynes Publishing Group P.L.C....        14,703         17,654 
Headlam Group P.L.C..............       132,974        520,601 
Heath (Samuel) & Sons P.L.C......         7,500         31,109 
Helical Bar P.L.C................        35,000        388,413 
*Helphire Group P.L.C............       134,600        227,242 
Henlys Group P.L.C...............         8,303         16,253 
Heywood Williams Group P.L.C.....       140,400        361,682 
Highbury House Communications                                  
  P.L.C..........................       439,166        143,813 
High-Point P.L.C.................        57,510         37,665 
Hill & Smith Holdings P.L.C......        86,850         84,058 
Hiscox P.L.C.....................        91,000        205,948 
Hit Entertainment P.L.C..........       106,848        562,161 
Hitachi Credit (UK) P.L.C........        16,412         28,902 
Holidaybreak P.L.C...............        92,974        630,571 
Holmes Place P.L.C...............        56,067        176,665 
*Horace Small Apparel P.L.C......       137,500         21,013 
House of Fraser P.L.C............       200,000        246,693 
*Howard Holdings P.L.C...........        57,730         29,407 
Hughes (T.J.) P.L.C..............        11,625         20,049 
Hunting P.L.C....................       223,174        573,290 
Huntleigh Technology P.L.C.......        24,925        134,766 
*Huntsworth P.L.C................        90,000         30,782 
IAF Group P.L.C..................        30,000          1,528 
IMS Group P.L.C..................        75,000         33,838 
*IQE P.L.C.......................        47,400        122,969 
*ISA International P.L.C.........        95,214          8,661 
*Ids Group P.L.C.................        23,000         16,068 
*Ig Group P.L.C..................        10,000         73,862 
*Imagination Technologies Group                                
  P.L.C..........................       189,698        234,676 


                                          SHARES         VALUE+
                                          ------         ------
                                                               

Incepta Group P.L.C..............       351,000    $   245,208 
*Industrial & Commercial Holdings                              
  P.L.C..........................         5,000            109 
Informa Group P.L.C..............        37,229        144,670 
*Intec Telecom Systems P.L.C.....       100,000        112,795 
Intelek P.L.C....................        99,880         35,251 
*Interx P.L.C....................        20,000         30,127 
*Irevolution Group P.L.C.........         5,000          1,492 
Isotron P.L.C....................        30,500        136,500 
Ite Group P.L.C..................       234,741         73,454 
Itnet P.L.C......................        35,754        129,312 
J.& J. Dyson P.L.C...............        28,500         78,811 
*JKX Oil and Gas P.L.C...........       220,533         55,367 
*Jacobs (John I.) P.L.C..........       116,000         37,986 
Jardine Lloyd Thompson Group                                   
  P.L.C..........................         3,520         31,584 
Jarvis Hotels P.L.C..............       215,318        278,905 
Jarvis P.L.C.....................       289,379      2,295,354 
*Jarvis Porter Group P.L.C.......        99,894         30,531 
John David Sports P.L.C..........       114,500        504,100 
Johnson Group Cleaners P.L.C.....       110,535        510,775 
Johnston Group P.L.C.............        26,000         79,466 
Joseph (Leopold) Holdings                                      
  P.L.C..........................        14,000        167,591 
Jourdan (Thomas) P.L.C...........        40,000         11,643 
*K S Biomedix Holdings P.L.C.....        94,500        161,605 
*KBC Advanced Technologies                                     
  P.L.C..........................        25,000         39,114 
*Kalamazoo Computer Group                                      
  P.L.C..........................        56,120          7,147 
Keller Group P.L.C...............       110,000        445,866 
*Kewill Systems P.L.C............        10,000          6,295 
Kier Group P.L.C.................        10,839         82,820 
Kleeneze P.L.C...................        84,300        224,525 
*Knowledge Support Systems Group                               
  P.L.C..........................        25,000          6,458 
Kunick P.L.C.....................       420,000         79,466 
Laing (John) P.L.C...............       175,961        398,229 
Laird Group P.L.C................         6,000         13,797 
Lambert Howarth Group P.L.C......        25,200         49,513 
*Lamont Holdings P.L.C...........        72,231          6,308 
*Laura Ashley Holdings P.L.C.....       249,150         97,000 
Lavendon Group P.L.C.............        20,092         69,596 
Le Riche Group, Ltd..............         6,900         55,735 
Leeds Group P.L.C................        86,938         53,776 
*Leeds Sporting P.L.C............        66,000         10,086 
Leicester City P.L.C.............       100,000         39,296 
Lincat Group P.L.C...............         4,000         20,434 
Linton Park P.L.C................        39,000        188,731 
Linx Printing Technologies                                     
  P.L.C..........................        27,000         96,472 
Litho Supplies P.L.C.............        20,000          9,751 
Locker (Thomas) Holdings                                       
  P.L.C..........................       176,168         10,256 
London Bridge Software Holdings                                
  P.L.C..........................        57,269        148,780 
*London Clubs International                                    
  P.L.C..........................       144,646         43,683 
*London Forfeiting Co. P.L.C.....        12,000          2,358 
London Scottish Bank P.L.C.......       263,000        455,501 
Lookers P.L.C....................        53,160         89,362 
*Lorien P.L.C....................        60,000         55,015 
Low & Bonar P.L.C................        65,000         66,221 
*Lowe (Robert H.) & Co. P.L.C....       251,985         10,085 
Luminar P.L.C....................         2,958         36,314 
Lynx Holdings P.L.C..............       100,000        174,650 
*M.L. Laboratories P.L.C.........        51,042         28,601 

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                                          SHARES         VALUE+
                                          ------         ------
                                                               
*MDIS Group P.L.C................       342,029    $   166,761 
MFI Furniture Group P.L.C........       111,936        228,078 
MMT Computing P.L.C..............         3,000          4,803 
MS International P.L.C...........        71,500         50,470 
MSB International P.L.C..........        16,000         19,677 
MacDonald Hotels P.L.C...........        15,500         45,907 
MacFarlane Group Clansman                                      
  P.L.C..........................       228,287        252,511 
Macro 4 P.L.C....................        42,500        156,184 
Maiden Group P.L.C...............        16,800         78,854 
Mallett P.L.C....................        24,837         59,644 
Manganese Bronze Holdings                                      
  P.L.C..........................        32,184         37,707 
Marshalls P.L.C..................       225,800        787,074 
*Martin International Holdings                                 
  P.L.C..........................       135,800         21,741 
Marylebone Warwick Balfour Group                               
  P.L.C..........................        73,345         93,938 
Mayflower Corp. P.L.C............       403,800        508,357 
McAlpine (Alfred) P.L.C..........       196,111      1,223,035 
McBride P.L.C....................        10,000          5,749 
McCarthy & Stone P.L.C...........       194,968        797,363 
McKay Securities P.L.C...........        68,500        175,465 
McLeod Russel Holdings P.L.C.....        74,524         55,859 
*Medical Solutions P.L.C.........        26,658          5,723 
*Medisys P.L.C...................       150,134        163,880 
Mentmore Abbey P.L.C.............       236,561        490,619 
Menzies (John) P.L.C.............        57,314        293,206 
*Merant P.L.C....................       172,500        277,420 
Merchant Retail Group P.L.C......       185,666        345,207 
Merrydown P.L.C..................        59,927         36,632 
Metal Bulletin P.L.C.............        95,500        264,085 
Metalrax Group P.L.C.............       358,740        336,764 
Mice Group P.L.C.................        39,909         44,434 
Microgen Holdings P.L.C..........        45,816         68,348 
Mitie Group P.L.C................       500,000      1,182,523 
Molins P.L.C.....................        68,000        179,627 
Monsoon P.L.C....................        71,000         90,934 
*Morse P.L.C.....................        36,866        101,945 
*Moss Brothers Group P.L.C.......       163,400         82,046 
Mowlem (John) & Co. P.L.C........       313,730        990,837 
Mtl Instruments Group P.L.C......         4,348         13,605 
Mucklow (A & J) Group P.L.C......       175,000        592,171 
*NHP P.L.C.......................       125,000        101,879 
*NXT P.L.C.......................        22,446         51,452 
Nestor Healthcare Group P.L.C....       180,200      1,435,903 
New Look Group P.L.C.............        85,145        205,089 
Newcastle United P.L.C...........       148,923         56,354 
Nichols (J.N.) (Vimto) P.L.C.....        66,550        102,185 
Nord Anglia Education P.L.C......         5,000         21,722 
Northamber P.L.C.................        75,888         83,941 
Northgate P.L.C..................       118,200        841,226 
*OEM P.L.C.......................        12,000          5,501 
Ocean Wilson Holdings, Ltd.......        84,250         92,577 
Ockham Holdings P.L.C............       124,269         79,580 
*Orbis P.L.C.....................       142,859         22,871 
Osborne & Little P.L.C...........        11,200         57,052 
Owen (H.R.) P.L.C................        30,000         65,057 
Oxford Instruments P.L.C.........        43,051        126,880 
*Oxford Molecular Group P.L.C....        41,440          5,730 
*PPL Therapeutics P.L.C..........        43,529         33,577 
PSD Group P.L.C..................        43,500        289,645 
*Paladin Resources P.L.C.........        74,000         48,465 
Paragon Group of Companies                                     
  P.L.C..........................        47,000        184,350 


                                          SHARES         VALUE+
                                          ------         ------
                                                               

Parity Group P.L.C...............       128,750    $    91,818 
*Park Food Group P.L.C...........       291,600         80,636 
*Partners Holdings P.L.C.........        40,000          7,277 
Partridge Fine Arts P.L.C........        58,000         43,473 
Paterson Zochonis P.L.C..........        22,000        276,165 
Paterson Zochonis P.L.C.                                       
  Non-Voting.....................        27,000        240,689 
Pendragon P.L.C..................        95,750        311,460 
*Peptide Therapeutics Group                                    
  P.L.C..........................        35,000        178,543 
Perry Group P.L.C................        47,666         57,927 
Peterhouse Group P.L.C...........        85,427        461,892 
*Pharmagene P.L.C................       160,000        211,908 
Photo-Me International P.L.C.....       142,620         81,991 
Photo-Scan P.L.C.................        40,777         63,205 
*Phytopharm P.L.C................        12,600         99,301 
*Pic International Group                                       
  P.L.C..........................       342,975        260,816 
Pittards P.L.C...................        60,985         37,722 
Planit Holdings P.L.C............       235,000        188,112 
*Plantation & General Investment                               
  P.L.C..........................        70,623         16,960 
*Plasmon P.L.C...................       100,000        109,884 
Portmeirion Potteries (Holdings)                               
  P.L.C..........................        22,856         57,382 
Porvair P.L.C....................        50,000        180,107 
*Powderject Pharmaceuticals                                    
  P.L.C..........................        44,500        366,575 
Precoat International P.L.C......        25,000         21,831 
*Premier Consolidated Oilfields                                
  P.L.C..........................       152,488         37,174 
Pressac Holdings P.L.C...........        78,129         26,153 
*Princedale Group P.L.C..........       250,000         71,861 
*Probus Estates P.L.C............        83,333          3,335 
*Property Partnerships P.L.C.....        10,000         11,643 
#*Protherics P.L.C...............       482,694        252,907 
*Proudfoot P.L.C.................       236,420        236,561 
*Provalis P.L.C..................       104,615         30,452 
Prowting P.L.C...................       157,630        297,095 
Psion P.L.C......................       165,200        201,965 
QS Holdings P.L.C................        95,775         34,151 
*QSP Group P.L.C.................        31,250          3,184 
*Queens Moat Houses P.L.C........       159,000         17,356 
Quick Group P.L.C................        82,344         88,685 
Quintain Estates & Development                                 
  P.L.C..........................       108,350        298,830 
*Qxl.com P.L.C...................       130,000          4,730 
RJB Mining P.L.C.................        16,000         20,318 
*RMS Communications P.L.C........        15,000              0 
RPC Group P.L.C..................        43,400        103,590 
RPS Group P.L.C..................        92,594        194,058 
*Radamec Group P.L.C.............        35,000         16,810 
*Radstone Technology P.L.C.......         5,000         14,554 
Ransom (William) & Son P.L.C.....        30,000         20,740 
*Recognition Systems Group                                     
  P.L.C..........................        90,342          5,259 
Redrow Group P.L.C...............        91,137        309,056 
*Redstone Telecom P.L.C..........       148,707          2,273 
*Reece P.L.C.....................       283,750          3,097 
Reed Executive P.L.C.............       116,500        207,706 
*Reed Health Group P.L.C.........       116,500        286,549 
Reg Vardy P.L.C..................       103,597        480,223 
Regent Inns P.L.C................        93,909        225,516 
Reliance Security Group P.L.C....         9,000         86,779 
Renishaw P.L.C...................       146,806        961,485 
Renold P.L.C.....................       144,000        112,125 
Ricardo Group P.L.C..............        84,709        556,639 

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                                                                [Download Table]


                                          SHARES         VALUE+
                                          ------         ------
                                                               
*Richmond Oil & Gas P.L.C........       220,000    $         0 
*Rodime P.L.C....................       435,000         72,807 
*Rolfe & Nolan P.L.C.............        24,000         28,817 
Roseby's P.L.C...................        33,500        181,617 
Rotork P.L.C.....................       171,135        834,392 
Rowe Evans Investments P.L.C.....        86,917        100,568 
Roxboro Group P.L.C..............        17,586         56,053 
*Roxspur P.L.C...................        45,958          5,518 
*Royal Doulton P.L.C.............        60,000         13,972 
Royalblue Group P.L.C............        11,800        105,190 
Rutland Trust P.L.C..............       174,255         84,326 
S & U P.L.C......................        21,140        123,070 
*SCS Upholstery P.L.C............        29,000         95,177 
SFI Group P.L.C..................        26,713         83,977 
SIG P.L.C........................       103,200        422,809 
Safeland P.L.C...................        25,000         16,191 
Salvesen (Christian) P.L.C.......       133,157        171,512 
*Sanctuary Group P.L.C...........       270,000        265,249 
Sanderson Bramall Motor Group                                  
  P.L.C..........................        68,166        244,056 
Saville (J.) Gordon Group                                      
  P.L.C..........................       391,413        518,397 
Savills P.L.C....................       104,000        266,399 
Scapa Group P.L.C................        44,337         48,074 
*Scipher P.L.C...................        28,803         61,832 
Scottish Radio Holdings P.L.C....        13,100        174,930 
Secure Trust Group P.L.C.........        27,118        158,858 
Senior Engineering Group                                       
  P.L.C..........................       122,900         61,263 
*Servicepower Technologies                                     
  P.L.C..........................       150,000         49,120 
Severfield-Rowan P.L.C...........        20,000         85,578 
Shaftesbury P.L.C................       137,500        525,313 
Shanks & McEwan Group P.L.C......        92,900        227,149 
Sherwood International, Ltd......        16,674         32,155 
Shiloh P.L.C.....................        14,500         53,286 
*ShopRite Group P.L.C............       204,780         29,804 
Silentnight Holdings P.L.C.......        84,300        232,500 
Simon Engineering P.L.C..........       348,089        281,170 
Sinclair (William) Holdings                                    
  P.L.C..........................        53,000         42,040 
Sindall (William) P.L.C..........        66,000        449,548 
Sirdar P.L.C.....................        41,600         42,382 
Skillsgroup P.L.C................        79,475         53,208 
Smart (J.) & Co. (Contractors)                                 
  P.L.C..........................        22,500        108,883 
*Soco International P.L.C........        59,000        145,549 
South Staff Water Holdings                                     
  P.L.C..........................       108,000        947,037 
Southampton Leisure Holdings                                   
  P.L.C..........................        19,615         10,991 
Spirax-Sarco Engineering                                       
  P.L.C..........................        55,100        301,527 
*Sportsworld Media Group                                       
  P.L.C..........................        26,049         90,041 
Spring Group P.L.C...............       169,495        191,181 
Springwood P.L.C.................        37,500         88,962 
St. Modwen Properties P.L.C......        50,000         81,139 
*Staffware P.L.C.................        12,000         58,508 
Stanley (Charles) Group P.L.C....        76,800        338,122 
Stanley Leisure Organisation                                   
  P.L.C..........................       221,258        772,852 
Sterling Publishing Group                                      
  P.L.C..........................        75,298         15,891 
Stirling Group P.L.C.............       193,011         78,655 
*Stratagem Group P.L.C...........        70,315         17,397 
*Stylo P.L.C.....................       127,367         50,977 
*Superscape P.L.C................        14,621          6,065 
Swallowfield P.L.C...............        15,000         20,194 
Syltone P.L.C....................        50,400         70,419 
*Synstar P.L.C...................       143,000        143,606 
T & S Stores P.L.C...............       138,335        631,184 


                                          SHARES         VALUE+
                                          ------         ------
                                                               

TGI Group P.L.C..................        59,560    $    57,212 
*Tadpole Technology P.L.C........       109,090         20,640 
*Tandem Group P.L.C..............       327,365              0 
*Tarsus Group P.L.C..............        34,000         50,226 
Tay Homes P.L.C..................        52,629         82,725 
*Teamtalk.com Group P.L.C........       375,000         47,756 
Ted Baker P.L.C..................        16,500         74,324 
Telemetrix P.L.C.................       165,708        335,231 
*Telme.com P.L.C.................       250,000         30,928 
*Telspec P.L.C...................        25,000         16,737 
*Ten Alps Communications                                       
  P.L.C..........................         2,352            719 
Tex Holdings P.L.C...............        14,000         15,384 
The Innovation Group P.L.C.......        30,000        157,185 
*The Television Corp. P.L.C......        14,000         50,634 
Thorntons P.L.C..................       158,000        234,554 
Thorpe (F.W.) P.L.C..............        24,000         48,553 
Tibbett & Britten Group P.L.C....        86,123        748,934 
Tilbury Douglas P.L.C............       142,194      1,055,450 
Tinsley (Eliza) Group P.L.C......        19,844          9,098 
Topps Tiles P.L.C................        39,690        157,699 
Tops Estates P.L.C...............        30,088         78,166 
Torex P.L.C......................        58,333        617,637 
*Torotrak P.L.C..................        39,193         59,894 
*Tottenham Hotspur P.L.C.........       150,000         96,057 
Town Centre Securities (New)                                   
  P.L.C..........................       142,137        234,795 
*Trace Computers P.L.C...........        33,552         46,146 
Transport Development Group                                    
  P.L.C..........................        19,782         54,559 
Triad Group P.L.C................         9,412         12,808 
Trifast P.L.C....................        28,388         46,068 
Ulster Television, Ltd...........       115,602        552,697 
*Ultima Networks P.L.C...........       100,000          3,275 
Ultra Electronics Holdings                                     
  P.L.C..........................        32,680        179,550 
Ultraframe P.L.C.................        37,200        151,596 
Umeco P.L.C......................         6,250         19,785 
Unite Group P.L.C................        28,051        142,482 
*United Overseas Group P.L.C.....       174,281          6,341 
Universal Salvage P.L.C..........        10,755         74,899 
*Vanguard Medica Group P.L.C.....        13,172         38,341 
*Vega Group P.L.C................        10,000         20,376 
*Vert (Jacques) P.L.C............        45,000          6,386 
Vibroplant P.L.C.................        83,100        112,479 
Victoria Carpet Holdings                                       
  P.L.C..........................        12,000         22,530 
Victrex P.L.C....................        35,948        163,497 
*Viglen Technology P.L.C.........        13,791         13,448 
Vitec Group P.L.C................        15,242         94,279 
*Vocalis Group P.L.C.............        16,000          1,630 
Volex Group P.L.C................        58,801        220,368 
Vosper Thornycroft Holdings                                    
  P.L.C..........................        20,000        451,178 
WSP Group P.L.C..................        75,000        361,306 
Wagon Industrial Holdings                                      
  P.L.C..........................        47,292        180,677 
Walker Greenbank P.L.C...........        53,105         13,139 
Warner Estate Holdings P.L.C.....        70,000        324,994 
*Waterdorm P.L.C.................       105,000              0 
Waterman Partnership Holdings                                  
  P.L.C..........................        74,473        144,699 
*Waverly Mining Finance P.L.C....        42,500          2,629 
Weir Group P.L.C.................        35,236        123,848 
Wellington Holdings P.L.C........         9,000         12,444 
Wembley P.L.C....................         6,053         61,007 
Westbury P.L.C...................       202,522        779,622 
Whatman P.L.C....................       241,935        378,524 

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                                        SHARES             VALUE+
                                        ------             ------
                                                                 
 White Young Green P.L.C..........         9,000    $     25,346 
 *Whittard of Chelsea P.L.C.......        30,000          12,007 
 *Wiggins Group P.L.C.............     1,148,266         273,659 
 Wilmington Group P.L.C...........        28,692          55,748 
 Wilshaw P.L.C....................       198,409          57,753 
 Wilson (Connolly) Holdings                                      
   P.L.C..........................        51,000         112,824 
 Wintrust P.L.C...................        22,500         182,563 
 Wolverhampton & Dudley Breweries                                
   P.L.C..........................        93,071         776,844 
 Worthington Group P.L.C..........       102,653           6,350 
 Wyevale Garden Centres P.L.C.....        36,271         251,541 
 Wyndeham Press Group P.L.C.......        63,066          81,232 
 *XAAR P.L.C......................        18,405          25,314 
 *Xenova Group P.L.C..............       145,714         161,786 
 *YJL P.L.C.......................        35,932          19,088 
 Yates Brothers Wine Lodges                                      
   P.L.C..........................        23,113          51,299 
 Yorklyde P.L.C...................        25,555          16,737 
 Yorkshire Group P.L.C............        82,504          48,031 
 Young & Co's Brewery P.L.C.......        10,000          87,325 
 Young & Co's Brewery P.L.C.                                     
   Class A........................         5,234          51,609 
 Yule Catto & Co. P.L.C...........        53,557         171,874 
 *Zetters Group P.L.C.............        29,000          59,301 
 Zotefoams P.L.C..................        12,000          15,107 
                                                    ------------ 
TOTAL COMMON STOCKS                                              
  (Cost $88,769,514)..............                    98,082,152 
                                                    ------------ 
INVESTMENT IN CURRENCY -- (0.0%)                                 
 *British Pound Sterling                                         
   (Cost $47,244).................                        31,374 
                                                    ------------ 
RIGHTS/WARRANTS -- (0.0%)                                        
 *Audemars Piguet Holdings SA                                    
   Letter of Entitlement..........        90,242               0 

                                        SHARES             VALUE+
                                        ------             ------
                                                                 
 *Creston P.L.C. Warrants                                        
   03/31/04.......................         1,000    $          0 
 *Greenwich Resources P.L.C.                                     
   Rights 01/09/02................       219,332             207 
                                                    ------------ 
TOTAL RIGHTS/WARRANTS                                            
  (Cost $0).......................                           207 
                                                    ------------ 
TOTAL -- UNITED KINGDOM                                          
  (Cost $88,816,758)..............                    98,113,733 
                                                    ------------ 

                                                                [Download Table]
TEMPORARY CASH                                                  
  INVESTMENTS -- (0.7%)                                         

                                         FACE                   
                                        AMOUNT@                 
                                        -------                 
                                         (000)                  
                                                                
 Repurchase Agreement, PNC Capital                              
   Markets Inc. 1.48%, 01/02/02                                 
   (Collateralized by U.S.                                      
   Treasury Notes 11.875%,                                      
   11/15/03, valued at $668,325)                                
   to be repurchased at $657,054                                
   (Cost $657,000)................    $      657         657,000
                                                    ------------
TOTAL INVESTMENTS -- (100.0%)                                   
  (Cost $89,473,758)++............                  $ 98,770,733
                                                    ============

                                                                [Download Table]
                                                                
----------------------------------------------------------------
  +  See Note B to Financial Statements.                        
  @  Denominated in local currency.                             
  *  Non-Income Producing Securities                            
  #  Total or Partial Securities on Loan                        
 ++  The cost for federal income tax purposes is $89,500,835.   

See accompanying Notes to Financial Statements. 

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SCHEDULE OF INVESTMENTS 

DECEMBER 31, 2001 
(UNAUDITED) 

                                                                [Download Table]

                                                         SHARES         VALUE+
                                                         ------         ------
                                                                              
FRANCE -- (16.7%)                                                             
COMMON STOCKS -- (16.6%)                                                      
 *Agricole de la Crau..................................      449  $     20,429
 Apem SA...............................................    1,000        40,058
 Assystem SA...........................................    2,657        66,240
 *Aurea................................................      600         5,070
 Bail-Investissement (Societe Immobiliere pour le                             
   Commerce & l'Industrie).............................    2,367       255,221
 Bains de Mer et du Cercle des Etrangers a Monaco......    4,615       624,582
 *Berger Levrault SA...................................      476        50,053
 Boiron SA.............................................    3,800       236,840
 Brioche Pasquier SA...................................    5,200       302,799
 Burelle SA............................................    4,030       178,083
 CEGID SA..............................................    4,500       313,925
 *COM 1 SA.............................................      450         2,059
 *CS Communication et Systemes.........................    4,983        36,825
 Carbone Lorraine......................................   33,245       888,017
 Cegedim SA............................................    6,400       293,468
 Change de la Bourse SA................................      614        14,061
 Christian Dalloz SA...................................    2,022       158,430
 Cie Francaise des Ferrailles..........................   10,576       376,665
 Cie Industrielle et Financiere d'Ingenierie SA                               
   Ingenico............................................   56,200     1,130,885
 Compagnie Financiere Saint-Honore.....................    1,188       148,087
 Concorde Cie d'Assurances Contre les Risques de Toute                        
   Nature SA...........................................    2,992     1,132,203
 *Consortium International de Diffusion et de                                 
   Representation Sante Cider Sante....................      600        12,074
 Continentale d'Entreprises SA.........................   20,087       799,459
 Costimex SA...........................................      700        13,400
 Credit Foncier et Communal d'Alsace et de Lorraine....      840       177,256
 Cristalleries de Baccarat.............................    1,567       145,103
 Damart SA.............................................   22,900     1,643,404
 Deveaux SA............................................    1,040        74,542
 Didot-Bottin..........................................    1,620        87,987
 Docks des Petroles d'Ambes............................      100         8,726
 Docks Lyonnais........................................    1,147        23,489
 Dynaction SA..........................................   10,660       255,319
 Electricite de Strasbourg.............................   23,784       700,949
 *Emprunt Conjoint de Banque du Batiment et des Travaux                       
   Publics et de Financiere de Gestion et                                     
   d'Investissement SA.................................   29,814             0
 Explosifs et de Produits Chimiques....................      524        93,685
 Fimalac SA............................................  104,100     3,735,335
 Financiere et Immobiliere de l'Etang de Berre et de la                       
   Mediterranee SA.....................................    4,000        10,720
 Fininfo SA............................................    9,760       286,773
 Fonciere Lyonnaise SA.................................    2,896        68,847
 Fonderies Franco Belge................................      492        33,315
 France-Africaine de Recherches Petrolieres                                   
   (Francarep).........................................    4,250       227,424

                                                         SHARES         VALUE+
                                                         ------         ------
                                                                              
 *Fromagerie F. Paul Renard............................      200  $     11,797
 *GCI (Groupe Chatellier Industrie SA).................    7,258           646
 GFI Industries SA.....................................    6,845       152,305
 Gantois Series A......................................      647        59,912
 Gascogne SA...........................................    6,472       427,579
 #*Gaumont.............................................   14,607       535,836
 *Generale de Geophysique SA...........................   17,278       542,284
 Gevelot...............................................    3,584       101,956
 Grands Moulins de Strasbourg..........................      110        14,299
 Groupe Guillin SA.....................................    1,200        32,022
 Groupe Norbert Dentressangle SA.......................    6,320       125,768
 Groupe Zannier SA.....................................    4,100       286,933
 Guitel-Etienne-Mobilor SA.............................      240        12,373
 Guyenne et Gascogne SA................................   26,000     1,967,733
 Hoteliere Lutetia Concorde............................    2,505       218,579
 Hotels et Casinos de Deauville........................    2,055       325,691
 IMS International Metal Service SA....................   12,630        86,478
 Immobiliere Marseillaise..............................      656     2,070,589
 Industrielle et Financiere d'Entreprise SA............      300        15,052
 *Informatique et Realite SA...........................    2,643         4,424
 *Lectra Systemes SA...................................   19,192        93,472
 Legris Industries SA..................................    9,350       183,151
 Locindus (Cie Financiere pour la Location d'Immeubles                        
   Industrials et Commerciaux).........................    1,600       179,500
 MRM...................................................    1,424        31,812
 Manitou SA............................................   11,092       646,882
 Matussiere et Forest SA...............................   13,600       107,650
 *Metaleurop SA........................................   35,449        97,214
 *Montupet SA..........................................   32,450       301,351
 *NAF NAF SA...........................................    4,200        48,689
 Nord-Est SA...........................................    2,707        65,294
 PSB Industries SA.....................................    1,240        98,814
 Parc Asterix SA.......................................      822        13,825
 Parisienne de Chauffage Urbain........................      200        12,821
 *Pier Import Europe SA................................   12,100        57,639
 Pinguely-Haulotte SA..................................   25,000       247,080
 Plastic Omnium........................................    5,141       270,068
 Radiall SA............................................    1,340        94,852
 Robertet SA...........................................    1,076        65,147
 Rochette..............................................   84,470       737,059
 Rougier SA............................................    2,040       103,624
 SDR de Bretagne SA....................................      714         8,519
 SILIC (Societe Immobiliere de Location pour                                  
   l'Industrie et le Commerce).........................    3,064       427,768
 SOGEPAG (Societe Exploitation de Parces et Gauges)....      379        17,548
 SR Teleperformance....................................   90,928     1,902,564
 *Sabate SA............................................    2,400        28,848
 Sabeton...............................................   13,500       125,971
 Samse SA..............................................    4,400       308,711
 Sechilienne...........................................    2,200       140,056
 Securidev SA..........................................    1,500        13,997
 Selectibanque SA......................................    7,100       100,641

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CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Sidergie SA...........................................   4,000  $    103,284
 #Skis Rossignol SA....................................  41,668       537,211
 Smoby SA..............................................     500        11,887
 #Societe Financiere Interbail SA......................  17,550       471,596
 Societe Francais des Papiers Peints...................     400         8,049
 #Sopra SA.............................................   6,900       238,126
 Sucriere de Pithiviers-le-Vieil.......................   1,825       625,926
 Taittinger SA.........................................  12,700     1,468,881
 Touax (Touage Investissement SA)......................  10,378       166,880
 *Trouvay et Cauvin SA.................................   1,500         9,282
 Unilog SA.............................................   6,320       384,618
 Union Generale du Nord SA.............................     994        53,102
 #Vallourec (Usines a Tubes de Lorraine Escaut et                            
   Vallourec Reunies)..................................  31,700     1,502,978
 *Valtech, La Defense..................................  20,000        41,135
 Vermandoise de Sucreries..............................     323       229,211
 *Viel et Cie..........................................  42,228       129,340
 Vilmorin et Cie SA....................................   2,349       138,666
 Virbac SA.............................................   1,713       131,169
                                                                 ------------
TOTAL COMMON STOCKS                                                          
  (Cost $28,276,801)...................................            34,445,971
                                                                 ------------
RIGHTS/WARRANTS -- (0.1%)                                                    
 *Simco SA CVG Warrants 10/31/03                                             
   (Cost $86,256)......................................  19,695       111,879
                                                                 ------------
TOTAL -- FRANCE                                                              
  (Cost $28,363,057)...................................            34,557,850
                                                                 ------------

                                                                [Download Table]
GERMANY -- (15.1%)                                                           
COMMON STOCKS -- (15.1%)                                                     


                                                        ------         ------
                                                                             
 Aachener Strassenbahn-Und Energie Versorguns AG.......   3,220        45,872
 *Acg AG Fuer Chipkarten und Informationssysteme.......   1,400         7,354
 *Adva AG Optical Networking...........................   3,500        14,865
 *Agrob AG.............................................   5,800        61,970
 Aigner (Etienne) AG...................................     600        85,476
 Alsen AG, Hamburg.....................................  16,400       314,239
 *Alte Leipziger Versicherungs AG Series C.............   1,043       450,402
 Amira Verwaltungs AG..................................     200        91,709
 Andreae-Noris Zahn AG, Anzag..........................  27,200       581,238
 Anterra Vermoegensverwaltungs AG......................   1,350       162,271
 *Articon Integralis AG................................   2,100        16,080
 BUS (Berzelius Umwelt Service) AG.....................   5,400        28,608
 Baader Wertpapier Handelsbank AG......................   7,900        32,005
 *Babcock Borsig AG....................................  37,480       290,330
 *Balda AG.............................................   3,600        25,483
 Bayerische Handelsbank AG.............................  99,086     1,985,037
 #Beate Uhse AG........................................  16,800       179,201
 *Bechtle AG...........................................   2,200        15,866
 Berliner Elektro Holding AG...........................  11,061        68,939
 Berliner Kindl-Brauerei AG............................     790       140,680
 *Bertrandt AG.........................................   3,100        49,683
 Beru AG...............................................     600        26,337
 Bilfinger & Berger Bau AG, Mannheim...................  14,400       320,536
 *Biodata Information Technology AG....................   1,000           231
 Blaue Quellen Mineral und Heilbrunnen AG..............     267       181,866
 *Bochum-Gelsenkirchener Strassenbahnen AG.............     192        27,352

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Boewe Systec AG.......................................   3,000  $     54,758
 *Brau und Brunnen AG..................................   4,995        85,391
 Bremer Energiekonto AG................................   1,200        12,180
 *Bremer Woll-Kaemmerei AG.............................  19,960        33,056
 Brillant AG...........................................   1,310        32,367
 Buckau (Walther) AG...................................   7,800             0
 Ce Consumer Electrnic AG..............................   2,700        18,511
 Ceag AG...............................................  20,670       165,637
 Cewe Color Holding AG.................................   1,900        19,455
 *Ceyoniq AG...........................................   2,900        14,072
 *Computerlinks AG.....................................     600         7,586
 *Comroad AG...........................................   2,200        16,924
 #*Concordia Bau und Boden AG.......................... 102,602       319,741
 *DAS Werk AG..........................................   1,200         2,906
 Data Modul AG.........................................   2,400        40,387
 Deutsche Steinzeug Cremer & Breuer AG.................  87,200        79,970
 Deutsche Verkehrs-Bank AG.............................   7,124       572,143
 *Dierig Holding AG....................................  10,500        79,560
 Dis Deutscher Industrie Service AG....................   1,400        34,279
 Doag-Holding AG.......................................   7,500        29,382
 Dom-Braugerei AG......................................   1,100        47,012
 Duerr Beteiligungs AG.................................  14,750       317,820
 #Dyckerhoff AG DM50...................................  12,750       272,455
 *Dyckerhoff and Widmann AG............................  49,190        74,894
 *Elmos Semiconductor AG...............................   2,100        26,364
 ElreingKlinger AG.....................................   1,500        28,047
 #*Em TV & Merchandising AG............................  16,600        21,431
 Erlus Baustoffwerke AG................................     297        83,299
 *Erste Kulmbacher Actien Brauerei AG..................     432             0
 Escada AG.............................................  10,260       191,841
 Eurobike AG...........................................   1,700         4,768
 *Evotec Biosystems AG.................................   3,800        34,342
 #Fag Kugelfischer Georg Schaefer AG...................  24,300       258,768
 Feilmann AG...........................................   2,300        74,952
 Fja AG................................................     800        36,399
 Forst Ebnath AG.......................................      13         6,077
 *Freenet.De AG........................................   1,900        21,146
 Fuchs Petrolub AG Oel & Chemie........................   2,231       131,104
 *GFK AG...............................................   2,600        45,026
 *GPC Biotech AG.......................................   1,900        20,131
 *Gft Technologies AG..................................   2,100         9,405
 Gilde Brauerei AG.....................................   1,200       336,456
 Goldschmidt (T.H.) AG.................................  83,200     2,000,142
 *Gontard & Metallbank AG..............................   3,700         4,118
 *Grenkeleasing AG.....................................     800        13,605
 Gwag Bayerische Wohnungs-Aktiengesellschaft AG........   2,665        71,186
 Hamborner AG..........................................  21,000       441,271
 Hasen-Braeu AG........................................   1,000        34,725
 *Herlitz AG...........................................   3,462         4,778
 Holsten-Brauerei AG...................................  38,462       513,685
 *Holzmann (Philipp) AG................................   2,200        13,712
 *Hucke AG.............................................   8,300        14,780
 IFA Hotel & Touristik AG..............................   7,000        62,015
 *Intershop Communications AG..........................   5,200         6,297
 Iwka AG...............................................  26,613       318,706
 *Ixos Software AG.....................................   6,100        21,182
 *Jumptec Industrielle Computertechnik AG..............   2,000        14,246
 K & S Aktiengesellschaft AG........................... 129,500     2,525,153
 KSB AG................................................   2,387       172,152
 KWS Kleinwanzlebener Saatzucht AG.....................   1,650       741,906

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CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Kampa-Haus AG.........................................  10,375  $     53,578
 Kamps AG, Duesseldorf.................................   8,200        65,856
 *Kaufring AG..........................................   2,203         1,569
 Keramag Keramische Werke AG...........................  13,000       452,579
 *Kloeckner Humboldt-Deutz AG..........................  25,650        38,140
 #*Kloeckner-Werke AG..................................   4,500        69,516
 *Km Europa AG (New)...................................   1,338        24,827
 Kolbenschmidt Pierburg AG, Duesseldorf................  28,473       320,699
 *Kontron Embedded Computers AG........................   2,600        30,210
 Kraftuebertragungswerke Rheinfelden AG................   4,684     1,230,305
 Kromschroeder (G.) AG.................................  26,520       155,844
 Krones AG.............................................     700        28,982
 Kupferberg (Christian Adalbert) & Cie KG A.A..........     151        76,635
 LPKF Laser & Electronics AG...........................   2,200        15,866
 Lehnkering AG.........................................  15,300       160,749
 Leifheit AG...........................................  12,500       350,586
 Leoni AG..............................................  25,000       550,921
 *Loewe AG.............................................     700        17,950
 MG Vermoegensverwaltungs AG...........................   3,140       117,423
 *MLF Holding fuer Umwelttechnologie AG................     165             0
 *MLF Holding fuer Umwelttechnologie AG Em 95..........      33             0
 MVV Energie AG........................................  20,200       276,079
 *MWG Biotech AG.......................................   6,600        11,459
 *Maihak (H.) AG.......................................     114         5,735
 Mannheimer Aktiengesellschaft Holding AG..............  35,580     1,568,141
 Markt und Kuehlhallen AG..............................  14,000       261,771
 *Maternus-Kliniken AG, Bad Oyenhausen.................   2,400         7,052
 *Maxdata AG...........................................  11,500        59,388
 Mensch und Maschine Software AG.......................     900         7,933
 *Moenus Textilmaschinen AG............................   5,250         2,057
 *Moksel (A.) AG.......................................  15,800        40,797
 *Morphosys AG.........................................   1,100        59,255
 Mueller-Weingarten AG.................................  11,580       206,211
 *Nemetschek AG........................................   3,800        14,210
 Neue Baumwoll-Spinnerei und Weberei Hof AG............  12,170        87,771
 *Niedermayr Papierwarenfabrik AG......................   1,200        20,397
 *Norddeutsche Affinerie AG............................   1,900        24,005
 Norddeutsche Steingutfabrik AG........................   5,960        30,779
 *Parsytec AG..........................................     700         3,740
 *Pfaff (G.M.) AG......................................  80,000        22,081
 *Pfeiffer Vacuum Technology AG........................   1,000        31,074
 Pfleiderer AG.........................................  17,000       109,436
 Phoenix AG, Hamburg...................................  37,500       367,280
 Progress-Werk Oberkirch AG............................   5,000        81,870
 Puma AG...............................................   4,900       148,337
 *Qs Communications AG.................................   5,900         6,829
 *RTV Family Entertainment AG..........................   9,500        10,404
 *Rational AG..........................................   1,200        35,259
 Reiter Ingolstadt Spinnereimaschinen AG...............   1,200       121,804
 Renk AG...............................................  19,400       345,293
 #Rheinmetall Berlin AG................................  45,000       837,399
 *SGL Carbon AG........................................   2,100        42,351
 Salzgitter AG.........................................  24,900       211,727
 *Schneider Rundfunkwerke AG...........................  10,274        22,046

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Schwarz Pharma AG.....................................   9,000  $    230,786
 Sektkellerei Schloss Wachenheim AG....................  15,120        91,680
 *Senator Entertainment AG.............................   9,800        22,338
 *Ser Systeme AG.......................................   6,000         7,372
 *Sibra Beteiligungs AG................................   6,099        14,662
 *Singulus Technologies AG.............................   3,600       101,033
 Sinner AG, Karlsruhe..................................   4,160        38,892
 #Sixt AG..............................................   6,500        68,871
 *Stada Arzneimittel AG................................   1,400        48,964
 Stahl (R.) AG.........................................   2,000        12,465
 *Steag Hamtech AG.....................................   1,800        10,498
 Stoehr & Co. AG.......................................  16,000        89,038
 Stollwerck AG.........................................     319        65,327
 *Strabag AG...........................................   3,332        62,301
 Stuttgarter Hofbraeu AG...............................  18,000       288,482
 Sued-Chemie AG........................................  29,146       674,724
 *Suess Microtec AG....................................   1,400        39,141
 #Takkt AG.............................................  29,100       152,869
 Tarkett AG............................................  12,800        67,811
 *Technotrans AG.......................................     200         6,055
 *Telegate AG..........................................   1,400         2,468
 *Terrex Handels AG....................................   1,250        55,649
 *United Internet AG...................................   5,400        20,194
 VBH (Vereinigter Baubeschlag-Handel) AG...............   9,415        64,548
 VK Muehlen AG.........................................   1,312        61,913
 Vereinigte Deutsche Nickel-Werke AG...................  13,800       272,776
 Vossloh AG............................................  15,900       318,674
 *WCM Beteiligungs AG.................................. 100,666     1,075,568
 Walter AG.............................................  13,500       361,805
 Wanderer-Werke AG.....................................   7,903       108,927
 *Wedeco AG Water Technology...........................   1,100        33,790
 Westag and Getalit AG, Rheda-Wiedenbrueck.............   7,000        37,396
 Wuerttembergische Hypotheken Bank AG..................  21,827       932,844
 Wuerttembergische Lebensversicherung AG...............   4,430        97,031
 Wuerttembergische Metallwarenfabrik AG................  30,330       452,336
 Wuerzburger Hofbraeu AG...............................     133        37,302
 Zapf Creation AG......................................     800        18,698
 Zementwerk Lauffen-Elektrizitaetswerk Heilbronn AG....  10,455       595,769
                                                                 ------------
TOTAL -- GERMANY                                                             
  (Cost $36,103,564)...................................            31,320,533
                                                                 ------------

                                                                [Download Table]
SWITZERLAND -- (12.1%)                                                  
COMMON STOCKS -- (12.1%)                                                


                                                        ------    ------
                                                                        
 *AFG Arbonia-Forster Holding AG.......................   2,610  127,333
 *Accumulatoren-Fabrik Oerlikon, Zuerich...............      30   19,605
 Afipa SA, Vevey.......................................      20    5,397
 Afipa SA, Vevey Series A..............................      80   29,392
 Aletsch AG, Moerel....................................      50  162,622
 BHB Beteiligungs und Finanzgesellschaft...............     150    3,967
 BKW FMB Energie AG, Bern..............................     660  954,050
 BVZ (Brig Visp Zermatt) Holding AG....................     370   47,022
 Bank Coop AG..........................................   5,881  673,009
 Bank Sarasin & Cie Series B, Basel....................     274  532,226
 *Banque Cantonale de Geneve...........................   1,344  138,424
 *Banque Cantonale du Jura.............................     450   55,291

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CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Banque Privee Edmond de Rothschild SA, Geneve.........     120  $    679,399
 Basellandschaftliche Kantonalbank.....................     600       220,805
 Basler Kantonalbank...................................   5,000       197,857
 *Bobst Group SA.......................................  18,200       504,249
 Bon Appetit Holding A.................................   1,650       110,312
 Bossard Holding AG....................................   6,350       112,827
 Bucher Holding AG, Niederweningen.....................     671       489,017
 CKW (Centralschweizerische Kraftwerke), Luzern........     670       686,025
 CKW (Centralschweizerische Kraftwerke), Luzern                              
   (Participating).....................................   1,500       146,812
 *Calida Holding AG....................................     396        50,088
 Canon (Schweiz) AG, Dietlikon.........................   3,706       149,553
 Carlo Gavazzi Holding AG..............................     910        46,040
 Cie Financiere Tradition..............................   2,500       263,508
 *Crossair AG fuer Europaeischen.......................     660        18,286
 Daetwyler Holding AG, Atldorf.........................     348       489,840
 EGL (Elektrizitaets-Gesellschaft Laufenberg) AG,                            
   Laufenberg..........................................   8,390     1,513,474
 Edipresse SA, Lausanne................................     694       242,440
 Eichhof Holding AG....................................     188        82,094
 Energie Electrique du Simplon SA......................     350        22,767
 Escor AG, Duedingen...................................     744        10,531
 Financiere Michelin, Granges-Paccot...................     637       178,406
 Forbo Holding AG, Eglisau.............................   1,100       334,580
 Fuchs Petrolub AG Oel & Chemie Non-Voting.............   2,001       114,646
 Galenica Holding AG, Bern Series B....................     405       365,900
 Generale d'Affichage, Geneve..........................     290       103,054
 Generali (Switzerland) Holdings, Adliswil.............   1,670       422,456
 Golay-Buchel Holding SA, Lausanne.....................      40        45,775
 Gornergrat Monte Rasa-Bahnen Zermatt..................      70        37,102
 Gurit-Heberlein AG....................................   1,125       887,646
 *HPI Holding SA.......................................   6,000        18,069
 Hero AG...............................................   3,040       373,525
 *Industrieholding Cham AG, Cham.......................     864        91,068
 Jelmoli Holding AG, Zuerich...........................   1,521     1,511,573
 #Jelmoli Holding AG, Zuerich (Namen)..................   2,835       558,363
 Kardex AG, Zuerich....................................   1,039       181,480
 Kardex AG, Zuerich (Participating)....................     610       102,874
 Kraftwerk Laufenburg, Laufenburg......................   8,265     1,642,755
 Kuehne & Nagel International AG.......................   3,240       163,923
 Lem Holdings AG, Lyss.................................     270        46,347
 #*Logitech International SA...........................  66,100     2,418,599
 Maag Holding AG, Zuerich..............................     922       134,389
 *Mikron Holding AG, Biel..............................   1,326       114,208
 #Moevenpick-Holding, Zuerich..........................   1,320       413,422
 *Nextrom Holding SA...................................     277        19,854
 *Omnium Geneve SA, Geneve.............................     110            73
 *Orell Fuessli Graphische Betriebe AG, Zuerich........     240       218,275
 Oz Holding AG.........................................   4,400       376,320
 *Parco Industriale e Immobiliare SA...................     600         1,265
 Phoenix Mecano AG, Stein am Rhein.....................   2,749       687,130
 *Reg Real Estate Group................................   8,010       482,446
 Sarna Kunststoff Holding AG, Sarnen...................     176       137,807
 *Schaffner Holding AG.................................     300        68,663
 Schweizerhall Holding AG, Basel.......................     140       167,802
 Schweizerische National Versicherungs Gesellschaft....     396       213,946

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Siegfried AG, Zofingen................................     856  $    680,556
 Sig Holding AG........................................   1,600       153,226
 *Sihl.................................................     150         2,033
 Sika Finanz AG, Baar..................................     800       178,282
 Sika Finanz AG, Baar (Namen)..........................     750        27,555
 Sopracenerina.........................................   2,409       174,114
 UMS Schweizerische Metallwerke Holding AG, Bern.......   2,560       138,771
 Unigestion Holding, Geneve............................   2,891       165,420
 Vaudoise Assurances Holding, Lausanne.................      45        81,311
 Villars Holding SA, Fribourg..........................     150        23,490
 *Von Moos Holding AG, Luzern..........................   7,000        23,399
 *Von Roll Holding AG, Gerlafingen.....................  23,024        57,827
 WMH Walter Meier Holding AG, Staefa...................      50        36,138
 Zehnder Holding AG....................................     193       113,920
 *Zellweger Luwa AG....................................   3,040       140,530
 Zschokke Holding SA, Geneve...........................     230        66,494
 Zueblin Holding AG....................................      93           526
 Zuercher Ziegeleien Holding, Zuerich..................   1,415       979,248
 Zuger Kantonalbank....................................     545       705,750
                                                                 ------------
TOTAL COMMON STOCKS                                                          
  (Cost $18,924,271)...................................            25,166,593
                                                                 ------------
PREFERRED STOCKS -- (0.0%)                                                   
 Fuchs Petrolub AG Oel & Chemie 7.29% Non-Voting                             
   (Cost $266,229).....................................   2,001       113,290
                                                                 ------------
INVESTMENT IN CURRENCY -- (0.0%)                                             
 *Swiss Francs                                                               
   (Cost $22,013)......................................                22,227
                                                                 ------------
RIGHTS/WARRANTS -- (0.0%)                                                    
 *Zellweger Luwa AG Put Options 01/11/02                                     
   (Cost $1,693).......................................   3,040         1,758
                                                                 ------------
TOTAL -- SWITZERLAND                                                         
  (Cost $19,214,206)...................................            25,303,868
                                                                 ------------

                                                                [Download Table]
ITALY -- (8.5%)                                                           
COMMON STOCKS -- (8.5%)                                                   


                                                          ------    ------
                                                                          
 *Auschem SpA (In Liquidation).........................    82,000        0
 *Azienda Mediterranea Gas e Acqua SpA.................    78,000   79,103
 *Banca Intermobiliare di Investimenti e Gestoni SpA...    27,500  113,857
 Banca Popolare Dell'etruria e Del Lazio Scrl SpA......     4,000   36,505
 #*Banca Popolare di Lodi Scarl........................    33,000  254,158
 *Banca Profilo SpA....................................    29,000   68,425
 Banca Toscana.........................................    75,000  266,445
 Banco di Chiavari e della Riviera Ligure SpA,                            
   Chiavari............................................   120,000  450,887
 #Banco di Desio e della Brianza SpA...................    27,500   61,948
 Banco Piccolo Valellinese Scarl SpA...................    12,000   97,229
 *Bastogi SpA.......................................... 1,183,000  157,997
 *Bayerische Vita SpA..................................    24,000  155,994
 *Binda SpA............................................ 1,299,375        0
 Boero (Bartolomeo) SpA................................     8,925   71,519
 Bonifica dei Terreni Ferraresi e per Imprese Agricole                    
   Roma................................................     8,600   73,433
 *Bremba SpA...........................................    13,000  103,132

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                                                                [Download Table]

                                                          SHARES         VALUE+
                                                          ------         ------
                                                                               
 Brioschi Finanziaria SpA, Milano......................   175,000  $     30,072
 Buzzi Unicem SpA......................................    30,500       201,773
 CALP (Cristalleria Artistica la Piana SpA)............    48,000       112,401
 CAMFIN (Cam Finanziaria)..............................    36,527       120,660
 CIR SpA (Cie Industriale Riunite), Torino.............   182,500       148,032
 *CMI SpA..............................................    77,404        98,071
 Caltagirone SpA.......................................   178,399       721,144
 Cementeria di Augusta SpA.............................   105,000       129,016
 #Cementir Cementerie del Tirreno SpA..................   249,704       533,594
 #Cia Assicuratrice Unipol SpA.........................   199,333       695,727
 *Cirio Finanziaria SpA................................    85,000        23,461
 #Class Editore SpA....................................    22,000        69,538
 *Credito Artigiano SpA................................    24,000        77,142
 Cremonini SpA.........................................    23,000        32,766
 Cucirini SpA..........................................    30,000        29,623
 *Dalmine SpA.......................................... 1,976,700       352,882
 Danieli & C.Officine Meccaniche SpA...................    66,500       178,222
 *Dataconsyst C.G.S. SpA, Monza........................       220             0
 *Del Favero SpA.......................................    86,000             0
 *Ducati Motor Holding SpA.............................    25,000        40,290
 *Erg SpA..............................................    38,000       137,029
 Ericsson SpA..........................................     6,000       145,683
 *Esaote Biomedica SpA.................................     7,000        21,191
 *FMC (Fabbrica Milanese Condutorri SpA)...............    25,000             0
 *Finarte Casa d'Aste SpA (Milano).....................    56,266       109,714
 *Finarte Partecipazioni Pro Arte SpA..................   162,693       150,218
 #*Finmatica SpA.......................................    10,000       166,857
 *Firs-Italiana de Assicurazioni Compagnia di                                  
   Assicurazioni Eriassicurazioni (In Liquidation).....    90,000             0
 *Fochi (Filippo) SpA..................................   216,000             0
 *Fornara Societa Finanziaria e di Partecipazioni                              
   SpA.................................................   310,000             0
 Gabetti Holding SpA...................................    55,000       101,125
 *Gemina SpA...........................................    58,000        36,769
 *Gerolimich SpA (In Liquidation)......................   297,400             0
 #Gewiss SpA...........................................   221,700       702,732
 Grandi Navi Veloci SpA................................    15,000        29,783
 *Grassetto SpA........................................   279,125             0
 *Gruppo Ceramiche Ricchetti SpA.......................    51,000        24,521
 #Gruppo Editoriale L'espresso SpA.....................    32,500        97,229
 ITALJOLLY (Cia Italiana dei Jolly Hotels SpA).........    34,500       156,662
 #*Impregilo SpA.......................................   532,000       274,735
 Industria Macchine Automatique SpA....................    23,000       176,117
 Industrie Zignago S. Margherita SpA...................    52,000       550,502
 *Interbanca SpA.......................................    11,000       145,933
 *Interpump Group SpA..................................    19,000        73,590
 Ipi SpA...............................................    70,700       232,914
 *Italdesign Giugiaro SpA..............................     8,000        27,637
 Italmobiliare SpA, Milano.............................     5,250       158,932
 Linificio and Canapificio Nazionale SpA...............    22,000        27,228
 *Locat SpA............................................    40,000        25,465
 Maffei SpA............................................    52,500        57,543
 *Mandelli SpA.........................................    41,000             0
 Manifattura Lane Gaetano Marzotto & Figli SpA.........   138,000     1,108,305
 Marangoni SpA, Rovereto...............................    34,303        76,356
 #Merloni Elettrodomestici SpA.........................   155,000       814,250

                                                          SHARES         VALUE+
                                                          ------         ------
                                                                               
 Milano Assicurazioni SpA..............................    81,000  $    259,634
 Monrif SpA............................................   150,000       116,061
 Montefibre SpA........................................   143,130        75,827
 *Navigazione Montanari SpA............................    20,000        21,084
 *Necchi SpA...........................................   164,250        32,101
 *Olidata SpA..........................................     8,000        19,303
 *Opengate Group SpA...................................     2,000        30,985
 Perlier SpA...........................................   100,700        17,663
 *Permasteelisa SpA....................................     6,000        83,873
 Pininfarina SpA.......................................    31,285       529,253
 Poligrafici Editoriale SpA............................   132,000       122,231
 *Premafin Finanziaria SpA Holding di Partecipazioni,                          
   Roma................................................   162,152       215,121
 *Premaimm SpA.........................................   179,000        21,516
 *Ratti SpA............................................    31,768        22,402
 Recordati Industria Chimica e Farmaceutica SpA........    48,000       956,478
 #Reno de Medici SpA, Milano...........................   100,500       115,343
 *Risanamento Napoli SpA...............................    11,000        22,037
 *Rodriquez SpA........................................    41,250             0
 #SAES Getters SpA.....................................    14,750       157,728
 #SAI SpA (Sta Assicuratrice Industriale), Torino......    14,500       181,392
 SAIAG SpA (Industrie Articoli Gomma)..................    30,000       105,243
 SISA (Societa Imballaggi Speciali Asti SpA)...........    65,000        37,329
 SMI STA Metallurgica Italiana SpA.....................   565,280       258,702
 SNIA SpA..............................................   502,039       674,976
 *SOPAF (Societa Partecipazioni Finanziarie SpA).......    85,000        22,478
 *Sabaf SpA............................................     2,000        23,061
 *Schiapparelli 1824 SpA, Milano.......................    15,000         1,950
 *Sirti SpA............................................    35,000        30,665
 *Societe Sportiva Lazio SpA...........................    14,000        21,877
 Sogefi SpA............................................   182,500       332,300
 Sol SpA...............................................    14,000        22,076
 Sta per la Condotte Acque Potabili SpA................    14,000       159,555
 Stefanel SpA..........................................    54,400        98,810
 *Tecnodiffusione Italia SpA...........................     1,000        23,818
 Terme Demaniali di Acqui SpA..........................   199,500        58,973
 *Trevi-Finanziaria Industriale SpA....................    15,000        23,439
 *Tripcovich (D.) & Co. SpA Navigazione Rimorchi e                             
   Salvataggi Trieste..................................   113,898             0
 *Unione Manifatture SpA (In Liquidation)..............   156,000             0
 *Unipar (Unione Nazionale di Participazione SpA) (In                          
   Liquidation)........................................   539,000             0
 Vianini Industria SpA.................................    52,520       119,245
 Vianini Lavori SpA....................................   180,752       753,187
 Vittoria Assicurazioni SpA............................    51,500       185,710
 Zucchi (Vincenzo) SpA.................................   144,350       578,366
                                                                   ------------
TOTAL -- ITALY                                                                 
  (Cost $23,249,060)...................................              17,745,858
                                                                   ------------

                                                                [Download Table]
SPAIN -- (7.0%)                                                         
COMMON STOCKS -- (7.0%)                                                 


                                                        ------    ------
                                                                        
 Abengoa SA............................................   5,400   33,223
 Ahorro Familiar SA....................................   6,051  176,446
 *Aldeasa SA...........................................   1,800   27,438
 #*Amper SA............................................  56,800  211,903

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                         SHARES         VALUE+
                                                         ------         ------
                                                                              
 Azkoyen SA............................................   52,500  $    437,531
 *BAMI SA (Inmobiliara de Construcciones y Terrenos)...   28,360        77,016
 Banco de Credito Balear SA............................   35,424       394,259
 Banco de Galicia SA...................................   75,500       941,128
 #Banco de Valencia SA.................................  169,455     1,508,788
 Banco de Vasconia SA..................................   89,000       712,399
 Banco Guipuzcoano SA..................................   21,194       362,316
 Banco Pastor SA.......................................    8,100       108,902
 Banco Zaragozano SA...................................  187,990     1,531,545
 CAF (Construcciones y Auxiliar de Ferrocarriles SA)...    7,500       200,335
 Campofrio Alimentacion SA.............................   69,600       712,658
 Cementos Portland SA..................................    1,400        36,025
 Corporacion Mapfre Compania Internacional de                                 
   Reaseguros SA.......................................   16,300        94,481
 Cortefiel SA..........................................    4,700        26,490
 Elecnor SA............................................   18,300       317,731
 Empresa Nacional de Celulosa SA.......................    9,840       124,673
 *Ercros SA............................................   48,518        17,280
 Espanola del Zinc SA..................................   29,250        52,608
 *Estacionamientos Urbanos SA..........................    4,200             0
 Europistas Concesionaria Espanola SA..................  174,940       746,102
 Fabrica Espanola de Productos Quimicos y Farmaceuticos                       
   SA..................................................    2,100        23,092
 #*Filo SA.............................................   82,733       178,266
 *Grupo Picking Pack SA................................   87,465       105,912
 Hullas del Coto Cortes................................    8,666        56,327
 Iberica de Autopistas SA Concesionaria de Estado                             
   Iberpistas..........................................  140,618     1,252,030
 Inbesos SA............................................    8,050        17,130
 *Indo Internacional SA................................   33,600        86,459
 Inmobiliaria Colonial SA ICSA.........................    3,300        34,377
 Inmobiliaria del Sur SA...............................    1,656        71,364
 *Inmobiliaria del Sur SA Rights 10/31/01..............      331        13,908
 #*Inmobiliaria Urbis SA...............................   74,582       308,124
 *LSB (La Seda de Barcelona SA) Series B...............   25,200        46,446
 Lingotes Especiales SA................................   22,080        69,398
 Marco Iberica Distribucion de Ediciones Midesa........    5,600        73,296
 Metrovacesa SA........................................    5,600        77,285
 Nicolas Correa SA.....................................   15,750        37,863
 *Nueva Montana Quijano SA Series B....................   40,500        10,097
 Obrascon Huarte Lain SA...............................   53,992       263,441
 Papelera de Navarra SA................................    6,000        84,728
 Pescanova SA..........................................   24,409       239,065
 #Portland Valderrivas SA..............................   18,225       370,952
 Prosegur Cia de Seguridad SA..........................    7,000        94,362
 *Radiotronica SA......................................   10,575        84,271
 Reno de Medici SpA....................................   74,387        78,154
 *Tableros de Fibras SA Series B.......................    8,560        47,635
 Tavex Algodonera SA...................................   26,400        77,335
 *Tele Pizza SA........................................   13,400        20,760
 Uniland Cementera SA..................................    5,750       286,189
 Unipapel SA...........................................   27,957       286,261
 #Uralita SA...........................................  112,831       591,722
 Vallehermoso SA.......................................   13,900        86,510

                                                         SHARES         VALUE+
                                                         ------         ------
                                                                              
 Vidrala SA, Alava.....................................   47,040  $    299,466
 Viscofan Industria Navarra de Envolturas Celulosicas                         
   SA..................................................   97,492       423,607
                                                                  ------------
TOTAL -- SPAIN                                                                
  (Cost $11,641,960)...................................             14,647,109
                                                                  ------------

                                                                [Download Table]
NETHERLANDS -- (7.0%)                                                     
COMMON STOCKS -- (7.0%)                                                   


                                                        ------      ------
                                                                          
 A.I.R. Holdings NV....................................   1,119     27,150
 *ASM International NV.................................   4,400     85,209
 Aalberts Industries NV................................  25,017    491,154
 Accell Group NV.......................................   4,865     49,814
 *Atag Group NV........................................   4,630      1,195
 Athlon Groep NV.......................................  34,250    419,312
 Batenburg Beheer NV...................................   3,000     77,196
 *Begemann Groep NV....................................  11,909     46,125
 *Begemann Groep NV Series B...........................  13,451      4,791
 Boskalis Westminster NV...............................  47,991  1,286,175
 Buhrmann NV...........................................   9,200    101,001
 *Creyf's SA...........................................  18,064    229,676
 *Creyf's SA Strip VVPR................................  18,064        161
 Delft Instruments NV..................................  13,336    128,834
 Draka Holding NV......................................   1,400     49,238
 *Econosto NV..........................................  17,305     84,744
 Eriks Group NV........................................   8,000    195,883
 *Exact Holding NV.....................................   1,700     47,316
 *Fox Kids Europe NV...................................   7,400     75,771
 Gamma Holding NV......................................  15,705    466,765
 *Gemeenschappeljk Bezit Crown van Gelder NV...........  12,000    115,927
 Getronics NV..........................................  24,210     78,464
 Geveke NV.............................................   9,193    363,424
 Grolsche NV...........................................  32,100    629,070
 *Haslemere NV.........................................   2,100     87,693
 *Heijmans NV..........................................   1,400     25,890
 Hollandsche Beton Groep NV............................  60,669    672,527
 Internatio-Mueller NV.................................  28,645    536,112
 KLM (Koninklijke Luchtvaart Mij) NV...................   4,200     48,390
 Kas-Associatie NV.....................................  42,888    691,175
 Koninklijke Bam NV....................................  25,037    470,592
 Koninklijke Frans Maas Groep NV.......................  12,349    245,744
 Koninklijke Nedlloyd NV...............................  23,472    323,933
 Koninklijke Ten Cate NV...............................  10,204    236,221
 Koninklijke Ubbink NV.................................   1,500     47,813
 Koninklijke Vendex KBB NV.............................   6,500     73,964
 Koninklijke Volker Wessels Stevin NV..................   2,410     48,281
 Koninklijke Vopak NV..................................   3,600     58,337
 *Laurus NV............................................   9,060     39,124
 MacIntosh NV..........................................  15,590    197,804
 NBM-Amstelland NV.....................................  59,684    321,505
 NV Holdingsmij de Telegraaf...........................   3,600     54,780
 Nagron Nationaal Grondbezit NV........................  16,122    419,156
 Nederlandsche Apparatenfabriek........................  14,000    200,068
 *Nh Hotels............................................  21,703    207,731
 Oce NV................................................   6,000     60,207
 *Opg Groep NV Series A................................     900     31,068
 *Petroplus International NV...........................   1,900     31,550
 Reesink NV............................................   2,050     82,137
 Roto Smeets de Boer NV................................   1,040     24,076
 Rubber Cultuur Maatschappij Amsterdam NV..............  40,800     79,920

104                                                                             

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Samas-Groep NV, Zaandam...............................  24,184  $    150,730
 Schuitema NV, Amersfoort..............................  34,200       508,530
 Schuttersveld NV......................................  20,596       203,554
 *Sligro Beheer NV.....................................     800        24,931
 Smit International NV.................................  19,643       435,493
 Stork NV..............................................   2,900        23,420
 *Textielgroep Twenthe NV..............................   1,000        79,244
 Twentsche Kabel Holding NV............................  18,244       302,139
 Unique International NV...............................  11,094       215,831
 Van Der Mollen Holding NV.............................  55,443     1,592,026
 *Vredestein NV........................................  15,514        89,786
 Wegener Arcade NV ....................................  70,830       495,063
                                                                 ------------
TOTAL -- NETHERLANDS                                                         
  (Cost $9,634,458)....................................            14,490,940
                                                                 ------------

                                                                [Download Table]
SWEDEN -- (6.1%)                                                             
COMMON STOCKS -- (6.1%)                                                      


                                                        ------         ------
                                                                             
 *Active I Malmoe AB Series A..........................   4,160        41,641
 *Active I Malmoe AB Series B..........................   4,160        42,831
 *Addtech AB Series B..................................  12,800        56,741
 *Alfaskop AB..........................................   3,200           244
 *Allgon AB Series B...................................  28,400       159,738
 Angpannefoereningen AB Series B.......................  10,800       146,201
 Arkivator AB..........................................   3,600        26,598
 Avesta Polarit........................................  83,700       315,979
 *Axfood AB............................................  32,400       362,928
 B & N Bylock & Nordsjoefrakt AB Series B..............  41,800        62,164
 Beiger Electronics AB.................................  11,700        79,750
 Beijer AB Series B....................................  11,700        79,192
 Beijer Alma AB Series B...............................  10,400        68,410
 Bergman & Beving AB Series B..........................  12,800        48,078
 *Biacore International AB.............................   5,850       189,615
 *Biora AB.............................................   6,200         7,270
 Bong Ljungdahl AB.....................................   6,000        48,619
 Boras Waefveri AB Series B............................   8,600        38,697
 Capona AB.............................................  19,000        95,999
 Carbo AB..............................................  18,300       275,642
 Castellum AB..........................................  26,200       270,999
 #Catena AB Series A...................................  66,700       461,000
 Cloetta AB Series B...................................   1,400        23,089
 Concordia Maritime AB Series B........................  37,300        56,894
 *Doro AB..............................................   2,900         3,179
 *Duroc AB Series B....................................   2,700        10,296
 *Elekta AB............................................  14,100       114,255
 Enea Data AB Series B................................. 220,000       114,303
 *Epsilon AB Series B..................................   4,300        14,142
 Esselte AB Series A...................................  40,100       178,907
 #Esselte AB Series B..................................  34,500       154,580
 Fagerhult AB..........................................   2,900        31,102
 *Fagerlid Industrier AB...............................   8,600             0
 Fastighets AB Tornet..................................  16,200       214,668
 *Fastighits AB Celtica................................   5,800        41,469
 Finnveden AB..........................................  45,250       127,256
 *Frontec AB Series B..................................  18,200        19,953
 #Garphyttan Industrier AB.............................  39,000       323,460
 Getinge Industrier AB Series B........................  44,151       723,946
 Geveko AB Series B....................................   8,300       109,193

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Gorthon Lines AB Series B.............................  41,800  $     58,976
 Graenges AB...........................................  19,400       266,319
 Gunnebo AB............................................  10,900       131,448
 HL Display AB Series B................................   2,000        24,405
 Heba Fastighets AB Series B...........................   4,300        27,670
 Hexagon AB Series B...................................   3,572        44,949
 Hoeganges AB Series B.................................  22,700       353,819
 *IBS AB Series B......................................  40,200        65,150
 #*Icon Medialab International AB......................  24,900         8,522
 Industrifoervaltnings AB Skandigen....................  21,400        55,899
 *Information Highway AB...............................  12,500           465
 *Intelligent Microsystems Data AB.....................  45,600        17,128
 #*Intentia International AB Series B..................  12,840        78,340
 Karlshamns AB.........................................  10,000        76,742
 *Klippans Finpappersbruk AB...........................   5,800        11,611
 *Lagercrantz Group AB Series B........................  12,800        35,997
 Lindex AB.............................................  16,100       260,923
 Ljungberg Gruppen AB Series B.........................   3,800        30,792
 *Mandator AB..........................................  22,800         7,064
 *Medivir Series B.....................................   2,800        16,550
 Modul 1 Data AB.......................................   6,700         5,014
 Munksjo AB............................................  26,400       161,072
 NCC AB Series B.......................................  10,300        68,734
 NH Nordiska Holding AB................................  41,750        42,985
 Nibe Industrier AB Series B...........................   2,600        47,590
 Nobelpharma AB........................................  45,460     1,896,028
 *Nolato AB Series B...................................  30,600       182,322
 OEM International AB Series B.........................   7,100        62,609
 #Observer AB.......................................... 114,880       755,668
 *Ortivus AB...........................................   5,900        11,812
 PEAB AB Series B......................................  39,300       138,996
 Pandox Hotelfastigheter AB............................  13,100        93,663
 Partnertech AB........................................   3,800        25,358
 #*Perbio Science AB...................................  22,000       357,589
 *Poolia AB Series B...................................  18,150       102,951
 *Prevas AB Series B...................................  16,000        24,710
 *Pricer AB Series B...................................  65,000        10,658
 Rottneros Bruk AB..................................... 366,600       344,244
 Sardus AB.............................................   3,000        18,304
 Scandiaconsult AB.....................................  57,200       215,392
 Scribona AB Series A..................................  40,100        44,727
 Scribona AB Series B..................................  31,700        34,451
 Semcon AB.............................................   8,300        31,255
 #Sigma AB Series B....................................  17,200        89,364
 *Sigma AB Series B....................................   8,600        14,429
 Sweco AB Series B.....................................  23,450       166,547
 TV 4 AB Series A......................................   5,800       106,161
 *Ticket Travel Group AB...............................   4,500         3,303
 Trelleborg AB Series B................................  55,800       428,220
 Wallenstam Byggnads AB Series B.......................  16,700       116,219
 Wedins Norden AB Series B.............................  10,000        25,740
 Westergyllen AB Series B..............................   4,300        25,006
 Wihlborgs Fastigheter AB Series B..................... 190,300       257,611
 Wilh Sonesson AB Series A.............................   4,160         6,345
 Wilh Sonesson AB Series B.............................   4,160         6,028
                                                                 ------------
TOTAL COMMON STOCKS                                                          
  (Cost $13,135,342)...................................            12,632,902
                                                                 ------------

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CONTINUED                                                                       

                                                                [Download Table]
BONDS -- (0.0%)                                                               

                                                          FACE                
                                                        AMOUNT@         VALUE+
                                                        -------         ------
                                                         (000)                
                                                                              
 Spendrup Bryggeri AB Series B Debenture Loan 2008                            
   (Cost $2,054).......................................      139  $      1,906
                                                                  ------------
TOTAL -- SWEDEN                                                               
  (Cost $13,137,396)...................................             12,634,808
                                                                  ------------

                                                                [Download Table]
GREECE -- (5.3%)                                                            

                                                         SHARES             
                                                         ------             
                                                        -------       ------
                                                         (000)              
                                                                            
COMMON STOCKS -- (5.3%)                                                     
 *A. Cambas Holding & Real Estate SA...................    6,915      20,072
 Aegek.................................................   47,126     150,216
 *Agricultural Life Insurance S.A......................    7,800     115,425
 Agrotiki Insurance S.A................................    6,470     144,479
 Aktor S.A.............................................   32,450     244,432
 Alcatel Cables Hellas S.A.............................    3,003      21,979
 Alfa-Beta Vassilopoulos S.A...........................    7,012      91,153
 Alpha Leasing.........................................   20,735     166,896
 Alte Technological Co. S.A............................   15,815      56,325
 Altec Information & Communication Systems S.A.........   35,409      81,341
 Alumil Milonas S.A....................................   12,108      76,112
 Aluminum of Attica S.A................................   41,941     103,814
 *Anek Lines S.A.......................................   27,901      53,163
 Arcadia Metal Industry C. Rokas S.A...................   11,299      78,270
 *Aspis Bank...........................................   12,931      61,942
 *Aspis Pronia General Insurance S.A...................   29,790     117,238
 Athens Medical Center S.A.............................   56,185     190,098
 Athens Water & Sewerage Public Co.....................   53,245     301,516
 *Attica Enterprises S.A. Holdings.....................   61,462     278,000
 *Attica Publications S.A..............................    3,340      23,196
 Atti-Kat S.A..........................................   17,523      29,956
 *Autohellas S.A.......................................    5,720      33,614
 *Avax S.A. Construction Co............................   18,300     195,201
 Bank of Attica S.A....................................   31,198     215,557
 Benrubi S.A...........................................    3,959      22,419
 Chipita S.A...........................................   19,050     149,602
 *Daring Sain..........................................    7,760      27,914
 Delta Dairy S.A.......................................   16,465     115,521
 Edrassi C. Psallidas S.A..............................    5,132      27,873
 Egnatia Bank S.A......................................   63,887     225,259
 El. D. Mouzakis S.A...................................   18,675      60,525
 *Elais Oleaginous Production S.A......................    7,080     117,882
 Elmec Sport S.A.......................................   18,280      28,483
 Esha..................................................    2,240      39,131
 Etba Leasing S.A......................................    8,648      21,637
 Ethniki General Insurance Co..........................   26,897     231,342
 *Europaiki Techniki...................................   13,100      19,712
 *Everest S.A..........................................   14,100      36,910
 Flour Mills Loulis....................................    8,362      31,122
 Fourlis S.A...........................................   12,980      51,082
 Frigoglass S.A........................................   20,000      74,792
 General Construction Co. S.A..........................   13,860     106,129
 *General Hellenic Bank................................   13,424     130,999
 Germanos S.A..........................................   19,745     195,143
 Goody's S.A...........................................    8,710     125,324
 Halkor S.A............................................   72,736     279,774
 *Hatziioannou S.A.....................................   20,270      51,076
 Hellas Can Packaging Manufacturers S.A................   12,145      75,695

                                                         SHARES       VALUE+
                                                         ------       ------
                                                                            
 Hellenic Biscuits Co. S.A.............................   15,300  $   59,940
 Hellenic Cables S.A...................................   11,060      36,436
 Hellenic Duty Free Shops S.A..........................   43,650     449,279
 *Hellenic Fabrics S.A.................................    7,460      59,381
 Hellenic Sugar Industry S.A...........................   27,169     233,682
 Hellenic Technodomiki S.A.............................   75,000     414,025
 *Heracles General Cement Co...........................   49,306     573,351
 *Heremes S.A Building Enterprises.....................    7,006      31,315
 Hyatt Regency S.A.....................................   63,820     296,620
 Inform P. Lykos S.A...................................   13,790     121,555
 Intrasoft S.A.........................................   28,490     165,899
 Ionian Hotel Enterprises..............................    7,908      63,229
 K. I. Sarantopoulos S.A...............................    8,380      33,576
 Karelia Cigarette Co..................................    2,160      94,238
 *Kathimerini S.A......................................    8,500      40,111
 Katselis Sons S.A.....................................    4,950      29,970
 *Kekrops Hotel Touristing Building....................    1,644      68,856
 *Keramia-Allatini S.A. Industrielle Commerciale &                          
   Technique...........................................    1,610      24,656
 *Klonatex S.A.........................................   15,654      47,668
 Lambrakis Press S.A...................................   60,020     231,931
 *Lampsa Hotel Co......................................    5,027      16,829
 Lavipharm S.A.........................................   19,646      42,681
 Light Metals Industry.................................   28,662      70,690
 Mailis (M.J.) S.A.....................................   42,735     200,144
 *Maritime Company of Lesvos S.A.......................   20,053      26,068
 Metka S.A.............................................    4,670      19,959
 Michaniki S.A.........................................   27,890      59,102
 Minoan Lines S.A......................................   35,463      77,676
 *Mochlos S.A..........................................   14,520      23,012
 Mytilineos Holdings S.A...............................   30,390     140,163
 N.B.G. Real Estate Development Co.....................   82,840     436,652
 *Naoussa Spinning Mills S.A...........................   34,340      74,299
 National Investment Bank for Industrial Development...   18,173     136,243
 Nikas S.A.............................................   11,127      34,279
 *Notos Com.Holdings S.A...............................   25,657      43,861
 Pantechniki S.A.......................................    7,926      28,793
 Pegasus Publishing & Printing S.A.....................   23,430      50,485
 Petzetakis S.A........................................   16,985      71,381
 *Proodeftiki Technical Co.............................   13,307      22,156
 *Sanyo Hellas S.A.....................................   25,541      38,433
 *Sarantis S.A.........................................   25,624      70,727
 Selected Textile Industry Assoc. S.A..................   21,870      42,255
 Shelman...............................................   18,635      37,332
 Silver and Baryte Ores Mining Co. S.A.................   14,970     128,224
 Singular S.A..........................................   54,600     194,458
 Spyroy Agricultural House S.A.........................   14,788      48,718
 *Stabilton S.A........................................   27,530      16,913
 *Strintzis Shipping Lines S.A.........................   52,500      74,792
 TEB S.A. (Volos Technical Co.)........................   17,633      40,820
 Technical Olympic S.A.................................   62,500     126,879
 Telesis Investment Bank S.A...........................   20,860     125,555
 Terna Tourist Technical & Maritime S.A................    6,287      29,780
 Themeliodomi..........................................   15,450      69,332
 Thrace Plastics Co. S.A...............................   15,015      26,203
 Tiletipos S.A.........................................   26,418      97,851
 Uncle Stathis S.A.....................................    5,499      27,908
 *Unisystems S.A.......................................   18,900      66,976

106                                                                             

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Veterin...............................................   8,354  $     40,613
 Vioter S.A............................................  18,695        28,292
                                                                 ------------
TOTAL -- GREECE                                                              
  (Cost $11,196,962)...................................            11,077,593
                                                                 ------------

                                                                [Download Table]
FINLAND -- (4.9%)                                                            
COMMON STOCKS -- (4.9%)                                                      


                                                        ------         ------
                                                                             
 *4F-Secure Corp.......................................  38,176        41,129
 Alandsbanken AB Series B..............................   1,700        23,749
 *Aldata Solutions Oyj.................................  17,571        32,385
 *Alma Media Oyj.......................................   1,074        15,300
 Amer-Yhtymae Oyj Series A.............................  17,020       447,049
 *Aspocomp Group P.L.C.................................   2,738        29,864
 *Benefon Oy...........................................   1,900         4,162
 *Capman Oyj Series B..................................  12,485        25,234
 *Comptel Oyj..........................................  24,621        68,397
 *Eimo Oyj.............................................  14,835        27,342
 *Elcoteq Network Corp.................................   2,200        19,588
 *Eq Online Oyj........................................   7,100        10,747
 *Evox Rifa Group Oyj..................................  51,210         5,472
 Finnair Oyj...........................................  77,910       260,135
 Finnlines Oyj.........................................  18,280       374,350
 *Finvest Oyj..........................................  51,210         6,839
 Fiskars Oy AB Series A................................   8,550        64,708
 HK Ruokatalo Oy Series A..............................  11,400        33,496
 Hartwall Oyj Series A.................................  13,494       275,138
 Huhtamaki Van Leer Oyj................................   6,300       199,133
 Instrumentarium Oy....................................  27,200     1,138,258
 *J.W. Suominen Yhtyma Oy..............................  11,970        63,947
 *Jaakko Poyry Group Oyj...............................   3,700        52,710
 *Jippii Group Oyj.....................................  18,360         4,577
 *Jot Automation Group Oyj.............................  20,850         8,911
 KCI Konecranes International Oyj......................  13,800       350,185
 #Kemira Oyj........................................... 118,400       701,047
 Kesko Oyj.............................................  13,400       122,890
 Kone Corp.............................................   4,980       368,028
 Laennen Tehtaat Oy....................................   3,930        40,940
 Lassila & Tikanoja Oyj................................  11,970       191,841
 Lemminkainen Oy.......................................  13,100       151,631
 Martela Oy............................................     530        11,278
 Metra Oyj Series B....................................   9,600       177,790
 Metsaemarkka Oyj Series B.............................     700         2,961
 Metsa-Serla Oyj Series B..............................  24,200       149,537
 New Kyro Corp. Oyj....................................  36,470       181,194
 Nokian Renkaat Oyj....................................   9,700       303,060
 Nordic Aluminium Oy...................................   1,900        11,216
 Novo Group Oyj........................................  31,600        70,902
 Okobank Class A.......................................  31,940       400,985
 Olvi Oyj Series A.....................................     410         7,137
 Orion-Yhtyma Oyj Series B.............................  12,700       227,286
 Outokumpu Oyj Series A................................  21,100       222,625
 #Oy Stockmann AB Series B.............................  24,300       289,924
 PK Cables Oyj.........................................   4,760        24,582
 Partek Oyj............................................  44,870       363,556
 *Perlos P.L.C. Warrants 04/04/04......................  14,045       145,687
 Pohjola Group Insurance Corp. Series A................   9,415       166,401
 *Pohjola Series C.....................................     115             0
 *Polar Real Estate Corp. Series K..................... 126,010        40,391
 Ponsse Oyj............................................   4,900        40,356
 Raisio Group P.L.C. Series V.......................... 118,423        98,060
 Rakentajain Koneuvokrammo Oy..........................   5,700        24,614
 Rapala VMC Oyj........................................  20,000        57,875

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Rautaruukki Oy Series K...............................  37,400  $    136,530
 Rocla Oy..............................................   1,300         7,987
 Sampo Insurance Co., Ltd..............................     810         6,347
 *Silja Oy AB Series A.................................  44,020        64,671
 *Sponda Oyj...........................................  22,135        92,236
 *Stonesoft Corp.......................................  11,279        20,788
 *Talentum Oyj.........................................  18,300        78,700
 Tamro Oyj............................................. 105,620       337,609
 *Tecnomen Holding Oyj.................................  36,470        57,151
 *Teleste Corp. Oyi....................................   4,518        50,244
 #Uponor Oyj Series A..................................  32,500       542,573
 Vaisala Oy Series A...................................  12,650       307,487
 Viking Line AB........................................   3,240        66,322
 Yit-Yhtymae Oyj.......................................  26,854       322,787
                                                                 ------------
TOTAL -- FINLAND                                                             
  (Cost $10,381,662)...................................            10,268,031
                                                                 ------------

                                                                [Download Table]
NORWAY -- (4.2%)                                                        
COMMON STOCKS -- (4.2%)                                                 


                                                        ------    ------
                                                                        
 Aker Maritim ASA......................................  44,230  340,258
 *Aktiv Kapital ASA....................................   3,200   42,813
 Arendals Fosse Kompani ASA............................     100    4,460
 *Avantor Financial Corp...............................  13,270   63,618
 Awilco ASA Series A...................................  50,950  105,089
 Bergesen Dy ASA Series A..............................  19,300  342,135
 Blom ASA..............................................   7,970    5,509
 Bonheur ASA...........................................   9,800  144,226
 *Braathens S.A.F.E. ASA...............................  19,320   56,866
 *C. Tybring-Gjedde ASA................................  49,104   10,402
 *Choice Hotel Scandinavia ASA.........................  27,740   61,856
 *Corrocean ASA........................................  15,700   11,465
 *Den Norske Oljeselkapet..............................  36,420   54,411
 *Det. Sondenfjelds-Norske Dampskibsselskab ASA                         
   Series A............................................  47,130  104,041
 *EDB Elektronisk Data Behandling ASA..................  54,917  309,201
 Ekornes ASA...........................................  28,690  246,300
 Elkem ASA.............................................  21,150  353,707
 #*Eltek ASA...........................................   7,338   38,616
 Farstad Shipping ASA..................................  41,190  206,655
 *Fred Olsen Energy ASA................................  25,900  125,612
 Ganger Rolf ASA.......................................   5,490   82,632
 *Gresvig ASA..........................................   4,590    3,582
 #Hafslund ASA.........................................  58,700  219,243
 *Hydralift AS.........................................  15,540  114,350
 *Industrifinans Naeringseiendom ASA...................   7,582    9,299
 #*Infocus Corp........................................  10,455  237,792
 *Kenor ASA............................................  39,200   10,620
 *Kongsberg Gruppen ASA................................  25,800  277,581
 #*Kvaerner ASA........................................  31,900   30,764
 *Kverneland ASA.......................................   8,800  105,471
 *Leif Hoegh & Co. ASA.................................  31,175  274,585
 *Merkantildata ASA....................................  63,801   75,401
 #Nera ASA............................................. 111,753  241,715
 *Nordic Vlsi..........................................   5,000   39,022
 Nordlandsbanken ASA...................................   5,830  142,349
 #*Ocean Rig ASA.......................................  40,476   43,097
 Odfjell ASA Series A..................................  14,510  218,395
 *Olav Thon Eiendomsselskap ASA........................   8,320  156,302
 *Pan Fish ASA.........................................  55,948   93,566
 *Petroleum Geo Services ASA...........................  35,100  271,978
 *Petrolia Drilling ASA................................  26,706   11,642
 *Prosafe ASA..........................................  23,630  316,146

                                                                             107

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 #Reitan Narvesen Asa..................................  45,500  $    337,346
 #Rieber and Son ASA Series A..........................  23,584       126,212
 *Scana Industrier ASA.................................  74,400         4,811
 Schibsted ASA.........................................  28,800       277,748
 *Sensonor ASA.........................................  28,539        22,655
 *Sinvest ASA.......................................... 100,393        10,745
 Smedvig ASA Series A..................................  57,680       469,451
 *Software Innovation ASA..............................   4,199        26,451
 *Solstad Offshore ASA.................................  12,000        53,516
 Steen and Stroem ASA..................................  19,512       206,665
 *Stento Asa...........................................   1,225        12,565
 *Tandberg ASA.........................................  35,240       785,793
 Tandberg Data ASA.....................................  35,250        34,192
 #*Tandberg Television ASA.............................  47,030       156,779
 *Tgs-Nopec Geophysical Co. ASA........................   9,200       127,703
 *Unit 4 Agresso NV....................................   4,620        36,056
 Veidekke ASA..........................................  15,936        90,613
 #Visual Management Applications ASA...................  24,693       203,727
 Wilhelmshaven (Wilhelm), Ltd. ASA.....................  12,800        92,761
                                                                 ------------
TOTAL COMMON STOCKS                                                          
  (Cost $10,099,124)...................................             8,678,561
                                                                 ------------
RIGHTS/WARRANTS -- (0.0%)                                                    
 *Kvaerner ASA Rights 01/22/02                                               
   (Cost $0)...........................................  56,091         4,065
                                                                 ------------
INVESTMENT IN CURRENCY -- (0.0%)                                             
 *Norwegian Krone                                                            
   (Cost $2,541).......................................                 2,548
                                                                 ------------
TOTAL -- NORWAY                                                              
  (Cost $10,101,665)...................................             8,685,174
                                                                 ------------

                                                                [Download Table]
BELGIUM -- (3.6%)                                                            
COMMON STOCKS -- (3.6%)                                                      


                                                        ------         ------
                                                                             
 *Abfin SA.............................................   2,560             0
 Ackermans & Van Haaren SA.............................   4,680       123,759
 *Afrifina.............................................   3,480       198,150
 BMT NV................................................   2,040       170,739
 Banque Nationale de Belgique..........................     710     1,106,293
 Barco (New) NV........................................   1,700        59,637
 Bekaert SA............................................   3,100       119,432
 Belge des Betons......................................     425       196,773
 Brederode SA..........................................   2,610        43,828
 CFE (Compagnie Francois d'Entreprises)................   2,080       458,922
 Carrieres Unies Porphyre..............................      20        18,538
 *Chimique et Metallurgique Campine, Beerse............     370        19,766
 Cie Auxiliaire des Mines Auximines....................     544       232,495
 Cie Martime Belge SA..................................   1,100        50,391
 City Hotels SA........................................   1,290        25,269
 Cofinimmo SA..........................................   4,763       411,364
 Commerciale de Brasserie SA COBRHA....................     115        40,957
 Creyf's SA............................................  20,168       362,734
 D'Ieteren SA..........................................     770       126,834
 Deceuninck SA.........................................  63,700     1,061,175
 Engrais Rosier SA.....................................     655        41,990
 Floridienne NV........................................   2,033       119,469
 Glaces de Charleroi...................................      70       258,031
 Glaverbel SA..........................................     700        89,127
 Immobel (Cie Immobiliere de Belgique SA)..............   4,600       204,787

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 *Intercomfina SA......................................  11,000  $         98
 *Ion Beam Application SA..............................   2,600        42,781
 Koramic Building Products SA..........................     700        18,848
 Metiers Automatiques Picanol..........................     403       114,823
 *Mobistar SA..........................................   8,700       142,144
 *Omega Pharma SA......................................   2,600       117,717
 *Ontex NV.............................................     900        41,630
 *Papeteries de Catala SA..............................     315        46,277
 Plantations Nord-Sumatra SA...........................     650        83,918
 Recticel SA...........................................   8,450        67,262
 *Roularta Media Groep.................................   1,300        22,455
 *SA Finspa Bonus Shares...............................     325         2,894
 SABCA (Sa Belge de Constructions Aeronautiques).......   4,165       118,669
 SCF SA................................................   2,470        14,295
 *SIPEF (Societe Internationale de Plantations & de                          
   Finance), Anvers....................................   1,545        93,474
 *Sait Radioholland....................................   6,088        71,498
 Sapec SA..............................................   3,635       124,606
 *Sapec SA VVPR........................................      75            33
 Sidro.................................................   4,040       372,662
 Sioen Industries......................................   1,400        14,335
 *Spector Photo Group SA...............................   3,688        34,807
 Surongo SA............................................      20         4,463
 Telindus Group SA.....................................  17,240       122,801
 *Ter Beke NV..........................................   2,281        60,929
 #Tessenderlo Chemie...................................   3,200        75,789
 UNIBRA................................................   1,600       101,503
 Union Miniere SA......................................   3,300       130,017
 *VPK Packaging Group SA...............................      65         1,197
                                                                 ------------
TOTAL -- BELGIUM                                                             
  (Cost $6,816,759)....................................             7,582,385
                                                                 ------------

                                                                [Download Table]
DENMARK -- (3.5%)                                                       
COMMON STOCKS -- (3.5%)                                                 


                                                        ------    ------
                                                                        
 AS Dampskibsselsk Torm................................  12,700   69,961
 Aarhus Oliefabrik A.S. Aeries A.......................   1,600   47,519
 *Alm. Brand A.S.......................................   8,175   87,130
 Amagerbanken A.S......................................   1,050   57,841
 Amtssparekassen Fyn A.S...............................     968   46,369
 Bang & Olufsen Holding A.S. Series B..................   8,567  200,058
 Brodrene Hartmann A.S. Series B.......................   2,865   42,201
 *Bryggerigruppen A.S..................................   2,072   49,130
 #Christian Hansen Holding A.S. Series B...............   6,720  166,986
 Codan A.S.............................................   8,000  116,880
 Coloplast A.S. Series B...............................   4,374  288,094
 D'Hooge Schouw NV.....................................   4,000   65,146
 DFDS A.S., Copenhagen.................................   4,000   58,201
 Dalhoff, Larsen & Hornemann A.S. Series B.............     670   13,640
 Dampskibsselskabet Norden A.S.........................   1,770   56,171
 Danske Traelastkompagni A.S...........................  28,340  313,931
 *East Asiatic Co., Ltd................................  15,633  350,087
 *Edb Gruppen A.S......................................   1,810   23,410
 FLS Industries........................................  39,980  337,539
 Fimiston Resources & Technology Ltd...................     400    2,251
 Fluegger A.S. Series B................................   1,638   28,051
 *Foras Holding A.S. Series A..........................   7,082   30,532
 Forstaedernes Bank....................................   1,750   38,561
 Glunz & Jensen A.S....................................   1,470   15,139

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Gn Great Nordic.......................................   7,500  $     44,908
 Henriksen Og Henriksen Holding A.S. Series B..........     770        58,951
 Hoejgaard Holding A.S. Series B.......................   1,700        34,405
 *I-Data International A.S.............................   2,327         5,155
 IC Co. A.S............................................   3,510        17,024
 *Incentive A.S........................................   3,575         4,709
 *Junckers (F.) Industrier A.S.........................     860         6,694
 *Jyske Bank A.S.......................................  15,270       321,843
 Kjobenhavns Sommer Tivoli A.S.........................     190        30,672
 Koebenhavns Lufthavne.................................   6,900       447,032
 Korn-Og Foderstof Kompagnet A.S.......................   8,498       147,563
 *NTR Holdings A.S.....................................   1,130         6,766
 Naestved Diskontobanken...............................     230        20,658
 *Navision Software A.S................................  15,076       404,414
 *Neg Micon A.S........................................  11,348       298,975
 *Neurosearch A.S......................................   6,650       101,935
 Nordiske Kabel-Og Traadfabrikker Holding A.S..........  18,215       234,493
 Nordvestbank..........................................     250        21,256
 Per Aarsleff A.S. Series B............................   1,545        30,898
 *Pharmexa A.S.........................................   1,351        17,878
 Radiometer A.S. Series B..............................   5,373       169,225
 *Ringkjobing Landbobank...............................     850        61,075
 Rockwool, Ltd.........................................   3,820        54,895
 Sanistal A.S. Series B................................     936        25,781
 Sas Danmark A.S.......................................  34,300       217,702
 Satair A.S............................................   1,350        22,634
 *Simcorp A.S..........................................   1,565        42,169
 *Sjaelso Gruppen A.S..................................     714        21,804
 *Sondagsavisen A.S....................................   7,352        26,853
 Sophus Berendsen A.S..................................  14,520       299,080
 Spar Nord Holding.....................................   3,623       139,706
 *Sparkasse Regensburg.................................  10,590       259,981
 Sydbank A.S...........................................   3,142       161,796
 TK Development........................................   9,745       205,393
 *Topdanmark A.S.......................................  25,360       592,210
 VT Holdings Shares A..................................      44           827
 VT Holdings Shares B..................................   3,086        59,130
 Vest-Wood A.S.........................................   4,092        89,186
 Wessel & Vett Magasin du Nord A.S. Series C...........   2,102        95,152
                                                                 ------------
TOTAL COMMON STOCKS                                                          
  (Cost $8,991,329)....................................             7,305,656
                                                                 ------------
INVESTMENT IN CURRENCY -- (0.0%)                                             
 *Danish Krone                                                               
   (Cost $16,400)......................................                16,345
                                                                 ------------
TOTAL -- DENMARK                                                             
  (Cost $9,007,729)....................................             7,322,001
                                                                 ------------

                                                                [Download Table]
IRELAND -- (2.6%)                                                            
COMMON STOCKS -- (2.6%)                                                      


                                                        ------         ------
                                                                             
 Abbey P.L.C...........................................  19,319        66,741
 Anglo Irish Bank Corp. P.L.C.......................... 197,604       765,348
 *Arcon International Resources P.L.C.................. 143,750         5,120
 Ardagh P.L.C..........................................  14,262        13,968
 Arnotts P.L.C.........................................   8,811        54,131
 Barlo Group P.L.C..................................... 115,775        27,832
 DCC P.L.C.............................................  34,372       368,779
 *Dragon Oil P.L.C..................................... 104,167        38,954

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 *Dunloe Ewart P.L.C................................... 235,918  $     65,117
 Fyffes P.L.C.......................................... 195,858       226,704
 Glanbia P.L.C......................................... 175,508       207,837
 Green Property Co.....................................  75,732       424,809
 Greencore Group P.L.C................................. 136,960       341,449
 Heiton Holdings P.L.C.................................  33,002        83,745
 IAWS Group P.L.C......................................  59,457       443,101
 IFG Group P.L.C.......................................  16,604        49,526
 *ITG Group P.L.C......................................  10,684        33,770
 IWP International P.L.C...............................  39,611        71,595
 Independent News & Media P.L.C........................ 212,518       397,364
 *Iona Technologies P.L.C..............................   9,431       195,234
 Irish Continental Group P.L.C.........................  15,838        90,251
 Jurys Hotel Group P.L.C...............................  40,376       291,194
 Kerry Group P.L.C.....................................  10,812       131,886
 Kingspan Group P.L.C.................................. 114,417       328,035
 Readymix P.L.C........................................  21,436        24,430
 *Riverdeep Group P.L.C................................  77,790       223,718
 Ryan Hotels P.L.C.....................................  42,234        29,707
 United Drug P.L.C.....................................  17,367       228,855
 Waterford Wedgwood P.L.C.............................. 290,658       238,092
                                                                 ------------
TOTAL -- IRELAND                                                             
  (Cost $5,237,230)....................................             5,467,292
                                                                 ------------

                                                                [Download Table]
AUSTRIA -- (2.3%)                                                       
COMMON STOCKS -- (2.3%)                                                 


                                                        ------    ------
                                                                        
 Allgemeine Sparkasse Baugesellschaft..................     670   60,848
 *Austria Email AG.....................................     715    1,146
 *Austria Haustechnik AG...............................   2,800   39,889
 Austrian Airlines/Oesterreichische                                     
   Luftverkehrs-Aktiengesellschaft.....................  27,880  193,625
 #BBAG Oesterreichische Brau-Beteiligungs AG...........   7,984  284,351
 BWT AG................................................  13,530  295,146
 Bank Fuer Kaernten und Steiermark AG..................     520   42,596
 Bau Holding AG........................................   4,980  132,579
 Bohler Uddeholm AG....................................   9,020  361,243
 Brau Union Goess-Reinighaus AG........................  10,720  377,021
 *Ca Immobilien Invest AG..............................   3,133   47,980
 *Constantia-Iso Holding AG............................  15,000   82,939
 *Die Erste Immobilien AG..............................   1,244  154,293
 Flughafen Wien AG.....................................  14,792  395,114
 *Immofinanz Immobilien Anlagen AG..................... 100,914  493,285
 Jenbacher AG..........................................   7,860  104,276
 Leipnik-Lundenburger Industrie AG.....................     300   22,170
 Lenzing AG............................................   3,424  222,551
 *Manner (Josef) & Co. AG..............................     870   18,591
 Mayr-Melnhof Karton AG................................   9,840  465,751
 Oberbank AG...........................................   3,555  231,066
 *Palfinger AG.........................................   1,590   32,986
 *Readymix Kies-Union AG...............................     500   12,109
 Rhi AG, Wien..........................................  18,559  120,629
 Rosenbauer International AG...........................     850   15,893
 Ubm Realitaetenentwicklung AG.........................     360   17,950
 *Uniqa Versicherungen AG..............................  19,164  108,181
 Va Technologie AG.....................................   6,807  149,641
 Voest-Alpine Stahl AG.................................   2,640   75,454
 *Vogel and Noot Waermetechnik AG......................   1,700   15,515

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CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              
 *Waagner Biro Bet.....................................    1,430  $          0
 Wienerberger AG.......................................    5,556        77,914
 *Wolford AG...........................................    4,100        36,943
                                                                  ------------
TOTAL -- AUSTRIA                                                              
  (Cost $6,016,504)....................................              4,689,675
                                                                  ------------

                                                                [Download Table]
EMU -- (0.7%)                                                               
INVESTMENT IN CURRENCY -- (0.7%)                                            


                                                        ------        ------
                                                                            
 *Euro Currency........................................            1,547,952
                                                                ------------

                                                                [Download Table]
UNITED KINGDOM -- (0.1%)                                                      
COMMON STOCKS -- (0.1%)                                                       


                                                        ------          ------
                                                                              
 *Tullow Oil P.L.C.                                                           
   (Cost $192,954).....................................  212,968       237,117
                                                                  ------------
INVESTMENT IN CURRENCY -- (0.0%)                                              
 *British Pound Sterling                                                      
   (Cost $1,604).......................................                  1,642
                                                                  ------------
TOTAL -- UNITED KINGDOM                                                       
  (Cost $194,558)......................................                238,759
                                                                  ------------
UNITED STATES -- (0.0%)                                                       
COMMON STOCKS -- (0.0%)                                                       
 *National Oilwell, Inc. (Cost $57,188)................    4,798        98,935
                                                                  ------------

                                                                [Download Table]
TEMPORARY CASH                                                                  
  INVESTMENTS -- (0.3%)                                                         

                                                           FACE                 
                                                          AMOUNT                
                                                          ------                
                                                          (000)                 
                                                                                
 Repurchase Agreement, PNC Capital Markets Inc. 1.48%,                          
   01/02/02 (Collateralized by U.S. Treasury Notes                              
   11.875%, 11/15/03, valued at $739,848) to be                                 
   repurchased at $728,060                                                      
   (Cost $728,000)..................................... $      728       728,000
                                                                    ------------
TOTAL INVESTMENTS -- (100.0%) Cost $202,622,772)++.....             $208,406,763
                                                                    ============

                                                                [Download Table]
                                                                                
--------------------------------------------------------------------------------
   +  See Note B to Financial Statements.                                       
   @  Denominated in local currency.                                            
   *  Non-Income Producing Securities                                           
   #  Total or Partial Securities on Loan                                       
  ++  The cost for federal income tax purposes is $202,655,681.                 

See accompanying Notes to Financial Statements. 

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THE JAPANESE SMALL COMPANY SERIES 

SCHEDULE OF INVESTMENTS 

NOVEMBER 30, 2001 

                                                                [Download Table]

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
JAPAN -- (95.9%)                                                             
COMMON STOCKS -- (95.1%)                                                     
 *ASK Corp., Yokohama..................................  64,000  $     36,389
 Achilles Corp......................................... 549,000       691,179
 Advan Co., Ltd........................................  36,000       430,717
 #Aica Kogyo Co., Ltd.................................. 164,000     1,039,023
 *Aichi Corp...........................................  57,000        70,373
 Aichi Machine Industry Co., Ltd....................... 157,000       234,641
 Aichi Tokei Denki Co., Ltd............................  67,000       126,799
 Aida Engineering, Ltd................................. 160,000       450,958
 Aim Services Co., Ltd.................................   2,000        19,494
 Aiphone Co., Ltd......................................  27,400       333,832
 Airport Facilities Co., Ltd...........................  72,700       266,316
 Aisan Industry Co., Ltd...............................  23,000       166,266
 *#Aiwa Co., Ltd....................................... 116,300       276,779
 *Akai Electric Co., Ltd............................... 363,000         2,948
 #Akebono Brake Industry Co., Ltd...................... 141,000       222,181
 Aloka Co., Ltd........................................  43,000       209,559
 Alps Logistics Co., Ltd...............................   5,000        19,088
 Altech Co., Ltd.......................................  14,000        70,503
 Amada Sonoike Co., Ltd................................ 191,414       354,483
 Amatsuji Steel Ball Manufacturing Co., Ltd............  12,000        90,646
 Ando Corp............................................. 120,000       165,698
 *Ando Electronic Co., Ltd.............................  17,000        66,970
 Anest Iwata Corp......................................  74,000        88,356
 Anrakutei Co., Ltd....................................  13,000        55,964
 Aoi Advertising Promotion, Inc........................  14,000        84,717
 Aoki International Co., Ltd...........................  74,200       232,034
 Apic Yamada Corp......................................   7,000        15,067
 *#Arabian Oil Co., Ltd................................  48,300       243,235
 *#Arai-Gumi, Ltd......................................  49,300        33,637
 Araya Industrial Co., Ltd.............................  84,000        66,182
 Argo 21 Corp..........................................  13,200       229,443
 *Arisawa Manufacturing Co., Ltd.......................   8,000       136,457
 Aronkasei Co., Ltd....................................  53,000       153,254
 #Asahi Denka Kogyo KK................................. 169,000     1,000,693
 Asahi Diamond Industrial Co., Ltd.....................  68,000       293,837
 Asahi Kogyosha Co., Ltd...............................  48,000       109,945
 *Asahi Optical Co., Ltd............................... 180,000       254,395
 Asahi Organic Chemicals Industry Co., Ltd............. 259,000       618,491
 *#Asahi Soft Drinks Co., Ltd..........................  69,000       347,478
 *Asahi Tec Corp.......................................  86,000        89,412
 *Asahi Techno Glass Corp..............................  34,000        63,794
 Asanuma Corp.......................................... 145,000       110,709
 Ashimori Industry Co., Ltd............................  84,000       114,624
 Asia Securities Printing Co., Ltd.....................   8,000        68,228
 *Asics Corp........................................... 333,000       256,953
 *#Atsugi Nylon Industrial Co., Ltd.................... 322,000       201,388
 Aucnet, Inc...........................................  15,000       176,541
 Azel Corp., Tokyo.....................................  89,000        74,458
 Bando Chemical Industries, Ltd........................ 213,000       385,808
 #Bank of Okinawa, Ltd.................................  19,300       308,040
 Bank of the Ryukyus, Ltd..............................  23,980       238,796
 *Bosch Automotive Systems Corp........................ 214,000       199,893
 Bull Dog Sauce Co., Ltd...............................   9,000        50,440
 Bunka Shutter Co., Ltd................................ 134,000       276,455
 *C Two-Network Co., Ltd...............................   3,000        82,362

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             

 #CKD Corp............................................. 113,000  $    342,353
 *CTI Engineering Co. Ltd..............................  19,000        81,793
 *Cabin Co., Ltd.......................................  67,000        44,625
 Calpis Co., Ltd....................................... 115,000       502,535
 Calsonic Corp......................................... 261,000       621,147
 Canon Aptex, Inc......................................  34,000       185,582
 Canon Electronics, Inc................................  40,000       267,066
 Canon System & Support, Inc...........................  35,000       179,100
 *Carolina Co., Ltd....................................  40,000        34,114
 Catena Corp...........................................  18,000        80,997
 Central Finance Co., Ltd.............................. 180,000       570,195
 *Central Security Patrols Co., Ltd....................   5,000        28,225
 #Cesar Co.............................................  79,000        88,551
 *#Chiba Kogyo Bank, Ltd...............................  38,100       227,457
 Chino Corp............................................  70,000       112,577
 *Chisan Tokan Co., Ltd................................  64,000        36,389
 Chiyoda Co., Ltd......................................  38,000       253,095
 *#Chiyoda Corp........................................ 113,000       128,497
 Chofu Seisakusho Co., Ltd.............................  25,000       302,155
 *Chori Co., Ltd....................................... 175,000       122,243
 Chuetsu Pulp and Paper Co., Ltd....................... 172,000       287,794
 Chugai Ro Co., Ltd.................................... 139,000       269,836
 Chugoku Marine Paints, Ltd............................ 111,000       239,823
 Chugokukogyo Co., Ltd.................................  45,000        57,385
 #Chukyo Sogo Bank, Ltd................................ 118,000       423,634
 Chuo Gyorui Co., Ltd..................................  16,000        25,602
 *Chuo Paperboard Co., Ltd.............................  76,000        48,767
 Chuo Spring Co., Ltd., Nagoya.........................  99,000       299,133
 *#Clarion Co., Ltd.................................... 171,000       161,117
 Cleanup Corp..........................................  71,000       429,637
 *Co-Op Chemical Co., Ltd..............................  80,000        49,384
 *Coca Cola Central Japan Co., Ltd.....................       3        17,618
 Computer Engineering & Consulting, Ltd................   8,000        80,510
 Copyer Co., Ltd.......................................  27,000        48,467
 Cosel Co., Ltd........................................  18,000       272,524
 Credia Co., Ltd.......................................  14,000       211,622
 #D'urban, Inc......................................... 114,000       125,004
 Dai Nippon Toryo, Ltd................................. 193,000       235,145
 Dai-Dan Co., Ltd......................................  80,000       295,657
 Daido Kogyo Co., Ltd..................................  60,000        85,286
 Daido Steel Sheet Corp................................  84,000        93,473
 #Daidoh, Ltd..........................................  54,000       257,465
 Daihen Corp........................................... 205,000       243,105
 Daiho Corp............................................  96,000       118,523
 Daiichi Cement Co., Ltd...............................  33,000        49,319
 Dai-Ichi Jitsugyo Co., Ltd............................  80,000       107,866
 *#Dai-Ichi Katei Denki Co., Ltd.......................  91,000        23,653
 Dai-Ichi Kogyo Seiyaku Co., Ltd.......................  47,000        80,168
 Daiken Corp........................................... 195,000       508,424
 #Daiki Co., Ltd.......................................  31,000       264,637
 Daiko Shoken Business Co., Ltd........................   6,000        17,593
 *#Daikyo, Inc......................................... 268,000       215,505
 #Daimei Telecom Engineering Corp......................  66,000       247,669
 Dainichi Co., Ltd.....................................   3,200         9,877
 Dainichiseika Colour & Chemicals Manufacturing Co.,                         
   Ltd................................................. 163,000       492,512
 Dainippon Shigyo Co., Ltd.............................  16,000        69,528
 Daiseki Co., Ltd......................................  24,000       389,682

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                                                       SHARES       VALUE+
                                                       ------       ------
                                                                          
Daiso Co., Ltd........................................ 112,000  $  211,053
*#Daisue Construction Co., Ltd........................  92,500      43,577
Daisyo Corp...........................................  24,000     228,078
Daito Woolen Spinning & Weaving Co., Ltd., Tokyo......  42,000      25,586
Daiwa Industries, Ltd.................................  76,000     190,747
Daiwa Kosho Lease Co., Ltd............................ 101,000     244,469
*Daiwa Seiko, Inc..................................... 145,000     109,531
*Daiwabo Co., Ltd..................................... 262,000     195,783
Daiwabo Information System Co., Ltd...................  22,000     145,635
*#Dantani Corp........................................  68,000      22,645
Danto Corp............................................  42,000     157,608
Denki Kogyo Co., Ltd..................................  59,000     253,989
Denyo Co., Ltd........................................  38,000     172,846
#Deodeo Corp..........................................  71,600     329,748
*Descente, Ltd........................................ 133,000     216,057
*Dia Kensetsu Co., Ltd................................  31,000      46,079
Diamond Computer Service Co., Ltd.....................   8,000      46,655
*Dijet Industrial Co., Ltd............................  34,000      40,320
Doshisha Co., Ltd.....................................  15,000     165,332
Dynic Corp............................................  52,000      66,312
Eagle Industry Co., Ltd...............................  43,000     126,085
*Eco-Tech Construction Co., Ltd.......................  68,000      35,901
#Eiden Co., Ltd.......................................  40,000     169,921
Eiken Chemical Co., Ltd...............................   9,000      74,272
*Elna Co., Ltd........................................   5,000      12,427
Enplas Corp...........................................  18,000     341,386
*Enshu, Ltd...........................................  69,000      58,847
*Ensuiko Sugar Refining Co., Ltd......................  23,000      42,034
Exedy Corp............................................  71,000     320,065
*FDK Corp.............................................  73,000     192,112
*First Baking Co., Ltd................................  67,000      92,515
Fontaine Co., Ltd.....................................   5,000      56,451
Foster Electric Co., Ltd..............................  32,000      86,033
France Bed Co., Ltd................................... 193,000     470,289
*Fudo Construction Co., Ltd........................... 201,000     156,731
Fuji Denki Reiki Co., Ltd.............................  81,800     235,868
Fuji Kiko Co., Ltd....................................  51,000      78,292
*Fuji Kisen Kaisha, Ltd...............................   8,000       9,097
*Fuji Kosan Co., Ltd.................................. 130,000      89,753
Fuji Kyuko Co., Ltd................................... 107,000     371,106
*#Fuji Spinning Co., Ltd., Tokyo...................... 163,000      70,170
Fujicco Co., Ltd......................................  42,000     403,913
*Fujii & Co., Ltd.....................................  44,000         357
*Fujiko Co., Ltd......................................  55,000         893
Fujikura Kasei Co., Ltd...............................  15,000      54,217
#Fujirebio, Inc.......................................  75,000     666,446
Fujitec Co., Ltd......................................  82,000     286,397
Fujitsu Business Systems, Ltd.........................  32,500     285,098
Fujitsu Denso, Ltd....................................  36,000     221,353
Fujitsu Devices, Inc..................................  14,000      93,132
Fujitsu Kiden, Ltd....................................  16,000      51,334
Fujiya Co., Ltd....................................... 190,000     307,109
Fukuda Corp...........................................  65,000     172,642
#Fukushima Bank, Ltd.................................. 117,000     205,270
*Fukusuke Corp........................................  95,000      62,502
*Furukawa Battery Co., Ltd............................  45,000      80,778
Furukawa Co., Ltd..................................... 208,000     199,357
Fuso Lexel Inc........................................   8,000      38,923
Fuso Pharmaceutical Industries, Ltd...................  78,000     300,936
*Ga-jo-en Kanko KK....................................  37,000           0
*Gakken Co., Ltd...................................... 158,000     178,385

                                                       SHARES       VALUE+
                                                       ------       ------
                                                                          

Gastec Service, Inc...................................  41,000  $  184,826
Genki Sushi Co., Ltd..................................   3,000      31,678
Geostar Corp..........................................  10,000      52,227
Godo Shusei Co., Ltd..................................  74,000     143,052
*Godo Steel, Ltd...................................... 245,000     167,160
*Goldwin, Inc.........................................  47,000      60,317
Gourmet Kineya Co., Ltd...............................  31,000     214,026
*Graphtec Corp........................................  39,000      29,460
Gun-Ei Chemical Industry Co., Ltd..................... 164,000     203,808
*#Gunze Sangyo, Inc., Tokyo...........................  90,000     192,989
Hac Kimisawa Co., Ltd.................................  41,000     270,745
*Hakone Tozan Railway Co., Ltd........................  52,000     139,381
*Hakuto Co., Ltd......................................  21,000     301,058
Hakuyosha Co., Ltd....................................  57,000     160,654
*Hanwa Co., Ltd....................................... 405,000     437,515
#Happinet Corp........................................  15,000     150,468
Harashin Co., Ltd.....................................   8,000      52,958
Harima Chemicals, Inc.................................  37,000     100,678
Harumoto Corp.........................................  32,000      55,103
Hayashikane Sangyo Co., Ltd........................... 128,000     122,681
Heiwado Co., Ltd......................................  49,000     363,772
#Hibiya Engineering, Ltd..............................  60,000     326,522
*#Hikari Tsushin, Inc.................................  32,000     287,210
*Hirabo Corp..........................................  79,000      44,275
Hisaka Works, Ltd.....................................  48,000     184,802
Hitachi Electronics Engineering Co., Ltd..............  13,000      36,957
Hitachi Kiden Kogyo, Ltd..............................  20,000      67,416
Hitachi Koki Co., Ltd................................. 177,000     531,939
Hitachi Medical Corp..................................  28,000     260,860
Hitachi Metals Techno, Ltd............................  12,000      32,262
Hitachi Plant Engineering & Construction Co., Ltd..... 204,000     614,739
#Hitachi Powdered Metal Co., Ltd......................  46,000     227,168
*#Hitachi Seiki Co., Ltd.............................. 141,000      91,621
Hitachi Tool Engineering, Ltd.........................  30,000     109,653
Hochiki Corp..........................................  42,000     118,376
*Hodogaya Chemical Co., Ltd........................... 100,000     125,086
*Hohsui Corp..........................................  56,000      36,389
Hokkai Can Co., Ltd., Tokyo........................... 116,000     232,724
*Hokkaido Bank, Ltd................................... 329,000     285,934
Hokkaido Coca Cola Bottling Co., Ltd..................  26,000     168,947
Hokkaido Gas Co., Ltd.................................  87,000     175,956
Hokko Chemical Industry Co., Ltd......................  41,000     106,899
*Hoko Fishing Co., Ltd................................  79,000      35,934
*Hokuriku Electric Industry Co., Ltd.................. 112,000      81,874
Hokuriku Electrical Construction Co., Ltd.............  36,000     103,512
Hokuriku Gas Co., Ltd.................................  26,000      69,691
*Hokushin Co., Ltd....................................  39,900      37,270
Homac Corp............................................  60,000     336,269
Honen Corp............................................ 128,000     195,458
Honshu Chemical Industry Co., Ltd.....................   3,000      14,109
#Horiba, Ltd..........................................  54,000     386,417
#Hosokawa Micron Corp.................................  40,000     174,145
*Howa Machinery, Ltd.................................. 181,000     105,852
I-Net Corp............................................   5,000      23,880
ISE Chemicals Corp....................................  17,000      49,985
*Ichida and Co., Ltd..................................  78,000      15,839
Ichikawa Co., Ltd.....................................  49,000     115,420
Ichiken Co., Ltd......................................  48,000      36,648
Ichikoh Industries, Ltd............................... 141,000     218,745

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CONTINUED                                                                       

                                                                [Download Table]

                                                       SHARES         VALUE+
                                                       ------         ------
                                                                            
Ichiyoshi Securities Co., Ltd.........................  36,000  $    116,963
Idec Izumi Corp.......................................  60,000       316,775
Ihara Chemical Industry Co., Ltd......................  80,000       143,605
Iino Kaiun Kaisha, Ltd................................ 161,000       226,234
*#Ikegami Tsushinki Co., Ltd.......................... 102,000        96,105
Impact 21 Co., Ltd....................................  19,000       209,884
Inaba Denki Sangyo Co., Ltd...........................  38,000       439,830
Inaba Seisa Kusho Co., Ltd............................  12,000       168,719
#Inabata and Co., Ltd., Osaka.........................  85,000       393,532
Inageya Co., Ltd......................................  77,000       447,806
Intec, Inc............................................  35,000       258,700
*Inui Steamship Co., Ltd..............................  31,000        13,849
*Iseki & Co., Ltd..................................... 322,000       154,310
Ishii Hyoki Co., Ltd..................................   3,000        75,539
#Ishii Iron Works Co., Ltd............................  52,000       178,661
*Ishikawa Seisakusho, Ltd.............................  75,000        51,781
Ishikawajima Transport Machinery Co., Ltd.............  16,000        33,789
Ishizuka Glass Co., Ltd...............................  49,000        66,864
Itochu Fuel Corp...................................... 192,000     1,043,311
*Itochu Warehouse Co., Ltd............................  15,000        19,494
Itoki Crebio Corp.....................................  56,000       110,985
Iuchi Seieido Co., Ltd................................  17,000       197,457
Iwasaki Electric Co., Ltd............................. 110,000       285,016
Iwatsu Electric Co., Ltd.............................. 145,000       202,574
*Izukyu Corp..........................................   5,000        63,761
#Izumiya Co., Ltd..................................... 128,000       453,297
*#Izutsuya Co., Ltd................................... 123,000       207,805
JMS Co., Ltd..........................................  59,000       155,748
*Jac Holdings Co., Ltd................................   5,000        31,881
Jaccs Co., Ltd........................................  84,000       247,669
Jamco Corp............................................  18,000        52,633
*Janome Sewing Machine Co., Ltd....................... 224,000       123,721
Japan Aircraft Manufacturing Co., Ltd.................  70,000       126,223
Japan Aviation Electronics Industry, Ltd.............. 130,000       543,797
#Japan Business Computer Co., Ltd.....................  34,000       447,384
Japan Carlit Co., Ltd.................................  28,000       176,257
*Japan Coated Paper Manufacturing Co., Ltd............ 132,000        46,103
Japan Digital Laboratory Co., Ltd.....................  28,100       253,347
Japan Foundation Engineering Co., Ltd.................  49,200       168,242
Japan Information Processing Service Co., Ltd.........  26,000       239,693
Japan Kenzai Co., Ltd.................................   4,000        16,570
Japan Maintenance Co., Ltd............................  27,000        84,433
*Japan Metals & Chemicals Co., Ltd.................... 201,000        78,365
Japan Oil Transportation Co., Ltd.....................  45,000        73,833
*Japan Paperboard Industries Co., Ltd., Tokyo......... 127,000       155,764
Japan Pulp and Paper Co., Ltd.........................  99,000       292,700
*#Japan Steel Works, Ltd.............................. 546,000       545,487
#Japan Storage Battery Co., Ltd.......................  63,000       134,581
Japan Transcity Corp..................................  90,000       165,210
Japan Vilene Co., Ltd................................. 101,000       185,403
Japan Wool Textile Co., Ltd........................... 138,000       612,010
Jastec Co., Ltd.......................................   5,000       140,112
#Jeans Mate Corp......................................   9,800        77,212
#Jeol, Ltd............................................  97,000       464,059
Jidosha Denki Kogyo Co., Ltd..........................  10,000        15,433
Joban Kosan Co., Ltd.................................. 101,000       127,157

                                                       SHARES         VALUE+
                                                       ------         ------
                                                                            

Joint Corp............................................   5,000  $    148,235
#Joshin Denki Co., Ltd................................  98,000       131,340
Jsp Corp..............................................  16,000        72,777
*#Jujiya Co., Ltd..................................... 161,000        70,616
Juken Sangyo Co., Ltd.................................  86,000       573,493
#Juki Corp............................................ 153,000       223,692
K.R.S. Corp...........................................   8,000        73,589
KTK Telecommunications Engineering Co., Ltd...........  43,050       185,326
Kabuki-Za Co., Ltd....................................   5,000       161,637
#Kaga Electronics Co., Ltd............................  33,000       354,350
Kagawa Bank, Ltd......................................  68,350       349,756
Kahma Co., Ltd........................................  46,000       212,970
*Kakuei (L.) Corp..................................... 100,000           812
Kameda Seika..........................................   9,000        37,355
Kamei Corp............................................  59,000       265,011
Kanaden Corp..........................................  50,000       164,886
Kanagawa Chuo Kotsu Co., Ltd..........................  90,000       421,067
#Kanamoto Co., Ltd....................................  43,000       159,265
*#Kanematsu Corp...................................... 402,500       624,433
Kanematsu Electronics, Ltd............................  38,000       215,748
*Kanematsu-NNK Corp...................................  60,000        92,108
Kanto Auto Works, Ltd., Yokosuka......................  78,000       481,498
Kanto Bank, Ltd.......................................  19,100       180,736
#Kanto Denka Kogyo Co., Ltd...........................  83,000       180,001
Kanto Natural Gas Development Co., Ltd................ 104,000       425,746
*Kanto Special Steel Works, Ltd.......................  84,000        34,797
*Kasai Kogyo Co., Ltd.................................  28,000        40,027
Kasei (C.I.) Co., Ltd.................................  46,000       158,794
Kasumi Co., Ltd....................................... 132,000       399,916
Katakura Chikkarin Co., Ltd...........................  17,000        44,876
#Katakura Industries Co., Ltd.........................  49,000       299,694
Kato Sangyo Co., Ltd..................................  17,000        77,326
Kato Spring Works Co., Ltd............................   8,000         9,812
Kato Works Co., Ltd...................................  82,000        87,917
Katsumura Construction Co., Ltd.......................  48,600        44,212
Kawada Industries, Inc................................  76,000       121,609
Kawai Musical Instruments Manufacturing Co., Ltd......  99,000        89,257
*Kawashima Textile Manufacturers, Ltd................. 126,000       130,999
*Kawasho Corp......................................... 222,000       187,531
Kawasho Gecoss Corp...................................  52,000       131,356
Kawasumi Laboratories, Inc............................  11,000       115,525
Kayaba Industry Co., Ltd.............................. 321,000       508,424
Keihin Co., Ltd....................................... 100,000       119,400
Keiyo Co., Ltd........................................ 104,900       592,171
#Kentucky Fried Chicken Japan, Ltd....................  10,000       207,122
*Kenwood Corp......................................... 201,000       143,670
Key Coffee, Inc.......................................  33,000       397,236
*Kibun Food Chemifa Co., Ltd..........................   8,000        33,529
*Kimmon Manufacturing Co., Ltd........................  41,000        39,296
Kimura Chemical Plants Co., Ltd.......................  27,000        35,308
*Kinki Nippon Tourist Co., Ltd........................ 133,000       265,750
*Kinki Sharyo Co., Ltd., Nagaokakyo................... 101,000        72,192
Kinseki, Ltd..........................................  56,000       250,626
*#Kinsho-Mataichi Corp................................  42,000        35,820
*Kinugawa Rubber Industrial Co., Ltd..................  83,000        45,843
Kioritz Corp..........................................  96,000       107,606
Kishu Paper Co., Ltd.................................. 125,000       155,342
Kitagawa Iron Works Co., Ltd.......................... 124,000       118,848

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                                                       SHARES       VALUE+
                                                       ------       ------
                                                                          
Kita-Nippon Bank, Ltd.................................   6,806  $  291,885
Kitano Construction Corp.............................. 116,000     160,175
Kitz Corp............................................. 234,000     300,303
Koa Corp..............................................  38,000     324,085
Koatsu Gas Kogyo Co., Ltd.............................  78,000     205,270
*Kobayashi Yoko Co., Ltd..............................   6,000      80,412
Koito Industries, Ltd.................................   8,000      18,519
*Kokune Corp..........................................  42,000      19,445
Kokusai Kogyo Co., Ltd................................  60,000     227,591
Komai Tekko, Inc......................................  53,000     115,371
*Komatsu Construction Co., Ltd........................  29,000      27,795
*Komatsu Electronics Metals Co., Ltd..................  13,000      43,081
Komatsu Forklift Co., Ltd............................. 153,000     190,138
Komatsu Seiren Co., Ltd...............................  75,000     162,652
Komatsu Wall Industry Co., Ltd........................  14,000     134,865
Komatsu Zenoah Co.....................................  73,000     152,978
Konaka Co., Ltd.......................................  27,000     164,699
Kondotec, Inc.........................................   1,500       6,104
Konishi Co., Ltd......................................  28,000     231,749
Kosaido Co., Ltd......................................  34,000     301,294
*Kosei Securities Co., Ltd............................ 137,000     152,450
Krosaki Corp..........................................  96,000      94,350
Kumiai Chemical Industry Co., Ltd., Tokyo............. 153,000     201,323
Kurabo Industries, Ltd................................ 374,000     610,596
Kurimoto, Ltd......................................... 204,000     444,070
Kuroda Electric Co., Ltd..............................  18,000     241,968
*Kyoden Co., Ltd......................................  17,000      47,224
Kyodo Printing Co., Ltd............................... 132,000     379,545
Kyodo Shiryo Co., Ltd................................. 145,000     114,242
Kyoei Sangyo Co., Ltd.................................  44,000      95,065
Kyoei Tanker Co., Ltd.................................  53,000      50,798
Kyokuto Boeki Kaisha, Ltd.............................  36,000      88,015
Kyokuto Kaihatsu Kogyo Co., Ltd.......................  38,300     209,363
Kyokuyo Co., Ltd...................................... 167,000     191,259
Kyoritsu Maintenance Co., Ltd.........................   3,000      72,736
Kyosan Electric Manufacturing Co., Ltd................  94,000     180,188
*Kyowa Electronic Instruments Co., Ltd................  30,000      57,020
Kyowa Leather Cloth Co., Ltd..........................  32,000     125,540
#Kyudenko Corp........................................ 122,000     436,013
*#Kyushu Bank, Ltd.................................... 192,000     394,556
#Laox Co., Ltd........................................  21,000      43,837
#Life Corp............................................  83,000     588,544
*Lonseal Corp.........................................  18,000      11,404
#MR Max Corp..........................................  56,300     133,987
Maeda Road Construction Co., Ltd......................  88,000     319,504
Maezawa Industries, Inc...............................  27,700     166,719
Maezawa Kaisei Industries Co., Ltd....................  20,600     218,356
Maezawa Kyuso Industries Co., Ltd.....................  10,000      60,106
Magara Construction Co., Ltd..........................  61,000      56,979
#Makino Milling Machine Co., Ltd......................  82,000     254,427
*Mamiya-Op Co., Ltd...................................  26,000      29,777
Mars Engineering Corp.................................   7,000     150,956
Marubun Corp..........................................  37,800     236,719
*Marudai Food Co., Ltd................................ 232,000     229,898
*Maruei Department Store Co., Ltd.....................  72,000      90,062
#Maruetsu, Inc........................................ 189,000     511,202
Maruha Corp........................................... 434,000     433,592
#Marusan Securities Co., Ltd.......................... 117,000     364,925
Maruwa Co., Ltd.......................................  13,000     188,059

                                                       SHARES       VALUE+
                                                       ------       ------
                                                                          

*Maruwn Corp..........................................  44,000  $   67,546
Maruyama Manufacturing Co., Inc.......................  73,000      74,710
*#Maruzen Co., Ltd.................................... 179,000     456,530
Maruzen Co., Ltd......................................   5,000      14,214
Maruzen Showa Unyu Co., Ltd........................... 175,000     321,243
#Maspro Denkoh Corp...................................  27,000     269,746
Matsuda Sangyo Co., Ltd...............................  19,000     183,494
Matsui Construction Co., Ltd..........................  40,000     101,043
Matsuo Bridge Co., Ltd................................  37,000      59,806
Matsuya Co., Ltd......................................  74,000     248,839
Matsuya Foods Co., Ltd................................  16,000     296,307
Matsuzakaya Co., Ltd.................................. 123,000     292,725
Meiden Engineering Co., Ltd...........................  31,000     148,308
*#Meidensha Corp...................................... 296,000     564,997
Meiji Shipping Co., Ltd...............................  47,000      61,081
Meiko National Securities Co., Ltd....................  99,000     236,412
*Meisei Industrial Co., Ltd...........................  29,000      47,817
Meito Sangyo Co., Ltd.................................  38,000     534,895
Meito Transportation Co., Ltd.........................   5,000      49,141
*Meiwa Estate Co., Ltd................................  22,000     236,054
*Meiwa Trading Co., Ltd...............................  55,000      98,282
Melco, Inc............................................  10,000      93,002
Mercian Corp.......................................... 212,000     416,714
*Milbon Co., Ltd......................................   8,000     190,390
#Mimasu Semiconductor Industry Co., Ltd...............  30,000     354,057
Miroku Jyoho Service Co., Ltd.........................   3,000      14,352
#Misawa Homes Co., Ltd................................ 190,000     452,176
Misawa Resort Co., Ltd................................  40,000      66,604
*Misawavan Corp.......................................  43,000      94,302
Mito Securities Co., Ltd..............................  35,000      85,001
Mitsuba Corp..........................................  67,000     244,347
#Mitsubishi Cable Industries, Ltd..................... 270,000     350,889
*Mitsubishi Kakoki Kaisha, Ltd........................ 117,000     142,549
Mitsubishi Pencil Co., Ltd............................  61,000     357,729
Mitsubishi Plastics, Inc.............................. 310,000     417,981
*Mitsubishi Shindoh Co., Ltd..........................  82,000      84,587
Mitsubishi Steel Manufacturing Co., Ltd............... 253,000     180,838
Mitsuboshi Belting, Ltd............................... 153,000     366,606
*#Mitsui Construction Co., Ltd........................ 157,000      86,715
*Mitsui High-Tec, Inc.................................  38,000     306,184
Mitsui Home Co., Ltd..................................  97,000     309,636
Mitsui Matsushima Co., Ltd............................  90,000      97,226
*Mitsui Mining Co., Ltd............................... 225,000     155,342
Mitsui Sugar Co., Ltd................................. 116,000     191,267
Mitsui-Soko Co., Ltd.................................. 204,000     430,814
Mitsumura Printing Co., Ltd...........................  23,000      53,243
Mitsuuroko Co., Ltd...................................  76,000     422,854
Miura Co., Ltd........................................  31,000     438,124
Miura Printing Corp...................................  16,000      52,893
Miyaji Iron Works Co. Ltd.............................  90,000     133,046
Miyoshi Oil & Fat Co., Ltd............................ 120,000     219,306
Miyuki Keori Co., Ltd.................................  50,000     155,139
Mizuno Corp........................................... 120,000     314,826
Mkc-Stat Corp.........................................  41,000     361,327
Morinaga & Co., Ltd................................... 220,000     398,487
Morishita Jinton Co., Ltd.............................   8,800     110,790
Morita Corp...........................................  72,000     201,177
Moritex Corp..........................................   4,000      46,623
Morozoff, Ltd., Osaka.................................  50,000      81,631
Mory Industries, Inc..................................  66,000      91,134

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                                                       SHARES       VALUE+
                                                       ------       ------
                                                                          
#Mos Food Services, Inc...............................  47,000  $  307,313
*Mutoh Industries, Ltd................................  61,000     101,076
Mutow Co., Ltd........................................  38,000     144,758
Mycal Hokkaido Corp...................................  26,000     152,052
Myojo Foods Co., Ltd..................................  25,000      40,612
NAC Co., Ltd..........................................  13,000      79,722
NOF Corp..............................................  54,000     112,723
*Nabco, Ltd........................................... 120,000     127,685
Nachi-Fujikoshi Corp.................................. 433,000     509,967
Nagano Bank, Ltd...................................... 122,000     422,139
Nagano Japan Radio Co., Ltd...........................   6,000      13,889
Nagatanien Co., Ltd...................................  56,000     341,143
Naigai Clothes Co., Ltd...............................  30,000      73,346
*Naigai Co., Ltd...................................... 109,000      85,879
Nakabayashi Co., Ltd..................................  92,000     165,893
Nakamuraya Co., Ltd...................................  85,000     180,196
*#Nakano Corp.........................................  66,000      29,484
Nakayama Steel Works, Ltd............................. 206,000     195,767
Nemic-Lambda KK.......................................   7,484      55,378
Neturen Co., Ltd., Tokyo..............................  67,000     168,159
Nichia Steel Works, Ltd...............................  64,900     170,268
#Nichias Corp......................................... 237,000     442,754
Nichiban Co., Ltd.....................................  58,000     140,388
*Nichiboshin, Ltd.....................................   1,190         967
Nichiha Corp..........................................  52,980     486,700
*Nichimen Corp........................................ 190,000     169,759
Nichimen Infinity, Inc................................  15,000     166,307
Nichimo Co., Ltd......................................  54,000      65,792
*Nichimo Corp.........................................  85,000      40,044
Nichireki Co., Ltd....................................  44,000     168,329
Nichiro Corp.......................................... 289,000     394,361
Nidec Tosok Corp......................................   3,000      16,570
Nihon Dempa Kogyo Co., Ltd............................  18,000     298,987
Nihon Inter Electronics Corp..........................  11,000      12,330
*Nihon Kentetsu Co., Ltd..............................  27,000      39,036
Nihon Kohden Corp.....................................  85,000     249,927
Nihon Matai Co., Ltd..................................  50,000      80,006
Nihon Nohyaku Co., Ltd................................ 103,000     140,551
Nihon Nosan Kogyo KK.................................. 201,000     267,748
Nihon Parkerizing Co., Ltd............................  92,000     242,861
*Nihon Shokuh Kako Co., Ltd...........................   4,000       9,260
*Nihon Spindle Manufacturing Co., Ltd.................  56,000      70,958
Nihon Tokushu Toryo Co., Ltd..........................  35,000      62,543
*#Niigata Engineering Co., Ltd........................ 142,000       2,307
*Nikken Chemicals Co., Ltd............................ 130,000     326,278
Nikkiso Co., Ltd...................................... 107,000     497,995
Nikko Co., Ltd., Akashi...............................  65,000     147,828
*Nippei Toyama Corp...................................  34,000      53,852
Nippon Beet Sugar Manufacturing Co., Ltd.............. 265,000     333,629
*Nippon Carbide Industries Co., Inc., Tokyo........... 101,000      69,731
*Nippon Carbon Co., Ltd............................... 177,000     162,457
#Nippon Ceramic Co., Ltd..............................  20,000     250,659
#Nippon Chemical Industrial Co., Ltd.................. 131,000     221,320
Nippon Chemi-Con Corp................................. 113,000     345,106
*Nippon Chemiphar Co., Ltd............................  49,000     113,430
Nippon Chutetsukan KK.................................  44,000      60,756
*Nippon Columbia Co., Ltd.............................  99,000     112,577
*Nippon Concrete Industries Co., Ltd..................  65,000      53,852
Nippon Conlux Co., Ltd................................  63,000     267,115
*Nippon Conveyor Co., Ltd.............................  43,000      21,305

                                                       SHARES       VALUE+
                                                       ------       ------
                                                                          

Nippon Denko Co., Ltd................................. 159,000  $  249,253
Nippon Densetsu Kogyo Co., Ltd........................ 118,000     431,302
Nippon Denwa Shisetu Co., Ltd.........................  90,000     248,547
Nippon Felt Co., Ltd..................................  28,000      85,058
Nippon Fine Chemical Co., Ltd.........................  40,000     118,263
Nippon Flour Mills Co., Ltd........................... 147,000     329,544
Nippon Formula Feed Manufacturing Co., Ltd............ 100,000      99,906
Nippon Gas Co., Ltd...................................  62,000     376,183
*Nippon Hume Pipe Co., Ltd............................  43,000      47,151
*Nippon Kasei Chemical Co., Ltd....................... 154,000     206,391
*Nippon Kinzoku Co., Ltd..............................  93,000      55,143
Nippon Koei Co., Ltd., Tokyo.......................... 146,000     319,001
Nippon Kokan Koji Corp................................  14,000      41,506
#Nippon Konpo Unyu Soko Co., Ltd......................  59,000     400,631
*Nippon Koshuha Steel Co., Ltd........................ 151,000      69,910
*Nippon Lace Co., Ltd.................................  26,000       8,870
*Nippon Light Metal Co., Ltd.......................... 243,000     181,585
*Nippon Metal Industry Co., Ltd....................... 282,000     162,628
Nippon Pipe Manufacturing Co., Ltd....................  35,000      84,717
*Nippon Piston Ring Co., Ltd.......................... 133,000      86,423
Nippon Road Co., Ltd.................................. 147,000     192,234
Nippon Seiki Co., Ltd.................................  38,000     125,004
Nippon Seisen Co., Ltd................................  39,000      82,678
Nippon Sharyo, Ltd.................................... 215,000     321,324
Nippon Shinyaku Co., Ltd..............................  59,000     302,390
Nippon Signal Co., Ltd................................ 109,000     297,476
Nippon Soda Co., Ltd.................................. 129,000     356,250
*Nippon Steel Chemical Co., Ltd....................... 241,000     281,881
Nippon Suisan Kaisha, Ltd............................. 246,000     421,603
Nippon Synthetic Chemical Industry Co., Ltd........... 152,000     160,499
Nippon Systemware Co., Ltd............................   6,000     239,287
Nippon Thompson Co., Ltd..............................  54,000     284,220
Nippon Tungsten Co., Ltd..............................   3,000       5,215
Nippon Typewriter Co., Ltd............................  11,000      27,698
*Nippon Valqua Industries, Ltd........................ 119,000     132,420
*Nippon Yakin Kogyo Co., Ltd.......................... 243,000      86,845
Nippon Yusoki Co., Ltd................................  49,000     100,296
Nishimatsuya Chain Co., Ltd...........................  17,000     329,324
*Nissan Construction Co., Ltd......................... 128,000      39,508
*#Nissan Diesel Motor Co., Ltd........................ 284,000     219,143
Nissan Shatai Co., Ltd................................ 251,000     379,204
*Nisseki House Industry Co., Ltd...................... 260,000      76,026
Nissha Printing Co., Ltd..............................  81,000     406,593
#Nisshin Fire & Marine Insurance Co., Ltd............. 133,000     264,670
Nisshin Oil Mills, Ltd................................ 122,000     351,783
Nissin Corp........................................... 150,000     248,547
Nissin Electric Co., Ltd.............................. 187,000     294,666
Nissin Kogyo Co., Ltd.................................   6,000     175,445
Nissin Sugar Manufacturing Co., Ltd...................  48,000      58,871
Nissui Pharmaceutical Co., Ltd........................  13,000      62,510
Nitsuko Corp..........................................  75,000     266,822
Nitta Corp............................................  42,000     310,440
Nittetsu Mining Co., Ltd.............................. 147,000     260,292
#Nitto Boseki Co., Ltd................................ 364,000     351,832
#Nitto Construction Co., Ltd..........................  19,000      60,805
Nitto Electric Works, Ltd.............................  67,000     463,117
Nitto Flour Milling Co., Ltd..........................  54,000     102,197
*Nitto Kohki Co., Ltd.................................  21,000     285,877
Nitto Seiko Co., Ltd..................................  56,000      81,419

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                                                       SHARES       VALUE+
                                                       ------       ------
                                                                          
*Nitto Seimo Co., Ltd.................................  32,000  $   14,555
#Nittoc Construction Co., Ltd.........................  61,000     139,227
Noda Corp.............................................   1,300       4,403
Nohmi Bosai, Ltd......................................  59,000     274,116
Nomura Co., Ltd.......................................   6,000      19,055
O-M, Ltd..............................................  46,000      38,110
*OKK Corp............................................. 101,000      66,450
OSG Corp..............................................  87,000     283,368
Obayashi Road Corp....................................  65,000     111,927
*Odakyu Construction Co., Ltd.........................  29,000      53,706
Odakyu Real Estate Co., Ltd...........................  58,000     114,007
Ohki Corp.............................................  73,000     118,588
*Ohkura Electric Co., Ltd.............................  34,000         828
Ohtsu Tire & Rubber Co., Ltd.......................... 126,000     153,514
Oiles Corp............................................  30,000     419,118
Okabe Co., Ltd........................................  39,000      96,616
Okamoto Industries, Inc............................... 212,000     456,319
Oki Electric Cable Co., Ltd...........................  56,000      90,516
Okinawa Electric Power Co., Ltd.......................  10,000     168,135
Okuma and Howa Machinery, Ltd.........................  69,000      54,924
Okuma Corp............................................ 113,000     195,499
*Okura and Co., Ltd................................... 128,000           0
Okura Industrial Co., Ltd.............................  96,000     269,015
Olympic Corp..........................................  20,000     287,534
*Ono Sokki Co., Ltd...................................  43,000      75,092
*Optec Dai-Ichi Denko Co., Ltd........................ 192,333      84,360
Organo Corp........................................... 101,000     397,057
*Orient Watch Co., Ltd................................  12,000      14,133
Oriental Construction Co., Ltd........................  39,000     128,294
Oriental Yeast Co., Ltd...............................  16,000      80,185
Origin Electric Co., Ltd..............................  54,000     166,672
Osaka Oxygen Industries, Ltd.......................... 190,000     200,624
Osaka Securities Finance Co., Ltd.....................  54,000      81,143
Osaka Steel Co., Ltd..................................  62,000     251,796
Osaki Electric Co., Ltd...............................  56,000     224,699
#Oyo Corp.............................................  47,000     502,389
P.S.C. Corp...........................................  35,000     114,851
PCA Corp..............................................   3,000      23,149
Pacific Industrial Co., Ltd...........................  78,000     205,904
*Pacific Metals Co., Ltd.............................. 299,000     199,146
#Parco Co., Ltd.......................................  82,000     346,341
*Pasco Corp........................................... 111,500     249,054
#Penta-Ocean Construction Co., Ltd....................  72,000      78,950
#Pigeon Corp..........................................  37,000     471,833
Pilot Corp............................................  32,000     160,110
*Pocket Card Co., Ltd.................................  26,000     267,569
*Pokka Corp...........................................  48,000     109,166
Poplar Co., Ltd.......................................   3,000      33,140
*Press Kogyo Co., Ltd................................. 143,000      72,014
*Prima Meat Packers, Ltd.............................. 230,000     115,826
Pulstec Industrial Co., Ltd...........................   7,200      28,539
Q'Sai Co., Ltd........................................  28,000     114,396
#RIGHT ON Co., Ltd....................................  14,000     112,122
Raito Kogyo Co., Ltd..................................  84,900     289,630
Rasa Industries, Ltd.................................. 119,000     184,615
Renown Look, Inc......................................  50,000      64,980
*#Renown, Inc......................................... 402,000     218,770
Rheon Automatic Machinery Co., Ltd....................  40,000     120,537
Rhythm Watch Co., Ltd................................. 344,000     357,647
Ricoh Elemex Corp.....................................  11,000      41,636
#Ricoh Leasing Co., Ltd...............................   4,000      61,146
Riken Corp............................................ 193,000     487,533

                                                       SHARES       VALUE+
                                                       ------       ------
                                                                          

Riken Keiki Co., Ltd..................................  33,000  $  119,010
Riken Vinyl Industry Co., Ltd......................... 123,000     319,699
Riken Vitamin Co., Ltd................................  16,000     211,833
#Ringer Hut Co., Ltd..................................  26,000     223,854
Rock Field Co., Ltd...................................  11,000     268,934
Roland Corp...........................................  15,400     165,488
Royal Co., Ltd........................................  62,000     532,800
*Ryobi, Ltd........................................... 238,000     286,105
Ryoden Trading Co., Ltd...............................  80,000     207,285
Ryoyo Electro Corp....................................  45,000     397,309
*S Foods, Inc.........................................  28,000     138,049
S.T. Chemical Co., Ltd................................  48,000     239,774
SMK Corp.............................................. 127,000     342,475
SPC Electronic Corp...................................  29,000     190,561
SRL, Inc..............................................  23,000     246,597
SXL Corp.............................................. 148,000     199,552
Saeki Kensetsu Kogyo Co., Ltd.........................  71,000      70,357
#Sagami Chain Co., Ltd................................  37,000     292,115
Sagami Co., Ltd.......................................  60,000     156,438
Sailor Pen Co., Ltd...................................  16,000      27,421
Sakai Chemical Industry Co., Ltd......................  92,000     315,346
Sakai Heavy Industries, Ltd...........................  60,000     104,779
*Sakai Ovex Co., Ltd..................................  85,000      48,329
Sakata Inx Corp.......................................  92,000     197,278
*Sakurada Co., Ltd....................................  38,000      20,680
San-Ai Oil Co., Ltd................................... 118,000     314,371
Sankei Building Co., Ltd..............................  97,000     267,878
Sanki Engineering Co., Ltd............................  76,000     385,816
Sanko Co., Ltd........................................   2,000      11,371
*Sanko Metal Industrial Co., Ltd., Tokyo..............  54,000      42,107
*Sankyo Aluminum Industry Co., Ltd.................... 359,000     151,630
Sankyo Seiki Manufacturing Co., Ltd...................  76,000     278,405
Sankyo Seiko Co., Ltd.................................  86,000     171,140
*Sankyu, Inc., Tokyo.................................. 415,000     394,385
Sanoh Industrial Co., Ltd.............................  53,000     163,586
Sanshin Electronics Co., Ltd..........................  51,000     229,491
*Sanwa Electric Co., Ltd..............................  17,000      29,273
Sanyo Denki Co., Ltd..................................  36,000      74,564
Sanyo Engineering & Construction, Inc.................   9,000      23,393
#Sanyo Industries, Ltd., Tokyo........................  48,000     153,222
#Sanyo Shokai, Ltd.................................... 200,000     953,575
Sanyo Special Steel Co., Ltd.......................... 339,000     335,928
Sasebo Heavy Industries Co., Ltd., Tokyo.............. 257,000     183,697
*Sata Construction Co., Ltd., Gumma...................  61,000      51,529
Sato Shoji Corp.......................................  31,000      98,956
Satori Electric Co., Ltd..............................   2,400      13,685
Sawafugji Electric Co., Ltd...........................  31,000      44,316
Seika Corp............................................ 145,000     176,663
*Seikitokyu Kogyo Co., Ltd............................  86,000      66,360
*Seiko Corp........................................... 102,407     294,455
Seirei Industry Co., Ltd..............................  12,000      12,963
Seiren Co., Ltd.......................................  81,000     199,349
*Seiyo Food Systems, Inc.............................. 137,000     375,005
Sekisui Jushi Co., Ltd................................  85,000     283,067
Sekisui Plastics Co., Ltd............................. 150,000     240,018
*Sekiwa Real Eastate, Ltd.............................   7,000      27,064
Senko Co., Ltd........................................ 205,000     404,619
Senshukai Co., Ltd....................................  70,000     224,017
Shaddy Co., Ltd.......................................  27,000     314,923

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                                                       SHARES         VALUE+
                                                       ------         ------
                                                                            
#Shibaura Engineering Works Co., Ltd..................  71,000  $    186,849
Shibusawa Warehouse Co., Ltd.......................... 119,000       218,445
Shibuya Kogyo Co., Ltd................................  54,000       344,310
*Shikibo, Ltd......................................... 155,000        76,798
#Shikoku Chemicals Corp...............................  89,000       307,231
#Shikoku Coca-Cola Bottling Co., Ltd..................  31,000       271,939
Shimizu Bank, Ltd.....................................  12,600       547,534
*#Shimura Kako Co., Ltd...............................  55,000       104,536
Shin Nippon Air Technologies Co., Ltd.................  37,180       118,683
Shinagawa Fuel Co., Ltd............................... 160,000       708,277
Shinagawa Refractories Co., Ltd....................... 116,000       151,695
Shindengen Electric Manufacturing Co., Ltd............  68,000       186,134
Shin-Etsu Polymer Co., Ltd............................  68,000       213,198
Shinkawa, Ltd.........................................  17,000       263,459
Shinki Co., Ltd.......................................  39,000       247,085
*Shinko Electric Co., Ltd............................. 257,000       298,508
Shinko Shoji Co., Ltd.................................  41,000       158,185
Shin-Kobe Electric Machinery Co., Ltd.................  71,000       256,629
*Shinmaywa Industries, Ltd............................ 168,000       277,008
*Shinsho Corp......................................... 110,000       130,446
*Shinwa Kaiun Kaisha, Ltd............................. 238,000       125,654
Shinyei Kaisha........................................  54,000        61,406
Shiroki Co., Ltd...................................... 132,000       214,432
Sho-Bond Corp.........................................  24,100       234,901
Shobunsha Publications, Inc...........................  25,000       253,826
*#Shochiku Co., Ltd...................................  99,000       553,236
Shoei Co., Ltd........................................   6,000        58,969
Shoko Co., Ltd........................................ 156,000       178,661
Shokusan Bank, Ltd....................................  28,000        90,971
*#Shokusan Jutaku Sogo Co., Ltd....................... 207,000        63,891
*Showa Aircraft Industry Co., Ltd.....................  22,000        50,570
#Showa Corp........................................... 117,000       880,001
Showa Electric Wire & Cable Co., Ltd., Kawasaki....... 313,000       317,791
Showa Highpolymer Co., Ltd............................  79,000       179,027
Showa Mining Co., Ltd.................................   8,000         9,422
Showa Sangyo Co., Ltd................................. 282,000       531,403
Showa Tansan Co., Ltd.................................   9,000        21,931
*#Silver Seiko, Ltd...................................  87,000        48,052
Sintokogio, Ltd., Nagoya.............................. 108,000       263,167
*Snow Brand Food Co., Ltd.............................   7,000         7,789
Snow Brand Seed Co., Ltd..............................   4,000        11,371
Soda Nikka Co., Ltd...................................  35,000        52,593
#Sodick Co., Ltd......................................  24,000        52,244
*Sokkisha Co., Ltd....................................  40,000       119,887
Sonton Food Industry Co., Ltd.........................  10,000        67,010
Sotetsu Rosen Co., Ltd................................  42,000       172,277
Sotoh Co., Ltd........................................   5,000        22,743
Star Micronics Co., Ltd...............................  21,000       143,280
Subaru Enterprise Co., Ltd............................  36,000       102,635
*Sumida Corp..........................................   5,000        72,777
Suminoe Textile Co., Ltd.............................. 142,000       179,928
*Sumitomo Coal Mining Co., Ltd........................ 181,000        76,448
*Sumitomo Construction Co., Ltd....................... 428,000       194,679
Sumitomo Densetsu Co., Ltd............................  50,700       192,314
*Sumitomo Light Metal Industries, Ltd................. 493,000       332,362
Sumitomo Precision Products Co., Ltd., Amagasaki                            
  City................................................  78,000       238,215
Sumitomo Seika Chemicals Co., Ltd..................... 102,000       199,666

                                                       SHARES         VALUE+
                                                       ------         ------
                                                                            

Sumitomo Special Metals Co., Ltd......................  50,000  $    267,634
#Sumitomo Warehouse Co., Ltd.......................... 203,000       580,397
*Sun Wave Corp........................................  88,000       144,385
Sun-S, Inc............................................  38,300       221,185
SunTelephone Co., Ltd.................................  65,000       170,003
Suruga Corp...........................................   5,000        56,857
*#Suzutan Co., Ltd....................................  62,000       102,733
T.Hasegawa Co., Ltd...................................  18,000       207,463
TYK Corp..............................................  67,000       107,752
Tabai Espec Corp......................................  34,000       167,907
Tachihi Enterprise Co., Ltd...........................   8,000       168,947
Tachikawa Corp........................................  14,000        73,914
Tachi-S Co., Ltd......................................  16,000        64,590
Tadano, Ltd........................................... 206,000       284,448
Taihei Dengyo Kaisha, Ltd.............................  66,000       150,103
Taihei Kogyo Co., Ltd................................. 114,000       123,152
Taiheiyo Kouhatsu, Inc................................  90,000        77,488
Taiho Kogyo Co., Ltd..................................  30,000       227,834
Taikisha, Ltd.........................................  97,000       594,847
#Taisei Fire & Marine Insurance Co., Ltd.............. 118,000         2,875
*Taisei Prefab Construction Co., Ltd.................. 134,000       102,310
Taisei Rotec Corp..................................... 127,000       155,764
Taito Co., Ltd........................................  70,000       184,786
Taiyo Toyo Sanso Co., Ltd............................. 232,000       442,835
Takada Kiko Co., Ltd..................................  31,000       104,495
Takagi Securities Co., Ltd............................  34,000        70,422
Takamatsu Corp........................................  12,500       106,607
Takano Co., Ltd.......................................   7,000        52,309
*Takaoka Electric Manufacturing Co., Ltd., Tokyo...... 156,000       204,003
*#Taka-Q Co., Ltd.....................................  69,500        37,258
#Takara Co., Ltd...................................... 108,000     1,021,966
Takara Printing Co., Ltd..............................   6,000        38,598
*Takarabune Corp......................................  52,000        34,634
Takasago Electric Industry Co., Ltd...................  22,000       224,797
#Takasago International Corp..........................  91,000       416,876
*Takasaki Paper Manufacturing Co., Ltd................ 157,000        63,761
Takashima & Co., Ltd..................................  60,000        50,197
Takigami Steel Construction Co., Ltd..................  18,000        52,049
Takiron Co., Ltd...................................... 140,000       325,223
Tamura Corp........................................... 112,000       251,081
*Tamura Electric Works, Ltd...........................  74,000       102,180
*Tanseisha Co., Ltd...................................  26,000        76,026
Tasaki Shinju Co., Ltd................................  53,000       175,640
*Tateho Chemical Industries Co., Ltd..................  26,500        44,340
*Tatsuta Electric Wire & Cable Co., Ltd............... 106,000       103,317
Tayca Corp............................................  74,000       128,026
Teac Corp............................................. 109,000       167,330
Techno Ryowa, Ltd.....................................   3,400        11,737
Tecmo, Ltd............................................  22,000       216,577
Teijin Seiki Co., Ltd................................. 138,000       326,181
Teikoku Hormone Manufacturing Co., Ltd................  33,000       184,412
*Teikoku Piston Ring Co., Ltd.........................  42,000        96,543
Teikoku Sen-I Co., Ltd................................  39,000        82,362
Teikoku Tsushin Kogyo Co., Ltd........................  73,000       187,961
Teisan KK.............................................  39,000       162,189
Tekken Corp........................................... 274,000       271,517
Ten Allied Co., Ltd...................................  37,000       123,217

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CONTINUED                                                                       

                                                                [Download Table]

                                                       SHARES       VALUE+
                                                       ------       ------
                                                                          
Tenma Corp............................................  50,000  $  560,448
Teraoka Seisakusho Co., Ltd...........................  13,000      45,932
Tetra Co., Ltd., Tokyo................................  41,000      63,607
The Daito Bank, Ltd................................... 114,000     313,900
Tigers Polymer Corp...................................   4,000      12,671
*Titan Kogyo KK.......................................  36,000      40,060
Toa Corp.............................................. 293,000     302,244
Toa Doro Kogyo Co., Ltd...............................  85,000     169,840
*Toa Oil Co., Ltd.....................................  67,000      64,760
*Toa Wool Spinning & Weaving Co., Ltd.................  73,000      29,647
*Tobu Store Co., Ltd..................................  71,000     107,265
Tochigi Bank, Ltd.....................................  60,000     314,826
Tochigi Fuji Industrial Co., Ltd......................  51,000      79,121
Toda Kogyo Corp.......................................  88,000     290,199
Todentu Corp..........................................  57,000     120,375
Toenec Corp...........................................  80,000     274,863
Tohcello Co., Ltd.....................................   8,000      16,895
Toho Co., Ltd.........................................  35,000     250,740
Toho Real Estate Co., Ltd.............................  98,000     342,280
Toho Titanium Co., Ltd................................  20,000     105,104
#Toho Zinc Co., Ltd................................... 205,000     294,723
Tohoku Bank, Ltd......................................  44,000      76,481
Tohoku Misawa Homes Co. Ltd...........................  24,000     101,953
*Tohpe Corp...........................................  36,000      28,948
Tohto Suisan Co., Ltd.................................  54,000      88,600
Tokai Carbon Co., Ltd................................. 186,000     350,500
#Tokai Corp........................................... 108,000     414,927
*Tokai Kanko Co., Ltd................................. 333,000      97,372
Tokai Pulp Co., Ltd...................................  88,000     290,913
*Tokai Senko KK, Nagoya...............................  47,000      29,013
Tokai Tokyo Securities Co., Ltd....................... 366,250     547,371
Tokico, Ltd........................................... 189,000     345,407
*Tokimec, Inc......................................... 119,000      99,557
Tokin Corp............................................  56,000     250,626
Toko Electric Corp....................................  39,000      89,964
Toko, Inc.............................................  81,000     207,902
Tokushima Bank, Ltd...................................  61,200     350,451
Tokushu Paper Manufacturing Co., Ltd.................. 119,000     444,622
Tokyo Biso Kogyo Corp.................................   5,000      24,489
Tokyo Denki Komusho Co., Ltd..........................  57,000     158,802
Tokyo Denpa Co., Ltd..................................  11,000     150,103
Tokyo Kikai Seisakusho, Ltd........................... 132,000     396,700
Tokyo Leasing Co., Ltd................................  29,000     141,330
Tokyo Nissan Auto Sales Co., Ltd......................  63,000      63,964
Tokyo Rakutenchi Co., Ltd.............................  92,000     272,004
Tokyo Rope Manufacturing Co., Ltd..................... 286,000     220,687
Tokyo Sangyo Co., Ltd.................................  36,500      87,755
Tokyo Steel Manufacturing Co., Ltd....................  77,400     213,121
#Tokyo Tatemono Co., Ltd.............................. 244,000     386,466
*#Tokyo Tekko Co., Ltd................................  67,000     102,310
Tokyo Theatres Co., Inc., Tokyo....................... 116,000     106,469
Tokyo Tungsten Corp...................................  18,000     197,375
Tokyotokeiba Co., Ltd................................. 422,000     394,182
*Tokyu Car Corp....................................... 213,000     114,185
Tokyu Community Corp..................................  19,000     232,416
*#Tokyu Construction Co., Ltd......................... 356,000     190,845
Tokyu Corp............................................  60,480     233,833
*#Tokyu Department Store Co., Ltd..................... 406,000     385,832
Tokyu Recreation Corp.................................  18,000      98,249
Tokyu Store Chain Corp................................ 175,000     471,914

                                                       SHARES       VALUE+
                                                       ------       ------
                                                                          

*Tokyu Tourist Corp...................................  38,000  $   35,495
Toli Corp............................................. 101,000     167,355
Tomato Bank, Ltd...................................... 128,000     320,219
Tomen Electronics Corp................................  10,000     334,645
Tomoe Corp............................................  56,000      90,971
*Tomoegawa Paper Co., Ltd.............................  55,000     138,934
Tomoku Co., Ltd....................................... 185,000     318,562
Tomy Co., Ltd.........................................  17,000     265,807
Tonami Transportation Co., Ltd........................ 173,000     333,028
Topcon Corp...........................................  68,000     185,029
Topre Corp............................................  85,000     289,281
Topy Industries, Ltd.................................. 325,000     467,243
Torigoe Co., Ltd......................................  21,000      64,305
Torishima Pump Manufacturing Co., Ltd., Osaka.........  45,000     189,700
Toshiba Ceramics Co., Ltd............................. 134,000     276,455
Toshiba Chemical Corp.................................  27,000      37,282
Toshiba Engineering & Construction Co., Ltd........... 101,000     191,966
*Toshiba Machine Co., Ltd............................. 294,000     575,507
Toshiba Tungaloy Co., Ltd............................. 124,000     279,997
Tosho Printing Co., Ltd...............................  94,000     167,209
Totenko Co., Ltd......................................  35,000      71,356
Totetsu Kogyo Co., Ltd................................  53,000      79,641
Totoku Electric Co., Ltd., Tokyo......................  62,000      69,496
Tottori Bank, Ltd..................................... 127,000     354,853
*#Towa Corp...........................................  28,000     225,154
*#Towa Real Estate Development Co., Ltd............... 160,000      75,376
Toyo Bussan Co., Ltd..................................  11,000      52,804
#Toyo Chemical Co., Ltd...............................  52,000     126,288
#Toyo Communication Equipment Co., Ltd................  79,000     286,186
*Toyo Construction Co., Ltd........................... 290,000     157,819
*Toyo Electric Co., Ltd...............................  67,000      50,611
*#Toyo Engineering Corp............................... 247,000     306,955
*Toyo Kanetsu KK...................................... 206,000     148,917
Toyo Kohan Co., Ltd................................... 140,000     301,343
#Toyo Radiator Co., Ltd............................... 104,000     236,525
Toyo Securities Co., Ltd.............................. 113,000     178,060
*#Toyo Shutter Co., Ltd...............................  77,000      28,770
*Toyo Sugar Refining Co., Ltd.........................  60,000      40,937
Toyo Tire & Rubber Co., Ltd........................... 307,000     476,276
Toyo Umpanki Co., Ltd................................. 146,000     367,622
Toyo Wharf & Warehouse Co., Ltd....................... 118,000     148,559
Tsubaki Nakashima Co., Ltd............................  47,000     399,315
Tsubakimoto Machinery & Engineering Co., Ltd..........  44,000      58,254
*Tsudakoma Corp....................................... 101,000      68,090
Tsugami Corp.......................................... 124,000     165,178
*Tsukamoto Co., Ltd...................................  44,000      42,886
Tsukishima Kikai Co., Ltd.............................  60,000     324,085
*Tsumura & Co......................................... 124,000     522,728
Tsurumi Manufacturing Co., Ltd........................  42,000     178,759
Tsurumi Soda Co., Ltd.................................   7,000      18,194
Tsutsumi Jewelry Co., Ltd.............................  24,800     487,476
Tsutsunaka Plastic Industry Co., Ltd..................  71,000     159,167
*Tsuzuki Denki Co., Ltd...............................   5,000      10,437
U-Shin, Ltd...........................................  38,000     120,375
Ube Material Industries, Ltd..........................  16,000      14,685
Uchida Yoko Co., Ltd..................................  72,000     276,033
Ueki Corp.............................................  47,000      62,990

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CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             
 Unicafe, Inc..........................................     200  $      2,697
 #Uniden Corp..........................................  76,000       224,699
 Unimat Offisco Corp...................................  27,700       265,490
 Unisia Jecs Corp...................................... 215,000       267,188
 *#Unitika, Ltd........................................ 699,000       493,950
 *Utoc Corp............................................  38,000        34,569
 Wakachiku Construction Co., Ltd....................... 194,000       159,151
 Wakamoto Pharmaceutical Co., Ltd......................  48,000       147,374
 Wakodo Co., Ltd.......................................   2,000        58,969
 Warabeya Nichiyo Co., Ltd.............................   6,000        48,735
 Xebio Co., Ltd........................................  12,000       178,369
 Yahagi Construction Co., Ltd..........................  59,000       152,872
 Yamaichi Electronics Co., Ltd.........................  21,000       163,578
 Yamamura Glass Co., Ltd............................... 213,000       320,065
 *Yamatane Corp........................................ 131,000       100,020
 Yamatane Securities Co., Ltd.......................... 203,000       288,550
 Yamato Corp...........................................  36,000       169,012
 Yamato International, Inc.............................  43,000        51,342
 Yamato Kogyo Co., Ltd................................. 130,000       492,057
 Yamaura Corp..........................................  19,000        47,841
 Yamazen Co., Ltd...................................... 140,000       193,314
 Yaoko Co., Ltd........................................  29,000       373,348
 Yasuda Warehouse Co., Ltd.............................  18,000        60,675
 Yellow Hat, Ltd., Tokyo...............................  44,000       291,271
 Yodogawa Steel Works, Ltd............................. 104,000       212,028
 Yokogawa Bridge Corp..................................  70,400       247,026
 *Yokohama Matsuzakaya, Ltd............................  27,000        17,764
 Yokohama Reito Co., Ltd............................... 111,000       549,970
 Yokowo Co., Ltd.......................................  28,000       192,177
 Yomeishu Seizo Co., Ltd...............................  46,000       297,038
 Yomiuri Land Co., Ltd................................. 157,000       474,383
 Yondenko Corp.........................................  58,800       203,935
 Yonekyu Corp..........................................  41,500       247,755
 Yonex Co., Ltd........................................   8,000        26,642
 Yorozu Corp...........................................  26,800        77,495
 Yoshihara Oil Mill, Ltd...............................  36,000        76,318
 #Yoshimoto Kogyo Co., Ltd.............................  60,000       564,347
 Yuasa Corp............................................ 260,000       428,702
 Yuasa Funashoku Co., Ltd..............................  33,000        45,031
 *Yuasa Trading Co., Ltd............................... 174,000       124,371

                                                        SHARES         VALUE+
                                                        ------         ------
                                                                             

 *Yuken Kogyo Co., Ltd.................................  60,000  $     38,013
 *Yuki Gosei Kogyo Co., Ltd............................  14,000        44,690
 Yukiguni Maitake Co., Ltd.............................  12,000        57,507
 *Yuraku Real Estate Co., Ltd..........................  39,000        64,305
 Yurtec Corp........................................... 119,000       343,133
 *Yushin Precision Equipment Co., Ltd..................  12,000       308,978
 Yushiro Chemical Industry Co., Ltd....................  10,000        42,237
 #Zenchiku Co., Ltd.................................... 126,000       153,514
 *Zenrin Co., Ltd......................................  31,600       282,336
 Zensho Co., Ltd.......................................   6,000        75,295
                                                                 ------------
TOTAL COMMON STOCKS                                                          
  (Cost $408,513,734)..................................           188,976,874
                                                                 ------------
INVESTMENT IN CURRENCY -- (0.8%)                                             
 *Japanese Yen                                                               
   (Cost $1,488,247)...................................             1,499,848
                                                                 ------------
TOTAL -- JAPAN                                                               
  (Cost $410,001,981)..................................           190,476,722
                                                                 ------------

                                                                [Download Table]

                                                          FACE                
                                                         AMOUNT               
                                                         ------               
                                                         (000)                
                                                                              
TEMPORARY CASH INVESTMENTS -- (4.1%)                                          
 Repurchase Agreement, PNC Capital Markets Inc. 2.00%,                        
   12/03/01 (Collateralized by U.S. Treasury Notes                            
   6.125%, 12/31/01, valued at $8,277,323) to be                              
   repurchased at $8,155,359                                                  
   (Cost $8,154,000)................................... $  8,154     8,154,000
                                                                  ------------
TOTAL INVESTMENTS -- (100.0%)                                                 
  (Cost $418,155,981)++................................           $198,630,722
                                                                  ============

                                                                [Download Table]
                                                                                
--------------------------------------------------------------------------------
   +  See Note B to Financial Statements.                                       
   #  Total or Partial Securities on Loan                                       
   *  Non-Income Producing Securities                                           
  ++  The cost for federal income tax purposes is $420,951,589.                 

See accompanying Notes to Financial Statements. 

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SCHEDULE OF INVESTMENTS 

NOVEMBER 30, 2001 

                                                                [Download Table]

                                                        SHARES        VALUE+
                                                        ------        ------
                                                                            
AUSTRALIA -- (30.5%)                                                        
COMMON STOCKS -- (30.4%)                                                    
 *A.I. Engineering Corp., Ltd..........................  129,195  $    9,743
 A.P. Eagers, Ltd......................................   22,492      46,326
 ARB Corporation, Ltd..................................   12,738      67,909
 Abigroup, Ltd.........................................  129,710     158,541
 *Access1, Ltd.........................................   14,403         734
 Adelaide Bank, Ltd....................................  116,153     413,829
 Adelaide Brighton, Ltd................................  572,818     244,304
 Adsteam Marine, Ltd...................................  326,187     396,823
 Adtrans Group, Ltd....................................   29,000      26,848
 *Agenix, Ltd..........................................  149,379      25,251
 *Allstate Explorations NL.............................   49,087       3,191
 Altium................................................   44,500      72,907
 Amalgamated Holdings, Ltd.............................  266,483     311,854
 *Amity Oil NL.........................................   90,907      38,771
 *An Feng Kingstream Steel, Ltd........................  764,927       9,151
 *Anaconda Nickel NL...................................  500,170     195,110
 *Anzoil NL............................................  123,126       1,345
 Aquarius Platinum (Australia), Ltd....................   44,452     187,273
 *Ariadne Australia, Ltd...............................  270,353      30,232
 *Ashanti Goldfields Co., Ltd..........................   16,421      44,839
 Ashanti Goldfields Co., Ltd. (Stapled Shares).........   15,990      10,362
 *Asia Pacific Specialty Chemicals, Ltd................   88,182      27,978
 Atkins Carlyle, Ltd...................................   76,226     120,921
 *AuIron Energy, Ltd...................................  260,290      63,629
 *Auridiam Consolidated NL.............................   63,097       1,641
 *Aurora Gold, Ltd.....................................  226,812      18,875
 *Ausdoc Group, Ltd....................................  116,098     103,861
 *Ausdrill, Ltd........................................  103,961       5,083
 *Aussie Online, Ltd...................................   39,485       2,875
 *Austal, Ltd..........................................   35,300      24,786
 *Austar United Communications, Ltd....................  364,100      51,131
 *Austpac Resources NL.................................  355,118      17,177
 Australand Holdings, Ltd..............................  445,600     428,762
 *Australia Net.Com, Ltd...............................   36,169       3,292
 *Australian Magnesium Corp., Ltd......................   98,792      31,858
 Australian Oil & Gas Corp., Ltd.......................   98,394      76,764
 Australian Pharmaceutical Industries, Ltd.............  287,700     448,912
 Australian Pipeline Trust.............................  124,100     165,884
 #Australian Provincial Newspaper Holdings, Ltd........  395,312     711,403
 *Australian Resources, Ltd............................  141,446      16,921
 Australian Stock Exchange, Ltd........................   22,300     128,999
 Autron Corporation, Ltd...............................  452,247      54,101
 *Avatar Industries, Ltd...............................   45,901      16,712
 Bank of Queensland, Ltd...............................  134,036     439,199
 *Beach Petroleum NL...................................  371,700      10,826
 *Beaconsfield Gold NL.................................   89,078       9,498
 #Bendigo Bank, Ltd....................................  156,838     575,096
 *Bendigo Mining NL....................................  849,735      68,504
 *Beyond International, Ltd............................   61,256      15,930
 *Biota Holdings, Ltd..................................   97,808      34,593
 *Black Range Minerals NL..............................  169,951       5,304
 Blackmores, Ltd.......................................   27,894      98,075
 *Bligh Oil & Minerals NL Issue 00.....................   88,266       7,804
 *Boulder Group NL.....................................   78,500       5,308

                                                        SHARES        VALUE+
                                                        ------        ------
                                                                            

 Brandrill, Ltd........................................   97,929  $   35,654
 Brickworks, Ltd.......................................   57,178     179,922
 *Bridgestone Australia, Ltd...........................   49,000      24,466
 Bristile, Ltd.........................................   81,032     116,365
 *Buderim Ginger, Ltd..................................    7,889       1,846
 *Burns, Philp & Co., Ltd..............................  651,721     183,044
 Burswood, Ltd.........................................  205,200      78,979
 *CI Technologies Group, Ltd...........................  109,822      99,960
 Caltex Australia, Ltd.................................  407,700     303,233
 Campbell Brothers, Ltd................................   75,852     201,204
 *Cape Range, Ltd......................................  516,594      16,121
 Casinos Austria International, Ltd....................  258,299      80,607
 Cedar Woods Properties, Ltd...........................   50,913      11,916
 *Centamin Egypt, Ltd..................................  261,882      22,474
 *#Centaur Mining & Exploration, Ltd...................   62,058      15,493
 Central Equity, Ltd...................................  123,243     128,201
 Central Norseman Gold Corp., Ltd......................  409,800      62,877
 Centro Properties, Ltd................................  285,175     504,301
 *Charter Pacific Corp., Ltd...........................   72,823      36,740
 *Circadian Technologies, Ltd..........................   40,370      61,521
 *Cityview Energy Corp., Ltd...........................   52,581       5,743
 *Clifford Corp., Ltd..................................  161,750           0
 *Climax Mining Limited................................  163,017       4,663
 *Climax Mining, Ltd...................................  163,017       4,663
 #Clough, Ltd..........................................  429,098     216,485
 Coates Hire, Ltd......................................  273,026     186,027
 Comet Resources NL....................................   83,600       2,957
 Consolidated Manufacturing Industries, Ltd............   32,784      20,462
 Consolidated Minerals, Ltd............................  123,800      33,483
 Consolidated Paper Industries, Ltd....................   68,585      27,111
 *Coplex Resources NL..................................  231,400      10,832
 Corporate Express Australia, Ltd......................  352,710     926,422
 Coventry Group, Ltd...................................   63,616     137,314
 Crane (G.E) Holdings, Ltd.............................   98,940     421,974
 *Croesus Mining NL....................................   97,100      12,121
 *Cudgen RZ, Ltd.......................................   36,650       3,622
 *Dalrymple Resources New Shares.......................   12,577       3,729
 *Dalrymple Resources NL...............................   62,885      18,643
 Danks Holdings, Ltd...................................   10,425      44,462
 *Davnet, Ltd..........................................  402,200       7,531
 #Delta Gold NL........................................  442,483     552,341
 *Denehurst, Ltd.......................................   95,000       3,607
 *Devine, Ltd..........................................   44,183       8,043
 *Diamin Resources NL..................................  212,131      13,792
 *Dominion Mining, Ltd.................................  168,015      31,459
 Downer Group, Ltd.....................................  368,611     153,376
 *Durban Roodepoort Deep, Ltd..........................   18,619      21,499
 E.R.G. Limited........................................  108,020      30,339
 *Easycall Communications (Philippines), Ltd...........  177,300       7,377
 *Ecorp, Ltd...........................................  254,988      59,017
 *Emporer Mines, Ltd...................................  120,600      21,013
 Energy Developments, Ltd..............................  163,532     660,456
 *Energy Equity Corp., Ltd.............................  325,630       9,484
 Energy Resources of Australia, Ltd. Series A..........  231,589     228,861
 Envestra, Ltd.........................................  300,200     142,086

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THE PACIFIC RIM SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              
Environmental Solutions International, Ltd............    67,364  $     23,475
Equigold NL...........................................    99,000        27,805
Fleetwood Corp., Ltd..................................    43,287        35,798
Foodland Associates, Ltd..............................   117,244       756,889
*Forest Place Group, Ltd..............................    85,192        16,395
*Formulab Neuronetics Corp., Ltd......................     1,061           251
Forrester Parker Group, Ltd...........................   142,602        72,686
Freedom Furniture, Ltd................................   133,595       111,871
Futuris Corp., Ltd....................................   640,000       586,857
GRD NL................................................   142,500        92,646
GUD Holdings, Ltd.....................................    83,979        80,806
GWA International, Ltd................................   415,102       526,798
Gazal Corp., Ltd......................................    71,177        78,113
*Geo2, Ltd............................................   164,199         5,124
George Weston Foods, Ltd..............................    77,119       210,381
*Golden West Refining Corp., Ltd......................    17,330         3,245
Goldfields, Ltd.......................................   477,502       630,576
*Goldstream Mining NL.................................    90,901        25,058
Gowing Bros., Ltd.....................................    53,962        59,782
*Gowing Retail........................................     3,615             0
*Gradipore, Ltd.......................................    21,628        35,997
Graincorp, Ltd. Series A..............................    36,600       205,591
Grand Hotel Group.....................................   369,971       150,094
*Greenfields Energy Corp., Ltd........................   193,687         9,369
*Green's Foods, Ltd...................................    66,082        14,092
Gunns, Ltd............................................    83,239       180,968
*Gutnick Resources NL.................................   146,152         4,561
*Gympie Gold, Ltd.....................................   205,364        86,519
*HIH Insurance, Ltd...................................   791,605        72,052
*Hamilton Island, Ltd.................................    52,600        56,084
Hancock and Gore, Ltd.................................    54,806        35,347
*Haoma Mining NL......................................    98,816         5,037
*Hardman Resources NL.................................   337,382        84,229
*Hartley Poynton, Ltd.................................    84,981        29,614
Healthscope, Ltd......................................    59,654        72,603
*Helix Resources NL...................................    25,000         5,201
Henry Walker Group, Ltd...............................   287,948       179,719
*Herald Resources, Ltd................................    69,910        14,908
Hills Industries, Ltd.................................   229,725       350,087
Hills Motorway Group Hly..............................   279,349       727,922
Housewares International, Ltd.........................    87,100        41,678
Iluka Resources, Ltd..................................   293,919       584,582
*Industrial & Commercial Electronic Industries,                               
  Ltd.................................................    54,361         2,149
Institute of Drug Technology Australia, Ltd...........    44,372        96,930
*Intellect Holdings, Ltd..............................    75,070        37,874
Ipoh, Ltd.............................................   179,956       148,821
Iron Carbide Australia, Ltd...........................    92,740        82,965
*Ixla, Ltd............................................    89,921         1,310
*Jingellic Minerals NL................................     4,329             0
*Johnson's Well Mining NL.............................   200,000         5,461
Jones (David), Ltd....................................   615,898       377,999
Joyce Corp., Ltd......................................    13,049         4,412
*Jubilee Gold Mines NL................................   133,974       104,523
Jupiters, Ltd.........................................   208,795       519,748
KTS Corp., Ltd........................................    43,000        67,095
*Keycorp, Ltd.........................................    67,609        73,845
Kidston Gold Mines, Ltd...............................   246,300        27,414
King Island (The) Co., Ltd............................    22,000        37,303
*Kingsgate Consolidated NL............................    83,407        58,131

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              

*Kresta Holdings, Ltd.................................    56,700  $      1,622
Lemarne Corp., Ltd....................................    20,790        14,598
*Lynas Gold NL........................................    40,500         5,687
*MacMahon Holdings, Ltd...............................   192,179        12,994
Magellan Petroleum Australia, Ltd.....................    32,760        29,818
Maryborough Sugar Factory, Ltd........................       600         1,810
Maxi-Cube, Ltd........................................   137,121        10,341
McConnell Dowell Corp., Ltd...........................    62,776        42,446
McGuigan (Brian) Wines, Ltd...........................    52,474       120,087
McPherson's, Ltd......................................    61,500        39,664
*Metal Storm, Ltd.....................................    22,100        16,897
*Micromedical Industries, Ltd.........................   150,461        53,215
*Mikoh Corp., Ltd.....................................    39,999         1,207
Miller's Retail, Ltd..................................   101,160       165,737
*Mineral Deposits, Ltd................................    49,458         4,630
Mobile Innovations, Ltd...............................    84,600         5,280
Monadelphous Group, Ltd...............................    18,988        15,802
*Mosaic Oil NL........................................   345,724        38,661
*Murchison United NL..................................    71,536        33,858
*Namoi Cotton Cooperative, Ltd........................   135,353        16,192
National Can Industries, Ltd..........................    97,017        42,891
National Foods, Ltd...................................   469,435       661,186
*Nautronix, Ltd.......................................    74,694        25,252
Neverfail Springwater, Ltd............................    24,426        43,957
*New Tel, Ltd.........................................   118,238        20,602
Newcrest Mining, Ltd..................................   131,038       243,995
Normandy Mt. Leyshon, Ltd.............................   133,376         8,325
*Normans Wine, Ltd....................................    35,848         2,051
North Flinders Mines, Ltd.............................    99,807       545,067
*Novogen, Ltd.........................................   105,184        84,797
*Novus Petroleum, Ltd.................................   245,359       214,393
Nufarm, Ltd...........................................   391,902       623,733
OPSM Protector, Ltd...................................   257,306       548,966
Oil Company of Australia, Ltd.........................    51,800        80,826
*Online Advantage, Ltd................................     2,475            39
*Orbital Engine Corp., Ltd............................   537,358       167,693
Orica, Ltd............................................    60,667       217,785
*Oriel Communications, Ltd............................    27,653           583
*Oropa, Ltd...........................................   333,580         4,685
Oroton International, Ltd.............................    38,427        73,950
*PMP Communications, Ltd..............................   381,871       148,963
Pacific BBA, Ltd......................................   279,219       512,648
Pacific Dunlop, Ltd...................................   474,235       239,257
Pacific Hydro, Ltd....................................   149,783       335,768
*Pan Pacific Petroleum NL.............................   327,800        15,344
*Pan Palladium, Ltd...................................     3,925           286
Paperlinx, Ltd........................................   215,513       526,382
*Pasminco, Ltd........................................ 1,000,857        26,028
*Payce Consolidated, Ltd..............................    18,000         6,741
Penfold (W.C.), Ltd...................................    14,100        11,184
*Peptide Technology, Ltd..............................   176,600       387,617
*Perilya Mines NL.....................................   263,500        57,561
Permanent Trustee Co., Ltd............................    20,052        76,656
Perpetual Trustees Australia, Ltd.....................    47,694     1,019,543
Peter Lehmann Wines, Ltd..............................    35,586        65,706
*Petsec Energy, Ltd...................................    97,992         7,900
*Pima Mining NL.......................................   236,061        25,170
Plaspak Group, Ltd....................................    86,045        38,040
*Pocketmail Group, Ltd................................    10,933           222
*Polartechnics, Ltd...................................    37,205        67,728
*Port Douglas Reef Resorts, Ltd.......................   251,655        11,518
Portman Mining, Ltd...................................   241,600       165,871

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THE PACIFIC RIM SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               
 *Powerlan, Ltd........................................   182,400  $     45,537
 *Precious Metals Australia, Ltd.......................    10,606         1,103
 *Preston Resources NL.................................    64,000         8,988
 Primary Health Care, Ltd..............................    42,300       110,004
 Prime Television, Ltd.................................   172,440       174,893
 *Progen Industries, Ltd...............................    24,788        16,116
 *Prophecy International Holdings, Ltd.................    51,900         8,638
 *Psiron, Ltd..........................................    40,381         1,722
 *Quantum Resources, Ltd...............................   115,007         1,854
 Queensland Cotton Holdings, Ltd.......................    39,866        66,144
 *Quiktrak Networks New Shares.........................   158,598         2,722
 *Quiktrak Networks, Ltd...............................   396,495         6,805
 Raptis Group, Ltd.....................................    12,000         1,279
 #Rebel Sport, Ltd.....................................    77,898        59,558
 *Redfire Resources NL.................................    27,900         1,292
 Reece Australia, Ltd..................................    32,100       350,610
 *Reinsurance Australia Corp., Ltd.....................   399,993        14,979
 *Renewable Energy Corp., Ltd..........................   104,360        51,565
 *Resolute Mining, Ltd.................................    64,809        16,517
 Ridley Corp., Ltd.....................................   578,840       322,138
 Rock Building Society, Ltd............................    11,373        17,805
 Rural Press, Ltd......................................   211,201       538,260
 SPC, Ltd..............................................    91,854        42,997
 Sabre Group, Ltd......................................    40,702        35,565
 Schaffer Corp., Ltd...................................    16,698        39,516
 Scientific Services, Ltd..............................   122,237        40,690
 Select Harvests, Ltd..................................    41,257        41,844
 Servcorp, Ltd.........................................    21,300        39,882
 *Shield Telecommunications, Ltd.......................   286,300         4,318
 Sigma Co., Ltd........................................    69,800       121,619
 *Silex System, Ltd....................................    60,600        86,362
 Simeon Wines, Ltd.....................................   203,870       240,702
 #Simsmetal, Ltd.......................................   168,578       464,704
 Singleton Group, Ltd..................................   134,020       268,368
 *Sino Securities International, Ltd...................     8,118         1,647
 *Skilled Engineering, Ltd.............................   127,146        54,888
 *Smarttrans Holdings, Ltd.............................   222,685         2,953
 *Smorgon Steel Group, Ltd.............................   385,500       198,499
 Snack Foods, Ltd......................................   137,218       102,058
 *Solution 6 Holdings, Ltd.............................   167,494        61,853
 Sonic Healthcare, Ltd.................................    84,443       338,492
 Sons of Gwalia, Ltd...................................   236,162       890,037
 Southern Cross Broadcasting (Australia), Ltd..........    78,654       443,455
 *Southern Pacific Petroleum NL........................   370,840       119,585
 *Southern Star Group, Ltd.............................   154,982        36,274
 *Spectrum Network Systems, Ltd. Series B..............   616,446        73,743
 *Sphere Investments, Ltd..............................    27,480         1,858
 #Spotless Group, Ltd..................................   438,502     1,160,885
 *St. Barbara Mines, Ltd...............................   375,500        42,967
 *Star Games, Ltd......................................    90,810        30,701
 *Straits Resources, Ltd...............................    56,534        11,615
 *Strategic Minerals Corp. NL..........................    13,100           443
 *Striker Resources NL.................................   316,300         8,061
 Structural Systems, Ltd...............................    26,367        12,754
 *Sunland Group, Ltd...................................    75,095        16,795
 *Surfboard, Ltd.......................................    57,506         3,888
 Sydney Aquarium, Ltd..................................    24,135        41,676
 Tab Queensland, Ltd...................................    66,700       104,283
 Tab, Ltd..............................................   110,000       155,619
 *Takoradi, Ltd........................................   993,152         8,265

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               

 *Tandou, Ltd..........................................     3,100  $      1,886
 *Tap Oil, Ltd.........................................   193,100       133,879
 Tassal, Ltd...........................................    96,243        27,031
 Technology One, Ltd...................................   161,600        76,486
 Television & Media Services, Ltd......................   214,561        71,422
 Tempo Service, Ltd....................................    98,174       133,782
 Ten Network Holdings, Ltd.............................   194,200       210,093
 Thakral Holdings Group................................ 1,249,419       357,413
 *The Gribbles Group, Ltd..............................   113,700        63,277
 *Third Rail, Ltd......................................   151,200         3,146
 Ticor, Ltd............................................   347,850       211,679
 Timbercorp, Ltd.......................................   239,344        79,049
 *Titan Resources NL...................................    50,000         4,681
 #Toll Holdings, Ltd...................................    95,694     1,438,409
 *Tooth & Co., Ltd.....................................   153,000        12,335
 Tourism Assets Holdings, Ltd..........................   394,364       153,836
 Triako Resources, Ltd.................................     5,400         2,106
 Troy Resources NL.....................................    22,548        12,666
 *Union Capital, Ltd...................................   395,200         3,083
 United Construction Group, Ltd........................    81,554        97,560
 *United Energy, Ltd...................................    92,300       131,538
 Utility Services Corp., Ltd...........................   116,121        37,446
 *Valdera Resources, Ltd...............................     5,531             0
 *VeCommerce, Ltd......................................    13,680        17,076
 *Victoria Petroleum NL................................   347,973         5,611
 Villa World, Ltd......................................   134,700        44,838
 Village Roadshow, Ltd.................................   356,394       363,317
 Vision Systems, Ltd...................................   181,450       196,300
 *Voicenet (Australia), Ltd............................   112,661         2,754
 *Vos Industries, Ltd..................................   102,161         2,072
 Waterco, Ltd..........................................    22,304        19,373
 Watpac, Ltd...........................................   122,796        21,715
 Wattyl, Ltd...........................................   152,432       176,799
 *Webster, Ltd.........................................    33,551         6,631
 West Australian Newspapers Holdings, Ltd..............    78,440       211,251
 *Westel Group, Ltd....................................   164,855         6,774
 *Western Metals, Ltd..................................   385,787         5,618
 White (Joe) Maltings, Ltd.............................    14,067        32,192
 Wide Bay Capricorn Building Society, Ltd..............    26,958        73,612
 *Williams (R.M.) Holdings, Ltd........................    24,075        13,774
 *Yates, Ltd...........................................    60,281         5,017
                                                                   ------------
TOTAL COMMON STOCKS                                                            
  (Cost $53,620,760)...................................              39,843,125
                                                                   ------------
INVESTMENT IN CURRENCY -- (0.1%)                                               
 *Australian Dollar                                                            
   (Cost $57,239)......................................                  57,789
                                                                   ------------
PREFERRED STOCKS -- (0.0%)                                                     
 Village Roadshow, Ltd. 2% Class A                                             
   (Cost $59,969)......................................    55,477        48,360
                                                                   ------------
RIGHTS/WARRANTS/OPTIONS -- (0.0%)                                              
 *Access1 Options 11/30/02.............................     1,310            14
 *Access1, Ltd. Rights Open Pay Date...................    14,402             0
 *Advanced Engine Components, Ltd. Options 12/31/02....    11,369            71
 *Apn News & Media Rights..............................   219,635        35,413
 *Australian Magnesium Corp., Ltd. Warrants 07/31/05...    49,396             0

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THE PACIFIC RIM SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                           SHARES          VALUE+
                                                           ------          ------
                                                                                 
 *Axon Instruments, Inc. Options Open Pay Date.........      16,148  $          0
 *Beaconsfield Gold NL Options 03/15/02................       8,908            46
 *Cape Range Wireless, Ltd. Rights 10/24/01............     103,319         1,451
 *Cape Range Options...................................     103,319             0
 *ERG, Ltd. Rights. 12/11/01...........................      32,406           506
 *Energy Equity Corp., Ltd. Rights 12/07/01............      81,408             0
 *Polartechnics, Ltd. Rights 12/14/01..................       6,202         3,661
 *Quiktrak Networks, Ltd. Options 12/31/04.............      79,299           247
 *Surfboard, Ltd. Options 12/31/01.....................      28,753            15
                                                                     ------------
TOTAL RIGHTS/WARRANTS/ OPTIONS                                                   
  (Cost $4,661)........................................                    41,424
                                                                     ------------
TOTAL -- AUSTRALIA                                                               
  (Cost $53,742,629)...................................                39,990,698
                                                                     ------------
HONG KONG -- (29.1%)                                                             
COMMON STOCKS -- (28.9%)                                                         
 ABC Communications (Holdings), Ltd....................     930,000        24,328
 ALCO Holdings, Ltd....................................     314,000        20,535
 ASM Pacific Technology, Ltd...........................     182,000       326,728
 *AWT World Transport Holdings, Ltd....................     250,800           322
 *Acme Landis Holdings, Ltd............................     170,000         7,194
 Aeon Credit Service (Asia) Co., Ltd...................     200,000        69,244
 *Allied Group, Ltd....................................   7,298,000       393,043
 *Allied Properties (Hong Kong), Ltd...................  10,179,000       313,259
 *Anex International Holdings, Ltd.....................     152,000         1,325
 *Applied International Holdings, Ltd..................   1,243,000        17,692
 Arts Optical International Holdings, Ltd..............     164,000        35,750
 *Asia Commercial Holdings, Ltd........................      72,800         2,520
 Asia Financial Holdings, Ltd..........................   1,976,908       263,637
 Asia Satellite Telecommunications Holdings, Ltd.......     187,000       267,364
 *Asia Securities International, Ltd...................   2,386,600       105,581
 Asia Standard Hotel Group, Ltd........................      38,000         1,243
 *Asia Standard International Group, Ltd...............   2,870,000       128,806
 *Asia Tele-Net & Technology Corp., Ltd................  10,520,000        55,308
 Associated International Hotels, Ltd..................     898,000       426,054
 *B-Tech (Holdings), Ltd...............................     248,400           414
 *Beauforte Investors Corp., Ltd.......................      72,000        59,088
 *Beijing Development (Hong Kong), Ltd.................     166,000        20,647
 *Bossini International Holdings, Ltd..................     122,000         8,604
 Boto International Holdings, Ltd......................   2,290,000        93,966
 *Burwill Holdings, Ltd................................   2,059,200       176,913
 *CCT Telecom Holdings, Ltd............................     144,970        59,951
 *CEC International Holdings, Ltd......................     210,000        10,098
 *CIL Holdings, Ltd....................................   2,058,000         2,639
 CNPC (Hong Kong), Ltd.................................   2,490,000       185,189
 *CNT Group, Ltd.......................................   3,078,000        96,699
 Cafe de Coral Holdings, Ltd...........................   1,191,000       675,790
 *Capetronic International Holdings, Ltd...............     292,490        82,513
 *Capital Asia, Ltd....................................      98,736         1,038
 *Cash On-Line, Ltd....................................      90,073           924

                                                           SHARES          VALUE+
                                                           ------          ------
                                                                                 

 *Catic International Holdings, Ltd....................   1,224,000  $     38,610
 *Central China Enterprises, Ltd.......................   2,104,000        32,375
 *Century City International Holdings, Ltd.............     542,056         3,684
 Champion Technology Holdings, Ltd.....................  24,074,014       348,830
 *Cheerful Holdings, Ltd...............................   2,560,735        35,791
 #Chen Hsong Holdings, Ltd.............................   1,515,000       252,547
 *Cheuk Nang Technologies (Holdings), Ltd..............   7,500,080        27,890
 *Cheung Tai Hong Holdings, Ltd........................   2,018,400        25,882
 *Cheung Wah Development Co., Ltd......................     904,000        37,094
 Chevalier (OA) International, Ltd.....................   1,776,251        63,775
 *Chevalier Construction Holdings, Ltd.................     131,203         2,019
 Chevalier International Holdings, Ltd.................   3,127,914       216,588
 *China Aerospace International Holdings, Ltd..........   1,499,400       128,819
 *China Development Corp., Ltd.........................   1,725,000        11,060
 *China Digicontent Co., Ltd...........................   2,710,000         3,475
 *China Everbright International, Ltd..................   1,975,000        81,041
 *China Everbright Technology, Ltd.....................   3,244,000       149,751
 China Foods Holdings, Ltd.............................   1,544,000       326,677
 China Hong-Kong Photo Products Holdings, Ltd..........   2,338,000       194,870
 *China Investments Holdings, Ltd......................     175,000         7,517
 China Motor Bus Co., Ltd..............................     114,200       966,489
 China Online (Bermuda), Ltd...........................  10,580,000        96,323
 China Overseas Land & Investment, Ltd.................   4,558,000       572,779
 *China Pharmaceutical Enterprise and Investment Corp.,                          
   Ltd.................................................   2,444,000       244,446
 China Rare Earth Holdings, Ltd........................     274,000        72,905
 China Resources Beijing Land, Ltd.....................     718,000       163,882
 *China Sci-Tech Holdings, Ltd.........................   2,786,000        27,865
 *China Star Entertainment, Ltd........................   1,676,400        45,142
 *China Strategic Holdings, Ltd........................     376,000        18,562
 #China Travel International Investment, Ltd...........   2,730,000       546,102
 *China United Holdings, Ltd...........................   1,639,800         2,103
 *Chinese Estates Holdings, Ltd........................   1,204,000       115,791
 *Chinney Investments, Ltd.............................   1,144,000        33,886
 Chow Sang Sang Holdings International, Ltd............   1,098,400       177,467
 Chuangs China Investments, Ltd........................   1,347,000        48,363
 Chuang's Consortium International, Ltd................   1,858,884        42,905
 Chun Wo Holdings, Ltd.................................   1,671,917        60,029
 *Cig-Wh International Holdings, Ltd...................     472,000        10,531
 *Citic Ka Wah Bank, Ltd...............................   1,098,000       316,790
 *Climax International Co., Ltd........................     296,000         1,177
 *Companion Building Material International Holdings,                            
   Ltd.................................................   1,731,606         4,663
 *Compass Pacific Holdings, Ltd........................     416,000        25,872
 Continental Holdings, Ltd.............................      98,825         4,625
 *Continental Mariner Investment Co., Ltd..............   1,629,000       181,730
 Coslight Technology International Group, Ltd..........     144,000        38,315
 *Cosmos Machinery Enterprises, Ltd....................   1,024,000        36,766
 *Crocodile Garments, Ltd..............................   1,539,000        30,194
 Cross Harbour Tunnel Co., Ltd.........................     365,603       146,503
 *Culturecom Holdings, Ltd.............................   2,161,000        95,601
 *Cybersonic Technology, Ltd...........................     193,000         1,683

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CONTINUED                                                                       

                                                                [Download Table]

                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             
*DC Finance Holdings, Ltd.............................     27,000  $      519
*Dah Hwa International Holdings, Ltd..................  1,122,000      13,668
Daido Group, Ltd......................................    223,000       2,288
Dickson Concepts International, Ltd...................    222,000      45,547
*DigitalHongKong.com..................................     15,318         570
*Dransfield Holdings, Ltd.............................    190,000         950
Dynamic Holdings, Ltd.................................    158,000      37,481
*Easyknit International Holdings, Ltd.................    707,150      13,239
#Egana International Holdings, Ltd.................... 19,766,208     486,644
Egana Jewelry & Pearls, Ltd...........................  3,317,899      64,669
*Ehealthcareasia, Ltd.................................     66,900         223
Elec & Eltek International Holdings, Ltd..............  3,078,790     339,520
*Emperor (China Concept) Investments, Ltd.............  6,435,000      27,230
Emperor International Holdings, Ltd...................    644,369      38,008
*Essential Enterprises Co., Ltd.......................    320,000      13,336
*Esun Holdings, Ltd...................................    653,600      42,743
*Fairwood Holdings, Ltd...............................    426,000       5,681
*Fairyoung Holdings, Ltd..............................  1,446,000      23,363
Far East Consortium International, Ltd................  1,641,378     104,184
*Far East Holdings International, Ltd.................     70,000       1,795
*Far East Hotels & Entertainment, Ltd.................  1,853,000      92,667
First Sign International Holdings, Ltd................  1,050,000      27,063
Fong's Industries Co., Ltd............................    962,000      83,882
*Fortuna International Holdings, Ltd..................  2,727,000      11,539
*Founder Holdings, Ltd................................    590,000      96,082
Fountain Set Holdings, Ltd............................  1,274,000     186,235
Four Seas Frozen Food Holdings, Ltd...................    347,184      19,366
Four Seas Mercantile Holdings, Ltd....................    592,000     159,414
*Fourseas.Com, Ltd....................................     60,000       2,731
Frankie Dominion International, Ltd...................    630,173      17,212
*Fu Hui Jewelry Co. (Hong Kong), Ltd..................    688,000      16,321
*G-Prop (Holdings), Ltd...............................     28,365         393
*Geomaxima Holdings, Ltd..............................    650,000      75,848
Giordano International, Ltd...........................    686,000     312,276
*Global Tech (Holdings), Ltd..........................  2,220,000     176,495
Glorious Sun Enterprises, Ltd.........................    840,000     126,024
Gold Peak Industries (Holdings), Ltd..................  1,059,250     194,232
Golden Resources Development International, Ltd.......  1,456,500      72,839
*Gold-Face Holdings, Ltd..............................  2,003,600     202,967
Goldlion Holdings, Ltd................................  2,052,000     109,197
*Goldtron (Bermuda) Holdings, Ltd.....................    747,111       4,982
*Golik Holdings, Ltd..................................  1,536,500      45,316
Grand Hotel Holdings, Ltd. Series A...................  1,333,000     140,162
Grande Holdings, Ltd..................................    504,105     471,879
Great Eagle Holdings, Ltd.............................    265,000     283,739
Great Wall Electronic International, Ltd..............  3,159,034      35,242
*Group Sense (International), Ltd.....................  2,062,000      52,882
*#Guangdong Investment, Ltd...........................  2,150,000     228,825
*Guangnan Holdings, Ltd...............................  4,146,000     132,909
*#Guangzhou Investment Co., Ltd.......................  3,510,000     292,555
HKCB Bank Holding Co., Ltd............................  1,130,000     307,910
HKR International, Ltd................................    555,260     147,741
*Hang Fung Gold Technology, Ltd.......................  2,120,000      29,359
Hanny Holdings, Ltd...................................  5,466,336      75,001
Harbour Centre Development, Ltd.......................    784,000     492,605

                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             

*Harbour Ring International Holdings, Ltd.............  2,636,000  $  141,965
Henderson China Holdings, Ltd.........................    911,000     408,859
*Heng Fung Holdings Co., Ltd..........................  1,050,000      12,118
High Fashion International, Ltd.......................    178,000      36,976
*Hikari Tsushin International, Ltd....................  2,248,000      38,050
*Hinet Holdings, Ltd..................................  4,258,114      11,466
*Hon Kwok Land Investment Co., Ltd....................  2,290,145      52,859
Hong Kong and Shanghai Hotels, Ltd....................    562,000     185,567
Hong Kong Ferry (Holdings) Co., Ltd...................    671,300     529,393
Hong Kong Parkview Group, Ltd.........................  1,130,000     124,613
*Hop Hing Holdings, Ltd...............................    660,265      31,326
Hopewell Holdings, Ltd................................    420,000     232,928
Hsin Chong Construction Group, Ltd....................  1,569,658      79,504
*Hualing Holdings, Ltd................................  1,344,000      62,904
Hung Hing Printing Group, Ltd.........................    934,442     374,446
IDT International, Ltd................................  4,028,486     289,279
IMC Holdings, Ltd.....................................    604,000      96,813
*ITC Corp., Ltd.......................................    466,157      22,714
*Ideal Pacific Holdings, Ltd..........................    838,000      76,294
*Imgo, Ltd............................................  1,464,000     112,636
*Innovative International (Holdings), Ltd.............  1,474,003       5,481
*Interchina Holdings Co., Ltd.........................  1,805,000     282,373
*Interform Ceramics Technologies, Ltd.................  1,104,000       2,973
International Bank of Asia, Ltd.......................  2,615,714     627,218
International Pipe, Ltd...............................  2,253,587     130,039
*Iquorom Cybernet, Ltd................................  4,145,000      10,630
*Island Dyeing & Printing Co., Ltd....................    444,000       6,434
*Isteelasia.com, Ltd..................................    667,286      20,878
JCG Holdings, Ltd.....................................  1,048,333     651,970
*Jackin International Holdings, Ltd...................    210,000       9,156
*Jinhui Holdings Co., Ltd.............................    370,000       8,113
K Wah International Holdings, Ltd.....................  4,255,737     256,483
*KPI Co., Ltd.........................................    264,000       2,877
*KTP Holdings, Ltd....................................    180,400      11,566
*Kader Holdings Co., Ltd..............................    545,600      10,844
*Kantone Holdings, Ltd................................    743,412       9,819
Karrie International Holdings, Ltd....................     66,000       2,708
*Keck Seng Investments (Hong Kong), Ltd...............    858,600      68,260
Kee-Shing Holdings Co., Ltd...........................    886,000      53,397
*King Fook Holdings, Ltd..............................  1,000,000      27,698
Kingboard Chemical Holdings, Ltd......................    926,000     534,331
Kingmaker Footwear Holdings, Ltd......................  1,058,750     205,002
*Kong Sun Holdings, Ltd...............................    480,000      24,005
*Kong Tai International Holdings Co., Ltd.............  8,300,000      32,993
Kowloon Development Co., Ltd..........................    193,000      79,194
*#Kumagai Gumi Hong Kong, Ltd.........................    970,000     101,993
*Kwong Sang Hong International, Ltd...................  1,434,000      49,648
Kwoon Chung Bus Holdings, Ltd.........................    556,000      64,166
*Lai Sun Development Co., Ltd.........................  2,970,000      49,509
*Lai Sun Garment (International), Ltd.................  2,325,000      46,211
*Lam Soon (Hong Kong), Ltd............................    302,310      73,653
*Lam Soon Food Industries, Ltd........................    228,000      56,134
*Lamex Holdings, Ltd..................................  3,628,800      49,789
Le Saunda Holdings, Ltd...............................    236,000      10,592
*Leading Spirit High-Tech Holdings Co., Ltd...........  2,310,000       2,962
Leefung-Asco Printers Holdings, Ltd...................    144,000      17,542
*Leung Kee Holdings, Ltd..............................  2,414,000      34,050

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CONTINUED                                                                       

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                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             
*Lippo, Ltd...........................................  1,074,760  $  118,521
Liu Chong Hing Bank, Ltd..............................    365,000     336,986
Liu Chong Hing Investment, Ltd........................    635,200     342,095
*Logic International Holdings, Ltd....................    812,000      78,092
Luks Industrial Group, Ltd............................    645,555      98,507
Lung Kee (Bermuda) Holdings, Ltd......................    857,500     150,640
*Magnificent Estates, Ltd.............................  3,778,000      15,018
*Magnum International Holdings, Ltd...................    300,000       3,847
*Mansion Holdings, Ltd................................  1,420,360      10,564
*Mansion House Group, Ltd.............................    698,200      14,235
*Megga (S.) International Holdings, Ltd...............  2,270,100       2,911
Melbourne Enterprises, Ltd............................     45,500     134,775
Midland Realty (Holding), Ltd.........................    496,000      39,433
*Millennium Group, Ltd................................    928,000       9,758
*Min Xin Holdings, Ltd................................    987,200     111,397
Miramar Hotel & Investment Co., Ltd...................    203,000     145,771
Moulin International Holdings, Ltd....................  3,496,372     237,618
*Mui Hong Kong, Ltd...................................  1,845,000      17,034
Nanyang Holdings, Ltd.................................    137,500      81,105
National Electronics Holdings, Ltd....................  2,156,000      30,411
New Island Printing Holdings, Ltd.....................    176,000      13,315
*New Rank City Development, Ltd.......................      1,664         209
*#New World China Land, Ltd...........................    702,800     243,322
*New World Cyberbase, Ltd.............................     25,220         255
#New World Infrastructure, Ltd........................    410,400     159,191
*Next Media, Ltd......................................    124,000      17,808
Ngai Lik Industrial Holdings, Ltd.....................  1,556,000     778,146
*Nph International Holdings, Ltd......................    600,400      76,219
*Ocean Information Holdings, Ltd......................    122,000       2,659
*Onfem Holdings, Ltd..................................  1,922,000      76,401
*Oriental Metals Holdings Co., Ltd....................  1,237,800      45,236
#Oriental Press Group, Ltd............................  4,080,600     465,694
Oxford Properties & Finance, Ltd......................    110,000     197,473
Pacific Andes International Holdings, Ltd.............    156,000       9,202
*Pacific Century Insurance Holdings, Ltd..............    330,000      79,553
*Pacific Concord Holding, Ltd.........................  3,284,758     261,145
*Pacific Plywood Holdings, Ltd........................ 10,210,000      52,369
Paul Y. ITC Construction Holdings, Ltd................    668,446      25,286
*Peace Mark (Holdings), Ltd...........................  6,758,122      38,130
*Pearl Oriental Holdings, Ltd.........................  9,064,000      62,763
Pegasus International Holdings, Ltd...................    226,000      19,706
*Perfect Treasure Holdings, Ltd.......................    642,000      31,283
Perfectech International Holdings, Ltd................    571,450      49,828
Pico Far East Holdings, Ltd...........................  1,190,000      80,874
Playmate Toys Holdings, Ltd...........................  1,585,000      57,924
Pokfulam Development Co., Ltd.........................    234,000      56,411
*Poly Investments Holdings, Ltd.......................  2,670,000      95,864
Prestige Properties Holdings, Ltd.....................    965,000      46,403
*Prime Succession, Ltd................................    768,000      15,658
*Prosper Evision, Ltd.................................     96,000       1,748
*#QPL International Holdings, Ltd.....................  1,191,000     416,164
*Quality Healthcare Asia, Ltd.........................  1,338,000      44,608
*RNA Holdings, Ltd....................................     20,600         177
Raymond Industrial, Ltd...............................    605,400      50,459
Realty Development Corp, Ltd..........................    475,000     118,772
*Regal Hotels International Holdings, Ltd.............  1,950,000      46,009
*Rivera Holdings, Ltd.................................  3,160,000     103,327

                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             

Road King Infrastructure, Ltd.........................    449,000  $  171,285
*Ryoden Development, Ltd..............................  1,912,000      88,263
*S.A.S.Dragon Holdings, Ltd...........................  1,696,000     108,738
SA SA International Holdings, Ltd.....................  1,134,000      97,426
Safety Godown Co., Ltd................................    408,000     183,111
Saint Honore Holdings, Ltd............................    128,000      10,669
*Same Time Holdings, Ltd..............................    410,000       6,361
San Miguel Brewery Hong Kong, Ltd.....................    930,800     259,599
Sea Holdings, Ltd.....................................  1,068,000     238,291
*Seapower International Holdings, Ltd.................    854,000       4,380
*Seapower Resources International, Ltd................  2,528,000      10,049
*Semi-Tech (Global) Co., Ltd..........................  4,273,327      14,247
Shaw Brothers Hong Kong, Ltd..........................    325,000     270,884
Shell Electric Manufacturing (Holdings) Co., Ltd......  1,255,000     131,961
*#Shenyin Wanguo (Hong Kong), Ltd.....................    847,500     106,501
*Shenzhen International Holdings, Ltd.................  6,187,500     261,828
*Shougang Concord Century Holdings, Ltd...............  1,292,000      45,560
*Shougang Concord Grand (Group), Ltd..................  1,701,000      65,435
*Shougang Concord International Enterprises Co.,                             
  Ltd.................................................  4,166,000     170,945
*Shougang Concord Technology Holdings, Ltd............  1,647,914      58,110
Shui On Construction & Materials, Ltd.................    218,000     162,133
*Shun Ho Construction (Holdings), Ltd.................  1,037,452      23,946
*Shun Ho Resources Holdings, Ltd......................    483,000      12,697
*Shun Shing Holdings, Ltd.............................  2,573,600     214,507
#Shun Tak Holdings, Ltd...............................  3,422,000     403,696
Silver Grant International Industries, Ltd............  2,087,000     176,625
*Simsen Metals & Holdings, Ltd........................  1,024,000       4,464
*Sincere Co., Ltd.....................................    505,500      20,742
*Singamas Container Holdings, Ltd.....................    320,000      14,772
*Sino Foundations Holdings, Ltd.......................  1,074,000      26,166
*Sinocan Holdings, Ltd................................    350,000       2,693
Sinopec Kantons Holdings, Ltd.........................    414,000      46,186
*Skynet (International Group) Holdings, Ltd...........    244,240         689
*Smartone Telecommunications Holdings, Ltd............    284,000     311,366
*Solartech International Holdings, Ltd................  4,960,000       6,996
*Sound International, Ltd.............................     79,200         650
South China Brokerage Co., Ltd........................  4,872,000      88,712
*South China Industries, Ltd..........................  1,124,000      41,798
*South China Strategic Investments, Ltd...............    857,400      45,077
*South East Group, Ltd................................      3,000          53
*South Sea Development Co., Ltd.......................  2,603,158      21,029
Southeast Asia Properties & Finance, Ltd..............    175,692      38,750
*Star Bio-Tech Holdings Limited.......................     42,292         716
Starlight International Holdings, Ltd.................  5,245,170      43,045
*Stelux Holdings International, Ltd...................  1,307,702      28,171
*Styland Holdings, Ltd................................    101,808         718
Sun Hung Kai & Co., Ltd...............................  3,338,600     440,949
*Suncorp Technologies Ltd.............................     23,760       1,051
*Sunway International Holdings, Ltd...................    402,000      25,516

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                                                          SHARES          VALUE+
                                                          ------          ------
                                                                                
 *Suwa International Holdings, Ltd.....................  1,062,000  $     32,683
 Symphony Hld..........................................    278,000        55,254
 *Tack Hsin Holdings, Ltd..............................    542,000       125,100
 Tai Cheung Holdings, Ltd..............................  1,445,000       194,556
 Tai Fook Securities Group, Ltd........................     72,000         8,771
 Tai Sang Land Development, Ltd........................    627,984       138,504
 Tak Sing Alliance Holdings, Ltd.......................  2,909,865       111,939
 *Tak Wing Investment Holdings, Ltd....................    432,800        26,916
 Tan Chong International, Ltd..........................    666,000        93,941
 Techtronic Industries Co., Ltd........................  1,330,000       451,944
 *Tem Fat Hing Fung (Holdings), Ltd....................  5,488,000         9,852
 *Termbray Industries International (Holdings), Ltd....  2,304,900       130,044
 Tern Properties Co., Ltd..............................     61,200        10,477
 Texwinca Holdings, Ltd................................  1,074,000       420,040
 *Tian An China Investments Co., Ltd...................  4,355,750        98,302
 Tian Teck Land, Ltd...................................  1,098,000       229,497
 *Trans-Ocean (International), Ltd.....................    400,000        47,188
 *Trasy Gold Ex, Ltd...................................      2,060             9
 *Triplenic Holdings, Ltd..............................  2,378,000        25,004
 Tristate Holdings, Ltd................................    138,000        33,268
 Truly International Holdings, Ltd.....................  1,014,000       240,545
 *Tung Fong Hung Holdings, Ltd.........................  3,473,235        45,873
 Tungtex (Holdings) Co., Ltd...........................    788,000       146,515
 *Tysan Holdings, Ltd..................................  1,040,773        24,690
 *UDL Holdings, Ltd....................................     23,700           182
 *USI Holdings, Ltd....................................    928,999        71,475
 *United Power Investment, Ltd.........................  1,664,000        87,483
 *Universal Appliances, Ltd............................  2,770,000        22,732
 Universe International Holdings, Ltd..................    380,000        25,338
 Van Shung Chong Holdings, Ltd.........................    854,400       122,706
 *Vanda Systems & Communications Holdings, Ltd.........    644,000        92,489
 Varitronix International, Ltd.........................    142,288        85,754
 Vitasoy International Holdings, Ltd...................    819,000       130,224
 Wah Ha Realty Co., Ltd................................    278,600        25,007
 *Wah Nam Group, Ltd...................................  1,934,800         5,954
 *Wai Kee Holdings, Ltd................................  1,562,738        88,171
 *Wang On Group, Ltd...................................    774,000        11,811
 *Welback Holdings, Ltd................................  2,570,000        19,114
 *Wiltec Holdings, Ltd.................................    378,511        23,297
 *Winfoong International, Ltd..........................  1,210,000        27,153
 Wing Fai International, Ltd...........................  3,380,000       158,196
 Wing On Co. International, Ltd........................    565,000       182,935
 *Wing Shan International, Ltd.........................    896,000        36,766
 *Winsan China Investment Group, Ltd...................    384,000         8,125
 *Winsor Properties Holdings, Ltd......................    498,000       166,031
 *Wo Kee Hong (Holdings), Ltd..........................  1,944,000        14,957
 Wong's International (Holdings), Ltd..................  1,012,000       366,594
 Wong's Kong King International (Holdings), Ltd........  1,139,600        41,647
 World Houseware (Holdings), Ltd.......................    605,700        11,573
 YGM Trading, Ltd......................................    228,000       135,949
 Yangtzekiang Garment Manufacturing Co., Ltd...........    405,000        61,800
 *Yanion International Holdings, Ltd...................    118,000        13,618
 Yaohan International Caterers, Ltd....................    512,000        36,109
 *Yaohan International Holdings, Ltd...................    974,000             0
 Yau Lee Holdings, Ltd.................................    534,000        23,966
 *Yeebo International Holdings, Ltd....................     40,800         1,360
 *Yiu Wing International Holdings, Ltd.................  1,404,200        21,967
 *Yoshiya International Corp., Ltd.....................    612,300        10,207

                                                          SHARES          VALUE+
                                                          ------          ------
                                                                                

 *Yugang International, Ltd............................ 11,916,000  $    128,350
 *Yunnan Enterprises Holdings, Ltd.....................    240,000        25,543
                                                                    ------------
TOTAL COMMON STOCKS                                                             
  (Cost $76,243,587)...................................               37,900,499
                                                                    ------------
INVESTMENT IN CURRENCY -- (0.2%)                                                
 *Hong Kong Dollars                                                             
   (Cost $262,114).....................................                  262,108
                                                                    ------------
RIGHTS/WARRANTS -- (0.0%)                                                       
 *Applied International Holdings, Ltd. Warrants                                 
   04/30/04............................................    248,600         1,275
 *CCT Telecom Holdings, Ltd. Rights 12/12/01...........     36,243             0
 *Can-do Holdings, Ltd. Rights 12/3/01.................    177,600             0
 *Climax International Co., Ltd. Warrants 02/08/04.....     59,200            91
 *Companion Building Material International Holdings,                           
   Ltd. Warrants 08/13/02..............................  3,463,213         4,441
 *E-Kong Group, Ltd. Rights 12/10/01...................  1,494,222         1,916
 *Gold Peak Industries Holdings, Ltd. Warrants                                  
   02/08/02............................................    105,925         1,562
 *Hanny Holdings, Ltd. Warrants 04/03/02...............    728,844           935
 *Hikari Tsushin International Holdings, Ltd. Warrants                          
   04/27/02............................................    249,600           320
 *Iquorum Cybernet, Ltd. Warrants 04/30/04.............    829,000         1,063
 *Kong Sun Holdings, Ltd. Warrants 04/25/02............     96,000           665
 *South China Information & Technology, Ltd. Warrants                           
   03/28/02............................................    171,480           220
 *Styland Holdings, Ltd. Warrants 12/31/01.............      5,090             7
 *Tak Sing Alliance Holdings, Ltd. Warrants 02/28/02...        919            14
 *Tian An China Investments Co., Ltd. Warrants                                  
   12/04/04............................................    871,150             0
 *Van Shung Chong Holdings, Ltd. Warrants 11/18/04.....     85,440         9,093
                                                                    ------------
TOTAL RIGHTS/WARRANTS                                                           
  (Cost $0)............................................                   21,602
                                                                    ------------
TOTAL -- HONG KONG                                                              
  (Cost $76,505,701)...................................               38,184,209
                                                                    ------------
SINGAPORE -- (26.4%)                                                            
COMMON STOCKS -- (25.9%)                                                        
 ASA Ceramic, Ltd......................................    356,000        41,801
 Acma, Ltd.............................................  2,126,700       104,531
 *Allgreen Properties, Ltd.............................    598,000       295,559
 *Alliance Technology & Development, Ltd...............    156,000         5,538
 Amtek Engineering, Ltd................................    540,625       163,864
 Apollo Enterprises, Ltd...............................    193,000        72,464
 Armstrong Industrial Corp.............................    730,000        30,897
 *Asia Food and Properties, Ltd........................  3,106,000       118,739
 *Asia Pacific Breweries, Ltd..........................     53,000       133,725
 *Benjamin (F.J.) Holdings, Ltd........................    611,000       106,779
 Bonvests Holdings, Ltd................................    825,000       162,200
 *Broadway Industrial Group, Ltd.......................    352,000        13,457
 Bukit Sembawang Estates, Ltd..........................     71,334       444,116

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                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              
*CK Tang, Ltd.........................................   307,000  $     33,532
*CSE Systems & Engineering, Ltd.......................   318,000        62,521
CWT Distribution, Ltd.................................   461,500       131,060
Causeway Investment, Ltd..............................   248,000        15,576
Central Properties, Ltd...............................    66,000       472,183
Centrepoint Properties, Ltd...........................   158,000       176,891
Cerebos Pacific, Ltd..................................   166,000       198,540
Chemical Industries (Far East), Ltd...................   105,910        45,116
Chevalier Singapore Holdings, Ltd.....................   220,000        37,246
Chip Eng Seng Corp., Ltd..............................   575,000        54,954
Chuan Hup Holdings, Ltd............................... 3,050,000       632,963
Chuan Soon Huat Industrial Group, Ltd.................   614,000       117,363
Clipsal Industries Holdings, Ltd......................   126,976       159,494
#Comfort Group, Ltd................................... 2,469,000       815,777
*Compact Metal Industries, Ltd........................   643,000        40,383
Cosco Investment, Ltd................................. 1,222,000       156,832
Courts Singapore, Ltd.................................   495,000       131,112
Creative Technology Co., Ltd..........................    44,900       333,488
Cycle & Carriage, Ltd.................................   251,675       375,230
Dovechem Terminals Holdings, Ltd......................   339,000       121,265
#Eastern Asia Technology, Ltd.........................   510,000        96,091
*Econ International, Ltd.............................. 1,242,000        64,438
Eng Wah Organisation, Ltd.............................   265,000        28,945
First Capital Corp., Ltd.............................. 1,215,000       670,182
*Freight Links Express Holdings, Ltd.................. 1,648,000        49,501
#Fu Yu Manufacturing, Ltd............................. 1,291,000       296,122
Fuji Offset Plates Manufacturing, Ltd.................    33,750         5,161
GB Holdings, Ltd......................................   200,000        52,428
GK Goh Holdings, Ltd.................................. 1,120,000       382,290
GP Industries, Ltd....................................   602,000       244,933
*General Magnetics, Ltd...............................   308,000        13,457
#Ges International, Ltd...............................   590,000       169,163
*Goldtron, Ltd........................................   473,000         6,458
Guthrie GTS, Ltd...................................... 1,174,400       128,275
*HTP Holdings, Ltd....................................   479,000        51,011
Hai Sun Hup Group, Ltd................................ 2,604,000       227,539
#Haw Par Brothers International, Ltd..................   565,200     1,259,382
*Hind Hotels International, Ltd.......................   171,000       139,615
Hitachi Zosen (Singapore), Ltd........................   962,000       315,225
Ho Bee Investment, Ltd................................   761,000        78,965
Hong Fok Corp., Ltd................................... 1,796,000       159,388
Hong Leong Singapore Finance, Ltd.....................   598,000       493,143
Hotel Grand Central, Ltd..............................   875,280       156,550
Hotel Plaza, Ltd...................................... 1,189,000       259,739
#Hotel Properties, Ltd................................ 1,393,000       920,516
Hotel Royal, Ltd......................................   144,333        78,824
Hour Glass, Ltd.......................................   298,000        75,677
Huan Hsin Holdings, Ltd...............................   267,500       111,758
Hup Seng Huat, Ltd....................................   900,200        66,369
Hwa Hong Corp., Ltd................................... 2,785,000       577,968
Hwa Tat Lee, Ltd......................................   455,000        83,244
IDT Holdings, Ltd.....................................   398,000       228,227
*IPC Corp., Ltd....................................... 1,936,000        68,725
Inchcape Motors, Ltd..................................   491,000       493,395
*Inno-Pacific Holdings, Ltd...........................   962,500        73,591
International Factors (Singapore), Ltd................   290,000        62,559
Intraco, Ltd..........................................   292,500       145,366
Isetan (Singapore), Ltd...............................    98,000        95,267
Jack Chia-MPH, Ltd....................................   638,000       233,448
Jaya Holdings, Ltd.................................... 2,127,000       180,050
Jurong Cement, Ltd....................................   132,500        69,829

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              

Jurong Engineering, Ltd...............................   112,000  $     84,410
*K1 Ventures, Ltd..................................... 2,842,500       318,236
Keppel Land, Ltd......................................   403,000       363,148
Keppel Telecommunications and Transportation, Ltd..... 1,376,000       766,503
Khong Guan Flour Milling, Ltd.........................    19,000        16,499
Kian Ann Engineering, Ltd.............................   868,000        92,438
Kian Ho Bearings, Ltd.................................   277,000        20,422
Kim Eng Holdings, Ltd................................. 1,775,200       683,489
Koh Brothers, Ltd..................................... 1,494,000        81,592
*L & M Group Investments, Ltd.........................   451,100        35,722
*LC Development, Ltd.................................. 1,191,767        73,222
Labroy Marine, Ltd.................................... 2,600,000       354,984
Lee Kim Tah Holdings, Ltd.............................   795,000        58,613
*Leong Hin Holdings, Ltd..............................   165,000        62,177
Liang Huat Aluminum, Ltd.............................. 1,477,000        56,464
*Lim Kah Ngam, Ltd....................................   350,999        11,501
Low Keng Huat Singapore, Ltd..........................   372,000        41,648
*Lum Chang Holdings, Ltd.............................. 1,134,030       238,441
Magnecomp International, Ltd..........................   466,000        83,984
Marco Polo Developments, Ltd..........................   925,000       944,666
*Mediaring.Com, Ltd...................................   836,000        52,505
Metalock (Singapore), Ltd.............................    60,000         9,175
Metro Holdings, Ltd................................... 1,575,800       344,236
#Natsteel Broadway, Ltd...............................   546,000       551,645
Natsteel, Ltd.........................................   387,000       173,308
*Neptune Orient Lines, Ltd............................   670,000       321,997
*Nera Telecommunications, Ltd.........................   428,000       141,415
*Nippecraft, Ltd...................................... 1,013,000        33,194
*Orchard Parade Holdings, Ltd......................... 1,084,022       204,245
Ossia International, Ltd..............................   708,000        50,266
Overseas Union Enterprise, Ltd........................   542,000     1,746,411
Overseas Union Trust (Foreign)........................   163,800       348,878
*#PCI, Ltd............................................   530,000       157,749
*Pacific Can Investment Holdings, Ltd.................   101,000         2,482
Pan-United Corp., Ltd................................. 1,624,000       270,508
Pentex-Schweizer Circuits, Ltd........................   916,000       106,304
Pertama Holdings, Ltd.................................   459,750        32,641
*Pokka Corp. (Singapore), Ltd.........................   159,000        13,459
Prima, Ltd............................................   106,000       224,612
Provisions Suppliers Corp............................. 3,373,000       248,682
*Raffles Holdings, Ltd................................   722,000       163,637
Republic Hotels and Resorts, Ltd......................   881,000       286,278
Robinson & Co., Ltd...................................   284,832       684,442
Rotary Engineering, Ltd............................... 1,231,000       129,415
SMB United, Ltd....................................... 1,254,000        99,303
SNP Corp., Ltd........................................   207,495        46,461
*SPP, Ltd.............................................   454,000        11,777
San Teh, Ltd..........................................   838,406       114,469
Scotts Holdings, Ltd.................................. 1,807,250       271,423
Sea View Hotel, Ltd...................................    66,000       205,454
*Sembcorp Logistics, Ltd..............................   230,000       226,097
Sembcorp Marine, Ltd..................................   801,000       347,772
Sin Soon Huat, Ltd....................................   929,000        43,125
Sing Investments & Finance, Ltd. (Foreign)............    94,500        58,060
*Singapore Food Industries, Ltd.......................   242,000        87,228
Singapore Land, Ltd...................................   196,000       366,081
Singapore Reinsurance Corp., Ltd...................... 1,400,850       164,485
Singapore Shipping Corp., Ltd......................... 1,302,000       110,214
Singapura Building Society, Ltd.......................   139,250        83,653
Singatronics, Ltd.....................................   748,000        98,041

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CONTINUED                                                                       

                                                                [Download Table]

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               
 Smrt Corporation, Ltd.................................   855,000  $    340,866
 Ssangyong Cement (Singapore), Ltd.....................   236,000       150,797
 Stamford Tyres Corp., Ltd.............................    62,000        12,190
 #Straits Trading Co., Ltd............................. 1,117,200     1,006,723
 Sunright, Ltd.........................................   378,000        63,995
 Superbowl Holdings, Ltd...............................   490,000        42,816
 Superior Metal Printing, Ltd..........................   490,500        38,842
 Tibs Holdings, Ltd....................................   423,000       330,348
 Tiger Medicals, Ltd...................................   224,000       233,656
 *Transmarco, Ltd......................................   106,500        40,714
 *Tuan Sing Holdings, Ltd.............................. 3,362,000       179,018
 UOB-Kay Hian Holdings, Ltd............................ 1,352,000       468,862
 Unisteel Tec..........................................   228,000        65,372
 United Engineers, Ltd.................................   632,666       371,431
 United Industrial Corp., Ltd..........................   785,000       289,380
 United Overseas Insurance, Ltd........................   125,500       167,921
 #United Overseas Land, Ltd............................ 1,104,000     1,073,209
 United Pulp & Paper Co., Ltd..........................   354,000        83,132
 *Uraco Holdings, Ltd.................................. 1,803,600       206,850
 *Van Der Horst, Ltd...................................    18,543        75,123
 *Vertex Venture Holdings, Ltd.........................   800,150       190,088
 WBL Corp., Ltd........................................   510,000       473,494
 Wearnes International (1994), Ltd.....................    33,000         9,011
 Wing Tai Holdings, Ltd................................   661,000       249,084
 Yeo Hiap Seng, Ltd....................................   102,000       101,940
                                                                   ------------
TOTAL COMMON STOCKS                                                            
  (Cost $54,934,845)...................................              34,002,158
                                                                   ------------
INVESTMENT IN CURRENCY -- (0.4%)                                               
 *Singapore Dollars                                                            
   (Cost $509,098).....................................                 509,564
                                                                   ------------
PREFERRED STOCKS -- (0.1%)                                                     
 First Capital Corp., Ltd. 7% (Non-Redeemable                                  
   Convertible)                                                                
   (Cost $102,710).....................................   172,500       116,817
                                                                   ------------
RIGHTS/WARRANTS -- (0.0%)                                                      
 *Acma, Ltd. Warrants 11/16/04.........................   236,300         3,871
 *GES International, Ltd. Rights 12/19/01..............   118,000        14,500
                                                                   ------------
TOTAL RIGHTS/WARRANTS                                                          
  (Cost $0)............................................                  18,371
                                                                   ------------
TOTAL -- SINGAPORE                                                             
  (Cost $55,546,653)...................................              34,646,910
                                                                   ------------
NEW ZEALAND -- (11.8%)                                                         
COMMON STOCKS -- (11.8%)                                                       
 *AFFCO Holdings, Ltd..................................   503,188        69,056
 *Advantage Group, Ltd.................................   101,600        23,239
 Baycorp Holdings, Ltd.................................   200,614       926,068
 Bendon Group, Ltd.....................................    77,120        58,692
 CDL Hotels NZ, Ltd....................................   657,244        48,106
 CDL Investments NZ, Ltd...............................   262,935        18,589
 Cavalier Corp., Ltd...................................    77,444       196,461
 Colonial Motor Co., Ltd...............................    47,895        52,783
 *Cue Energy Resources NL..............................   452,354        10,535
 DB Group, Ltd.........................................   132,089       304,873
 Ebos Group, Ltd.......................................    57,108        75,999

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               

 *Evergreen Forests, Ltd...............................   323,301  $     73,948
 *#Fisher & Paykel Apppliances Holdings, Ltd...........   169,339       669,020
 #Fisher & Paykel Industries, Ltd......................   162,566     1,237,199
 *Force Corp., Ltd.....................................   380,914        15,049
 Hallenstein Glassons Holdings, Ltd....................   142,638       177,957
 Hellaby Holdings, Ltd.................................   118,179       109,107
 Horizon Energy Distribution, Ltd......................     8,084        43,873
 Independent Newspapers, Ltd. (Auckland)............... 1,014,000     1,518,095
 *Kingsgate International Corp., Ltd...................   479,679        26,930
 *Met Lifecare, Ltd....................................   202,860        96,174
 Michael Hill International, Ltd.......................    90,546       188,277
 Natural Gas Corp. Holdings, Ltd....................... 1,859,760     1,005,446
 *New Zealand Oil & Gas, Ltd...........................   402,731        61,969
 New Zealand Refining Co., Ltd.........................    62,819       425,831
 Northland Port Corp. (New Zealand), Ltd...............   108,571        98,430
 Nuplex Industries, Ltd................................   200,476       241,779
 *Otter Gold Mines, Ltd................................    89,321         9,287
 Owens Group, Ltd......................................   138,522        72,009
 *Pacific Retail Group, Ltd............................   123,160        99,876
 Port of Tauranga, Ltd.................................   200,316       608,131
 Ports of Auckland.....................................   347,158       786,833
 Reid Farmers, Ltd.....................................   146,734        75,058
 Restaurant Brand New Zealand, Ltd.....................   245,500       190,920
 *Richina Pacific, Ltd.................................   137,322        37,120
 Sanford, Ltd..........................................   250,512       656,338
 Scott Technology, Ltd.................................    48,074        33,787
 *Seafresh Fisheries...................................    80,520         1,239
 *Shotover Jet, Ltd....................................   106,500        19,045
 Sky City, Ltd.........................................   568,916     1,473,991
 South Port New Zealand, Ltd...........................    30,744        18,028
 Steel & Tube Holdings, Ltd............................   151,610       165,822
 *Summit Gold, Ltd.....................................   107,419         5,897
 Tasman Agriculture, Ltd...............................   157,056       114,301
 Taylors Group, Ltd....................................    29,646        18,493
 Tourism Holdings, Ltd.................................   222,252       107,217
 *Trans Tasman Properties, Ltd.........................   891,408        85,263
 Tranz Rail Holdings, Ltd..............................   316,409       539,500
 Trustpower, Ltd.......................................   458,529       631,180
 Warehouse Group, Ltd..................................   503,486     1,434,289
 Waste Management NZ, Ltd..............................   254,272       279,165
 Williams & Kettle, Ltd................................    38,372        59,842
 Wrightson, Ltd........................................   317,720       149,308
                                                                   ------------
TOTAL COMMON STOCKS                                                            
  (Cost $16,509,071)...................................              15,445,424
                                                                   ------------

                                                                [Download Table]

                                                          FACE                 
                                                        AMOUNT@                
                                                        -------                
                                                         (000)                 
                                                                               
BONDS -- (0.0%)                                                                
 Capital Properties New Zealand, Ltd. Notes                                    
   8.500%, 04/15/05                                                            
   (Cost $210,193).....................................       201        86,097
                                                                   ------------

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CONTINUED                                                                       

                                                                [Download Table]

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               
INVESTMENT IN CURRENCY -- (0.0%)                                               
 *New Zealand Dollar                                                           
   (Cost $8,476).......................................            $      8,516
                                                                   ------------
RIGHTS/WARRANTS -- (0.0%)                                                      
 *AFFCO Holdings, Ltd. Rights 12/14/01                                         
   (Cost $0)...........................................   100,638         3,348
                                                                   ------------
TOTAL -- NEW ZEALAND                                                           
  (Cost $16,727,740)...................................              15,543,385
                                                                   ------------
MALAYSIA -- (0.3%)                                                             
COMMON STOCKS -- (0.3%)                                                        
 *Abrar Corp. Berhad...................................    40,000         6,158
 *Autoways Holdings Berhad.............................    10,000         3,395
 *Instangreen Corp. Berhad.............................    15,000         3,789
 *Kuala Lumpur Industries Holdings Berhad..............   138,000        17,976
 *MBF Holdings Berhad.................................. 2,228,250       120,208
 *Perdana Industrial Holdings Berhad...................    46,000         3,753
 *Promet Berhad........................................ 1,143,000        87,229
 *RNC Corp. Berhad.....................................    33,000         3,561
 *Rahman Hydraulic Tin Berhad..........................   111,000        19,425
 *Rekapacific Berhad...................................   473,000        57,258
 *Saship Holdings Berhad...............................   223,520        52,351
 *Tai Wah Garments Manufacturing Berhad (Foreign)......    60,000         6,947
 *Wing Tiek Holdings Berhad............................    95,800        22,437
                                                                   ------------
TOTAL -- MALAYSIA                                                              
  (Cost $2,561,491)....................................                 404,487
                                                                   ------------
UNITED STATES -- (0.0%)                                                        
COMMON STOCKS -- (0.0%)                                                        
 *DF China Technology, Inc.............................       950           276
 *Exergy, Inc..........................................     7,260             0
                                                                   ------------
TOTAL -- UNITED STATES                                                         
  (Cost $4,302)........................................                     276
                                                                   ------------

                                                                [Download Table]

                                                            FACE                 
                                                           AMOUNT                
                                                           ------                
                                                           (000)                 
                                                                                 
TEMPORARY CASH INVESTMENTS -- (1.9%)                                             
 Repurchase Agreement, PNC Capital Markets Inc., 2.00%,                          
   12/03/01 (Collateralized by U.S. Treasury Notes                               
   6.125%, 12/31/01, valued at $2,497,805) to be                                 
   repurchased at $2,460,410                                                     
   (Cost $2,460,000)...................................  $    2,460     2,460,000
                                                                     ------------
TOTAL INVESTMENTS -- (100.0%)                                                    
  (Cost $207,548,516)++................................              $131,229,965
                                                                     ============

                                                                [Download Table]
                                                                                
--------------------------------------------------------------------------------
   +  See Note B to Financial Statements.                                       
   @  Denominated in local currency or the Euro.                                
   *  Non-Income Producing Securities                                           
   #  Total or Partial Securities on Loan                                       
  ++  The cost for federal income tax purposes is $208,499,453.                 

See accompanying Notes to Financial Statements. 

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SCHEDULE OF INVESTMENTS 

NOVEMBER 30, 2001 

                                                                [Download Table]


                                                          SHARES       VALUE+
                                                          ------       ------
                                                                             
UNITED KINGDOM -- (97.8%)                                                    
COMMON STOCKS -- (97.2%)                                                     
 600 Group P.L.C....................................... 100,910   $   85,625 
 AEA Technology P.L.C..................................  36,737      124,952 
 AIM Group P.L.C.......................................  32,063       50,298 
 AIT Group P.L.C.......................................   6,891       67,071 
 API Group P.L.C.......................................  51,500       47,739 
 *ASW Holdings P.L.C................................... 849,314       37,850 
 Abacus Polar P.L.C....................................  75,000      274,882 
 Abbeycrest P.L.C......................................  42,590       50,716 
 Abbot Group P.L.C.....................................  92,595      186,851 
 Acal P.L.C............................................  13,671      100,893 
 *Acatos & Hutcheson P.L.C.............................  39,436       35,150 
 Adam & Harvey Group P.L.C.............................  10,500       22,087 
 *Advanced Medical Solutions P.L.C.....................  24,258        3,546 
 Advanced Power Components, Ltd........................   7,871        6,174 
 *African Lakes Corp. P.L.C............................   7,760          941 
 *Airflow Streamlines P.L.C............................  20,500       16,664 
 Airsprung Furniture Group P.L.C.......................  58,000       59,968 
 Alba P.L.C............................................ 105,025      621,574 
 Alexandra Workwear P.L.C..............................  86,243      112,537 
 Alexon Group P.L.C....................................  86,632      192,115 
 Allders P.L.C.........................................  16,000       37,649 
 Allen P.L.C...........................................  50,000      200,368 
 Alpha Airports Group P.L.C............................ 392,541      299,496 
 Alphameric P.L.C...................................... 172,688      213,025 
 Alumasc Group P.L.C................................... 100,245      162,974 
 Alvis P.L.C........................................... 191,010      356,845 
 Amberley Group P.L.C.................................. 200,000       62,036 
 Amey P.L.C............................................  32,837      179,589 
 Amstrad P.L.C......................................... 149,652      112,045 
 *Andrew Sykes Group P.L.C............................. 203,650      258,480 
 *Anglesey Mining P.L.C................................  55,000        1,569 
 Anglo Eastern Plantations P.L.C.......................  57,166       27,311 
 *Anite Group P.L.C.................................... 250,000      481,311 
 *Antisoma P.L.C.......................................  70,000       42,926 
 *Applied Optical Technologies P.L.C...................  21,300       23,086 
 *Arena Leisure P.L.C.................................. 180,335       97,084 
 *Argonaut Games, Ltd.................................. 100,000       93,410 
 Armitage Brothers P.L.C...............................   4,000        8,357 
 Armour Trust P.L.C.................................... 198,500       46,709 
 Ashtenne Holdings P.L.C...............................  50,000      151,524 
 Aukett Associates P.L.C............................... 149,201       12,235 
 Austin Reed Group P.L.C...............................  68,999      123,984 
 *Autologic Holdings P.L.C.............................  17,489      114,106 
 Avesco P.L.C..........................................  29,998      267,377 
 Avon Rubber P.L.C.....................................  25,041       51,781 
 *Axis-Shield P.L.C....................................  18,284       94,261 
 Axon Group P.L.C......................................  19,756       56,630 
 *Azlan Group P.L.C.................................... 185,000      379,915 
 *BNB Resources P.L.C..................................  49,000       29,699 
 BPP Holdings P.L.C....................................  53,250      360,716 
 BSS Group P.L.C.......................................  47,905      267,122 
 *BWD Securities P.L.C.................................  10,951       73,792 
 Babcock International Group P.L.C..................... 310,464      380,769 
 Baggeridge Brick P.L.C................................  98,000      126,481 
 Bailey (Ben) Construction P.L.C.......................  26,000       22,433 
 *Bailey (C.H.) P.L.C.................................. 109,500       13,664 


                                                          SHARES       VALUE+
                                                          ------       ------
                                                                             

 *Bailey (C.H.) P.L.C. Class B.........................  10,000   $    2,710 
 Barr (A.G.) P.L.C.....................................  43,000      276,871 
 Beattie (James) P.L.C................................. 132,247      396,999 
 Bellway P.L.C.........................................  93,000      545,764 
 Bemrose Corp. P.L.C...................................  50,375       93,033 
 Benchmark Group P.L.C.................................  21,513       82,069 
 Berisford P.L.C.......................................  41,406       56,392 
 Bespak P.L.C..........................................  55,918      398,725 
 Bett Brothers P.L.C...................................  33,108      128,662 
 *Biocompatibles International P.L.C...................  47,336       72,907 
 *Bioglan Pharma P.L.C.................................  25,961        3,887 
 *Biotrace International P.L.C.........................  50,000       88,062 
 Birse Group P.L.C..................................... 421,901       67,688 
 Black Arrow Group P.L.C...............................  56,500       36,259 
 Blacks Leisure Group P.L.C............................  60,959      154,308 
 *Blagden Industries P.L.C............................. 131,092            0 
 Blick P.L.C...........................................  68,555      254,682 
 Bloomsbury Publishing P.L.C...........................   5,307       62,325 
 Body Shop International P.L.C......................... 194,000      284,964 
 *Boosey & Hawkes P.L.C................................  35,500      100,747 
 Boot (Henry) & Sons P.L.C.............................  47,000      159,859 
 *Bradstock Group P.L.C................................ 130,000        8,343 
 Brake Brothers P.L.C..................................  25,261      191,832 
 Brammer (H.) P.L.C....................................  86,623      352,071 
 Brewin Dolphin Holdings P.L.C.........................  69,762      123,365 
 Bristol Water Holdings P.L.C..........................  12,000      207,926 
 *British Biotech P.L.C................................ 198,000       49,415 
 British Polythene Industries P.L.C....................  56,740      279,165 
 Britt Allcroft Co. P.L.C..............................  25,000      187,176 
 Brockhampton Holdings P.L.C...........................  12,000       52,195 
 Brockhampton Holdings P.L.C. Series A Non-Voting......  48,000       85,909 
 Brown & Jackson P.L.C................................. 296,819      175,668 
 *Brunel Holding P.L.C.................................  11,935        6,936 
 Budgens P.L.C......................................... 306,137      419,120 
 Bulgin (A.F.) & Co. P.L.C.............................  36,000        5,904 
 Bullough P.L.C........................................ 256,000       62,064 
 Bulmer (H.P.) Holdings P.L.C..........................  60,500      365,825 
 *Burn Stewart Distillers P.L.C........................ 142,500       49,789 
 *Burnden Leisure P.L.C................................  33,000        3,412 
 Burndene Investments P.L.C............................ 175,001       87,349 
 Burtonwood Brewery P.L.C..............................  38,000      117,868 
 Business Post Group P.L.C.............................  25,000      129,241 
 *CLS Holdings P.L.C................................... 102,907      332,403 
 CML Microsystems P.L.C................................   3,361       16,656 
 Cadcentre Group P.L.C.................................  10,000       61,180 
 Caffyns P.L.C.........................................   6,000       32,087 
 *Cairn Energy P.L.C...................................  60,206      225,812 
 *Calluna P.L.C........................................  77,140            0 
 Camellia P.L.C........................................   2,950      130,417 
 *Cammell Laird Group P.L.C............................ 256,158       21,918 
 *Cape P.L.C........................................... 119,518       28,976 
 Capital & Regional Properties P.L.C...................  25,260       86,456 
 *Capital Bars P.L.C...................................  70,000       17,969 
 Carclo Engineering Group P.L.C........................ 100,463       78,799 
 Care UK P.L.C.........................................  64,835      177,064 
 *Carlisle Holdings, Ltd...............................   8,709       23,598 
 Carpetright P.L.C.....................................  95,000      800,010 

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CONTINUED                                                                       

                                                                [Download Table]


                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             
Carr's Milling Industries P.L.C.......................  19,000   $    37,663 
Castings P.L.C........................................  79,000       163,360 
*Cedar Group P.L.C....................................  16,360         3,266 
*Cenes Pharmaceuticals P.L.C.......................... 298,612        43,650 
Chamberlin & Hill P.L.C...............................  18,000        42,997 
Chapelthorpe P.L.C.................................... 547,324        44,881 
Charles Taylor Group P.L.C............................  15,656        92,992 
Charter P.L.C.........................................  88,743       156,931 
Chemring Group P.L.C..................................  49,000       254,710 
Chime Communications P.L.C............................  71,838       133,183 
Chloride Group P.L.C.................................. 485,500       526,205 
Christie Group P.L.C..................................  53,263        33,422 
Chrysalis Group P.L.C................................. 268,082       894,613 
Churchill China P.L.C.................................  30,000        66,314 
City Centre Restaurants P.L.C......................... 174,871       127,810 
Clarkson (Horace) P.L.C...............................  44,733       119,614 
*Clinical Computing P.L.C.............................  40,000        20,251 
Clinton Cards P.L.C................................... 124,460       283,989 
*Clubhaus P.L.C.......................................  31,694         1,695 
Clydeport P.L.C.......................................  12,500        64,799 
Coats Viyella P.L.C................................... 275,000       179,422 
Colefax & Fowler Group P.L.C..........................  60,000        59,896 
*Communisis P.L.C..................................... 237,134       475,140 
Compel Group P.L.C....................................   5,000         6,025 
Coral Products P.L.C..................................  50,000        28,879 
*Corporate Services Group P.L.C.......................  82,200        38,685 
Cosalt P.L.C..........................................  30,700        93,473 
Countryside Property P.L.C............................  69,086       156,653 
Countrywide Assured Group P.L.C....................... 133,374       210,177 
Courts P.L.C.......................................... 110,722       347,383 
Cox Insurance Holdings P.L.C..........................  62,000       123,786 
*Cradley Group Holdings P.L.C.........................  80,000        13,691 
*Cranswick P.L.C......................................   9,290        95,721 
Crest Nicholson P.L.C................................. 267,250       657,444 
*Creston Land & Estates P.L.C.........................   5,000         5,669 
Croda International P.L.C.............................  59,635       208,787 
Cropper (James) P.L.C.................................  22,000        46,277 
*Crown Sports P.L.C................................... 250,000        64,175 
*Culver Holdings P.L.C................................     338           171 
*DCS Group P.L.C......................................  10,000         4,635 
DFS Furniture Co. P.L.C...............................  41,300       267,103 
DTZ Holdings P.L.C....................................  89,500       176,138 
Daejan Holdings P.L.C.................................  25,000       432,288 
Dairy Crest Group P.L.C...............................   5,000        27,025 
*Danka Business Systems P.L.C.........................  15,000         3,155 
Dart Group P.L.C......................................  74,000       305,515 
Davis Service Group P.L.C.............................  10,000        57,971 
*Dawson International P.L.C........................... 100,688        55,283 
Delta P.L.C........................................... 150,000       228,890 
Deltron Electronics P.L.C.............................   8,621        10,266 
Densitron International P.L.C.........................  74,175        29,883 
Derwent Valley Holdings P.L.C.........................  90,000       888,821 
Development Securities P.L.C..........................  50,000       247,073 
Devro P.L.C...........................................  80,143        68,004 
Dewhurst P.L.C........................................   9,000         9,755 
Dewhurst P.L.C. Class A Non-Voting....................  15,500        13,926 
Diagonal P.L.C........................................  34,200        39,506 
*Dialog Corp. P.L.C................................... 207,000         8,118 
Dicom Group P.L.C.....................................  30,000       197,872 
Diploma P.L.C.........................................  22,648       106,746 
Dixon Motors P.L.C....................................  55,408       144,602 


                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             

Domestic & General Group P.L.C........................  17,223   $   157,810 
Domino Printing Sciences P.L.C........................ 335,935       665,920 
Domnick Hunter Group P.L.C............................  30,000       127,922 
Dowding & Mills P.L.C................................. 336,440       172,728 
Druck Holdings P.L.C..................................   8,000        26,069 
EBC Group P.L.C.......................................  33,000        55,768 
East Surrey Holdings P.L.C............................  36,800       130,152 
Edinburgh Fund Managers Group P.L.C...................  61,000       441,487 
*Eidos P.L.C..........................................  55,300       186,315 
Eldridge Pope & Co. P.L.C.............................  25,000        89,666 
Eleco Holdings P.L.C.................................. 104,685        29,858 
Electronic Data Processing P.L.C......................  55,200        41,329 
Electronics Boutique P.L.C............................ 150,000       273,812 
*Emess P.L.C.......................................... 288,250        28,775 
Ennstone P.L.C........................................ 135,323        62,238 
Eurocopy P.L.C........................................  41,051        18,734 
Eurodis Electron P.L.C................................  87,500        94,212 
Euromoney Institutional Investors P.L.C...............  65,000       291,995 
European Colour P.L.C.................................  82,090        31,023 
European Motor Holdings P.L.C......................... 118,325       183,087 
*European Telecom P.L.C...............................   7,000           799 
*Europower P.L.C...................................... 232,092        23,169 
*Evans of Leeds Contingent Units P.L.C................  80,000             0 
*Express Dairies P.L.C................................ 722,000       149,299 
Expro International Group P.L.C.......................  50,000       279,873 
*Eyretel P.L.C........................................ 134,000       177,721 
FCX International P.L.C...............................  68,275       173,314 
*FII Group P.L.C......................................  41,166         5,577 
Falcon Holdings P.L.C.................................   5,500        14,315 
Fenner P.L.C..........................................  92,146       145,208 
*Ferguson International Holdings P.L.C................  89,105        44,476 
Ferraris Group P.L.C..................................   9,600        30,462 
*Fibernet Group P.L.C.................................  45,339       268,332 
Filtronic P.L.C.......................................   4,138        21,539 
Financial Objects P.L.C...............................   7,000         7,537 
Fine Art Developments P.L.C........................... 142,288       620,928 
First Technology P.L.C................................ 117,111       674,731 
*Firth (G.M.) Holdings P.L.C.......................... 163,080        16,280 
Firth Rixson P.L.C.................................... 216,888        75,780 
Fisher (Albert) Group P.L.C...........................  76,000        97,004 
Forminster P.L.C......................................  43,333        13,904 
Forth Ports P.L.C..................................... 130,952     1,291,386 
Fortress Holdings P.L.C............................... 120,728        40,030 
*Foster (John) & Son P.L.C............................  27,500         4,216 
Freeport Leisure P.L.C................................  12,300        80,601 
French Connection Group P.L.C.........................  25,000       254,025 
*Friendly Hotels P.L.C................................  51,533        13,228 
Friends, Ivory & Sime P.L.C...........................  60,039       220,905 
Fuller, Smith & Turner P.L.C. Series A................  20,000       127,636 
Fulmar P.L.C.......................................... 107,500        77,420 
*Future Network P.L.C................................. 315,000       208,889 
GWR Group P.L.C.......................................  49,700       182,509 
Galliford P.L.C....................................... 467,870       218,519 
Games Workshop Group P.L.C............................  12,932       102,816 
*Gaming International P.L.C...........................  14,000        12,878 
Gardner Group P.L.C...................................  26,923        11,902 

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                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             
Garton Engineering P.L.C..............................  10,248   $     6,723 
Gaskell P.L.C.........................................  36,000        16,942 
*Gearhouse Group P.L.C................................  25,000        10,339 
Geest P.L.C...........................................  88,260       863,455 
Gibbs & Dandy P.L.C...................................   4,500        18,771 
*Gioma Restaurants P.L.C.............................. 100,000        22,818 
Gleeson (M.J.) Group P.L.C............................  22,471       356,512 
Glenmorangie P.L.C....................................  20,000       226,038 
Glotel P.L.C..........................................  15,300         8,510 
Go-Ahead Group P.L.C..................................  20,000       175,411 
*Goldshield Group P.L.C...............................  14,400       123,010 
Gowrings P.L.C........................................   5,000         6,025 
Grainger Trust, Ltd...................................  22,000       252,563 
Grampian Holdings P.L.C............................... 200,324       229,975 
Grantchester Holdings P.L.C...........................  54,000       126,296 
Greene King P.L.C.....................................  23,039       229,664 
*Greenwich Resources P.L.C............................ 219,332         7,820 
Greggs P.L.C..........................................  26,000     1,107,728 
Guiness Peat Group P.L.C.............................. 138,374        94,721 
*Gyrus Group P.L.C....................................  30,072       105,070 
Haden Maclellan Holdings P.L.C........................ 176,224        78,536 
Halstead (James) Group P.L.C..........................  73,594       234,570 
Hamley's P.L.C........................................  47,500        73,498 
Hampson Industries P.L.C.............................. 105,886        33,599 
*Hampton Trust P.L.C.................................. 232,050        25,647 
Hanover International P.L.C...........................  11,751        15,082 
Hardys & Hansons P.L.C................................  48,000       196,803 
*Hartstone Group P.L.C................................ 240,263        18,845 
Harvey Nash Group P.L.C............................... 105,000       198,407 
Havelock Europa P.L.C.................................  27,660        12,425 
*Hawtin P.L.C......................................... 196,500        28,724 
Haynes Publishing Group P.L.C.........................  14,703        17,299 
Headlam Group P.L.C................................... 132,974       476,932 
Heath (Samuel) & Sons P.L.C...........................   7,500        29,413 
Helical Bar P.L.C.....................................  35,000       393,070 
*Helphire Group P.L.C................................. 134,600       206,350 
Henlys Group P.L.C....................................   8,303        14,091 
Heywood Williams Group P.L.C.......................... 140,400       334,376 
Highbury House Communications P.L.C................... 439,166       178,495 
High-Point P.L.C......................................  57,510        34,856 
Hill & Smith Holdings P.L.C...........................  86,850        81,746 
Hiscox P.L.C..........................................  70,000       150,739 
Hit Entertainment P.L.C............................... 106,848       519,604 
Hitachi Credit (UK) P.L.C.............................  16,412        26,565 
Holidaybreak P.L.C....................................  92,974       576,770 
Holmes Place P.L.C....................................  56,067       183,502 
*Horace Small Apparel P.L.C........................... 137,500        23,040 
House of Fraser P.L.C................................. 200,000       244,577 
*Howard Holdings P.L.C................................  57,730        30,050 
Hughes (T.J.) P.L.C...................................  11,625        22,464 
Hunting P.L.C......................................... 223,174       587,208 
Huntleigh Technology P.L.C............................  24,925       129,742 
*Huntsworth P.L.C.....................................  90,000        31,446 
IAF Group P.L.C.......................................  30,000         1,497 
IMS Group P.L.C.......................................  75,000        29,681 
*IQE P.L.C............................................  32,400        83,170 
*ISA International P.L.C..............................  95,214        10,523 
*Ids Group P.L.C......................................  23,000        18,860 
*Imagination Technologies Group P.L.C................. 189,698       179,902 


                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             

Incepta Group P.L.C................................... 351,000   $   245,276 
*Industrial & Commercial Holdings P.L.C...............   5,000           107 
Informa Group P.L.C...................................  37,229       116,007 
*Intec Telecom Systems P.L.C.......................... 100,000       104,819 
Intelek P.L.C.........................................  99,880        28,488 
*Interx P.L.C.........................................  20,000        34,084 
*Irevolution Group P.L.C..............................   5,000         1,462 
Isotron P.L.C.........................................  30,500       139,188 
Ite Group P.L.C....................................... 234,741        60,258 
Itnet P.L.C...........................................  35,754       133,591 
J.& J. Dyson P.L.C....................................  28,500        65,234 
*JKX Oil and Gas P.L.C................................ 220,533        56,611 
*Jacobs (John I.) P.L.C............................... 116,000        36,394 
Jardine Lloyd Thompson Group P.L.C....................   3,520        31,801 
Jarvis Hotels P.L.C................................... 215,318       267,148 
Jarvis P.L.C.......................................... 289,379     2,166,597 
*Jarvis Porter Group P.L.C............................  99,894        24,930 
John David Sports P.L.C............................... 114,500       443,330 
Johnson Group Cleaners P.L.C.......................... 110,535       506,007 
Johnston Group P.L.C..................................  26,000        88,989 
Joseph (Leopold) Holdings P.L.C.......................  14,000       158,726 
Jourdan (Thomas) P.L.C................................  40,000        11,979 
*K S Biomedix Holdings P.L.C..........................  94,500       215,627 
*KBC Advanced Technologies............................  25,000        43,674 
*Kalamazoo Computer Group P.L.C.......................  56,120         8,203 
Keller Group P.L.C.................................... 110,000       448,653 
*Kewill Systems P.L.C.................................  10,000         8,557 
Kier Group P.L.C......................................  10,839        75,356 
Kleeneze P.L.C........................................  84,300       222,408 
*Knowledge Support Systems Group P.L.C................  25,000         8,378 
Kunick P.L.C.......................................... 420,000        82,358 
Laing (John) P.L.C.................................... 175,961       302,382 
Laird Group P.L.C.....................................   6,000        13,263 
Lambert Howarth Group P.L.C...........................  25,200        42,047 
*Lamont Holdings P.L.C................................  72,231         8,756 
*Laura Ashley Holdings P.L.C.......................... 249,150        94,158 
Lavendon Group P.L.C..................................  20,092        65,330 
Le Riche Group, Ltd...................................   6,900        54,613 
Leeds Group P.L.C.....................................  86,938        52,073 
*Leeds Sporting P.L.C.................................  66,000         9,648 
Leicester City P.L.C.................................. 100,000        50,627 
Lincat Group P.L.C....................................   4,000        19,110 
Linton Park P.L.C.....................................  39,000       186,321 
Linx Printing Technologies P.L.C......................  27,000        88,946 
Litho Supplies P.L.C..................................  20,000         6,988 
Locker (Thomas) Holdings P.L.C........................ 176,168        10,677 
London Bridge Software Holdings P.L.C.................  57,269       162,935 
*London Clubs International P.L.C..................... 144,646        48,992 
*London Forfeiting Co. P.L.C..........................  12,000         2,439 
London Scottish Bank P.L.C............................ 263,000       466,957 
Lookers P.L.C.........................................  53,160        86,046 
*Lorien P.L.C.........................................  60,000        47,489 
Low & Bonar P.L.C.....................................  65,000        64,888 
*Lowe (Robert H.) & Co. P.L.C......................... 251,985        10,781 
Luminar P.L.C.........................................   2,958        37,692 
Lynx Holdings P.L.C................................... 100,000       147,602 
*M.L. Laboratories P.L.C..............................  51,042        29,844 

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                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             
*MDIS Group P.L.C..................................... 342,029   $   190,230 
MFI Furniture Group P.L.C............................. 111,936       226,678 
MMT Computing P.L.C...................................   3,000         6,204 
MS International P.L.C................................  71,500        44,355 
MSB International P.L.C...............................  16,000        18,254 
MacDonald Hotels P.L.C................................  15,500        40,230 
MacFarlane Group Clansman P.L.C....................... 228,287       247,427 
Macro 4 P.L.C.........................................  42,500       157,585 
Maiden Group P.L.C....................................  16,800        76,068 
Mallett P.L.C.........................................  24,837        57,912 
Manganese Bronze Holdings P.L.C.......................  32,184        38,554 
Marshalls P.L.C....................................... 225,800       776,055 
*Martin International Holdings P.L.C.................. 135,800        21,303 
Marylebone Warwick Balfour Group P.L.C................  73,345        91,000 
Mayflower Corp. P.L.C................................. 403,800       532,672 
McAlpine (Alfred) P.L.C............................... 196,111     1,166,245 
*McBride P.L.C........................................  10,000         5,918 
McCarthy & Stone P.L.C................................ 194,968       738,210 
McKay Securities P.L.C................................  68,500       169,489 
McLeod Russel Holdings P.L.C..........................  74,524        46,231 
*Medical Solutions P.L.C..............................  26,658         5,227 
*Medisys P.L.C........................................ 150,134       157,369 
Mentmore Abbey P.L.C.................................. 236,561       399,773 
Menzies (John) P.L.C..................................  57,314       289,754 
*Merant P.L.C......................................... 172,500       227,553 
Merchant Retail Group P.L.C........................... 185,666       282,652 
Merrydown P.L.C.......................................  59,927        35,467 
Metal Bulletin P.L.C..................................  95,500       258,767 
Metalrax Group P.L.C.................................. 358,740       340,215 
Mice Group P.L.C......................................  39,909        53,215 
Microgen Holdings P.L.C...............................  45,816        70,239 
Mitie Group P.L.C..................................... 500,000     1,058,884 
Molins P.L.C..........................................  68,000       140,614 
Monsoon P.L.C.........................................  71,000        85,053 
*Morse P.L.C..........................................  36,866       101,207 
*Moss Brothers Group P.L.C............................ 163,400        65,830 
Mowlem (John) & Co. P.L.C............................. 309,656       876,581 
Mtl Instruments Group P.L.C...........................   4,348        13,176 
Mucklow (A & J) Group P.L.C........................... 175,000       514,111 
*NHP P.L.C............................................ 125,000        82,447 
*NXT P.L.C............................................  22,446        54,418 
Nestor Healthcare Group P.L.C......................... 180,200     1,445,537 
*New Look Group P.L.C.................................  85,145       165,139 
Newcastle United P.L.C................................  48,923        21,977 
Nichols (J.N.) (Vimto) P.L.C..........................  66,550       110,567 
Nord Anglia Education P.L.C...........................   5,000        18,896 
Northamber P.L.C......................................  75,888        91,991 
Northgate P.L.C....................................... 118,200       816,701 
*OEM P.L.C............................................  12,000         5,391 
Ocean Wilson Holdings, Ltd............................  84,250        96,120 
Ockham Holdings P.L.C................................. 124,269        77,091 
*Orbis P.L.C.......................................... 142,859        31,069 
Osborne & Little P.L.C................................  11,200        52,709 
Owen (H.R.) P.L.C.....................................  30,000        64,389 
Oxford Instruments P.L.C..............................  43,051       124,939 
*Oxford Molecular Group P.L.C.........................  41,440        10,342 
*PPL Therapeutics P.L.C...............................  43,529        31,970 
PSD Group P.L.C.......................................  43,500       288,466 
*Paladin Resources P.L.C..............................  74,000        42,740 
Paragon Group of Companies P.L.C......................  47,000       178,292 


                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             

Parity Group P.L.C.................................... 128,750   $   108,331 
*Park Food Group P.L.C................................ 291,600        95,646 
*Partners Holdings P.L.C..............................  40,000         7,131 
Partridge Fine Arts P.L.C.............................  58,000        42,598 
Paterson Zochonis P.L.C...............................  22,000       202,364 
Paterson Zochonis P.L.C. Non-Voting...................  27,000       200,225 
Pendragon P.L.C.......................................  95,750       296,313 
*Peptide Therapeutics Group P.L.C.....................  35,000       157,478 
Perry Group P.L.C.....................................  47,666        53,362 
Peterhouse Group P.L.C................................  85,427       456,855 
*Pharmagene P.L.C..................................... 160,000       207,641 
Photo-Me International P.L.C.......................... 142,620        99,662 
Photo-Scan P.L.C......................................  40,777        63,968 
*Phytopharm P.L.C.....................................  12,600        76,997 
*Pic International Group P.L.C........................ 342,975       229,886 
Pittards P.L.C........................................  60,985        45,660 
Planit Holdings P.L.C................................. 235,000       145,784 
*Plantation & General Investment P.L.C................  70,623        16,618 
*Plasmon P.L.C........................................ 100,000       111,236 
Portmeirion Potteries (Holdings) P.L.C................  22,856        51,337 
Porvair P.L.C.........................................  50,000       147,958 
*Powderject Pharmaceuticals P.L.C.....................  44,500       344,280 
Precoat International P.L.C...........................  25,000        18,005 
*Premier Consolidated Oilfields P.L.C................. 152,488        36,425 
Pressac Holdings P.L.C................................  78,129        37,883 
*Princedale Group P.L.C............................... 250,000        70,414 
*Probus Estates P.L.C.................................  83,333         3,565 
*Property Partnerships P.L.C..........................  10,000        11,409 
#*Protherics P.L.C.................................... 482,694       203,070 
*Proudfoot P.L.C...................................... 236,420       211,568 
*Provalis P.L.C....................................... 104,615        30,211 
Prowting P.L.C........................................ 157,630       292,236 
Psion P.L.C........................................... 165,200       221,457 
QS Holdings P.L.C.....................................  95,775        34,146 
*QSP Group P.L.C......................................  31,250         3,120 
*Queens Moat Houses P.L.C............................. 159,000        20,408 
Quick Group P.L.C.....................................  82,344        85,138 
Quintain Estates & Development P.L.C.................. 108,350       283,542 
*Qxl.com P.L.C........................................ 130,000         5,562 
RJB Mining P.L.C......................................  16,000        19,623 
*RMS Communications P.L.C.............................  15,000             0 
*RPC Group P.L.C......................................  43,400        96,553 
RPS Group P.L.C.......................................  92,594       199,394 
*Radamec Group P.L.C..................................  35,000        16,472 
*Radstone Technology P.L.C............................   5,000        13,833 
Ransom (William) & Son P.L.C..........................  30,000        22,461 
*Recognition Systems Group P.L.C......................  90,342         6,764 
Redrow Group P.L.C....................................  91,137       304,132 
*Redstone Telecom P.L.C............................... 148,707         2,227 
*Reece P.L.C.......................................... 283,750         3,035 
Reed Executive P.L.C.................................. 116,500       199,370 
*Reed Health Group P.L.C.............................. 116,500       276,625 
Reg Vardy P.L.C....................................... 103,597       452,824 
Regent Inns P.L.C.....................................  93,909       207,582 
Reliance Security Group P.L.C.........................   9,000        84,069 
Renishaw P.L.C........................................ 146,806       938,984 
Renold P.L.C.......................................... 144,000       136,564 
Ricardo Group P.L.C...................................  84,709       567,779 

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                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             
*Richmond Oil & Gas P.L.C............................. 220,000   $         0 
*Rodime P.L.C......................................... 435,000        83,748 
*Rolfe & Nolan P.L.C..................................  24,000        33,029 
Roseby's P.L.C........................................  33,500       179,871 
Rotork P.L.C.......................................... 171,135       806,607 
Rowe Evans Investments P.L.C..........................  86,917        79,950 
Roxboro Group P.L.C...................................  17,586        51,538 
*Roxspur P.L.C........................................  45,958         5,899 
*Royal Doulton P.L.C..................................  60,000        15,402 
Royalblue Group P.L.C.................................  11,800       122,003 
Rutland Trust P.L.C................................... 174,255        79,522 
S & U P.L.C...........................................  21,140       135,665 
*SCS Upholstery P.L.C.................................  29,000        76,097 
SFI Group P.L.C.......................................  26,713        88,191 
SIG P.L.C............................................. 103,200       379,709 
Safeland P.L.C........................................  25,000        15,687 
Salvesen (Christian) P.L.C............................ 133,157       191,795 
*Sanctuary Group P.L.C................................ 270,000       257,983 
Sanderson Bramall Motor Group P.L.C...................  68,166       225,046 
Saville (J.) Gordon Group P.L.C....................... 391,413       500,981 
Savills P.L.C......................................... 104,000       222,473 
Scapa Group P.L.C.....................................  44,337        50,583 
*Scipher P.L.C........................................  28,803        60,587 
Scottish Radio Holdings P.L.C.........................  13,100       161,599 
Secure Trust Group P.L.C..............................  27,118       140,190 
Senior Engineering Group P.L.C........................ 122,900        63,097 
*Servicepower Technologies P.L.C...................... 150,000        53,479 
Severfield-Rowan P.L.C................................  20,000        66,599 
Shaftesbury P.L.C..................................... 137,500       568,660 
Shanks & McEwan Group P.L.C...........................  92,900       224,562 
Sherwood International, Ltd...........................  16,674        35,074 
Shiloh P.L.C..........................................  14,500        51,696 
*ShopRite Group P.L.C................................. 204,780        36,505 
Silentnight Holdings P.L.C............................  84,300       203,173 
Simon Engineering P.L.C............................... 348,089       282,955 
Sinclair (William) Holdings P.L.C.....................  53,000        38,926 
Sindall (William) P.L.C...............................  66,000       414,141 
Sirdar P.L.C..........................................  41,600        45,978 
Skillsgroup P.L.C.....................................  79,475        52,703 
Smart (J.) & Co. (Contractors) P.L.C..................  22,500       103,482 
*Soco International P.L.C.............................  59,000       118,638 
South Staff Water Holdings P.L.C...................... 108,000       854,808 
Southampton Leisure Holdings P.L.C....................  19,615        10,909 
Spirax-Sarco Engineering P.L.C........................  55,100       305,277 
*Sportsworld Media Group P.L.C........................  26,049       101,230 
Spring Group P.L.C.................................... 169,495       195,791 
Springwood P.L.C......................................  37,500        78,079 
St. Modwen Properties P.L.C...........................  50,000        76,653 
*Staffware P.L.C......................................  12,000        83,684 
Stanley (Charles) Group P.L.C.........................  76,800       320,360 
Stanley Leisure Organisation P.L.C.................... 221,258       853,529 
Sterling Publishing Group P.L.C.......................  75,298        22,013 
Stirling Group P.L.C.................................. 193,011        78,447 
*Stratagem Group P.L.C................................  70,315        19,053 
*Stylo P.L.C.......................................... 127,367        50,859 
*Superscape P.L.C.....................................  14,621         5,421 
Swallowfield P.L.C....................................  15,000        18,825 
Syltone P.L.C.........................................  50,400        61,094 
*Synstar P.L.C........................................ 143,000       114,203 
T & S Stores P.L.C.................................... 138,335       621,433 


                                                         SHARES        VALUE+
                                                         ------        ------
                                                                             

TGI Group P.L.C.......................................  59,560   $    42,894 
*Tadpole Technology P.L.C............................. 109,090        16,724 
*Tandem Group P.L.C................................... 327,365             0 
*Tarsus Group P.L.C...................................  34,000        64,731 
Tay Homes P.L.C.......................................  52,629        81,059 
*Teamtalk.com Group P.L.C............................. 375,000        57,490 
Ted Baker P.L.C.......................................  16,500        73,181 
Telemetrix P.L.C...................................... 165,708       322,573 
*Telme.com P.L.C...................................... 250,000        23,174 
*Telspec P.L.C........................................  25,000        15,152 
*Ten Alps Communications P.L.C........................   2,352           755 
Tex Holdings P.L.C....................................  14,000        14,874 
*The Innovation Group P.L.C...........................  30,000       127,280 
*The Television Corp. P.L.C...........................  14,000        54,406 
Thorntons P.L.C....................................... 158,000       224,198 
Thorpe (F.W.) P.L.C...................................  24,000        40,901 
Tibbett & Britten Group P.L.C.........................  86,123       773,769 
Tilbury Douglas P.L.C................................. 142,194     1,018,988 
Tinsley (Eliza) Group P.L.C...........................  19,844         9,480 
Topps Tiles P.L.C.....................................  39,690       144,335 
Tops Estates P.L.C....................................  30,088        75,519 
Torex P.L.C...........................................  58,333       605,200 
*Torotrak P.L.C.......................................  39,193        64,557 
*Tottenham Hotspur P.L.C.............................. 150,000       100,540 
Town Centre Securities (New) P.L.C.................... 142,137       237,162 
*Trace Computers P.L.C................................  33,552        46,174 
Transport Development Group P.L.C.....................  19,782        55,012 
Triad Group P.L.C.....................................   9,412        12,282 
Trifast P.L.C.........................................  28,388        40,484 
Ulster Television, Ltd................................ 115,602       482,218 
*Ultima Networks P.L.C................................ 100,000         3,209 
Ultra Electronics Holdings P.L.C......................  32,680       185,255 
*Ultraframe P.L.C.....................................  37,200       120,691 
Umeco P.L.C...........................................   6,250        18,940 
Unite Group P.L.C.....................................  28,051       141,013 
*United Overseas Group P.L.C.......................... 174,281         6,214 
Universal Salvage P.L.C...............................  10,755        72,624 
*Vanguard Medica Group P.L.C..........................  13,172        44,614 
*Vega Group P.L.C.....................................  10,000        25,670 
*Vert (Jacques) P.L.C.................................  45,000         6,578 
Vibroplant P.L.C......................................  83,100       100,733 
Victoria Carpet Holdings P.L.C........................  12,000        21,135 
Victrex P.L.C.........................................  35,948       148,670 
*Viglen Technology P.L.C..............................  13,791        13,177 
Vitec Group P.L.C.....................................  15,242        77,165 
*Vocalis Group P.L.C..................................   8,000           970 
Volex Group P.L.C.....................................  58,801       341,715 
Vosper Thornycroft Holdings P.L.C.....................  20,000       459,206 
Wagon Industrial Holdings P.L.C.......................  47,292       154,445 
Walker Greenbank P.L.C................................  53,105        12,685 
Warner Estate Holdings P.L.C..........................  70,000       316,952 
*Waterdorm P.L.C...................................... 105,000             0 
Waterman Partnership Holdings P.L.C...................  65,000       115,408 
*Waverly Mining Finance P.L.C.........................  42,500         2,273 
Weir Group P.L.C......................................  35,236       125,877 
Wellington Holdings P.L.C.............................   9,000        11,744 
Wembley P.L.C.........................................   6,053        63,792 
Westbury P.L.C........................................ 202,522       690,275 
Whatman P.L.C......................................... 241,935       401,954 
White Young Green P.L.C...............................   9,000        23,680 

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THE UNITED KINGDOM SMALL COMPANY SERIES                                         

CONTINUED                                                                       

                                                                [Download Table]


                                                             SHARES        VALUE+
                                                             ------        ------
                                                                                 
 *Whittard of Chelsea P.L.C............................    30,000    $    11,979 
 *Wiggins Group P.L.C.................................. 1,148,266        255,867 
 Wilmington Group P.L.C................................    28,692         60,354 
 Wilshaw P.L.C.........................................   198,409         62,249 
 Wilson (Connolly) Holdings P.L.C......................    51,000        107,279 
 Wintrust P.L.C........................................    22,500        184,502 
 Wolverhampton & Dudley Breweries P.L.C................    93,071        673,600 
 Worthington Group P.L.C...............................   102,653          8,052 
 Wyevale Garden Centres P.L.C..........................    36,271        241,303 
 Wyndeham Press Group P.L.C............................    63,066         78,696 
 *XAAR P.L.C...........................................    18,405         25,329 
 *Xenova Group P.L.C...................................   145,714         72,731 
 *YJL P.L.C............................................    35,932         13,195 
 Yates Brothers Wine Lodges P.L.C......................    23,113         45,322 
 Yorklyde P.L.C........................................    25,555         20,044 
 Yorkshire Group P.L.C.................................    82,504         44,711 
 Young & Co's Brewery P.L.C............................    10,000         79,862 
 Young & Co's Brewery P.L.C. Class A...................     5,234         50,010 
 Yule Catto & Co. P.L.C................................    53,557        180,252 
 *Zetters Group P.L.C..................................    29,000         61,415 
 Zotefoams P.L.C.......................................    12,000         13,776 
                                                                     ----------- 
TOTAL COMMON STOCKS                                                              
  (Cost $88,371,964)...................................               93,830,197 
                                                                     ----------- 
RIGHTS/WARRANTS -- (0.4%)                                                        
 *Audemars Piguet Holdings SA Letter of Entitlement....    90,242              0 
 *Creston P.L.C. Warrants 03/31/04.....................     1,000              0 
 *Vocalis Rights 12/19/01..............................     8,000            399 
 WSP Group P.L.C. 06/21/01.............................    75,000        330,500 
                                                                     ----------- 
TOTAL RIGHTS/WARRANTS                                                            
  (Cost $174,218)......................................                  330,899 
                                                                     ----------- 
INVESTMENT IN CURRENCY -- (0.2%)                                                 
 *British Pound Sterling                                                         
   (Cost $190,037).....................................                  174,922 
                                                                     ----------- 
TOTAL -- UNITED KINGDOM                                                          
  (Cost $88,736,219)...................................               94,336,018 
                                                                     ----------- 

                                                                [Download Table]

                                                           FACE               
                                                          AMOUNT              
                                                          ------              
                                                          (000)               
                                                                              
TEMPORARY CASH INVESTMENTS -- (2.2%)                                          
 Repurchase Agreement, PNC Capital Markets Inc. 2.00%,                        
   12/03/01 (Collateralized by U.S. Treasury Notes                            
   5.875%, 11/15/04, valued at $2,189,220) to be                              
   repurchased at $2,155,359                                                  
   (Cost $2,155,000)................................... $   2,155    2,155,000
                                                                   -----------
TOTAL INVESTMENTS -- (100.0%)                                                 
  (Cost $90,891,219)++.................................            $96,491,018
                                                                   ===========

                                                                [Download Table]
                                                                                
--------------------------------------------------------------------------------
   +  See Note B to Financial Statements.                                       
   *  Non-Income Producing Securities                                           
   #  Total or Partial Securities on Loan                                       
  ++  The cost for federal income tax purposes is $90,925,216.                  

See accompanying Notes to Financial Statements. 

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THE CONTINENTAL SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS 

NOVEMBER 30, 2001 

                                                                [Download Table]

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               
FRANCE -- (15.8%)                                                              
COMMON STOCKS -- (15.7%)                                                       
 *Agricole de la Crau..................................       449  $     22,112
 Apem SA...............................................     1,000        35,834
 Assystem SA...........................................     2,657        82,887
 *Aurea................................................       600         5,367
 Bail-Investissement (Societe Immobiliere pour le                              
   Commerce & l'Industrie).............................     2,367       256,661
 Bains de Mer et du Cercle des Etrangers a Monaco......     4,615       619,840
 *Berger Levrault SA...................................       476        52,637
 Boiron SA.............................................     3,800       239,877
 Brioche Pasquier SA...................................     5,200       322,201
 Burelle SA............................................     4,030       180,603
 CEGID SA..............................................     4,500       349,340
 *COM 1 SA.............................................       450         2,692
 *CS Communication et Systemes.........................    23,633       180,715
 Carbone Lorraine......................................    33,245     1,011,799
 Cegedim SA............................................     6,400       276,041
 Change de la Bourse SA................................       614        12,920
 Christian Dalloz SA...................................     2,022       147,012
 Cie Francaise des Ferrailles..........................    10,576       377,843
 Cie Industrielle et Financiere d'Ingenierie SA                                
   Ingenico............................................    56,200     1,318,422
 Compagnie Financiere Saint-Honore.....................     1,188       143,604
 Concorde Cie d'Assurances Contre les Risques de Toute                         
   Nature SA...........................................     2,992     1,119,837
 *Consortium International de Diffusion et de                                  
   Representation Sante Cider Sante....................       600        12,088
 Continentale d'Entreprises SA.........................    20,087       854,150
 Costimex SA...........................................       700        13,914
 Credit Foncier et Communal d'Alsace et de Lorraine....       840       180,061
 Cristalleries de Baccarat.............................     1,567       148,026
 *#Damart SA...........................................    22,900     1,648,574
 Deveaux SA............................................     1,040        63,695
 Didot-Bottin..........................................     1,620        87,178
 Docks des Petroles d'Ambes............................       100         8,954
 Docks Lyonnais........................................     1,147        22,009
 Dynaction SA..........................................    10,660       233,947
 Electricite de Strasbourg.............................    23,784       724,283
 *Emprunt Conjoint de Banque du Batiment et des Travaux                        
   Publics et de Financiere de Gestion et                                      
   d'Investissement SA.................................    29,814             0
 *Expand SA............................................     2,060       101,449
 Explosifs et de Produits Chimiques....................       524       104,160
 Fimalac SA............................................   104,100     3,592,355
 Financiere et Immobiliere de l'Etang de Berre et de la                        
   Mediterranee SA.....................................     4,000        11,103
 Fininfo SA............................................     9,760       278,777
 Fonciere Lyonnaise SA.................................     2,896        69,235
 Fonderies Franco Belge................................       492        34,362
 France-Africaine de Recherches Petrolieres                                    
   (Francarep).........................................     4,250       220,716
 *Fromagerie F. Paul Renard............................       200        14,147
 *GCI (Groupe Chatellier Industrie SA).................     7,258         1,170

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               

 GFI Industries SA.....................................     6,845  $    118,290
 Gantois Series A......................................       647        56,194
 Gascogne SA...........................................     6,472       400,436
 *#Gaumont.............................................    14,607       492,036
 *Generale de Geophysique SA...........................    17,278       547,663
 Gevelot...............................................     3,584       104,296
 Grands Moulins de Strasbourg..........................       110        14,390
 Groupe Guillin SA.....................................     1,200        29,011
 Groupe Norbert Dentressangle SA.......................     6,320       123,365
 Groupe Zannier SA.....................................     4,100       298,280
 Guitel-Etienne-Mobilor SA.............................       240        10,661
 Guyenne et Gascogne SA................................    26,000     2,009,097
 Hoteliere Lutetia Concorde............................     2,505       201,868
 Hotels et Casinos de Deauville........................     2,055       326,608
 IMS International Metal Service SA....................    12,630        83,686
 Immobanque............................................     1,098       118,961
 Immobiliere Marseillaise..............................       656     1,762,146
 Industrielle et Financiere d'Entreprise SA............       300        14,962
 *Informatique et Realite SA...........................     2,643        25,559
 *Lectra Systemes SA...................................    19,192        73,034
 Legris Industries SA..................................     9,350       168,695
 Locindus (Cie Financiere pour la Location d'Immeubles                         
   Industrials et Commerciaux).........................     1,600       180,513
 MRM...................................................     1,424        34,414
 Manitou SA............................................    11,092       645,565
 Matussiere et Forest SA...............................    13,600        94,253
 *Metaleurop SA........................................    35,749       102,431
 *Montupet SA..........................................    32,450       305,376
 *NAF NAF SA...........................................     4,200        46,820
 Nord-Est SA...........................................     2,707        64,838
 PSB Industries SA.....................................     1,240        86,936
 Parc Asterix SA.......................................       822        13,616
 Parisienne de Chauffage Urbain........................       200        12,894
 *Pier Import Europe SA................................    12,100        54,172
 Pinguely-Haulotte SA..................................    25,000       242,429
 Plastic Omnium........................................     5,141       294,608
 Radiall SA............................................     1,340        81,049
 Robertet SA...........................................     1,076        62,142
 Rochette..............................................    84,470       480,278
 Rougier SA............................................     2,040       105,944
 SDR de Bretagne SA....................................       714         8,298
 SILIC (Societe Immobiliere de Location pour                                   
   l'Industrie et le Commerce).........................     3,064       425,243
 SOGEPAG (Societe Exploitation de Parces et Gauges)....       379        13,676
 SR Teleperformance....................................    90,928     1,791,171
 *Sabate SA............................................     2,400        38,681
 Sabeton...............................................    13,500       129,340
 Samse SA..............................................     4,400       315,181
 Sechilienne...........................................     2,200       141,437
 Securidev SA..........................................     1,500        12,840
 Selectibanque SA......................................     7,100       102,671
 Sidergie SA...........................................     4,000        97,061
 #Skis Rossignol SA....................................    41,668       548,450
 Smoby SA..............................................       500        13,207
 Societe Financiere Interbail SA.......................    17,550       477,713

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              
 Societe Francais des Papiers Peints...................      400  $      8,596
 Sopra SA..............................................    6,900       238,172
 Sucriere de Pithiviers-le-Vieil.......................    1,825       606,253
 Taittinger SA.........................................   12,700     1,489,676
 Touax (Touage Investissement SA)......................   10,378       183,061
 *Trouvay et Cauvin SA.................................    1,500        11,739
 Unilog SA.............................................    6,320       390,466
 Union Generale du Nord SA.............................      994        58,608
 Vallourec (Usines a Tubes de Lorraine Escaut et                              
   Vallourec Reunies)..................................   31,700     1,443,335
 *Valtech, La Defense..................................   20,000        40,293
 Vermandoise de Sucreries..............................      323       219,803
 *Viel et Cie..........................................   42,228       127,423
 Vilmorin et Cie SA....................................    2,349       150,280
 Virbac SA.............................................    1,713       138,811
                                                                  ------------
TOTAL COMMON STOCKS                                                           
  (Cost $29,900,178)...................................             34,291,598
                                                                  ------------
RIGHTS/WARRANTS -- (0.1%)                                                     
 *Simco SA CVG Warrants 10/31/03                                              
   (Cost $86,256)......................................   19,695       121,681
                                                                  ------------
TOTAL -- FRANCE                                                               
  (Cost $29,986,434)...................................             34,413,279
                                                                  ------------
GERMANY -- (14.5%)                                                            
COMMON STOCKS -- (14.5%)                                                      
 Aachener Strassenbahn-Und Energie Versorguns AG.......    3,220        46,131
 *Acg AG Fuer Chipkarten und Informationssysteme.......    1,400         7,835
 *Adva AG Optical Networking...........................    3,500        19,430
 *Agrob AG.............................................    5,800        67,513
 Aigner (Etienne) AG...................................      600        85,958
 Alsen AG, Hamburg.....................................   16,400       367,114
 *Alte Leipziger Versicherungs AG Series C.............    1,043       452,942
 Amira Verwaltungs AG..................................      200        92,226
 Andreae-Noris Zahn AG, Anzag..........................   27,200       657,581
 Anterra Vermoegensverwaltungs AG......................    1,350       112,417
 *Articon Integralis AG................................    2,100        21,605
 BUS (Berzelius Umwelt Service) AG.....................    5,400        32,831
 Baader Wertpapier Handelsbank AG......................    7,900        32,539
 *Babcock Borsig AG....................................   37,480       263,443
 *Balda AG.............................................    3,600        32,557
 Bayerische Handelsbank AG.............................   99,086     1,818,792
 #Beate Uhse AG........................................   16,800       138,393
 *Bechtle AG...........................................    2,200        16,547
 Berliner Elektro Holding AG...........................   11,061        67,347
 Berliner Kindl-Brauerei AG............................      790       141,473
 *Bertrandt AG.........................................    3,100        44,273
 Beru AG...............................................      600        26,352
 Bilfinger & Berger Bau AG, Mannheim...................   14,400       312,029
 *Biodata Information Technology AG....................    1,000           600
 Blaue Quellen Mineral und Heilbrunnen AG..............      267       182,890
 *Bochum-Gelsenkirchener Strassenbahnen AG.............      192        27,507
 Boewe Systec AG.......................................    3,000        51,844
 *Brau und Brunnen AG..................................    4,995        86,767
 Bremer Energiekonto AG................................    1,200        15,902

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              

 *Bremer Woll-Kaemmerei AG.............................   19,960  $     33,957
 Brillant AG...........................................    1,310        45,511
 *#Brokat AG...........................................    4,900         1,536
 Buckau (Walther) AG...................................    7,800             0
 Ce Consumer Electrnic AG..............................    2,700        19,099
 Ceag AG...............................................   20,670       145,287
 Cewe Color Holding AG.................................    1,900        20,755
 *Ceyoniq AG...........................................    2,900        14,282
 *Computerlinks AG.....................................      600        10,020
 *Comroad AG...........................................    2,200        19,502
 *Concordia Bau und Boden AG...........................  102,602       459,349
 *DAS Werk AG..........................................    1,200         3,438
 Data Modul AG.........................................    2,400        46,095
 Deutsche Steinzeug Cremer & Breuer AG.................   87,200        89,010
 Deutsche Verkehrs-Bank AG.............................    7,124       574,094
 *Dierig Holding AG....................................   10,500        84,427
 Dis Deutscher Industrie Service AG....................    1,400        35,162
 Doag-Holding AG.......................................    7,500        28,541
 Dom-Braugerei AG......................................    1,100        44,322
 Duerr Beteiligungs AG.................................   14,750       322,254
 *Dyckerhoff AG DM50...................................   12,750       296,825
 *Dyckerhoff and Widmann AG............................   49,190        84,566
 *Elmos Semiconductor AG...............................    2,100        28,393
 ElreingKlinger AG.....................................    1,500        30,891
 *#Em TV & Merchandising AG............................   16,600        28,984
 Erlus Baustoffwerke AG................................      297        83,769
 *Erste Kulmbacher Actien Brauerei AG..................      432             0
 Escada AG.............................................   10,260       188,329
 Eurobike AG...........................................    1,700         5,449
 *Evotec Biosystems AG.................................    3,800        40,558
 #Fag Kugelfischer Georg Schaefer AG...................   24,300       257,835
 Feilmann AG...........................................    2,300        76,816
 Fja AG................................................      800        35,100
 Forst Ebnath AG.......................................       13         6,169
 *Freenet.De AG........................................    1,900        24,838
 Fuchs Petrolub AG Oel & Chemie........................    2,231       121,656
 *GFK AG...............................................    2,600        51,124
 *GPC Biotech AG.......................................    1,900        22,967
 *Gft Technologies AG..................................    2,100        11,752
 Gilde Brauerei AG.....................................    1,200       333,089
 Goldschmidt (T.H.) AG.................................   83,200     2,011,425
 *Gontard & Metallbank AG..............................    3,700         6,759
 *Grenkeleasing AG.....................................      800        13,753
 Gwag Bayerische Wohnungs-Aktiengesellschaft AG........    2,665        77,553
 *Hagen Batterie AG....................................      104        56,990
 Hamborner AG..........................................   21,000       428,717
 Hasen-Braeu AG........................................    1,000        36,711
 *Herlitz AG...........................................    3,462         6,510
 Holsten-Brauerei AG...................................   38,462       588,904
 *Holzmann (Philipp) AG................................    2,200        16,941
 *Hucke AG.............................................    8,300        14,864
 IFA Hotel & Touristik AG..............................    7,000        62,051
 *Intershop Communications AG..........................    5,200        11,081
 Iwka AG...............................................   26,613       300,249
 *Ixos Software AG.....................................    6,100        21,848
 *Jumptec Industrielle Computertechnik AG..............    2,000        15,043
 K & S Aktiengesellschaft AG...........................  129,500     2,406,050
 KSB AG................................................    2,387       183,916
 KWS Kleinwanzlebener Saatzucht AG.....................    1,650       746,092

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              
 Kampa-Haus AG.........................................    8,375  $     41,694
 Kamps AG, Duesseldorf.................................    8,200        65,713
 *Kaufring AG..........................................    2,203         6,293
 Keramag Keramische Werke AG...........................   13,000       449,311
 *#Kloeckner Humboldt-Deutz AG.........................   25,650        45,704
 *Kloeckner-Werke AG...................................    4,500        70,714
 *Km Europa AG (New)...................................    1,338        24,967
 Kolbenschmidt Pierburg AG, Duesseldorf................   28,473       314,860
 *Kontron Embedded Computers AG........................    2,600        33,524
 Kraftuebertragungswerke Rheinfelden AG................    4,684     1,174,754
 Kromschroeder (G.) AG.................................   26,520       161,710
 Krones AG.............................................      700        24,319
 Kupferberg (Christian Adalbert) & Cie KG A.A..........      151        70,983
 LPKF Laser & Electronics AG...........................    2,200        11,918
 Lehnkering AG.........................................   15,300       143,846
 Leifheit AG...........................................   12,500       307,794
 Leoni AG..............................................   25,000       565,221
 *Loewe AG.............................................      700        20,057
 MG Vermoegensverwaltungs AG...........................    3,141       112,498
 *MLF Holding fuer Umwelttechnologie AG................      165             0
 *MLF Holding fuer Umwelttechnologie AG Em 95..........       33             0
 MVV Energie AG........................................   20,200       274,923
 *MWG Biotech AG.......................................    6,600        11,997
 *Maihak (H.) AG.......................................      143         7,247
 Mannheimer Aktiengesellschaft Holding AG..............   35,580     1,608,845
 Markt und Kuehlhallen AG..............................   14,000       231,908
 *Maternus-Kliniken AG, Bad Oyenhausen.................    2,400         6,447
 *Maxdata AG...........................................   11,500        82,377
 Mensch und Maschine Software AG.......................      900         9,026
 *Moenus Textilmaschinen AG............................    5,250         2,350
 *Moksel (A.) AG.......................................   15,800        46,403
 *Morphosys AG.........................................    1,100        54,664
 Mueller-Weingarten AG.................................   11,580       207,375
 *Nemetschek AG........................................    3,800        13,950
 Neue Baumwoll-Spinnerei und Weberei Hof AG............   12,170        85,542
 *Niedermayr Papierwarenfabrik AG......................    1,200        18,803
 *Norddeutsche Affinerie AG............................    1,900        23,596
 Norddeutsche Steingutfabrik AG........................    5,960        31,486
 *Otto Reichelt AG.....................................   11,950        73,830
 *Parsytec AG..........................................      700         3,886
 *Pfaff (G.M.) AG......................................   80,000        22,206
 *Pfeiffer Vacuum Technology AG........................    1,000        35,816
 Pfleiderer AG.........................................   17,000       118,578
 Phoenix AG, Hamburg...................................   37,500       392,857
 Progress-Werk Oberkirch AG............................    5,000        83,272
 Puma AG...............................................    4,900       121,533
 *Qs Communications AG.................................    5,900         7,660
 *RTV Family Entertainment AG..........................    9,500        13,610
 *Rational AG..........................................    1,200        36,532
 Reiter Ingolstadt Spinnereimaschinen AG...............    1,200       126,789
 Renk AG...............................................   19,400       326,570
 #Rheinmetall Berlin AG................................   45,000       693,039
 *SGL Carbon AG........................................    2,100        52,085

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              

 Salzgitter AG.........................................   24,900  $    217,381
 *Schneider Rundfunkwerke AG...........................   10,274        45,997
 Schwarz Pharma AG.....................................    9,000       233,699
 Sektkellerei Schloss Wachenheim AG....................   15,120        95,040
 *Senator Entertainment AG.............................    9,800        28,080
 *Ser Systeme AG.......................................    6,000        13,431
 *Sibra Beteiligungs AG................................    8,844        23,757
 *Singulus Technologies AG.............................    3,600        95,091
 Sinner AG, Karlsruhe..................................    4,160        39,111
 #Sixt AG..............................................    6,500        50,926
 *Stada Arzneimittel AG................................    1,400        44,752
 Stahl (R.) AG.........................................    2,000        12,177
 *Steag Hamtech AG.....................................    1,800        14,280
 Stoehr & Co. AG.......................................   16,000        85,958
 Stollwerck AG.........................................      480       107,448
 *Strabag AG...........................................    3,332        69,604
 Stuttgarter Hofbraeu AG...............................   18,000       282,051
 Sued-Chemie AG........................................   29,146       939,503
 *Suess Microtec AG....................................    1,400        38,986
 #Takkt AG.............................................   29,100       157,118
 Tarkett AG............................................   12,800        67,621
 *Technotrans AG.......................................      200         6,522
 *Telegate AG..........................................    1,400         2,758
 *Terrex Handels AG....................................    1,250        55,962
 *United Internet AG...................................    5,400        22,919
 VBH (Vereinigter Baubeschlag-Handel) AG...............    9,415        66,598
 VK Muehlen AG.........................................    1,312        58,503
 Vereinigte Deutsche Nickel-Werke AG...................   13,800       279,875
 Vossloh AG............................................   15,900       311,075
 *WCM Beteiligungs AG..................................  100,666     1,158,251
 Walter AG.............................................   13,500       360,219
 Wanderer-Werke AG.....................................    7,903       100,484
 *Wedeco AG Water Technology...........................    1,100        35,261
 Westag and Getalit AG, Rheda-Wiedenbrueck.............    7,000        38,547
 Wuerttembergische Hypotheken Bank AG..................   21,827       922,471
 Wuerttembergische Lebensversicherung AG...............    4,430        99,007
 Wuerttembergische Metallwarenfabrik AG................   30,330       440,223
 Wuerzburger Hofbraeu AG...............................      133        36,917
 Zapf Creation AG......................................      800        17,765
 Zementwerk Lauffen-Elektrizitaetswerk Heilbronn AG....   10,455       585,088
                                                                  ------------
TOTAL -- GERMANY                                                              
  (Cost $36,396,424)...................................             31,685,584
                                                                  ------------
SWITZERLAND -- (11.5%)                                                        
COMMON STOCKS -- (11.4%)                                                      
 *AFG Arbonia-Forster Holding AG.......................    2,610       139,471
 *Accumulatoren-Fabrik Oerlikon, Zuerich...............       30        18,081
 Afipa SA, Vevey.......................................       20         4,979
 Afipa SA, Vevey Series A..............................       80        27,739
 Aletsch AG, Moerel....................................       50       161,526
 BHB Beteiligungs und Finanzgesellschaft...............      150         4,000
 BKW FMB Energie AG, Bern..............................      660     1,021,988
 BVZ (Brig Visp Zermatt) Holding AG....................      370        48,306
 Bank Coop AG..........................................    5,881       644,600

138                                                                             

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               
 Bank Sarasin & Cie Series B, Basel....................       274  $    527,438
 *Banque Cantonale de Geneve...........................     1,344       128,949
 *Banque Cantonale du Jura.............................       450        55,198
 Banque Privee Edmond de Rothschild SA, Geneve.........       120       666,752
 Basellandschaftliche Kantonalbank.....................       600       221,886
 Basler Kantonalbank...................................     5,000       198,568
 *Bobst Group SA.......................................    18,200       555,353
 Bon Appetit Holding A.................................     1,650       117,980
 Bossard Holding AG....................................     6,350       122,235
 Bucher Holding AG, Niederweningen.....................       671       488,951
 CKW (Centralschweizerische Kraftwerke), Luzern........       670       683,512
 CKW (Centralschweizerische Kraftwerke), Luzern                                
   (Participating).....................................     1,500       132,075
 *Calida Holding AG....................................       396        50,979
 Canon (Schweiz) AG, Dietlikon.........................     3,706       162,032
 Carlo Gavazzi Holding AG..............................       910        45,865
 Cie Financiere Tradition..............................     2,500       241,379
 *Crossair AG fuer Europaeischen Regionalluftverkehr,                          
   Basel (Genusschen)..................................       330        19,257
 Daetwyler Holding AG, Atldorf.........................       348       465,327
 EGL (Elektrizitaets-Gesellschaft Laufenberg) AG,                              
   Laufenberg..........................................     8,390     1,426,533
 Edipresse SA, Lausanne................................       694       184,585
 Eichhof Holding AG....................................       188        91,329
 Energie Electrique du Simplon SA......................       350        22,741
 Escor AG, Duedingen...................................       744        11,295
 Financiere Michelin, Granges-Paccot...................       637       188,378
 Forbo Holding AG, Eglisau.............................     1,100       336,655
 Fuchs Petrolub AG Oel & Chemie Non-Voting.............     2,001       105,774
 Galenica Holding AG, Bern Series B....................       405       329,550
 Generale d'Affichage, Geneve..........................       290       114,465
 Generali (Switzerland) Holdings, Adliswil.............     1,670       409,694
 Golay-Buchel Holding SA, Lausanne.....................        40        41,778
 Gornergrat Monte Rasa-Bahnen Zermatt..................        70        36,386
 Gurit-Heberlein AG....................................     1,125       799,282
 *HPI Holding SA.......................................     6,000        25,868
 Hero AG...............................................     3,040       365,511
 *Industrieholding Cham AG, Cham.......................       864       104,931
 Jelmoli Holding AG, Zuerich...........................     1,521     1,551,673
 #Jelmoli Holding AG, Zuerich (Namen)..................     2,835       585,321
 Kardex AG, Zuerich....................................     1,039       175,397
 Kardex AG, Zuerich (Participating)....................       610        98,901
 Kraftwerk Laufenburg, Laufenburg......................     8,265     1,681,316
 Kuehne & Nagel International AG.......................     3,240       155,233
 Lem Holdings AG, Lyss.................................       270        45,907
 *#Logitech International SA...........................    66,100     2,307,975
 Maag Holding AG, Zuerich..............................       922       123,733
 *Mikron Holding AG, Biel..............................     1,326       113,534
 #Moevenpick-Holding, Zuerich..........................     1,320       432,842
 *Nextrom Holding SA...................................       277        22,708
 *Omnium Geneve SA, Geneve.............................       110            73
 *Orell Fuessli Graphische Betriebe AG, Zuerich........       240       240,468
 Oz Holding AG.........................................     4,400       347,342
 *Parco Industriale e Immobiliare SA...................       600         1,275
 Phoenix Mecano AG, Stein am Rhein.....................     2,749       667,723

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               

 *Reg Real Estate Group................................     8,010  $    471,809
 Sarna Kunststoff Holding AG, Sarnen...................       176       135,731
 *Schaffner Holding AG.................................       300        60,117
 Schweizerhall Holding AG, Basel.......................       140       157,276
 Schweizerische National Versicherungs Gesellschaft....       396       201,993
 Siegfried AG, Zofingen................................       856       675,739
 Sig Holding AG........................................     1,600       137,965
 *Sihl.................................................       150         2,364
 Sika Finanz AG, Baar..................................       800       167,356
 Sika Finanz AG, Baar (Namen)..........................       750        26,369
 Sopracenerina.........................................     2,409       168,959
 UMS Schweizerische Metallwerke Holding AG, Bern.......     2,560       136,178
 Unigestion Holding, Geneve............................     2,891       172,043
 Vaudoise Assurances Holding, Lausanne.................        45        81,158
 Villars Holding SA, Fribourg..........................       150        23,227
 *Von Moos Holding AG, Luzern..........................     7,000        25,929
 *Von Roll Holding AG, Gerlafingen.....................    23,024        69,626
 WMH Walter Meier Holding AG, Staefa...................        50        33,702
 Zehnder Holding AG....................................       193       111,221
 *Zellweger Luwa AG....................................     3,040       124,606
 Zschokke Holding SA, Geneve...........................       230        53,771
 Zueblin Holding AG....................................        93           525
 Zuercher Ziegeleien Holding, Zuerich..................     1,415       988,134
 Zuger Kantonalbank....................................       545       708,226
                                                                   ------------
TOTAL COMMON STOCKS                                                            
  (Cost $18,924,271)...................................              24,834,626
                                                                   ------------
PREFERRED STOCKS -- (0.1%)                                                     
 Fuchs Petrolub AG Oel & Chemie 7.29% Non-Voting                               
   (Cost $266,229).....................................     2,001       111,485
                                                                   ------------
INVESTMENT IN CURRENCY -- (0.0%)                                               
 *Swiss Francs                                                                 
   (Cost $22,281)......................................                  22,681
                                                                   ------------
TOTAL -- SWITZERLAND                                                           
  (Cost $19,212,781)...................................              24,968,792
                                                                   ------------
ITALY -- (8.1%)                                                                
COMMON STOCKS -- (8.1%)                                                        
 *Auschem SpA (In Liquidation).........................    82,000             0
 *Azienda Mediterranea Gas e Acqua SpA.................    78,000        81,155
 *Banca Intermobiliare di Investimenti e Gestoni SpA...    27,500       112,283
 Banca Popolare Dell'etruria e Del Lazio Scrl SpA......     4,000        34,976
 *Banca Popolare di Lodi Scarl.........................    33,000       263,274
 *Banca Profilo SpA....................................    29,000        75,303
 Banca Toscana.........................................    75,000       251,160
 Banco di Chiavari e della Riviera Ligure SpA,                                 
   Chiavari............................................   120,000       433,015
 Banco di Desio e della Brianza SpA....................    27,500        70,669
 Banco Piccolo Valellinese Scarl SpA...................    12,000        87,892
 Bassetti SpA..........................................    61,500       240,092
 *Bastogi SpA.......................................... 1,183,000       172,659
 *Bayerische Vita SpA..................................    24,000       158,808
 *Binda SpA............................................ 1,299,375             0
 Boero (Bartolomeo) SpA................................     8,925        74,720

                                                                             139

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               
 Bonifica dei Terreni Ferraresi e per Imprese Agricole                         
   Roma................................................     8,600  $     77,004
 *Bremba SpA...........................................    13,000        90,444
 Brioschi Finanziaria SpA, Milano......................   175,000        34,159
 Buzzi Unicem SpA......................................    30,500       211,104
 CALP (Cristalleria Artistica la Piana SpA)............    48,000       111,101
 CAMFIN (Cam Finanziaria)..............................    36,527       122,321
 CIR SpA (Cie Industriale Riunite), Torino.............   182,500       163,737
 *CMI SpA..............................................    77,404        98,486
 Caltagirone SpA.......................................   178,399       710,836
 Cementeria di Augusta SpA.............................   105,000       129,743
 #Cementir Cementerie del Tirreno SpA..................   249,704       505,302
 #Cia Assicuratrice Unipol SpA.........................   199,333       667,525
 *Cirio Finanziaria SpA................................    85,000        27,780
 Class Editore SpA.....................................    22,000        76,037
 *Credito Artigiano SpA................................    24,000        67,262
 Cremonini SpA.........................................    23,000        29,882
 Cucirini SpA..........................................    30,000        30,891
 *Dalmine SpA.......................................... 1,976,700       388,501
 #Danieli & C.Officine Meccaniche SpA..................    66,500       181,609
 *Dataconsyst C.G.S. SpA, Monza........................       220             0
 *Del Favero SpA.......................................    86,000             0
 *Ducati Motor Holding SpA.............................    25,000        38,838
 *Erg SpA..............................................    38,000       142,566
 Ericsson SpA..........................................     6,000       139,414
 *Esaote Biomedica SpA.................................     7,000        20,872
 *FMC (Fabbrica Milanese Condutorri SpA)...............    25,000             0
 *Finarte Casa d'Aste SpA (Milano).....................    56,266       110,585
 *Finarte Partecipazioni Pro Arte SpA..................   162,693       161,700
 *#Finmatica SpA.......................................    10,000       179,438
 *Firs-Italiana de Assicurazioni Compagnia di                                  
   Assicurazioni Eriassicurazioni (In Liquidation).....    90,000             0
 *Fochi (Filippo) SpA..................................   216,000             0
 *Fornara Societa Finanziaria e di Partecipazioni                              
   SpA.................................................   310,000             0
 Gabetti Holding SpA...................................    55,000       109,575
 *Gemina SpA...........................................    58,000        37,703
 *Gerolimich SpA (In Liquidation)......................   297,400             0
 *Gewiss SpA...........................................   221,700       750,368
 Grandi Navi Veloci SpA................................    15,000        28,877
 *Grassetto SpA........................................   279,125             0
 *Gruppo Ceramiche Ricchetti SpA.......................    51,000        25,253
 #Gruppo Editoriale L'espresso SpA.....................    32,500       101,270
 ITALJOLLY (Cia Italiana dei Jolly Hotels SpA).........    34,500       139,011
 *#Impregilo SpA.......................................   532,000       258,183
 Industria Macchine Automatique SpA....................    23,000       166,607
 Industrie Zignago S. Margherita SpA...................    52,000       527,534
 *Interbanca SpA.......................................    11,000       144,786
 *Interpump Group SpA..................................    19,000        70,262
 Ipi SpA...............................................    70,700       238,659
 *Italdesign Giugiaro SpA..............................     8,000        28,151
 Italmobiliare SpA, Milano.............................     5,250       157,243
 Linificio and Canapificio Nazionale SpA...............    22,000        25,077
 *Locat SpA............................................    40,000        25,967
 Maffei SpA............................................    52,500        58,291
 *Mandelli SpA.........................................    41,000             0

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               

 Manifattura Lane Gaetano Marzotto & Figli SpA.........   138,000  $  1,135,563
 Marangoni SpA, Rovereto...............................    34,303        68,187
 #Merloni Elettrodomestici SpA.........................   155,000       711,977
 Milano Assicurazioni SpA..............................    81,000       245,868
 Monrif SpA............................................   150,000       119,267
 Montefibre SpA........................................   143,130        75,357
 *Navigazione Montanari SpA............................    20,000        22,295
 *Necchi SpA...........................................   164,250        34,341
 *Olidata SpA..........................................     8,000        20,952
 *Opengate Group SpA...................................     2,000        33,757
 Perlier SpA...........................................   100,700        18,124
 *Permasteelisa SpA....................................     6,000        80,586
 Pininfarina SpA.......................................    31,285       532,239
 Poligrafici Editoriale SpA............................   132,000       121,857
 *Premafin Finanziaria SpA Holding di Partecipazioni,                          
   Roma................................................   162,152       238,113
 *Premaimm SpA.........................................   179,000        22,118
 *Ratti SpA............................................    31,768        22,472
 Recordati Industria Chimica e Farmaceutica SpA........    48,000       902,563
 Reno de Medici SpA, Milano............................   100,500       113,564
 *Risanamento Napoli SpA...............................    11,000        26,593
 *Rodriquez SpA........................................    41,250             0
 #SAES Getters SpA.....................................    14,750       150,694
 #SAI SpA (Sta Assicuratrice Industriale), Torino......    14,500       198,644
 SAIAG SpA (Industrie Articoli Gomma)..................    30,000       103,419
 SISA (Societa Imballaggi Speciali Asti SpA)...........    65,000        37,481
 SMI STA Metallurgica Italiana SpA.....................   565,280       257,125
 SNIA SpA..............................................   502,039       666,646
 *SOPAF (Societa Partecipazioni Finanziarie SpA).......    85,000        21,463
 *Sabaf SpA............................................     2,000        20,523
 *Schiapparelli 1824 SpA, Milano.......................    15,000         2,042
 *Sirti SpA............................................    35,000        30,712
 *Societe Sportiva Lazio SpA...........................    14,000        24,131
 Sogefi SpA............................................   182,500       337,442
 Sol SpA...............................................    14,000        22,313
 Sta per la Condotte Acque Potabili SpA................    14,000       167,977
 Stefanel SpA..........................................    54,400        94,984
 *Tecnodiffusione Italia SpA...........................     1,000        25,904
 Terme Demaniali di Acqui SpA..........................   199,500        56,984
 *Trevi-Finanziaria Industriale SpA....................    15,000        25,250
 *Tripcovich (D.) & Co. SpA Navigazione Rimorchi e                             
   Salvataggi Trieste..................................   113,898             0
 *Unione Manifatture SpA (In Liquidation)..............   156,000             0
 *Unipar (Unione Nazionale di Participazione SpA) (In                          
   Liquidation)........................................   539,000             0
 Vianini Industria SpA.................................    52,520       113,804
 Vianini Lavori SpA....................................   180,752       720,211
 Vittoria Assicurazioni SpA............................    51,500       186,297
 Zucchi (Vincenzo) SpA.................................    89,000       371,358
                                                                   ------------
TOTAL -- ITALY                                                                 
  (Cost $23,249,060)...................................              17,647,157
                                                                   ------------

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               
SPAIN -- (7.3%)                                                                
COMMON STOCKS -- (7.3%)                                                        
 Abengoa SA............................................     5,400  $     38,681
 Ahorro Familiar SA....................................     6,051       174,732
 *Aldeasa SA...........................................     1,800        27,258
 *#Amper SA............................................    56,800       232,933
 Azkoyen SA............................................    52,500       465,384
 *BAMI SA (Inmobiliara de Construcciones y Terrenos)...    28,360        75,673
 Banco de Credito Balear SA............................    35,424       386,967
 Banco de Galicia SA...................................    75,500       946,437
 Banco de Valencia SA..................................   169,455     1,494,540
 Banco de Vasconia SA..................................    89,000       635,931
 Banco Guipuzcoano SA..................................    21,194       351,076
 Banco Pastor SA.......................................     1,956        26,972
 Banco Zaragozano SA...................................   187,990     1,417,306
 Bodegas y Bebedas SA..................................    39,504       554,984
 CAF (Construcciones y Auxiliar de Ferrocarriles SA)...     7,500       208,180
 Campofrio Alimentacion SA.............................    69,600       774,635
 Cementos Portland SA..................................     1,400        34,557
 Corporacion Mapfre Compania Internacional de                                  
   Reaseguros SA.......................................    16,300        98,662
 Cortefiel SA..........................................     4,700        27,944
 *El Aguila SA.........................................    65,332       436,397
 Elecnor SA............................................    18,300       327,716
 Empresa Nacional de Celulosa SA.......................     9,840       136,126
 Energia e Industrias Aragonesas SA....................    12,340        52,484
 *Ercros SA............................................    48,518        18,246
 Espanola del Zinc SA..................................    29,250        53,167
 *Estacionamientos Urbanos SA..........................     4,200             0
 Europistas Concesionaria Espanola SA..................   174,940       747,178
 Fabrica Espanola de Productos Quimicos y Farmaceuticos                        
   SA..................................................     2,100        23,467
 *#Filo SA.............................................    82,733       184,457
 *Grupo Picking Pack SA................................    87,465       122,956
 Hullas del Coto Cortes................................     8,666        56,645
 *Iberica de Autopistas SA Concesionaria de Estado                             
   Iberpistas..........................................   135,210     1,146,504
 *Iberica I-...........................................     5,408        45,362
 Inbesos SA............................................     8,050        15,713
 *Indo Internacional SA................................    33,600        75,214
 Inmobiliaria Colonial SA ICSA.........................     3,300        35,428
 Inmobiliaria del Sur SA...............................     1,656        72,656
 *#Inmobiliaria Urbis SA...............................    74,582       297,174
 Koipe SA, San Sebastian...............................    16,800       478,960
 *LSB (La Seda de Barcelona SA) Series B...............    25,200        47,385
 Lingotes Especiales SA................................    22,080        64,254
 Marco Iberica Distribucion de Ediciones Midesa........     5,600        71,854
 Metrovacesa SA........................................     5,600        75,146
 Nicolas Correa SA.....................................    15,750        37,231
 *Nueva Montana Quijano SA Series B....................    40,500        11,604
 Obrascon Huarte Lain SA...............................    53,992       275,080
 Papelera de Navarra SA................................     6,000        85,958
 Pescanova SA..........................................    24,409       250,686
 #Portland Valderrivas SA..............................    18,225       399,807
 Prosegur Cia de Seguridad SA..........................     7,000        96,837
 *#Radiotronica SA.....................................    10,575        88,723
 Reno de Medici SpA....................................    74,387        86,588

                                                         SHARES          VALUE+
                                                         ------          ------
                                                                               

 *Tableros de Fibras SA Series B.......................     8,560  $     51,736
 Tavex Algodonera SA...................................    26,400        74,225
 *Tele Pizza SA........................................    13,400        21,837
 Uniland Cementera SA..................................     5,750       286,259
 Unipapel SA...........................................    27,957       285,373
 #Uralita SA...........................................   101,725       510,073
 Vallehermoso SA.......................................    13,900        91,230
 Vidrala SA, Alava.....................................    47,040       296,943
 Viscofan Industria Navarra de Envolturas Celulosicas                          
   SA..................................................    97,492       441,709
                                                                   ------------
TOTAL -- COMMON STOCKS                                                         
  (Cost $12,756,585)...................................              15,949,240
                                                                   ------------
RIGHTS/WARRANTS -- (0.0%)                                                      
 *Inmobiliaria del Sur SA Rights 10/31/01                                      
   (Cost $12,428)......................................       331        14,164
                                                                   ------------
TOTAL -- SPAIN                                                                 
  (Cost $12,769,013)...................................              15,963,404
                                                                   ------------
NETHERLANDS -- (6.5%)                                                          
COMMON STOCKS -- (6.5%)                                                        
 A.I.R. Holdings NV....................................     1,119        28,055
 *ASM International NV.................................     4,400        66,976
 Aalberts Industries NV................................    25,017       396,484
 Accell Group NV.......................................     4,865        49,442
 *Atag Group NV........................................     4,630         1,202
 Athlon Groep NV.......................................    34,250       426,277
 Batenburg Beheer NV...................................     3,000        75,213
 *Begemann Groep NV....................................    11,909        47,985
 *Begemann Groep NV Series B...........................    13,451         4,697
 Boskalis Westminster NV...............................    47,991     1,418,047
 Buhrmann NV...........................................     9,200        93,745
 *Creyf's SA...........................................    18,064       230,972
 *Creyf's SA Strip VVPR................................    18,064           162
 Delft Instruments NV..................................    13,336       109,858
 Draka Holding NV......................................     1,400        48,500
 *Econosto NV..........................................    17,305        77,474
 Eriks Group NV........................................     8,000       207,733
 *Exact Holding NV.....................................     1,700        44,448
 *Fox Kids Europe NV...................................     7,400        79,843
 Gamma Holding NV......................................    15,705       432,414
 *Gemeenschappeljk Bezit Crown van Gelder NV...........    12,000       116,044
 Getronics NV..........................................    24,210        89,528
 Geveke NV.............................................     9,193       345,719
 Grolsche NV...........................................    32,100       617,960
 *Haslemere NV.........................................     2,100        87,812
 *Heijmans NV..........................................     1,400        25,121
 Hollandsche Beton Groep NV............................    60,669       645,357
 Internatio-Mueller NV.................................    28,645       527,081
 KLM (Koninklijke Luchtvaart Mij) NV...................     4,200        50,882
 Kas-Associatie NV.....................................    42,888       587,549
 Koninklijke Bam NV....................................    25,037       416,977
 Koninklijke Frans Maas Groep NV.......................    12,349       226,674
 Koninklijke Nedlloyd NV...............................    23,472       352,032
 Koninklijke Ten Cate NV...............................    10,204       224,305
 Koninklijke Ubbink NV.................................     1,500        48,083
 Koninklijke Vendex KBB NV.............................     6,500        62,042
 Koninklijke Volker Wessels Stevin NV..................     2,410        47,150
 Koninklijke Vopak NV..................................     3,600        56,668
 *Laurus NV............................................     9,060        41,292
 MacIntosh NV..........................................    15,590       144,478

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              
 NBM-Amstelland NV.....................................   59,684  $    314,768
 NV Holdingsmij de Telegraaf...........................    3,600        55,927
 Nagron Nationaal Grondbezit NV........................   16,122       389,762
 Nederlandsche Apparatenfabriek........................   14,000       201,823
 *Nh Hotels............................................   21,703       195,300
 Oce NV................................................    6,000        54,798
 *Opg Groep NV Series A................................      900        31,026
 *Petroplus International NV...........................    1,900        28,411
 Polynorm NV...........................................    3,927       243,675
 Reesink NV............................................    2,050        77,553
 Roto Smeets de Boer NV................................    1,040        22,349
 Rubber Cultuur Maatschappij Amsterdam NV..............   40,800        70,873
 #Samas-Groep NV, Zaandam..............................   24,184       147,033
 Schuitema NV, Amersfoort..............................   34,200       523,647
 Schuttersveld NV......................................   20,596       212,079
 *Sligro Beheer NV.....................................      800        21,848
 Smit International NV.................................   19,643       409,808
 Stork NV..............................................    2,900        22,980
 *Textielgroep Twenthe NV..............................    1,000        50,008
 Twentsche Kabel Holding NV............................   18,244       294,042
 Unique International NV...............................   11,094       188,241
 Van Der Mollen Holding NV.............................   55,443     1,563,774
 *Vredestein NV........................................   15,514        78,485
 Wegener Arcade NV ....................................   70,830       482,001
                                                                  ------------
TOTAL -- NETHERLANDS                                                          
  (Cost $9,843,590)....................................             14,232,492
                                                                  ------------
SWEDEN -- (5.6%)                                                              
COMMON STOCKS -- (5.6%)                                                       
 *Active I Malmoe AB Series A..........................    4,160        38,158
 *Active I Malmoe AB Series B..........................    4,160        38,547
 *Addtech AB Series B..................................   12,800        50,318
 *Alfaskop AB..........................................    3,200           240
 *Allgon AB Series B...................................   28,400       170,123
 Angpannefoereningen AB Series B.......................   10,800       143,541
 Arkivator AB..........................................    3,600        28,641
 Avesta Polarit........................................   83,700       329,033
 *Axfood AB............................................   32,400       335,098
 B & N Bylock & Nordsjoefrakt AB Series B..............   41,800        55,556
 Beiger Electronics AB.................................   11,700        76,656
 Beijer AB Series B....................................   11,700        74,466
 Beijer Alma AB Series B...............................   10,400        66,679
 Bergman & Beving AB Series B..........................   12,800        49,120
 *Biacore International AB.............................    5,850       184,523
 *Biora AB.............................................    6,200         5,803
 Bong Ljungdahl AB.....................................    6,000        39,311
 Boras Waefveri AB Series B............................    8,600        37,913
 Capona AB.............................................   19,000        92,474
 Carbo AB..............................................   18,300       268,059
 Castellum AB..........................................   26,200       274,653
 Catena AB Series A....................................   66,700       449,493
 Cloetta AB Series B...................................    1,400        20,311
 Concordia Maritime AB Series B........................   37,300        50,273
 *Doro AB..............................................    2,900         3,393
 *Duroc AB Series B....................................    2,700        10,083
 *Elekta AB............................................   14,100       122,075
 Enea Data AB Series B.................................  220,000       130,756
 *Epsilon AB Series B..................................    4,300        13,483
 Esselte AB Series A...................................   40,100       177,529
 #Esselte AB Series B..................................   34,500       154,998

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              

 Fagerhult AB..........................................    2,900  $     26,193
 *Fagerlid Industrier AB...............................    8,600             0
 Fastighets AB Tornet..................................   16,200       220,619
 *Fastighits AB Celtica................................    5,800        37,186
 #Finnveden AB.........................................   45,250       144,000
 *#Frontec AB Series B.................................   18,200        18,738
 #Garphyttan Industrier AB.............................   39,000       319,402
 Getinge Industrier AB Series B........................   44,151       675,652
 Geveko AB Series B....................................    8,300       102,546
 Gorthon Lines AB Series B.............................   41,800        54,773
 Graenges AB...........................................   19,400       268,738
 Gunnebo AB............................................   10,900       121,406
 HL Display AB Series B................................    2,000        21,153
 Heba Fastighets AB Series B...........................    4,300        26,966
 Hexagon AB Series B...................................    3,572        44,132
 Hoeganges AB Series B.................................   22,700       347,383
 *IBS AB Series B......................................   40,200        64,717
 *#Icon Medialab International AB......................   24,900        10,255
 Industrifoervaltnings AB Skandigen....................   21,400        49,274
 *Information Highway AB...............................   12,500           468
 *Intelligent Microsystems Data AB.....................   45,600        12,804
 *#Intentia International AB Series B..................   12,840        69,103
 Karlshamns AB.........................................   10,000        72,538
 *Klippans Finpappersbruk AB...........................    5,800         9,554
 *Lagercrantz Group AB Series B........................   12,800        35,942
 Lindex AB.............................................   16,100       207,955
 Ljungberg Gruppen AB Series B.........................    3,800        29,165
 *Mandator AB..........................................   22,800         7,469
 *Medivir Series B.....................................    2,800        15,986
 Modul 1 Data AB.......................................    6,700         6,522
 Munksjo AB............................................   26,400       153,201
 NCC AB Series B.......................................   10,300        67,484
 NH Nordiska Holding AB................................   41,750        44,939
 Nibe Industrier AB Series B...........................    2,600        46,967
 Nobelpharma AB........................................   45,460     1,829,628
 *Nolato AB Series B...................................   30,600       199,054
 OEM International AB Series B.........................    7,100        63,132
 Observer AB...........................................  114,880       720,417
 *Ortivus AB...........................................    5,900        11,597
 PEAB AB Series B......................................   39,300       133,893
 Pandox Hotelfastigheter AB............................   13,100        91,960
 Partnertech AB........................................    3,800        26,142
 *#Perbio Science AB...................................   22,000       321,227
 *Poolia AB Series B...................................   18,150       115,518
 *Prevas AB Series B...................................   16,000        24,111
 *Pricer AB Series B...................................   65,000        11,438
 Rottneros Bruk AB.....................................  366,600       332,835
 Sardus AB.............................................    3,000        17,128
 Scandiaconsult AB.....................................   57,200       214,151
 Scribona AB Series A..................................   40,100        42,787
 Scribona AB Series B..................................   31,700        35,605
 Semcon AB.............................................    8,300        33,793
 Sigma AB Series B.....................................   17,200       102,227
 *Sigma AB Series B....................................    8,600        18,433
 Sweco AB Series B.....................................   23,450       151,446
 TV 4 AB Series A......................................    5,800       100,430
 *Ticket Travel Group AB...............................    4,500         3,622
 Trelleborg AB Series B................................   55,800       433,488
 Wallenstam Byggnads AB Series B.......................   16,700       113,323
 Wedins Norden AB Series B.............................   10,000        24,242
 Westergyllen AB Series B..............................    4,300        23,545
 Wihlborgs Fastigheter AB Series B.....................  190,300       247,582

142                                                                             

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              
 Wilh Sonesson AB Series A.............................    4,160  $      5,451
 Wilh Sonesson AB Series B.............................    4,160         5,646
                                                                  ------------
TOTAL COMMON STOCKS                                                           
  (Cost $13,135,342)...................................             12,278,387
                                                                  ------------
INVESTMENT IN CURRENCY -- (0.0%)                                              
 *Swedish Krona                                                               
   (Cost $4,702).......................................                  4,686
                                                                  ------------

                                                                [Download Table]

                                                          FACE                 
                                                        AMOUNT@                
                                                        -------                
                                                         (000)                 
                                                                               
BONDS -- (0.0%)                                                                
 Spendrup Bryggeri AB Series B Debenture Loan 2008                             
   (Cost $2,054).......................................       139         1,767
                                                                   ------------
TOTAL -- SWEDEN                                                                
  (Cost $13,142,098)...................................              12,284,840
                                                                   ------------

                                                                [Download Table]

                                                        SHARES              
                                                        ------              
                                                                            
GREECE -- (5.4%)                                                            
COMMON STOCKS -- (5.4%)                                                     
 *A. Cambas Holding & Real Estate SA...................    6,915      23,405
 Aegek.................................................   47,126     170,474
 *Agricultural Life Insurance S.A......................    7,800     114,260
 Agrotiki Insurance S.A................................    6,470     134,403
 Aktor S.A.............................................   32,450     255,109
 Alcatel Cables Hellas S.A.............................    3,003      21,404
 Alfa-Beta Vassilopoulos S.A...........................    7,012      90,913
 Alpha Leasing.........................................   20,735     176,378
 Alte Technological Co. S.A............................   15,815      63,157
 Altec Information & Communication Systems S.A.........   35,409      93,847
 Alumil Milonas S.A....................................   12,108      71,771
 Aluminum of Attica S.A................................   41,941     119,422
 *Anek Lines S.A.......................................   27,901      56,461
 Arcadia Metal Industry C. Rokas S.A...................   11,299      85,995
 *Aspis Bank...........................................   12,931      64,376
 *Aspis Pronia General Insurance S.A...................   29,790     119,499
 Athens Medical Center S.A.............................   56,185     212,300
 Athens Water & Sewerage Public Co.....................   53,245     343,264
 *Attica Enterprises S.A. Holdings.....................   61,462     290,574
 *Attica Publications S.A..............................    3,340      23,028
 Atti-Kat S.A..........................................   17,523      36,872
 *Autohellas S.A.......................................    5,720      35,135
 *Avax S.A. Construction Co............................   18,300     213,999
 Bank of Attica S.A....................................   31,198     215,656
 Benrubi S.A...........................................    3,959      22,616
 Chipita S.A...........................................   19,050     148,399
 *Daring Sain..........................................    7,760      26,681
 Delta Dairy S.A.......................................   16,465     127,083
 Edrassi C. Psallidas S.A..............................    5,132      26,376
 Egnatia Bank S.A......................................   63,887     241,402
 El. D. Mouzakis S.A...................................   18,675      64,545
 *Elais Oleaginous Production S.A......................    7,080     119,562
 Elmec Sport S.A.......................................   18,280      30,444
 Esha..................................................    2,240      44,767
 Etba Leasing S.A......................................    8,648      27,876
 Ethniki General Insurance Co..........................   26,897     267,327
 *Europaiki Techniki...................................   13,100      24,281
 *Everest S.A..........................................   14,100      37,497
 Flour Mills Loulis....................................    8,362      31,597
 Fourlis S.A...........................................   12,980      72,291

                                                        SHARES        VALUE+
                                                        ------        ------
                                                                            

 Frigoglass S.A........................................   20,000  $   80,228
 General Construction Co. S.A..........................   13,860     112,437
 *General Hellenic Bank................................   13,424     129,574
 Germanos S.A..........................................   19,745     185,636
 Goody's S.A...........................................    8,710     121,351
 Halkor S.A............................................   72,736     291,772
 *Hatziioannou S.A.....................................   20,270      59,531
 Hellas Can Packaging Manufacturers S.A................   12,145      82,647
 Hellenic Biscuits Co. S.A.............................   15,300      66,580
 Hellenic Cables S.A...................................   11,060      37,236
 Hellenic Duty Free Shops S.A..........................   43,650     443,996
 *Hellenic Fabrics S.A.................................    7,460      60,919
 *Hellenic Sugar Industry S.A..........................   27,169     240,352
 Hellenic Technodomiki S.A.............................   75,000     449,938
 *Heracles General Cement Co...........................   37,868     497,076
 *Heremes S.A Building Enterprises.....................    7,006      33,499
 Hyatt Regency S.A.....................................   63,820     298,294
 Inform P. Lykos S.A...................................   13,790     120,512
 Intrasoft S.A.........................................   28,490     184,692
 Ionian Hotel Enterprises..............................    7,908      68,967
 K. I. Sarantopoulos S.A...............................    8,380      36,317
 Karelia Cigarette Co..................................    2,160     102,389
 *Kathimerini S.A......................................    8,500      49,319
 Katselis Sons S.A.....................................    4,950      31,557
 *Kekrops Hotel Touristing Building....................    1,644      71,423
 *Keramia-Allatini S.A. Industrielle Commerciale &                          
   Technique...........................................    1,610      25,862
 *Klonatex S.A.........................................   15,654      63,355
 Lambrakis Press S.A...................................   60,020     281,607
 *Lampsa Hotel Co......................................    5,027      20,795
 Lavipharm S.A.........................................   19,646      45,737
 Light Metals Industry.................................   28,662      76,735
 Mailis (M.J.) S.A.....................................   42,735     208,926
 *Maritime Company of Lesvos S.A.......................   20,053      30,165
 Metka S.A.............................................    4,670      21,828
 Michaniki S.A.........................................   27,890      63,680
 Minoan Lines S.A......................................   35,463      95,261
 *Mochlos S.A..........................................   14,520      29,903
 Mytilineos Holdings S.A...............................   30,390     157,825
 N.B.G. Real Estate Development Co.....................   82,840     479,170
 *Naoussa Spinning Mills S.A...........................   34,340      95,934
 National Investment Bank for Industrial Development...   18,173     170,532
 Nikas S.A.............................................   11,127      36,465
 *Notos Com.Holdings S.A...............................   25,657      53,527
 Pantechniki S.A.......................................    7,926      29,949
 Pegasus Publishing & Printing S.A.....................   23,430      59,581
 Petzetakis S.A........................................   16,985      76,346
 *Proodeftiki Technical Co.............................   13,307      26,690
 *Sanyo Hellas S.A.....................................   25,541      45,739
 *Sarantis S.A.........................................   25,624      76,173
 Selected Textile Industry Assoc. S.A..................   21,870      39,556
 Shelman...............................................   18,635      43,717
 Silver and Baryte Ores Mining Co. S.A.................   14,970     115,275
 Singular S.A..........................................   54,600     214,133
 Spyroy Agricultural House S.A.........................   14,788      54,554
 *Stabilton S.A........................................   27,530      21,939
 *Strintzis Shipping Lines S.A.........................   52,500      83,675
 TEB S.A. (Volos Technical Co.)........................   17,633      47,208
 Technical Olympic S.A.................................   62,500     139,906

                                                                             143

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              
 Telesis Investment Bank S.A...........................   20,860  $    132,240
 Terna Tourist Technical & Maritime S.A................    6,287        32,313
 Themeliodomi..........................................   15,450        68,616
 Thrace Plastics Co. S.A...............................   15,015        31,325
 Tiletipos S.A.........................................   26,418       118,746
 Uncle Stathis S.A.....................................    5,499        28,164
 *Unisystems S.A.......................................   18,900        80,892
 Veterin...............................................    8,354        48,023
 Vioter S.A............................................   12,460        22,983
                                                                  ------------
TOTAL COMMON STOCKS                                                           
  (Cost $11,164,071)...................................             11,795,738
                                                                  ------------
RIGHTS/WARRANTS -- (0.0%)                                                     
 *Maritime Company of Lesvos S.A. Rights 11/30/01                             
   (Cost $0)...........................................   20,053           180
                                                                  ------------
TOTAL -- GREECE                                                               
  (Cost $11,164,071)...................................             11,795,918
                                                                  ------------
FINLAND -- (4.7%)                                                             
COMMON STOCKS -- (4.6%)                                                       
 *4F-Secure Corp.......................................   38,176        45,121
 Alandsbanken AB Series B..............................    1,700        23,898
 *Aldata Solutions Oyj.................................   17,571        27,218
 *Alma Media Oyj.......................................    1,074        15,915
 Amer-Yhtymae Oyj Series A.............................   17,020       407,662
 *Aspocomp Group P.L.C.................................    2,738        33,587
 *Benefon Oy...........................................    1,900         4,338
 *Capman Oyj Series B..................................   12,485        24,482
 *Comptel Oyj..........................................   24,621        82,671
 *Eimo Oyj.............................................   14,835        28,160
 *Elcoteq Network Corp.................................    2,200        17,630
 *Eq Online Oyj........................................    7,100        11,125
 *Evox Rifa Group Oyj..................................   51,210         5,961
 Finnair Oyj...........................................   77,910       260,905
 *Finnlines Oyj........................................   18,280       351,910
 *Finvest Oyj..........................................   51,210         6,878
 Fiskars Oy AB Series A................................    8,550        66,987
 HK Ruokatalo Oy Series A..............................   11,400        32,154
 Hartwall Oyj Series A.................................   13,494       283,939
 Huhtamaki Van Leer Oyj................................    6,300       185,533
 Instrumentarium Oy....................................   27,200     1,142,243
 *J.W. Suominen Yhtyma Oy..............................   11,970        53,590
 *Jaakko Poyry Group Oyj...............................    3,700        53,008
 *Jippii Group Oyj.....................................   18,360         6,247
 *Jot Automation Group Oyj.............................   20,850        11,388
 KCI Konecranes International Oyj......................   13,800       354,508
 #Kemira Oyj...........................................  118,400       885,228
 Kesko Oyj.............................................   13,400       110,145
 Kone Corp.............................................    4,980       337,285
 Laennen Tehtaat Oy....................................    3,930        36,245
 Lassila & Tikanoja Oyj................................   11,970       184,884
 Lemminkainen Oy.......................................   13,100       159,524
 Martela Oy............................................      530         9,491
 Metra Oyj Series B....................................    9,600       172,346
 Metsaemarkka Oyj Series B.............................      700         2,614
 Metsa-Serla Oyj Series B..............................   24,200       151,681
 New Kyro Corp. Oyj....................................   36,470       179,604
 Nokian Renkaat Oyj....................................    9,700       251,442
 Nordic Aluminium Oy...................................    1,900        11,313
 Novo Group Oyj........................................   31,600        71,302

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              

 Okobank Class A.......................................   31,940  $    400,387
 Olvi Oyj Series A.....................................      410         7,122
 Orion-Yhtyma Oyj Series B.............................   12,700       220,609
 Outokumpu Oyj Series A................................   21,100       210,656
 #Oy Stockmann AB Series B.............................   24,300       242,604
 PK Cables Oyj.........................................    4,760        25,360
 Partek Oyj............................................   44,870       353,554
 Pohjola Group Insurance Corp. Series A................    9,415       166,918
 *Pohjola Series C.....................................      115             0
 *Polar Real Estate Corp. Series K.....................  126,010        40,619
 Ponsse Oyj............................................    4,900        41,461
 #Raisio Group P.L.C. Series V.........................  118,423       100,734
 Rakentajain Koneuvokrammo Oy..........................    5,700        23,988
 *Rapala VMC Oyj.......................................   20,000        51,038
 Rautaruukki Oy Series K...............................   37,400       141,319
 Rocla Oy..............................................    1,300         7,857
 Sampo Insurance Co., Ltd..............................      810         6,375
 *Silja Oy AB Series A.................................   44,020        63,065
 *Sponda Oyj...........................................   22,135        90,972
 *Stonesoft Corp.......................................   11,279        23,127
 *Talentum Oyj.........................................   18,300        76,194
 Tamro Oyj.............................................  105,620       335,731
 *Tecnomen Holding Oyj.................................   36,470        60,412
 *Teleste Corp. Oyi....................................    4,518        56,636
 Uponor Oyj Series A...................................   32,500       532,539
 Vaisala Oy Series A...................................   12,650       325,646
 Viking Line AB........................................    3,240        60,053
 Yit-Yhtymae Oyj.......................................   26,854       306,334
                                                                  ------------
TOTAL COMMON STOCKS                                                           
  (Cost $10,242,897)...................................             10,071,427
                                                                  ------------
RIGHTS/WARRANTS -- (0.1%)                                                     
 *Perlos P.L.C. Warrants 04/04/04                                             
   (Cost $138,765).....................................   14,045       149,653
                                                                  ------------
TOTAL -- FINLAND                                                              
  (Cost $10,381,662)...................................             10,221,125
                                                                  ------------
NORWAY -- (4.1%)                                                              
COMMON STOCKS -- (4.0%)                                                       
 Aker Maritim ASA......................................   44,230       425,834
 *Aktiv Kapital ASA....................................    3,200        40,481
 Arendals Fosse Kompani ASA............................      100         4,254
 *Avantor Financial Corp...............................   13,270        63,880
 Awilco ASA Series A...................................   50,950       105,521
 Bergesen Dy ASA Series A..............................   19,300       328,417
 Blom ASA..............................................    7,970         6,246
 Bonheur ASA...........................................    9,800       155,790
 *Braathens S.A.F.E. ASA...............................   19,320        57,749
 *C. Tybring-Gjedde ASA................................   49,104         7,971
 *Choice Hotel Scandinavia ASA.........................   27,740        62,110
 *Corrocean ASA........................................   15,700        10,511
 *Den Norske Oljeselkapet..............................   36,420        53,412
 *Det. Sondenfjelds-Norske Dampskibsselskab ASA                               
   Series A............................................   47,130       112,383
 *#EDB Elektronisk Data Behandling ASA.................   54,917       316,621
 Ekornes ASA...........................................   28,690       218,406
 Elkem ASA.............................................   21,150       362,265
 *#Eltek ASA...........................................    7,338        36,556
 Farstad Shipping ASA..................................   41,190       172,921
 *Fred Olsen Energy ASA................................   25,900       108,152

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              
 Ganger Rolf ASA.......................................    5,490  $     87,889
 *Gresvig ASA..........................................    4,590         3,854
 *Hafslund ASA.........................................   58,700       233,287
 *Hydralift AS.........................................   15,540       109,602
 *Industrifinans Naeringseiendom ASA...................    7,582         9,422
 *#Infocus Corp........................................   10,455       236,429
 *Kenor ASA............................................   39,200        11,410
 *Kongsberg Gruppen ASA................................   25,800       298,941
 *Kvaerner ASA.........................................   31,900        45,711
 *Kverneland ASA.......................................    8,800       108,860
 *Leif Hoegh & Co. ASA.................................   31,175       266,989
 *Merkantildata ASA....................................   63,801        77,139
 #Nera ASA.............................................  111,753       297,756
 *Nordic Vlsi..........................................    5,000        32,466
 Nordlandsbanken ASA...................................    5,830       131,187
 *#Ocean Rig ASA.......................................   40,476        46,672
 Odfjell ASA Series A..................................   14,510       207,923
 *Olav Thon Eiendomsselskap ASA........................    8,320       153,685
 *#Pan Fish ASA........................................   55,948        97,083
 *#Petroleum Geo Services ASA..........................   35,100       223,979
 *Petrolia Drilling ASA................................   26,706        13,454
 *Prosafe ASA..........................................   23,630       261,893
 #Reitan Narvesen Asa..................................   45,500       336,187
 #Rieber and Son ASA Series A..........................   23,584       126,731
 *Scana Industrier ASA.................................   74,400         5,164
 Schibsted ASA.........................................   28,800       290,175
 *Sensonor ASA.........................................   23,969        14,356
 *Sinvest ASA..........................................   15,540         1,653
 Smedvig ASA Series A..................................   57,680       393,895
 *Software Innovation ASA..............................    4,199        23,974
 *Solstad Offshore ASA.................................   12,000        47,153
 Steen and Stroem ASA..................................   19,512       216,253
 *Stento Asa...........................................    1,225        13,302
 *#Tandberg ASA........................................   35,240       721,958
 Tandberg Data ASA.....................................   35,250        32,556
 *Tandberg Television ASA..............................   47,030       222,184
 *Tgs-Nopec Geophysical Co. ASA........................    9,200       111,234
 *Unit 4 Agresso NV....................................    4,620        46,549
 *Unitor ASA...........................................   15,220        70,370
 Veidekke ASA..........................................   15,936        84,742
 Visual Management Applications ASA....................   24,693       189,360
 Wilhelmshaven (Wilhelm), Ltd. ASA.....................   12,800        96,009
                                                                  ------------
TOTAL COMMON STOCKS                                                           
  (Cost $10,211,697)...................................              8,648,916
                                                                  ------------
INVESTMENT IN CURRENCY -- (0.1%)                                              
 *Norwegian Krone                                                             
   (Cost $279,976).....................................                280,232
                                                                  ------------
RIGHTS/WARRANTS -- (0.0%)                                                     
 *Ocean Rig ASA Rights 12/17/01........................   40,476             0
 *Sensonor ASA Rights 12/11/01.........................   23,969           939
 *Sinvest ASA Rights 12/17/01..........................   84,853         1,425
                                                                  ------------
TOTAL RIGHTS/WARRANTS                                                         
  (Cost $0)............................................                  2,364
                                                                  ------------
TOTAL -- NORWAY                                                               
  (Cost $10,491,673)...................................              8,931,512
                                                                  ------------
DENMARK -- (3.4%)                                                             
COMMON STOCKS -- (3.3%)                                                       
 AS Dampskibsselsk Torm................................   12,700        69,510
 Aarhus Oliefabrik A.S. Aeries A.......................    1,600        45,229

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              

 *Alm. Brand A.S.......................................    8,175  $     79,654
 Amagerbanken A.S......................................    1,050        58,101
 Amtssparekassen Fyn A.S...............................      968        46,577
 Bang & Olufsen Holding A.S. Series B..................    8,567       180,344
 Brodrene Hartmann A.S. Series B.......................    2,865        40,839
 *Bryggerigruppen A.S..................................    2,072        52,092
 Christian Hansen Holding A.S. Series B................    6,720       173,797
 Codan A.S.............................................    8,000       118,367
 Coloplast A.S. Series B...............................    4,374       289,385
 D'Hooge Schouw NV.....................................    4,000        68,807
 DFDS A.S., Copenhagen.................................    4,000        62,792
 Dalhoff, Larsen & Hornemann A.S. Series B.............      670        13,621
 Dampskibsselskabet Norden A.S.........................    1,770        53,229
 Danske Traelastkompagni A.S...........................   28,340       317,042
 *East Asiatic Co., Ltd................................   15,633       327,209
 *Edb Gruppen A.S......................................    1,810        23,297
 FLS Industries........................................   39,980       288,555
 Fimiston Resources & Technology Ltd...................      400         2,574
 Fluegger A.S. Series B................................    1,638        28,176
 *Foras Holding A.S. Series A..........................    7,082        32,372
 Forstaedernes Bank....................................    1,750        36,839
 Glunz & Jensen A.S....................................    1,470        16,799
 Gn Great Nordic.......................................    7,500        44,207
 Henriksen Og Henriksen Holding A.S. Series B..........      770        59,743
 Hoejgaard Holding A.S. Series B.......................    1,700        30,470
 *I-Data International A.S.............................    2,327         5,290
 IC Co. A.S............................................    3,510        19,000
 *Incentive A.S........................................    3,575         4,042
 *Junckers (F.) Industrier A.S.........................      860         6,724
 *Jyske Bank A.S.......................................   15,270       327,877
 *Kjobenhavns Sommer Tivoli A.S........................      190        30,809
 Koebenhavns Lufthavne.................................    6,900       384,294
 Korn-Og Foderstof Kompagnet A.S.......................    8,498       139,535
 *NTR Holdings A.S.....................................    1,130         7,476
 Naestved Diskontobanken...............................      230        21,027
 *Navision Software A.S................................   15,076       389,905
 *Neg Micon A.S........................................   11,348       336,488
 *Neurosearch A.S......................................    6,650       115,191
 Nordiske Kabel-Og Traadfabrikker Holding A.S..........   18,215       230,066
 Nordvestbank..........................................      250        21,352
 Per Aarsleff A.S. Series B............................    1,545        30,732
 *Pharmexa A.S.........................................    1,351        16,089
 Radiometer A.S. Series B..............................    5,373       136,374
 *Ringkjobing Landbobank...............................      850        61,348
 Rockwool, Ltd.........................................    3,820        55,601
 Sanistal A.S. Series B................................      936        25,446
 Sas Danmark A.S.......................................   34,300       247,559
 Satair A.S............................................    1,350        22,410
 *Simcorp A.S..........................................    1,565        34,639
 *Sjaelso Gruppen A.S..................................      714        24,907
 *Sondagsavisen A.S....................................    7,352        19,014
 Sophus Berendsen A.S..................................   14,520       291,687
 Spar Nord Holding.....................................    3,623       139,025
 Sparkasse Regensburg..................................   10,590       263,694
 Sydbank A.S...........................................    3,142       162,521
 TK Development........................................    9,745       211,003

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              
 *Topdanmark A.S.......................................   25,360  $    594,864
 VT Holdings Shares A..................................       44           926
 VT Holdings Shares B..................................    3,086        61,251
 Vest-Wood A.S.........................................    4,092        98,446
 Wessel & Vett Magasin du Nord A.S. Series C...........    2,102        94,819
                                                                  ------------
TOTAL COMMON STOCKS                                                           
  (Cost $8,991,329)....................................              7,191,058
                                                                  ------------
INVESTMENT IN CURRENCY -- (0.1%)                                              
 *Danish Krone                                                                
   (Cost $147,696).....................................                147,371
                                                                  ------------
TOTAL -- DENMARK                                                              
  (Cost $9,139,025)....................................              7,338,429
                                                                  ------------
BELGIUM -- (3.3%)                                                             
COMMON STOCKS -- (3.3%)                                                       
 *Abfin SA.............................................    2,560             0
 Ackermans & Van Haaren SA.............................    4,680       114,861
 *Afrifina.............................................    3,480       192,880
 BMT NV................................................    2,040       137,909
 Banque Nationale de Belgique..........................      710     1,142,413
 Barco (New) NV........................................    1,700        60,887
 Bekaert SA............................................    3,100       102,369
 Belge des Betons......................................      425       178,856
 Brederode SA..........................................    2,610        43,702
 CFE (Compagnie Francois d'Entreprises)................    2,080       415,322
 Carrieres Unies Porphyre..............................       20        18,803
 *Chimique et Metallurgique Campine, Beerse............      370        19,878
 Cie Auxiliaire des Mines Auximines....................      544       216,271
 Cie Martime Belge SA..................................    1,100        47,671
 City Hotels SA........................................    1,290        25,411
 Cofinimmo SA..........................................    4,763       413,258
 Commerciale de Brasserie SA COBRHA....................      115        36,143
 Creyf's SA............................................   20,168       322,343
 *Creyf's SA Interim Strip VVPR........................    4,526            41
 D'Ieteren SA..........................................      770       108,796
 Deceuninck SA.........................................   63,700       946,813
 Engrais Rosier SA.....................................      655        41,054
 Floridienne NV........................................    2,033       112,679
 Glaces de Charleroi...................................       70       238,176
 Glaverbel SA..........................................      700        65,812
 Immobel (Cie Immobiliere de Belgique SA)..............    4,600       203,882
 *Intercomfina SA......................................   11,000            98
 *Ion Beam Application SA..............................    2,600        42,044
 Koramic Building Products SA..........................      700        18,083
 Metiers Automatiques Picanol..........................      403       111,501
 *Mobistar SA..........................................    8,700       132,430
 *Omega Pharma SA......................................    2,600       108,021
 *Ontex NV.............................................      900        40,374
 *Papeteries de Catala SA..............................      315        46,538
 Plantations Nord-Sumatra SA...........................      650        86,137
 Recticel SA...........................................    8,450        67,717
 *Roularta Media Groep.................................    1,300        23,862
 *SA Finspa Bonus Shares...............................      325         2,910
 SABCA (Sa Belge de Constructions Aeronautiques).......    4,280       124,550
 SCF SA................................................    2,470        14,154

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              

 *SIPEF (Societe Internationale de Plantations & de                           
   Finance), Anvers....................................    1,545  $     79,061
 *Sait Radioholland....................................    6,088        70,866
 Sapec SA..............................................    3,635       127,262
 *Sapec SA VVPR........................................       75            33
 Sidro.................................................    4,040       463,029
 Sioen Industries......................................    1,400        16,171
 *Spector Photo Group SA...............................    3,688        31,801
 Surongo SA............................................       20         4,334
 #Telindus Group SA....................................   17,240       125,655
 *Ter Beke NV..........................................    2,281        51,063
 Tessenderlo Chemie....................................    3,200        74,211
 UNIBRA................................................    1,600       100,285
 Union Miniere SA......................................    3,300       128,003
 *VPK Packaging Group SA...............................       65         1,298
                                                                  ------------
TOTAL COMMON STOCKS                                                           
  (Cost $6,822,029)....................................              7,297,721
                                                                  ------------
RIGHTS/WARRANTS -- (0.0%)                                                     
 *City Hotels Rights 12/14/01                                                 
   (Cost $0)...........................................    1,290             0
                                                                  ------------
TOTAL -- BELGIUM                                                              
  (Cost $6,822,029)....................................              7,297,721
                                                                  ------------
IRELAND -- (2.4%)                                                             
COMMON STOCKS -- (2.4%)                                                       
 Abbey P.L.C...........................................   19,319        55,354
 Anglo Irish Bank Corp. P.L.C..........................  197,604       743,125
 *Arcon International Resources P.L.C..................  143,750         5,149
 Ardagh P.L.C..........................................   14,262        13,409
 Arnotts P.L.C.........................................    8,811        53,648
 Barlo Group P.L.C.....................................  115,775        27,990
 DCC P.L.C.............................................   34,372       353,932
 *Dragon Oil P.L.C.....................................  104,167        38,241
 *Dunloe Ewart P.L.C...................................  235,918        52,810
 Fyffes P.L.C..........................................  195,858       236,751
 Glanbia P.L.C.........................................  175,508       227,867
 Green Property Co.....................................   75,732       406,862
 Greencore Group P.L.C.................................  136,960       328,659
 Heiton Holdings P.L.C.................................   33,002        82,740
 IAWS Group P.L.C......................................   59,457       455,183
 IFG Group P.L.C.......................................   16,604        46,088
 *ITG Group P.L.C......................................   10,684        42,092
 IWP International P.L.C...............................   39,611        72,709
 Independent News & Media P.L.C........................  212,518       350,131
 *Iona Technologies P.L.C..............................    9,431       164,668
 Irish Continental Group P.L.C.........................   15,838        90,051
 Jurys Hotel Group P.L.C...............................   40,376       272,952
 Kerry Group P.L.C.....................................   10,812       136,503
 Kingspan Group P.L.C..................................  114,417       325,788
 Readymix P.L.C........................................   21,436        22,073
 *Riverdeep Group P.L.C................................   77,790       264,682
 Ryan Hotels P.L.C.....................................   42,236        28,742
 United Drug P.L.C.....................................   17,367       213,040
 Waterford Wedgwood P.L.C..............................  248,858       213,409
                                                                  ------------
TOTAL -- IRELAND                                                              
  (Cost $5,237,230)....................................              5,324,648
                                                                  ------------
AUSTRIA -- (2.1%)                                                             
COMMON STOCKS -- (2.1%)                                                       
 Allgemeine Sparkasse Baugesellschaft..................      670        59,392

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THE CONTINENTAL SMALL COMPANY SERIES                                            

CONTINUED                                                                       

                                                                [Download Table]

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              
 *Austria Email AG.....................................      715  $        794
 *Austria Haustechnik AG...............................    2,800        39,638
 Austrian Airlines/Oesterreichische                                           
   Luftverkehrs-Aktiengesellschaft.....................   27,880       167,257
 #BBAG Oesterreichische Brau-Beteiligungs AG...........    7,984       268,440
 BWT AG................................................   13,530       321,041
 Bank Fuer Kaernten und Steiermark AG..................      520        42,463
 Bau Holding AG........................................    4,980       135,556
 Bohler Uddeholm AG....................................    9,020       359,404
 Brau Union Goess-Reinighaus AG........................   10,720       374,349
 *Ca Immobilien Invest AG..............................    3,133        47,858
 *Constantia-Iso Holding AG............................   15,000        85,018
 *Die Erste Immobilien AG..............................    1,244       153,604
 Flughafen Wien AG.....................................   14,792       397,342
 *#Immofinanz Immobilien Anlagen AG....................  100,914       482,514
 Jenbacher AG..........................................    7,860       103,808
 Leipnik-Lundenburger Industrie AG.....................      300        22,967
 Lenzing AG............................................    3,424       226,873
 *Manner (Josef) & Co. AG..............................      870        18,306
 Mayr-Melnhof Karton AG................................    9,840       466,969
 Oberbank AG...........................................    3,555       223,138
 *Palfinger AG.........................................    1,590        34,168
 *Readymix Kies-Union AG...............................      500        14,998
 Rhi AG, Wien..........................................   18,559       122,971
 Rosenbauer International AG...........................      850        15,602
 Ubm Realitaetenentwicklung AG.........................      360        17,826
 *Uniqa Versicherungen AG..............................   19,164       102,957
 Va Technologie AG.....................................    6,807       137,137
 Voest-Alpine Stahl AG.................................    2,640        73,516
 *Vogel and Noot Waermetechnik AG......................    1,700        15,222
 *Waagner Biro Bet.....................................    1,430             0
 Wienerberger AG.......................................    5,556        78,553
 *Wolford AG...........................................    4,100        38,987
                                                                  ------------
TOTAL -- AUSTRIA                                                              
  (Cost $6,016,504)....................................              4,648,668
                                                                  ------------

                                                        SHARES          VALUE+
                                                        ------          ------
                                                                              

EMU -- (2.0%)                                                                 
INVESTMENT IN CURRENCY -- (2.0%)                                              
 *Euro Currency                                                               
   (Cost $4,047,968)...................................           $  4,076,716
                                                                  ------------
UNITED KINGDOM -- (0.1%)                                                      
COMMON STOCKS -- (0.1%)                                                       
 *Tullow Oil P.L.C.....................................  212,973       238,424
                                                                  ------------
UNITED STATES -- (0.0%)                                                       
COMMON STOCKS -- (0.0%)                                                       
 *National Oilwell, Inc.                                                      
   (Cost $192,961).....................................    4,798        80,319
                                                                  ------------

                                                                [Download Table]

                                                            FACE                 
                                                           AMOUNT                
                                                           ------                
                                                           (000)                 
                                                                                 
TEMPORARY CASH INVESTMENTS -- (3.2%)                                             
 Repurchase Agreement, PNC Capital Markets Inc., 2.00%,                          
   12/03/01 (Collateralized by U.S. Treasury Notes                               
   6.125%, 12/31/01, valued at $7,022,248) to be                                 
   repurchased at $6,919,153                                                     
   (Cost $6,918,000)...................................  $    6,918     6,918,000
                                                                     ------------
TOTAL INVESTMENTS -- (100.0%)                                                    
  (Cost $215,067,702)++................................              $218,067,028
                                                                     ============

                                                                [Download Table]
                                                                                
--------------------------------------------------------------------------------
   +  See Note B to Financial Statements.                                       
   *  Non-Income Producing Securities                                           
   #  Total or Partial Securities on Loan                                       
  ++  The cost for federal income tax purposes is $215,132,119.                 

See accompanying Notes to Financial Statements. 

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DFA INVESTMENT TRUST COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2001 

(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)
(UNAUDITED) 

                                                        [Enlarge/Download Table]

                                                                                                   THE     
                                                 THE JAPANESE   THE PACIFIC     THE UNITED     CONTINENTAL 
                                                    SMALL        RIM SMALL    KINGDOM SMALL       SMALL    
                                                   COMPANY        COMPANY        COMPANY         COMPANY   
                                                    SERIES        SERIES          SERIES          SERIES   
                                                --------------  -----------  ----------------  ------------
                                                                                                           
ASSETS:                                                                                                    
Investments at Value..........................     $179,400      $130,647        $ 98,771        $208,407  
Collateral for Securities Loaned..............       26,017         9,074             203          12,229  
Cash..........................................           15            16              16              12  
Receivables:                                                                                               
  Dividends, Interest, and Tax Reclaims.......          240           149             245           1,239  
  Investment Securities Sold..................           --            --             258             432  
Prepaid Expenses and Other Assets.............            3            --              --              --  
                                                   --------      --------        --------        --------  
    Total Assets..............................      205,675       139,886          99,493         222,319  
                                                   --------      --------        --------        --------  
LIABILITIES:                                                                                               
Payables:                                                                                                  
  Collateral on Securities Loaned.............       26,017         9,074             203          12,229  
  Investment Securities Purchased.............        3,429            49              28               3  
Accrued Expenses and Other Liabilities........           66            60              31              72  
                                                   --------      --------        --------        --------  
    Total Liabilities.........................       29,512         9,183             262          12,304  
                                                   --------      --------        --------        --------  
NET ASSETS....................................     $176,163      $130,703        $ 99,231        $210,015  
                                                   ========      ========        ========        ========  
SHARES OUTSTANDING $0.01 PAR VALUE (Unlimited                                                              
  Number of Shares Authorized)................          N/A           N/A             N/A             N/A  
                                                   ========      ========        ========        ========  
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE                                                             
  PER SHARE...................................          N/A           N/A             N/A             N/A  
                                                   ========      ========        ========        ========  
Investments at Cost...........................     $420,011      $205,314        $ 89,474        $202,623  
                                                   ========      ========        ========        ========  

See accompanying Notes to Financial Statements. 

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THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

NOVEMBER 30, 2001 

(AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS)

                                                        [Enlarge/Download Table]

                                           THE JAPANESE   THE PACIFIC RIM     THE UNITED     THE CONTINENTAL 
                                              SMALL            SMALL         KINGDOM SMALL        SMALL      
                                             COMPANY          COMPANY           COMPANY          COMPANY     
                                              SERIES           SERIES           SERIES            SERIES     
                                          --------------  ----------------  ---------------  ----------------
                                                                                                             
ASSETS:                                                                                                      
Investments at Value....................     $198,631         $131,230          $96,491          $218,067    
Collateral for Securities Loaned........       27,625           12,734              136            12,479    
Cash....................................           12               16               16                16    
Receivables:                                                                                                 
  Dividends, Interest and Tax                                                                                
    Reclaims............................          810              134              262             1,115    
  Investment Securities Sold............           42                6              181               273    
  Fund Shares Sold......................           26               --               --                --    
Prepaid Expenses and Other Assets.......            3               --               --                --    
                                             --------         --------          -------          --------    
    Total Assets........................      227,149          144,120           97,086           231,950    
                                             --------         --------          -------          --------    
LIABILITIES:                                                                                                 
Payables:                                                                                                    
  Collateral on Securities Loaned.......       27,625           12,734              136            12,479    
  Investment Securities Purchased.......        2,787              772              176             9,053    
  Fund Shares Redeemed..................          487               --               --                14    
Accrued Expenses and Other                                                                                   
  Liabilities...........................           63               60               33                67    
                                             --------         --------          -------          --------    
    Total Liabilities...................       30,962           13,566              345            21,613    
                                             --------         --------          -------          --------    
NET ASSETS..............................     $196,187         $130,554          $96,741          $210,337    
                                             ========         ========          =======          ========    
SHARES OUTSTANDING $0.01 PAR VALUE......          N/A              N/A              N/A               N/A    
                                             ========         ========          =======          ========    
NET ASSET VALUE, OFFERING AND REDEMPTION                                                                     
  PRICE PER SHARE.......................          N/A              N/A              N/A               N/A    
                                             ========         ========          =======          ========    
Investments at Cost.....................     $418,156         $207,549          $90,891          $215,068    
                                             ========         ========          =======          ========    

See accompanying Notes to Financial Statements. 

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THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED NOVEMBER 30, 2001

(AMOUNTS IN THOUSANDS)

                                                        [Enlarge/Download Table]

                                                    THE JAPANESE   THE PACIFIC RIM   THE UNITED    THE CONTINENTAL
                                                        SMALL           SMALL       KINGDOM SMALL       SMALL     
                                                       COMPANY         COMPANY         COMPANY         COMPANY    
                                                       SERIES          SERIES          SERIES          SERIES     
                                                    -------------  ---------------  -------------  ---------------
                                                                                                                  
INVESTMENT INCOME                                                                                                 
  Dividends (Net of Foreign Taxes Withheld of                                                                     
    $469, $146, $329 and $862, respectively)......    $  2,657         $ 4,932          $ 3,158       $  6,180    
  Interest........................................         246             121               79            178    
  Income from Securities Lending..................         568             144                1            329    
                                                      --------         -------          -------       --------    
      Total Investment Income.....................       3,471           5,197            3,238          6,687    
                                                      --------         -------          -------       --------    
EXPENSES                                                                                                          
  Investment Advisory Services....................         206             131              104            221    
  Accounting & Transfer Agent Fees................         254             161              127            272    
  Custodian Fees..................................          93              64               33            120    
  Legal Fees......................................           1               1                1              2    
  Audit Fees......................................           2               2                1              3    
  Shareholders' Reports...........................           2               1                2              2    
  Trustees' Fees and Expenses.....................           1               1                1              2    
  Other...........................................          13               8                8             31    
                                                      --------         -------          -------       --------    
      Total Expenses..............................         572             369              277            653    
                                                      --------         -------          -------       --------    
  NET INVESTMENT INCOME (LOSS)....................       2,899           4,828            2,961          6,034    
                                                      --------         -------          -------       --------    

NET REALIZED AND UNREALIZED GAIN (LOSS) ON                                                                        
 INVESTMENT SECURITIES AND FOREIGN CURRENCY                                                                       
  Net Realized Gain (Loss) on Investment                                                                          
    Securities Sold...............................      (3,015)         (1,025)          (3,180)         1,115    
  Net Realized Gain (Loss) on Foreign Currency                                                                    
    Transactions..................................         (95)            (40)              --           (119)   
  Change in Unrealized Appreciation (Depreciation)                                                                
    of:                                                                                                           
    Investment Securities and Foreign Currency....     (28,336)           (102)          (4,191)       (18,461)   
  Translation of Foreign Currency Denominated                                                                     
    Amounts.......................................         (23)             (3)               1            114    
                                                      --------         -------          -------       --------    

  NET GAIN (LOSS) ON INVESTMENT SECURITIES AND                                                                    
    FOREIGN CURRENCY..............................     (31,469)         (1,170)          (7,370)       (17,351)   
                                                      --------         -------          -------       --------    
NET INCREASE (DECREASE) IN NET ASSETS RESULTING                                                                   
 FROM OPERATIONS..................................    $(28,570)        $ 3,658          $(4,409)      $(11,317)   
                                                      ========         =======          =======       ========    

See accompanying Notes to Financial Statements. 

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THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF CHANGES IN NET ASSETS 
(Amounts in thousands)

                                                        [Enlarge/Download Table]

                                        THE JAPANESE      THE PACIFIC RIM    THE UNITED KINGDOM   THE CONTINENTAL   
                                       SMALL COMPANY       SMALL COMPANY       SMALL COMPANY       SMALL COMPANY    
                                           SERIES              SERIES              SERIES              SERIES       
                                     ------------------  ------------------  ------------------  ------------------ 
                                       YEAR      YEAR      YEAR      YEAR      YEAR      YEAR      YEAR      YEAR   
                                      ENDED     ENDED     ENDED     ENDED     ENDED     ENDED     ENDED     ENDED   
                                     NOV. 30,  NOV. 30,  NOV. 30,  NOV. 30,  NOV. 30,  NOV. 30,  NOV. 30,  NOV. 30, 
                                       2001      2000      2001      2000      2001      2000      2001      2000   
                                     --------  --------  --------  --------  --------  --------  --------  -------- 
                                                                                                                    
INCREASE (DECREASE) IN NET ASSETS                                                                                   
Operations:                                                                                                         
  Net Investment Income (Loss).....  $  2,899  $  2,702  $  4,828  $  6,633  $ 2,961   $ 3,853   $  6,034  $  5,936 
  Net Realized Gain (Loss) on                                                                                       
    Investment Securities Sold.....    (3,015)       75    (1,025)   14,211   (3,180)    4,590      1,115    13,048 
  Net Realized Gain (Loss) on                                                                                       
    Foreign Currency                                                                                                
    Transactions...................       (95)      (23)      (40)      (73)      --      (116)      (119)       71 
  Change in Unrealized Appreciation                                                                                 
    (Depreciation) of Investment                                                                                    
    Securities and Foreign                                                                                          
    Currency.......................   (28,336)  (21,858)     (102)  (44,272)  (4,191)  (14,675)   (18,461)  (11,756)
  Translation of Foreign Currency                                                                                   
    Denominated Amounts............       (23)      (41)       (3)        3        1         3        114       (81)
                                     --------  --------  --------  --------  --------  --------  --------  -------- 
  Net Increase (Decrease) in Net                                                                                    
    Assets Resulting from                                                                                           
    Operations.....................   (28,570)  (19,145)    3,658   (23,498)  (4,409)   (6,345)   (11,317)    7,218 
                                     --------  --------  --------  --------  --------  --------  --------  -------- 
Transactions in Interest:                                                                                           
  Contributions....................    46,524    51,610    15,731     4,600    7,668    10,117     20,115    27,028 
  Withdrawals......................   (17,885)  (39,023)  (20,723)  (32,973) (16,324)  (26,093)   (25,185)  (59,890)
                                     --------  --------  --------  --------  --------  --------  --------  -------- 
  Net Increase (Decrease) from                                                                                      
    Transactions in Interest.......    28,639    12,587    (4,992)  (28,373)  (8,656)  (15,976)    (5,070)  (32,862)
                                     --------  --------  --------  --------  --------  --------  --------  -------- 
    Total Increase (Decrease)......        69    (6,558)   (1,334)  (51,871) (13,065)  (22,321)   (16,387)  (25,644)
NET ASSETS                                                                                                          
  Beginning of Period..............   196,118   202,676   131,888   183,759  109,806   132,127    226,724   252,368 
                                     --------  --------  --------  --------  --------  --------  --------  -------- 
  End of Period....................  $196,187  $196,118  $130,554  $131,888  $96,741   $109,806  $210,337  $226,724 
                                     ========  ========  ========  ========  ========  ========  ========  ======== 

See accompanying Notes to Financial Statements. 

                                                                             151

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THE DFA INVESTMENT TRUST COMPANY

FINANCIAL HIGHLIGHTS

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

                                                        [Enlarge/Download Table]

                                THE JAPANESE SMALL COMPANY SERIES                     THE PACIFIC RIM SMALL COMPANY SERIES         
                      -----------------------------------------------------   -----------------------------------------------------
                        YEAR       YEAR       YEAR       YEAR       YEAR        YEAR       YEAR       YEAR       YEAR       YEAR   
                        ENDED      ENDED      ENDED      ENDED      ENDED       ENDED      ENDED      ENDED      ENDED      ENDED  
                      NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,    NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30, 
                        2001       2000       1999       1998       1997        2001       2000       1999       1998       1997   
                                                                                                                                   
-----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value,                                                                                                                   
  Beginning of                                                                                                                     
  Period............      N/A+       N/A+       N/A+       N/A+       N/A+        N/A+       N/A+       N/A+       N/A+       N/A+ 
                      --------   --------   --------   --------   --------    --------   --------   --------   --------   -------- 
INCOME FROM                                                                                                                        
  INVESTMENT                                                                                                                       
  OPERATIONS                                                                                                                       
  Net Investment                                                                                                                   
    Income (Loss)...        --         --         --         --         --          --         --         --         --         -- 
  Net Gains (Losses)                                                                                                               
    on Securities                                                                                                                  
    (Realized and                                                                                                                  
    Unrealized).....        --         --         --         --         --          --         --         --         --         -- 
                      --------   --------   --------   --------   --------    --------   --------   --------   --------   -------- 
    Total From                                                                                                                     
      Investment                                                                                                                   
      Operations....        --         --         --         --         --          --         --         --         --         -- 
-----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS                                                                                                                 
  Net Investment                                                                                                                   
    Income..........        --         --         --         --         --          --         --         --         --         -- 
  Net Realized                                                                                                                     
    Gains...........        --         --         --         --         --          --         --         --         --         -- 
                      --------   --------   --------   --------   --------    --------   --------   --------   --------   -------- 
    Total                                                                                                                          
    Distributions...        --         --         --         --         --          --         --         --         --         -- 
-----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End                                                                                                               
  of Period.........      N/A+       N/A+       N/A+       N/A+       N/A+        N/A+       N/A+       N/A+       N/A+       N/A+ 
===================================================================================================================================
Total Return........      N/A+       N/A+       N/A+       N/A+       N/A+        N/A+       N/A+       N/A+       N/A+       N/A+ 
-----------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of                                                                                                                 
  Period                                                                                                                           
  (thousands).......  $196,187   $196,118   $202,676   $190,004   $175,342    $130,554   $131,888   $183,759   $139,881   $147,795 
Ratio of Expenses to                                                                                                               
  Average Net                                                                                                                      
  Assets............      0.28%      0.27%      0.28%      0.28%      0.29%       0.28%      0.29%      0.48%      0.38%      0.40%
Ratio of Net                                                                                                                       
  Investment Income                                                                                                                
  to Average Net                                                                                                                   
  Assets............      1.41%      1.38%      1.10%      1.29%      0.93%       3.69%      4.10%      2.95%      4.01%      2.45%
Portfolio Turnover                                                                                                                 
  Rate..............         9%         6%         6%         8%        13%         10%         7%        34%        26%        24%
-----------------------------------------------------------------------------------------------------------------------------------

                                                                [Download Table]
                                                                 
N/A+  Not applicable as The Japanese Small Company Series and The
      Pacific Rim Small Company Series are organized as          
      Partnerships.                                              

See accompanying Notes to Financial Statements. 

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THE DFA INVESTMENT TRUST COMPANY

FINANCIAL HIGHLIGHTS

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

                                                        [Enlarge/Download Table]

                             THE UNITED KINGDOM SMALL COMPANY SERIES                 THE CONTINENTAL SMALL COMPANY SERIES         
                      -----------------------------------------------------  -----------------------------------------------------
                        YEAR       YEAR       YEAR       YEAR       YEAR       YEAR       YEAR       YEAR       YEAR       YEAR   
                        ENDED      ENDED      ENDED      ENDED      ENDED      ENDED      ENDED      ENDED      ENDED      ENDED  
                      NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30,   NOV. 30, 
                        2001       2000       1999       1998       1997       2001       2000       1999       1998       1997   
                                                                                                                                  
----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value,                                                                                                                  
  Beginning of                                                                                                                    
  Period............      N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+ 
                       -------   --------   --------   --------   --------   --------   --------   --------   --------   -------- 
INCOME FROM                                                                                                                       
  INVESTMENT                                                                                                                      
  OPERATIONS                                                                                                                      
  Net Investment                                                                                                                  
    Income (Loss)...        --         --         --         --         --         --         --         --         --         -- 
  Net Gains (Losses)                                                                                                              
    on Securities                                                                                                                 
    (Realized and                                                                                                                 
    Unrealized).....        --         --         --         --         --         --         --         --         --         -- 
                       -------   --------   --------   --------   --------   --------   --------   --------   --------   -------- 
    Total From                                                                                                                    
      Investment                                                                                                                  
      Operations....        --         --         --         --         --         --         --         --         --         -- 
----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS                                                                                                                
  Net Investment                                                                                                                  
    Income..........        --         --         --         --         --         --         --         --         --         -- 
  Net Realized                                                                                                                    
    Gains...........        --         --         --         --         --         --         --         --         --         -- 
                       -------   --------   --------   --------   --------   --------   --------   --------   --------   -------- 
    Total                                                                                                                         
    Distributions...        --         --         --         --         --         --         --         --         --         -- 
----------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End                                                                                                              
  of Period.........      N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+ 
==================================================================================================================================
Total Return........      N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+       N/A+ 
----------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of                                                                                                                
  Period                                                                                                                          
  (thousands).......   $96,741   $109,806   $132,127   $127,485   $171,851   $210,337   $226,724   $252,368   $304,402   $323,610 
Ratio of Expenses to                                                                                                              
  Average Net                                                                                                                     
  Assets............      0.27%      0.26%      0.26%      0.26%      0.25%      0.30%      0.28%      0.27%      0.27%      0.29%
Ratio of Net                                                                                                                      
  Investment Income                                                                                                               
  to Average Net                                                                                                                  
  Assets............      2.86%      3.06%      3.55%      3.66%      2.86%      2.73%      2.36%      1.92%      1.76%      1.84%
Portfolio Turnover                                                                                                                
  Rate..............        14%        11%         5%        11%         4%        12%         9%        11%         1%         3%
----------------------------------------------------------------------------------------------------------------------------------

                                                                [Download Table]
                                                         
N/A+  Not applicable as The United Kingdom Small Company 
      Series and The Continental Small Company Series are
      organized as Partnerships.                         

See accompanying Notes to Financial Statements. 

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THE DFA INVESTMENT TRUST COMPANY

NOTES TO FINANCIAL STATEMENTS 

NOVEMBER 30, 2001 

A. ORGANIZATION:                                                                

The DFA Investment Trust Company (the "Trust") is an open-end management
investment company registered under the Investment Company Act of 1940. At      
November 30, 2001, the Trust consisted of twenty-five investment portfolios, of 
which four are included in this report (collectively, the "Portfolios"):        

The Japanese Small Company Series                                               
The Pacific Rim Small Company Series                                            
The United Kingdom Small Company Series                                         
The Continental Small Company Series                                            

B. SIGNIFICANT ACCOUNTING POLICIES:                                             

The following significant accounting policies are in conformity with    
accounting principles generally accepted in the United States of America for    
investment companies. Such policies are consistently followed by the Trust in   
preparation of its financial statements. The preparation of financial statements
in accordance with accounting principles generally accepted in the United States
of America may require management to make estimates and assumptions that affect 
the reported amounts and disclosures in the financial statements. Actual results
could differ from those estimates.                                              

  1.  SECURITY VALUATION:  Securities held by the Portfolios that are listed
on a securities exchange are valued at the last quoted sale price. Price        
information on listed securities is taken from the exchange where the security  
is primarily traded. Unlisted securities for which market quotations are        
available are valued at the mean between the most recent bid and asked prices.  
Securities for which quotations are not readily available are valued in good    
faith at fair value using methods approved by the Board of Trustees.            

2.  FOREIGN CURRENCY TRANSLATION:  Securities and other assets and      
liabilities of the Portfolios whose values are initially expressed in foreign   
currencies are translated to U.S. dollars at the mean price of such currency    
against U.S. dollars last quoted by a major bank. Dividend and interest income  
and certain expenses are translated to U.S. dollars at the rate of exchange on  
their respective accrual dates. Receivables and payables denominated in foreign 
currencies are marked to market daily based on daily exchange rates and exchange
gains or losses are realized upon ultimate receipt or disbursement.             

    The Portfolios do not isolate the effect of fluctuations in foreign exchange
rates from the effect of fluctuations in the market prices of securities held   
whether realized or unrealized.                                                 

Realized gains or losses on foreign currency transactions represent net 
foreign exchange gains or losses from the disposition of foreign currencies,    
currency gains or losses realized between the trade and settlement dates on     
securities transactions, and the difference between amounts of interest,        
dividends and foreign withholding taxes recorded on the books of the Portfolios 
and the U.S. dollar equivalent amounts actually received or paid.               

 3.  FEDERAL INCOME TAXES:  The Portfolios are treated as partnerships for
federal income tax purposes. Any interest, dividends and gains or losses of     
these Portfolios will be deemed to have been "passed through" to their Feeder   
Funds.                                                                          

4.  OTHER:  Security transactions are accounted for on the date the     
securities are purchased or sold. Costs used in determining realized gains and  
losses on the sale of investment securities are those of specific securities    
sold. Dividend income and distributions to shareholders are recorded on the     
ex-dividend date. Interest income is                                            

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recorded on an accrual basis. Discount and premium on securities purchased are  
amortized over the lives of the respective securities. Expenses directly        
attributable to a Portfolio are directly charged. Common expenses are allocated 
using methods approved by the Board of Trustees.                                

 The Portfolios may be subject to taxes imposed by countries in which they
invest, with respect to their investments in issuers existing or operating in   
such countries. Such taxes are generally based on income earned or repatriated  
and capital gains realized on the sale of such investments. The Portfolios      
accrue such taxes when the related income or capital gains are earned. Some     
countries require governmental approval for the repatriation of investment      
income, capital or the proceeds of sales of foreign investors. In addition, if  
there is a deterioration in a country's balance of payments or for other        
reasons, a country may impose temporary restrictions on foreign capital         
remittances abroad.                                                             

C. INVESTMENT ADVISOR:                                                          

   Dimensional Fund Advisors Inc. ("DFA" or the "Advisor") provides investment
advisory services to the Trust. For the year ended November 30, 2001, the       
Portfolio's advisory fees were accrued daily and paid monthly to the Advisor    
based on the following effective annual rates of average daily net assets:      

                                                                [Download Table]
                                                                            
The Japanese Small Company Series...........................       .10 of 1%
The Pacific Rim Small Company Series........................       .10 of 1%
The United Kingdom Small Company Series.....................       .10 of 1%
The Continental Small Company Series........................       .10 of 1%

Certain officers of the Portfolios are also officers, directors and     
shareholders of the Advisor.                                                    

D. PURCHASE AND SALES OF SECURITIES:                                            

For the year ended November 30, 2001, the Portfolios made the following 
purchases and sales of investment securities other than U.S. Government         
Securities (amounts in thousands):                                              

                                                                [Download Table]

                                                               OTHER INVESTMENT  
                                                                  SECURITIES     
                                                             --------------------
                                                             PURCHASES    SALES  
                                                             ---------   --------
                                                                                 
The Japanese Small Company Series...........................  $48,819    $18,210 
The Pacific Rim Small Company Series........................   16,260     12,816 
The United Kingdom Small Company Series.....................   13,974     20,569 
The Continental Small Company Series........................   28,584     26,560 

E. INVESTMENT TRANSACTIONS:                                                     

At November 30, 2001, gross unrealized appreciation and depreciation for
federal income tax purposes of futures, investment securities and foreign       
currencies for each Portfolio were as follows (amounts in thousands):           

                                                        [Enlarge/Download Table]

                                                            GROSS UNREALIZED  GROSS UNREALIZED            
                                                              APPRECIATION      DEPRECIATION       NET    
                                                            ----------------  ----------------  ----------
                                                                                                          
The Japanese Small Company Series..........................      $ 6,371          $(228,692)    $(222,321)
The Pacific Rim Small Company Series.......................       17,100            (94,369)      (77,269)
The United Kingdom Small Company Series....................       31,637            (26,071)        5,566 
The Continental Small Company Series.......................       51,170            (48,235)        2,935 

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F. FINANCIAL INSTRUMENTS:                                                       

  In accordance with the Portfolios' Investment Objectives and Policies, the
Portfolios may invest in certain financial instruments that have off-balance    
sheet risk in excess of the amounts recognized in the Financial Statements and  
concentrations of credit and market risk. These instruments and their           
significant corresponding risks are described below:                            

1.  REPURCHASE AGREEMENTS:  The Portfolios may purchase money market    
instruments subject to the counterparty's agreement to repurchase them at an    
agreed upon date and price. The counterparty will be required on a daily basis  
to maintain the value of the collateral subject to the agreement at not less    
than the repurchase price (including accrued interest). The agreements are      
conditioned upon the collateral being deposited under the Federal Reserve       
book-entry system with the Trust's custodian or a third party sub-custodian. In 
the event of default or bankruptcy by the other party to the agreement,         
retention of the collateral may be subject to legal proceedings. All open       
repurchase agreements were entered into on November 30, 2001.                   

2.  FOREIGN MARKET RISKS:  Investments in foreign markets may involve   
certain consideration and risks not typically associated with investments in the
United States, including the possibility of future political and economic       
developments and the level of foreign government supervision and regulation of  
foreign securities markets. These markets are generally smaller, less liquid and
more volatile than the major securities markets in the United States.           
Consequently, acquisition and disposition of securities by the Portfolios may be
inhibited.                                                                      

G. LINE OF CREDIT:                                                              

 The Trust, together with other DFA-advised portfolios, has entered into a
$50 million unsecured line of credit with its domestic custodian bank. Each     
portfolio is permitted to borrow, subject to its investment limitations, up to a
maximum of $50 million, as long as total borrowings under the line of credit do 
not exceed $50 million in the aggregate. Borrowings under the line are charged  
interest at the current overnight federal funds rate plus a variable rate       
determined at the date of borrowing. Each portfolio is individually, and not    
jointly liable for its particular advances under the line. There is no          
commitment fee on the unused portion of the line of credit. The agreement for   
the line of credit expires June 2002. There were no borrowings under the line of
credit by the Portfolios during the year ended November 30, 2001.               

    The Trust, together with other DFA-advised portfolios, has also entered into
an additional $25 million unsecured line of credit with its international       
custodian bank. Each portfolio is permitted to borrow, subject to investment    
limitations, up to a maximum of $25 million, as long as total borrowings under  
the line of credit do not exceed $25 million in the aggregate. In addition, the 
line of credit provides the Portfolios together with other DFA-advised          
portfolios an additional aggregate $100 million borrowing capacity under the    
same terms and conditions. Borrowings under the line of credit are charged      
interest at rates agreed to by the parties at the time of borrowing. There is no
commitment fee on the unused line of credit. The agreement for the line of      
credit expires in April 2002. There were no borrowings under the line of credit 
with the international custodian bank for the year ended November 30, 2001.     

H. SECURITIES LENDING:                                                          

    Loans of international securities are required at all times to be secured by
collateral at least equal to 105% of the market value of the securities on loan.
However, in the event of default or bankruptcy by the other party to the        
agreement, realization and/or retention of the collateral may be subject to     
legal proceedings. In the event that the borrower fails to return loaned        
securities, and cash collateral being maintained by the borrower is insufficient
to cover the value of loaned securities and provided such collateral            
insufficiency is not the result of investment losses, the lending agent has     
agreed to pay the amount of the shortfall to the Series or, at the option of the
lending agent, replace the loaned securities. Such cash collateral for          
November 30, 2001 was reinvested into overnight repurchase                      

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agreements with Fuji Securities which were collateralized by U.S. Government    
Treasury Securities. The market value of securities on loan to brokers, the     
related collateral cash received by each Series and value of collateral on      
overnight repurchase agreements at November 30, 2001, was as follows:           

                                                        [Enlarge/Download Table]

                                                                         VALUE OF            VALUE OF       
                                                       VALUE OF       COLLATERAL AND       COLLATERAL ON    
                                                  SECURITIES ON LOAN  INDEMNIFICATION  REPURCHASE AGREEMENTS
                                                  ------------------  ---------------  ---------------------
                                                                                                            
The Japanese Small Company Series................    $25,553,652         $27,624,890        $28,401,202     
The Pacific Rim Small Company Series.............     10,535,851          12,733,510         13,192,468     
The United Kingdom Small Company Series..........        115,097             135,500            138,280     
The Continental Small Company Series.............     11,780,301          12,478,522         13,320,615     

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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

TO THE SHAREHOLDERS OF THE PORTFOLIOS AND BOARD OF TRUSTEES OF                  
THE DFA INVESTMENT TRUST COMPANY                                                

In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of   
changes in net assets and the financial highlights presents fairly, in all      
material respects, the financial position of The Japanese Small Company Series, 
The Pacific Rim Small Company Series, The United Kingdom Small Company Series   
and The Continental Small Company Series (constituting portfolios within The DFA
Investment Trust Company, hereafter referred to as the "Portfolios") at         
November 30, 2001, the results of each of their operations for the year then    
ended, the changes in each of their net assets for each of the two years in the 
period then ended and the financial highlights for each of the five years in the
period then ended, in conformity with accounting principles generally accepted  
in the United States of America. These financial statements and financial       
highlights (hereafter referred to as "financial statements") are the            
responsibility of the Portfolios' management; our responsibility is to express  
an opinion on these financial statements based on our audits. We conducted our  
audits of these financial statements in accordance with auditing standards      
generally accepted in the United States of America, which require that we plan  
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a 
test basis, evidence supporting the amounts and disclosures in the financial    
statements, assessing the accounting principles used and significant estimates  
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at        
November 30, 2001 by correspondence with the custodian, provide a reasonable    
basis for our opinion.                                                          

PricewaterhouseCoopers LLP                                                      

Fort Lauderdale, Florida                                                        
January 16, 2002                                                                

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-30D’ Filing	Date	First	Last	Other Filings

	11/30/09	72		N-Q
	6/30/04	61		24F-2NT, N-CSR, N-PX, NSAR-B
	6/30/03	61		24F-2NT, N-CSR, NSAR-B
	8/15/02	60
	6/30/02	60	61	24F-2NT, N-30D, NSAR-B
Filed on:	3/5/02
	1/16/02	74	160
For Period End:	12/31/01	1	150	NSAR-A
	11/30/01	65	160
	7/1/01	60
	6/30/01	50	55	24F-2NT, N-30D, NSAR-B
	10/30/00	56		485BPOS
	8/11/00	56		497J
	6/30/00	50	55	24F-2NT, N-30D, NSAR-B
	4/7/00	56
	11/23/99	56
	8/5/99	51	56
	7/29/99	50	56
	7/7/99	56
	6/7/99	56
	6/16/98	56
				List all Filings

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Filing Submission 0000912057-02-008678 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

SA Funds Investment Trust – ‘N-30D’ for 12/31/01

On: Tuesday, 3/5/02 · For: 12/31/01 · Accession #: 912057-2-8678 · File #: 811-09195

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Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1Filing Table of Contents

Document Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents