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SA Funds Investment Trust – ‘N-30D’ for 12/31/00

On:  Monday, 3/5/01, at 9:22am ET   ·   For:  12/31/00   ·   Accession #:  912057-1-7194   ·   File #:  811-09195

Previous ‘N-30D’:  ‘N-30D’ on 8/28/00 for 6/30/00   ·   Next:  ‘N-30D’ on 9/4/01 for 6/30/01   ·   Latest:  ‘N-30D’ on 2/28/03 for 12/31/02

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

 3/05/01  SA Funds Investment Trust         N-30D      12/31/00    1:790K                                   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               311±  1.18M 
                          Shareholders                                           


Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
44SA U.S. Small Company Fund
47SA U.S. Market Fund
48SA U.S. HBtM Fund
50SA International HBtM Fund
51SA International Small Company Fund
62Schedule of Investments
"(Unaudited)
63November 30, 2000
64Statement of Assets and Liabilities
66Statement of Operations
67Statements of Changes in Net Assets
"Net Assets
68Financial Highlights
69Notes to Financial Statements
72Report of Independent Certified Public Accountants
74The Japanese Small Company Series
82The Pacific Rim Small Company Series
91The United Kingdom Small Company Series
96*Osprey Communications P.L.C
97The Continental Small Company Series
102100
140Statements of Assets and Liabilities
142Statements of Operations
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[LOGO] SEMI-ANNUAL REPORT DECEMBER 31, 2000 (UNAUDITED)
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-------------------------------------------------------------------------------- TABLE OF CONTENTS -------------------------------------------------------------------------------- [Download Table] PAGE PORTFOLIOS OF INVESTMENTS SA Fixed Income Fund...................................... 1 SA U.S. Market Fund....................................... 3 SA U.S. HBtM Fund......................................... 13 SA U.S. Small Company Fund................................ 16 SA International HBtM Fund................................ 29 SA International Small Company Fund....................... 35 STATEMENTS OF ASSETS AND LIABILITIES........................ 36 STATEMENTS OF OPERATIONS.................................... 38 STATEMENTS OF CHANGES IN NET ASSETS......................... 40 FINANCIAL HIGHLIGHTS........................................ 44 NOTES TO FINANCIAL STATEMENTS............................... 50 SELECTED FINANCIAL STATEMENTS OF DFA INVESTMENT DIMENSIONS GROUP INC. & DFA INVESTMENT TRUST COMPANY................... 58
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-------------------------------------------------------------------------------- SA Fixed Income Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) [Download Table] FACE AMOUNT VALUE+ -------------------------------------------------------------------- BONDS AND NOTES -- 69.0% GOVERNMENT AGENCY -- 0.7% Federal Home Loan Bank, 5.875%, 9/17/01............................. USD 250,000 $ 249,892 ----------- AIRPORT -- 1.2% Kansai International Airport, 1.300%, 7/29/04............................. JPY 50,000,000 447,014 ----------- BANKS -- 19.3% African Development Bank, MTN, 8.625%, 5/01/01............................. USD 250,000 251,923 Asian Development Bank, 8.500%, 5/02/01............................. USD 600,000 604,822 Caisse D'Amortissement de La Dette Sociale, 5.500%, 4/25/02............ EUR 600,000 568,245 Credit Agricole Indosuez, 7.140%, 7/03/01............................. USD 600,000 602,400 Credit Local De France SA, 6.000%, 9/24/01............................. EUR 300,000 283,439 DSL Finance NV, 5.000%, 5/07/02....... EUR 1,000,000 481,979 European Investment Bank, 0.875%, 11/08/04............................ JPY 75,000,000 658,968 Export-Import Bank, 4.375%, 10/01/03............................ JPY 48,000,000 460,689 Intermediate American Development Bank, 8.500%, 5/01/01............... USD 500,000 503,747 International Bank for Reconstruction & Development, 4.750%, 12/20/04.................... JPY 50,000,000 504,810 Landeskreditbank Baden-Wuerttemberg, 7.750%, 2/20/02..................... EUR 500,000 247,553 Nederlandse Waterschapsbank NV, 5.125%, 12/30/02.................... EUR 1,600,000 684,975 Rheinische Hypothekenbank AG, 5.500%, 12/05/01............................ EUR 1,000,000 944,634 Westfaelische Hypothekenbank, 3.250%, 8/15/01............................. EUR 250,000 232,426 ----------- 7,030,610 ----------- CHEMICALS -- 2.2% E.I. du Pont de Nemours & Co., 6.410%, 3/09/01............................. USD 800,000 790,456 ----------- FINANCE -- AUTO LOANS -- 2.6% Toyota Motor Credit Corp., 1.000%, 12/20/04............................ JPY 107,000,000 941,589 ----------- FINANCIAL SERVICES -- 8.3% Beta Finance, Inc., 6.460%, 3/28/01... USD 800,000 787,654 CC USA, Inc., 6.500%, 3/05/01......... USD 800,000 790,900 General Electric Capital Corp., 5.250%, 5/31/02..................... EUR 800,000 756,834 Sigma Finance, Inc., 6.480%, 3/06/01............................. USD 700,000 691,936 ----------- 3,027,324 ----------- FACE AMOUNT VALUE+ -------------------------------------------------------------------- FOREIGN GOVERNMENT/AGENCY -- 24.3% Alberta Treasury Branch, 4.750%, 3/30/01............................. CAD 500,000 $ 332,550 Canada Mortgage & Housing Corp., 7.250%, 9/01/01..................... CAD 350,000 235,625 Federal Republic of Germany, 4.750%, 11/20/01............................ EUR 1,000,000 939,829 Government of France, 5.500%, 10/12/01............................ EUR 900,000 849,838 Japan Finance Corp., 8.700%, 7/30/01............................. USD 500,000 506,539 KFW International Finance, 5.000%, 1/22/02............................. USD 300,000 296,592 Kingdom of Belgium, Zero Coupon Bond, 9/06/01............................. EUR 1,000,000 910,266 Kingdom of Denmark, 5.375%, 9/15/03... DKK 9,000,000 966,565 Kingdom of Netherlands, 8.750%, 9/15/01............................. EUR 900,000 867,094 Kingdom of Sweden, 5.000%, 1/15/04.... SEK 9,000,000 967,412 Kommuninvest Oerebro, 5.875%, 1/15/04............................. SEK 5,000,000 536,339 Oresundskonsortiet, 5.500%, 8/19/04... SEK 9,000,000 965,886 Province of Alberta, 10.250%, 8/22/01............................. CAD 700,000 479,997 ----------- 8,854,532 ----------- INSURANCE -- 3.5% AIG Funding, Inc., 6.480%, 2/20/01.... USD 800,000 792,800 American International Group, Inc., MTN, 6.340%, 8/16/01................ USD 250,000 250,313 MBIA, Inc., 9.000%, 2/15/01........... USD 250,000 250,541 ----------- 1,293,654 ----------- OIL & GAS -- 1.4% Elf Aquitaine SA, 8.000%, 10/15/01.... USD 500,000 507,725 ----------- RETAIL -- GENERAL -- 0.5% Wal-Mart Stores, Inc., 6.150%, 8/10/01............................. USD 200,000 200,175 ----------- TELECOMMUNICATIONS -- 2.2% Southwestern Bell Telephone Co., 6.250%, 3/12/01..................... USD 800,000 798,942 ----------- TRANSPORTATION -- 1.4% Societe Nationale des Chemins de Fer, 9.800%, 2/19/02..................... EUR 500,000 494,034 ----------- UTILITY -- 1.4% National Rural Utilities Cooperative Finance Corp., 5.280%, 2/04/02...... USD 500,000 495,881 ----------- TOTAL BONDS AND NOTES (Identified Cost $24,786,931)....... 25,131,828 ----------- 1
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-------------------------------------------------------------------------------- SA Fixed Income Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------------- FACE AMOUNT VALUE+ SHORT-TERM INVESTMENTS -- 25.1% BANKS -- 1.6% Commerzbank, 6.270%, 1/05/01.......... USD 600,000 $ 599,582 ----------- FINANCE -- LEASING COMPANIES -- 2.5% Enterprise Funding Corp., 6.510%, 1/31/01............................. USD 900,000 895,117 ----------- FINANCIAL SERVICES -- 12.3% Barton Capital Corp., 6.530%, 1/23/01............................. USD 800,000 796,808 Ciesco LP, 6.540%, 1/12/01............ USD 800,000 798,401 Corporate Asset Fund, 6.520%, 1/18/01............................. USD 1,000,000 996,921 Sheffield Receivable Corp., 6.670%, 1/05/01............................. USD 1,000,000 999,259 Windmill Financial Corp., 6.610%, 1/25/01............................. USD 900,000 896,034 ----------- 4,487,423 ----------- HEALTH CARE -- DRUGS -- 2.2% Glaxo Wellcome Plc, 6.500%, 1/26/01... USD 800,000 796,388 ----------- OIL & GAS -- 5.5% BP Amoco Capital Plc, 6.530%, 1/10/01............................. USD 1,000,000 998,368 Exxon Mobil, 6.530%, 1/05/01.......... USD 1,000,000 999,274 ----------- 1,997,642 ----------- SHARES VALUE+ -------------------------------------------------------------------- OTHER -- 1.0% SSgA Government Money Market Fund..... 252 $ 252 SSgA Money Market Fund................ 363,048 363,048 ----------- 363,300 ----------- TOTAL SHORT-TERM INVESTMENTS (Identified Cost $9,139,453)........ 9,139,452 ----------- [Download Table] -------------------------------------------------------------- TOTAL INVESTMENTS -- 94.1% (IDENTIFIED COST $33,926,384)# 34,271,280 Cash and Other Assets, Less Liabilities -- 5.9% 2,142,951 ---------- NET ASSETS -- 100%................................ $36,414,231 ========== + See Note 1. # At December 31, 2000, the aggregate cost of investment securities for income tax purposes was $33,926,384. Net unrealized appreciation aggregated $344,896, of which $679,240 related to appreciated investment securities and $334,344 related to depreciated investment securities. Key to abbreviations: CAD -- Canadian Dollar DKK -- Danish Krone EUR -- European Monetary Unit JPY -- Japanese Yen SEK -- Swedish Krona USD -- U.S. Dollar SEE NOTES TO FINANCIAL STATEMENTS. 2
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-------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) [Download Table] SHARES VALUE+ ---------------------------------------------------------------- COMMON STOCKS -- 93.4% ADVERTISING -- 0.7% Catalina Marketing Corp.*............. 300 $ 11,681 Interpublic Group of Cos., Inc........ 600 25,537 Lamar Advertising Co. Class A*........ 200 7,719 Omnicom Group, Inc.................... 1,800 149,175 TMP Worldwide, Inc.*.................. 1,800 99,000 True North Communications, Inc........ 500 21,250 ----------- 314,362 ----------- AEROSPACE/DEFENSE -- 1.1% Alliant Techsystems, Inc.*............ 300 20,025 Boeing Co............................. 1,700 112,200 General Dynamics Corp................. 300 23,400 Honeywell International, Inc.......... 1,600 75,700 Litton Industries, Inc.*.............. 300 23,606 Newport News Shipbuilding, Inc........ 400 20,800 Northrop Grumman Corp................. 300 24,900 Raytheon Co. Class B.................. 500 15,531 REMEC, Inc.*.......................... 300 2,888 United Technologies Corp.............. 2,300 180,837 ----------- 499,887 ----------- AIRLINES -- 0.4% AMR Corp.*............................ 3,000 117,563 Delta Air Lines, Inc.................. 300 15,056 Southwest Airlines Co................. 1,000 33,530 ----------- 166,149 ----------- APPLIANCES -- 0.0% Maytag Corp........................... 200 6,463 ----------- AUTO & RELATED -- 0.9% AutoZone, Inc.*....................... 600 17,100 Cummins Engine Co., Inc............... 200 7,587 Dollar Thrifty Automotive Group, Inc.*........................ 500 9,375 Ford Motor Co......................... 2,300 53,906 General Motors Corp................... 2,500 127,344 Harley-Davidson, Inc.................. 600 23,850 Johnson Controls, Inc................. 200 10,400 Lear Corp.*........................... 700 17,369 Navistar International Corp.*......... 1,200 31,425 O'Reilly Automotive, Inc.*............ 1,000 26,750 PACCAR, Inc........................... 200 9,850 Tower Automotive, Inc.*............... 600 5,400 TRW, Inc.............................. 2,500 96,875 Visteon Corp.......................... 301 3,462 ----------- 440,693 ----------- BANKS/SAVINGS & LOANS -- 6.1% Associated Banc-Corp.................. 330 10,024 Astoria Financial Corp................ 300 16,294 BancWest Corp......................... 600 15,675 Bank of America Corp.................. 3,300 151,387 Bank of New York Co., Inc............. 1,500 82,781 Bank One Corp......................... 4,600 168,475 BB&T Corp............................. 1,084 40,447 SHARES VALUE+ ---------------------------------------------------------------- BOK Financial Corp.................... 600 $ 12,750 Charter One Financial, Inc............ 1,100 31,763 Chase Manhattan Corp.................. 12,300 558,881 Comerica, Inc......................... 300 17,813 Commercial Federal Corp............... 600 11,663 Compass Bancshares, Inc............... 2,400 57,300 Fifth Third Bancorp................... 750 44,812 First Charter Corp.................... 600 8,925 First Financial Bancorp............... 600 10,200 First Union Corp...................... 2,000 55,625 First Virginia Banks, Inc............. 300 14,400 Firstar Corp.......................... 1,918 44,593 FleetBoston Financial Corp............ 1,800 67,612 Golden State Bancorp, Inc............. 500 15,719 Golden West Financial Corp............ 300 20,250 Greater Bay Bancorp................... 400 16,400 GreenPoint Financial Corp............. 700 28,656 Hibernia Corp. Class A................ 1,000 12,750 Huntington Bancshares, Inc............ 1,000 16,188 Independence Community Bank Corp...... 700 11,156 Marshall & Ilsley Corp................ 200 10,166 Mercantile Bankshares Corp............ 400 17,275 National Commerce Bancorp............. 600 14,850 Northern Trust Corp................... 1,100 89,719 Old National Bancorp.................. 420 12,574 PNC Bank Corp......................... 600 43,837 Richmond County Financial Corp........ 600 15,675 Riggs National Corp................... 500 6,969 SouthTrust Corp....................... 300 12,206 Summit Bancorp........................ 400 15,275 Sun Trust Banks, Inc.................. 3,000 189,000 The Colonial BancGroup, Inc........... 1,100 11,825 TrustCo Bank Corp. NY................. 1,200 14,625 Trustmark Corp........................ 600 12,600 U.S. Bancorp.......................... 1,500 43,781 UBS AG................................ 67 10,948 UnionBanCal Corp...................... 1,600 38,500 Wachovia Corp......................... 5,400 313,875 Washington Mutual, Inc................ 5,300 281,231 Whitney Holding Corp.................. 300 10,894 Zions Bancorp......................... 2,700 168,581 ----------- 2,876,945 ----------- BROADCASTING -- 0.3% Clear Channel Communications, Inc.*............... 1,200 58,125 Hearst-Argyle Television, Inc.*....... 500 10,219 Infinity Broadcasting Corp. Class A*............................ 500 13,969 Pegasus Communications Corp.*......... 200 5,150 Sinclair Broadcast Group, Inc. Class A*............................ 2,200 22,069 Univision Communications, Inc. Class A*............................ 200 8,187 ----------- 117,719 ----------- BUILDING & CONSTRUCTION -- 0.3% Armstrong Holdings, Inc............... 200 413 Clayton Homes, Inc.................... 1,100 12,650 Dal-Tile International, Inc.*......... 1,100 15,606 Dycom Industries, Inc.*............... 300 $ 10,781 3
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-------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ Fleetwood Enterprises, Inc............ 700 7,350 Jacobs Engineering Group, Inc.*....... 300 13,856 Lennar Corp........................... 500 18,125 Masco Corp............................ 900 23,119 Modine Manufacturing Co............... 400 8,300 Simpson Manufacturing Co., Inc.*...... 200 10,200 Texas Industries, Inc................. 300 9,000 ----------- 129,400 ----------- BUSINESS SERVICES -- 2.0% Ariba, Inc.*.......................... 2,400 128,700 Automatic Data Processing, Inc........ 1,300 82,306 BEA Systems, Inc.*.................... 400 26,925 Cendant Corp.*........................ 1,000 9,625 Cintas Corp........................... 300 15,956 CMGI, Inc.*........................... 500 2,797 Complete Business Solutions, Inc.*.... 700 7,219 Consolidated Graphics, Inc.*.......... 300 3,581 DiamondCluster International, Inc.*................ 1,300 39,650 Ecolab, Inc........................... 300 12,956 Electronic Data Systems Corp.......... 1,000 57,750 First Data Corp....................... 800 42,150 Fiserv, Inc.*......................... 500 23,719 i2 Technologies, Inc.*................ 1,020 55,462 Imation Corp.*........................ 3,300 51,150 Modis Professional Services, Inc.*.... 1,200 4,950 National Data Corp.................... 300 10,988 NCO Group, Inc.*...................... 500 15,188 Paychex, Inc.......................... 750 36,469 Robert Half International, Inc.*...... 800 21,200 Sapient Corp.*........................ 400 4,775 SEI Investments Co.................... 300 33,600 Solectron Corp.*...................... 6,200 210,180 Spherion Corp.*....................... 500 5,656 TeleTech Holdings, Inc.*.............. 400 7,350 Westwood One, Inc.*................... 400 7,725 ----------- 918,027 ----------- CHEMICALS -- 0.9% Air Products & Chemicals, Inc......... 500 20,500 Albemarle Corp........................ 500 12,375 Cabot Corp............................ 400 10,550 Cabot Microelectronics Corp.*......... 112 5,827 Dow Chemical Co....................... 2,000 73,250 E.I. du Pont de Nemours & Co.......... 2,100 101,456 Eastman Chemical Co................... 200 9,750 Great Lakes Chemical Corp............. 300 11,156 IMC Global, Inc....................... 700 10,894 International Specialty Products, Inc.*..................... 4,800 32,100 Lyondell Chemical Co.................. 700 10,719 MacDermid, Inc........................ 300 5,700 PolyOne Corp.......................... 2,200 12,925 Praxair, Inc.......................... 300 13,313 Rohm & Haas Co........................ 900 $ 32,681 RPM, Inc.............................. 900 7,706 Sigma-Aldrich Corp.................... 400 15,725 Solutia, Inc.......................... 1,100 13,200 SHARES VALUE+ ---------------------------------------------------------------- ----------- 399,827 ----------- COMMERCIAL SERVICES -- 0.2% ACNielsen Corp.*...................... 600 21,750 Deluxe Corp........................... 600 15,162 Quanta Services, Inc.*................ 1,300 41,844 Sodexho Marriott Services, Inc........ 600 13,275 Veritas DGC, Inc.*.................... 500 16,150 ----------- 108,181 ----------- COMMUNICATIONS EQUIPMENT -- 0.0% Allen Telecom, Inc.*.................. 600 10,762 Entrada Networks, Inc.*............... 25 44 ----------- 10,806 ----------- COMPUTERS -- 1.2% Apple Computer, Inc.*................. 600 8,925 Compaq Computer Corp.................. 3,400 51,170 Dell Computer Corp.................... 5,100 88,931 Gateway, Inc.*........................ 600 10,794 Hewlett-Packard Co.................... 4,000 126,250 International Business Machines Corp................................ 3,300 280,500 ----------- 566,570 ----------- COMPUTER EQUIPMENT -- 2.2% Adaptec, Inc.*........................ 500 5,125 Electronics for Imaging, Inc.*........ 200 2,788 EMC Corp.*............................ 4,200 279,300 Emulex Corp.*......................... 800 63,950 Ingram Micro, Inc. Class A*........... 600 6,750 Intel Corp............................ 3,000 90,187 Maxtor Corp.*......................... 900 5,034 Mentor Graphics Corp.*................ 600 16,463 Palm, Inc.*........................... 1,038 29,388 RadiSys Corp.*........................ 200 5,175 SanDisk Corp.*........................ 200 5,550 SCM Microsystems, Inc.*............... 100 3,300 Silicon Storage Technology, Inc.*..... 300 3,544 VERITAS Software Corp.*............... 5,978 523,075 Verity, Inc.*......................... 300 7,219 ----------- 1,046,848 ----------- COMPUTER SERVICES -- 1.2% Affiliated Computer Services, Inc. Class A*............................ 900 54,619 Aspen Technology, Inc.*............... 200 6,650 Cadence Design Systems, Inc.*......... 1,200 33,000 CDW Computer Centers, Inc.*........... 200 5,575 Ceridian Corp.*....................... 1,500 29,906 Cisco Systems, Inc.*.................. 1,000 38,250 Computer Sciences Corp.*.............. 300 18,037 Compuware Corp.*...................... 700 4,375 NCR Corp.*............................ 500 24,562 Network Appliance, Inc.*.............. 1,600 $ 102,700 Radiant Systems, Inc.*................ 300 6,150 Safeguard Scientifics, Inc.*.......... 300 1,988 Sun Microsystems, Inc.*............... 6,800 189,550 4
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-------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ SunGard Data Systems, Inc.*........... 300 14,138 Unisys Corp.*......................... 1,600 23,400 Wind River Systems, Inc.*............. 200 6,825 Zomax, Inc.*.......................... 400 1,825 ----------- 561,550 ----------- COMPUTER SOFTWARE -- 2.9% 3Com Corp............................. 700 5,950 Adobe Systems, Inc.................... 400 23,275 BMC Software, Inc..................... 500 7,000 BroadVision, Inc.*.................... 900 10,631 CheckFree Corp.*...................... 300 12,750 Citrix Systems, Inc.*................. 1,900 42,750 Computer Associates International, Inc.................. 5,300 103,350 Convera Corp.*........................ 300 5,325 Electronic Arts, Inc.*................ 2,000 85,250 Inktomi Corp.*........................ 200 3,575 Internet Security Systems, Inc.*...... 200 15,687 IntraNet Solutions, Inc.*............. 400 20,400 Intuit, Inc.*......................... 2,000 78,875 Macromedia, Inc.*..................... 200 12,150 Mercury Interactive Corp.*............ 400 36,100 Micromuse, Inc.*...................... 400 24,144 Microsoft Corp.*...................... 8,800 381,700 National Instruments Corp.*........... 500 24,281 Netopia, Inc.*........................ 200 863 Network Associates, Inc.*............. 1,400 5,862 New Era of Networks, Inc.*............ 300 1,763 Novell, Inc.*......................... 700 3,653 Oracle Corp.*......................... 11,600 337,125 Parametric Technology Corp.*.......... 500 6,719 PeopleSoft, Inc.*..................... 500 18,594 Peregrine Systems, Inc.*.............. 200 3,950 Pinnacle Systems, Inc.*............... 400 2,950 Puma Technology, Inc.*................ 200 831 Rational Software Corp.*.............. 400 15,575 Siebel Systems, Inc.*................. 800 54,100 SYNAVANT, Inc.*....................... 30 141 ----------- 1,345,319 ----------- CONSUMER PRODUCTS -- 2.3% Avon Products, Inc.................... 2,400 114,900 Clorox Co............................. 2,300 81,650 Colgate-Palmolive Co.................. 5,700 367,935 Energizer Holdings, Inc.*............. 800 17,100 Estee Lauder Companies, Inc. Class A............................. 200 8,763 Fortune Brands, Inc................... 300 9,000 Gillette Co........................... 5,300 191,462 Hasbro, Inc........................... 900 9,563 Mattel, Inc........................... 2,100 30,324 Newell Rubbermaid, Inc................ 600 $ 13,650 Procter & Gamble Co................... 2,600 203,937 The Dial Corp......................... 900 9,900 Tupperware Corp....................... 600 12,262 ----------- 1,070,446 ----------- SHARES VALUE+ ---------------------------------------------------------------- CONTAINERS-PAPER/PLASTIC -- 0.0% Sealed Air Corp.*..................... 200 6,100 ----------- DISTRIBUTION/WHOLESALE -- 0.1% Fastenal Company...................... 200 10,975 Genuine Parts Co...................... 900 23,569 International Multifoods Corp......... 900 18,281 ----------- 52,825 ----------- DIVERSIFIED OPERATIONS -- 3.5% Carlisle Cos., Inc.................... 600 25,762 Cognex Corp.*......................... 200 4,425 Cooper Industries, Inc................ 500 22,969 Corning, Inc.......................... 14,400 760,500 Danaher Corp.......................... 300 20,513 Federal Signal Corp................... 600 11,775 Hawaiian Electric Industries, Inc..... 300 11,156 Hillenbrand Industries, Inc........... 1,300 66,950 Illinois Tool Works, Inc.............. 600 35,737 Lockheed Martin Corp.................. 800 27,160 Minnesota Mining & Manufacturing Co.................................. 800 96,400 Perkin Elmer, Inc..................... 4,100 430,500 PPG Industries, Inc................... 300 13,894 Ralston Purina Co..................... 2,400 62,700 SPS Technologies, Inc.*............... 300 16,444 Textron, Inc.......................... 300 13,950 Viad Corp............................. 600 13,800 Volt Information Sciences, Inc.*...... 300 6,225 ----------- 1,640,860 ----------- EDUCATION -- 0.0% Learning Tree International, Inc.*.... 200 9,900 ----------- ELECTRICAL EQUIPMENT -- 1.8% Belden, Inc........................... 500 12,688 Cable Design Technologies Corp.*...... 450 7,566 Credence Systems Corp.*............... 200 4,600 General Electric Co................... 11,500 551,281 Ibis Technology Corp.*................ 100 1,925 Lincoln Electric Holdings, Inc........ 900 17,662 Microchip Technology, Inc.*........... 300 6,581 Micron Technology, Inc.*.............. 4,000 142,000 Molex, Inc............................ 200 7,100 Power Integrations, Inc.*............. 200 2,300 Power-One, Inc.*...................... 200 7,863 PRI Automation, Inc.*................. 1,000 18,750 Sanmina Corp.*........................ 440 33,715 Xilinx, Inc.*......................... 600 27,675 ----------- 841,706 ----------- ELECTRONICS -- 5.6% ACT Manufacturing, Inc.*.............. 200 $ 3,150 Advanced Micro Devices, Inc.*......... 1,300 17,956 Agilent Technologies, Inc.*........... 4,562 249,769 Alpha Industries, Inc.*............... 400 14,800 Altera Corp.*......................... 800 21,050 American Superconductor Corp.*........ 200 5,713 5
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-------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ Amkor Technology, Inc.*............... 1,500 23,273 Analog Devices, Inc.*................. 700 35,831 Anixter International, Inc.*.......... 700 15,138 Applied Materials, Inc.*.............. 6,600 252,037 Applied Micro Circuits Corp.*......... 2,400 180,112 Arrow Electronics, Inc.*.............. 1,000 28,625 Atmel Corp.*.......................... 800 9,300 ATMI, Inc.*........................... 200 3,900 Avnet, Inc............................ 400 8,600 AVX Corp.............................. 400 6,550 Broadcom Corp. Class B*............... 100 8,400 Coherent, Inc.*....................... 200 6,500 Cree, Inc.*........................... 200 7,106 Cypress Semiconductor Corp.*.......... 400 7,875 Dallas Semiconductor Corp............. 4,200 107,625 DSP Group, Inc.*...................... 200 4,209 DuPont Photomasks, Inc.*.............. 200 10,569 EMCORE Corp.*......................... 200 9,400 Emerson Electric Co................... 5,900 464,994 ESS Technology, Inc.*................. 800 4,100 Exar Corp.*........................... 600 18,591 General Motors Corp. Class H*......... 3,900 89,700 Gentex Corp.*......................... 700 13,038 Integrated Device Technology, Inc.*................... 200 6,625 Integrated Silicon Solution, Inc.*.... 500 7,188 Jabil Circuit, Inc.*.................. 2,300 58,362 Kent Electronics Corp.*............... 600 9,900 KLA-Tencor Corp.*..................... 400 13,475 Lam Research Corp.*................... 600 8,700 Linear Technology Corp................ 3,100 143,375 LSI Logic Corp.*...................... 600 10,254 Maxim Integrated Products, Inc.*...... 600 28,687 Micrel, Inc.*......................... 400 13,475 Molecular Devices Corp.*.............. 200 13,688 National Semiconductor Corp.*......... 900 18,113 Newport Corp.......................... 300 23,583 Novellus Systems, Inc.*............... 600 21,563 Oak Technology, Inc.*................. 500 4,344 PMC-Sierra, Inc.*..................... 300 23,587 Rambus, Inc.*......................... 4,400 158,950 Rockwell International Corp........... 400 19,050 Sawtek, Inc.*......................... 200 9,238 SCI Systems, Inc.*.................... 600 15,825 SDL, Inc.*............................ 200 29,637 Siliconix, Inc.*...................... 300 6,750 Tektronix, Inc........................ 2,000 67,375 Teradyne, Inc.*....................... 300 11,175 Texas Instruments, Inc................ 3,200 151,600 Thermo Electron Corp.*................ 1,195 $ 35,551 Three-Five Systems, Inc.*............. 150 2,700 TranSwitch Corp.*..................... 400 15,650 TriQuint Semiconductor, Inc.*......... 400 17,475 Vitesse Semiconductor Corp.*.......... 900 49,781 Zoran Corp.*.......................... 1,000 15,500 ----------- 2,639,087 ----------- SHARES VALUE+ ---------------------------------------------------------------- ENERGY -- 1.6% DTE Energy Co......................... 300 11,681 El Paso Energy Corp................... 500 35,813 Energy East Corp...................... 500 9,844 Enron Corp............................ 7,400 615,125 Entergy Corp.......................... 900 38,081 Progress Energy, Inc.................. 300 14,756 Sempra Energy......................... 500 11,625 Syntroleum Corp.*..................... 700 11,900 ----------- 748,825 ----------- FACILITY SERVICES -- 0.0% ABM Industries, Inc................... 400 12,250 ----------- FINANCIAL SERVICES -- 6.8% A.G. Edwards, Inc..................... 1,700 80,644 Ambac Financial Group, Inc............ 450 26,241 American Express Co................... 2,700 148,331 American General Corp................. 500 40,750 AmSouth Bancorporation................ 700 10,675 Capital One Financial Corp............ 400 26,325 Charles Schwab Corp................... 600 17,025 CIT Group, Inc. Class A............... 600 12,075 Citigroup, Inc........................ 13,333 680,816 Concord EFS, Inc.*.................... 400 17,575 Countrywide Credit Industries, Inc..................... 3,000 150,750 E*Trade Group, Inc.*.................. 500 3,688 Eaton Vance Corp...................... 600 19,350 Equifax, Inc.......................... 600 17,212 Finova Group, Inc..................... 400 375 First Commonwealth Financial Corp..... 1,200 12,000 Franklin Resources, Inc............... 1,000 38,100 H&R Block, Inc........................ 400 16,550 Household International, Inc.......... 1,000 55,000 J.P. Morgan & Co., Inc................ 3,200 529,600 KeyCorp............................... 1,800 50,400 Lehman Brothers Holdings, Inc......... 4,400 297,550 MBIA, Inc............................. 200 14,825 MBNA Corp............................. 1,600 59,100 Mellon Financial Corp................. 1,000 49,187 Merrill Lynch & Co., Inc.............. 1,400 95,462 Morgan Stanley Dean Witter & Co....... 2,200 174,350 National City Corp.................... 1,200 34,500 Pacific Century Financial Corp........ 2,500 44,219 Providian Financial Corp.............. 600 34,500 Raymond James Financial, Inc.......... 600 20,925 Regions Financial Corp................ 4,400 120,175 State Street Corp..................... 300 37,263 Stilwell Financial, Inc............... 400 15,775 Susquehanna Bancshares, Inc........... 800 $ 13,200 Synovus Financial Corp................ 600 16,163 The Goldman Sachs Group, Inc.......... 900 96,244 UICI*................................. 400 2,375 Union Planters Corp................... 2,700 96,525 USA Education, Inc.................... 300 20,400 ----------- 3,196,220 ----------- 6
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-------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ FOOD & BEVERAGES -- 2.1% Adolph Coors Co. Class B.............. 200 16,063 Anheuser-Busch Cos., Inc.............. 1,800 81,900 Archer-Daniels-Midland Co............. 1,050 15,750 Campbell Soup Co...................... 800 27,700 Coca-Cola Co.......................... 3,400 207,187 Coca-Cola Enterprises, Inc............ 800 15,200 ConAgra, Inc.......................... 800 20,800 Corn Products International, Inc...... 400 11,625 General Mills, Inc.................... 600 26,737 H.J. Heinz Co......................... 3,100 147,056 Hershey Foods Corp.................... 200 12,875 IBP, Inc.............................. 600 16,050 Interstate Bakeries Corp.............. 4,300 60,469 Kellogg Co............................ 800 21,000 PepsiCo, Inc.......................... 2,400 118,950 Quaker Oats Co........................ 300 29,212 Suiza Foods Corp.*.................... 300 14,400 SYSCO Corp............................ 1,400 42,000 Whitman Corp.......................... 3,400 55,675 Wm. Wrigley Jr. Co.................... 200 19,163 ----------- 959,812 ----------- FOREST & PAPER PRODUCTS -- 0.7% Georgia-Pacific Group................. 405 12,605 International Paper Co................ 4,124 168,311 Kimberly-Clark Corp................... 1,100 77,759 Mead Corp............................. 1,000 31,375 Wausau-Mosinee Paper Corp............. 600 6,075 Weyerhaeuser Co....................... 500 25,375 ----------- 321,500 ----------- FUNERAL SERVICES -- 0.0% Service Corp. International........... 3,000 5,250 ----------- HEALTH CARE -- BIOTECHNOLOGY -- 1.1% Affymetrix, Inc.*..................... 200 14,887 Amgen, Inc.*.......................... 2,000 127,875 Avigen, Inc.*......................... 200 4,150 Aviron*............................... 400 26,725 Biogen, Inc.*......................... 300 18,019 Chiron Corp.*......................... 400 17,800 CuraGen Corp.*........................ 200 5,463 Enzo Biochem, Inc.*................... 100 2,488 Gene Logic, Inc.*..................... 300 5,512 Genzyme Corp.*........................ 200 17,987 Guilford Pharmaceuticals, Inc.*....... 500 $ 9,000 IDEC Pharmaceuticals Corp.*........... 100 18,956 Immunex Corp.*........................ 1,000 40,625 Incyte Pharmaceuticals, Inc.*......... 200 4,975 Medtronic, Inc........................ 2,400 144,900 SHARES VALUE+ ---------------------------------------------------------------- Myriad Genetics, Inc.*................ 200 16,550 Protein Design Labs, Inc.*............ 200 17,375 Texas Biotechnology Corp.*............ 800 6,872 Vical, Inc.*.......................... 200 3,700 ----------- 503,859 ----------- HEALTH CARE -- DRUGS -- 5.2% Abbott Laboratories................... 3,100 150,156 Alkermes, Inc.*....................... 200 6,275 Alliance Pharmaceutical Corp.*........ 4,700 40,537 ALZA Corp.*........................... 4,200 178,500 American Home Products Corp........... 2,600 165,230 Bristol-Myers Squibb Co............... 9,800 724,587 Eli Lilly & Co........................ 2,200 204,737 Forest Laboratories, Inc.*............ 200 26,575 Inhale Therapeutic Systems, Inc.*..... 200 10,100 IVAX Corp.*........................... 600 22,980 King Pharmaceuticals, Inc.*........... 1,012 52,308 MedImmune, Inc.*...................... 300 14,306 Millennium Pharmaceuticals, Inc.*..... 1,000 61,875 Mylan Laboratories, Inc............... 2,500 62,969 Pfizer, Inc........................... 11,175 514,050 Pharmacia Corp........................ 2,500 152,500 Pharmacopeia, Inc.*................... 200 4,363 Sepracor, Inc.*....................... 300 24,038 Watson Pharmaceuticals, Inc.*......... 200 10,238 ----------- 2,426,324 ----------- HEALTH CARE -- PRODUCTS -- 2.7% Abgenix, Inc.*........................ 1,200 70,875 Allergan, Inc......................... 200 19,362 Apogent Technologies, Inc.*........... 400 8,200 ArthroCare Corp.*..................... 2,000 39,000 Bausch & Lomb, Inc.................... 200 8,088 Beckman Coulter, Inc.................. 2,500 104,844 Becton, Dickinson & Co................ 500 17,312 Boston Scientific Corp.*.............. 800 10,950 C.R. Bard, Inc........................ 300 13,969 Cooper Cos., Inc...................... 300 11,963 Datascope Corp........................ 300 10,275 Edwards Lifesciences Corp.*........... 120 2,130 Guidant Corp.*........................ 600 32,362 Human Genome Sciences, Inc.*.......... 200 13,863 Johnson & Johnson..................... 2,800 294,175 Merck & Co., Inc...................... 4,400 411,950 MiniMed, Inc.*........................ 200 8,406 Schering-Plough Corp.................. 2,900 164,575 Stryker Corp.......................... 400 20,236 Sybron Dental Specialties, Inc.*...... 133 2,244 ----------- 1,264,779 ----------- 7
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-------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ HEALTH CARE -- SERVICES -- 2.7% Advance Paradiam, Inc.*............... 400 $ 18,200 Apria Healthcare Group, Inc.*......... 800 23,800 Baxter International, Inc............. 2,600 229,612 Cardinal Health, Inc.................. 500 49,812 Caremark Rx, Inc.*.................... 1,100 14,919 Cerner Corp.*......................... 400 18,500 Covance, Inc.*........................ 1,100 11,825 First Health Group Corp.*............. 4,300 200,219 HCA-The Healthcare Corp............... 1,700 74,817 Health Management Associates, Inc. Class A*............................ 1,000 20,750 Health Net, Inc.*..................... 1,000 26,188 Healthsouth Corp.*.................... 1,500 24,469 Humana, Inc.*......................... 1,300 19,825 IMS Health, Inc....................... 600 16,200 McKesson HBOC, Inc.................... 600 21,534 Mid Atlantic Medical Services, Inc.*..................... 500 9,906 Omnicare, Inc......................... 600 12,975 Quest Diagnostics, Inc.*.............. 400 56,800 Renal Care Group, Inc.*............... 500 13,711 Tenet Healthcare Corp................. 600 26,662 Trigon Healthcare, Inc.*.............. 300 23,344 UnitedHealth Group, Inc............... 5,600 343,700 ----------- 1,257,768 ----------- HOUSEHOLD PRODUCTS -- 0.0% Black & Decker Corp................... 300 11,775 ----------- INSTRUMENTS -- SCIENTIFIC -- 0.2% Applera Corp. -- Applied Biosystems Group*.............................. 400 37,625 FEI Co.*.............................. 1,400 31,850 Millipore Corp........................ 200 12,600 Waters Corp.*......................... 200 16,700 ----------- 98,775 ----------- INSURANCE -- 4.3% Aetna, Inc.*.......................... 1,400 57,487 AFLAC, Inc............................ 1,000 72,187 Alfa Corp............................. 600 11,025 Allmerica Financial Corp.............. 200 14,500 Allstate Corp......................... 3,200 139,400 American International Group, Inc..... 7,650 754,003 Aon Corp.............................. 2,600 89,050 Chubb Corp............................ 400 34,600 Cincinnati Financial Corp............. 800 31,650 CNA Financial Corp.*.................. 900 34,875 Conseco, Inc.......................... 3,300 43,519 Harleysville Group, Inc............... 2,900 84,825 Hartford Financial Services Group, Inc.......................... 500 35,312 Horace Mann Educators Corp............ 700 14,963 Lincoln National Corp................. 800 37,850 Loews Corp............................ 200 20,712 Markel Corp.*......................... 100 18,100 Marsh & McLennan Cos., Inc............ 3,000 351,000 MGIC Investment Corp.................. 200 $ 13,488 SHARES VALUE+ ---------------------------------------------------------------- MONY Group, Inc....................... 400 19,775 Ohio Casualty Corp.................... 700 7,000 Old Republic International Corp....... 700 22,400 Radian Group, Inc..................... 200 15,012 Reinsurance Group of America, Inc..... 400 14,200 St. Paul Cos., Inc.................... 400 21,725 Torchmark, Inc........................ 500 19,219 Unitrin, Inc.......................... 300 12,188 UnumProvident Corp.................... 500 13,438 W.R. Berkley Corp..................... 500 23,594 ----------- 2,027,097 ----------- INSURANCE CONTRACTS -- 1.7% CIENA Corp.*.......................... 5,600 455,000 CIGNA Corp............................ 2,300 304,290 Jefferson-Pilot Corp.................. 200 14,950 ----------- 774,240 ----------- INTERNET SERVICES -- 1.4% America Online, Inc.*................. 11,600 403,680 At Home Corp. Series A*............... 700 3,872 CNET Networks, Inc.*.................. 503 8,048 DoubleClick, Inc.*.................... 2,410 26,510 Exodus Communications, Inc.*.......... 600 12,000 iGATE Capital Corp.*.................. 300 863 InfoSpace, Inc.*...................... 400 3,537 Real Networks, Inc.*.................. 300 2,606 RSA Security, Inc.*................... 200 10,575 S1 Corp.*............................. 500 2,625 SoftNet Systems, Inc.*................ 300 544 VeriSign, Inc.*....................... 1,915 142,069 Visual Networks, Inc.*................ 300 975 Yahoo!, Inc.*......................... 1,100 33,069 ----------- 650,973 ----------- LEISURE -- 0.7% Extended Stay America, Inc.*.......... 1,000 12,850 Gaylord Entertainment Co.............. 700 14,612 Harrah's Entertainment, Inc.*......... 500 13,188 Mandalay Resort Group*................ 500 10,969 Marriott International, Inc. Class A............................. 500 21,125 Metro-Goldwyn-Mayer, Inc. *........... 400 6,525 MGM Grand, Inc........................ 1,600 45,100 Pinnacle Entertainment, Inc.*......... 500 6,750 Sabre Holdings Corp. Class A.......... 1,316 56,752 Six Flags, Inc.*...................... 800 13,750 Starwood Hotels & Resorts Worldwide, Inc. Class B............. 400 14,100 Station Casinos, Inc.*................ 5,850 87,384 Topps Co., Inc.*...................... 900 8,269 ----------- 311,374 ----------- MACHINERY -- 0.3% Caterpillar, Inc...................... 700 33,119 Deere & Co............................ 500 22,906 Dover Corp............................ 400 16,225 GaSonics International Corp.*......... 300 $ 5,513 8
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-------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ Ingersoll-Rand Co..................... 300 12,562 Kennametal, Inc....................... 400 11,650 Kulicke and Soffa Industries, Inc.*................... 400 4,500 Milacron, Inc......................... 700 11,244 SPX Corp.*............................ 100 10,819 Tecumseh Products Co. Class A......... 700 29,356 ----------- 157,894 ----------- MANUFACTURING -- 0.1% American Standard Cos., Inc.*......... 300 14,794 Donaldson Co., Inc.................... 500 13,906 Leggett & Platt, Inc.................. 800 15,150 Nordson Corp.......................... 400 10,200 ----------- 54,050 ----------- METALS & MINING -- 0.3% Alcoa, Inc............................ 1,400 46,900 Kaiser Aluminum Corp.*................ 5,000 18,437 Mueller Industries, Inc.*............. 300 8,044 Newmont Mining Corp................... 800 13,650 Phelps Dodge Corp..................... 200 11,163 Precision Castparts Corp.............. 600 25,237 Stillwater Mining Co.*................ 800 31,480 ----------- 154,911 ----------- MULTIMEDIA -- 2.2% Adelphia Communications Corp. Class A*............................ 200 10,325 AT&T Corp. -- Liberty Media Corp. Class A*............................ 7,600 103,075 Emmis Communications Corp. Class A*............................ 200 5,738 Gannett Co., Inc...................... 4,900 309,006 Key3Media Group, Inc.*................ 300 3,656 Macrovision Corp.*.................... 200 14,803 McGraw-Hill Cos, Inc.................. 400 23,450 Media General, Inc. Class A........... 200 7,280 Time Warner, Inc...................... 1,200 62,688 Tribune Co............................ 500 21,125 USA Networks, Inc.*................... 600 11,663 Viacom, Inc. Class A*................. 2,800 131,600 Viacom, Inc. Class B*................. 6,819 318,788 Walt Disney Co........................ 400 11,575 ----------- 1,034,772 ----------- OFFICE EQUIPMENT -- 0.1% Lexmark International Group, Inc. Class A*............................ 300 13,294 Pitney Bowes, Inc..................... 500 16,562 Xerox Corp............................ 1,300 6,013 ----------- 35,869 ----------- OFFICE FURNISHINGS & SUPPLIES -- 0.0% Avery Dennison Corp................... 200 10,975 ----------- OIL & GAS -- 4.4% AGL Resources, Inc.................... 4,300 $ 94,869 Amerada Hess Corp..................... 900 65,756 Anadarko Petroleum Corp............... 300 21,324 Apache Corp........................... 200 14,013 SHARES VALUE+ ---------------------------------------------------------------- Atmos Energy Corp..................... 500 12,188 Atwood Oceanics, Inc.*................ 200 8,762 Baker Hughes, Inc..................... 700 29,094 BJ Services Co.*...................... 200 13,775 Burlington Resources, Inc............. 900 45,450 Cabot Oil & Gas Corp. Class A......... 500 15,594 Cal Dive International, Inc.*......... 400 10,650 Chevron Corp.......................... 1,200 101,325 Coastal Corp.......................... 400 35,325 Devon Energy Corp..................... 200 12,194 Diamond Offshore Drilling, Inc........ 300 12,000 ENSCO International, Inc.............. 300 10,219 EOG Resources, Inc.................... 600 32,812 Exxon Mobil Corp...................... 4,532 394,001 Global Marine, Inc.*.................. 400 11,350 Halliburton Co........................ 5,900 213,875 Kerr-McGee Corp....................... 1,900 127,181 Nabors Industries, Inc. *............. 300 17,745 Noble Affiliates, Inc................. 500 23,000 Noble Drilling Corp.*................. 300 13,031 Occidental Petroleum Corp............. 700 16,975 Ocean Energy, Inc.*................... 5,000 86,875 ONEOK, Inc............................ 400 19,250 Phillips Petroleum Co................. 500 28,437 Piedmont Natural Gas Co., Inc......... 1,600 61,100 Pioneer Natural Resources Co. *....... 800 15,750 Pride International, Inc.*............ 700 17,238 Stone Energy Corp.*................... 1,400 90,370 Sunoco, Inc........................... 500 16,844 Texaco, Inc........................... 2,800 173,950 Tidewater, Inc........................ 600 26,625 Trico Marine Services, Inc.*.......... 700 10,806 Unocal Corp........................... 1,000 38,687 USX- Marathon Group................... 600 16,650 Williams Cos., Inc.................... 2,200 87,862 ----------- 2,042,952 ----------- OIL REFINING -- 0.1% Ultramar Diamond Shamrock Corp........ 500 15,438 Valero Energy Corp.................... 1,200 44,625 ----------- 60,063 ----------- PAPER & RELATED PRODUCTS -- 0.0% Boise Cascade Corp.................... 300 10,088 Westvaco Corp......................... 400 11,675 ----------- 21,763 ----------- PHOTO EQUIPMENT & SUPPLIES -- 0.1% Eastman Kodak Co...................... 600 23,625 Polaroid Corp......................... 900 5,231 ----------- 28,856 ----------- PRINTING -- 0.0% Valassis Communications, Inc.*........ 300 $ 9,469 ----------- PUBLISHING -- 0.1% Knight-Ridder, Inc.................... 200 11,375 9
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-------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ The New York Times Co. Class A........ 400 16,025 The Reader's Digest Association, Inc.................... 400 15,650 ----------- 43,050 ----------- RESTAURANTS -- 0.5% Applebee's International, Inc......... 1,300 40,869 Bob Evans Farms, Inc.................. 700 14,919 Darden Restaurants, Inc............... 600 13,725 McDonald's Corp....................... 2,700 91,800 Sonic Corp.*.......................... 600 13,987 Starbucks Corp.*...................... 900 39,825 Wendy's International, Inc............ 500 13,125 ----------- 228,250 ----------- RETAIL -- FOOD -- 1.0% Albertson's, Inc...................... 800 21,200 Dean Foods Co......................... 300 9,206 Delhaize America, Inc. Class A........ 500 8,844 Kroger Co.*........................... 1,700 46,006 Ruddick Corp.......................... 900 10,294 Safeway, Inc.*........................ 5,000 312,500 Sara Lee Corp......................... 1,800 44,212 Winn-Dixie Stores, Inc................ 600 11,625 ----------- 463,887 ----------- RETAIL -- GENERAL -- 1.8% 7-Eleven, Inc.*....................... 1,600 14,000 BJ's Wholesale Club, Inc.*............ 300 11,513 CVS Corp.............................. 800 47,950 Dollar General Corp................... 625 11,797 Family Dollar Stores, Inc............. 700 15,006 Federated Department Stores, Inc.*.... 400 14,000 J.C. Penney Co., Inc.................. 1,000 10,875 Longs Drug Stores Corp................ 300 7,238 May Department Stores Co.............. 700 22,925 Sears, Roebuck & Co................... 3,500 121,625 Target Corp........................... 1,800 58,050 TJX Cos., Inc......................... 600 16,650 Wal-Mart Stores, Inc.................. 8,900 472,812 ----------- 824,441 ----------- RETAIL -- SPECIALTY -- 2.5% Amazon.com, Inc.*..................... 1,000 15,562 AutoNation, Inc....................... 2,200 13,200 Bed Bath & Beyond, Inc.*.............. 600 13,425 Best Buy Co., Inc.*................... 4,300 127,119 Callaway Golf Co...................... 800 14,900 Children's Place Retail Stores, Inc.*....................... 2,200 44,550 Circuit City Stores-Circuit City Group............................... 400 4,600 Claire's Stores, Inc.................. 1,000 17,937 Consolidated Stores Corp.*............ 2,200 23,375 Costco Wholesale Corp.*............... 2,800 $ 111,825 EBay, Inc.*........................... 1,300 42,900 Home Depot, Inc....................... 4,650 212,447 Kohl's Corp.*......................... 600 36,600 Limited, Inc.......................... 800 13,650 Lowe's Cos., Inc...................... 1,900 84,550 SHARES VALUE+ ---------------------------------------------------------------- Nordstrom, Inc........................ 700 12,731 Office Depot, Inc.*................... 1,500 10,688 OfficeMax, Inc.*...................... 2,300 6,613 Pacific Sunwear of California, Inc.*................... 600 15,375 PC Connection, Inc.*.................. 450 4,669 PETsMART, Inc.*....................... 2,200 6,325 RadioShack Corp....................... 400 17,125 Saks, Inc.*........................... 5,000 50,000 Staples, Inc.*........................ 900 10,631 Talbots, Inc.......................... 400 18,250 The Gap, Inc.......................... 1,700 43,350 The Sherwin Williams Co............... 700 18,419 Toys "R" Us, Inc.*.................... 4,300 71,756 V.F. Corp............................. 500 18,120 Venator Group, Inc.*.................. 1,400 21,700 Walgreen Co........................... 2,000 83,625 Williams-Sonoma, Inc.*................ 300 6,000 ----------- 1,192,017 ----------- STEEL -- 0.2% Carpenter Technology Corp............. 400 14,000 Nucor Corp............................ 200 7,938 Reliance Steel & Aluminum Co.......... 2,500 61,875 USX- U.S. Steel Group................. 400 7,200 ----------- 91,013 ----------- TELECOMMUNICATIONS -- 6.0% Adaptive Broadband Corp.*............. 400 2,450 ADC Telecommunications, Inc.*......... 1,200 21,750 Adtran, Inc.*......................... 200 4,250 Advanced Fibre Communications, Inc.*............... 200 3,613 ALLTEL Corp........................... 600 37,463 American Tower Corp. Class A*......... 600 22,725 Anaren Microwave, Inc.*............... 300 20,156 ANTEC Corp.*.......................... 200 1,581 AT&T Corp............................. 15,400 266,612 Avaya, Inc.*.......................... 533 5,497 Aware, Inc.*.......................... 200 3,550 BellSouth Corp........................ 5,600 229,250 Broadwing, Inc........................ 900 20,531 Cabletron Systems, Inc.*.............. 3,200 48,200 Cablevision Systems Corp. Class A*.... 300 25,481 Carrier Access Corp.*................. 200 1,800 Centennial Communications Corp. Class A*............................ 900 16,875 CenturyTel, Inc....................... 700 25,025 Citizens Communications Co.*.......... 3,300 43,312 Comcast Corp. Class A................. 8,300 346,525 CommScope, Inc.*...................... 300 4,969 Comverse Technology, Inc.*............ 2,300 249,837 Cox Communications, Inc. Class A*..... 2,600 $ 121,062 Crown Castle International Corp.*..... 300 8,119 CT Communications, Inc................ 400 5,625 CTC Communications Group, Inc.*....... 300 1,388 EchoStar Communications Corp. Class A*............................ 2,300 52,325 Harmonic, Inc.*....................... 400 2,275 Harris Corp........................... 600 18,375 10
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-------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ JDS Uniphase Corp.*................... 1,170 48,774 Level 3 Communications, Inc.*......... 700 22,969 Lucent Technologies, Inc.............. 6,400 86,400 McLeodUSA, Inc.*...................... 900 12,713 Metromedia Fiber Network, Inc. Class A*............................ 900 9,113 Motorola, Inc......................... 3,516 71,199 MRV Communications, Inc.*............. 200 2,675 Natural MicroSystems Corp.*........... 200 1,975 Nextel Communications, Inc. Class A*............................ 1,200 29,700 NTL, Inc.*............................ 300 7,181 Osicom Technologies, Inc.*............ 100 1,606 PanAmSat Corp.*....................... 300 10,406 Plantronics, Inc.*.................... 300 14,100 Powertel, Inc.*....................... 100 6,194 Price Communications Corp............. 500 8,406 Primus Telecommunications Group, Inc.*........................ 300 694 Proxim, Inc.*......................... 200 8,600 QUALCOMM, Inc.*....................... 1,500 123,281 Qwest Communications International, Inc.*................ 1,729 70,889 RCN Corp.*............................ 200 1,263 RF Micro Devices, Inc.*............... 400 10,975 SBC Communications, Inc............... 6,300 300,825 Scientific-Atlanta, Inc............... 400 13,025 Sprint Corp........................... 1,600 32,500 Sprint Corp. (PCS Group)*............. 400 8,175 Symbol Technologies, Inc.............. 300 10,800 Telephone & Data Systems, Inc......... 100 9,000 Tellabs, Inc.*........................ 800 45,200 Tollgrade Communications, Inc.*....... 100 3,650 Verizon Communications................ 1,200 60,150 West TeleServices Corp.*.............. 600 16,875 Winstar Communications, Inc.*......... 200 2,338 WorldCom, Inc......................... 8,450 118,828 XO Communications, Inc. Class A*...... 500 8,906 ----------- 2,790,006 ----------- TEXTILE & APPAREL -- 0.3% Guess?, Inc.*......................... 2,000 10,625 Jones Apparel Group, Inc. *........... 500 16,094 Mohawk Industries, Inc.*.............. 1,100 30,112 NIKE, Inc. Class B.................... 400 22,325 Polo Ralph Lauren Corp.*.............. 700 15,619 Reebok International Ltd.*............ 600 16,404 Shaw Industries, Inc.................. 600 11,363 ----------- 122,542 ----------- TIRES & RUBBER -- 0.1% Goodyear Tire & Rubber Co............. 1,000 $ 22,990 ----------- TOBACCO -- 0.7% Philip Morris Cos., Inc............... 7,400 325,600 UST, Inc.............................. 600 16,837 ----------- 342,437 ----------- SHARES VALUE+ ---------------------------------------------------------------- TOOLS-HAND HELD -- 0.1% Snap-on, Inc.......................... 300 8,362 Stanley Works......................... 900 28,069 ----------- 36,431 ----------- TRANSPORTATION -- 1.7% Burlington Northern Santa Fe Corp..... 4,000 113,250 C.H. Robinson Worldwide, Inc.......... 400 12,575 CNF Transportation, Inc............... 1,000 33,812 CSX Corp.............................. 900 23,344 FedEx Corp.*.......................... 5,600 223,776 Forward Air Corp.*.................... 300 11,194 Kansas City Southern Industries, Inc..................... 100 1,013 Kirby Corp.*.......................... 500 10,500 Landstar Systems, Inc.*............... 200 11,088 Norfolk Southern Corp................. 800 10,650 Roadway Express, Inc.................. 1,000 21,187 Union Pacific Corp.................... 4,300 218,225 USFreightways Corp.................... 2,600 78,203 Werner Enterprises, Inc............... 600 10,200 ----------- 779,017 ----------- UTILITIES -- 3.9% AES Corp.*............................ 800 44,300 Allegheny Energy, Inc................. 400 19,275 ALLETE................................ 5,400 133,987 Ameren Corp........................... 300 13,894 American Electric Power Co., Inc...... 400 18,600 Avista Corp........................... 500 10,250 Calpine Corp.*........................ 400 18,025 Cinergy Corp.......................... 600 21,075 Cleco Corp............................ 300 16,425 CMS Energy Corp....................... 400 12,675 Consolidated Edison, Inc.............. 800 30,800 Constellation Energy Group............ 300 13,519 Documentum, Inc.*..................... 400 19,875 Dominion Resources, Inc............... 2,400 160,800 DPL, Inc.............................. 600 19,912 DQE, Inc.............................. 300 9,825 Duke Energy Corp...................... 700 59,675 Dynegy, Inc. Class A.................. 768 43,056 Edison International.................. 1,300 20,312 El Paso Electric Co.*................. 1,200 15,840 Exelon Corp........................... 750 52,657 FirstEnergy Corp...................... 500 15,781 FPL Group, Inc........................ 900 64,575 GPU, Inc.............................. 300 11,044 IDACORP, Inc.......................... 600 29,437 Kansas City Power & Light Co.......... 1,200 32,925 MDU Resources Group, Inc.............. 5,500 $ 178,750 NiSource, Inc......................... 737 22,663 NiSource, Inc.-Sails*................. 122 336 Northwest Natural Gas Co.............. 500 13,250 NorthWestern Corp..................... 500 11,563 OGE Energy Corp....................... 500 12,219 Parker-Hannifin Corp.................. 600 26,475 Peoples Energy Corp................... 1,800 80,550 11
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-------------------------------------------------------------------------------- SA U.S. Market Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ PG&E Corp............................. 800 16,000 Philadelphia Suburban Corp............ 625 15,313 Pinnacle West Capital Corp............ 300 14,288 Potomac Electric Power Co............. 600 14,826 Public Service Enterprise Group, Inc.......................... 400 19,450 Puget Sound Energy, Inc............... 500 13,906 Questar Corp.......................... 700 21,044 Reliant Energy, Inc................... 3,100 134,269 SCANA Corp............................ 400 11,825 Sierra Pacific Resources.............. 800 12,850 Southern Co........................... 3,200 106,400 TECO Energy, Inc...................... 500 16,187 TXU Corp.............................. 2,600 115,212 UIL Holdings Corp..................... 200 9,950 Unisource Energy Corp................. 600 11,288 UtiliCorp United, Inc................. 600 18,600 WGL Holdings, Inc.*................... 400 12,175 Wisconsin Energy Corp................. 500 11,281 Xcel Energy, Inc...................... 600 17,437 ----------- 1,846,646 ----------- WASTE MANAGEMENT -- 0.3% Allied Waste Industries, Inc.*........ 1,000 14,562 Waste Management, Inc................. 4,400 122,100 ----------- 136,662 ----------- SHARES VALUE+ ---------------------------------------------------------------- OTHER -- 1.7% DFA U.S. 9-10 Small Company Portfolio........................... 84,522 $ 814,788 ----------- TOTAL COMMON STOCKS (Identified Cost $44,660,756)....... 43,686,242 ----------- SHORT-TERM INVESTMENTS -- 5.1% OTHER -- 5.1% SSgA Government Money Market Fund..... 1,568,772 1,568,772 SSgA Money Market Fund................ 812,748 812,748 ----------- TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,381,520)........ 2,381,520 ----------- [Download Table] -------------------------------------------------------------- TOTAL INVESTMENTS -- 98.5% (IDENTIFIED COST $47,042,276)#.................. 46,067,762 Cash and Other Assets, Less Liabilities -- 1.5%.......................................... 719,762 ---------- NET ASSETS -- 100%................................ $46,787,524 ========== + See Note 1. * Non-income producing security # At December 31, 2000, the aggregate cost of investment securities for income tax purposes was $47,042,276. Net unrealized depreciation aggregated $974,514, of which $5,910,842 related to appreciated investment securities and $6,885,356 related to depreciated investment securities. SEE NOTES TO FINANCIAL STATEMENTS. 12
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-------------------------------------------------------------------------------- SA U.S. HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) [Download Table] SHARES VALUE+ --------------------------------------------------------------- COMMON STOCKS -- 93.4% AEROSPACE/DEFENSE -- 2.8% Northrop Grumman Corp................. 1,500 $ 124,500 Raytheon Co. Class A.................. 4,100 118,900 Raytheon Co. Class B.................. 13,700 425,556 ----------- 668,956 ----------- AIRLINES -- 3.4% Alaska Air Group, Inc.*............... 300 8,925 AMR Corp.*............................ 8,500 333,094 Delta Air Lines, Inc.................. 7,600 381,425 UAL Corp.............................. 2,000 77,875 ----------- 801,319 ----------- AUTO & RELATED -- 5.9% ANC Rental Corp.*..................... 1,312 4,592 Borg-Warner Automotive, Inc........... 800 32,000 Cummins Engine Co., Inc............... 1,600 60,700 Dana Corp............................. 11,200 171,500 Federal-Mogul Corp.................... 1,000 2,313 Ford Motor Co......................... 17,500 410,156 General Motors Corp................... 9,300 473,719 Lear Corp.*........................... 2,300 57,069 Tenneco Automotive, Inc............... 360 1,080 United Rentals, Inc.*................. 2,700 36,281 Visteon Corp.......................... 11,391 130,996 ----------- 1,380,406 ----------- BANKS/SAVINGS & LOANS -- 2.0% Astoria Financial Corp................ 1,800 97,763 BancWest Corp......................... 2,000 52,250 Commercial Federal Corp............... 2,000 38,875 GreenPoint Financial Corp............. 3,000 122,812 Hibernia Corp. Class A................ 3,500 44,625 Independence Community Bank Corp...... 2,300 36,656 Sovereign Bancorp, Inc................ 8,400 68,250 ----------- 461,231 ----------- BROADCASTING -- 0.5% Chris-Craft Industries, Inc........... 500 33,250 Hearst-Argyle Television, Inc.*....... 2,900 59,269 Sinclair Broadcast Group, Inc. Class A*............................ 1,600 16,050 ----------- 108,569 ----------- BUILDING & CONSTRUCTION -- 1.5% Armstrong Holdings, Inc............... 500 1,031 Centex Corp........................... 1,500 56,344 Lafarge Corp.......................... 2,700 63,788 Pulte Corp............................ 2,000 84,375 Rayonier, Inc......................... 900 35,831 York International Corp............... 3,900 119,681 ----------- 361,050 ----------- BUSINESS SERVICES -- 0.4% Modis Professional Services, Inc.*.... 800 3,300 Spherion Corp.*....................... 4,200 47,513 The Profit Recovery Group International, Inc.*................ 5,200 $ 33,150 SHARES VALUE+ --------------------------------------------------------------- ----------- 83,963 ----------- CHEMICALS -- 1.7% Ashland, Inc.......................... 1,900 68,191 Crompton Corp......................... 2,500 26,250 Eastman Chemical Co................... 1,200 58,500 IMC Global, Inc....................... 4,500 70,031 Lubrizol Corp......................... 1,800 46,350 Lyondell Chemical Co.................. 4,100 62,781 Millennium Chemicals, Inc............. 2,800 50,750 Valhi, Inc............................ 1,800 20,700 ----------- 403,553 ----------- COMPUTER EQUIPMENT -- 0.5% Ingram Micro, Inc. Class A*........... 10,000 112,500 Silicon Graphics, Inc.*............... 4,100 16,400 ----------- 128,900 ----------- CONSUMER PRODUCTS -- 0.6% Fortune Brands, Inc................... 3,700 111,000 Hasbro, Inc........................... 3,400 36,125 ----------- 147,125 ----------- CONTAINERS & GLASS -- 0.9% Crown Cork & Seal Co., Inc............ 5,000 37,187 Owens-Illinois, Inc.*................. 4,800 27,300 Pactiv Corp.*......................... 1,800 22,275 Smurfit-Stone Container Corp.*........ 8,900 132,944 ----------- 219,706 ----------- DIVERSIFIED OPERATIONS -- 0.2% Trinity Industries, Inc............... 700 17,500 U.S. Industries, Inc.................. 2,500 20,000 ----------- 37,500 ----------- ELECTRONICS -- 3.5% Arrow Electronics, Inc.*.............. 700 20,038 General Motors Corp. Class H*......... 5,000 115,000 MIPS Technologies, Inc. Class B*...... 568 14,475 Tech Data Corp.*...................... 500 13,524 Thermo Electron Corp.*................ 2,000 59,500 Thomas & Betts Corp................... 5,000 80,938 Vishay Intertechnology, Inc.*......... 33,900 512,737 ----------- 816,212 ----------- FINANCIAL SERVICES -- 4.1% Bear Stearns Cos., Inc................ 3,160 160,172 CIT Group, Inc. Class A............... 8,900 179,112 Countrywide Credit Industries, Inc..................... 3,900 195,975 Finova Group, Inc..................... 1,900 1,781 Heller Financial, Inc. Class A........ 1,000 30,688 KeyCorp............................... 9,700 271,600 Liberty Financial Cos., Inc........... 1,800 80,213 Pacific Century Financial Corp........ 2,800 49,525 ----------- 969,066 ----------- FOOD & BEVERAGES -- 3.8% Archer-Daniels-Midland Co............. 23,520 $ 352,800 13
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-------------------------------------------------------------------------------- SA U.S. HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] --------------------------------------------------------------- SHARES VALUE+ Coca-Cola Enterprises, Inc............ 20,700 393,300 Corn Products International, Inc...... 900 26,156 IBP, Inc.............................. 3,000 80,250 Tyson Foods, Inc. Class A............. 3,700 47,175 ----------- 899,681 ----------- FOREST & PAPER PRODUCTS -- 6.1% Georgia-Pacific Group................. 7,400 230,325 International Paper Co................ 14,485 591,168 Mead Corp............................. 4,300 134,912 Weyerhaeuser Co....................... 9,700 492,275 ----------- 1,448,680 ----------- FUNERAL SERVICES -- 0.1% Service Corp. International........... 8,000 14,000 ----------- HEALTH CARE -- PRODUCTS -- 0.3% Bergen Brunswig Corp. Class A......... 4,200 66,486 ----------- HEALTH CARE -- SERVICES -- 2.4% Health Net, Inc.*..................... 3,600 94,275 Healthsouth Corp.*.................... 15,100 246,319 Humana, Inc.*......................... 5,200 79,300 Manor Care, Inc.*..................... 2,200 45,375 Omnicare, Inc......................... 4,200 90,825 PacifiCare Health Systems, Inc.*...... 1,000 15,000 ----------- 571,094 ----------- INSURANCE -- 16.5% Aetna, Inc.*.......................... 5,000 205,313 Allmerica Financial Corp.............. 1,500 108,750 Allstate Corp......................... 15,100 657,794 American Financial Group, Inc......... 13,400 355,937 American National Insurance Co........ 1,200 87,600 Cincinnati Financial Corp............. 5,500 217,594 CNA Financial Corp.*.................. 7,100 275,125 Conseco, Inc.......................... 27,400 361,337 Everest Reinsurance Holdings, Inc..... 400 28,650 Lincoln National Corp................. 2,000 94,625 Loews Corp............................ 4,100 424,606 MONY Group, Inc....................... 1,700 84,044 Old Republic International Corp....... 3,500 112,000 Safeco Corp........................... 5,200 170,950 St. Paul Cos., Inc.................... 6,100 331,306 The First American Corp............... 2,200 72,325 Unitrin, Inc.......................... 2,000 81,250 UnumProvident Corp.................... 7,700 206,938 ----------- 3,876,144 ----------- INTERNET SERVICES -- 1.3% At Home Corp. Series A*............... 13,800 76,331 CNET Networks, Inc.*.................. 14,353 229,648 ----------- 305,979 ----------- LEISURE -- 2.6% Brunswick Corp........................ 2,600 42,738 Extended Stay America, Inc.*.......... 3,300 $ 42,405 Mandalay Resort Group*................ 2,600 57,037 Park Place Entertainment Corp.*....... 18,900 225,619 SHARES VALUE+ --------------------------------------------------------------- Six Flags, Inc.*...................... 3,000 51,562 Starwood Hotels & Resorts Worldwide, Inc. Class B............. 5,300 186,825 ----------- 606,186 ----------- MACHINERY -- 0.1% Tecumseh Products Co. Class A......... 600 25,163 ----------- METALS & MINING -- 0.7% Phelps Dodge Corp..................... 3,000 167,438 ----------- MULTIMEDIA -- 4.1% A.H. Belo Corp. Series A.............. 3,100 49,600 Adelphia Communications Corp. Class A*............................ 7,000 361,375 AT&T Corp. -- Liberty Media Corp. Class A*............................ 40,100 543,856 Key3Media Group, Inc.*................ 1,550 18,891 ----------- 973,722 ----------- OFFICE EQUIPMENT -- 0.0% IKON Office Solutions, Inc............ 2,000 5,000 Lanier Worldwide, Inc.*............... 400 1,200 ----------- 6,200 ----------- OIL & GAS -- 2.5% Amerada Hess Corp..................... 1,200 87,675 Devon Energy Corp..................... 1,200 73,164 Helmerich & Payne, Inc................ 800 35,100 Occidental Petroleum Corp............. 4,000 97,000 Pioneer Natural Resources Co. *....... 3,200 63,000 Sunoco, Inc........................... 1,000 33,687 Tidewater, Inc........................ 500 22,188 USX- Marathon Group................... 6,400 177,600 ----------- 589,414 ----------- OIL REFINING -- 0.6% Ultramar Diamond Shamrock Corp........ 2,500 77,188 Valero Energy Corp.................... 1,600 59,500 ----------- 136,688 ----------- PAPER & RELATED PRODUCTS -- 3.5% American Greetings Corp. Class A...... 2,900 27,369 Boise Cascade Corp.................... 2,300 77,337 Bowater, Inc.......................... 1,400 78,925 Louisiana-Pacific Corp................ 3,100 31,388 Potlatch Corp......................... 900 30,206 Temple-Inland, Inc.................... 2,800 150,150 Westvaco Corp......................... 14,500 423,219 ----------- 818,594 ----------- PUBLISHING -- 0.2% Hollinger International, Inc. Class A............................. 2,600 41,275 Pulitzer, Inc......................... 300 14,055 ----------- 55,330 ----------- RETAIL -- FOOD -- 0.4% Great Atlantic & Pacific Tea Co., Inc............................ 700 $ 4,900 SUPERVALU, Inc........................ 6,000 83,250 ----------- 88,150 ----------- 14
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-------------------------------------------------------------------------------- SA U.S. HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] --------------------------------------------------------------- SHARES VALUE+ RETAIL -- GENERAL -- 4.1% Dillards, Inc. Class A................ 3,900 46,069 Federated Department Stores, Inc.*.... 9,400 329,000 J.C. Penney Co., Inc.................. 18,400 200,100 Kmart Corp.*.......................... 24,100 128,031 Longs Drug Stores Corp................ 4,000 96,500 Sears, Roebuck & Co................... 4,800 166,800 ----------- 966,500 ----------- RETAIL -- SPECIALTY -- 2.1% AutoNation, Inc....................... 13,900 83,400 Consolidated Stores Corp.*............ 5,400 57,375 Office Depot, Inc.*................... 10,900 77,662 Rite Aid Corp......................... 14,200 33,725 Saks, Inc.*........................... 5,500 55,000 Toys "R" Us, Inc.*.................... 8,000 133,500 Venator Group, Inc.*.................. 3,800 58,900 ----------- 499,562 ----------- STEEL -- 0.6% AK Steel Holding Corp................. 3,300 28,875 Timken Co............................. 1,800 27,225 USX- U.S. Steel Group................. 3,300 59,400 Worthington Industries, Inc........... 3,000 24,188 ----------- 139,688 ----------- TELECOMMUNICATIONS -- 4.9% AT&T Corp............................. 35,400 612,862 Harris Corp........................... 2,000 61,250 WorldCom, Inc......................... 33,400 469,688 ----------- 1,143,800 ----------- TIRES & RUBBER -- 0.7% Cooper Tire & Rubber Co............... 2,300 24,437 Goodyear Tire & Rubber Co............. 6,400 147,136 ----------- 171,573 ----------- TOBACCO -- 1.5% R.J. Reynolds Tobacco Holdings, Inc....................... 7,100 346,125 ----------- TRANSPORTATION -- 6.3% Airborne, Inc.*....................... 1,500 $ 14,625 SHARES VALUE+ --------------------------------------------------------------- Alexander & Baldwin, Inc.............. 1,400 36,750 Burlington Northern Santa Fe Corp..... 14,600 413,362 CSX Corp.............................. 8,500 220,469 GATX Corp............................. 1,500 74,812 Norfolk Southern Corp................. 14,700 195,694 Ryder System, Inc..................... 6,200 103,075 Union Pacific Corp.................... 8,500 431,375 ----------- 1,490,162 ----------- UTILITIES -- 0.0% Alliant Energy Corp................... 400 12,750 ----------- TOTAL COMMON STOCKS (Identified Cost $20,902,196)....... 22,006,665 ----------- SHORT-TERM INVESTMENTS -- 2.4% OTHER -- 2.4% SSgA Government Money Market Fund..... 8,440 8,440 SSgA Money Market Fund................ 549,924 549,924 ----------- TOTAL SHORT-TERM INVESTMENTS (Identified Cost $558,364).......... 558,364 ----------- [Download Table] -------------------------------------------------------------- TOTAL INVESTMENTS -- 95.8% (IDENTIFIED COST $21,460,560)#.................. 22,565,029 Cash and Other Assets, Less Liabilities -- 4.2%.......................................... 984,310 ---------- NET ASSETS -- 100%................................ $23,549,339 ========== + See Note 1. * Non-income producing security # At December 31, 2000, the aggregate cost of investment securities for income tax purposes was $21,460,560. Net unrealized appreciation aggregated $1,104,469, of which $3,375,701 related to appreciated investment securities and $2,271,232 related to depreciated investment securities. SEE NOTES TO FINANCIAL STATEMENTS. 15
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) [Download Table] SHARES VALUE+ -------------------------------------------------------------- COMMON STOCKS -- 93.0% ADVERTISING -- 0.1% Equity Marketing, Inc.*............... 800 $ 11,000 HA-LO Industries, Inc.*............... 1,500 3,375 ValueVision International, Inc. Class A*............................ 1,100 13,888 ----------- 28,263 ----------- AEROSPACE/DEFENSE -- 1.2% AAR Corp.............................. 800 10,100 Alliant Techsystems, Inc.*............ 1,200 80,100 Armor Holdings, Inc.*................. 900 15,694 BE Aerospace, Inc.*................... 800 12,800 DRS Technologies, Inc.*............... 1,100 14,712 Engineered Support Systems, Inc....... 800 17,400 GenCorp, Inc.......................... 1,300 12,512 Hexcel Corp.*......................... 1,500 13,406 Northrop Grumman Corp................. 195 16,185 Orbital Sciences Corp. Class A*....... 700 2,888 Primex Technologies, Inc.............. 500 15,974 REMEC, Inc.*.......................... 1,200 11,550 The Fairchild Corp. Class A........... 2,200 12,100 Triumph Group, Inc.*.................. 400 16,400 ----------- 251,821 ----------- AGRICULTURAL OPERATIONS -- 0.3% AGCO Corp............................. 3,000 36,375 Agribrands International, Inc.*....... 300 16,050 Cadiz, Inc.*.......................... 1,100 9,831 ----------- 62,256 ----------- AIRLINES -- 1.4% AirTran Holdings, Inc.*............... 2,000 14,500 Alaska Air Group, Inc.*............... 5,000 148,750 America West Holding Corp. Class B*............................ 1,700 21,781 Amtran, Inc.*......................... 700 10,150 Atlantic Coast Airlines Holdings, Inc.*..................... 600 24,525 Frontier Airlines, Inc.*.............. 500 15,469 Mesa Air Group, Inc.*................. 1,700 11,900 Midwest Express Holdings, Inc.*....... 400 5,875 SkyWest, Inc.......................... 1,000 28,750 ----------- 281,700 ----------- AUTO & RELATED -- 1.6% A.S.V., Inc.*......................... 500 4,000 ArvinMeritor, Inc..................... 500 5,688 Avis Group Holdings, Inc.*............ 3,100 100,944 Collins & Aikman Corp.*............... 5,000 20,937 CSK Auto Corp.*....................... 4,200 16,275 Dollar Thrifty Automotive Group, Inc.*........................ 500 9,375 Exide Corp............................ 1,100 8,387 Hayes Lemmerz International, Inc.*.... 900 6,019 IMPCO Technologies, Inc.*............. 300 3,600 Insurance Auto Auctions, Inc.*........ 1,200 14,400 Midas, Inc............................ 500 5,969 Monaco Coach Corp.*................... 600 10,612 National R.V. Holdings, Inc.*......... 1,100 12,719 Oshkosh Truck Corp.................... 400 17,600 SHARES VALUE+ -------------------------------------------------------------- Rent-A-Center, Inc.*.................. 500 $ 17,250 Rollins Truck Leasing Corp............ 2,900 23,200 Skyline Corp.......................... 500 9,469 Standard Motor Products, Inc.......... 1,300 9,587 Strattec Security Corp.*.............. 300 9,300 Tenneco Automotive, Inc............... 2,100 6,300 Tower Automotive, Inc.*............... 900 8,100 United Auto Group, Inc.*.............. 1,100 7,356 Wabash National Corp.................. 500 4,313 ----------- 331,400 ----------- BANKS/SAVINGS & LOANS -- 6.5% 1st Source Corp....................... 630 11,498 Alliance Bancorp...................... 600 13,800 AMCORE Financial, Inc................. 600 12,413 Anchor BanCorp Wisconsin, Inc......... 700 11,200 Andover Bancorp, Inc.................. 400 13,775 Area Bancshares Corp.................. 750 12,375 BancorpSouth, Inc..................... 1,600 19,500 Banner Corp........................... 660 10,065 Bay View Capital Corp................. 1,000 6,250 BB&T Corp............................. 348 12,985 BSB Bancorp, Inc...................... 600 7,903 Cathay Bancorp, Inc................... 900 53,100 Centennial Bancorp.................... 1,050 9,188 Chittenden Corp....................... 600 18,187 Coastal Bancorp, Inc.................. 700 16,800 Colorado Business Bankshares, Inc..... 700 11,988 Commonwealth Bancorp, Inc............. 700 10,806 Community Bank Systems, Inc........... 400 9,900 Corus Bankshares, Inc................. 1,400 69,278 Eagle Bancshares, Inc................. 600 6,038 East West Bancorp, Inc................ 1,100 27,431 F&M Bancorp........................... 500 10,313 F&M National Corp..................... 1,200 31,350 F.N.B Corp............................ 700 14,700 First Charter Corp.................... 600 8,925 First Citizens BancShares, Inc........ 200 16,150 First Federal Capital Corp............ 900 13,286 First Financial Bancorp............... 1,300 22,100 First Financial Holdings, Inc......... 700 13,781 First Indiana Corp.................... 400 9,400 First Niagara Financial Group, Inc.......................... 1,100 11,894 First Republic Bank*.................. 500 16,500 FirstFed Financial Corp.*............. 600 19,387 Flagstar Bancorp, Inc................. 700 17,500 GBC Bancorp........................... 1,300 49,887 Hamilton Bancorp, Inc.*............... 2,000 18,000 Harbor Florida Bancshares, Inc........ 1,100 16,431 Harleysville National Corp............ 420 14,569 Hopfed Bancorp, Inc................... 500 5,563 Hudson River Bancorp, Inc............. 900 11,419 Independent Bank Corp.-MA............. 1,400 17,500 Independent Bank Corp.-MI............. 700 13,825 Integra Bank Corp..................... 500 12,781 MAF Bancorp, Inc...................... 2,400 68,250 16
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) BANKS/SAVINGS & LOANS (CONTINUED) Merchants New York Bancorp, Inc....... 600 $ 15,037 Mississippi Valley Bankshares, Inc..................... 500 14,688 National City Bancorp................. 900 14,850 NBT Bancorp, Inc...................... 1,260 18,427 Northwest Bancorp, Inc................ 1,400 12,688 OceanFirst Financial Corp............. 700 17,237 Ocwen Financial Corp.*................ 1,400 8,925 Pacific Capital Bancorp............... 500 14,063 Pacific Northwest Bancorp............. 500 6,906 PFF Bancorp, Inc...................... 700 14,613 Premier National Bancorp, Inc......... 1,000 20,812 Promistar Financial Corp.*............ 525 9,130 Provident Bankshares Corp............. 800 16,700 Republic Bancorp, Inc................. 1,400 15,137 Richmond County Financial Corp........ 600 15,675 Riggs National Corp................... 1,100 15,331 Second Bancorp, Inc................... 1,100 15,950 Shoreline Financial Corp.............. 735 11,025 St. Francis Capital Corp.............. 500 6,563 Staten Island Bancorp, Inc............ 700 14,962 Sterling Bancshares, Inc.............. 2,600 51,350 Texas Regional Bancshares, Inc. Class A............................. 440 14,300 TrustCo Bank Corp. NY................. 1,265 15,417 UCBH Holdings, Inc.................... 500 23,312 United Community Financial Corp....... 1,700 11,914 United National Bancorp............... 530 10,169 USBANCORP, Inc........................ 2,700 11,475 Webster Financial Corp................ 456 12,911 WesBanco, Inc......................... 1,000 23,500 West Coast Bancorp.................... 847 8,258 Westcorp, Inc......................... 5,360 80,400 ----------- 1,339,716 ----------- BROADCASTING -- 0.4% 4Kids Entertainment, Inc.*............ 600 5,363 ACTV, Inc.*........................... 1,500 6,375 Citadel Communications Corp.*......... 700 8,400 Cumulus Media, Inc. Class A*.......... 1,100 3,988 Liberty Digital, Inc. Class A*........ 500 2,531 On Command Corp.*..................... 600 5,250 Paxson Communications Corp.*.......... 5,000 59,687 ----------- 91,594 ----------- BUILDING & CONSTRUCTION -- 2.7% Ampco-Pittsburgh Corp................. 1,000 12,000 Armstrong Holdings, Inc............... 800 1,650 Beazer Homes USA, Inc.*............... 500 20,000 Butler Manufacturing Co............... 400 10,125 Centex Construction Products, Inc..... 400 10,925 Crossmann Communities, Inc.*.......... 600 12,600 Dal-Tile International, Inc.*......... 1,100 15,606 Elcor Corp............................ 1,000 16,875 Emcor Group, Inc.*.................... 500 12,750 Fleetwood Enterprises, Inc............ 700 7,350 Florida Rock Industries, Inc.......... 3,700 $ 144,762 SHARES VALUE+ -------------------------------------------------------------- Foster Wheeler Corp................... 1,200 6,300 Granite Construction, Inc............. 500 14,469 Lennox International, Inc............. 2,800 22,253 M.D.C. Holdings, Inc.................. 700 23,065 Modine Manufacturing Co............... 800 16,600 Nortek, Inc.*......................... 1,200 28,425 Palm Harbor Homes, Inc.*.............. 700 11,025 Ryland Group, Inc..................... 400 16,300 Standard Pacific Corp................. 1,400 32,725 Stone & Webster, Inc.................. 700 875 Texas Industries, Inc................. 400 12,000 The Shaw Group, Inc.*................. 600 30,000 Thor Industries, Inc.................. 400 7,900 Toll Brothers, Inc.*.................. 700 28,612 Wackenhut Corrections Corp.*.......... 1,300 9,588 Washington Group International, Inc.*................ 2,600 21,288 ----------- 546,068 ----------- BUSINESS SERVICES -- 3.3% Acacia Research Corp.*................ 200 3,563 Administaff, Inc.*.................... 1,400 38,080 ADVO, Inc.*........................... 400 17,750 Ambassadors International, Inc.*...... 1,000 19,000 American Management Systems, Inc.*.... 800 15,850 Angelica Corp......................... 900 8,437 Aspect Communications Corp.*.......... 900 7,242 Banta Corp............................ 500 12,710 BARRA, Inc.*.......................... 450 21,206 Bowne & Co., Inc...................... 1,100 11,619 Brady Corp. Class A................... 400 13,525 Butler International, Inc.*........... 1,000 4,625 Cambridge Technology Partners, Inc.*..................... 1,300 3,413 CCC Information Services Group, Inc.*........................ 2,200 13,750 CDI Corp.*............................ 400 5,850 Charles River Associates, Inc.*....... 1,000 10,312 ChoicePoint, Inc.*.................... 210 13,768 CIBER, Inc.*.......................... 1,200 5,850 ClickAction, Inc.*.................... 1,900 10,830 CompuCom Systems, Inc.*............... 1,500 1,922 Concero, Inc.*........................ 300 900 DiamondCluster International, Inc.*................ 600 18,300 E. W. Blanch Holdings, Inc............ 300 5,231 Edgewater Technology, Inc.*........... 1,800 11,700 Electro Rent Corp.*................... 1,000 14,125 eLoyalty Corp.*....................... 800 5,175 Emergent Information Technologies, Inc.*................. 1,800 1,575 En Pointe Technologies, Inc.*......... 300 938 Encompass Services Corp.*............. 3,125 15,820 ePlus, Inc.*.......................... 500 5,688 eXcelon Corp.*........................ 2,900 4,350 Fair, Issac & Co., Inc................ 300 15,300 Forrester Research, Inc.*............. 2,000 100,125 Franklin Covey Co.*................... 1,000 7,500 Frontline Capital Group*.............. 1,100 14,627 Hall, Kinion & Associates, Inc.*...... 400 8,050 17
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) BUSINESS SERVICES (CONTINUED) Heidrick & Struggles International, Inc.*................ 500 $ 21,031 Imation Corp.*........................ 700 10,850 Intelligroup, Inc.*................... 300 263 John H. Harland Co.................... 600 8,475 Keane, Inc.*.......................... 1,100 10,725 Kforce.com, Inc.*..................... 595 1,822 Labor Ready, Inc.*.................... 900 2,981 Level 8 Systems, Inc.*................ 300 1,828 Marketing Services Group, Inc.*....... 1,800 2,138 MAXIMUS, Inc.*........................ 400 13,975 Navigant Consulting, Inc.*............ 1,200 4,575 NCO Group, Inc.*...................... 500 15,187 On Assignment, Inc.*.................. 600 17,100 ProBusiness Services, Inc.*........... 500 13,281 Professional Detailing, Inc.*......... 400 42,306 QRS Corp.*............................ 800 9,622 RCM Technologies, Inc.*............... 1,200 4,350 SierraCities.com, Inc.*............... 600 1,500 SITEL Corp.*.......................... 1,400 4,025 Staff Leasing, Inc.*.................. 1,100 3,300 SVI Holdings, Inc.*................... 1,000 1,000 The Profit Recovery Group International, Inc.*................ 1,000 6,375 Workflow Management, Inc.*............ 400 2,750 ----------- 668,165 ----------- CHEMICALS -- 1.5% A. Schulman, Inc...................... 5,900 67,850 Airgas, Inc.*......................... 1,400 9,538 Arch Chemicals, Inc................... 700 12,425 ChemFirst, Inc........................ 1,800 39,712 Dionex Corp.*......................... 600 20,700 Ferro Corp............................ 700 16,100 H.B. Fuller Co........................ 300 11,836 Hawkins Chemical, Inc................. 1,200 10,050 Landec Corp.*......................... 1,800 5,063 MacDermid, Inc........................ 600 11,400 Minerals Technologies, Inc............ 600 20,512 Mississippi Chemical Corp............. 1,600 5,040 PolyOne Corp.......................... 2,000 11,750 Spartech Corp......................... 1,400 29,013 TETRA Technologies, Inc.*............. 800 12,400 U.S. Plastic Lumber Corp.*............ 2,800 3,413 Uniroyal Technology Corp.*............ 500 3,125 WD-40 Co.............................. 500 9,719 Wellman, Inc.......................... 700 9,887 ----------- 309,533 ----------- COMMERCIAL SERVICES -- 1.3% Aviation Sales Co.*................... 1,700 4,250 Bell & Howell Co.*.................... 1,200 19,800 Central Parking Corp.................. 700 14,000 Competitive Technologies, Inc.*....... 700 4,462 CoStar Group, Inc.*................... 300 7,087 SHARES VALUE+ -------------------------------------------------------------- Data Broadcasting Corp.*.............. 6,000 $ 21,000 F.Y.I, Inc.*.......................... 1,400 51,625 Mail-Well, Inc.*...................... 1,000 4,313 Memberworks, Inc.*.................... 800 20,194 META Group, Inc.*..................... 1,100 7,150 Pfsweb, Inc.*......................... 405 304 Plexus Corp.*......................... 800 24,312 Pre-Paid Legal Services, Inc.*........ 600 15,300 R.H. Donnelley Corp.*................. 700 17,019 Source Information Management Co.*.... 2,000 7,500 StarTek, Inc.*........................ 2,800 43,050 Veritas DGC, Inc.*.................... 400 12,920 ----------- 274,286 ----------- COMMUNICATIONS EQUIPMENT -- 0.6% Advanced Radio Telecom Corp.*......... 800 825 Allen Telecom, Inc.*.................. 600 10,762 ANADIGICS, Inc.*...................... 600 9,825 Brooktrout, Inc.*..................... 1,200 11,362 Corsair Communications, Inc.*......... 400 2,850 Entrada Networks, Inc.*............... 250 438 Inter-Tel, Inc........................ 800 6,150 InterVoice-Brite, Inc.*............... 1,000 7,250 Motient Corp.*........................ 5,000 20,000 Network Equipment Technologies, Inc.*................. 1,100 7,081 Network Peripherals, Inc.*............ 500 3,219 North Pittsburgh Systems, Inc......... 800 8,800 NumereX Corp.*........................ 1,000 8,250 P-Com, Inc.*.......................... 1,500 4,594 Performance Technologies, Inc.*....... 600 8,175 SeaChange International, Inc.*........ 400 8,125 SymmetriCom, Inc.*.................... 1,200 11,700 ----------- 129,406 ----------- COMPUTER EQUIPMENT -- 2.3% 3Dfx Interactive, Inc.*............... 1,300 325 ACE*COMM Corp.*....................... 1,800 4,163 Auspex Systems, Inc.*................. 900 6,300 Blue Wave Systems, Inc.*.............. 900 3,881 Computer Network Technology Corp.*.... 500 14,406 Concurrent Computer Corp.*............ 1,000 5,375 Drexler Technology Corp.*............. 1,000 13,812 Extended Systems, Inc.*............... 200 2,338 Hutchinson Technology, Inc.*.......... 1,000 13,750 Insight Enterprises, Inc.*............ 1,100 19,731 Kronos, Inc.*......................... 300 9,281 Maxtor Corp.*......................... 1,900 10,628 Maxwell Technologies, Inc.*........... 500 7,469 Media 100, Inc.*...................... 400 1,025 Mentor Graphics Corp.*................ 4,900 134,444 Mercury Computer Systems, Inc.*....... 400 18,575 Micron Electronics, Inc.*............. 4,800 18,469 MicroTouch Systems, Inc.*............. 700 14,623 MTI Technology Corp.*................. 1,300 5,119 NeoMagic Corp.*....................... 3,100 9,203 Rainbow Technologies, Inc.*........... 1,300 20,556 18
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) COMPUTER EQUIPMENT (CONTINUED) SCM Microsystems, Inc.*............... 400 $ 13,200 Silicon Graphics, Inc.*............... 3,200 12,800 Silicon Storage Technology, Inc.*..... 1,500 17,719 Standard Microsystems Corp.*.......... 800 16,200 Systems & Computer Technology Corp.*.............................. 1,000 12,313 TALX Corp............................. 660 26,400 Veramark Technologies, Inc.*.......... 800 500 Vitech America, Inc.*................. 1,800 7,088 Xircom, Inc.*......................... 1,500 23,250 ----------- 462,943 ----------- COMPUTER SERVICES -- 1.4% Analysts International Corp........... 4,500 17,156 Avocent Corp.*........................ 836 22,572 BindView Development Corp.*........... 1,500 14,109 Carreker Corp.*....................... 600 20,850 Computer Horizons Corp.*.............. 900 2,194 Cylink Corp.*......................... 3,000 6,469 GTECH Holdings Corp.*................. 1,700 34,956 Informix Corp.*....................... 1,400 4,156 Intergraph Corp.*..................... 1,500 9,000 Manhattan Associates, Inc.*........... 500 21,312 MCSi, Inc.*........................... 400 8,550 Metro Information Services, Inc.*..... 800 4,600 OAO Technology Solutions, Inc.*....... 3,700 4,509 Pegasus Solutions, Inc.*.............. 2,500 17,344 Pomeroy Computer Resources, Inc.*..... 700 10,675 Procom Technology, Inc.*.............. 200 2,594 Radiant Systems, Inc.*................ 600 12,300 Safeguard Scientifics, Inc.*.......... 2,100 13,913 SafeNet, Inc.*........................ 300 14,100 Segue Software, Inc.*................. 900 4,050 SeraNova, Inc.*....................... 300 675 Styleclick, Inc. Class A*............. 800 1,650 Sykes Enterprises, Inc.*.............. 800 3,550 Syntel, Inc.*......................... 800 4,600 Technology Solutions Co............... 800 1,700 Vertel Corp.*......................... 800 1,875 Wind River Systems, Inc.*............. 644 21,976 Zamba Corp.*.......................... 4,700 11,257 Zomax, Inc.*.......................... 600 2,738 ----------- 295,430 ----------- COMPUTER SOFTWARE -- 3.0% Acclaim Entertainment, Inc.*.......... 3,200 1,100 Active Voice Corp.*................... 1,000 19,750 Activision, Inc.*..................... 700 10,587 Actuate Corp.*........................ 1,200 22,950 Adept Technology, Inc.*............... 1,000 14,500 Advantage Learning Systems, Inc.*..... 700 23,537 Artisoft, Inc.*....................... 800 2,900 Avant! Corp.*......................... 700 12,819 AVT Corp.*............................ 1,600 7,950 Brio Technology, Inc.*................ 700 2,953 Concord Communications, Inc.*......... 300 $ 2,625 SHARES VALUE+ -------------------------------------------------------------- Convera Corp.*........................ 3,000 53,250 CUseeMe Networks, Inc.*............... 600 600 Datastream Systems, Inc.*............. 1,000 9,750 Dendrite International, Inc.*......... 700 15,662 eBT International, Inc.*.............. 300 619 Elcom International, Inc.*............ 600 825 FileNET Corp.*........................ 600 16,350 Hypercom Corp.*....................... 700 2,188 Hyperion Solutions Corp.*............. 1,000 15,437 Identix, Inc.*........................ 1,000 7,850 IMRglobal Corp.*...................... 800 4,300 Information Architects Corp.*......... 900 1,631 InteliData Technologies Corp.*........ 1,200 3,113 Interplay Entertainment Corp.*........ 3,000 7,688 IntraNet Solutions, Inc.*............. 500 25,500 Intrusion.com, Inc.*.................. 600 2,850 JDA Software Group, Inc.*............. 700 9,144 Logility, Inc.*....................... 1,500 2,344 MapInfo Corp.*........................ 450 21,262 Mercator Software, Inc.*.............. 900 4,838 Midway Games, Inc.*................... 800 5,680 Mobius Management Systems, Inc.*...... 2,000 4,250 Netopia, Inc.*........................ 300 1,294 NetSpeak Corp.*....................... 1,400 2,188 New Era of Networks, Inc.*............ 600 3,525 Novadigm, Inc.*....................... 600 3,788 Objective Systems Integrators, Inc.*.................. 1,100 19,387 Open Market, Inc.*.................... 700 766 Packeteer, Inc.*...................... 1,400 17,325 Peerless Systems Corp.*............... 1,400 1,356 Pegasystems, Inc.*.................... 1,500 3,469 Per-Se Technologies, Inc.*............ 1,200 4,181 Pervasive Software, Inc.*............. 300 338 Phoenix Technology Ltd.*.............. 800 10,787 Pinnacle Systems, Inc.*............... 6,000 44,250 PLATO Learning, Inc.*................. 800 12,050 Progress Software Corp.*.............. 1,000 14,437 Project Software & Development, Inc.*.................. 400 4,294 Puma Technology, Inc.*................ 600 2,494 Remedy Corp.*......................... 600 9,937 SAGA SYSTEMS, Inc.*................... 2,900 33,169 Sanchez Computer Associates, Inc.*.... 500 4,125 Santa Cruz Operation, Inc.*........... 700 897 Secure Computing Corp.*............... 1,000 9,875 SilverStream Software, Inc.*.......... 1,000 20,625 SPSS, Inc.*........................... 500 11,031 SS&C Technologies, Inc.*.............. 2,400 10,655 Structural Dynamics Research Corp.*... 700 7,000 Symantec Corp.*....................... 300 10,012 The InterCept Group, Inc.*............ 600 15,841 ----------- 615,898 ----------- CONSUMER PRODUCTS -- 0.4% Central Garden & Pet Co.*............. 1,000 6,875 Fossil, Inc.*......................... 600 8,691 19
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) CONSUMER PRODUCTS (CONTINUED) IDEXX Laboratories, Inc.*............. 900 $ 19,800 Playtex Products, Inc.*............... 1,200 11,550 Russ Berrie & Co., Inc................ 1,000 21,116 The Yankee Candle Co., Inc.*.......... 700 7,744 ----------- 75,776 ----------- CONTAINERS-PAPER/PLASTIC -- 0.3% AEP Industries, Inc.*................. 400 17,875 EarthShell Corp.*..................... 4,400 5,638 Longview Fibre Co..................... 2,600 35,100 ----------- 58,613 ----------- DISTRIBUTION/WHOLESALE -- 0.7% Aviall, Inc.*......................... 900 4,556 Brightpoint, Inc.*.................... 1,100 3,850 CellStar Corp.*....................... 1,200 1,725 Daisytek International Corp.*......... 500 3,438 Handleman Co.*........................ 900 6,750 Hughes Supply, Inc.................... 500 8,970 International Multifoods Corp......... 1,900 38,594 Keystone Automotive Industries, Inc.*................... 1,700 11,900 Nash-Finch Co......................... 1,200 14,025 Owens & Minor, Inc.................... 1,000 17,750 ScanSource, Inc.*..................... 600 23,400 SCP Pool Corp.*....................... 500 15,031 ----------- 149,989 ----------- DIVERSIFIED OPERATIONS -- 1.4% AMERCO*............................... 700 13,738 Applied Graphics Technologies, Inc.*................. 1,000 3,375 Barnes Group, Inc..................... 600 11,925 Cornell Corrections, Inc.*............ 1,000 5,375 Esterline Technologies Corp.*......... 900 23,625 Fidelity Holdings, Inc.*.............. 500 234 Griffon Corp.*........................ 1,500 11,813 Mathews International Corp. Class A............................. 700 22,738 Metromedia International Group, Inc.*........................ 1,900 4,940 Myers Industries, Inc................. 660 9,570 NACCO Industries, Inc. Class A........ 300 13,106 Ogden Corp............................ 1,500 23,063 Park-Ohio Holdings Corp.*............. 1,200 5,850 SPS Technologies, Inc.*............... 300 16,444 Standex International Corp............ 600 12,332 Sturm, Ruger & Co., Inc............... 1,100 10,381 Tredegar Corp......................... 1,900 33,131 U.S. Industries, Inc.................. 1,500 12,000 Universal Corp........................ 600 21,000 Vector Group Ltd...................... 661 10,452 Volt Information Sciences, Inc.*...... 500 10,375 Walter Industries, Inc................ 1,000 7,500 ----------- 282,967 ----------- EDUCATION -- 0.8% Career Education Corp.*............... 800 31,300 Education Management Corp.*........... 900 32,175 SHARES VALUE+ -------------------------------------------------------------- ITT Educational Services, Inc.*....... 500 $ 11,000 ProsoftTraining.com*.................. 2,300 27,888 Strayer Education, Inc................ 1,600 40,900 Sylvan Learning Systems, Inc.*........ 2,100 31,106 ----------- 174,369 ----------- ELECTRICAL EQUIPMENT -- 4.7% Advanced Energy Industries, Inc.*..... 900 20,250 American Technical Ceramics Corp.*.... 1,200 12,000 Artesyn Technologies, Inc.*........... 1,000 15,875 Avid Technology, Inc.*................ 1,300 23,745 Belden, Inc........................... 2,300 58,363 C&D Technologies, Inc................. 600 25,913 Cable Design Technologies Corp.*...... 900 15,131 Celeritek, Inc.*...................... 400 15,250 Checkpoint Systems, Inc.*............. 3,000 22,313 Cohu, Inc............................. 400 5,575 CyberOptics Corp.*.................... 1,550 26,253 FLIR Systems, Inc.*................... 2,200 11,204 General Electric Co................... 316 15,148 Genlyte Group, Inc.*.................. 1,400 33,250 GenRad, Inc.*......................... 600 6,000 Helix Technology Corp................. 1,100 26,039 Ibis Technology Corp.*................ 800 15,400 Input/Output, Inc.*................... 1,500 15,281 Lincoln Electric Holdings, Inc........ 4,300 84,387 Littelfuse, Inc.*..................... 400 11,450 LTX Corp.*............................ 1,000 12,953 Meade Instruments Corp.*.............. 1,600 10,500 Measurement Specialties, Inc.*........ 800 16,422 ParkerVision, Inc.*................... 400 14,650 Paxar Corp.*.......................... 1,400 14,263 Photon Dynamics, Inc.*................ 400 9,000 Power Integrations, Inc.*............. 2,700 31,050 Power-One, Inc.*...................... 6,300 247,669 PRI Automation, Inc.*................. 1,200 22,500 Rogers Corp.*......................... 400 16,425 Sanmina Corp.*........................ 420 32,183 Seitel, Inc.*......................... 700 12,906 SIPEX Corp.*.......................... 400 9,575 SLI, Inc.............................. 700 4,506 Spectrian Corp.*...................... 300 4,875 UCAR International, Inc.*............. 2,300 22,425 Ultrak, Inc.*......................... 1,300 5,931 Woodhead Industries, Inc.............. 600 11,775 ----------- 958,435 ----------- ELECTRONICS -- 5.9% ACT Manufacturing, Inc.*.............. 300 4,725 Actel Corp.*.......................... 700 16,931 ADE Corp.*............................ 700 12,338 Aeroflex, Inc.*....................... 1,000 28,828 Alpha Technologies Group, Inc.*....... 1,300 11,538 American Superconductor Corp.*........ 300 8,569 AMETEK, Inc........................... 600 15,562 Analogic Corp......................... 300 13,369 20
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) ELECTRONICS (CONTINUED) Andrea Electronics Corp.*............. 1,500 $ 3,150 Anixter International, Inc.*.......... 1,100 23,787 Applied Micro Circuits Corp.*......... 3,836 287,880 ATMI, Inc.*........................... 1,500 29,250 Avnet, Inc............................ 320 6,880 AXT, Inc.*............................ 1,900 62,819 Benchmark Electronics, Inc.*.......... 500 11,281 BOLDER Technologies Corp.*............ 2,100 2,231 Brooks Automation, Inc.*.............. 500 14,031 C.P. Clare Corp.*..................... 1,000 3,750 California Amplifier, Inc.*........... 400 3,700 Coherent, Inc.*....................... 500 16,250 Cubic Corp............................ 500 12,844 Cymer, Inc.*.......................... 600 15,441 Detection Systems, Inc.*.............. 1,300 23,156 Diodes, Inc.*......................... 600 6,225 DSP Group, Inc.*...................... 800 16,837 DuPont Photomasks, Inc.*.............. 300 15,853 Electro Scientific Industries, Inc.*................... 600 16,800 EMCORE Corp.*......................... 600 28,200 ESS Technology, Inc.*................. 800 4,100 Exar Corp.*........................... 600 18,591 Excel Technology, Inc.*............... 1,100 21,948 General Semiconductor, Inc.*.......... 1,100 6,875 II-VI, Inc.*.......................... 400 6,075 InFocus Corp.*........................ 500 7,375 Integrated Silicon Solution, Inc.*.... 1,000 14,375 Interlink Electronics, Inc.*.......... 300 3,806 IXYS Corp.*........................... 500 7,313 Kent Electronics Corp.*............... 600 9,900 Lamson & Sessions Co.*................ 1,300 13,650 MagneTek, Inc.*....................... 1,200 15,600 Mattson Technology, Inc.*............. 800 8,250 MEMC Electronic Materials, Inc.*...... 1,400 13,563 Merix Corp.*.......................... 1,050 14,044 Methode Electronics, Inc. Class A..... 600 13,763 Micros Systems, Inc.*................. 300 5,475 Microsemi Corp.*...................... 400 11,125 MIPS Technologies, Inc. Class A*...... 300 8,006 Molecular Devices Corp.*.............. 570 39,009 Nanometrics, Inc.*.................... 1,100 15,194 Pericom Semiconductor Corp.*.......... 600 11,100 Photronics, Inc.*..................... 2,400 56,250 Pioneer-Standard Electronics, Inc..... 800 8,800 Planar Systems, Inc.*................. 500 12,889 Robotic Vision Systems, Inc.*......... 800 2,200 Spectra-Physics Lasers, Inc.*......... 500 12,625 Spectrum Control, Inc.*............... 1,200 12,075 Stoneridge, Inc.*..................... 700 4,725 Superconductor Technologies, Inc*..... 300 1,088 Supertex, Inc.*....................... 400 7,906 Three-Five Systems, Inc.*............. 600 10,800 Trimble Navigation Ltd.*.............. 2,300 55,200 Ultratech Stepper, Inc.*.............. 900 23,287 SHARES VALUE+ -------------------------------------------------------------- Valence Technology, Inc.*............. 800 $ 7,450 Xicor, Inc.*.......................... 600 2,025 Zygo Corp.*........................... 200 5,656 ----------- 1,204,338 ----------- ENERGY -- 0.1% Energy East Corp...................... 5 98 Syntroleum Corp.*..................... 700 11,900 ----------- 11,998 ----------- ENVIROMENTAL SERVICES -- 0.4% Calgon Carbon Corp.................... 1,600 9,100 Catalytica, Inc.*..................... 2,900 37,686 Layne Christensen Co.*................ 1,200 3,919 Rollins, Inc.......................... 800 16,050 Stericycle, Inc.*..................... 400 15,250 ----------- 82,005 ----------- FACILITY SERVICES -- 0.2% ABM Industries, Inc................... 1,100 33,688 ----------- FINANCIAL SERVICES -- 2.9% Advanta Corp. Class A................. 1,000 8,813 Advest Group, Inc..................... 500 17,781 American Capital Strategies Ltd....... 500 12,594 Amresco, Inc.*........................ 300 431 Cash America International, Inc....... 1,500 6,563 Coinstar, Inc.*....................... 1,000 15,250 Credit Acceptance Corp.*.............. 2,100 12,600 Dain Rauscher Corp.................... 200 18,937 Financial Federal Corp.*.............. 3,000 71,625 First Albany Cos., Inc................ 945 7,678 First Commonwealth Financial Corp..... 1,200 12,000 Hoenig Group, Inc.*................... 900 9,788 Investors Financial Services Corp..... 600 51,600 Irwin Financial Corp.................. 600 12,712 Jefferies Group, Inc.................. 2,400 75,000 JWGenesis Financial Corp.*............ 900 10,237 Morgan Keegan, Inc.................... 600 15,900 National Processing, Inc.*............ 1,000 17,000 New Century Financial Corp.*.......... 1,500 15,750 Phoenix Investment Partners Ltd....... 1,300 20,394 Resource America, Inc................. 1,400 16,100 Siebert Financial Corp................ 1,400 5,775 Sky Financial Group, Inc.............. 601 10,067 South Financial Group, Inc............ 2,600 34,450 Southwest Bancorporation of Texas, Inc.*........................ 600 25,762 Southwest Securities Group, Inc....... 440 11,385 Susquehanna Bancshares, Inc........... 2,000 33,000 Tucker Anthony Sutro Corp............. 700 17,194 UICI*................................. 1,400 8,313 WFS Financial, Inc.................... 500 9,250 World Acceptance Corp.*............... 3,800 20,900 ----------- 604,849 ----------- FOOD & BEVERAGES -- 1.3% American Italian Pasta Co. Class A*............................ 400 10,725 21
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) FOOD & BEVERAGES (CONTINUED) American States Water Co.............. 300 $ 11,063 Aurora Foods, Inc.*................... 4,000 9,750 Dole Food Co., Inc.................... 1,100 18,012 Dreyer's Grand Ice Cream, Inc......... 600 19,350 Fleming Cos., Inc..................... 1,000 11,813 Hain Celestial Group, Inc.*........... 779 25,317 Interstate Bakeries Corp.............. 1,100 15,469 Michael Foods, Inc.................... 400 12,050 Panera Bread Co. Class A*............. 500 11,406 Performance Food Group Co.*........... 1,400 71,772 Pilgrim's Pride Corp.................. 1,400 10,889 Ralcorp Holdings, Inc.*............... 1,500 24,562 Triarc Cos., Inc.*.................... 600 14,550 ----------- 266,728 ----------- FOREST & PAPER PRODUCTS -- 0.7% Buckeye Technologies, Inc.*........... 700 9,844 Caraustar Industries, Inc............. 800 7,500 Chesapeake Corp....................... 400 8,225 Deltic Timber Corp.................... 400 9,550 FiberMark, Inc.*...................... 800 6,250 P.H. Glatfelter Co.................... 2,100 26,145 Pope & Talbot, Inc.................... 700 11,768 Schweitzer-Mauduit International, Inc.................. 800 15,320 Universal Forest Products, Inc........ 1,000 13,250 Wausau-Mosinee Paper Corp............. 2,600 26,325 ----------- 134,177 ----------- HEALTH CARE -- BIOTECHNOLOGY -- 3.7% Aastrom Biosciences, Inc.*............ 1,900 1,663 Advanced Tissue Sciences, Inc.*....... 1,800 5,456 Alexion Pharmaceuticals, Inc.*........ 300 19,481 ArQule Inc.*.......................... 500 16,000 Avigen, Inc.*......................... 1,300 26,975 Aviron*............................... 500 33,406 Axys Pharmaceuticals, Inc.*........... 3,700 21,228 Bio-Technology General Corp.*......... 1,100 7,769 BioCryst Pharmaceuticals, Inc.*....... 500 3,313 Cell Genesys, Inc.*................... 1,000 22,812 Collateral Therapeutics, Inc.*........ 300 5,306 Cryolife Incorporated*................ 450 13,612 CUNO, Inc.*........................... 500 13,406 Curis, Inc.*.......................... 240 2,130 Digene Corp.*......................... 800 35,750 Emisphere Technologies, Inc.*......... 900 22,500 EntreMed, Inc.*....................... 1,600 27,600 Gene Logic, Inc.*..................... 1,300 23,887 Genelabs Technologies, Inc.*.......... 2,400 9,825 Genome Therapeutics Corp.*............ 400 2,788 Genzyme Corp.-Genzyme Biosurgery Division*........................... 350 3,041 Genzyme Transgenics Corp.*............ 2,000 28,625 Geron Corp.*.......................... 600 9,263 Gliatech, Inc.*....................... 500 2,031 Guilford Pharmaceuticals, Inc.*....... 700 $ 12,600 SHARES VALUE+ -------------------------------------------------------------- Hyseq, Inc.*.......................... 300 4,313 Integra LifeSciences Holdings*........ 1,600 21,800 Interpore International, Inc.*........ 1,400 5,513 LifeCell Corp.*....................... 1,500 2,391 Microcide Pharmaceuticals, Inc.*...... 1,400 5,775 Nanogen, Inc.*........................ 400 3,600 NeoRx Corp.*.......................... 500 2,625 Neose Technologies, Inc.*............. 300 9,900 Novavax, Inc.*........................ 2,000 17,000 Organogenesis, Inc.*.................. 1,100 9,889 Pharmaceutical Product Development, Inc.*.................. 2,400 119,250 Progenics Phaarmaceuticals, Inc.*..... 600 10,666 Protein Design Labs, Inc.*............ 800 69,500 Ribozyme Pharmaceuticals, Inc.*....... 500 7,156 Scott Technologies, Inc.*............. 500 11,187 Targeted Genetics Corp.*.............. 1,100 7,356 Texas Biotechnology Corp.*............ 4,100 35,219 Titan Pharmaceuticals, Inc.*.......... 500 17,685 Transkaryotic Therapies, Inc.*........ 500 18,219 Vical, Inc.*.......................... 500 9,250 VISX, Inc.*........................... 1,000 10,438 ----------- 769,199 ----------- HEALTH CARE -- DRUGS -- 4.0% Alliance Pharmaceutical Corp.*........ 2,400 20,700 Amylin Pharmaceuticals, Inc.*......... 1,300 10,238 Aphton Corp.*......................... 800 14,400 ARIAD Pharmaceuticals, Inc.*.......... 700 3,325 Atrix Laboratories, Inc.*............. 600 10,238 AVANT Immunotherapeutics, Inc.*....... 1,000 6,875 Cell Therapeutics, Inc.*.............. 800 36,050 Cephalon, Inc.*....................... 333 21,083 CIMA Labs, Inc.*...................... 1,000 65,062 Connetics Corp.*...................... 3,000 13,687 Corixa Corp.*......................... 902 25,129 Cubist Pharmaceuticals, Inc.*......... 600 17,400 CV Therapeutics, Inc.*................ 600 42,450 Dura Pharmaceuticals, Inc.*........... 3,900 11,673 GelTex Pharmaceuticals, Inc.*......... 600 34,130 ILEX Oncology, Inc.*.................. 400 10,525 Immune Response Corp.*................ 800 2,100 ImmunoGen, Inc.*...................... 1,000 21,437 Isis Pharmaceuticals, Inc.*........... 2,900 30,812 King Pharmaceuticals, Inc.*........... 1,012 52,308 Kos Pharmaceuticals, Inc.*............ 600 10,575 Ligand Pharmaceuticals, Inc. Class B*............................ 1,100 15,400 Magainin Pharmaceuticals, Inc.*....... 3,000 6,656 Matrix Pharmaceutical, Inc.*.......... 700 11,988 Maxim Pharmaceuticals, Inc.*.......... 2,300 14,662 Nabi*................................. 1,800 8,325 NeoPharm, Inc.*....................... 600 22,725 Neurocrine Biosciences, Inc.*......... 400 13,250 Neurogen Corp.*....................... 300 10,538 NPS Pharmaceuticals, Inc.*............ 500 24,000 22
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) HEALTH CARE (CONTINUED) Omega Protein Corp.*.................. 2,400 $ 3,600 Onyx Pharmaceuticals, Inc.*........... 900 13,388 Orphan Medical, Inc.*................. 800 11,300 OSI Pharmaceuticals, Inc.*............ 1,100 88,137 Penwest Pharmaceuticals Co.*.......... 600 7,763 Pharmacopeia, Inc.*................... 500 10,906 Pharmacyclics, Inc.*.................. 1,500 51,375 SciClone Pharmaceuticals, Inc.*....... 1,200 4,800 SuperGen, Inc.*....................... 900 12,488 Valentis, Inc.*....................... 800 5,700 ViroPharma, Inc.*..................... 800 11,588 Watson Pharmaceuticals, Inc.*......... 295 15,100 ----------- 823,886 ----------- HEALTH CARE -- PRODUCTS -- 4.8% Abaxis, Inc.*......................... 2,800 16,625 ABIOMED, Inc.*........................ 400 9,700 Arrow International, Inc.............. 500 18,836 ArthroCare Corp.*..................... 1,100 21,450 ATS Medical, Inc.*.................... 700 9,931 Aurora Biosciences Corp.*............. 1,000 32,530 Bergen Brunswig Corp. Class A......... 2,000 31,660 Biosite Diagnostics, Inc.*............ 700 28,306 Bone Care International, Inc.*........ 600 10,387 BriteSmile, Inc.*..................... 1,200 3,375 Carter-Wallace, Inc................... 700 23,362 Cerus Corp.*.......................... 300 22,575 Closure Medical Corp.*................ 400 14,400 Colorado MEDtech, Inc.*............... 2,500 7,969 Columbia Laboratories, Inc.*.......... 1,500 6,469 CONMED, Corp.*........................ 500 8,563 Cooper Cos., Inc...................... 2,800 111,650 COR Therapeutics, Inc.*............... 1,000 35,187 Cyberonics, Inc.*..................... 600 13,950 Cytyc Corp.*.......................... 800 50,050 Datascope Corp........................ 300 10,275 Diametrics Medical, Inc.*............. 2,700 16,031 EPIX Medical, Inc.*................... 2,300 19,262 Fusion Medical Technologies, Inc.*.... 500 2,000 Haemonetics Corp.*.................... 500 15,437 Henry Schein, Inc.*................... 800 27,700 Hollis-Eden Pharmaceuticals, Inc.*.... 600 3,131 Immucor, Inc.*........................ 800 2,150 Invacare Corp......................... 600 20,550 Inverness Medical Technology, Inc.*................... 2,100 81,769 Laser Vision Centers, Inc.*........... 1,300 2,113 LaserSight, Inc.*..................... 900 1,125 Lifecore Biomedical, Inc.*............ 1,400 6,475 Mentor Corp.*......................... 1,200 23,400 Merit Medical Systems, Inc.*.......... 1,600 9,000 MGI Pharma, Inc.*..................... 500 8,250 Noven Pharmaceuticals, Inc.*.......... 700 26,162 Novoste Corp.*........................ 300 8,250 Ocular Sciences, Inc.*................ 1,200 14,421 SHARES VALUE+ -------------------------------------------------------------- Orasure Technologies, Inc.*........... 800 $ 6,600 OrthoLogic Corp.*..................... 3,000 8,625 Perrigo Co.*.......................... 1,500 12,422 PharmaNetics, Inc.*................... 800 9,400 PolyMedica Corp.*..................... 300 10,013 PSS World Medical, Inc.*.............. 1,400 7,000 Respironics, Inc.*.................... 700 19,950 SangStat Medical Corp.*............... 1,800 21,375 Sola International, Inc.*............. 700 2,888 Sunrise Technologies International, Inc.*................ 1,400 2,494 Thermo Cardiosystems, Inc.*........... 1,200 10,500 Thoratec Laboratories Corp.*.......... 1,100 12,100 Twinlab Corp.*........................ 1,700 2,869 Varian Medical Systems, Inc.*......... 600 40,762 Ventana Medical Systems, Inc.*........ 300 5,550 Vital Signs, Inc...................... 400 12,850 Vysis, Inc.*.......................... 1,100 9,281 West Pharmaceutical Services, Inc..... 300 7,369 Zoll Medical Corp.*................... 200 7,013 ----------- 983,537 ----------- HEALTH CARE -- SERVICES -- 2.5% AmeriPath, Inc.*...................... 700 17,500 Beverly Enterprises, Inc.*............ 2,000 16,375 Boron, LePore & Associates, Inc.*..... 1,200 12,600 Cerner Corp.*......................... 700 32,375 CHRONIMED, Inc.*...................... 1,500 18,188 Covance, Inc.*........................ 1,100 11,825 Coventry Health Care, Inc.*........... 1,200 32,025 DaVita, Inc.*......................... 1,600 27,400 Hooper Holmes, Inc.................... 1,200 13,272 IDX Systems Corp.*.................... 600 15,000 IMPATH, Inc.*......................... 800 53,200 InterDent, Inc.*...................... 2,900 3,625 Kendle International, Inc.*........... 2,300 22,856 Laboratory Corporation of America Holdings*........................... 380 66,880 MedQuist, Inc.*....................... 1,000 16,000 Mid Atlantic Medical Services, Inc.*..................... 1,000 19,813 PacifiCare Health Systems, Inc.*...... 700 10,500 Pediatrix Medical Group, Inc.*........ 800 19,250 RehabCare Group, Inc.*................ 400 20,550 STERIS Corp.*......................... 1,300 20,962 Sunquest Information Systems, Inc.*...................... 800 7,150 Sunrise Assisted Living, Inc.*........ 400 10,000 Syncor International Corp.*........... 1,200 43,650 ----------- 510,996 ----------- HOUSEHOLD PRODUCTS -- 0.3% Applica, Inc.*........................ 700 3,413 Bassett Furniture Industries, Inc..... 600 6,750 Enesco Group, Inc..................... 1,500 7,031 Oneida Ltd............................ 500 9,281 Quaker Fabric Corp.*.................. 2,400 10,079 Restoration Hardware, Inc.*........... 1,900 1,781 Salton, Inc.*......................... 300 6,206 23
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) HOUSEHOLD PRODUCTS (CONTINUED) Sunbeam Corp.*........................ 2,000 $ 625 WestPoint Stevens, Inc................ 2,500 18,694 ----------- 63,860 ----------- INSTRUMENTS -- SCIENTIFIC -- 0.1% FEI Co.*.............................. 600 13,650 ----------- INSURANCE -- 2.7% Alfa Corp............................. 1,100 20,212 Arthur J. Gallagher & Co.............. 400 25,450 Brown & Brown, Inc.................... 600 21,000 Citizens, Inc. Class A................ 1,800 12,874 CNA Surety Corp....................... 4,400 62,700 Danielson Holding Corp.*.............. 1,900 8,669 Enhance Financial Services Group, Inc.......................... 800 12,350 FBL Financial Group, Inc. Class A..... 1,000 17,437 FPIC Insurance Group, Inc.*........... 1,400 12,718 Fremont General Corp.................. 1,400 3,938 Harleysville Group, Inc............... 600 17,550 HCC Insurance Holdings, Inc........... 1,000 26,937 HealthAxis, Inc.*..................... 400 575 Hilb, Rogal & Hamilton Co............. 300 11,963 Horace Mann Educators Corp............ 800 17,100 LandAmerica Financial Group, Inc...... 500 20,219 Meadowbrook Insurance Group, Inc...... 900 7,313 Medical Assurance, Inc................ 525 8,761 Ohio Casualty Corp.................... 1,200 12,000 Philadelphia Consolidated Holding Corp.*.............................. 700 21,612 Presidential Life Corp................ 600 8,963 Professionals Group, Inc.............. 500 12,031 RLI Corp.............................. 1,000 44,687 SCPIE Holdings, Inc................... 400 9,450 Selective Insurance Group, Inc........ 600 14,550 State Auto Financial Corp............. 1,200 21,450 Stewart Information Services Corp..... 800 17,750 Trenwick Group Ltd.................... 700 17,369 Triad Guaranty, Inc.*................. 400 13,250 United Wisconsin Services, Inc........ 1,900 6,413 Vesta Insurance Group, Inc............ 2,100 10,763 W.R. Berkley Corp..................... 500 23,594 Zenith National Insurance Corp........ 500 14,687 ----------- 556,335 ----------- INTERNET SERVICES -- 1.0% 24/7 Media, Inc.*..................... 2,000 1,063 About.com., Inc.*..................... 600 16,162 Akamai Technologies, Inc.*............ 178 3,749 Answerthink, Inc.*.................... 900 3,263 CACI International, Inc. Class A*..... 600 13,809 Cheap Tickets, Inc.*.................. 1,200 10,308 click2learn.com, Inc.*................ 1,700 16,575 Cyber-Care, Inc.*..................... 3,000 6,375 CyberSource Corp.*.................... 700 1,663 eLOT, Inc.*........................... 3,100 1,550 ePresence, Inc.*...................... 500 2,172 SHARES VALUE+ -------------------------------------------------------------- F5 Networks, Inc.*.................... 1,100 $ 10,450 Fronstep, Inc.*....................... 400 1,375 GoTo.com, Inc.*....................... 2,600 19,012 iGATE Capital Corp.*.................. 1,500 4,312 Internet Commerce & Communications, Inc.*............... 2,500 938 Learn2.com, Inc.*..................... 1,500 609 marchFIRST, Inc.*..................... 3,100 4,650 Net Perceptions, Inc.*................ 4,000 8,375 Net2Phone, Inc.*...................... 1,400 10,229 NextCard, Inc.*....................... 2,700 21,600 NQL, Inc.*............................ 1,300 731 Opticnet, Inc.*....................... 200 16 Panja, Inc.*.......................... 900 4,106 Pilot Network Services, Inc.*......... 300 244 PSINet, Inc.*......................... 630 453 Quokka Sports, Inc.*.................. 900 506 SoftNet Systems, Inc.*................ 500 906 TheStreet.com., Inc.*................. 4,000 11,776 Travelocity.com, Inc.*................ 300 3,637 Webb Interactive Services, Inc.*...... 1,100 1,856 WorldGate Communications, Inc.*....... 3,500 13,344 Worldwide Xceed Group, Inc.*.......... 500 63 Zixit Corp.*.......................... 500 4,375 ----------- 200,252 ----------- LEISURE -- 1.7% AMC Entertainment, Inc.*.............. 1,000 4,000 American Classic Voyages Co.*......... 400 5,600 Anchor Gaming*........................ 400 15,600 Argosy Gaming Co.*.................... 1,400 26,863 Aztar Corp.*.......................... 800 10,350 Bally Total Fitness Holding Corp.*.... 1,200 40,650 Boca Resorts, Inc. Class A*........... 4,200 60,375 Boyd Gaming Corp.*.................... 1,900 6,531 Casino Data Systems*.................. 1,800 12,565 Championship Auto Racing Teams, Inc.*........................ 500 10,500 Choice Hotels International, Inc.*.... 2,600 35,587 Churchill Downs, Inc.................. 500 14,906 Fairfield Communities, Inc.*.......... 2,100 29,531 Pinnacle Entertainment, Inc.*......... 500 6,750 Prime Hospitality Corp.*.............. 1,400 16,275 Trump Hotels & Casino Resorts, Inc*... 4,400 8,525 Vail Resorts, Inc.*................... 1,400 32,813 WMS Industries, Inc.*................. 900 18,113 ----------- 355,534 ----------- MACHINERY -- 3.0% A.O. Smith Corp....................... 700 11,919 Alamo Group, Inc...................... 1,000 13,062 Applied Industrial Technologies, Inc................... 600 12,337 Astec Industries, Inc.*............... 600 7,913 Baldor Electric Co.................... 3,400 71,825 BEI Technologies, Inc................. 800 9,300 CARBO Ceramics, Inc................... 300 11,231 CFM Technologies, Inc.*............... 900 5,288 24
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) MACHINERY (CONTINUED) Chart Industries, Inc................. 2,400 $ 10,350 Dril-Quip, Inc.*...................... 500 17,094 Flowserve Corp........................ 800 17,100 FSI International, Inc.*.............. 800 6,700 GaSonics International Corp.*......... 300 5,513 Gerber Scientific, Inc................ 700 5,994 Graco, Inc............................ 1,000 41,375 Gulf Islands Fabrication, Inc.*....... 700 12,731 Intermet Corp......................... 1,000 3,625 Intevac, Inc.*........................ 1,300 4,063 JLG Industries, Inc................... 900 9,562 Kulicke and Soffa Industries, Inc.*................... 1,400 15,750 Lufkin Industries, Inc................ 700 12,556 Milacron, Inc......................... 3,500 56,219 National-Oilwell, Inc.*............... 541 20,930 Powell Industries, Inc.*.............. 1,200 15,300 Presstek, Inc.*....................... 700 7,350 Regal-Beloit Corp..................... 600 10,236 SatCon Technology Corp.*.............. 1,400 13,825 Sauer, Inc............................ 2,700 25,312 Semitool, Inc.*....................... 600 5,813 SpeedFam-IPEC, Inc.*.................. 600 3,638 Stewart & Stevenson Services, Inc..... 1,100 24,973 Tennant Co............................ 300 14,400 Terex Corp.*.......................... 800 12,950 The Manitowoc Co., Inc................ 2,500 72,500 Thomas Industries, Inc................ 500 11,625 Woodward Governor Co.................. 400 17,900 ----------- 618,259 ----------- MANUFACTURING -- 0.4% Applied Films Corp.*.................. 400 8,175 CLARCOR, Inc.......................... 1,200 24,825 Coastcast Corp.*...................... 700 12,250 JAKKS Pacific, Inc.*.................. 600 5,475 Polymer Group, Inc.................... 1,000 5,375 Quanex Corp........................... 700 14,088 Rayovac Corp.*........................ 1,400 19,862 ----------- 90,050 ----------- METALS & MINING -- 0.9% A.M. Castle & Co...................... 700 7,000 Amcast Industrial Corp................ 1,000 9,938 AMCOL International Corp.............. 800 3,800 Brush Engineered Materials, Inc....... 700 14,131 Commercial Metals Co.................. 1,400 31,150 Kaiser Aluminum Corp.*................ 4,000 15,548 Kaydon Corp........................... 3,000 74,625 MAXXAM, Inc.*......................... 400 6,075 USEC, Inc............................. 2,600 11,212 Wolverine Tube, Inc.*................. 700 8,393 ----------- 181,872 ----------- MULTIMEDIA -- 0.5% Ackerley Group, Inc................... 1,200 10,533 SHARES VALUE+ -------------------------------------------------------------- LodgeNet Entertainment Corp.*......... 1,200 $ 21,150 Sonic Foundry, Inc.*.................. 1,100 1,444 USA Networks, Inc.*................... 2,376 46,183 Young Broadcasting, Inc. Class A*..... 400 13,394 YouthStream Media Networks, Inc.*..... 500 375 ----------- 93,079 ----------- OFFICE FURNISHINGS & SUPPLIES -- 0.3% Global Imaging Systems, Inc.*......... 600 2,250 Hunt Corp............................. 1,100 5,363 Interface, Inc........................ 2,800 24,325 New England Business Service, Inc..... 400 7,300 Standard Register Co.................. 500 7,125 Wallace Computer Services, Inc........ 1,200 20,400 ----------- 66,763 ----------- OIL & GAS -- 4.6% 3TEC Energy Corp.*.................... 800 14,200 Atmos Energy Corp..................... 600 14,625 Atwood Oceanics, Inc.*................ 300 13,143 Basin Exploration, Inc.*.............. 1,100 28,050 Berry Petroleum Co. Class A........... 1,100 14,713 Cabot Oil & Gas Corp. Class A......... 600 18,713 Cal Dive International, Inc.*......... 600 15,975 Callon Petroleum Co.*................. 1,200 20,025 Chesapeake Energy Corp.*.............. 2,000 20,250 Clayton Williams Energy, Inc.*........ 900 24,300 Cross Timbers Oil Co.................. 1,500 41,625 EEX Corp.*............................ 2,200 10,786 Evergreen Resources, Inc.*............ 500 19,312 Forest Oil Corp.*..................... 550 20,281 Frontier Oil Corp.*................... 1,600 11,000 Giant Industries, Inc.*............... 1,100 8,044 Grey Wolf, Inc.*...................... 3,300 19,387 Horizon Offshore, Inc.*............... 1,900 37,525 Houston Exploration Co.*.............. 500 19,062 HS Resources, Inc.*................... 600 25,425 Key Production Co., Inc.*............. 1,200 40,275 New Jersey Resources Corp............. 400 17,300 Newpark Resources, Inc.*.............. 2,100 20,081 Nuevo Energy Co.*..................... 600 10,388 Oceaneering International, Inc.*...... 700 13,606 Parker Drilling Co.*.................. 2,000 10,125 Patina Oil & Gas Corp................. 600 14,400 Pennaco Energy, Inc.*................. 3,900 76,537 Petroleum Development Corp.*.......... 1,800 11,813 Plains Resources, Inc.*............... 700 14,788 Prima Energy Corp.*................... 450 15,750 Range Resources Corp.................. 2,200 15,125 Remington Oil & Gas Corp.*............ 1,100 14,269 SEACOR SMIT, Inc.*.................... 300 15,788 SEMCO Energy, Inc..................... 900 14,006 Southwestern Energy Co................ 1,500 15,563 St. Mary Land & Exploration Co........ 600 19,987 Superior Energy Services, Inc.*....... 4,200 48,300 Swift Energy Co.*..................... 400 15,050 25
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) OIL & GAS (CONTINUED) Tesoro Petroleum Corp.*............... 1,000 $ 11,625 The Meridian Resource Corp.*.......... 1,400 12,075 Tom Brown, Inc.*...................... 700 23,012 TransMontaigne, Inc.*................. 900 2,475 Trico Marine Services, Inc.*.......... 1,000 15,438 UGI Corp.............................. 500 12,656 Unit Corp.*........................... 1,100 20,831 UTI Energy Corp.*..................... 800 26,300 Western Gas Resources, Inc............ 600 20,212 ----------- 944,216 ----------- PERSONAL CARE -- 0.2% Chattem, Inc.*........................ 500 2,813 French Fragrances, Inc.*.............. 1,500 18,094 Guest Supply, Inc.*................... 700 11,812 ----------- 32,719 ----------- PHOTO EQUIPMENT & SUPPLIES -- 0.1% Concord Camera Corp.*................. 800 13,200 Polaroid Corp......................... 900 5,231 ----------- 18,431 ----------- PUBLISHING -- 0.1% Cadmus Communications Corp............ 1,000 9,125 Journal Register Co.*................. 900 14,456 Playboy Enterprises, Inc. Class B*.... 400 3,975 ----------- 27,556 ----------- REAL ESTATE -- 0.3% Avatar Holdings, Inc.*................ 500 10,563 Insignia Financial Group, Inc.*....... 1,100 13,062 Jones Lang LaSalle, Inc.*............. 900 12,488 LNR Property Corp..................... 500 11,000 Trammell Crow Co.*.................... 1,800 24,300 ----------- 71,413 ----------- RESTAURANTS -- 1.2% Bob Evans Farms, Inc.................. 800 17,050 Buca, Inc.*........................... 700 10,344 CBRL Group, Inc....................... 1,200 21,825 CKE Restaurants, Inc.................. 1,500 4,125 Dave & Buster's, Inc.*................ 1,400 15,400 IHOP Corp.*........................... 600 13,013 Landry's Seafood Restaurants, Inc..... 1,500 14,906 Lone Star Steakhouse & Saloon, Inc......................... 1,100 10,588 Luby's, Inc........................... 2,200 13,200 O' Charley's, Inc.*................... 800 14,250 P.F. Chang's China Bistro, Inc.*...... 400 12,575 Papa John's International, Inc.*...... 500 11,125 RARE Hospitality International, Inc.*................ 1,800 40,162 Ruby Tuesday, Inc..................... 1,200 18,300 Ryan's Family Steak Houses, Inc.*..... 1,200 11,325 Sonic Corp.*.......................... 600 13,987 ----------- 242,175 ----------- RETAIL -- FOOD -- 0.5% Delhaize America, Inc. Class A........ 800 $ 14,150 SHARES VALUE+ -------------------------------------------------------------- Great Atlantic & Pacific Tea Co., Inc............................ 1,200 8,400 Morrison Management Specialists, Inc.................... 440 15,360 Ruddick Corp.......................... 900 10,294 Smart & Final, Inc.*.................. 1,500 12,750 The J. M. Smucker Co.................. 1,500 41,925 Wild Oats Markets, Inc.*.............. 600 2,550 ----------- 105,429 ----------- RETAIL -- GENERAL -- 0.7% Ames Department Stores, Inc.*......... 600 863 Bebe stores, Inc.*.................... 500 10,687 Casey's General Stores, Inc........... 1,100 16,431 Duane Reade, Inc.*.................... 500 15,281 Electronics Boutique Holdings Corp.*.............................. 1,100 19,250 Factory 2-U Stores, Inc.*............. 400 13,250 Gottschalks, Inc.*.................... 2,500 10,312 Longs Drug Stores Corp................ 1,000 24,125 PriceSmart, Inc.*..................... 300 9,863 ShopKo Stores, Inc.*.................. 3,000 15,000 The Pantry, Inc.*..................... 1,100 11,000 Value City Department Stores, Inc.*....................... 1,000 5,250 ----------- 151,312 ----------- RETAIL -- SPECIALTY -- 2.9% A.C. Moore Arts & Crafts, Inc.*....... 1,500 12,281 American Eagle Outfitters, Inc.*...... 900 38,025 Blair Corp............................ 500 9,312 Burlington Coat Factory Warehouse Corp................................ 900 17,044 Chico's FAS, Inc.*.................... 500 10,437 Children's Place Retail Stores, Inc.*....................... 500 10,125 Copart, Inc.*......................... 1,100 23,650 Cost Plus, Inc.*...................... 1,000 29,375 Deb Shops, Inc........................ 700 9,450 Discount Auto Parts, Inc.*............ 1,000 5,500 Genesco, Inc.*........................ 700 17,106 Goody's Family Clothing, Inc.*........ 3,300 14,850 Group 1 Automotive, Inc.*............. 600 5,625 Guitar Center, Inc.*.................. 4,400 50,050 Hines Horticulture, Inc.*............. 2,200 6,050 Hollywood Entertainment Corp.*........ 900 956 Hot Topic, Inc.*...................... 800 13,150 J.Baker, Inc.......................... 1,400 6,300 Movado Group, Inc..................... 1,000 15,250 NBTY, Inc.*........................... 2,100 9,975 Pacific Sunwear of California, Inc.*................... 600 15,375 PC Connection, Inc.*.................. 500 5,188 Pep Boys -- Manny, Moe & Jack......... 1,100 3,988 PETsMART, Inc.*....................... 2,200 6,325 Pier 1 Imports, Inc................... 1,900 19,594 Regis Corp............................ 2,000 29,000 Rex Stores Corp.*..................... 700 11,175 Right Start, Inc.*.................... 600 750 Rush Enterprises, Inc.*............... 700 2,450 Sharper Image Corp.*.................. 700 10,762 Shop At Home, Inc.*................... 2,800 3,413 Sonic Automotive, Inc. Class A*....... 3,000 20,625 Stein Mart, Inc.*..................... 2,200 $ 25,575 Sunglass Hut International, Inc.*..... 900 4,613 26
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ Systemax, Inc.*....................... 1,100 1,375 The Buckle, Inc.*..................... 1,000 17,715 The Cato Corp. Class A................ 1,000 13,750 The Dress Barn, Inc.*................. 500 14,500 Transport World Entertainment Corp.*.............................. 1,000 8,938 Tuesday Morning Corp.*................ 800 4,250 United Retail Group, Inc.*............ 2,700 16,200 Wet Seal, Inc.*....................... 1,100 22,619 Whitehall Jewellers, Inc.*............ 1,700 12,006 Wilsons The Leather Experts, Inc.*.... 900 12,600 ----------- 587,297 ----------- STEEL -- 0.5% Bethlehem Steel Corp.*................ 3,000 5,250 Carpenter Technology Corp............. 400 14,000 Material Sciences Corp.*.............. 900 6,919 Maverick Tube Corp.*.................. 500 11,313 NS Group, Inc.*....................... 700 6,615 Reliance Steel & Aluminum Co.......... 600 14,850 Roanoke Electric Steel Corp........... 600 6,225 Ryerson Tull, Inc..................... 500 4,125 Steel Dynamics, Inc.*................. 2,400 26,400 Valmont Industries, Inc............... 700 12,862 Weirton Steel Corp.*.................. 1,700 2,023 WHX Corp.*............................ 1,600 1,200 ----------- 111,782 ----------- TELECOMMUNICATIONS -- 2.1% Adaptive Broadband Corp.*............. 800 4,900 Adtran, Inc.*......................... 700 14,875 Anaren Microwave, Inc.*............... 900 60,469 ANTEC Corp.*.......................... 800 6,325 APAC Telecommunications Corp.*........ 1,400 5,163 Applied Digital Solutions, Inc.*...... 1,400 963 Aware, Inc.*.......................... 400 7,100 Boston Communications Group, Inc.*.... 500 13,937 C-Cor.net Corp.*...................... 1,700 18,428 Carrier Access Corp.*................. 500 4,500 CIDCO, Inc.*.......................... 2,800 4,200 Com21, Inc.*.......................... 2,500 12,023 Communications Systems, Inc........... 900 7,931 Comtech Telecommunications Corp.*..... 1,100 17,119 Comverse Technology, Inc.*............ 115 12,492 CT Communications, Inc................ 400 5,625 e.spire Communications, Inc.*......... 1,000 500 eGlobe, Inc.*......................... 574 40 General Communication, Inc. Class A*............................ 1,800 12,600 Glenayre Technologies, Inc.*.......... 1,300 4,591 Global TeleSystems, Inc.*............. 3,900 3,169 Harmonic, Inc.*....................... 2,900 16,494 Hickory Tech Corp..................... 700 14,350 IDT Corp.*............................ 800 16,300 InterDigital Communications Corp.*.... 1,100 5,947 International FiberCom, Inc.*......... 600 $ 2,963 Lightbridge, Inc.*.................... 500 6,562 Metro One Telecommunications, Inc.*........... 600 14,416 Natural MicroSystems Corp.*........... 1,800 17,775 SHARES VALUE+ -------------------------------------------------------------- Netro Corp.*.......................... 1,400 9,712 NTELOS, Inc.*......................... 300 5,288 Optical Cable Corp.*.................. 2,850 25,828 Osicom Technologies, Inc.*............ 1,000 16,062 Primus Telecommunications Group, Inc.*........................ 2,400 5,550 Proxim, Inc.*......................... 400 17,200 PTEK Holdings, Inc.*.................. 2,800 4,025 Rural Celluar Corp. Class A*.......... 200 5,925 Smith Micro Software, Inc.*........... 500 453 Startec Global Communications Corp.*.............................. 500 1,938 Symbol Technologies, Inc.............. 250 9,000 Telscape International, Inc.*......... 800 775 Tollgrade Communications, Inc.*....... 200 7,300 Viatel, Inc.*......................... 1,500 5,578 Wireless Telecom Group, Inc.*......... 1,900 3,681 World Access, Inc.*................... 1,900 4,572 ----------- 434,644 ----------- TEXTILE & APPAREL -- 1.5% Brown Shoe Co., Inc................... 900 11,700 Charming Shoppes, Inc.*............... 2,000 12,000 Columbia Sportswear Co.*.............. 500 24,875 G & K Services, Inc. Class A.......... 400 11,250 Global Sports, Inc.*.................. 600 3,319 Guess?, Inc.*......................... 2,200 11,688 Haggar Corp........................... 800 9,200 Kellwood Co........................... 600 12,675 Lands' End, Inc.*..................... 600 15,072 Nautica Enterprises, Inc.*............ 1,000 15,234 Oshkosh B' Gosh, Inc. Class A......... 1,400 25,900 Phillips-Van Heusen Corp.............. 2,700 35,100 Quiksilver, Inc.*..................... 700 13,562 Reebok International Ltd.*............ 1,100 30,074 Russell Corp.......................... 1,600 24,700 Steven Madden Ltd.*................... 600 4,575 Stride Rite Corp...................... 1,400 9,800 Unifi, Inc.*.......................... 1,600 14,300 Vans, Inc.*........................... 700 11,856 Wolverine World Wide, Inc............. 900 13,725 ----------- 310,605 ----------- TOOLS-HAND HELD -- 0.1% Toro Co............................... 300 11,006 ----------- TRANSPORTATION -- 2.7% American Freightways Corp.*........... 168 2,879 Arnold Industries, Inc................ 1,200 22,833 Consolidated Freightways Corp.*....... 2,400 10,050 Covenant Transport, Inc. Class A*..... 1,300 14,567 EGL, Inc.*............................ 1,800 43,087 Forward Air Corp.*.................... 400 14,925 Fritz Companies, Inc.*................ 1,100 6,669 Heartland Express, Inc.*.............. 700 15,969 Interpool, Inc........................ 2,700 $ 46,069 J.B. Hunt Transport Services, Inc..... 3,500 58,844 Kansas City Southern Industries, Inc.*................... 2,500 25,312 Kirby Corp.*.......................... 2,500 52,500 27
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-------------------------------------------------------------------------------- SA U.S. Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] -------------------------------------------------------------- SHARES VALUE+ Knight Transportation, Inc.*.......... 800 15,400 Landstar Systems, Inc.*............... 200 11,088 M.S. Carriers, Inc.*.................. 400 13,100 Offshore Logistics, Inc.*............. 1,100 23,702 Overseas Shipholding Group, Inc....... 700 16,056 RailAmerica, Inc.*.................... 1,200 9,413 Roadway Express, Inc.................. 600 12,712 USFreightways Corp.................... 500 15,039 Werner Enterprises, Inc............... 900 15,300 Wisconsin Central Transportation Corp.*.............................. 2,500 37,656 XTRA Corp.*........................... 1,300 62,400 Yellow Corp.*......................... 800 16,287 ----------- 561,857 ----------- UTILITIES -- 2.0% Avista Corp........................... 700 14,350 Black Hills Corp...................... 500 22,375 California Water Service Group........ 400 10,800 Cascade Natural Gas Corp.............. 600 11,288 CH Energy Group, Inc.................. 300 13,425 Chesapeake Utilities Corp............. 600 11,175 El Paso Electric Co.*................. 1,200 15,840 Empire District Electric Co........... 500 13,156 Energen Corp.......................... 600 19,312 FuelCell Energy, Inc.*................ 400 27,425 Ionics, Inc.*......................... 500 14,187 Laclede Gas Co........................ 600 14,025 Madison Gas and Electric Co........... 500 11,313 Middlesex Water Co.................... 500 16,875 Northwest Natural Gas Co.............. 500 13,250 NorthWestern Corp..................... 500 11,563 NUI Corp.............................. 400 12,875 Otter Tail Power Co................... 2,400 66,600 Parker-Hannifin Corp.................. 216 9,531 Southwest Gas Corp.................... 600 $ 13,125 Southwest Water Co.................... 1,000 14,875 UIL Holdings Corp..................... 300 14,925 SHARES VALUE+ -------------------------------------------------------------- Unisource Energy Corp................. 1,000 18,812 Unitil Corp........................... 500 13,250 ----------- 404,352 ----------- WASTE MANAGEMENT -- 0.2% Casella Waste Systems, Inc. Class A*............................ 1,300 11,294 IMCO Recycling, Inc................... 1,700 9,031 Waste Connections, Inc.*.............. 500 16,531 ----------- 36,856 ----------- TOTAL COMMON STOCKS (Identified Cost $18,143,741)....... 19,105,333 ----------- SHORT-TERM INVESTMENTS -- 7.9% OTHER -- 7.9% SSgA Government Money Market Fund..... 723,307 723,307 SSgA Money Market Fund................ 891,468 891,468 TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,614,775)........ 1,614,775 ----------- [Download Table] -------------------------------------------------------------- TOTAL INVESTMENTS -- 100.9% (IDENTIFIED COST $19,758,516)#.................. 20,720,108 Liabilities, Less Cash and Other Assets -- (0.9%)........................................ (188,950) ---------- NET ASSETS -- 100%................................ $20,531,158 ========== + See Note 1. * Non-income producing security # At December 31, 2000, the aggregate cost of investment securities for income tax purposes was $19,758,516. Net unrealized appreciation aggregated $961,592, of which $4,330,236 related to appreciated investment securities and $3,368,644 related to depreciated investment securities. SEE NOTES TO FINANCIAL STATEMENTS. 28
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-------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) [Download Table] SHARES VALUE+ ---------------------------------------------------------------- COMMON STOCKS -- 91.4% AUSTRALIA -- 2.4% Amcor Ltd............................. 21,847 $ 63,751 AMP Ltd............................... 16,828 189,314 Bank of Western Australia Ltd. (BankWest).......................... 18,100 36,816 Boral Ltd.*........................... 23,303 26,837 Commonwealth Bank of Australia........ 3,865 66,453 CSR Ltd............................... 29,346 76,392 Goodman Fielder Ltd................... 37,199 26,076 Howard Smith Ltd...................... 6,520 30,470 M.I.M. Holdings Ltd................... 73,027 47,129 Mayne Nickless Ltd.................... 11,730 38,112 Mirvac Group.......................... 11,594 23,008 National Australia Bank Ltd........... 7,799 125,006 Normandy Mining Ltd................... 65,401 35,294 Orica Ltd............................. 3,543 11,354 Origin Energy Ltd.*................... 24,081 27,465 Pacific Dunlop Ltd.................... 33,045 27,577 Paperlinx Ltd.*....................... 2,297 4,229 Pasminco Ltd.*........................ 15,518 5,672 Publishing & Broadcasting Ltd......... 4,567 33,150 Qantas Airways Ltd.................... 47,180 93,130 Rio Tinto Ltd......................... 5,951 97,461 Santos Ltd............................ 17,341 58,079 Smorgon Steel Group Ltd............... 22,900 13,632 St. George Bank Ltd................... 15,849 120,986 WMC Ltd............................... 39,245 167,183 ----------- 1,444,576 ----------- AUSTRIA -- 0.1% Bank Austria AG....................... 301 16,563 Voest-Alpine Stahl AG................. 2,342 64,874 ----------- 81,437 ----------- BELGIUM -- 0.7% Bekaert NV............................ 1,100 51,490 Solvay SA............................. 4,700 262,150 Tessenderlo Chemie NV................. 1,400 41,607 Union Miniere SA...................... 2,600 97,656 ----------- 452,903 ----------- DENMARK -- 1.0% Carlsberg A/S......................... 1,000 58,922 Danisco A/S........................... 2,500 102,924 Danske Bank*.......................... 21,563 388,217 Jyske Bank A/S........................ 2,720 54,792 ----------- 604,855 ----------- FINLAND -- 2.8% Fortum Corp........................... 101,472 414,477 Huhtamaki Van Leer Oyj, Series 1...... 2,800 74,669 Kemira Oyj............................ 6,100 30,931 Kesko Oyj............................. 8,800 88,829 Metra Oyj, Class B.................... 5,000 92,491 Metsa-Serla Oyj, Series B............. 12,000 95,778 Metso Oyj*............................ 16,254 181,624 Outokumpu Oyj......................... 10,700 80,881 SHARES VALUE+ ---------------------------------------------------------------- Pohjola Group Insurance Corp., Series B............................ 3,600 $ 158,879 Sanitec Oyj*.......................... 236 1,884 Stora Enso Oyj, Series A.............. 5,600 67,623 Stora Enso Oyj........................ 14,800 175,105 UPM-Kymmene Oyj....................... 7,200 247,107 ----------- 1,710,278 ----------- FRANCE -- 10.6% Accor SA.............................. 3,500 147,893 Assurances Generales De France........ 7,900 548,939 Banque Nationale de Paris............. 8,600 755,050 Bouygues SA*.......................... 800 36,245 Bull SA*.............................. 4,700 21,581 Christian Dior SA*.................... 800 38,349 Ciments Francais...................... 1,180 60,941 Compagnie de Saint-Gobain............. 3,500 549,831 Compagnie Generele des Etablissements Michelin, Class B................... 5,700 206,331 Credit Industriel et Commercial....... 500 55,166 Credit Lyonnais SA.................... 6,600 230,543 Eiffage SA............................ 200 13,296 Eridania Beghin-Say SA................ 900 78,256 Euro Disney SCA*...................... 25,454 12,907 Faurecia.............................. 400 15,775 Financiere Marc de Lacharriere SA*.... 1,000 33,691 Gecina................................ 800 76,622 Groupe Danone*........................ 2,800 422,249 Imerys................................ 600 68,171 L'Oreal SA*........................... 5,600 480,092 Lafarge SA............................ 4,500 377,337 Lapeyre SA............................ 400 24,414 Pechiney SA........................... 1,500 68,580 Pernod-Ricard SA...................... 2,400 165,640 PSA Peugeot Citroen................... 1,900 432,287 Rallye SA............................. 1,100 64,040 Remy Cointreau SA*.................... 1,228 51,889 Rue Imperiale de Lyon................. 20 36,809 SEB SA*............................... 500 27,208 Simco SA.............................. 204 14,099 Societe BIC SA........................ 1,000 39,335 Societe Fonciere Lyonaise*............ 800 21,650 Societe Generale*..................... 12,600 783,239 Unibail............................... 600 95,609 Usinor SA............................. 10,200 134,664 Valeo SA.............................. 3,400 151,840 Vinci................................. 1,200 73,805 ----------- 6,414,373 ----------- GERMANY -- 7.9% Bankgesellschaft Berlin AG*........... 12,900 187,753 BASF AG............................... 9,900 447,793 Bayer AG.............................. 9,400 493,142 BHW Holding AG........................ 1,300 35,998 Commerzbank AG........................ 8,200 237,847 Continental AG........................ 2,000 32,114 DaimlerChrysler AG.................... 16,000 672,174 DBV-Winterthur Holding AG............. 500 16,925 Degussa-Huels AG...................... 2,000 68,923 29
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-------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) GERMANY (CONTINUED) DePfa Deutsche Pfandbriefbank AG...... 500 $ 37,091 Deutsche Bank AG...................... 1,700 142,885 Deutsche Lufthansa AG................. 5,000 128,878 Dresdner Bank AG...................... 8,200 357,656 Dyckerhoff AG......................... 912 21,837 Ergo Versicherungs Gruppe AG.......... 900 152,118 Gehe AG............................... 500 18,883 Heidelberg Zement..................... 700 32,208 Heidelberger Druckmaschinen AG........ 500 30,564 Hochtief AG........................... 600 11,775 Hoechst AG............................ 3,900 126,342 HypoVereinsbank....................... 6,200 351,054 Kamps AG.............................. 1,200 12,733 Linde AG.............................. 6,000 291,278 MAN AG................................ 1,750 44,532 Merck KGaA............................ 3,200 141,226 RWE AG*............................... 500 22,442 Stinnes AG............................ 900 19,437 Thyssen Krupp AG...................... 8,200 127,047 Veba AG............................... 4,900 298,151 Vereins-und Westbank AG............... 750 22,536 Volkswagen AG......................... 4,050 211,786 ----------- 4,795,128 ----------- HONG KONG -- 2.0% Amoy Properties Ltd................... 125,000 137,826 China Overseas Land & Investment Ltd.*............................... 90,000 11,654 Great Eagle Holdings Ltd.............. 21,177 35,975 Hang Lung Development Co., Ltd........ 55,000 48,656 Hongkong and Shanghai Hotels Ltd...... 27,000 14,885 Hysan Development Co., Ltd............ 42,000 59,233 Kerry Properties Ltd.................. 40,495 54,515 New World Development Co., Ltd........ 71,000 86,023 New World Infrastructure Ltd.*........ 14,400 8,723 Shangri-La Asia Ltd................... 96,000 104,004 Sino Land Co., Ltd.................... 156,000 82,003 Swire Pacific Ltd..................... 29,000 208,213 Tsim Sha Tsui Properties Ltd.......... 58,253 36,410 Wharf (Holdings) Ltd.................. 101,000 246,035 Wheelock and Co., Ltd................. 78,000 64,502 ----------- 1,198,657 ----------- IRELAND -- 0.3% Allied Irish Banks Plc................ 2,628 30,601 Independent News & Media Plc.......... 4,819 13,122 Irish Life & Permanent Plc............ 5,785 71,704 Jefferson Smurfit Group Plc........... 40,056 78,986 ----------- 194,413 ----------- ITALY -- 4.2% Alitalia SpA*......................... 80,000 143,855 Banca di Roma......................... 342,500 371,778 Banca Popolare di Milano.............. 16,000 79,627 Banca Popolare di Verona.............. 12,000 139,160 Banca Toscana......................... 17,500 63,758 Buzzi Unicem SpA...................... 4,000 34,368 SHARES VALUE+ ---------------------------------------------------------------- CIR-Compagnie Industriali Riunite SpA................................. 7,500 $ 19,543 Class Editori SpA..................... 5,000 56,340 Compagnia Assicuratrice Unipol SpA.... 17,000 55,072 Compart SpA*.......................... 52,500 113,384 Fiat SpA.............................. 23,000 567,137 Ifil (Finanziiaria di partecipazioni) SpA................................. 16,000 132,211 Italcementi SpA....................... 9,180 76,805 La Rinascente SpA..................... 17,000 100,407 Milano Assicurazioni.................. 14,000 49,823 Parmalat Finanziaria SpA.............. 80,000 129,582 Riunione Adriatica di Sicurta SpA..... 18,600 290,100 SAI SpA*.............................. 3,500 69,378 Snia SpA*............................. 20,800 44,922 ----------- 2,537,250 ----------- JAPAN -- 20.8% Aisin Seiki Co., Ltd.................. 2,000 26,889 Akita Bank Ltd........................ 5,000 18,063 Amada Co., Ltd........................ 12,000 89,223 Amano Corp............................ 2,000 15,203 Aomori Bank Ltd....................... 6,000 25,980 Asahi Bank Ltd........................ 121,000 411,730 Asahi Breweries Ltd................... 17,000 173,242 ASATSU-DK, Inc........................ 1,200 28,866 Ashikaga Bank Ltd.*................... 8,000 13,856 Autobacs Seven Co., Ltd............... 1,200 25,035 Awa Bank Ltd.......................... 7,000 30,738 Bandai Co., Ltd....................... 1,000 36,914 Bank of Kyoto Ltd..................... 10,000 44,262 Bank of Nagoya Ltd.................... 6,000 31,123 Bank of Yokohama Ltd.................. 4,000 18,160 Best Denki Co., Ltd................... 3,000 13,515 Canon Sales Co., Inc.................. 4,000 46,921 Casio Computer Co., Ltd............... 3,000 25,324 Chiba Bank Ltd........................ 28,000 109,972 Chiyoda Fire & Marine Insurance Co., Ltd................................. 11,000 30,406 Chudenko Corp......................... 2,000 25,980 Chugoku Bank Ltd...................... 7,000 51,863 Chuo Trusts & Banking Co., Ltd........ 7,000 21,554 Citizen Watch Co...................... 7,000 51,006 Cosmo Oil Co., Ltd.................... 21,000 37,290 Dai-Tokyo Fire and Marine Insurance Co., Ltd............................ 9,000 26,846 Daicel Chemical Industries Ltd........ 11,000 33,389 Daido Steel Co., Ltd.................. 35,000 89,704 Daiichi Pharmaceutical Co., Ltd....... 3,000 89,223 Daimaru, Inc.......................... 6,000 17,425 Daio Paper Corp....................... 10,000 78,464 Daishi Bank Ltd....................... 9,000 29,916 Daito Trust Construction Co., Ltd..... 900 16,139 Daiwa Bank Ltd........................ 67,000 109,596 Daiwa House Industry Co., Ltd......... 19,000 118,002 Dowa Fire & Marine Insurance Co., Ltd................................. 9,000 19,839 Ezaki Glico Co., Ltd.................. 4,000 24,213 Fuji Photo Film....................... 5,000 209,062 Fujikura Ltd.......................... 8,000 59,902 Fukuoka City Bank Ltd................. 21,000 89,643 30
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-------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) JAPAN (CONTINUED) Fukuoka City Bank Ltd................. 9,000 $ 35,033 Fukuyama Transporting Co., Ltd........ 8,000 34,010 Futaba Industrial Co., Ltd............ 2,000 23,915 Futuba Corp........................... 1,000 30,878 General Sekiyu K.K.................... 2,000 10,777 Gunma Bank Ltd........................ 15,000 73,347 GUNZE Ltd............................. 5,000 17,276 Hachijuni Bank Ltd.................... 21,000 107,829 Hankyu Department Stores, Inc......... 4,000 17,670 Hanshin Electric Railway Co., Ltd..... 11,000 28,000 Heiwa Corp............................ 2,000 25,560 Higo Bank Ltd......................... 5,000 18,282 Hino Motors Ltd.*..................... 8,000 31,001 Hiroshima Bank Ltd.................... 19,000 68,641 Hitachi Cable Ltd..................... 5,000 45,399 Hitachi Ltd........................... 49,000 436,337 Hitachi Maxell Ltd.................... 3,000 50,647 Hitachi Metals Ltd.................... 4,000 25,157 Hokkoku Bank Ltd...................... 9,000 35,820 Hokuriku Bank Ltd.*................... 24,000 49,965 House Foods Corp...................... 4,000 52,134 Hyakugo Bank Ltd...................... 9,000 35,033 Hyakujushi Bank Ltd................... 9,000 48,417 Inax Corp............................. 7,000 35,331 Ishikawajima-Harima Heavy Industries Co., Ltd.*.......................... 43,000 91,777 Itochu Corp.*......................... 4,000 18,614 Itoham Foods, Inc..................... 4,000 13,611 Iyo Bank Ltd.......................... 10,000 54,496 Izumiya Co., Ltd...................... 9,000 51,802 Japan Airport Terminal Co., Ltd....... 2,000 18,369 Japan Energy Corp.*................... 39,000 60,383 Japan Radio Co., Ltd.................. 3,000 19,026 JGC Corp.............................. 6,000 40,885 Joyo Bank Ltd......................... 32,000 101,610 Juroku Bank Ltd....................... 12,000 46,186 Kagoshima Bank Co., Ltd............... 7,000 26,636 Kajima Corp........................... 6,000 16,638 Kamigumi Co., Ltd..................... 8,000 35,689 Kandenko Co., Ltd..................... 5,000 26,111 Kansai Paint Co., Inc................. 6,000 18,317 Kawasaki Heavy Industries Ltd.*....... 46,000 49,090 Kawasaki Steel Corp................... 117,000 120,766 Kinden Corp........................... 9,000 51,566 Kissei Pharmaceutical Co., Ltd........ 2,000 39,538 Kiyo Bank Ltd......................... 23,000 57,943 Koa Fire & Marine Insurance Co., Ltd................................. 6,000 20,679 Kobe Steel Ltd.*...................... 85,000 46,099 Kokusai Securities Co., Ltd........... 10,000 81,351 Kokuyo Co., Ltd....................... 3,000 44,559 Komatsu Ltd........................... 35,000 154,610 Komori Corp........................... 1,000 16,620 Konica Corp........................... 5,000 40,894 Kubota Corp........................... 52,000 158,293 Kyushu Matsushita Electric Co., Ltd................................. 6,000 53,272 SHARES VALUE+ ---------------------------------------------------------------- Lion Corp............................. 11,000 $ 38,585 Makita Corp........................... 4,000 27,992 Marubeni Corp.*....................... 55,000 129,899 Marui Co., Ltd........................ 8,000 120,714 Maruichi Steel Tube Ltd............... 2,000 27,642 Matsushita Electric Industrial Co., Ltd................................. 15,000 358,205 Matsushita-Kotobuk Electronics Industries Ltd...................... 5,000 77,064 Mazda Motor Corp...................... 45,000 114,941 Michinoku Bank Ltd.................... 3,000 17,057 Mitsubishi Gas Chemical Co., Inc...... 17,000 51,303 Mitsubishi Heavy Industries Ltd....... 124,000 540,168 Mitsubishi Material Corp.*............ 13,000 31,044 Mitsubishi Motor Corp.*............... 34,000 98,146 Mitsubishi Rayon Co., Ltd............. 17,000 51,006 Mitsui Chemicals, Inc................. 26,000 125,770 Mitsui Marine & Fire Insurance Co., Ltd................................. 7,000 40,107 Mizuho Holdings, Inc.................. 31 191,987 Mori Seiki Co., Ltd................... 3,000 33,275 Musashino Bank Ltd.................... 600 21,991 Mycal Corp............................ 6,000 12,859 Nagase & Co., Ltd..................... 4,000 14,871 Nanto Bank Ltd........................ 6,000 19,104 National House Industrial Co., Ltd.... 6,000 37,001 New Japan Securities Co., Ltd.*....... 42,000 127,117 NHK Spring Co., Ltd................... 5,000 21,781 Nichido Fire and Marine Insurance Co., Ltd................................. 11,000 58,406 Nichirei Corp......................... 6,000 25,192 Nippon Kayaku Co., Ltd................ 3,000 18,396 Nippon Mitsubishi Oil Corp............ 121,000 582,138 Nippon Paint Co., Ltd................. 8,000 21,973 Nippon Sanso Corp..................... 9,000 35,427 Nippon Shinpan Co., Ltd............... 30,000 38,051 Nippon Shokubai Co., Ltd.............. 4,000 15,325 Nishi-Nippon Bank Ltd................. 15,000 56,421 Nishimatsu Construction Co., Ltd...... 5,000 17,057 Nissei Sangyo Co., Ltd................ 2,000 21,519 Nisshin Flour Milling Co., Ltd........ 3,000 25,455 Nisshin Steel Co., Ltd................ 98,000 78,866 Nisshinbo Industries, Inc............. 23,000 104,619 Nissho Iwai Corp.*.................... 13,000 12,281 NKK Corp.*............................ 271,000 168,308 Noritsu Koki Co., Ltd................. 1,000 21,868 Noritz Corp........................... 1,000 8,004 North Pacific Bank Ltd................ 9,000 53,298 NTN Corp.............................. 15,000 46,580 Obayashi Corp......................... 27,000 116,200 Okumura Corp.......................... 6,000 20,206 Onward Kashiyama Co., Ltd............. 6,000 49,860 Pioneer Corp.......................... 1,000 26,679 Q.P. Corp............................. 3,000 24,878 Rengo Co., Ltd........................ 5,000 18,413 Rinnai Corp........................... 1,100 18,186 Ryosan Co., Ltd....................... 1,000 17,057 San-In Godo Bank Ltd.................. 3,000 15,037 Sanyo Electric Co., Ltd............... 22,000 182,820 31
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-------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) JAPAN (CONTINUED) Sanyo Shinpan Finance Co., Ltd........ 1,300 $ 37,867 Sapporo Breweries Ltd................. 12,000 35,164 Seino Transportation Co., Ltd......... 15,000 63,112 Sekisui Chemical Co., Ltd............. 18,000 51,172 Sekisui House Ltd..................... 26,000 237,666 Shiga Bank Ltd........................ 4,000 16,585 Shikoku Bank Ltd...................... 6,000 32,435 Shima Seiki Mfg., Ltd................. 1,000 18,369 Shimachu Co., Ltd..................... 1,000 11,809 Shimadzu Corp......................... 9,000 30,152 Shimizu Corp.......................... 33,000 97,568 Showa Shell Sekiyu K.K................ 13,000 54,470 Snow Brand Milk Products Co., Ltd..... 8,000 27,502 Sumitomo Forestry Co., Ltd............ 6,000 42,250 Sumitomo Metal Industries Ltd.*....... 108,000 61,407 Sumitomo Metal Mining Co.............. 18,000 94,157 Sumitomo Realty & Development Co., Ltd................................. 15,000 75,446 Sumitomo Rubber Industries Ltd........ 5,000 20,906 Suzuken Co., Ltd...................... 1,000 26,242 Taiheiyo Cement Corp.................. 93,000 159,447 Taisei Corp........................... 28,000 56,088 Takashimaya Co., Ltd.................. 10,000 67,967 Tanabe Seiyaku Co., Ltd............... 6,000 50,385 Teijin Ltd............................ 12,000 61,931 Teikoku Oil Co., Ltd.................. 7,000 29,146 The 77 Bank Ltd....................... 9,000 51,251 The Nissan Fire & Marine Insurance Co., Ltd............................ 6,000 20,154 Toda Corp............................. 9,000 41,174 Toho Bank Ltd......................... 5,000 17,888 Tokai Bank Ltd........................ 36,000 155,878 Tokuyama Corp......................... 5,000 19,682 Tokyo Style Co., Ltd.................. 2,000 18,334 Toppan Printing Co., Ltd.............. 25,000 217,591 Toray Industries, Inc................. 39,000 146,693 Toshiba Tec Corp...................... 10,000 25,805 Tostem Corp........................... 7,000 86,888 Toto Ltd.............................. 9,000 64,162 Toyo Seikan Kaisha Ltd................ 7,000 113,891 Toyo Suisan Kaisha Ltd................ 2,000 15,010 Toyo Trust & Banking Co., Ltd......... 26,000 81,875 Toyobo Co., Ltd....................... 11,000 21,842 Toyoda Machine Works Ltd.............. 2,000 10,777 Toyota Tsusho Corp.................... 9,000 29,522 Uny Co., Ltd.......................... 6,000 64,031 Victor Company of Japan Ltd.*......... 9,000 58,258 Wacoal Corp........................... 3,000 24,983 Yamagata Bank Ltd..................... 3,000 13,751 Yamaguchi Bank Ltd.................... 5,000 29,260 Yamaha Corp........................... 6,000 58,782 Yamatake Corp......................... 2,000 19,297 Yamazaki Baking Co., Ltd.............. 6,000 41,725 Yasuda Trust & Banking Co., Ltd.*..... 46,000 38,226 Yokogawa Electric Corp................ 3,000 25,324 SHARES VALUE+ ---------------------------------------------------------------- Yokohama Rubber Co., Ltd.............. 6,000 $ 11,232 Zexel Corp............................ 27,000 28,814 ----------- 12,565,859 ----------- NETHERLANDS -- 5.2% ABN AMRO Holding NV................... 27,556 626,694 Buhrmann NV........................... 1,800 48,255 DSM NV................................ 1,640 57,456 Hagemeyer NV.......................... 818 18,243 ING Groep NV.......................... 19,455 1,554,262 Ispat International NV................ 1,000 2,498 Koninklijke (Royal) KPN NV............ 24,000 276,291 Koninklijke (Royal) Philips Electronics NV*..................... 13,192 483,352 Koninklijke Vopak NV.................. 600 12,620 N.V. Holdingmaatschappij De Telegraaf........................... 800 16,226 Oce NV................................ 1,310 20,912 Royal Vendex KBB NV................... 1,414 18,535 Vedior NV............................. 1,500 18,099 ----------- 3,153,443 ----------- NEW ZEALAND -- 0.1% Carter Holt Harvey Ltd................ 31,900 23,150 Lion Nathan Ltd....................... 10,000 22,523 ----------- 45,673 ----------- NORWAY -- 0.4% Bergesen d.y. ASA, Class A............ 2,500 39,214 Den Norske Bank ASA*.................. 15,700 84,765 Elkem ASA............................. 900 14,322 Kvaerner ASA, Series A*............... 1,361 9,669 Norske Skogindustrier ASA............. 1,300 54,820 Petroleum Geo-Services ASA*........... 1,200 15,822 ----------- 218,612 ----------- PORTUGAL -- 0.4% Banco Commercial Portugues SA......... 9,000 47,748 Banco Espirito Santo SA............... 1,304 21,918 Cimpor-Cimento de Portugal SGPA SA.... 5,800 144,869 Portugal Telecom SA................... 2,800 25,608 ----------- 240,143 ----------- SINGAPORE -- 1.1% Centrepoint Properties Ltd............ 49,779 51,158 City Developments Ltd................. 47,000 218,447 Fraser & Neave Ltd.................... 16,000 61,894 Keppel Corporation Ltd................ 41,000 80,011 Keppel Land Ltd....................... 38,000 60,335 Keppel Tat Lee Bank Ltd.*............. 88,750 117,343 Neptune Orient Lines Ltd.*............ 76,000 59,677 Singapore Land Ltd.................... 12,000 27,298 ----------- 676,163 ----------- SPAIN -- 2.6% Aceralia Corporation Siderurgica SA... 4,700 39,764 Acerinox SA........................... 3,000 91,553 ACS, Actividades de Construccion y Servicious SA....................... 800 18,855 Autopistas del Mare Nostrum SA........ 3,200 51,923 32
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-------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) SPAIN (CONTINUED) Autopistas, Concesionaria Espanola SA.................................. 13,335 $ 116,576 Azucarera Ebro Agricolas SA........... 3,200 36,478 Compania Espanole de Petroleos SA..... 12,800 110,577 Corporacion Mapfre.................... 2,900 55,279 Endesa SA............................. 9,600 163,611 Fomento de Construcciones y Contratas SA.................................. 6,200 117,600 Grupo Dragados SA..................... 6,500 70,801 Hidroelectrica del Cantabrico SA...... 5,400 100,905 Metrovacesa SA........................ 2,100 30,446 Red Electrica de Espana............... 2,800 26,423 Repsol-YPF SA......................... 26,100 417,124 Sociedad General de Aguas de Barcelona SA.................................. 5,000 61,082 Sociedad General de Aguas de Barcelona SA*................................. 50 634 Sol Melia SA.......................... 4,700 48,590 Vallehermoso SA....................... 4,400 26,773 ----------- 1,584,994 ----------- SWEDEN -- 2.6% AssiDoman AB.......................... 5,300 106,685 Atlas Copco AB, Series A.............. 5,300 115,950 Atlas Copco AB, Series B.............. 2,600 54,402 Electrolux AB, Series B............... 16,500 214,138 Gambro AB, Series A................... 11,400 82,731 Gambro AB, Series B................... 4,200 30,035 Mo Och Domsjoe AB (MoDo), Series B.... 3,500 103,825 NCC AB................................ 3,500 25,585 Nordic Baltic Holding AB.............. 5,716 44,618 Perstorp AB, Series B................. 2,000 13,985 Scandinaviska Enskiilda Banken, Series A............................ 11,500 126,708 SKF AB, Series B...................... 2,900 43,781 SKF AB, Series A...................... 1,600 22,291 SSAB Svenskt Stal AB, Series A........ 3,100 29,558 Svenska Cellulosa AB (SCA), Series B............................ 10,400 220,913 Trelleborg AB, Series B............... 1,500 10,806 Volvo AB, Series A.................... 6,300 103,454 Volvo AB, Series B.................... 13,700 227,148 ----------- 1,576,613 ----------- SWITZERLAND -- 6.3% Ascom Holding AG*..................... 500 32,698 Baloise Holding Ltd................... 330 362,391 Bobst AG.............................. 15 21,377 Ciba Specialty Chemicals AG........... 3,700 250,524 Credit Suisse Group................... 820 155,815 Georg Fischer AG...................... 120 34,055 Helvetia Patria Holding............... 310 321,303 Lonza AG.............................. 210 122,043 Oerlikon-Buehrle Holding AG*.......... 100 22,518 Rieter Holding AG*.................... 140 42,581 SAirGroup............................. 720 114,825 Saurer AG*............................ 50 23,135 Schindler Holding AG.................. 20 31,452 SHARES VALUE+ ---------------------------------------------------------------- Schweizerische Lebensversicherungs-und Rentenanstalt....................... 660 $ 550,509 SIG Schweizerische Industrie-Gesellschaft Holding AG... 40 25,270 Sika Finanz AG........................ 60 17,213 Sulzer AG*............................ 200 144,241 Sulzer Medica AG...................... 570 149,630 Swisscom AG........................... 1,010 262,641 UBS AG................................ 2,960 483,016 Valora Holdings AG.................... 770 164,603 Zurich Financial Services AG*......... 768 452,466 ----------- 3,784,306 ----------- UNITED KINGDOM -- 19.9% 3I Group Plc.......................... 24,034 444,913 Abbey National Plc.................... 16,731 304,968 Aggregate Industries Plc.............. 34,304 41,164 Alliance & Leicester Group Treasury Plc................................. 20,000 203,361 Allied Domecq Plc*.................... 39,100 258,421 Antofagasta Holdings Plc.............. 7,000 46,055 Associated British Foods Plc.......... 37,000 278,567 Associates British Ports Holdings Plc................................. 12,500 68,784 BAA Plc............................... 48,577 448,898 BAE Systems Plc....................... 48,632 277,788 Barratt Developments Plc.............. 6,000 26,467 Bass Plc.............................. 34,800 379,346 Berkeley Group Plc.................... 5,060 56,822 BG Group Plc.......................... 165,000 646,418 Blue Circle Industries Plc............ 23,276 153,488 Bodycote International Plc............ 4,380 16,898 BPB Plc............................... 14,200 58,392 Britannic Plc......................... 7,200 110,030 British Airways Plc................... 42,995 251,054 British Land Company Plc.............. 19,000 134,951 British Vita.......................... 4,000 11,723 Brixton Estate Plc.................... 6,700 24,245 Canary Wharf Finance Plc*............. 12,000 87,475 Caradon Plc........................... 7,106 21,251 CGU Plc............................... 35,335 571,690 Chelsfield Plc........................ 8,069 43,436 Corus Group Plc*...................... 114,500 120,704 David S. Smith (Holdings) Plc......... 6,000 15,162 Debenhams Plc......................... 6,113 26,485 Glynwed International Plc............. 5,000 14,430 Great Universal Stores Plc............ 40,000 314,312 Halifax Group Plc..................... 89,000 882,997 Hammerson Plc......................... 10,300 71,309 Hanson Plc............................ 26,900 184,626 Hanson Plc*........................... 1,137 7,623 Hilton Group Plc...................... 59,800 186,886 IMI Plc............................... 10,000 35,439 Innogy Holdings Plc................... 27,400 79,075 J Sainsbury Plc....................... 76,581 454,611 Laporte Plc........................... 2,000 20,575 LASMO Plc............................. 53,500 159,997 Lattice Group Plc*.................... 112,000 252,885 Liberty International Plc............. 13,712 99,699 33
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-------------------------------------------------------------------------------- SA International HBtM Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) (Continued) [Download Table] ---------------------------------------------------------------- SHARES VALUE+ COMMON STOCKS (CONTINUED) UNITED KINGDOM (CONTINUED) London Merchant Securities Plc........ 7,000 $ 18,736 Marks & Spencer Plc................... 134,739 374,744 Millennium & Copthorne Hotels Plc..... 9,882 64,721 Morgan Crucible Company Plc........... 9,140 40,181 National Power Plc.................... 41,000 153,881 Northern Foods Plc.................... 10,000 20,635 Northern Rock Plc..................... 10,000 64,597 P & O Princess Cruises Plc*........... 22,283 94,295 Peninsular and Oriental Steam Navigation Co....................... 28,091 133,154 Pilkington Plc........................ 31,289 51,933 PowerGen Plc.......................... 25,332 239,395 Railtrack Group Plc................... 20,033 277,087 Rank Group Plc........................ 25,000 65,419 Rexam Plc............................. 16,283 54,783 RMC Group Plc......................... 10,000 88,073 Rolls-Royce Plc....................... 58,290 172,797 Royal & Sun Alliance Insurance Group Plc................................. 68,400 586,056 Royal Bank of Scotland Group Plc*..... 2,600 3,227 Royal Bank of Scotland Group Plc...... 2,618 61,930 Safeway Plc........................... 41,486 185,482 Scottish & Newcastle Plc.............. 26,000 182,726 Signet Group Plc...................... 23,000 17,213 Slough Estates Plc.................... 16,400 101,034 Smith W.H. Plc........................ 9,000 57,296 Stagecoach Holdings Plc............... 44,426 43,844 Tate & Lyle Plc....................... 17,600 65,530 Taylor Woodrow Plc.................... 15,493 41,237 Thistle Hotels Plc.................... 19,000 33,525 Trinity Mirror Plc.................... 11,530 78,661 Unigate Plc........................... 4,100 14,944 Vodafone Group Plc.................... 124,000 455,199 Whitbread Plc......................... 19,262 158,414 Wilson Bowden Plc..................... 2,000 22,280 Wolseley Plc.......................... 20,165 138,703 ----------- 12,055,152 ----------- TOTAL COMMON STOCKS (Identified Cost $53,459,328)....... 55,334,828 ----------- PREFERRED STOCK -- 0.1% AUSTRALIA -- 0.1% The News Corp., Ltd................... 6,021 42,877 ----------- TOTAL PREFERRED STOCK (Identified Cost $46,551)........... 42,877 ----------- SHARES VALUE+ ---------------------------------------------------------------- WARRANTS -- 0.0% FRANCE -- 0.0% Simco SA*............................. 204 $ 1,092 ----------- TOTAL WARRANTS (Identified Cost $0)................ 1,092 ----------- SHORT-TERM INVESTMENTS -- 2.2% UNITED STATES -- 2.2% SSgA Government Money Market Fund..... 1,970 1,971 SSgA Money Market Fund................ 1,301,376 1,301,376 ----------- 1,303,347 ----------- TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,303,347)........ 1,303,347 ----------- [Download Table] -------------------------------------------------------------- TOTAL INVESTMENTS -- 93.7% (IDENTIFIED COST $54,809,226)#.................. 56,682,144 Cash and Other Assets, Less Liabilities -- 6.3%.......................................... 3,830,001 ---------- NET ASSETS -- 100%................................ $60,512,145 ========== + See Note 1. * Non-income producing security # At December 31, 2000, the aggregate cost of investment securities for income tax purposes was $54,809,226. Net unrealized appreciation aggregated $1,872,918, of which $5,624,589 related to appreciated investment securities and $3,751,671 related to depreciated investment securities. Ten Largest Sector Holdings at December 31, 2000 (As a percentage of Net Assets): [Download Table] Industry Percentage -------- ----------- Banks/Savings & Loans 15.2% Insurance 7.9% Building & Construction 6.2% Financial Services 6.2% Oil & Gas 4.8% Diversified Operations 4.0% Food & Beverages 3.4% Chemicals 3.2% Real Estate 2.9% Auto & Related 2.4% SEE NOTES TO FINANCIAL STATEMENTS. 34
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-------------------------------------------------------------------------------- SA International Small Company Fund PORTFOLIO OF INVESTMENTS -- AS OF DECEMBER 31, 2000 (Unaudited) [Download Table] SHARES VALUE+ ---------------------------------------------------------------- MUTUAL FUNDS -- 93.8% DFA International Small Company Portfolio................... 1,713,460 $14,307,394 ----------- TOTAL MUTUAL FUNDS (Identified Cost $14,532,594)....... 14,307,394 ----------- [Download Table] -------------------------------------------------------------- TOTAL INVESTMENTS -- 93.8% (IDENTIFIED COST $14,532,594)#.................. 14,307,394 Cash and Other Assets, Less Liabilities -- 6.2%.......................................... 952,293 ---------- NET ASSETS -- 100%................................ $15,259,687 ========== + See Note 1. # At December 31, 2000, the aggregate cost of investment securities for income tax purposes was $14,532,594. Net unrealized depreciation aggregated $225,200, which related solely to depreciated investment securities. SEE NOTES TO FINANCIAL STATEMENTS. 35
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-------------------------------------------------------------------------------- STATEMENTS OF ASSETS AND LIABILITIES -- DECEMBER 31, 2000 (Unaudited) [Download Table] SA SA FIXED INCOME U.S. MARKET FUND FUND ---------------------------------------------------- ASSETS Investments in securities, at market $25,131,828 $43,686,242 Short-term investments (at amortized cost) 9,139,452 2,381,520 Cash 82 600 Foreign currency 77,877 -- Receivable for investments sold 452 147 Dividends and interest receivable 481,139 43,210 Receivable for fund shares sold 1,889,631 2,581,433 Receivable for forward foreign currency exchange contracts (Note 1) -- -- Receivable due from Manager (Note 2) 70,263 83,363 Receivable for foreign tax reclaims -- -- ----------- ----------- TOTAL ASSETS 36,790,724 48,776,515 ----------- ----------- LIABILITIES Due to Custodian -- -- Payable for investments purchased -- 1,867,310 Payable for forward foreign currency exchange contracts (Note 1) 281,473 -- Payable for fund shares redeemed -- 47,226 Advisory fees payable (Note 2) 53,694 39,803 Administration fee payable (Note 2) 2,885 3,549 Trustees' fees payable (Note 2) 388 387 Shareholder servicing fee payable (Note 2) 1,442 1,775 Accrued expenses and other liabilities 36,611 28,941 ----------- ----------- TOTAL LIABILITIES 376,493 1,988,991 ----------- ----------- NET ASSETS $36,414,231 $46,787,524 =========== =========== NET ASSETS CONSIST OF: Capital paid in $37,216,211 $47,545,823 Undistributed/(overdistributed) net investment income (719,436) (945) Accumulated net realized gain/(loss) (162,795) 217,160 Net unrealized appreciation/(depreciation) on: Investments 344,896 (974,514) Foreign currency translations (264,645) -- ----------- ----------- NET ASSETS $36,414,231 $46,787,524 =========== =========== SHARES OF BENEFICIAL INTEREST OUTSTANDING 3,714,250 4,307,105 NET ASSET VALUE PER SHARE $ 9.80 $ 10.86 IDENTIFIED COST OF INVESTMENTS $33,926,384 $47,042,276 COST OF FOREIGN CURRENCY $ 76,868 $ -- SEE NOTES TO FINANCIAL STATEMENTS. 36
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-------------------------------------------------------------------------------- [Enlarge/Download Table] SA SA U.S. SA INTERNATIONAL SA INTERNATIONAL U.S. HBTM SMALL COMPANY HBTM SMALL COMPANY FUND FUND FUND FUND -------------------------------------------------------------------------------------------------------------- ASSETS Investments in securities, at market $22,006,665 $19,105,333 $55,378,797 $14,307,394 Short-term investments (at amortized cost) 558,364 1,614,775 1,303,347 -- Cash 571 -- 305 57,357 Foreign currency -- -- 1,093,700 -- Receivable for investments sold 287,594 165,277 817,142 -- Dividends and interest receivable 36,085 15,454 74,163 -- Receivable for fund shares sold 697,132 944,816 3,280,524 952,849 Receivable for forward foreign currency exchange contracts (Note 1) -- -- 4,666 -- Receivable due from Manager (Note 2) 49,348 84,177 73,374 54,636 Receivable for foreign tax reclaims -- -- 39,993 -- ----------- ----------- ----------- ----------- TOTAL ASSETS 23,635,759 21,929,832 62,066,011 15,372,236 ----------- ----------- ----------- ----------- LIABILITIES Due to Custodian -- 42,096 -- -- Payable for investments purchased -- 1,281,137 1,304,124 55,000 Payable for forward foreign currency exchange contracts (Note 1) -- -- -- -- Payable for fund shares redeemed -- 2,205 58,347 18,022 Advisory fees payable (Note 2) 39,312 43,245 126,615 9,957 Administration fee payable (Note 2) 1,778 1,495 4,613 1,171 Trustees' fees payable (Note 2) 387 388 388 387 Shareholder servicing fee payable (Note 2) 889 747 2,307 586 Accrued expenses and other liabilities 44,054 27,361 57,472 27,426 ----------- ----------- ----------- ----------- TOTAL LIABILITIES 86,420 1,398,674 1,553,866 112,549 ----------- ----------- ----------- ----------- NET ASSETS $23,549,339 $20,531,158 $60,512,145 $15,259,687 =========== =========== =========== =========== NET ASSETS CONSIST OF: Capital paid in $21,704,335 $19,440,568 $58,725,080 $16,581,767 Undistributed/(overdistributed) net investment income (7,758) (16,132) (64,011) 198,992 Accumulated net realized gain/(loss) 748,293 145,130 (30,940) (1,295,872) Net unrealized appreciation/(depreciation) on: Investments 1,104,469 961,592 1,872,918 (225,200) Foreign currency translations -- -- 9,098 -- ----------- ----------- ----------- ----------- NET ASSETS $23,549,339 $20,531,158 $60,512,145 $15,259,687 =========== =========== =========== =========== SHARES OF BENEFICIAL INTEREST OUTSTANDING 2,338,565 1,687,350 6,102,896 1,663,104 NET ASSET VALUE PER SHARE $ 10.07 $ 12.17 $ 9.92 $ 9.18 IDENTIFIED COST OF INVESTMENTS $21,460,560 $19,758,516 $54,809,226 $14,532,594 COST OF FOREIGN CURRENCY $ -- $ -- $ 1,073,372 $ -- 37
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-------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS -- SIX MONTHS ENDED DECEMBER 31, 2000 (Unaudited) [Download Table] SA SA FIXED INCOME U.S. MARKET FUND FUND ---------------------------------------------------- INVESTMENT INCOME INCOME: Dividends $ -- $ 251,817 Income distributions received from DFA International Small Co. Portfolio -- -- Interest 839,202 35,421 Less: Foreign taxes withheld (887) -- ----------- ----------- TOTAL INCOME 838,315 287,238 ----------- ----------- EXPENSES: Advisory fees (Note 2) 159,672 173,408 Shareholder service fees (S Class) (Note 2) 3,334 4,714 Shareholder service fees (I Class) (Note 1 and Note 2) 6,995 8,669 Administration fees (Note 2) 15,353 19,268 Sub-Administration fees (Note 2) 43,057 44,172 Trustees' fees and expenses (Note 2) 2,910 2,910 Custody and accounting fees (Note 2) 43,882 62,959 Transfer agent fees (S Class) 3,607 3,607 Transfer agent fees (I Class) (Note 1) 22,331 22,142 Audit fees 15,856 16,144 Legal fees 16,116 11,579 Registration fees 14,011 15,461 Other expenses 9,798 9,735 ----------- ----------- TOTAL EXPENSES BEFORE WAIVERS AND REIMBURSEMENTS: 356,922 394,768 Less: Expenses waived or borne by the Manager (Note 2) (215,683) (203,678) ----------- ----------- NET EXPENSES 141,239 191,090 ----------- ----------- NET INVESTMENT INCOME (LOSS) 697,076 96,148 ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS REALIZED GAIN (LOSS) ON: Investments (1,109,438) 307,001 Foreign currency transactions 973,488 -- CAPITAL GAIN DISTRIBUTIONS RECEIVED FROM DFA INTERNATONAL SMALL CO. PORTFOLIO -- -- INCREASE (DECREASE) IN UNREALIZED APPRECIATION/DEPRECIATION ON: Investments 826,040 (2,860,407) Foreign currency translations (355,536) -- ----------- ----------- Net realized and unrealized gain (loss) on investments and change in unrealized appreciation (depreciation) 334,554 (2,553,406) ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 1,031,630 $(2,457,258) =========== =========== SEE NOTES TO FINANCIAL STATEMENTS. 38
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-------------------------------------------------------------------------------- [Enlarge/Download Table] SA SA U.S. SA INTERNATIONAL SA INTERNATIONAL U.S. HBTM SMALL COMPANY HBTM SMALL COMPANY FUND FUND FUND FUND -------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME INCOME: Dividends $ 212,905 $ 69,533 $ 384,141 $ -- Income distributions received from DFA International Small Co. Portfolio -- -- -- 278,573 Interest 21,756 17,466 75,067 -- Less: Foreign taxes withheld -- -- (40,900) -- ---------- --------- --------- ----------- TOTAL INCOME 234,661 86,999 418,308 278,573 ---------- --------- --------- ----------- EXPENSES: Advisory fees (Note 2) 100,377 98,851 282,904 51,874 Shareholder service fees (S Class) (Note 2) 2,030 1,997 5,234 1,492 Shareholder service fees (I Class) (Note 1 and Note 2) 4,065 3,610 10,430 2,747 Administration fees (Note 2) 8,962 8,037 23,000 6,103 Sub-Administration fees (Note 2) 43,761 44,068 43,373 46,317 Trustees' fees and expenses (Note 2) 2,910 2,910 2,910 2,911 Custody and accounting fees (Note 2) 40,089 72,323 75,673 34,348 Transfer agent fees (S Class) 3,607 3,607 3,607 3,607 Transfer agent fees (I Class) (Note 1) 22,196 22,668 22,165 21,875 Audit fees 16,144 16,144 16,144 16,144 Legal fees 11,555 11,579 11,823 17,066 Registration fees 9,510 9,574 16,864 9,305 Other expenses 9,656 8,912 9,850 9,349 ---------- --------- --------- ----------- TOTAL EXPENSES BEFORE WAIVERS AND REIMBURSEMENTS: 274,862 304,280 523,977 223,138 Less: Expenses waived or borne by the Manager (Note 2) (176,720) (201,149) (179,436) (143,557) ---------- --------- --------- ----------- NET EXPENSES 98,142 103,131 344,541 79,581 ---------- --------- --------- ----------- NET INVESTMENT INCOME (LOSS) 136,519 (16,132) 73,767 198,992 ---------- --------- --------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS REALIZED GAIN (LOSS) ON: Investments 748,295 156,608 12,464 (1,368,400) Foreign currency transactions -- -- (37,255) -- CAPITAL GAIN DISTRIBUTIONS RECEIVED FROM DFA INTERNATONAL SMALL CO. PORTFOLIO -- -- -- 210,137 INCREASE (DECREASE) IN UNREALIZED APPRECIATION/DEPRECIATION ON: Investments 2,167,695 (613,252) 810,686 (306,374) Foreign currency translations -- -- 4,226 -- ---------- --------- --------- ----------- Net realized and unrealized gain (loss) on investments and change in unrealized appreciation (depreciation) 2,915,990 (456,644) 790,121 (1,464,637) ---------- --------- --------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $3,052,509 $(472,776) $ 863,888 $(1,265,645) ========== ========= ========= =========== 39
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-------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS [Download Table] SA FIXED INCOME FUND ------------------------------------ SIX MONTHS ENDED PERIOD ENDED 12/31/2000 (UNAUDITED) 6/30/2000* --------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income $ 697,076 $ 637,912 Net realized gain (loss) on investments and foreign currency transactions (135,950) 413,813 Capital gain distributions received from DFA International Small Co. Portfolio -- -- Net increase (decrease) in unrealized appreciation (depreciation) 470,504 (390,253) ------------ ----------- Net increase (decrease) from operations 1,031,630 661,472 ------------ ----------- DISTRIBUTION TO SHAREHOLDERS FROM: Net investment income Class S -- (206,380) Class I (Note 1) (1,858,310) (430,392) Net realized gains Class S -- -- Class I (Note 1) -- -- ------------ ----------- TOTAL DISTRIBUTIONS (1,858,310) (636,772) ------------ ----------- SHARE TRANSACTIONS Proceeds from sale of shares Class S 7,518 18,847,826 Class I (Note 1) 11,006,305 15,482,141 Value of distributions reinvested Class S -- 186,666 Class I (Note 1) 1,733,744 427,262 Cost of shares redeemed Class S (206,134) (1,970,358) Class I (Note 1) (1,560,635) (6,788,124) Value of shares consolidated (Note 1) Class S (10,890,518) -- Class I (Note 1) 10,890,518 -- ------------ ----------- TOTAL SHARE TRANSACTIONS 10,980,798 26,185,413 Shareholder transaction fees (Note 2) -- -- ------------ ----------- Net increase from share transactions 10,980,798 26,185,413 ------------ ----------- TOTAL INCREASE IN NET ASSETS 10,154,118 26,210,113 NET ASSETS Beginning of period 26,260,113 50,000 ------------ ----------- End of period $ 36,414,231 $26,260,113 ============ =========== UNDISTRIBUTED (OVERDISTRIBUTED) NET INVESTMENT INCOME, END OF PERIOD $ (719,436) $ 441,798 CAPITAL SHARE TRANSACTIONS CLASS S: Shares sold by subscription 746 1,879,337 Issued for distributions reinvested -- 18,640 Shares redeemed (20,428) (196,319) Shares consolidated to Class I (Note 1) (1,084,476) -- ------------ ----------- Net increase (decrease) in fund shares (1,104,158) 1,701,658 ============ =========== CLASS I (NOTE 1): Shares sold by subscription 1,106,714 2,140,747 Issued for distributions reinvested 176,055 42,704 Shares redeemed (155,473) (676,200) Shares consolidated from Class S (Note 1) 1,077,203 -- ------------ ----------- Net increase in fund shares 2,204,499 1,507,251 ============ =========== * From commencement of operations, July 29, 1999. ** From commencement of operations, August 5, 1999. SEE NOTES TO FINANCIAL STATEMENTS. 40
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-------------------------------------------------------------------------------- [Enlarge/Download Table] SA U.S. MARKET FUND SA U.S. HBTM FUND ------------------------------------ ------------------------------------ SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED PERIOD ENDED 12/31/2000 (UNAUDITED) 6/30/2000** 12/31/2000 (UNAUDITED) 6/30/2000** ----------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income $ 96,148 $ 39,305 $ 136,519 $ 90,846 Net realized gain (loss) on investments and foreign currency transactions 307,001 43,902 748,295 63,322 Capital gain distributions received from DFA International Small Co. Portfolio -- -- -- -- Net increase (decrease) in unrealized appreciation (depreciation) (2,860,407) 1,885,893 2,167,695 (1,063,226) ------------ ----------- ----------- ----------- Net increase (decrease) from operations (2,457,258) 1,969,100 3,052,509 (909,058) ------------ ----------- ----------- ----------- DISTRIBUTION TO SHAREHOLDERS FROM: Net investment income Class S -- -- -- -- Class I (Note 1) (137,062) -- (235,632) -- Net realized gains Class S -- -- -- -- Class I (Note 1) (133,743) -- (63,324) -- ------------ ----------- ----------- ----------- TOTAL DISTRIBUTIONS (270,805) -- (298,956) -- ------------ ----------- ----------- ----------- SHARE TRANSACTIONS Proceeds from sale of shares Class S 31,202 16,914,276 18,664 7,917,425 Class I (Note 1) 20,305,559 16,340,573 9,016,680 7,771,314 Value of distributions reinvested Class S -- -- -- -- Class I (Note 1) 246,331 -- 277,187 -- Cost of shares redeemed Class S (310,391) (2,306,344) (93,271) (1,055,665) Class I (Note 1) (2,590,974) (1,093,745) (1,815,193) (342,297) Value of shares consolidated (Note 1) Class S (14,333,743) -- (6,792,153) -- Class I (Note 1) 14,333,743 -- 6,792,153 -- ------------ ----------- ----------- ----------- TOTAL SHARE TRANSACTIONS 17,681,727 29,854,760 7,404,067 14,290,777 Shareholder transaction fees (Note 2) -- -- -- -- ------------ ----------- ----------- ----------- Net increase from share transactions 17,681,727 29,854,760 7,404,067 14,290,777 ------------ ----------- ----------- ----------- TOTAL INCREASE IN NET ASSETS 14,953,664 31,823,860 10,157,620 13,381,719 NET ASSETS Beginning of period 31,833,860 10,000 13,391,719 10,000 ------------ ----------- ----------- ----------- End of period $ 46,787,524 $31,833,860 $23,549,339 $13,391,719 ============ =========== =========== =========== UNDISTRIBUTED (OVERDISTRIBUTED) NET INVESTMENT INCOME, END OF PERIOD $ (945) $ 39,969 $ (7,758) $ 91,355 CAPITAL SHARE TRANSACTIONS CLASS S: Shares sold by subscription 2,655 1,560,286 2,034 867,160 Issued for distributions reinvested -- -- -- -- Shares redeemed (26,362) (208,109) (10,149) (124,605) Shares consolidated to Class I (Note 1) (1,328,970) -- (734,940) -- ------------ ----------- ----------- ----------- Net increase (decrease) in fund shares (1,352,677) 1,352,177 (743,055) 742,555 ============ =========== =========== =========== CLASS I (NOTE 1): Shares sold by subscription 1,889,475 1,491,978 981,716 846,965 Issued for distributions reinvested 23,195 -- 29,116 -- Shares redeemed (220,908) (95,991) (190,098) (37,150) Shares consolidated from Class S (Note 1) 1,218,856 -- 707,516 -- ------------ ----------- ----------- ----------- Net increase in fund shares 2,910,618 1,395,987 1,528,250 809,815 ============ =========== =========== =========== * From commencement of operations, July 29, 1999. ** From commencement of operations, August 5, 1999. 41
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-------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS (Continued) [Download Table] SA U.S. SMALL COMPANY FUND ------------------------------------ SIX MONTHS ENDED PERIOD ENDED 12/31/2000 (UNAUDITED) 6/30/2000* --------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income (loss) $ (16,132) $ (18,030) Net realized gain (loss) on investments and foreign currency transactions 156,608 50,325 Capital gain distributions received from DFA International Small Co. Portfolio -- -- Net increase (decrease) in unrealized appreciation (depreciation) (613,252) 1,574,844 ----------- ----------- Net increase (decrease) from operations (472,776) 1,607,139 ----------- ----------- DISTRIBUTION TO SHAREHOLDERS FROM: Net investment income Class S -- -- Class I (Note 1) -- -- Net realized gains Class S -- -- Class I (Note 1) (43,808) -- ----------- ----------- TOTAL DISTRIBUTIONS (43,808) -- ----------- ----------- SHARE TRANSACTIONS Proceeds from sale of shares Class S 16,863 7,105,475 Class I (Note 1) 8,374,104 6,869,906 Value of distributions reinvested Class S -- -- Class I (Note 1) 40,176 -- Cost of shares redeemed Class S (137,276) (1,233,256) Class I (Note 1) (793,949) (811,440) Value of shares consolidated (Note 1) Class S (5,756,771) -- Class I (Note 1) 5,756,771 -- ----------- ----------- TOTAL SHARE TRANSACTIONS 7,499,918 11,930,685 Shareholder transaction fees (Note 2) -- -- ----------- ----------- Net increase from share transactions 7,499,918 11,930,685 ----------- ----------- TOTAL INCREASE IN NET ASSETS 6,983,334 13,537,824 NET ASSETS Beginning of period 13,547,824 10,000 ----------- ----------- End of period $20,531,158 $13,547,824 =========== =========== UNDISTRIBUTED (OVERDISTRIBUTED) NET INVESTMENT INCOME, END OF PERIOD $ (16,132) $ -- CAPITAL SHARE TRANSACTIONS CLASS S: Shares sold by subscription 1,315 632,762 Issued for distributions reinvested -- -- Shares redeemed (10,857) (98,437) Shares consolidated to Class I (Note 1) (525,283) -- ----------- ----------- Net increase (decrease) in fund shares (534,825) 534,325 =========== =========== CLASS I (NOTE 1): Shares sold by subscription 742,842 610,751 Issued for distributions reinvested 3,463 -- Shares redeemed (61,456) (67,823) Shares consolidated from Class S (Note 1) 459,073 -- ----------- ----------- Net increase in fund shares 1,143,922 542,928 =========== =========== * From commencement of operations, August 5, 1999. SEE NOTES TO FINANCIAL STATEMENTS. 42
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-------------------------------------------------------------------------------- [Enlarge/Download Table] SA INTERNATIONAL HBTM FUND SA INTERNATIONAL SMALL COMPANY FUND ------------------------------------ ------------------------------------ SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED PERIOD ENDED 12/31/2000 (UNAUDITED) 6/30/2000* 12/31/2000 (UNAUDITED) 6/30/2000* ----------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income (loss) $ 73,767 $ 318,516 $ 198,992 $ 30,705 Net realized gain (loss) on investments and foreign currency transactions (24,791) (3,956) (1,368,400) 192,969 Capital gain distributions received from DFA International Small Co. Portfolio -- -- 210,137 -- Net increase (decrease) in unrealized appreciation (depreciation) 814,912 1,067,104 (306,374) 81,174 ------------ ----------- ----------- ----------- Net increase (decrease) from operations 863,888 1,381,664 (1,265,645) 304,848 ------------ ----------- ----------- ----------- DISTRIBUTION TO SHAREHOLDERS FROM: Net investment income Class S -- (25,889) -- (40,786) Class I (Note 1) (340,159) (37,689) -- (51,606) Net realized gains Class S -- -- -- -- Class I (Note 1) (36,164) -- (268,891) -- ------------ ----------- ----------- ----------- TOTAL DISTRIBUTIONS (376,323) (63,578) (268,891) (92,392) ------------ ----------- ----------- ----------- SHARE TRANSACTIONS Proceeds from sale of shares Class S 47,394 19,325,531 19,534 5,978,947 Class I (Note 1) 23,099,567 20,976,901 6,284,747 5,640,710 Value of distributions reinvested Class S -- 25,526 -- 40,128 Class I (Note 1) 349,807 37,689 251,919 51,605 Cost of shares redeemed Class S (396,183) (2,254,486) (92,209) (1,087,109) Class I (Note 1) (1,914,222) (601,030) (390,405) (239,486) Value of shares consolidated (Note 1) Class S (16,752,782) -- (4,864,291) -- Class I (Note 1) 16,752,782 -- 4,864,291 -- ------------ ----------- ----------- ----------- TOTAL SHARE TRANSACTIONS 21,186,363 37,510,131 6,073,586 10,384,795 Shareholder transaction fees (Note 2) -- -- 35,755 77,631 ------------ ----------- ----------- ----------- Net increase from share transactions 21,186,363 37,510,131 6,109,341 10,462,426 ------------ ----------- ----------- ----------- TOTAL INCREASE IN NET ASSETS 21,673,928 38,828,217 4,574,805 10,674,882 NET ASSETS Beginning of period 38,838,217 10,000 10,684,882 10,000 ------------ ----------- ----------- ----------- End of period $ 60,512,145 $38,838,217 $15,259,687 $10,684,882 ============ =========== =========== =========== UNDISTRIBUTED (OVERDISTRIBUTED) NET INVESTMENT INCOME, END OF PERIOD $ (64,011) $ 202,381 $ 198,992 $ -- CAPITAL SHARE TRANSACTIONS CLASS S: Shares sold by subscription 4,711 2,009,067 1,660 588,817 Issued for distributions reinvested -- 2,608 -- 4,078 Shares redeemed (39,610) (243,683) (8,688) (105,962) Shares consolidated to Class I (Note 1) (1,733,593) -- (480,405) -- ------------ ----------- ----------- ----------- Net increase (decrease) in fund shares (1,768,492) 1,767,992 (487,433) 486,933 ============ =========== =========== =========== CLASS I (NOTE 1): Shares sold by subscription 2,454,300 2,181,176 656,785 556,108 Issued for distributions reinvested 36,553 3,846 27,898 5,245 Shares redeemed (200,481) (63,491) (41,126) (23,443) Shares consolidated from Class S (Note 1) 1,690,493 -- 481,137 -- ------------ ----------- ----------- ----------- Net increase in fund shares 3,980,865 2,121,531 1,124,694 537,910 ============ =========== =========== =========== * From commencement of operations, August 5, 1999. 43
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-------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS [Download Table] SA FIXED INCOME FUND --------------------------------------------------------------------------------- SIX MONTHS ENDED DECEMBER 31, 2000 PERIOD ENDED (UNAUDITED) JUNE 30, 2000* -------------------- ----------------- (I CLASS) (I CLASS) NET ASSET VALUE, BEGINNING OF PERIOD $ 10.04 $ 10.00 ------- ------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.22 0.35 Net realized and unrealized gain on securities 0.12 0.03 ------- ------- Total from investment operations 0.34 0.38 ------- ------- LESS DISTRIBUTIONS: Dividends from net investment income (0.58) (0.34) Distributions from capital gains -- -- ------- ------- Total distributions (0.58) (0.34) ------- ------- NET ASSET VALUE, END OF PERIOD $ 9.80 $ 10.04 ======= ======= Total return (1) 3.43% 3.90% Net assets, end of period (000s) $36,414 $15,165 Ratio of net expenses to average net assets (2) 0.92% 1.00% Ratio of gross expenses to average net assets (2)(3) 2.33% 3.08% Ratio of net investment income to average net assets (2) 4.55% 4.35% Portfolio turnover rate (1) 54% 20% Without giving effect to the voluntary expense limitations described in Note 2 of the Financial Statements, net investment income per share would have been (3) $ 0.15 $ 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. 44
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-------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (Continued) [Download Table] SA U.S. MARKET FUND --------------------------------------------------------------------------------- SIX MONTHS ENDED DECEMBER 31, 2000 PERIOD ENDED (UNAUDITED) JUNE 30, 2000* -------------------- ----------------- (I CLASS) (I CLASS) NET ASSET VALUE, BEGINNING OF PERIOD $ 11.59 $ 10.00 ------- ------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.02 0.02 Net realized and unrealized gain (loss) on securities (0.68) 1.57 ------- ------- Total from investment operations (0.66) 1.59 ------- ------- LESS DISTRIBUTIONS: Dividends from net investment income (0.04) -- Distributions from capital gains (0.03) -- ------- ------- Total distributions (0.07) -- ------- ------- NET ASSET VALUE, END OF PERIOD $ 10.86 $ 11.59 ======= ======= Total return (1) (5.68)% 15.90% Net assets, end of period (000s) $46,788 $16,188 Ratio of net expenses to average net assets (2) 0.99% 1.08% Ratio of gross expenses to average net assets (2)(3) 2.05% 3.33% Ratio of net investment income to average net assets (2) 0.50% 0.43% Portfolio turnover rate (1) 2% 1% Without giving effect to the voluntary expense limitations described in Note 2 of the Financial Statements, net investment loss per share would have been (3) $ (0.02) $ (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. 45
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-------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (Continued) [Download Table] SA U.S. HBTM FUND --------------------------------------------------------------------------------- SIX MONTHS ENDED DECEMBER 31, 2000 PERIOD ENDED (UNAUDITED) JUNE 30, 2000* -------------------- ----------------- (I CLASS) (I CLASS) NET ASSET VALUE, BEGINNING OF PERIOD $ 8.62 $10.00 ------- ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.05 0.06 Net realized and unrealized gain (loss) on securities 1.54 (1.44) ------- ------ Total from investment operations 1.59 (1.38) ------- ------ LESS DISTRIBUTIONS: Dividends from net investment income (0.11) -- Distributions from capital gains (0.03) -- ------- ------ Total distributions (0.14) -- ------- ------ NET ASSET VALUE, END OF PERIOD $ 10.07 $ 8.62 ======= ====== Total return (1) 18.51% (13.80)% Net assets, end of period (000s) $23,549 $6,987 Ratio of net expenses to average net assets (2) 1.10% 1.13% Ratio of gross expenses to average net assets (2)(3) 3.07% 5.67% Ratio of net investment income to average net assets (2) 1.53% 1.57% Portfolio turnover rate (1) 17% 3% Without giving effect to the voluntary expense limitations described in Note 2 of the Financial Statements, net investment loss per share would have been (3) $ (0.01) $(0.12) * 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. 46
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-------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (Continued) [Download Table] SA U.S. SMALL COMPANY FUND --------------------------------------------------------------------------------- SIX MONTHS ENDED DECEMBER 31, 2000 PERIOD ENDED (UNAUDITED) JUNE 30, 2000* -------------------- ----------------- (I CLASS) (I CLASS) NET ASSET VALUE, BEGINNING OF PERIOD $ 12.58 $10.00 ------- ------ INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.01) (0.01) Net realized and unrealized gain (loss) on securities (0.37) 2.59 ------- ------ Total from investment operations (0.38) 2.58 ------- ------ LESS DISTRIBUTIONS: Dividends from net investment income -- -- Distributions from capital gains (0.03) -- ------- ------ Total distributions (0.03) -- ------- ------ NET ASSET VALUE, END OF PERIOD $ 12.17 $12.58 ======= ====== Total return (1) (3.02)% 25.80% Net assets, end of period (000s) $20,531 $6,836 Ratio of net expenses to average net assets (2) 1.29% 1.28% Ratio of gross expenses to average net assets (2)(3) 3.79% 6.62% Ratio of net investment loss to average net assets (2) (0.20)% (0.18)% Portfolio turnover rate (1) 6% 4% Without giving effect to the voluntary expense limitations described in Note 2 of the Financial Statements, net investment loss per share would have been (3) $ (0.13) $(0.30) * 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. 47
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-------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (Continued) [Download Table] SA INTERNATIONAL HBTM FUND --------------------------------------------------------------------------------- SIX MONTHS ENDED DECEMBER 31, 2000 PERIOD ENDED (UNAUDITED) JUNE 30, 2000* -------------------- ----------------- (I CLASS) (I CLASS) NET ASSET VALUE, BEGINNING OF PERIOD $ 9.99 $ 10.00 ------- ------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.00** 0.11 Net realized and unrealized loss on securities -- (0.08) ------- ------- Total from investment operations -- 0.03 ------- ------- LESS DISTRIBUTIONS: Dividends from net investment income (0.06) (0.04) Distributions from capital gains (0.01) -- ------- ------- Total distributions (0.07) (0.04) ------- ------- NET ASSET VALUE, END OF PERIOD $ 9.92 $ 9.99 ======= ======= Total return (1) (0.11)% 0.36% Net assets, end of period (000s) $60,512 $21,192 Ratio of net expenses to average net assets (2) 1.50% 1.53% Ratio of gross expenses to average net assets (2)(3) 2.28% 3.66% Ratio of net investment income to average net assets (2) 0.32% 2.22% Portfolio turnover rate (1) 1% 2% Without giving effect to the voluntary expense limitations described in Note 2 of the Financial Statements, net investment income per share would have been (3) $ 0.00** $ 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. 48
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-------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS (Continued) [Download Table] SA INTERNATIONAL SMALL COMPANY FUND --------------------------------------------------------------------------------- SIX MONTHS ENDED DECEMBER 31, 2000 PERIOD ENDED (UNAUDITED) JUNE 30, 2000* -------------------- ----------------- (I CLASS) (I CLASS) NET ASSET VALUE, BEGINNING OF PERIOD $ 10.42 $10.00 ------- ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.12 0.17 Net realized and unrealized gain (loss) on securities (1.18) 0.47 ------- ------ Total from investment operations (1.06) 0.64 ------- ------ LESS DISTRIBUTIONS: Dividends from net investment income -- (0.22) Distributions from capital gains (0.18) -- ------- ------ Total distributions (0.18) (0.22) ------- ------ NET ASSET VALUE, END OF PERIOD $ 9.18 $10.42 ======= ====== Total return (1) 10.85% 5.84% Net assets, end of period (000s) $15,260 $5,613 Ratio of net expenses to average net assets (2) 1.31% 1.28% Ratio of gross expenses to average net assets (2)(3) 3.66% 7.08% Ratio of net investment income to average net assets (2) 3.27% 0.95% Portfolio turnover rate (1) N/A 25% Without giving effect to the voluntary expense limitations described in Note 2 of the Financial Statements, net investment income (loss) per share would have been (3) $ 0.03 $(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. 49
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-------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2000 (UNAUDITED) -------------------------------------------------------------------------------- 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 consists 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 the 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 commenced operations. On July 7, 1999, the SA Fixed Income Fund issued 2,500 Class I shares and 2,500 Class S shares, and each of the SA U.S. Market, U.S. HBtM, U.S. Small Company, International HBtM and International Small Company Funds 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, 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, 2000 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, the 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 DFA International Small Company Portfolio (the "Master"). Prior to the effective date, the 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 the SA International Small Company Fund. 50
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-------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2000 (UNAUDITED) (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 debt securities are valued based upon prices provided by an independent pricing service. Short-term securities with a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not available are valued at fair value as determined in good faith by the Trustees of the Funds. The shares of the DFA International Small Company Portfolio held by the SA International Small Company Fund are valued at the respective daily net asset value of that 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. The SA Fixed Income and International HBtM Funds 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 51
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-------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2000 (UNAUDITED) (Continued) -------------------------------------------------------------------------------- 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, the Fund will 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, 2000, the following Funds had open forward foreign currency exchange and spot contracts: [Enlarge/Download Table] LOCAL AGGREGATE UNREALIZED DELIVERY CURRENCY FACE TOTAL APPRECIATION DATE AMOUNT AMOUNT VALUE (DEPRECIATION) --------- ----------- ---------- ---------- -------------- SA FIXED INCOME FUND: Japanese Yen (sell).... 1/09/2001 345,559,660 $3,116,800 $3,028,239 $ 88,562 Euro (sell)............ 1/22/2001 8,991,720 8,153,692 8,453,049 (299,357) Swedish Krona (sell)... 1/22/2001 32,841,623 3,431,010 3,485,343 (54,334) Canadian Dollar (sell)............... 1/29/2001 1,620,112 1,064,253 1,080,597 (16,344) --------- $(281,473) ========= SA INTERNATIONAL HBTM FUND: Pound Sterling (buy)... 1/02/2001 249,852 369,106 373,604 $ 4,497 Singapore Dollar (buy)................ 1/03/2001 261,645 150,978 151,065 87 Swiss Franc (buy)...... 1/03/2001 14,911 9,118 9,199 82 --------- $ (4,666) ========= 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. 52
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-------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2000 (UNAUDITED) (Continued) -------------------------------------------------------------------------------- Expenses that cannot be attributed to a particular Fund are apportioned among the Funds either evenly or based on relative net assets. Otherwise, expenses are attributed directly to the appropriate Fund or class as applicable. 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 the Fixed Income Fund, declares and pays its investment income annually. The Fixed Income Fund declares and pays its net investment income quarterly. All 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 service 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 rate of 0.85% 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 fees set forth below. The 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 in which the SA International Small Company Fund invests and also receives advisory fees for providing advisory services to the funds in which the master fund invests. 53
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-------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2000 (UNAUDITED) (Continued) -------------------------------------------------------------------------------- The total advisory fees applicable to each Fund are as follows: [Download Table] ADVISORY FUND FEE ---- -------- SA Fixed Income Fund.............................. 1.04% SA U.S. Market Fund............................... 0.90% SA U.S. HBtM Fund................................. 1.12% SA U.S. Small Company Fund........................ 1.23% SA International HBtM Fund........................ 1.23% SA International Small Company Fund............... 0.85% 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 0.05% of the value of the average daily net assets of each Fund. Prior to August 11, 2000, the Manager was paid an annual service fee at the rate of up to 0.05% of the value of the average daily net assets of the Class I shares and an annual service fee at the rate of up to 0.25% of the value of the average daily net assets of the Class S shares of each Fund. 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% 54
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-------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2000 (UNAUDITED) (Continued) -------------------------------------------------------------------------------- Prior to August 15, 2000, each Fund's total operating expenses were limited to the amounts shown in the table below: [Download Table] CLASS I* EXPENSE FUND LIMIT ---- --------- SA Fixed Income Fund.............................. 1.00% SA U.S. Market Fund............................... 1.08% SA U.S. HBtM Fund................................. 1.13% SA U.S. Small Company Fund........................ 1.28% SA International HBtM Fund........................ 1.53% SA International Small Company Fund............... 1.28% * Prior to being consolidated into Class I shares on August 11, 2000, the total operating expenses of Class S shares were also limited at different amounts. 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 reimbursement and still stay within the operating expense limitations. As of December 31, 2000, the following amounts are subject to this recapture through July 15, 2002 and July 15, 2003, respectively. No amounts were recaptured during the six months ended December 31, 2000. [Download Table] AMOUNT AMOUNT SUBJECT TO SUBJECT TO RECAPTURE RECAPTURE THROUGH THROUGH FUND JULY 15, 2002 JULY 15, 2003 ---- ------------- ------------- SA Fixed Income Fund.................... $320,543 $215,683 SA U.S. Market Fund..................... 299,745 203,678 SA U.S. HBtM Fund....................... 288,927 176,720 SA U.S. Small Company Fund.............. 309,431 201,149 SA International HBtM Fund.............. 330,510 179,436 SA International Small Company Fund..... 251,190 143,557 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 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. 55
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-------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2000 (UNAUDITED) (Continued) -------------------------------------------------------------------------------- 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 agreement for the sub-administration waiver states that if certain requirements are not met during the first three years of the Funds' operations, the Funds will repay State Street certain fees waived. As of December 31, 2000, the waived fees subject to repayment are $255,354. SHAREHOLDER TRANSACTION FEES -- The 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 used to protect existing shareholders by offsetting the transaction costs associated with purchasing additional securities. 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, 2000 were as follows: [Download Table] PURCHASES ------------------------------ U.S. GOVERNMENT OTHER --------------- ------------- SA Fixed Income Fund.................... $1,039,642 $10,672,015 SA U.S. Market Fund..................... -- 15,492,000 SA U.S. HBtM Fund....................... -- 8,744,183 SA U.S. Small Company Fund.............. -- 6,941,879 SA International HBtM Fund.............. -- 18,790,699 SA International Small Company Fund..... N/A* N/A* [Download Table] SALES ------------------------------ U.S. GOVERNMENT OTHER --------------- ------------- SA Fixed Income Fund.................... $4,520,618 $ 7,411,937 SA U.S. Market Fund..................... -- 827,663 SA U.S. HBtM Fund....................... -- 2,909,936 SA U.S. Small Company Fund.............. -- 895,417 SA International HBtM Fund.............. -- 611,770 SA International Small Company Fund..... N/A* N/A* * Refer to the Financial Statements of the respective Master Fund located elsewhere in this report. 56
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-------------------------------------------------------------------------------- SA Funds NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2000 (UNAUDITED) (Continued) -------------------------------------------------------------------------------- 4. BENEFICIAL INTEREST The following table shows the number of shareholders each owning beneficially or of record 5% or more of the shares of a Fund outstanding as of December 31, 2000 and the total percentage of the shares of the Fund held by such shareholders. [Download Table] 5% OR GREATER SHAREHOLDERS ------------------- HELD NUMBER % OF SHARES ---- ------ ----------- SA Fixed Income Fund.................... 2 45.27% SA U.S. Market Fund..................... 2 60.07% SA U.S. HBtM Fund....................... 3 58.41% SA U.S. Small Company Fund.............. 2 59.33% SA International HBtM Fund.............. 3 61.96% SA International Small Company Fund..... 3 59.83% 57
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-------------------------------------------------------------------------------- SELECTED FINANCIAL STATEMENTS OF DFA INVESTMENT DIMENSIONS GROUP INC. THE INTERNATIONAL SMALL COMPANY PORTFOLIO TABLE OF CONTENTS -------------------------------------------------------------------------------- [Download Table] PAGE SCHEDULE OF INVESTMENTS -- DECEMBER 31, 2000 (UNAUDITED).... 60 SCHEDULE OF INVESTMENTS -- NOVEMBER 30, 2000................ 61 STATEMENT OF ASSETS AND LIABILITIES -- DECEMBER 31, 2000 (UNAUDITED)................................................. 62 STATEMENT OF ASSETS AND LIABILITIES -- NOVEMBER 30, 2000.... 63 STATEMENT OF OPERATIONS..................................... 64 STATEMENTS OF CHANGES IN NET ASSETS......................... 65 FINANCIAL HIGHLIGHTS........................................ 66 NOTES TO FINANCIAL STATEMENTS............................... 67 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS.......... 70 58
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DFA INVESTMENT DIMENSIONS GROUP INC. SCHEDULE OF INVESTMENTS THE INTERNATIONAL SMALL COMPANY PORTFOLIO DECEMBER 31, 2000 (UNAUDITED) [Download Table] VALUE ----- Investment in The Japanese Small Company Series of The DFA Investment Trust Company (28.2%) (Cost $141,433,515)...... $ 89,366,002 Investment in The Pacific Rim Small Company Series of The DFA Investment Trust Company (13.7%) (Cost $64,543,699)... 43,443,829 Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company (18.3%) (Cost $51,805,158)... 57,853,259 Investment in The Continental Small Company Series of The DFA Investment Trust Company (39.7%) (Cost $114,937,730)............................................. 125,711,989 Temporary Cash Investments (0.1%) Repurchase Agreement, PNC Capital Markets Inc. 5.63%, 01/02/01 (Collateralized by U.S. Treasury Notes 5.375%, 02/15/01, valued at $128,363) to be repurchased at $126,020 (Cost $126,000)............................................... 126,000 ------------ Total Investments (100%) (Cost $372,846,102)+........... $316,501,079 ============ -------------- +The cost for federal income tax purposes is $373,088,064. 60
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DFA INVESTMENT DIMENSIONS GROUP INC. SCHEDULE OF INVESTMENTS THE INTERNATIONAL SMALL COMPANY PORTFOLIO NOVEMBER 30, 2000 [Download Table] VALUE+ ------ Investment in The Japanese Small Company Series of The DFA Investment Trust Company (30.7%) (Cost $139,110,435)...... $ 94,791,167 Investment in The Pacific Rim Small Company Series of The DFA Investment Trust Company (14.1%) (Cost $66,050,286)... 43,476,496 Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company (17.2%) (Cost $51,495,821)... 53,316,731 Investment in The Continental Small Company Series of The DFA Investment Trust Company (37.6%) (Cost $113,549,888)............................................. 116,301,419 Temporary Cash Investments (0.4%) Repurchase Agreement, PNC Capital Markets Inc. 5.99%, 12/01/00 (Collateralized by U.S. Treasury Note 5.75%, 04/30/03, valued at $1,335,088) to be repurchased at $1,334,222 (Cost $1,334,000)....................................... 1,334,000 ------------ Total Investments (100%) (Cost $371,540,430)++.......... $309,219,813 ============ -------------- ++The cost for federal income tax purposes is $371,782,392. -------------- +See Note B to Financial Statements. See accompanying Notes to Financial Statements. 61
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DFA INVESTMENT DIMENSIONS GROUP INC. THE INTERNATIONAL SMALL COMPANY PORTFOLIO STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 2000 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) (UNAUDITED) [Download Table] ASSETS: Investments at Value (Cost $372,846) $ 316,501 Cash 15 Receivable for Fund Shares Sold 1,277 Prepaid Expenses and Other Assets 8 ----------- Total Assets 317,801 ----------- LIABILITIES: Payable for Fund Share Redeemed 491 Accrued Expenses and Other Liabilities 135 ----------- Total Liabilities 626 ----------- NET ASSETS $ 317,175 =========== SHARES OUTSTANDING $.01 PAR VALUE (Authorized 100,000,000) 37,976,972 =========== NET ASSET VALUE AND REDEMPTION PRICE PER SHARE $ 8.35 =========== PUBLIC OFFERING PRICE PER SHARE $ 8.41 =========== NET ASSETS CONSIST OF: Paid-In Capital $ 373,875 Undistributed Net Investment Loss (521) Undistributed Net Realized Gain 152 Undistributed Net Realized Foreign Exchange Gain 7 Unrealized Depreciation of Investment Securities and Foreign Currency (56,345) Unrealized Net Foreign Exchange Gain 7 ----------- Total Net Assets $ 317,175 =========== 62
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DFA INVESTMENT DIMENSIONS GROUP INC. THE INTERNATIONAL SMALL COMPANY PORTFOLIO STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 2000 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) [Download Table] ASSETS: Investments at Value (Cost $371,540) $ 309,220 Cash 15 Receivable for Fund Shares Sold 139 Prepaid Expenses and Other Assets 7 ----------- Total Assets 309,381 ----------- LIABILITIES: Payable for Fund Shares Redeemed 191 Accrued Expenses and Other Liabilities 130 ----------- Total Liabilities 321 ----------- NET ASSETS $ 309,060 =========== SHARES OUTSTANDING $.01 PAR VALUE (Authorized 100,000,000) 36,407,227 =========== NET ASSET VALUE AND REDEMPTION PRICE PER SHARE $ 8.49 =========== PUBLIC OFFERING PRICE PER SHARE $ 8.55 =========== NET ASSETS CONSIST OF: Paid-In Capital $ 361,026 Undistributed Net Investment Income 5,149 Undistributed Net Realized Gain 5,326 Accumulated Net Realized Foreign Exchange Loss (51) Unrealized Depreciation of Investment Securities and Foreign Currency (62,321) Unrealized Net Foreign Exchange Loss (69) ----------- Total Net Assets $ 309,060 =========== See accompanying Notes to Financial Statements. 63
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DFA INVESTMENT DIMENSIONS GROUP INC. THE INTERNATIONAL SMALL COMPANY PORTFOLIO STATEMENT OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 2000 (AMOUNTS IN THOUSANDS) [Download Table] INVESTMENT INCOME Net Investment Income from The DFA Investment Trust Company $ 7,271 Interest 67 -------- Total Investment Income 7,338 -------- EXPENSES Administrative Services 1,154 Accounting & Transfer Agent Fees 31 Legal Fees 10 Audit Fees 2 Filing Fees 47 Shareholders' Reports 18 Directors' Fees and Expenses 3 Other 10 -------- Total Expenses 1,275 -------- NET INVESTMENT INCOME 6,063 -------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY Net Realized Gain on Investment Securities Sold 4,738 Net Realized Loss on Foreign Currency Transactions (51) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency (28,028) Translation of Foreign Currency Denominated Amounts (56) -------- NET LOSS ON INVESTMENT SECURITIES AND FOREIGN CURRENCY (23,397) -------- NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(17,334) ======== See accompanying Notes to Financial Statements. 64
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DFA INVESTMENT DIMENSIONS GROUP INC. THE INTERNATIONAL SMALL COMPANY PORTFOLIO STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands) [Download Table] YEAR YEAR ENDED ENDED NOV. 30, NOV. 30, 2000 1999 --------- --------- INCREASE (DECREASE) IN NET ASSETS Operations: Net Investment Income $ 6,063 $ 4,344 Net Realized Gain on Investment Securities Sold 4,738 1,375 Net Realized Gain (Loss) on Foreign Currency Transactions (51) 581 Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency (28,028) 30,163 Translation of Foreign Currency Denominated Amounts (56) (31) -------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations (17,334) 36,432 -------- -------- Distributions From: Net Investment Income (5,230) (5,036) -------- -------- Total Distributions (5,230) (5,036) -------- -------- Capital Share Transactions (1): Shares Issued 134,645 87,035 Shares Issued in Lieu of Cash Distributions 5,230 5,036 Shares Redeemed (58,693) (147,017) -------- -------- Net Increase (Decrease) From Capital Shares Transactions 81,182 (54,946) -------- -------- Total Increase (Decrease) 58,618 (23,550) NET ASSETS Beginning of Period 250,442 273,992 -------- -------- End of Period $309,060 $250,442 ======== ======== (1) SHARES ISSUED AND REDEEMED: Shares Issued 14,827 10,458 Shares Issued in Lieu of Cash Distributions 588 671 Shares Redeemed (6,433) (18,732) -------- -------- 8,982 (7,603) ======== ======== See accompanying Notes to Financial Statements. 65
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DFA INVESTMENT DIMENSIONS GROUP INC. THE INTERNATIONAL SMALL COMPANY PORTFOLIO FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) [Download Table] YEAR YEAR YEAR YEAR OCT. 1, ENDED ENDED ENDED ENDED TO NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2000 1999 1998 1997 1996 ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period..... $ 9.13 $ 7.82 $ 7.82 $ 9.96 $ 10.00 -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income... 0.17 0.15 0.15 0.10 0.01 Net Gains (Losses) on Securities (Realized and Unreal- ized).... (0.62) 1.31 (0.04) (2.22) (0.05) -------- -------- -------- -------- -------- Total From Investment Operations... (0.45) 1.46 0.11 (2.12) (0.04) ------------------------------------------------------------------------------ LESS DISTRIBUTIONS Net Investment Income... (0.19) (0.15) (0.11) (0.02) -- Net Realized Gains.... -- -- -- -- -- -------- -------- -------- -------- -------- Total Distributions... (0.19) (0.15) (0.11) (0.02) -- ------------------------------------------------------------------------------ Net Asset Value, End of Period..... $ 8.49 $ 9.13 $ 7.82 $ 7.82 $ 9.96 ============================================================================== Total Return..... (5.01)% 19.07% 1.49% (21.35)% (0.40)%# ------------------------------------------------------------------------------ Net Assets, End of Period (thou- sands)..... $309,060 $250,442 $273,992 $230,469 $104,118 Ratio of Expenses to Average Net Assets(1)... 0.71% 0.75% 0.73% 0.75% 0.70%* Ratio of Expenses to Average Net Assets (excluding waivers and assumption of expenses)(1)... 0.71% 0.75% 0.73% 0.75% 0.79%* Ratio of Net Investment Income to Average Net Assets..... 2.10% 1.76% 1.62% 1.46% 0.54%* Ratio of Net Investment Income to Average Net Assets (excluding waivers and assumption of expenses)... 2.10% 1.76% 1.62% 1.46% 0.45%* Portfolio Turnover Rate....... N/A N/A N/A N/A N/A ------------------------------------------------------------------------------ [Download Table] * Annualized # Non-annualized (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. 66
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DFA INVESTMENT DIMENSIONS GROUP INC. NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 2000 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-eight portfolios (the "Portfolio") is included in this report. Of the remaining thirty-seven portfolios, six portfolios are only available through a select group of insurance products and are presented in a separate report, twenty-seven 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 11/30/00 ---------------------------------------------- ---------------------------------------------- ----------- The International Small Company Portfolio The Japanese Small Company Series 49% The Pacific Rim Small Company Series 33% The United Kingdom Small Company Series 49% The Continental Small Company Series 51% 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, 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. 67
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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. 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, net of 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, 2000, 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%. Effective October 1, 1996, the Advisor agreed to waive its administrative service fee and/or assume the direct expenses of the Portfolio to the extent necessary to keep the direct annual expenses of the Portfolio to not more than 0.45% of the average daily net assets of the Portfolio. Certain officers of the Portfolios are also officers, and shareholders of the Advisor. D. INVESTMENT TRANSACTIONS: At November 30, 2000, 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........................... $ 19,939 Gross Unrealized Depreciation........................... (82,502) -------- Net................................................... $(62,563) ======== 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 68
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(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, 2000. 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. There were no borrowings under the line of credit by the Portfolio during the year ended November 30, 2000. 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 2001. There were no borrowings under the line of credit with the international custodian bank for the year ended November 30, 2000. 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. 69
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS TO THE SHAREHOLDERS OF THE PORTFOLIO 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, 2000, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods presented, 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, 2000 by correspondence with the custodian, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Fort Lauderdale, Florida January 12, 2001 70
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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, 2000 (UNAUDITED) The Japanese Small Company Series......................... 72 The Pacific Rim Small Company Series...................... 80 The United Kingdom Small Company Series................... 89 The Continental Small Company Series...................... 95 SCHEDULES OF INVESTMENTS -- NOVEMBER 30, 2000 The Japanese Small Company Series......................... 105 The Pacific Rim Small Company Series...................... 113 The United Kingdom Small Company Series................... 122 The Continental Small Company Series...................... 128 STATEMENTS OF ASSETS AND LIABILITIES -- DECEMBER 31, 2000 (UNAUDITED)................................................. 138 STATEMENTS OF ASSETS AND LIABILITIES -- NOVEMBER 30, 2000... 139 STATEMENTS OF OPERATIONS.................................... 140 STATEMENTS OF CHANGES IN NET ASSETS......................... 141 FINANCIAL HIGHLIGHTS........................................ 143 NOTES TO FINANCIAL STATEMENTS............................... 145 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS.......... 148 71
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THE JAPANESE SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS DECEMBER 31, 2000 (UNAUDITED) [Download Table] SHARES VALUE ------ ----- JAPAN -- (98.6%) COMMON STOCKS -- (98.6%) *ASK Corp., Yokohama.................................. 64,000 $ 53,240 Achilles Corp......................................... 549,000 687,452 Aica Kogyo Co., Ltd................................... 164,000 898,984 *Aichi Corp........................................... 57,000 72,872 *Aichi Machine Industry Co., Ltd...................... 157,000 251,585 Aichi Steel Works, Ltd................................ 292,000 772,189 Aichi Tokei Denki Co., Ltd............................ 67,000 151,366 Aida Engineering, Ltd................................. 160,000 580,035 *Aim Services Co., Ltd................................ 2,000 21,016 Airport Facilities Co., Ltd........................... 40,700 140,775 *Aisan Industry Co., Ltd.............................. 23,000 120,841 *Akai Electric Co., Ltd............................... 363,000 3,179 Akebono Brake Industry Co., Ltd....................... 141,000 243,231 *Aloka Co., Ltd....................................... 13,000 103,590 Amada Sonoike Co., Ltd................................ 191,414 435,794 *Amatsuji Steel Ball Manufacturing Co., Ltd........... 12,000 99,825 Ando Corp............................................. 120,000 195,447 *Ando Electronic Co., Ltd............................. 17,000 136,953 Anest Iwata Corp...................................... 74,000 102,382 *Anrakutei Co., Ltd................................... 4,000 24,588 *Aoi Advertising Promotion, Inc....................... 6,000 52,539 *Aoki Corp............................................ 70,000 20,228 Aoki International Co., Ltd........................... 74,200 207,916 *Apic Yamada Corp..................................... 7,000 35,552 *Arabian Oil Co., Ltd................................. 48,300 370,920 Arai-Gumi, Ltd........................................ 49,300 43,170 Araya Industrial Co., Ltd............................. 84,000 69,142 *Argo 21 Corp......................................... 4,000 73,555 Asahi Denka Kogyo KK.................................. 169,000 1,151,331 Asahi Diamond Industrial Co., Ltd..................... 68,000 344,763 Asahi Kogyosha Co., Ltd............................... 48,000 104,658 Asahi Optical Co., Ltd................................ 102,000 227,758 Asahi Organic Chemicals Industry Co., Ltd............. 259,000 680,385 *Asahi Tec Corp....................................... 86,000 109,194 Asanuma Corp.......................................... 145,000 167,601 Ashimori Industry Co., Ltd............................ 84,000 133,870 *Asia Securities Printing Co., Ltd.................... 8,000 72,715 *Asics Corp........................................... 333,000 285,762 Azel Corp., Tokyo..................................... 89,000 144,956 Bando Chemical Industries, Ltd........................ 213,000 359,974 Bank of Okinawa, Ltd.................................. 19,300 384,479 *Bank of the Ryukyus, Ltd............................. 23,980 321,273 *Bull Dog Sauce Co., Ltd.............................. 9,000 47,679 Bunka Shutter Co., Ltd................................ 134,000 253,450 CKD Corp.............................................. 113,000 744,098 *Cabin Co., Ltd....................................... 67,000 46,935 Calpis Co., Ltd....................................... 66,000 265,849 Calsonic Corp......................................... 261,000 642,215 Canon Electronics, Inc................................ 25,000 251,751 *Canon System & Support, Inc.......................... 15,000 104,159 *Catena Corp.......................................... 18,000 132,399 *Cats, Inc............................................ 4,000 110,333 Central Finance Co., Ltd.............................. 180,000 539,054 SHARES VALUE ------ ----- Central Glass Co., Ltd................................ 184,000 $ 866,830 Cesar Co.............................................. 79,000 131,436 *Chiba Kogyo Bank, Ltd................................ 38,100 376,663 Chino Corp............................................ 70,000 126,883 *Chisan Tokan Co., Ltd................................ 64,000 41,471 *Chiyoda Co., Ltd..................................... 24,000 96,883 *Chiyoda Corp......................................... 226,000 138,529 *Chofu Seisakusho Co., Ltd............................ 25,000 249,562 *Chori Co., Ltd....................................... 175,000 137,916 Chuetsu Pulp and Paper Co., Ltd....................... 172,000 361,471 Chugai Ro Co., Ltd.................................... 139,000 327,417 Chugoku Marine Paints, Ltd............................ 111,000 195,368 Chugokukogyo Co., Ltd................................. 45,000 59,501 Chukyo Coca-Cola Bottling Co., Ltd.................... 40,000 302,277 Chukyo Sogo Bank, Ltd................................. 118,000 451,541 *Chuo Paperboard Co., Ltd............................. 76,000 66,550 Chuo Spring Co., Ltd., Nagoya......................... 99,000 306,883 Cleanup Corp.......................................... 41,000 174,483 *Co-Op Chemical Co., Ltd.............................. 80,000 56,743 *Computer Engineering & Consulting, Ltd............... 8,000 84,764 *Copyer Co., Ltd...................................... 8,000 21,086 *Corona Corp.......................................... 12,000 106,130 D'urban, Inc.......................................... 114,000 160,718 Dai Nippon Toryo, Ltd................................. 193,000 265,333 Dai-Dan Co., Ltd...................................... 80,000 311,734 Daido Hoxan, Inc...................................... 196,000 657,338 Daido Kogyo Co., Ltd.................................. 60,000 104,553 *Daido Steel Sheet Corp............................... 84,000 122,102 Daidoh, Ltd........................................... 54,000 117,741 Daihen Corp........................................... 205,000 305,166 Daiho Corp............................................ 96,000 113,485 Daiichi Cement Co., Ltd............................... 33,000 45,368 *Daiichi Chuo Kisen Kaisha............................ 390,000 143,433 Dai-Ichi Jitsugyo Co., Ltd............................ 80,000 133,800 *Dai-Ichi Katei Denki Co., Ltd........................ 91,000 28,687 Dai-Ichi Kogyo Seiyaku Co., Ltd....................... 47,000 114,413 Daiken Corp........................................... 110,000 289,930 Daiki Co., Ltd........................................ 31,000 328,459 *Daikyo, Inc.......................................... 268,000 398,949 Daimei Telecom Engineering Corp....................... 66,000 436,340 Dainichiseika Colour & Chemicals Manufacturing Co., Ltd................................................. 163,000 485,289 *Dainippon Shigyo Co., Ltd............................ 16,000 65,849 Daiso Co., Ltd........................................ 112,000 179,475 *Daisue Construction Co., Ltd......................... 185,000 64,799 Daisyo Corp........................................... 14,000 144,045 Daito Woolen Spinning & Weaving Co., Ltd., Tokyo...... 42,000 27,215 Daiwa Danchi Co., Ltd................................. 202,000 369,685 Daiwa Industries, Ltd................................. 42,000 102,242 Daiwa Kosho Lease Co., Ltd............................ 101,000 273,284 *Daiwa Seiko, Inc..................................... 145,000 146,016 Daiwabo Co., Ltd...................................... 262,000 211,068 *Daiwabo Info......................................... 9,000 94,650 *Dantani Corp......................................... 68,000 30,963 Danto Corp............................................ 42,000 133,870 72
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Denki Kogyo Co., Ltd.................................. 59,000 $ 323,415 Deodeo Corp........................................... 44,600 262,445 Descente, Ltd......................................... 133,000 221,278 *Dia Kensetsu Co., Ltd................................ 31,000 60,806 *Diamond Computer Service Co., Ltd.................... 8,000 65,849 *Dijet Industrial Co., Ltd............................ 34,000 40,490 *Doshisha Co., Ltd.................................... 5,000 74,431 *Dynic Corp........................................... 52,000 64,203 Eagle Industry Co., Ltd............................... 43,000 138,187 *Eco-Tech Construction Co., Ltd....................... 68,000 60,140 *Eiken Chemical Co., Ltd.............................. 9,000 113,800 *Elna Co., Ltd........................................ 5,000 13,354 *Enshu, Ltd........................................... 69,000 85,797 Exedy Corp............................................ 40,000 273,205 *FDK Corp............................................. 94,000 976,217 *First Baking Co., Ltd................................ 67,000 120,858 France Bed Co., Ltd................................... 193,000 550,946 Fudo Construction Co., Ltd............................ 201,000 183,047 *Fuji Car Manufacturing Co., Ltd...................... 36,000 32,785 *Fuji Coca Cola Bottling Co., Ltd..................... 15,000 114,930 Fuji Denki Reiki Co., Ltd............................. 81,800 249,268 Fuji Kiko Co., Ltd.................................... 51,000 87,977 *Fuji Kisen Kaisha, Ltd............................... 8,000 17,093 *Fuji Kosan Co., Ltd.................................. 130,000 83,100 Fuji Kyuko Co., Ltd................................... 107,000 335,429 *Fuji Spinning Co., Ltd., Tokyo....................... 163,000 71,366 Fujicco Co., Ltd...................................... 19,000 223,774 *Fujii & Co., Ltd..................................... 44,000 385 *Fujiko Co., Ltd...................................... 55,000 19,746 Fujirebio, Inc........................................ 75,000 400,613 *Fujitsu Denso, Ltd................................... 12,000 123,152 *Fujitsu Devices, Inc................................. 14,000 147,110 *Fujitsu Kiden, Ltd................................... 4,000 18,564 *Fujitsu Systems Construction, Ltd.................... 4,000 35,236 *Fujiya Co., Ltd...................................... 190,000 347,723 Fukuda Corp........................................... 65,000 149,124 Fukushima Bank, Ltd................................... 90,000 254,553 *Fukusuke Corp........................................ 95,000 98,993 *Furukawa Battery Co., Ltd............................ 45,000 110,333 Furukawa Co., Ltd..................................... 208,000 418,914 *Fuso Lexel Inc....................................... 8,000 70,753 Fuso Pharmaceutical Industries, Ltd................... 78,000 321,699 *Ga-jo-en Kanko KK.................................... 37,000 0 *Gakken Co., Ltd...................................... 158,000 192,312 Gastec Service, Inc................................... 41,000 150,788 *Geostar Corp......................................... 10,000 77,933 Godo Shusei Co., Ltd.................................. 74,000 142,557 *Godo Steel, Ltd...................................... 245,000 173,774 *Goldwin, Inc......................................... 47,000 48,564 Gourmet Kineya Co., Ltd............................... 31,000 219,877 *Graphtec Corp........................................ 39,000 42,347 *Gun-Ei Chemical Industry Co., Ltd.................... 164,000 209,667 *Gunze Sangyo, Inc., Tokyo............................ 90,000 74,869 Hac Kimisawa Co., Ltd................................. 25,000 184,326 *Hakone Tozan Railway Co., Ltd........................ 52,000 124,308 Hakuyosha Co., Ltd.................................... 57,000 177,189 *Hanwa Co., Ltd....................................... 405,000 354,641 *Harashin Co., Ltd.................................... 8,000 61,646 Harima Chemicals, Inc................................. 37,000 127,977 Hayashikane Sangyo Co., Ltd........................... 128,000 130,017 *Hazama Corp.......................................... 19,000 7,820 Heiwado Co., Ltd...................................... 49,000 308,932 SHARES VALUE ------ ----- Hibiya Engineering, Ltd............................... 60,000 $ 231,173 Hisaka Works, Ltd..................................... 48,000 181,996 *Hitachi AIC, Inc..................................... 21,000 136,077 *Hitachi Electronics Engineering Co., Ltd............. 13,000 64,317 *Hitachi Kiden Kogyo, Ltd............................. 20,000 60,420 Hitachi Koki Co., Ltd................................. 111,000 307,145 Hitachi Kokusai Electric, Inc......................... 44,000 332,890 Hitachi Medical Corp.................................. 28,000 286,865 Hitachi Plant Engineering & Construction Co., Ltd..... 204,000 473,380 Hitachi Powdered Metal Co., Ltd....................... 46,000 382,662 *Hitachi Seiki Co., Ltd............................... 141,000 166,681 *Hitachi Tool Engineering, Ltd........................ 15,000 69,615 Hochiki Corp.......................................... 42,000 105,184 *Hodogaya Chemical Co., Ltd........................... 100,000 133,100 *Hohsui Corp.......................................... 56,000 36,778 Hokkai Can Co., Ltd., Tokyo........................... 116,000 240,735 *Hokkaido Bank, Ltd................................... 100,000 111,208 *Hokkaido Coca Cola Bottling Co., Ltd................. 17,000 126,532 Hokkaido Gas Co., Ltd................................. 87,000 150,841 Hokko Chemical Industry Co., Ltd...................... 41,000 111,655 *Hoko Fishing Co., Ltd................................ 79,000 43,581 *Hokuriku Electric Industry Co., Ltd.................. 112,000 219,685 Hokuriku Electrical Construction Co., Ltd............. 36,000 97,408 *Hokuriku Gas Co., Ltd................................ 26,000 68,301 Hokuriku Seiyaku Co., Ltd............................. 31,000 502,189 Hokushin Co., Ltd..................................... 39,900 40,179 *Honen Corp........................................... 128,000 198,389 Horiba, Ltd........................................... 54,000 404,291 Hosokawa Micron Corp.................................. 40,000 215,412 Howa Machinery, Ltd................................... 181,000 180,683 *Ichida and Co., Ltd.................................. 78,000 32,102 Ichikawa Co., Ltd..................................... 49,000 98,686 Ichiken Co., Ltd...................................... 48,000 39,930 Ichikoh Industries, Ltd............................... 141,000 233,354 *Ichiyoshi Securities Co., Ltd........................ 24,000 79,860 Idec Izumi Corp....................................... 60,000 593,695 Ihara Chemical Industry Co., Ltd...................... 80,000 128,196 Iino Kaiun Kaisha, Ltd................................ 161,000 210,061 *Ikegai Corp.......................................... 90,000 76,445 *Ikegami Tsushinki Co., Ltd........................... 102,000 188,459 Inaba Denki Sangyo Co., Ltd........................... 22,000 228,284 *Inaba Seisa Kusho Co., Ltd........................... 8,000 101,576 Inabata and Co., Ltd., Osaka.......................... 85,000 426,489 Inageya Co., Ltd...................................... 56,000 318,739 Intec, Inc............................................ 19,000 163,546 *Inui Steamship Co., Ltd.............................. 31,000 15,473 *Iseki & Co., Ltd..................................... 322,000 217,110 *Ishihara Sangyo Kaisha, Ltd.......................... 193,000 344,763 *Ishii Hyoki Co., Ltd................................. 3,000 86,165 Ishii Iron Works Co., Ltd............................. 52,000 84,693 *Ishikawa Seisakusho, Ltd............................. 75,000 53,853 *Ishikawajima Transport Machinery Co., Ltd............ 16,000 48,757 Ishizuka Glass Co., Ltd............................... 49,000 77,233 Itochu Fuel Corp...................................... 192,000 679,229 Itoki Crebio Corp..................................... 56,000 137,303 *Iuchi Seieido Co., Ltd............................... 7,000 109,720 Iwasaki Electric Co., Ltd............................. 110,000 288,967 *Iwatsu Electric Co., Ltd............................. 145,000 271,716 73
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- *Izukyu Corp.......................................... 5,000 $ 88,441 Izumi Co., Ltd........................................ 55,000 440,674 *Izutsuya Co., Ltd.................................... 70,000 85,814 JGC Corp.............................................. 146,000 995,919 JMS Co., Ltd.......................................... 59,000 183,923 *Jac Holdings Co., Ltd................................ 5,000 60,026 *Jaccs Co., Ltd....................................... 84,000 222,137 *Jamco Corp........................................... 5,000 19,396 *Janome Sewing Machine Co., Ltd....................... 224,000 160,841 Japan Aircraft Manufacturing Co., Ltd................. 70,000 145,884 *Japan Aviation Electronics Industry, Ltd............. 130,000 883,362 Japan Carlit Co., Ltd................................. 28,000 189,772 *Japan Coated Paper Manufacturing Co., Ltd............ 132,000 68,196 Japan Digital Laboratory Co., Ltd..................... 28,100 321,354 Japan Foundation Engineering Co., Ltd................. 49,200 170,606 *Japan Kenzai Co., Ltd................................ 4,000 19,229 *Japan Metals & Chemicals Co., Ltd.................... 201,000 186,567 Japan Oil Transportation Co., Ltd..................... 45,000 70,928 Japan Paperboard Industries Co., Ltd., Tokyo.......... 127,000 231,313 Japan Pulp and Paper Co., Ltd......................... 99,000 302,548 *Japan Steel Works, Ltd............................... 338,000 272,294 Japan Storage Battery Co., Ltd........................ 63,000 179,291 Japan Transcity Corp.................................. 90,000 150,525 Japan Vilene Co., Ltd................................. 101,000 203,415 Japan Wool Textile Co., Ltd........................... 86,000 314,028 Jastec Co., Ltd....................................... 3,000 85,902 Jeol, Ltd............................................. 97,000 458,669 *Joban Kosan Co., Ltd................................. 101,000 121,165 Joint Corp............................................ 5,000 102,890 Joshin Denki Co., Ltd................................. 98,000 235,989 *Jsp Corp............................................. 4,000 19,229 *Jujiya Co., Ltd...................................... 161,000 53,573 Juken Sangyo Co., Ltd................................. 86,000 436,777 Juki Corp............................................. 153,000 542,601 K.R.S.Corp............................................ 2,000 19,264 *Kabuki-Za Co., Ltd................................... 5,000 166,375 Kaga Electronics Co., Ltd............................. 19,000 218,783 Kagawa Bank, Ltd...................................... 68,350 359,107 Kahma Co., Ltd........................................ 46,000 207,443 *Kakuei (L.) Corp..................................... 100,000 876 Kamei Corp............................................ 59,000 262,452 Kanaden Corp.......................................... 50,000 183,888 Kanagawa Chuo Kotsu Co., Ltd.......................... 90,000 405,867 Kanamoto Co., Ltd..................................... 24,000 94,151 *Kanematsu Corp....................................... 249,500 297,128 Kanematsu Electronics, Ltd............................ 38,000 146,743 *Kanematsu-NNK Corp................................... 60,000 71,454 *Kansai Kisen Kaisha.................................. 184,000 69,282 Kanto Auto Works, Ltd., Yokosuka...................... 74,000 376,480 Kanto Bank, Ltd....................................... 13,400 157,233 Kanto Denka Kogyo Co., Ltd............................ 83,000 255,832 Kanto Natural Gas Development Co., Ltd................ 104,000 471,734 *Kanto Special Steel Works, Ltd....................... 84,000 44,133 Kasei (C.I.) Co., Ltd................................. 46,000 125,271 Kasumi Co., Ltd....................................... 132,000 497,023 Katakura Chikkarin Co., Ltd........................... 17,000 50,613 Katakura Industries Co., Ltd.......................... 49,000 207,242 SHARES VALUE ------ ----- *Kato Sangyo Co., Ltd................................. 17,000 $ 95,271 *Kato Spring Works Co., Ltd........................... 8,000 18,914 Kato Works Co., Ltd................................... 82,000 95,499 Katsumura Construction Co., Ltd....................... 48,600 49,792 Kawada Industries, Inc................................ 76,000 135,096 Kawai Musical Instruments Manufacturing Co., Ltd...... 99,000 111,830 *Kawashima Textile Manufacturers, Ltd................. 126,000 141,226 *Kawasho Corp......................................... 222,000 204,116 Kawasho Gecoss Corp................................... 52,000 122,942 *Kawasumi Laboratories, Inc........................... 11,000 103,546 Kayaba Industry Co., Ltd.............................. 321,000 486,278 Keihin Co., Ltd....................................... 100,000 119,965 Keiyo Co., Ltd........................................ 104,900 423,458 Kentucky Fried Chicken Japan Ltd...................... 10,000 134,851 Key Coffee, Inc....................................... 16,000 184,238 *Kimmon Manufacturing Co., Ltd........................ 41,000 39,851 Kimura Chemical Plants Co., Ltd....................... 27,000 41,611 *Kinki Nippon Tourist Co., Ltd........................ 133,000 308,625 Kinki Sharyo Co., Ltd., Nagaokakyo.................... 101,000 110,552 Kinseki, Ltd.......................................... 56,000 505,079 *Kinsho-Mataichi Corp................................. 42,000 34,571 *Kinugawa Rubber Industrial Co., Ltd.................. 83,000 55,236 Kioritz Corp.......................................... 96,000 105,079 Kishu Paper Co., Ltd.................................. 63,000 88,266 Kitagawa Iron Works Co., Ltd.......................... 124,000 129,212 Kita-Nippon Bank, Ltd................................. 6,806 339,108 Kitano Construction Corp.............................. 116,000 211,278 Kitz Corp............................................. 234,000 305,306 Koa Oil Co., Ltd...................................... 132,000 290,123 Koatsu Gas Kogyo Co., Ltd............................. 78,000 225,394 *Kobe Kiito Co., Ltd.................................. 53,000 17,172 *Koito Industries, Ltd................................ 8,000 19,545 *Kokune Corp.......................................... 42,000 25,744 Kokusai Kogyo Co., Ltd................................ 60,000 262,697 Komai Tekko, Inc...................................... 53,000 114,168 *Komatsu Construction Co., Ltd........................ 29,000 32,250 *Komatsu Electronics Metals Co., Ltd.................. 13,000 80,823 *Komatsu Forklift Co., Ltd............................ 153,000 200,963 Komatsu Seiren Co., Ltd............................... 75,000 172,067 Komatsu Zenoah Co..................................... 73,000 145,744 Konishi Co., Ltd...................................... 16,000 128,196 *Kosaido Co., Ltd..................................... 10,000 87,040 *Kosei Securities Co., Ltd............................ 137,000 208,739 Krosaki Corp.......................................... 96,000 114,326 Kumiai Chemical Industry Co., Ltd., Tokyo............. 153,000 209,002 Kurabo Industries, Ltd................................ 374,000 537,093 Kuraya Sanseido, Inc.................................. 56,950 455,799 Kurimoto, Ltd......................................... 116,000 223,468 Kyodo Printing Co., Ltd............................... 75,000 198,336 Kyodo Shiryo Co., Ltd................................. 145,000 133,319 Kyoei Sangyo Co., Ltd................................. 23,000 66,664 Kyoei Tanker Co., Ltd................................. 53,000 47,338 Kyokuto Kaihatsu Kogyo Co., Ltd....................... 38,300 137,840 Kyokuyo Co., Ltd...................................... 167,000 204,728 *Kyoritsu Maintenance Co., Ltd........................ 3,000 49,912 Kyosan Electric Manufacturing Co., Ltd................ 94,000 186,848 Kyowa Leather Cloth Co., Ltd.......................... 32,000 130,858 Kyudenko Corp......................................... 68,000 203,047 74
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Kyushu Bank, Ltd...................................... 146,000 $ 402,714 *Laox Co., Ltd........................................ 21,000 75,394 Life Corp............................................. 83,000 465,149 MR Max Corp........................................... 56,300 154,307 Maeda Road Construction Co., Ltd...................... 20,000 81,436 Maezawa Industries, Inc............................... 18,700 109,711 *Maezawa Kaisei Industries Co., Ltd................... 7,600 73,205 Magara Construction Co., Ltd.......................... 61,000 69,974 *Mars Engineering Corp................................ 5,000 143,170 *Marubun Corp......................................... 9,000 98,511 Marudai Food Co., Ltd................................. 232,000 280,350 Maruei Department Store Co., Ltd...................... 72,000 141,226 Maruetsu, Inc......................................... 106,000 277,531 Maruha Corp........................................... 434,000 490,245 Marusan Securities Co., Ltd........................... 67,000 274,571 Maruwn Corp........................................... 44,000 73,205 Maruyama Manufacturing Co., Inc....................... 73,000 83,739 Maruzen Co., Ltd...................................... 179,000 496,874 Maruzen Showa Unyu Co., Ltd........................... 175,000 301,883 Maspro Denkoh Corp.................................... 16,000 142,907 *Matsuda Sangyo Co., Ltd.............................. 4,000 73,905 Matsui Construction Co., Ltd.......................... 40,000 104,378 Matsuo Bridge Co., Ltd................................ 37,000 66,743 Matsuya Co., Ltd...................................... 74,000 226,795 *Matsuya Foods Co., Ltd............................... 8,000 121,891 Matsuzakaya Co., Ltd.................................. 123,000 281,112 Meiden Engineering Co., Ltd........................... 31,000 154,186 *Meidensha Corp....................................... 183,000 294,851 Meiji Shipping Co., Ltd............................... 47,000 65,849 Meiko National Securities Co., Ltd.................... 99,000 175,114 *Meisei Industrial Co., Ltd........................... 29,000 28,949 Meito Sangyo Co., Ltd................................. 38,000 376,007 *Meito Transportation Co., Ltd........................ 5,000 42,732 *Meiwa Trading Co., Ltd............................... 55,000 44,308 Mercian Corp.......................................... 109,000 244,343 Mimasu Semiconductor Industry Co., Ltd................ 17,000 147,671 *Miroku Jyoho Service Co., Ltd........................ 3,000 21,778 Misawa Homes Co., Ltd................................. 108,000 286,550 Misawa Resort Co., Ltd................................ 40,000 83,362 *Misawavan Corp....................................... 43,000 176,970 *Mito Securities Co., Ltd............................. 35,000 79,685 Mitsuba Corp.......................................... 67,000 233,503 Mitsubishi Cable Industries, Ltd...................... 270,000 631,261 Mitsubishi Chemical Corp.............................. 250 659 *Mitsubishi Kakoki Kaisha, Ltd........................ 117,000 180,315 Mitsubishi Pencil Co., Ltd............................ 61,000 392,601 *Mitsubishi Plastics, Inc............................. 310,000 507,618 *Mitsubishi Shindoh Co., Ltd.......................... 82,000 189,562 *Mitsubishi Steel Manufacturing Co., Ltd.............. 253,000 194,956 Mitsuboshi Belting, Ltd............................... 153,000 361,734 *Mitsui Construction Co., Ltd......................... 314,000 164,974 Mitsui Home Co., Ltd.................................. 55,000 199,869 Mitsui Matsushima Co., Ltd............................ 90,000 115,849 *Mitsui Mining Co., Ltd............................... 225,000 169,440 Mitsui Sugar Co., Ltd................................. 116,000 206,200 *Mitsui Wood Systems, Inc............................. 41,500 33,433 Mitsui-Soko Co., Ltd.................................. 115,000 216,506 *Mitsumura Printing Co., Ltd.......................... 6,000 16,550 Mitsuuroko Co., Ltd................................... 76,000 408,616 Miura Co., Ltd........................................ 31,000 428,897 SHARES VALUE ------ ----- Miyaji Iron Works Co. Ltd............................. 90,000 $ 139,492 *Miyakoshi Corp....................................... 18,000 5,201 Miyoshi Oil & Fat Co., Ltd............................ 120,000 220,665 Miyuki Keori Co., Ltd................................. 50,000 176,445 Mizuno Corp........................................... 120,000 335,201 Morinaga & Co., Ltd................................... 220,000 452,714 *Morishita Jinton Co., Ltd............................ 2,000 32,925 Morita Corp........................................... 72,000 154,466 Morozoff, Ltd., Osaka................................. 50,000 89,755 Mory Industries, Inc.................................. 66,000 123,100 Mos Food Services, Inc................................ 29,000 228,292 *Mutoh Industries, Ltd................................ 61,000 149,028 Mutow Co., Ltd........................................ 38,000 183,012 *Myojo Foods Co., Ltd................................. 25,000 47,067 NOF Corp.............................................. 54,000 110,648 *Nabco, Ltd........................................... 120,000 152,364 Nachi-Fujikoshi Corp.................................. 188,000 266,690 Nagano Bank, Ltd...................................... 63,000 246,042 *Nagano Japan Radio Co., Ltd.......................... 6,000 26,217 Nagatanien Co., Ltd................................... 32,000 218,844 *Naigai Co., Ltd...................................... 109,000 72,539 Nakabayashi Co., Ltd.................................. 92,000 197,373 Nakamuraya Co., Ltd................................... 85,000 203,940 *Nakano Corp.......................................... 66,000 41,033 Nakayama Steel Works, Ltd............................. 206,000 223,678 Nemic-Lambda KK....................................... 3,484 72,609 Neturen Co., Ltd., Tokyo.............................. 67,000 164,273 Nichia Steel Works, Ltd............................... 64,900 154,010 Nichias Corp.......................................... 237,000 645,420 Nichiban Co., Ltd..................................... 58,000 156,935 *Nichiboshin, Ltd..................................... 119,000 1,042 Nichiha Corp.......................................... 27,000 144,457 Nichimen Corp......................................... 190,000 183,012 Nichimo Co., Ltd...................................... 54,000 54,851 *Nichimo Corp......................................... 85,000 50,613 Nichireki Co., Ltd.................................... 44,000 164,904 Nichiro Corp.......................................... 289,000 604,825 *Nidec Tosok Corp..................................... 3,000 20,963 *Nihon Kentetsu Co., Ltd.............................. 27,000 51,068 Nihon Kohden Corp..................................... 85,000 219,571 Nihon Matai Co., Ltd.................................. 50,000 93,257 Nihon Nohyaku Co., Ltd................................ 103,000 178,581 Nihon Nosan Kogyo KK.................................. 201,000 299,212 Nihon Parkerizing Co., Ltd............................ 92,000 266,655 *Nihon Spindle Manufacturing Co., Ltd................. 56,000 87,285 Nihon Tokushu Toryo Co., Ltd.......................... 35,000 75,088 *Niigata Chuo Bank, Ltd............................... 130,000 0 *Niigata Engineering Co., Ltd......................... 586,000 364,326 Nikken Chemicals Co., Ltd............................. 130,000 369,965 Nikkiso Co., Ltd...................................... 61,000 259,063 Nikko Co., Ltd., Akashi............................... 65,000 140,017 *Nippei Toyama Corp................................... 10,000 14,974 Nippon Beet Sugar Manufacturing Co., Ltd.............. 265,000 313,266 *Nippon Carbide Industries Co., Inc., Tokyo........... 101,000 85,788 *Nippon Carbon Co., Ltd............................... 177,000 134,842 *Nippon Ceramic Co., Ltd.............................. 4,000 75,131 Nippon Chemical Industrial Co., Ltd................... 131,000 418,695 Nippon Chemi-Con Corp................................. 103,000 704,404 *Nippon Chemiphar Co., Ltd............................ 49,000 98,257 Nippon Chutetsukan KK................................. 44,000 74,361 75
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- *Nippon Columbia Co., Ltd............................. 99,000 $ 148,240 *Nippon Concrete Industries Co., Ltd.................. 65,000 51,795 Nippon Conlux Co., Ltd................................ 63,000 301,208 *Nippon Conveyor Co., Ltd............................. 43,000 27,110 Nippon Denko Co., Ltd................................. 159,000 213,021 Nippon Densetsu Kogyo Co., Ltd........................ 118,000 332,714 Nippon Felt Co., Ltd.................................. 28,000 82,627 Nippon Fine Chemical Co., Ltd......................... 23,000 81,567 Nippon Flour Mills Co., Ltd........................... 147,000 315,368 *Nippon Formula Feed Manufacturing Co., Ltd........... 100,000 100,700 Nippon Gas Co., Ltd................................... 62,000 333,888 Nippon Hume Pipe Co., Ltd............................. 43,000 72,671 *Nippon Kasei Chemical Co., Ltd....................... 113,000 136,550 *Nippon Kinzoku Co., Ltd.............................. 93,000 65,149 Nippon Koei Co., Ltd., Tokyo.......................... 146,000 256,970 *Nippon Kokan Koji Corp............................... 7,000 20,841 Nippon Konpo Unyu Soko Co., Ltd....................... 59,000 374,562 *Nippon Koshuha Steel Co., Ltd........................ 151,000 105,779 *Nippon Lace Co., Ltd................................. 26,000 20,490 Nippon Light Metal Co., Ltd........................... 243,000 185,123 *Nippon Metal Industry Co., Ltd....................... 282,000 170,385 Nippon Pipe Manufacturing Co., Ltd.................... 35,000 108,494 *Nippon Piston Ring Co., Ltd.......................... 133,000 96,664 Nippon Road Co., Ltd.................................. 147,000 194,369 *Nippon Seiki Co., Ltd................................ 25,000 120,403 Nippon Seisen Co., Ltd................................ 39,000 67,618 Nippon Sharyo, Ltd.................................... 122,000 202,977 Nippon Shinyaku Co., Ltd.............................. 59,000 499,588 Nippon Signal Co., Ltd................................ 109,000 348,380 Nippon Soda Co., Ltd.................................. 129,000 321,935 *Nippon Steel Chemical Co., Ltd....................... 241,000 400,963 Nippon Suisan Kaisha, Ltd............................. 246,000 383,432 Nippon Synthetic Chemical Industry Co., Ltd........... 152,000 179,685 *Nippon Typewriter Co., Ltd........................... 11,000 32,750 Nippon Valqua Industries, Ltd......................... 119,000 152,137 *Nippon Yakin Kogyo Co., Ltd.......................... 243,000 123,415 Nippon Yusoki Co., Ltd................................ 49,000 73,800 *Nishimatsuya Chain Co., Ltd.......................... 7,000 99,912 *Nissan Construction Co., Ltd......................... 128,000 82,942 *Nissan Diesel Motor Co., Ltd......................... 214,000 178,021 *Nissan Shatai Co., Ltd............................... 251,000 309,904 *Nisseki House Industry Co., Ltd...................... 260,000 261,821 Nissha Printing Co., Ltd.............................. 81,000 413,511 *Nisshin Fire & Marine Insurance Co., Ltd............. 133,000 265,534 Nisshin Oil Mills, Ltd................................ 122,000 306,602 Nissin Corp........................................... 150,000 241,681 Nissin Electric Co., Ltd.............................. 187,000 361,883 *Nissin Kogyo Co., Ltd................................ 6,000 89,317 Nitsuko Corp.......................................... 75,000 334,939 Nitta Corp............................................ 24,000 247,986 Nittetsu Mining Co., Ltd.............................. 147,000 297,347 Nitto Boseki Co., Ltd................................. 225,000 269,921 Nitto Construction Co., Ltd........................... 19,000 32,443 Nitto Electric Works, Ltd............................. 67,000 504,553 Nitto Flour Milling Co., Ltd.......................... 54,000 98,827 Nitto Seiko Co., Ltd.................................. 56,000 85,814 *Nitto Seimo Co., Ltd................................. 32,000 20,736 Nittoc Construction Co., Ltd.......................... 61,000 79,054 Nohmi Bosai, Ltd...................................... 59,000 196,839 SHARES VALUE ------ ----- *Nomura Co., Ltd...................................... 6,000 $ 15,762 O-M, Ltd.............................................. 46,000 46,322 *OKK Corp............................................. 101,000 102,592 Obayashi Road Corp.................................... 65,000 133,757 Odakyu Construction Co., Ltd.......................... 29,000 60,946 Odakyu Real Estate Co., Ltd........................... 58,000 96,497 Ohki Corp............................................. 73,000 146,383 *Ohkura Electric Co., Ltd............................. 34,000 43,170 *Ohtsu Tire & Rubber Co., Ltd......................... 65,000 105,298 Oiles Corp............................................ 18,000 264,010 Okabe Co., Ltd........................................ 39,000 103,476 Okamoto Industries, Inc............................... 127,000 270,236 Okamura Corp.......................................... 197,000 931,523 Oki Electric Cable Co., Ltd........................... 56,000 132,399 *Okinawa Electric Power Co., Ltd...................... 6,000 103,503 *Okuma and Howa Machinery, Ltd........................ 69,000 101,506 *Okura and Co., Ltd................................... 128,000 0 Okura Industrial Co., Ltd............................. 96,000 273,205 *Olympic Corp......................................... 10,000 192,644 *Ono Sokki Co., Ltd................................... 43,000 64,010 *Optec Dai-Ichi Denko Co., Ltd........................ 116,333 82,513 Organo Corp........................................... 101,000 359,956 Oriental Construction Co., Ltd........................ 39,000 123,967 *Oriental Yeast Co., Ltd.............................. 16,000 62,907 Origin Electric Co., Ltd.............................. 54,000 297,898 Osaka Oxygen Industries, Ltd.......................... 190,000 374,343 Osaka Steel Co., Ltd.................................. 38,000 141,419 Osaki Electric Co., Ltd............................... 56,000 306,970 Oyo Corp.............................................. 29,000 307,268 P.S.C. Corp........................................... 35,000 102,977 *PCA Corp............................................. 3,000 33,625 Pacific Industrial Co., Ltd........................... 78,000 172,119 *Pacific Metals Co., Ltd.............................. 299,000 500,079 Parco Co., Ltd........................................ 82,000 219,002 *Pasco Corp........................................... 68,500 215,937 Penta-Ocean Construction Co., Ltd..................... 72,000 83,853 Pigeon Corp........................................... 18,000 119,790 Pilot Corp............................................ 32,000 140,105 *Pokka Corp........................................... 48,000 168,126 *Press Kogyo Co., Ltd................................. 143,000 76,384 *Prima Meat Packers, Ltd.............................. 230,000 211,471 *Pulstec Industrial Co., Ltd.......................... 6,000 87,215 Raito Kogyo Co., Ltd.................................. 47,800 159,054 Rasa Industries, Ltd.................................. 119,000 245,919 Rengo Co., Ltd........................................ 800 2,949 *Renown Look, Inc..................................... 50,000 91,944 *Renown, Inc.......................................... 402,000 369,615 Rheon Automatic Machinery Co., Ltd.................... 40,000 122,592 *Rhythm Watch Co., Ltd................................ 344,000 487,986 *Ricoh Elemex Corp.................................... 11,000 60,683 *Ricoh Leasing Co., Ltd............................... 4,000 64,799 *Right ON Co., Ltd.................................... 5,000 72,154 Riken Corp............................................ 193,000 366,734 Riken Keiki Co., Ltd.................................. 33,000 124,256 Riken Vinyl Industry Co., Ltd......................... 123,000 327,425 *Riken Vitamin Co., Ltd............................... 10,000 113,835 Rohto Pharmaceutical Co., Ltd......................... 57,000 718,739 Royal Co., Ltd........................................ 35,000 292,075 *Ryobi, Ltd........................................... 238,000 285,517 Ryoden Trading Co., Ltd............................... 80,000 220,665 Ryoyo Electro Corp.................................... 45,000 520,140 S.T. Chemical Co., Ltd................................ 48,000 269,002 76
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- SMK Corp.............................................. 127,000 $ 583,844 *SPC Electronic Corp.................................. 9,000 77,233 *SRL, Inc............................................. 23,000 192,741 SXL Corp.............................................. 148,000 301,961 Saeki Kensetsu Kogyo Co., Ltd......................... 71,000 72,119 Sagami Chain Co., Ltd................................. 20,000 152,014 Sagami Co., Ltd....................................... 60,000 181,261 *Sailor Pen Co., Ltd.................................. 16,000 75,937 Sakai Chemical Industry Co., Ltd...................... 184,000 1,168,126 Sakai Heavy Industries, Ltd........................... 60,000 109,282 *Sakai Ovex Co., Ltd.................................. 85,000 56,567 Sakata Inx Corp....................................... 92,000 227,180 *Sakurada Co., Ltd.................................... 38,000 30,613 San-Ai Oil Co., Ltd................................... 118,000 304,816 Sankei Building Co., Ltd.............................. 97,000 306,629 Sanki Engineering Co., Ltd............................ 76,000 330,087 *Sanko Co., Ltd....................................... 2,000 15,797 *Sanko Metal Industrial Co., Ltd., Tokyo.............. 54,000 52,014 *Sankyo Aluminum Industry Co., Ltd.................... 359,000 198,047 Sankyo Seiko Co., Ltd................................. 86,000 183,748 *Sankyu, Inc., Tokyo.................................. 302,000 240,648 Sanoh Industrial Co., Ltd............................. 32,000 136,743 Sanshin Electronics Co., Ltd.......................... 51,000 275,096 *Sansui Electric Co., Ltd............................. 353,000 21,637 *Sanwa Electric Co., Ltd.............................. 17,000 35,727 *Sanyo Denki Co., Ltd................................. 36,000 167,075 Sanyo Industries, Ltd., Tokyo......................... 48,000 146,270 Sanyo Shokai, Ltd..................................... 113,000 271,121 Sanyo Special Steel Co., Ltd.......................... 339,000 409,650 *Sasebo Heavy Industries Co., Ltd., Tokyo............. 257,000 150,779 Sata Construction Co., Ltd., Gumma.................... 61,000 59,825 *Sato Kogyo Co., Ltd.................................. 34,000 13,695 Sato Shoji Corp....................................... 31,000 99,623 Satori Electric Co., Ltd.............................. 2,000 19,790 Sawafugji Electric Co., Ltd........................... 31,000 53,476 Seika Corp............................................ 145,000 190,455 *Seikitokyu Kogyo Co., Ltd............................ 86,000 54,974 *Seiko Corp........................................... 45,150 158,144 Seiren Co., Ltd....................................... 81,000 200,017 Seiyo Food Systems, Inc............................... 137,000 386,287 Sekisui Jushi Co., Ltd................................ 85,000 256,786 Sekisui Plastics Co., Ltd............................. 150,000 240,368 Senko Co., Ltd........................................ 205,000 362,609 Senshukai Co., Ltd.................................... 40,000 195,096 *Setouchi Bank, Ltd................................... 11,000 40,937 Shibaura Engineering Works Co., Ltd................... 45,000 210,026 Shibusawa Warehouse Co., Ltd.......................... 119,000 239,667 Shibuya Kogyo Co., Ltd................................ 54,000 399,562 *Shikibo, Ltd......................................... 155,000 88,222 Shikoku Chemicals Corp................................ 89,000 293,809 Shimizu Bank, Ltd..................................... 8,900 329,658 *Shimura Kako Co., Ltd................................ 55,000 221,541 Shin Nippon Air Technologies Co., Ltd................. 37,180 120,461 Shinagawa Fuel Co., Ltd............................... 160,000 484,763 Shinagawa Refractories Co., Ltd....................... 116,000 189,947 Shindengen Electric Manufacturing Co., Ltd............ 68,000 359,650 Shin-Etsu Polymer Co., Ltd............................ 68,000 370,368 *Shinko Electric Co., Ltd............................. 257,000 351,068 SHARES VALUE ------ ----- Shinko Shoji Co., Ltd................................. 41,000 $ 251,313 Shin-Kobe Electric Machinery Co., Ltd................. 71,000 285,989 *Shinmaywa Industries, Ltd............................ 168,000 250,087 *Shinsho Corp......................................... 110,000 125,219 *Shintom Co., Ltd..................................... 178,000 35,849 *Shinwa Kaiun Kaisha, Ltd............................. 238,000 127,128 Shinyei Kaisha........................................ 54,000 65,254 Shiroki Co., Ltd...................................... 132,000 218,459 Sho-Bond Corp......................................... 24,100 331,322 *Shobunsha Publications, Inc.......................... 12,000 130,088 *Shochiku Co., Ltd.................................... 99,000 425,648 *Shoei Co., Ltd....................................... 6,000 52,014 Shoko Co., Ltd........................................ 156,000 177,583 *Shokusan Bank, Ltd................................... 28,000 98,074 *Shokusan Jutaku Sogo Co., Ltd........................ 207,000 105,131 *Showa Aluminum Corp.................................. 181,000 242,496 Showa Corp............................................ 117,000 631,103 Showa Electric Wire & Cable Co., Ltd., Kawasaki....... 313,000 444,010 Showa Highpolymer Co., Ltd............................ 79,000 231,051 *Showa Mining Co., Ltd................................ 8,000 16,112 Showa Sangyo Co., Ltd................................. 160,000 252,189 *Silver Seiko, Ltd.................................... 87,000 73,897 Sintokogio, Ltd., Nagoya.............................. 108,000 218,459 *Snow Brand Seed Co., Ltd............................. 4,000 16,147 Soda Nikka Co., Ltd................................... 35,000 53,940 *Sodick Co., Ltd...................................... 15,000 54,641 *Sokkisha Co., Ltd.................................... 40,000 54,291 *Sonton Food Industry Co., Ltd........................ 10,000 75,306 Sotetsu Rosen Co., Ltd................................ 42,000 176,532 Star Micronics Co., Ltd............................... 84,000 919,439 Subaru Enterprise Co., Ltd............................ 36,000 105,289 *Suminoe Textile Co., Ltd............................. 142,000 149,212 *Sumitomo Coal Mining Co., Ltd........................ 181,000 96,681 *Sumitomo Construction Co., Ltd....................... 320,000 182,137 Sumitomo Corporation's Leasing, Ltd................... 38,000 316,112 Sumitomo Densetsu Co., Ltd............................ 50,700 224,199 *Sumitomo Light Metal Industries, Ltd................. 493,000 315,140 Sumitomo Precision Products Co., Ltd., Amagasaki City................................................ 78,000 202,855 Sumitomo Seika Chemicals Co., Ltd..................... 102,000 215,254 Sumitomo Warehouse Co., Ltd........................... 126,000 316,655 Sun Wave Corp......................................... 88,000 134,851 Sun-S, Inc............................................ 38,300 285,070 SunTelephone Co., Ltd................................. 65,000 134,326 *Suruga Corp.......................................... 5,000 59,107 *Suzutan Co., Ltd..................................... 62,000 48,862 *T.Hasegawa Co., Ltd.................................. 9,000 141,856 TYK Corp.............................................. 67,000 99,151 Tabai Espec Corp...................................... 34,000 294,746 *Tachihi Enterprise Co., Ltd.......................... 5,000 83,187 *Tachikawa Corp....................................... 4,000 22,837 Tachi-S Co., Ltd...................................... 2,000 8,844 Tadano, Ltd........................................... 127,000 185,718 Taihei Dengyo Kaisha, Ltd............................. 66,000 143,327 Taihei Kogyo Co., Ltd................................. 114,000 121,786 *Taiheiyo Kaiun Co., Ltd.............................. 72,000 28,371 Taiheiyo Kouhatsu, Inc................................ 90,000 90,630 *Taiho Kogyo Co., Ltd................................. 10,000 77,846 Taikisha, Ltd......................................... 97,000 605,613 77
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Taisei Fire & Marine Insurance Co., Ltd............... 118,000 $ 325,482 *Taisei Prefab Construction Co., Ltd.................. 134,000 118,511 Taisei Rotec Corp..................................... 127,000 166,813 Taito Co., Ltd........................................ 70,000 137,916 Taiyo Toyo Sanso Co., Ltd............................. 232,000 424,588 Takada Kiko Co., Ltd.................................. 31,000 109,939 *Takagi Securities Co., Ltd........................... 34,000 113,135 *Takamatsu Corp....................................... 6,500 70,578 *Takano Co., Ltd...................................... 7,000 78,459 Takaoka Electric Manufacturing Co., Ltd., Tokyo....... 156,000 177,583 *Taka-Q Co., Ltd...................................... 69,500 54,772 *Takara Co., Ltd...................................... 39,000 153,678 *Takara Printing Co., Ltd............................. 6,000 43,398 *Takarabune Corp...................................... 52,000 40,070 Takasago International Corp........................... 91,000 320,333 *Takasaki Paper Manufacturing Co., Ltd................ 157,000 104,483 *Takashima & Co., Ltd................................. 60,000 56,217 Takiron Co., Ltd...................................... 140,000 419,264 Tamura Corp........................................... 65,000 220,271 *Tamura Electric Works, Ltd........................... 74,000 136,077 Tasaki Shinju Co., Ltd................................ 53,000 190,280 *Tateho Chemical Industries Co., Ltd.................. 26,500 38,984 *Tatsuta Electric Wire & Cable Co., Ltd............... 106,000 145,727 Tayca Corp............................................ 74,000 150,981 Teac Corp............................................. 109,000 292,066 *Techno Ryowa, Ltd.................................... 3,400 14,886 *Tecmo, Ltd........................................... 7,000 49,037 Teijin Seiki Co., Ltd................................. 138,000 290,017 Teikoku Hormone Manufacturing Co., Ltd................ 33,000 205,455 Teikoku Sen-I Co., Ltd................................ 39,000 58,056 Teikoku Tsushin Kogyo Co., Ltd........................ 73,000 194,965 Teisan KK............................................. 219,000 1,173,625 Tekken Corp........................................... 274,000 239,930 Ten Allied Co., Ltd................................... 37,000 123,765 Tenma Corp............................................ 29,000 259,019 *Teraoka Seisakusho Co., Ltd.......................... 4,000 23,818 *Tesac Corp........................................... 92,000 33,835 Tetra Co., Ltd., Tokyo................................ 41,000 73,599 The Daito Bank, Ltd................................... 81,000 231,226 *Tigers Polymer Corp.................................. 4,000 18,389 *Titan Kogyo KK....................................... 36,000 46,025 Toa Corp.............................................. 181,000 206,042 Toa Doro Kogyo Co., Ltd............................... 85,000 145,140 *Toa Wool Spinning & Weaving Co., Ltd................. 73,000 37,075 *Tobishima Corp....................................... 100,000 41,156 *Tobu Store Co., Ltd.................................. 71,000 105,070 Tochigi Bank, Ltd..................................... 60,000 363,047 Tochigi Fuji Industrial Co., Ltd...................... 51,000 85,744 Toda Kogyo Corp....................................... 88,000 362,172 Todentu Corp.......................................... 57,000 152,233 Toenec Corp........................................... 80,000 304,728 Toho Real Estate Co., Ltd............................. 98,000 314,080 *Toho Titanium Co., Ltd............................... 6,000 30,000 Toho Zinc Co., Ltd.................................... 205,000 353,634 *Tohoku Bank.......................................... 44,000 86,305 *Tohpe Corp........................................... 36,000 38,144 SHARES VALUE ------ ----- Tohto Suisan Co., Ltd................................. 54,000 $ 110,175 Tokai Carbon Co., Ltd................................. 186,000 377,863 Tokai Corp............................................ 108,000 572,154 *Tokai Kanko Co., Ltd................................. 198,000 91,891 Tokai Pulp Co., Ltd................................... 88,000 294,361 Tokai Rika Co., Ltd................................... 61,000 427,855 *Tokai Senko KK, Nagoya............................... 47,000 39,098 Tokai Tokyo Securities Co., Ltd....................... 366,250 776,116 Tokico, Ltd........................................... 189,000 306,173 *Tokimec, Inc......................................... 119,000 122,960 Tokin Corp............................................ 53,000 617,250 Toko Electric Corp.................................... 39,000 99,037 Toko, Inc............................................. 81,000 392,233 Tokushima Bank, Ltd................................... 61,200 371,380 Tokushu Paper Manufacturing Co., Ltd.................. 119,000 417,855 Tokyo Denki Komusho Co., Ltd.......................... 57,000 178,686 *Tokyo Denpa Co., Ltd................................. 3,000 78,809 Tokyo Kikai Seisakusho, Ltd........................... 74,000 248,179 *Tokyo Leasing Co., Ltd............................... 29,000 147,285 *Tokyo Nissan Auto Sales Co., Ltd..................... 63,000 102,609 Tokyo Rakutenchi Co., Ltd............................. 92,000 281,961 Tokyo Rope Manufacturing Co., Ltd..................... 286,000 280,490 Tokyo Sangyo Co., Ltd................................. 36,500 94,286 Tokyo Steel Manufacturing Co., Ltd.................... 77,400 344,979 Tokyo Tatemono Co., Ltd............................... 244,000 395,271 *Tokyo Tekko Co., Ltd................................. 67,000 36,961 Tokyo Theatres Co., Inc., Tokyo....................... 116,000 170,648 *Tokyo Tungsten Corp.................................. 10,000 77,058 Tokyotokeiba Co., Ltd................................. 261,000 249,116 *Tokyu Car Corp....................................... 213,000 126,830 *Tokyu Construction Co., Ltd.......................... 356,000 208,862 *Tokyu Department Store Co., Ltd...................... 266,000 174,693 *Tokyu Hotel Chain Co., Ltd........................... 189,000 316,103 *Tokyu Recreation Corp................................ 18,000 94,571 Tokyu Store Chain Corp................................ 175,000 481,173 *Tokyu Tourist Corp................................... 38,000 39,264 Toli Corp............................................. 101,000 168,923 *Tomen Corp........................................... 216,500 210,433 *Tomen Electronics Corp............................... 3,000 94,571 Tomoe Corp............................................ 56,000 81,891 *Tomoegawa Paper Co., Ltd............................. 55,000 155,079 Tomoku Co., Ltd....................................... 185,000 312,653 Tonami Transportation Co., Ltd........................ 173,000 318,126 Topcon Corp........................................... 68,000 186,970 Topre Corp............................................ 85,000 255,298 Topy Industries, Ltd.................................. 187,000 266,909 Torigoe Co., Ltd...................................... 21,000 59,764 Torishima Pump Manufacturing Co., Ltd., Osaka......... 45,000 181,261 *Toshiba Chemical Corp................................ 9,000 23,249 Toshiba Engineering & Construction Co., Ltd........... 101,000 193,686 *Toshiba Machine Co., Ltd............................. 294,000 983,432 Toshiba Tungaloy Co., Ltd............................. 124,000 510,333 Tosho Printing Co., Ltd............................... 94,000 167,916 Tostem Corp........................................... 21,482 266,926 *Tostem Viva Corp..................................... 119,000 338,660 Totenko Co., Ltd...................................... 35,000 91,024 Totetsu Kogyo Co., Ltd................................ 53,000 96,532 Totoku Electric Co., Ltd., Tokyo...................... 62,000 141,156 78
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- *Towa Real Estate Development Co., Ltd................ 160,000 $ 70,053 *Toyo Bussan Co., Ltd................................. 11,000 54,711 Toyo Chemical Co., Ltd................................ 52,000 165,744 Toyo Communication Equipment Co., Ltd................. 79,000 546,497 Toyo Construction Co., Ltd............................ 290,000 159,982 *Toyo Electric Co., Ltd............................... 67,000 70,403 *Toyo Engineering Corp................................ 247,000 198,984 *Toyo Kanetsu KK...................................... 206,000 174,974 Toyo Kohan Co., Ltd................................... 140,000 330,998 Toyo Radiator Co., Ltd................................ 104,000 369,737 Toyo Securities Co., Ltd.............................. 113,000 229,562 *Toyo Shutter Co., Ltd................................ 77,000 60,683 *Toyo Sugar Refining Co., Ltd......................... 60,000 57,268 *Toyo Tire & Rubber Co., Ltd.......................... 173,000 198,450 Toyo Umpanki Co., Ltd................................. 146,000 324,728 Toyo Wharf & Warehouse Co., Ltd....................... 118,000 139,492 Tsubaki Nakashima Co., Ltd............................ 47,000 421,848 Tsubakimoto Machinery & Engineering Co., Ltd.......... 44,000 65,499 *Tsudakoma Corp....................................... 101,000 98,170 *Tsugami Corp......................................... 124,000 358,319 *Tsukamoto Co., Ltd................................... 44,000 45,464 Tsukishima Kikai Co., Ltd............................. 38,000 215,622 *Tsumura & Co., Inc................................... 124,000 342,031 Tsurumi Manufacturing Co., Ltd........................ 42,000 188,669 Tsutsumi Jewelry Co., Ltd............................. 16,900 229,526 Tsutsunaka Plastic Industry Co., Ltd.................. 71,000 170,972 *Tsuzuki Denki Co., Ltd............................... 5,000 16,856 U-Shin, Ltd........................................... 19,000 57,898 *Ube Material Industries, Ltd......................... 16,000 15,832 Uchida Yoko Co., Ltd.................................. 72,000 373,240 Ueki Corp............................................. 47,000 69,142 Uniden Corp........................................... 42,000 199,334 *Unimat Offisco Corp.................................. 9,700 69,650 *Unisia Jecs Corp..................................... 215,000 327,583 *Unitika, Ltd......................................... 433,000 303,327 *Utoc Corp............................................ 38,000 43,257 Wakachiku Construction Co., Ltd....................... 194,000 159,685 Wakamoto Pharmaceutical Co., Ltd...................... 48,000 170,228 *Warabeya Nichiyo Co., Ltd............................ 6,000 47,811 Yahagi Construction Co., Ltd.......................... 59,000 183,406 *Yahagi Corp.......................................... 40,000 0 *Yamaichi Electronics Co., Ltd........................ 6,000 87,320 Yamamura Glass Co., Ltd............................... 213,000 296,559 *Yamatane Corp........................................ 131,000 135,359 Yamatane Securities Co., Ltd.......................... 203,000 366,182 *Yamato International, Inc............................ 43,000 49,702 Yamato Kogyo Co., Ltd................................. 73,000 240,350 Yamaura Corp.......................................... 19,000 56,235 SHARES VALUE ------ ----- *Yamazen Co., Ltd..................................... 140,000 $ 232,925 Yaoko Co., Ltd........................................ 16,000 158,599 Yasuda Warehouse Co., Ltd............................. 18,000 55,954 Yellow Hat, Ltd., Tokyo............................... 28,000 188,301 Yokogawa Bridge Corp.................................. 70,400 215,762 *Yokohama Matsuzakaya, Ltd............................ 27,000 18,441 Yokohama Reito Co., Ltd............................... 111,000 579,299 *Yokowo Co., Ltd...................................... 12,000 193,345 Yomeishu Seizo Co., Ltd............................... 46,000 279,947 Yomiuri Land Co., Ltd................................. 157,000 457,802 Yondenko Corp......................................... 58,800 191,538 Yonekyu Corp.......................................... 31,500 303,415 Yorozu Corp........................................... 26,800 99,737 Yoshihara Oil Mill, Ltd............................... 36,000 81,331 Yoshimoto Kogyo Co., Ltd.............................. 60,000 485,464 Yuasa Corp............................................ 161,000 300,289 *Yuasa Trading Co., Ltd............................... 174,000 176,743 *Yuken Kogyo Co., Ltd................................. 60,000 55,692 *Yukiguni Maitake Co., Ltd............................ 12,000 58,844 Yurtec Corp........................................... 73,000 230,123 Zenchiku Co., Ltd..................................... 126,000 188,669 *Zensho Co., Ltd...................................... 6,000 43,608 *Zexel Corp........................................... 214,000 228,616 ------------ TOTAL COMMON STOCKS (Cost $382,509,607).................................. 175,460,622 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Japanese Yen (Cost $20,865)...................................... 20,581 ------------ TOTAL -- JAPAN (Cost $382,530,472).................................. $175,481,203 ------------ [Download Table] FACE AMOUNT ------ (000) TEMPORARY CASH INVESTMENTS -- (1.4%) Repurchase Agreement, PNC Capital Markets Inc. 5.63%, 01/04/01 (Collateralized by U.S. Treasury Notes 6.375%, 08/15/02, valued at $2,474,160) to be repurchased at $2,438,286. (Cost $2,436,000)................................... $ 2,436 2,436,000 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $384,966,472)+................................. $177,917,203 ============ [Download Table] -------------------------------------------------------------------------------- * Non-Income Producing Securities. + The cost for federal income tax purposes is $387,860,622. 79
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THE PACIFIC RIM SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS DECEMBER 31, 2000 (UNAUDITED) [Download Table] SHARES VALUE ------ ----- AUSTRALIA -- (30.0%) COMMON STOCKS -- (30.0%) *A.I. Engineering Corp., Ltd.......................... 129,195 $ 10,409 A.P. Eagers, Ltd...................................... 21,077 43,332 ARB Corporation, Ltd.................................. 11,364 49,883 Abigroup, Ltd......................................... 129,710 136,938 *Access1, Ltd......................................... 144,021 12,004 Adelaide Bank, Ltd.................................... 116,153 338,834 Adelaide Brighton, Ltd................................ 572,818 127,313 Adsteam Marine, Ltd................................... 160,973 210,193 Adtrans Group Limited................................. 29,000 27,232 *Airboss, Ltd......................................... 27,480 1,222 *Allstate Explorations NL............................. 49,087 6,410 Amalgamated Holdings, Ltd............................. 266,483 303,543 *Amity Oil NL......................................... 43,079 17,234 *An Feng Kingstream Steel, Ltd........................ 764,927 76,505 *Anaconda Nickel NL................................... 500,170 606,415 *Anzoil NL............................................ 123,126 3,079 *Aquarius Platinum (Australia), Ltd................... 44,452 249,465 *Ariadne Australia, Ltd............................... 270,353 53,328 *Ashanti Goldfields Co., Ltd.......................... 16,421 38,322 Ashanti Goldfields Co., Ltd. (Stapled Shares)......... 15,990 20,723 Asia Pacific Specialty Chemicals, Ltd................. 88,182 19,109 Atkins Carlyle, Ltd................................... 69,772 85,291 *AuIron Energy, Ltd................................... 260,290 137,397 *Auridiam Consolidated NL............................. 63,097 2,524 *Aurora Gold, Ltd..................................... 226,812 26,466 Ausdoc Group, Ltd..................................... 116,098 106,440 *Ausdrill, Ltd........................................ 103,961 9,820 *Aussie Online, Ltd................................... 394,855 5,924 *Austpac Resources NL................................. 355,118 20,719 Australand Holdings, Ltd.............................. 445,600 307,018 Australian Hospital Care, Ltd......................... 215,500 164,046 *Australian Magnesium Corp., Ltd...................... 84,257 135,535 *Australian Oil & Gas Corp., Ltd...................... 96,119 92,396 Australian Pharmaceutical Industries, Ltd............. 287,700 380,465 Australian Provincial Newspaper Holdings, Ltd......... 380,974 920,835 *Australian Resources, Ltd............................ 141,446 18,077 Autron Corporation, Ltd............................... 223,118 49,590 *Avatar Industries, Ltd............................... 229,505 24,867 Bank of Queensland, Ltd............................... 128,108 419,265 *Beach Petroleum NL................................... 371,700 8,674 *Beaconsfield Gold NL................................. 89,078 18,561 Bendigo Bank, Ltd..................................... 150,037 451,851 *Bendigo Mining NL.................................... 849,735 70,823 *Beyond International, Ltd............................ 61,256 23,826 *Biota Holdings, Ltd.................................. 97,808 192,930 *Biotech International, Ltd........................... 149,379 22,825 *Black Range Minerals NL.............................. 169,951 17,942 Blackmores, Ltd....................................... 27,894 101,055 *Bligh Oil & Minerals................................. 29,422 1,798 *Bligh Oil & Minerals NL Issue 00..................... 58,844 5,395 *Boulder Group NL..................................... 78,500 6,543 *Bourse Data, Ltd..................................... 30,700 6,823 Brandrill, Ltd........................................ 96,616 128,842 SHARES VALUE ------ ----- Bridgestone Australia, Ltd............................ 49,000 $ 31,311 Bristile, Ltd......................................... 81,032 53,580 Buderim Ginger, Ltd................................... 7,889 2,104 *Burns, Philp & Co., Ltd.............................. 651,721 188,305 CI Technologies Group, Ltd............................ 109,822 191,609 Caltex Australia, Ltd................................. 407,700 475,727 Campbell Brothers, Ltd................................ 61,413 158,676 *Cape Range, Ltd...................................... 430,495 62,193 Capral Aluminium, Ltd................................. 379,330 488,993 *Carrington Cotton Corp., Ltd......................... 22,200 51,932 Casinos Austria International, Ltd.................... 258,299 106,207 Cedar Woods Properties, Ltd........................... 50,913 14,145 *Centamin Egypt, Ltd.................................. 261,882 9,749 *Centaur Mining & Exploration, Ltd.................... 62,058 13,103 Central Equity, Ltd................................... 123,243 135,589 Central Norseman Gold Corp., Ltd...................... 409,800 63,757 Centro Properties, Ltd................................ 261,514 428,661 *Charter Pacific Corp., Ltd........................... 72,823 28,729 *Circadian Technologies, Ltd.......................... 40,370 72,005 *Cityview Energy Corp., Ltd........................... 52,581 26,003 *Clifford Corp., Ltd.................................. 161,750 0 *Climax Mining, Ltd................................... 163,017 9,511 Clough, Ltd........................................... 403,574 132,304 Coal & Allied Industries, Ltd......................... 11,250 115,644 Coates Hire, Ltd...................................... 258,842 149,577 *Comet Resources NL................................... 83,600 19,510 Consolidated Manufacturing Industries, Ltd............ 32,784 20,038 *Consolidated Minerals, Ltd........................... 123,800 28,891 Consolidated Paper Industries, Ltd.................... 66,203 62,535 Consolidated Rutile, Ltd.............................. 333,372 135,223 *Coolgardie Gold NL................................... 222,685 5,321 *Coplex Resources NL.................................. 231,400 11,572 Corporate Express Australia, Ltd...................... 176,355 808,424 Coventry Group, Ltd................................... 63,616 122,657 Crane (G.E) Holdings, Ltd............................. 93,097 346,584 *Croesus Mining NL.................................... 97,100 20,772 *Cudgen RZ, Ltd....................................... 36,650 3,869 *DC International, Ltd................................ 299,350 6,820 *DJL, Ltd............................................. 277,900 1,544 *Dalrymple Resources NL............................... 62,885 17,471 Danks Holdings, Ltd................................... 10,425 45,182 *Davnet Limited....................................... 402,200 106,153 Delfin Property Group, Ltd............................ 26,361 85,687 *Delta Gold NL........................................ 442,483 282,743 *Denehurst, Ltd....................................... 95,000 3,853 *Devex, Ltd........................................... 205,364 61,619 *Devine, Ltd.......................................... 44,183 3,314 *Diamin Resources NL.................................. 212,131 34,182 Dollar Sweets Holdings, Ltd........................... 135,021 72,773 *Dominion Mining, Ltd................................. 168,015 34,542 *Durban Roodepoort Deep, Ltd.......................... 18,619 10,346 *Easycall Communications (Philippines), Ltd........... 177,300 19,211 *Ecorp Limited........................................ 254,988 218,900 Email, Ltd............................................ 409,709 644,257 *Emporer Mines, Ltd................................... 120,600 22,784 Energy Developments, Ltd.............................. 161,980 1,142,683 80
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- *Energy Equity Corp., Ltd............................. 325,630 $ 16,284 Energy Resources of Australia, Ltd. Series A.......... 231,589 360,308 *Equatorial Mining, Ltd............................... 43,214 60,029 Equigold NL........................................... 99,000 22,004 Evans Deakin Industries, Ltd.......................... 177,590 189,460 Finemore Holdings, Ltd................................ 75,789 90,961 Fleetwood Corp., Ltd.................................. 39,607 33,011 Foodland Associates, Ltd.............................. 114,415 572,612 Forest Place Group, Ltd............................... 85,192 17,988 *Formulab Neuronetics Corp., Ltd...................... 1,061 1,415 Forrester Parker Group, Ltd........................... 142,602 66,558 Freedom Furniture, Ltd................................ 123,400 74,052 Futuris Corp., Ltd.................................... 638,000 638,103 GUD Holdings, Ltd..................................... 83,979 71,860 GWA International, Ltd................................ 415,102 433,621 Gazal Corp., Ltd...................................... 71,177 94,918 *Geo2, Ltd............................................ 164,199 5,474 George Weston Foods, Ltd.............................. 65,003 261,860 *Golden West Refining Corp., Ltd...................... 17,330 3,467 Goldfields, Ltd....................................... 477,502 462,721 *Goldstream Mining NL................................. 90,901 16,668 Gowing Bros., Ltd..................................... 52,346 58,172 *Gradipore, Ltd....................................... 21,628 50,233 Grand Hotel Group..................................... 347,700 214,643 *Grange Resources, Ltd................................ 57,506 3,834 *Greenfields Energy Corp., Ltd........................ 193,687 10,009 Green's Foods, Ltd.................................... 66,082 13,953 Gunns, Ltd............................................ 48,287 79,150 HIH Insurance, Ltd.................................... 791,605 106,884 Hamilton Island, Ltd.................................. 52,600 80,374 Hancock and Gore, Ltd................................. 50,013 31,958 Haoma Mining NL....................................... 98,816 6,040 *Hardman Resources NL................................. 314,890 58,614 Harris Scarfe Holdings, Ltd........................... 107,660 68,794 Hartley Poynton, Ltd.................................. 84,981 74,606 *Helix Resources NL................................... 25,000 7,918 Henry Walker Group, Ltd............................... 287,948 195,196 *Herald Resources, Ltd................................ 69,910 22,919 Hills Industries, Ltd................................. 212,581 307,111 Hills Motorway Group.................................. 279,349 768,799 Housewares International, Ltd......................... 87,100 46,945 Iama, Ltd............................................. 187,940 166,040 *Industrial & Commercial Electronic Industries, Ltd................................................. 54,361 4,229 Institute of Drug Technology Australia, Ltd........... 44,372 87,526 *Intellect Holdings, Ltd.............................. 75,070 39,209 Ipoh, Ltd............................................. 179,956 154,587 Iron Carbide Australia, Ltd........................... 89,832 36,438 *Ixla, Ltd............................................ 89,921 16,488 *Jingellic Minerals NL................................ 4,329 0 *Johnson's Well Mining NL............................. 200,000 33,339 Jones (David), Ltd.................................... 593,400 453,365 Joyce Corp., Ltd...................................... 13,049 4,785 *Jubilee Gold Mines NL................................ 133,974 99,752 Jupiters, Ltd......................................... 189,523 414,912 Just Jeans Holdings, Ltd.............................. 94,342 45,606 *Keycorp, Ltd......................................... 51,992 267,484 *Kidston Gold Mines, Ltd.............................. 246,300 14,370 King Island (The) Co., Ltd............................ 22,000 37,895 *Kingsgate Consolidated NL............................ 71,492 30,985 *Kolback Group, Ltd................................... 90,810 50,458 SHARES VALUE ------ ----- *Kresta Holdings, Ltd................................. 56,700 $ 2,678 Lemarne Corp., Ltd.................................... 20,790 27,724 *Leo Shield Exploration, Ltd.......................... 286,300 12,408 *Lynas Gold NL........................................ 40,500 3,376 *MRI Holdings, Ltd.................................... 36,169 4,572 *MacMahon Holdings, Ltd............................... 192,179 14,416 Magellan Petroleum Australia, Ltd..................... 32,760 34,586 Maryborough Sugar Factory, Ltd........................ 600 2,000 *Maxi-Cube, Ltd....................................... 128,356 12,124 McConnell Dowell Corp., Ltd........................... 62,776 60,693 McGuigan (Brian) Wines, Ltd........................... 50,532 80,583 McPherson's, Ltd...................................... 61,500 42,715 *Media Entertainment Group, Ltd....................... 150,814 17,179 *Micromedical Industries, Ltd......................... 150,461 27,589 *Mikoh Corp., Ltd..................................... 39,999 2,556 *Mineral Deposits, Ltd................................ 49,458 9,756 *Mobile Computing Corp................................ 75,400 209,478 *Mobile Innovations, Ltd.............................. 84,600 9,401 Monadelphous Group, Ltd............................... 18,988 26,904 *Mosaic Oil NL........................................ 345,724 30,736 *Mount Kersey Mining NL............................... 146,152 21,114 *Murchison United NL.................................. 71,536 47,698 'Murrin Murrin Investments, Ltd. Promissory Notes 06/30/99............................................ 40,918 8,867 Namoi Cotton Cooperative, Ltd......................... 135,353 37,604 National Can Industries, Ltd.......................... 97,017 54,446 National Foods, Ltd................................... 439,427 585,997 *Nautronix, Ltd....................................... 74,694 22,827 *New Hampton Goldfields NL............................ 178,048 27,701 Newcrest Mining, Ltd.................................. 129,349 314,297 Normandy Mt. Leyshon, Ltd............................. 133,376 56,323 Normans Wine, Ltd..................................... 35,848 16,732 North Flinders Mines, Ltd............................. 99,807 318,879 Novogen, Ltd.......................................... 105,184 167,153 Novus Petroleum, Ltd.................................. 245,359 245,399 OPSM Protector, Ltd................................... 257,306 269,214 Oil Company of Australia, Ltd......................... 51,800 59,004 Online Advantage, Ltd................................. 2,475 165 Orbital Engine Corp., Ltd............................. 537,358 462,799 Oriel Communications.................................. 27,653 1,398 Oropa, Ltd............................................ 333,580 12,419 Oroton International, Ltd............................. 38,427 50,817 PMP Communications, Ltd............................... 381,871 223,855 Pacific BBA, Ltd...................................... 271,086 477,038 Pacific Hydro, Ltd.................................... 148,384 212,718 Pan Pacific Petroleum NL.............................. 327,800 16,028 Payce Consolidated, Ltd............................... 18,000 6,501 Penfold (W.C.), Ltd................................... 14,100 14,181 Peptide Technology, Ltd............................... 176,600 163,872 Perilya Mines NL...................................... 263,500 34,407 Permanent Trustee Co., Ltd............................ 20,052 67,408 Perpetual Trustees Australia, Ltd..................... 47,694 902,940 Petaluma, Ltd......................................... 29,519 76,762 Peter Lehmann Wines, Ltd.............................. 35,586 46,467 Petroz NL............................................. 308,910 118,435 Petsec Energy, Ltd.................................... 97,992 6,806 Pima Mining NL........................................ 214,601 41,735 Pirelli Cables Australia, Ltd......................... 97,420 44,929 Planet Oil International.............................. 31,489 0 Plaspak Group, Ltd.................................... 79,952 26,211 Pocketmail Group, Ltd................................. 10,933 401 Polartechnics, Ltd.................................... 37,205 71,941 Port Douglas Reef Resorts, Ltd........................ 251,655 15,381 81
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Portman Mining, Ltd................................... 241,600 $ 155,723 Precious Metals Australia, Ltd........................ 106,059 3,182 Preston Resources NL.................................. 64,000 9,602 Prime Television, Ltd................................. 168,102 154,118 Progen Industries, Ltd................................ 24,788 15,151 Prophecy International Holdings, Ltd.................. 51,900 25,954 Psiron, Ltd........................................... 40,381 10,770 Quantum Resources, Ltd................................ 115,007 3,834 Queensland Cotton Holdings, Ltd....................... 39,866 70,884 Quiktrak Networks, Ltd................................ 396,495 20,489 Raptis Group, Ltd..................................... 12,000 867 Rebel Sport, Ltd...................................... 77,898 28,567 Redfire Resources NL.................................. 27,900 2,170 Reece Australia, Ltd.................................. 32,100 342,455 Reinsurance Australia Corp., Ltd...................... 399,993 26,670 Resolute, Ltd......................................... 324,045 15,485 Ridley Corp., Ltd..................................... 576,240 211,322 Rock Building Society, Ltd............................ 11,373 16,114 Rural Press, Ltd...................................... 211,201 586,764 SPC, Ltd.............................................. 91,854 40,320 Sabre Group, Ltd...................................... 40,702 31,662 Schaffer Corp., Ltd................................... 16,698 37,298 Scientific Services, Ltd.............................. 122,237 25,810 Scott Corp., Ltd...................................... 43,000 33,450 Select Harvests....................................... 41,257 35,074 Simeon Wines, Ltd..................................... 203,870 309,253 Simsmetal, Ltd........................................ 157,797 477,413 Singleton Group, Ltd.................................. 134,020 242,020 Sino Securities International, Ltd.................... 8,118 4,060 Skilled Engineering, Ltd.............................. 127,146 67,116 Solution 6 Holdings, Ltd.............................. 167,494 102,467 Sonic Healthcare, Ltd................................. 245,203 1,193,514 Sons of Gwalia, Ltd................................... 227,680 780,689 Southern Cross Broadcasting (Australia), Ltd.......... 44,848 249,196 Southern Pacific Petroleum NL......................... 370,840 366,779 Southern Star Group, Ltd.............................. 154,982 39,182 Spectrum Network Systems, Ltd. Series B............... 153,959 59,797 Spicers Paper, Ltd.................................... 246,300 396,881 Spotless Group, Ltd................................... 438,502 1,753,316 St. Barbara Mines, Ltd................................ 375,500 32,340 Straits Resources, Ltd................................ 56,534 12,565 Strategic Minerals Corp. NL........................... 13,100 218 Striker Resources NL.................................. 316,300 24,605 Structural Systems, Ltd............................... 25,602 13,657 Sunland Group, Ltd.................................... 75,095 14,604 Sydney Aquarium, Ltd.................................. 24,135 51,899 Taipan Resources NL................................... 300,000 12,669 Takoradi, Ltd......................................... 993,152 8,278 Tandou, Ltd........................................... 3,100 2,119 Tanganyika Gold NL.................................... 104,360 95,099 Tap Oil............................................... 193,100 91,201 Tassal, Ltd........................................... 93,157 54,350 Techniche, Ltd........................................ 43,482 19,328 Telecasters Australia, Ltd............................ 30,643 137,064 Television & Media Services, Ltd...................... 177,693 154,025 Tempo Service, Ltd.................................... 98,174 90,007 Ten Network Holdings, Ltd............................. 110,000 129,882 Thakral Holdings Group................................ 1,124,244 399,796 SHARES VALUE ------ ----- Third Rail, Ltd....................................... 151,200 $ 13,862 Ticor, Ltd............................................ 347,850 210,676 Timbercorp Limited.................................... 230,149 203,075 Titan Resources NL.................................... 50,000 5,973 Toll Holdings, Ltd.................................... 94,029 600,838 Tooth & Co., Ltd...................................... 153,000 14,452 Tourism Assets Holdings, Ltd.......................... 469,760 162,354 Transcom International, Ltd........................... 118,238 42,704 Triako Resources, Ltd................................. 5,400 1,365 Troy Resources NL..................................... 22,548 7,768 Union Capital, Ltd.................................... 395,200 12,956 Union Gold Mining Co. NL.............................. 142,500 102,933 United Construction Group, Ltd........................ 81,554 52,565 *Utility Services Corp., Ltd.......................... 116,121 45,165 *Valdera Resources, Ltd............................... 5,530 0 VeCommerce, Ltd....................................... 13,680 30,405 *Victoria Petroleum NL................................ 347,973 7,541 Villa World, Ltd...................................... 134,700 49,398 Village Roadshow, Ltd................................. 356,394 334,668 Vision Systems, Ltd................................... 179,067 256,704 *Voicenet (Australia), Ltd............................ 112,661 14,398 *Vos Industries, Ltd.................................. 102,161 9,650 *Walhalla Mining Company NL........................... 95,388 4,240 Waterco, Ltd.......................................... 22,304 24,786 Watpac, Ltd........................................... 116,557 17,163 Wattyl, Ltd........................................... 147,230 214,336 *Webster, Ltd......................................... 33,551 12,118 *Westel Group, Ltd.................................... 164,855 13,282 *Western Metals, Ltd.................................. 385,787 35,369 Westralian Sands, Ltd................................. 293,919 675,796 White (Joe) Maltings, Ltd............................. 13,724 23,716 Wide Bay Capricorn Building Society, Ltd.............. 26,958 51,977 Williams R.M. Holdings, Ltd........................... 24,075 28,761 *Wine Planet Holdings, Ltd............................ 48,101 8,018 Yates (Arthur) and Co. Property, Ltd.................. 150,702 15,491 *Zimbabwe Platinum Mines, Ltd......................... 74,620 30,267 ------------ TOTAL COMMON STOCKS (Cost $52,120,087)................................... 39,986,161 ------------ PREFERRED STOCKS -- (0.0%) Village Roadshow, Ltd. 2% Class A (Cost $42,053)...................................... 32,553 26,408 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Australian Dollar (Cost $19,104)...................................... 19,519 ------------ RIGHTS/WARRANTS -- (0.0%) *A.P. Eagers, Ltd. Options 01/31/03................... 2,204 306 *Access1 Options 11/30/02............................. 13,092 240 *Advanced Engine Components, Ltd. Options 12/31/02.... 11,369 486 *Axon Instruments, Inc. Options Open Pay Date......... 16,148 0 *Beaconsfield Gold NL Options 03/15/02................ 8,908 302 *Bligh Oil & Minerals NL Options 02/15/02............. 29,422 1,226 *IXLA, Ltd. Rights 02/02/01........................... 71,936 0 *Mosaic Oil NL Options 06/30/02....................... 31,429 873 82
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- *Ridley Corp., Ltd. Options 04/30/02.................. 57,485 $ 4,791 *Surfboard, Ltd. Options 12/31/01..................... 28,753 655 ------------ TOTAL RIGHTS/WARRANTS (Cost $3,334)........................................ 8,879 ------------ TOTAL -- AUSTRALIA (Cost $52,184,578)................................... 40,040,967 ------------ SINGAPORE -- (29.2%) COMMON STOCKS -- (29.1%) *ASA Ceramic, Ltd..................................... 356,000 56,458 Acma, Ltd............................................. 472,600 190,781 *Alliance Technology & Development, Ltd............... 156,000 14,844 Amtek Engineering, Ltd................................ 540,625 127,827 *Apollo Enterprises, Ltd.............................. 193,000 90,154 Armstrong Industrial Corp............................. 730,000 63,148 Avimo Group, Ltd...................................... 317,250 669,616 Benjamin (F.J.) Holdings, Ltd......................... 611,000 70,472 Bonvests Holdings, Ltd................................ 825,000 214,097 *Broadway Industrial Group, Ltd....................... 352,000 22,329 Bukit Sembawang Estates, Ltd.......................... 71,334 489,539 *CK Tang, Ltd......................................... 307,000 41,605 CWT Distribution, Ltd................................. 461,500 155,694 Causeway Investment, Ltd.............................. 248,000 27,531 Central Properties, Ltd............................... 66,000 521,444 Chemical Industries (Far East), Ltd................... 105,910 94,670 Chevalier Singapore Holdings, Ltd..................... 220,000 32,035 Chuan Hup Holdings, Ltd............................... 3,050,000 633,207 Chuan Soon Huat Industrial Group, Ltd................. 614,000 113,308 Comfort Group, Ltd.................................... 2,469,000 790,237 Compact Metal Industries.............................. 643,000 88,995 Cosco Investment, Ltd................................. 1,222,000 105,707 Courts Singapore, Ltd................................. 495,000 135,595 Dovechem Terminals Holdings, Ltd...................... 339,000 158,354 *Eastern Asia Technology, Ltd......................... 510,000 170,585 Econ International, Ltd............................... 1,242,000 161,156 Eltech Electronics, Ltd............................... 704,000 95,408 Eng Wah Organisation, Ltd............................. 265,000 29,801 First Capital Corp., Ltd.............................. 1,215,000 980,952 Focal Finance, Ltd.................................... 336,200 482,770 *Freight Links Express Holdings, Ltd.................. 1,648,000 99,791 Fu Yu Manufacturing, Ltd.............................. 1,291,000 167,514 Fuji Offset Plates Manufacturing, Ltd................. 33,750 8,856 GB Holdings, Ltd...................................... 200,000 53,056 GK Goh Holdings, Ltd.................................. 1,120,000 413,372 GP Industries, Ltd.................................... 602,000 267,319 General Magnetics, Ltd................................ 308,000 30,640 *Goldtron, Ltd........................................ 473,000 35,461 Guthrie GTS, Ltd...................................... 1,174,400 203,180 HTP Holdings, Ltd..................................... 479,000 98,063 Hai Sun Hup Group, Ltd................................ 2,604,000 330,375 Haw Par Brothers International, Ltd................... 565,200 1,179,924 *Hind Hotels International, Ltd....................... 171,000 173,068 Hitachi Zosen (Singapore), Ltd........................ 962,000 194,172 Hong Fok Corp., Ltd................................... 1,796,000 258,934 Hotel Grand Central, Ltd.............................. 437,640 155,216 Hotel Plaza, Ltd...................................... 1,189,000 287,988 Hotel Properties, Ltd................................. 1,393,000 1,180,897 Hotel Royal, Ltd...................................... 144,333 116,530 Hour Glass, Ltd....................................... 298,000 62,727 Hup Seng Huat, Ltd.................................... 900,200 98,636 Hwa Hong Corp., Ltd................................... 2,785,000 722,738 SHARES VALUE ------ ----- Hwa Tat Lee, Ltd...................................... 455,000 $ 78,718 IDT Holdings, Ltd..................................... 398,000 355,761 *IPC Corp., Ltd....................................... 1,936,000 117,230 Inchcape Motors, Ltd.................................. 491,000 365,270 *Inno-Pacific Holdings, Ltd........................... 962,500 72,158 International Factors (Singapore), Ltd................ 290,000 67,732 Intraco, Ltd.......................................... 292,500 207,479 Isetan (Singapore), Ltd............................... 98,000 111,901 Jack Chia-MPH, Ltd.................................... 638,000 189,483 Jaya Holdings, Ltd.................................... 2,127,000 183,993 Jurong Cement, Ltd.................................... 132,500 122,259 Jurong Engineering, Ltd............................... 112,000 87,842 K1 Ventures, Ltd...................................... 2,842,500 278,672 Keppel Fels Energy and Infrastructure, Ltd............ 1,526,500 985,958 Keppel Tatlee Finance, Ltd............................ 744,750 326,413 Keppel Telecommunications and Transportation, Ltd..... 1,376,000 936,362 Khong Guan Flour Milling, Ltd......................... 19,000 21,476 *Kian Ann Engineering, Ltd............................ 868,000 187,713 *Kian Ho Bearings, Ltd................................ 277,000 28,754 Kim Eng Holdings, Ltd................................. 1,775,200 818,994 Koh Brothers, Ltd..................................... 1,494,000 124,929 *L & M Group Investments, Ltd......................... 451,100 94,953 LC Development, Ltd................................... 1,191,767 137,456 Labroy Marine, Ltd.................................... 2,600,000 431,077 Lee Kim Tah Holdings, Ltd............................. 795,000 96,279 Liang Huat Aluminum, Ltd.............................. 1,477,000 140,543 *Lim Kah Ngam, Ltd.................................... 350,999 36,435 *Low Keng Huat Singapore, Ltd......................... 372,000 61,141 Lum Chang Holdings, Ltd............................... 1,134,030 241,975 Magnecomp International, Ltd.......................... 466,000 194,835 Marco Polo Developments, Ltd.......................... 925,000 906,847 *Metalock (Singapore), Ltd............................ 60,000 7,526 Metro Holdings, Ltd................................... 1,575,800 381,675 *Natsteel Broadway, Ltd............................... 546,000 900,538 *Nippecraft, Ltd...................................... 1,013,000 61,340 *Orchard Parade Holdings, Ltd......................... 1,084,022 340,705 *Osprey Maritime, Ltd................................. 966,000 557,084 Ossia International, Ltd.............................. 708,000 118,406 Overseas Union Enterprise, Ltd........................ 542,000 2,125,453 Overseas Union Trust (Foreign)........................ 163,800 249,380 PCI, Ltd.............................................. 530,000 372,889 *Pacific Can Investment Holdings, Ltd................. 101,000 5,388 Pacific Carriers, Ltd................................. 900,000 456,739 Pan-United Corp., Ltd................................. 1,624,000 243,502 Pentex-Schweizer Circuits, Ltd........................ 916,000 126,780 Pertama Holdings, Ltd................................. 459,750 66,283 *Pokka Corp. (Singapore), Ltd......................... 159,000 21,090 Prima, Ltd............................................ 106,000 238,404 Provisions Suppliers Corp............................. 3,373,000 272,325 Republic Hotels and Resorts, Ltd...................... 881,000 370,887 Robinson & Co., Ltd................................... 284,832 686,607 Rotary Engineering, Ltd............................... 1,231,000 198,774 SMB United............................................ 1,254,000 155,482 SNP Corp., Ltd........................................ 207,495 83,164 *SPP, Ltd............................................. 454,000 27,491 *ST Capital, Ltd...................................... 940,553 306,461 San Teh, Ltd.......................................... 838,406 145,050 *Scotts Holdings, Ltd................................. 1,807,250 375,201 Sea View Hotel, Ltd................................... 66,000 315,911 Sime Singapore, Ltd................................... 1,617,000 829,934 Sin Soon Huat, Ltd.................................... 929,000 61,611 83
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Sing Investments & Finance, Ltd. (Foreign)............ 94,500 $ 54,497 Singapore Finance, Ltd................................ 598,000 506,946 Singapore Reinsurance Corp., Ltd...................... 280,170 226,200 *Singapore Shipping Corp., Ltd........................ 1,302,000 120,136 Singapura Building Society, Ltd....................... 139,250 81,910 Singatronics, Ltd..................................... 748,000 129,410 Ssangyong Cement (Singapore), Ltd..................... 236,000 204,149 Stamford Tyres Corp., Ltd............................. 62,000 13,587 Straits Trading Co., Ltd.............................. 1,117,200 1,133,932 Sunright, Ltd......................................... 378,000 106,815 Superbowl Holdings, Ltd............................... 490,000 66,406 Superior Metal Printing, Ltd.......................... 490,500 50,916 Tibs Holdings, Ltd.................................... 423,000 246,380 Tiger Medicals, Ltd................................... 224,000 201,519 *Transmarco, Ltd...................................... 106,500 30,555 *Tuan Sing Holdings, Ltd.............................. 3,362,000 319,908 United Engineers, Ltd................................. 632,666 437,824 *United Overseas Bank Securities...................... 1,352,000 436,625 United Overseas Insurance, Ltd........................ 125,500 152,711 United Overseas Land, Ltd............................. 1,104,000 986,834 United Pulp & Paper Co., Ltd.......................... 354,000 100,033 *Uraco Holdings, Ltd.................................. 1,803,600 166,419 *Van der Horst, Ltd................................... 309,100 79,324 Vickers Ballas Holdings, Ltd.......................... 1,924,000 876,548 WBL Corp., Ltd........................................ 510,000 620,577 Wearnes International (1994), Ltd..................... 33,000 10,752 Wing Tai Holdings, Ltd................................ 505,000 366,949 *Yeo Hiap Seng, Ltd................................... 102,000 73,528 ------------ TOTAL COMMON STOCKS (Cost $54,800,950)................................... 38,880,884 ------------ PREFERRED STOCKS -- (0.1%) First Capital Corp., Ltd. 7% (Non-Redeemable Convertible) (Cost $102,710)..................................... 172,500 136,784 ------------ INVESTMENT IN CURRENCY -- (0.0%) Singapore Dollars (Cost $1,642)....................................... 1,640 ------------ TOTAL -- SINGAPORE (Cost $54,905,302)................................... 39,019,308 ------------ HONG KONG -- (28.3%) COMMON STOCKS -- (28.3%) ABC Communications (Holdings), Ltd.................... 930,000 77,501 ALCO Holdings, Ltd.................................... 314,000 19,122 *AWT World Transport Holdings, Ltd.................... 250,800 354 Aeon Credit Service (Asia) Co., Ltd................... 62,000 18,878 *Allied Group, Ltd.................................... 7,298,000 421,043 *Allied Properties (Hong Kong), Ltd................... 6,786,000 321,904 *Anex International Holdings, Ltd..................... 152,000 2,787 *Applied International Holdings, Ltd.................. 1,243,000 27,091 *Asia Commercial Holdings, Ltd........................ 72,800 3,500 Asia Financial Holdings, Ltd.......................... 1,900,794 311,929 *Asia Securities International, Ltd................... 2,386,600 81,084 *Asia Standard Hotel Group, Ltd....................... 38,000 872 Asia Standard International Group, Ltd................ 2,870,000 53,353 *Asia Tele-Net & Technology Corp., Ltd................ 10,520,000 75,529 Associated International Hotels, Ltd.................. 898,000 408,710 Beauforte Investors Corp., Ltd........................ 72,000 82,155 SHARES VALUE ------ ----- *Beijing Development (Hong Kong), Ltd................. 166,000 $ 31,285 *Benelux International, Ltd........................... 30,000 65 Bossini International Holdings, Ltd................... 122,000 16,110 Boto International Holdings, Ltd...................... 2,290,000 64,590 *Burwill Holdings, Ltd................................ 2,059,200 182,162 *CCT Telecom Holdings, Ltd............................ 1,449,700 157,982 *CIL Holdings, Ltd.................................... 2,058,000 2,638 *CNT Group, Ltd....................................... 3,078,000 122,332 Cafe de Coral Holdings, Ltd........................... 1,191,000 507,708 *Capetronic International Holdings, Ltd............... 292,490 73,498 *Capital Asia, Ltd.................................... 98,736 2,380 *Cash On-Line, Ltd.................................... 90,073 1,848 *Central China Enterprises, Ltd....................... 2,104,000 45,857 *Century City International Holdings, Ltd............. 542,056 10,216 Champion Technology Holdings, Ltd..................... 11,854,749 337,408 *Cheerful Holdings, Ltd............................... 900,735 30,025 Chen Hsong Holdings, Ltd.............................. 1,515,000 244,734 Cheuk Nang Technologies (Holdings), Ltd............... 7,500,080 36,539 *Cheung Tai Hong Holdings, Ltd........................ 2,018,400 23,290 *Cheung Wah Development Co., Ltd...................... 140,000 16,872 Chevalier (OA) International, Ltd..................... 1,776,251 86,536 *Chevalier Construction Holdings, Ltd................. 131,203 3,953 Chevalier International Holdings, Ltd................. 2,793,991 207,761 *China Aerospace International Holdings, Ltd.......... 1,499,400 134,563 *China Development Corp., Ltd......................... 1,150,000 30,962 *China Digicontent Co., Ltd........................... 2,710,000 6,949 *China Everbright International, Ltd.................. 1,975,000 74,696 *China Everbright Technology, Ltd..................... 3,244,000 172,599 China Foods Holdings, Ltd............................. 1,544,000 338,496 China Hong-Kong Photo Products Holdings, Ltd.......... 2,338,000 227,808 *China Investments Holdings, Ltd...................... 175,000 4,151 China Motor Bus Co., Ltd.............................. 114,200 729,131 *China Online (Bermuda), Ltd.......................... 10,580,000 124,791 China Overseas Land & Investment, Ltd................. 4,558,000 590,209 China Pharmaceutical Enterprise and Investment Corp., Ltd................................................. 2,444,000 241,269 *China Star Entertainment, Ltd........................ 1,676,400 52,012 China Strategic Holdings, Ltd......................... 3,760,000 81,950 China Travel International Investment, Ltd............ 2,730,000 343,004 *China United Holdings, Ltd........................... 1,639,800 3,994 *Chinese Estates Holdings, Ltd........................ 1,204,000 134,294 *Chinney Investments, Ltd............................. 1,144,000 46,201 Chow Sang Sang Holdings International, Ltd............ 1,098,400 229,540 Chuangs China Investments, Ltd........................ 1,347,000 41,447 Chuang's Consortium International, Ltd................ 1,858,884 59,580 Chun Wo Holdings, Ltd................................. 1,671,917 61,090 *Chung Hwa Development Holdings, Ltd.................. 1,691,712 2,603 Cig-Wh International Holdings, Ltd.................... 472,000 11,800 *Climax International Co., Ltd........................ 296,000 11,764 *Companion Building Material International Holdings, Ltd................................................. 17,316,066 35,521 *Concord Land Development Co., Ltd.................... 184,000 20,052 84
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Continental Holdings, Ltd............................. 98,825 $ 8,362 Continental Mariner Investment Co., Ltd............... 1,629,000 233,910 *Cosmos Machinery Enterprises, Ltd.................... 1,024,000 34,134 *Crocodile Garments, Ltd.............................. 1,539,000 38,278 Cross Harbour Tunnel Co., Ltd......................... 365,603 159,367 *Culturecom Holdings, Ltd............................. 2,161,000 152,380 *Cybersonic Technology, Ltd........................... 193,000 4,454 *DC Finance Holdings, Ltd............................. 27,000 935 *Dah Hwa International Holdings, Ltd.................. 1,122,000 24,454 *Daido Group, Ltd..................................... 223,000 2,087 Dickson Concepts International, Ltd................... 222,000 80,405 *DigitalHongKong.com.................................. 15,318 589 *Dong-Jun Holdings, Ltd............................... 2,484,000 3,185 *Dransfield Holdings, Ltd............................. 190,000 2,265 Dynamic Holdings, Ltd................................. 158,000 13,572 *Easyknit International Holdings, Ltd................. 707,150 22,665 Egana International Holdings, Ltd..................... 19,766,208 433,341 Egana Jewelry & Pearls, Ltd........................... 3,317,899 90,605 *Ehealthcareasia, Ltd................................. 66,900 2,187 Elec & Eltek International Holdings, Ltd.............. 2,565,659 299,330 *Emperor (China Concept) Investments, Ltd............. 6,435,000 30,525 Emperor International Holdings, Ltd................... 644,369 44,611 *Englong International, Ltd........................... 130,000 0 *Essential Enterprises Co., Ltd....................... 320,000 24,616 *Evergo China Holdings, Ltd........................... 3,720,000 42,924 FPB Bank Holding Co., Ltd............................. 2,784,520 1,231,629 Fairwood Holdings, Ltd................................ 426,000 6,445 *Fairyoung Holdings, Ltd.............................. 1,446,000 30,033 Far East Consortium International, Ltd................ 1,641,378 111,531 *Far East Holdings International, Ltd................. 70,000 3,455 *Far East Hotels & Entertainment, Ltd................. 1,853,000 97,402 *First Sign International Holdings, Ltd............... 1,050,000 25,712 Fong's Industries Co., Ltd............................ 962,000 55,501 *Fortuna International Holdings, Ltd.................. 2,727,000 17,481 *Founder Holdings, Ltd................................ 590,000 164,521 Fountain Set Holdings, Ltd............................ 1,274,000 94,734 Four Seas Frozen Food Holdings, Ltd................... 347,184 20,475 Four Seas Mercantile Holdings, Ltd.................... 592,000 129,027 *Four Seas Travel International, Ltd.................. 600,000 1,462 Frankie Dominion International, Ltd................... 630,173 20,602 *Fu Hui Jewelry Co. (Hong Kong), Ltd.................. 688,000 6,704 *G-Prop Holdings, Ltd................................. 378,200 6,061 Glorious Sun Enterprises, Ltd......................... 840,000 120,617 Gold Peak Industries (Holdings), Ltd.................. 1,059,250 263,458 Golden Resources Development International, Ltd....... 1,456,500 65,357 *Gold-Face Holdings, Ltd.............................. 2,003,600 215,775 Goldlion Holdings, Ltd................................ 2,052,000 92,078 *Goldtron (Bermuda) Holdings, Ltd..................... 231,111 13,037 Golik Holdings, Ltd................................... 1,536,500 51,217 Grand Hotel Holdings, Ltd. Series A................... 1,333,000 140,138 Grande Holdings, Ltd.................................. 504,105 407,166 Great Wall Electronic International, Ltd.............. 3,159,034 65,611 *Greaterchina Technology Group, Ltd................... 150,410 3,857 Group Sense (International), Ltd...................... 2,062,000 65,297 *Guangdong Investment, Ltd............................ 2,150,000 248,080 *Guangnan Holdings, Ltd............................... 762,000 11,430 SHARES VALUE ------ ----- *Guangzhou Investment Co., Ltd........................ 3,510,000 $ 261,003 HKCB Bank Holding Co., Ltd............................ 1,130,000 391,158 HKR International, Ltd................................ 403,260 191,292 Hanny Holdings, Ltd................................... 3,644,224 135,492 Harbour Centre Development, Ltd....................... 784,000 512,621 *Harbour Ring International Holdings, Ltd............. 2,636,000 153,768 Henderson China Holdings, Ltd......................... 911,000 385,428 *Heng Fung Holdings Co., Ltd.......................... 1,050,000 9,827 High Fashion International, Ltd....................... 178,000 32,634 *Hikari Tsushin International, Ltd.................... 2,248,000 59,947 *Hinet Holdings, Ltd.................................. 611,057 10,419 *Hon Kwok Land Investment Co., Ltd.................... 2,290,145 80,743 Hong Kong Ferry (Holdings) Co., Ltd................... 671,300 529,300 *Hong Kong Parkview Group, Ltd........................ 1,130,000 289,747 *Hop Hing Holdings, Ltd............................... 660,265 22,432 Hopewell Holdings, Ltd................................ 175,000 67,869 Hsin Chong Construction Group, Ltd.................... 1,569,658 90,558 *Hualing Holdings, Ltd................................ 1,344,000 49,970 *Huey Tai International, Ltd.......................... 2,363,112 89,375 Hung Hing Printing Group, Ltd......................... 934,442 365,395 IDT International, Ltd................................ 4,028,486 320,217 *IMC Holdings, Ltd.................................... 604,000 52,657 *ITC Corp., Ltd....................................... 466,157 60,362 *Ideal Pacific Holdings, Ltd.......................... 838,000 43,512 *Imgo, Ltd............................................ 636,000 48,924 *Innovative International (Holdings), Ltd............. 1,474,003 19,654 *Interchina Holdings Co., Ltd......................... 990,000 72,347 *Interform Ceramics Technologies, Ltd................. 1,104,000 22,363 International Bank of Asia, Ltd....................... 2,615,714 695,855 International Pipe, Ltd............................... 2,022,392 134,828 *Iquorom Cybernet, Ltd................................ 4,145,000 16,474 *Island Dyeing & Printing Co., Ltd.................... 444,000 44,401 *Isteelasia.com, Ltd.................................. 667,286 42,775 JCG Holdings, Ltd..................................... 1,048,333 490,572 Jackin International Holdings, Ltd.................... 210,000 15,885 *Jinhui Holdings Co., Ltd............................. 370,000 10,389 K Wah International Holdings, Ltd..................... 3,940,915 237,468 *KPI Co., Ltd......................................... 264,000 4,062 *KTP Holdings, Ltd.................................... 180,400 11,564 *Kader Holdings Co., Ltd.............................. 545,600 14,619 *Kantone Holdings, Ltd................................ 123,902 7,625 Karrie International Holdings, Ltd.................... 66,000 2,792 Keck Seng Investments (Hong Kong), Ltd................ 858,600 81,458 Kee-Shing Holdings Co., Ltd........................... 886,000 121,542 King Fook Holdings, Ltd............................... 1,000,000 38,462 Kingboard Chemical Holdings, Ltd...................... 926,000 430,358 Kingmaker Footwear Holdings, Ltd...................... 962,500 154,249 *Kong Sun Holdings, Ltd............................... 480,000 17,231 *Kong Tai International Holdings Co., Ltd............. 8,300,000 202,182 *Kumagai Gumi Hong Kong, Ltd.......................... 970,000 133,066 *Kwong Sang Hong International, Ltd................... 1,434,000 69,862 Kwoon Chung Bus Holdings, Ltd......................... 556,000 57,026 *Lai Sun Development Co., Ltd......................... 2,970,000 90,243 *Lai Sun Garment (International), Ltd................. 2,325,000 57,530 *Lai Sun Hotels International, Ltd.................... 3,268,000 71,226 *Lam Soon (Hong Kong), Ltd............................ 302,310 55,037 *Lam Soon Food Industries, Ltd........................ 228,000 45,308 *Lamex Holdings, Ltd.................................. 3,628,800 20,936 Le Saunda Holdings, Ltd............................... 236,000 13,313 85
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- *Leading Spirit High-Tech Holdings Co., Ltd........... 2,310,000 $ 9,773 Leefung-Asco Printers Holdings, Ltd................... 144,000 29,723 *Leung Kee Holdings, Ltd.............................. 354,000 8,260 *Lippo, Ltd........................................... 1,074,760 192,908 Liu Chong Hing Bank, Ltd.............................. 365,000 423,498 Liu Chong Hing Investment, Ltd........................ 635,200 380,717 *Logic International Holdings, Ltd.................... 812,000 65,585 *Luks Industrial Co., Ltd............................. 537,963 47,590 Lung Kee (Bermuda) Holdings, Ltd...................... 857,500 138,521 *Magnificent Estates, Ltd............................. 3,778,000 24,218 *Magnum International Holdings, Ltd................... 300,000 4,615 *Mansion Holdings, Ltd................................ 1,420,360 16,753 *Mansion House Group, Ltd............................. 698,200 33,120 *Megga (S.) International Holdings, Ltd............... 2,270,100 3,493 Melbourne Enterprises, Ltd............................ 45,500 158,668 *Melco International Development, Ltd................. 180,000 20,769 Midland Realty (Holding), Ltd......................... 496,000 37,518 *Millennium Group, Ltd................................ 928,000 12,849 Min Xin Holdings, Ltd................................. 987,200 68,345 Mingly Corp., Ltd..................................... 4,032,600 253,333 Moulin International Holdings, Ltd.................... 3,350,183 270,595 *Mui Hong Kong, Ltd................................... 1,845,000 24,364 *Multi-Asia International Holdings, Ltd............... 2,800,500 427,261 Nanyang Holdings, Ltd................................. 137,500 110,178 *National Electronics Holdings, Ltd................... 2,156,000 37,592 New Island Printing Holdings, Ltd..................... 176,000 41,518 *New Rank City Development, Ltd....................... 1,664 192 *New World Cyberbase, Ltd............................. 25,220 563 Ngai Lik Industrial Holdings, Ltd..................... 1,556,000 553,583 *Nph International Holdings, Ltd...................... 108,400 11,813 Ocean Information Holdings, Ltd....................... 122,000 5,944 *Onfem Holdings, Ltd.................................. 1,922,000 65,299 *Oriental Metals Holdings Co., Ltd.................... 1,237,800 40,467 *Oriental Press Group, Ltd............................ 4,080,600 596,402 Oxford Properties & Finance, Ltd...................... 110,000 163,592 *Pacific Andes International Holdings, Ltd............ 156,000 5,200 *Pacific Concord Holding, Ltd......................... 2,134,629 158,731 *Pacific Plywood Holdings, Ltd........................ 10,210,000 91,629 *Paramount Publishing Group, Ltd...................... 620,000 29,013 Paul Y. ITC Construction Holdings, Ltd................ 612,677 25,529 *Peace Mark (Holdings), Ltd........................... 6,758,122 42,455 *Pearl Oriental Holdings, Ltd......................... 9,064,000 31,376 Pegasus International Holdings, Ltd................... 226,000 24,628 *Perfect Treasure Holdings, Ltd....................... 364,000 24,267 Perfectech International Holdings, Ltd................ 571,450 76,927 Pico Far East Holdings, Ltd........................... 1,190,000 100,693 Playmate Toys Holdings, Ltd........................... 1,585,000 60,962 Pokfulam Development Co., Ltd......................... 234,000 58,501 *Poly Investments Holdings, Ltd....................... 2,670,000 85,236 Prestige Properties Holdings, Ltd..................... 965,000 61,860 *Prime Succession, Ltd................................ 768,000 11,323 *Prosper Evision, Ltd................................. 96,000 5,477 *QPL International Holdings, Ltd...................... 1,191,000 683,306 *Quality Healthcare Asia, Ltd......................... 1,338,000 240,157 *RNA Holdings, Ltd.................................... 20,600 951 Raymond Industrial, Ltd............................... 605,400 56,660 Realty Development Corp, Ltd.......................... 475,000 101,091 *Regal Hotels International Holdings, Ltd............. 1,950,000 50,251 SHARES VALUE ------ ----- *Rivera Holdings, Ltd................................. 3,160,000 $ 109,386 Road King Infrastructure, Ltd......................... 449,000 201,477 *Ryoden Development, Ltd.............................. 1,912,000 122,566 *S.A.S.Dragon Holdings, Ltd........................... 1,696,000 126,114 SA SA International Holdings, Ltd..................... 1,134,000 125,032 Safety Godown Co., Ltd................................ 408,000 215,772 *Saint Honore Holdings, Ltd........................... 128,000 10,503 *Same Time Holdings, Ltd.............................. 410,000 10,040 San Miguel Brewery Hong Kong, Ltd..................... 930,800 168,262 Sea Holdings, Ltd..................................... 1,068,000 246,464 *Seapower International Holdings, Ltd................. 854,000 10,949 *Seapower Resources International, Ltd................ 2,528,000 35,652 *Semi-Tech (Global) Co., Ltd.......................... 4,273,327 14,245 Shaw Brothers Hong Kong, Ltd.......................... 325,000 252,086 Shell Electric Manufacturing (Holdings) Co., Ltd...... 1,255,000 188,252 *Shenyin Wanguo (Hong Kong), Ltd...................... 847,500 36,943 *Shenzhen International Holdings, Ltd................. 6,187,500 245,916 *Shougang Concord Century Holdings, Ltd............... 1,292,000 39,423 *Shougang Concord Grand (Group), Ltd.................. 1,701,000 61,062 *Shougang Concord International Enterprises Co., Ltd................................................. 4,166,000 122,845 *Shougang Concord Technology Holdings, Ltd............ 1,647,914 62,326 Shui On Construction & Materials, Ltd................. 218,000 248,746 *Shun Ho Construction (Holdings), Ltd................. 1,037,452 32,587 *Shun Ho Resources Holdings, Ltd...................... 483,000 14,242 *Shun Shing Holdings, Ltd............................. 2,573,600 283,759 Shun Tak Holdings, Ltd................................ 3,422,000 408,012 *Silver Grant International Industries, Ltd........... 2,087,000 132,446 Sime Darby Hong Kong, Ltd............................. 1,040,000 513,339 *Simsen Metals & Holdings, Ltd........................ 1,024,000 8,140 *Sincere Co., Ltd..................................... 505,500 20,739 Sing Tao Holdings, Ltd................................ 913,000 138,122 *Singamas Container Holdings, Ltd..................... 320,000 13,128 *Sino Foundations Holdings, Ltd....................... 1,074,000 22,582 *Sinocan Holdings, Ltd................................ 350,000 3,500 *Skynet (International Group) Holdings, Ltd........... 244,240 5,292 Solartech International Holdings, Ltd................. 4,960,000 10,174 *Sound International, Ltd............................. 79,200 1,239 South China Brokerage Co., Ltd........................ 4,060,000 64,544 South China Industries, Ltd........................... 1,124,000 46,113 *South China Strategic Investments, Ltd............... 857,400 80,245 *South Sea Development Co., Ltd....................... 2,603,158 41,384 Southeast Asia Properties & Finance, Ltd.............. 175,692 45,050 Starlight International Holdings, Ltd................. 5,245,170 102,215 *Stelux Holdings International, Ltd................... 1,307,702 35,543 Styland Holdings, Ltd................................. 25,452 1,893 *Sun Fook Kong Holdings, Ltd.......................... 1,778,000 200,597 Sun Hung Kai & Co., Ltd............................... 3,338,600 569,281 *Suncorp Technologies, Ltd............................ 158,400 1,097 Suwa International Holdings, Ltd...................... 1,062,000 34,039 *Swank International Manufacturing Co., Ltd........... 638,000 5,071 86
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- *Symphony Holdings, Ltd............................... 6,950,000 $ 67,719 *Tack Hsin Holdings, Ltd.............................. 542,000 115,350 Tai Cheung Holdings, Ltd.............................. 1,445,000 196,374 Tai Fook Securities Group, Ltd........................ 72,000 13,662 Tai Sang Land Development, Ltd........................ 627,984 137,675 *Tak Sing Alliance Holdings, Ltd...................... 2,909,865 74,613 *Tak Wing Investment Holdings, Ltd.................... 432,800 36,622 Tan Chong International Limited....................... 402,000 48,447 Techtronic Industries Co., Ltd........................ 1,330,000 284,760 *Tem Fat Hing Fung (Holdings), Ltd.................... 5,488,000 211,079 Termbray Industries International (Holdings), Ltd..... 2,304,900 147,752 Tern Properties Co., Ltd.............................. 61,200 11,299 Texwinca Holdings, Ltd................................ 1,074,000 194,148 *Tian An China Investments Co., Ltd................... 4,355,750 74,830 Tian Teck Land, Ltd................................... 1,098,000 201,302 Trasy Gold Ex, Ltd.................................... 2,060 70 *Triplenic Holdings, Ltd.............................. 2,378,000 22,256 Tristate Holdings, Ltd................................ 138,000 29,370 Truly International Holdings, Ltd..................... 1,014,000 370,504 *Tung Fong Hung Holdings, Ltd......................... 1,157,745 24,788 Tungtex (Holdings) Co., Ltd........................... 788,000 111,129 *Tysan Holdings, Ltd.................................. 1,040,773 29,222 *UDL Holdings, Ltd.................................... 23,700 258 *USI Holdings, Ltd.................................... 928,999 146,498 *United Power Investment, Ltd......................... 1,664,000 58,667 *Universal Appliances, Ltd............................ 2,770,000 24,149 Van Shung Chong Holdings, Ltd......................... 854,400 131,448 *Vanda Systems & Communications Holdings, Ltd......... 644,000 94,124 Vitasoy International Holdings, Ltd................... 819,000 111,301 Wah Ha Realty Co., Ltd................................ 278,600 31,075 *Wah Nam Group, Ltd................................... 1,934,800 5,953 *Wai Kee Holdings, Ltd................................ 1,562,738 86,152 Wang On Group, Ltd.................................... 774,000 22,426 *Wiltec Holdings, Ltd................................. 378,511 9,948 *Winfoong International, Ltd.......................... 1,210,000 38,782 Wing Fai International, Ltd........................... 3,380,000 61,101 Wing On Co. International, Ltd........................ 565,000 228,176 Wing Shan International, Ltd.......................... 896,000 43,652 *Winsan China Investment Group, Ltd................... 384,000 11,816 Winsor Industrial Corp., Ltd.......................... 498,000 162,810 *Winsor Properties Holdings, Ltd...................... 498,000 169,194 *Wo Kee Hong (Holdings), Ltd.......................... 1,944,000 23,677 Wong's International (Holdings), Ltd.................. 1,012,000 301,657 *Wong's Kong King International (Holdings), Ltd....... 1,139,600 37,987 World Houseware (Holdings), Ltd....................... 586,447 11,278 YGM Trading, Ltd...................................... 228,000 152,002 Yangtzekiang Garment Manufacturing Co., Ltd........... 405,000 71,655 Yaohan International Caterers, Ltd.................... 512,000 42,667 *Yaohan International Holdings, Ltd................... 974,000 0 Yau Lee Holdings, Ltd................................. 534,000 23,962 *Yeebo International Holdings, Ltd.................... 40,800 2,092 *Yiu Wing International Holdings, Ltd................. 1,404,200 21,963 *Yoshiya International Corp., Ltd..................... 612,300 32,185 Yugang International, Ltd............................. 11,916,000 106,940 *Yunnan Enterprises Holdings, Ltd..................... 240,000 18,154 ------------ TOTAL COMMON STOCKS (Cost $75,619,188)................................... 37,695,499 ------------ SHARES VALUE ------ ----- RIGHTS/WARRANTS -- (0.0%) *Applied International Holdings, Ltd. Warrants 04/30/04............................................ 248,600 $ 1,052 *Asia Standard Hotel Group, Ltd. Warrants 10/08/01.... 7,600 19 *Asia Standard International Group Warrants 09/30/01............................................ 574,000 1,472 *Champion Technology Warrants 12/22/01................ 2,370,949 15,807 *Companion Building Material International Holdings, Ltd. - Warrants 08/13/02............................ 3,463,213 4,440 *Gold-Face Holdings, Ltd. Warrants 09/30/01........... 182,145 4,670 *Hanny Holdings, Ltd. Warrants 04/03/02............... 728,844 7,195 *Hikari Tsushin International, Ltd. Warrants 04/27/02............................................ 449,600 2,997 *Hop Hing Holdings, Ltd. Warrants 04/30/01............ 132,053 0 *Iquorum Cybernet, Ltd. Warrants 04/30/04............. 829,000 1,063 *Kong Sun Holdings, Ltd. Warrants 04/25/02............ 96,000 1,723 *Mui Hong Kong, Ltd. Warrants 06/19/05................ 369,000 1,325 *Road King Infrastructure, Ltd. 09/05/03.............. 89,800 3,454 *South China Information & Technology, Ltd. Warrants 03/28/02............................................ 171,480 660 *Styland Holding, Ltd. Warrants 12/31/01.............. 509,040 653 *Tak Sing Alliance Holdings, Ltd. Warrants 02/28/02... 290,986 1,268 *Yunnan Enterprises Holdings, Ltd. Warrants 09/30/02............................................ 48,000 246 *eSun Holdings, Ltd. Rights........................... 326,800 0 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................................ 48,044 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Hong Kong Dollars (Cost $21,495)...................................... 21,494 ------------ TOTAL -- HONG KONG (Cost $75,640,683)................................... 37,765,037 ------------ NEW ZEALAND -- (11.7%) COMMON STOCKS -- (11.6%) *AFFCO Holdings, Ltd.................................. 503,188 93,517 *Advantage Group, Ltd................................. 101,600 58,445 Baycorp Holdings, Ltd................................. 200,614 1,065,260 CDL Hotels NZ, Ltd.................................... 657,244 55,839 CDL Investments NZ, Ltd............................... 240,073 22,840 Cavalier Corp., Ltd................................... 88,507 169,190 Ceramco Corp., Ltd.................................... 77,120 61,426 Colonial Motor Co., Ltd............................... 47,895 55,103 Corporate Investments, Ltd............................ 503,564 880,167 *Cue Energy Resources NL.............................. 452,354 9,208 DB Group, Ltd......................................... 132,089 274,712 Ebos Group, Ltd....................................... 57,108 69,493 *Evergreen Forests, Ltd............................... 323,301 70,100 Fernz Corp., Ltd...................................... 391,902 676,325 Fisher & Paykel Industries, Ltd....................... 307,890 1,087,206 87
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Force Corp., Ltd...................................... 380,914 $ 40,453 Hallenstein Glassons Holdings, Ltd.................... 142,638 144,539 Hellaby Holdings, Ltd................................. 118,179 91,515 Horizon Energy Distribution, Ltd...................... 8,084 32,373 Independent Newspapers, Ltd. (Auckland)............... 1,014,000 1,440,311 *Kingsgate International Corp., Ltd................... 479,679 27,594 *Met Lifecare, Ltd.................................... 144,900 67,965 Michael Hill International, Ltd....................... 90,546 134,223 Natural Gas Corp. Holdings, Ltd....................... 1,859,760 1,185,039 *New Zealand Oil & Gas, Ltd........................... 402,731 53,463 New Zealand Refining Co., Ltd......................... 62,819 378,045 Northland Port Corp. (New Zealand), Ltd............... 108,571 84,075 Nuplex Industries, Ltd................................ 188,848 288,300 *Otter Gold Mines, Ltd................................ 89,321 13,438 Owens Group, Ltd...................................... 138,522 52,715 PDL Holdings, Ltd..................................... 33,381 53,767 *Pacific Retail Group, Ltd............................ 123,160 67,578 Port of Tauranga, Ltd................................. 200,316 480,428 Ports of Auckland..................................... 347,158 683,597 Radio Pacific, Ltd.................................... 5,200 20,732 Reid Farmers, Ltd..................................... 146,734 51,944 Restaurant Brand New Zealand, Ltd..................... 226,417 129,244 *Richina Pacific, Ltd................................. 137,322 24,306 Sanford, Ltd.......................................... 250,512 536,522 Scott Technology, Ltd................................. 48,074 46,800 *Seafresh Fisheries................................... 80,520 2,138 Shotover Jet, Ltd..................................... 106,500 21,207 Sky City, Ltd......................................... 263,975 948,489 South Eastern Utilities, Ltd.......................... 147,679 68,615 South Port New Zealand, Ltd........................... 30,744 14,693 Steel & Tube Holdings, Ltd............................ 151,610 100,631 *Summit Gold, Ltd..................................... 107,419 4,040 Tasman Agriculture, Ltd............................... 261,760 156,369 Taylors Group, Ltd.................................... 29,646 15,480 Tourism Holdings, Ltd................................. 222,252 180,958 *Trans Tasman Properties, Ltd......................... 891,408 72,184 Tranz Rail Holdings, Ltd.............................. 316,409 497,039 Trustpower, Ltd....................................... 458,529 608,697 Warehouse Group, Ltd.................................. 503,486 1,336,755 Waste Management NZ, Ltd.............................. 254,272 478,190 Williams & Kettle, Ltd................................ 38,372 51,109 Wrightson, Ltd........................................ 317,720 88,572 ------------ TOTAL COMMON STOCKS (Cost $18,529,803)................................... 15,422,963 ------------ [Download Table] FACE AMOUNT@ ------- (000) BONDS -- (0.1%) Capital Properties New Zealand, Ltd. Notes 8.500%, 04/15/05 (Cost $210,192)..................................... $ 201 86,593 ------------ INVESTMENT IN CURRENCY -- (0.0%) *New Zealand Dollar (Cost $30,984)...................................... 31,770 ------------ TOTAL -- NEW ZEALAND (Cost $18,770,979)................................... 15,541,326 ------------ [Download Table] MALAYSIA -- (0.3%) SHARES VALUE ------ ----- (000) COMMON STOCKS -- (0.3%) *Aokam Perdana Berhad................................. 7,100 $ 3,008 *Apl Industries Berhad................................ 4,100 896 *Arensi Holdings (Malaysia) Berhad.................... 33,000 3,561 *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 *Mun Loong Berhad..................................... 40,000 6,158 *Perdana Industrial Holdings Berhad................... 46,000 3,753 *Promet Berhad........................................ 1,143,000 87,229 *Rahman Hydraulic Tin Berhad.......................... 111,000 19,425 *Rekapacific Berhad................................... 473,000 57,258 *SCK Group Berhad..................................... 22,000 0 *Tai Wah Garments Manufacturing Berhad (Foreign)...... 60,000 6,947 *Taiping Consolidated Berhad.......................... 232,000 12,821 *Westmont Industries Berhad........................... 223,520 52,351 *Wing Tiek Holdings Berhad............................ 95,800 22,437 ------------ TOTAL -- MALAYSIA (Cost $3,085,047).................................... 421,212 ------------ UNITED STATES -- (0.0%) COMMON STOCKS -- (0.0%) *DF China Technology, Inc............................. 950 684 *Exergy, Inc.......................................... 7,260 0 ------------ TOTAL -- UNITED STATES (Cost $4,303)........................................ 684 ------------ [Download Table] TEMPORARY CASH INVESTMENTS -- (0.5%) FACE AMOUNT ------ (000) Repurchase Agreement, PNC Capital Markets Inc. 5.63%, 01/02/2001 (Collateralized by U.S. Treasury Notes 3.375%, 02/15/01, valued at $638,756) to be repurchased at $628,393. (Cost $628,000)..................................... $ 628 628,000 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $205,218,892)+................................. $133,416,534 ============ [Download Table] -------------------------------------------------------------------------------- * Non-Income Producing Securities + The cost for federal income tax purposes is $205,797,243. @ Denominated in local currency 88
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THE UNITED KINGDOM SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS DECEMBER 31, 2000 (UNAUDITED) [Download Table] SHARES VALUE ------ ----- UNITED KINGDOM -- (99.5%) COMMON STOCKS -- (99.5%) 600 Group P.L.C....................................... 100,910 $ 92,705 AEA Technology P.L.C.................................. 35,300 148,965 AIM Group P.L.C....................................... 32,063 79,028 AIT Group P.L.C....................................... 4,000 70,806 API Group P.L.C....................................... 51,500 163,478 ASDA Property Holdings P.L.C.......................... 94,000 291,366 *ASW Holdings P.L.C................................... 949,314 88,630 Abacus Polar P.L.C.................................... 75,000 442,538 Abbeycrest P.L.C...................................... 42,590 62,667 Abbot Group P.L.C..................................... 92,595 179,122 Acal P.L.C............................................ 13,671 139,378 *Acatos & Hutcheson P.L.C............................. 79,000 62,545 Action Computer Supplies Holdings, Ltd................ 88,000 48,967 Adam & Harvey Group P.L.C............................. 10,500 17,646 *Advanced Medical Solutions P.L.C..................... 24,258 3,805 *Advanced Power Components, Ltd....................... 4,000 22,437 *African Lakes Corp. P.L.C............................ 7,760 3,767 Airflow Streamlines P.L.C............................. 20,500 35,523 Airsprung Furniture Group P.L.C....................... 58,000 61,081 Alba P.L.C............................................ 105,025 957,007 *Alexanders Holdings P.L.C............................ 71,000 28,371 Alexandra Workwear P.L.C.............................. 86,243 142,357 *Alexon Group P.L.C................................... 106,500 101,022 Allders P.L.C......................................... 16,000 25,693 Allen P.L.C........................................... 25,000 90,562 Alpha Airports Group P.L.C............................ 331,241 235,034 Alphameric P.L.C...................................... 72,688 298,056 Alumasc Group P.L.C................................... 100,245 187,182 Alvis P.L.C........................................... 150,000 236,394 *Amberley Group P.L.C................................. 200,000 70,209 Amec P.L.C............................................ 44,853 231,490 Amey P.L.C............................................ 59,000 1,692,177 Amstrad P.L.C......................................... 149,652 282,791 *Andrew Sykes Group P.L.C............................. 203,650 179,485 Anglesey Mining P.L.C................................. 55,000 1,643 Anglian Group P.L.C................................... 126,280 347,092 Anglo Eastern Plantations P.L.C....................... 57,166 37,574 Anite Group P.L.C..................................... 250,000 629,263 Applied Optical Technologies P.L.C.................... 21,300 39,295 Aquarius Group P.L.C.................................. 8,000 5,019 *Arena Leisure P.L.C.................................. 62,500 98,031 *Armitage Brothers P.L.C.............................. 4,000 13,145 *Armour Trust P.L.C................................... 198,500 53,373 Ascot P.L.C........................................... 53,435 206,737 Ashtenne Holdings P.L.C............................... 50,000 149,753 Aukett Associates P.L.C............................... 144,174 39,843 Austin Reed Group P.L.C............................... 68,999 105,132 Avesco P.L.C.......................................... 29,998 396,577 Avon Rubber P.L.C..................................... 60,364 185,754 *Axis-Shield P.L.C.................................... 18,284 159,096 *Azlan Group P.L.C.................................... 185,000 498,817 BICC P.L.C............................................ 15,000 26,776 BNB Resources P.L.C................................... 49,000 82,346 BPP Holdings P.L.C.................................... 53,250 340,054 SHARES VALUE ------ ----- *BS P.L.C............................................. 7,000 $ 16,731 BSS Group P.L.C....................................... 47,905 261,196 Babcock International Group P.L.C..................... 310,464 484,641 Baggeridge Brick P.L.C................................ 98,000 138,341 Bailey (Ben) Construction P.L.C....................... 26,000 14,759 Bailey (C.H.) P.L.C................................... 109,500 11,450 Bailey (C.H.) P.L.C. Class B.......................... 10,000 3,286 Barlows P.L.C......................................... 50,000 49,669 Barr (A.G.) P.L.C..................................... 43,000 237,021 Baynes (Charles) P.L.C................................ 341,378 249,876 Beattie (James) P.L.C................................. 132,247 272,620 Bellway P.L.C......................................... 93,000 475,813 Bemrose Corp. P.L.C................................... 50,375 325,081 Benchmark Group P.L.C................................. 26,892 121,920 Bentalls P.L.C........................................ 91,617 101,959 Bespak P.L.C.......................................... 55,918 501,182 Bett Brothers P.L.C................................... 33,108 100,150 *Biocompatibles International P.L.C................... 31,250 170,853 *Biotrace International P.L.C......................... 50,000 23,154 Birse Group P.L.C..................................... 421,901 44,116 *Bizspace P.L.C....................................... 8,695 3,182 Black (Peter) Holdings P.L.C.......................... 111,495 582,929 Black Arrow Group P.L.C............................... 56,500 73,006 Blacks Leisure Group P.L.C............................ 60,959 209,439 *Blagden Industries P.L.C............................. 131,092 21,541 Blick P.L.C........................................... 68,555 239,633 Bloomsbury Publishing P.L.C........................... 3,307 43,101 Body Shop International P.L.C......................... 194,000 311,532 Boosey & Hawkes P.L.C................................. 35,500 73,712 Boot (Henry) & Sons P.L.C............................. 47,000 135,152 Bourne End Properties P.L.C........................... 141,021 141,140 Bradstock Group P.L.C................................. 130,000 15,050 Brake Brothers P.L.C.................................. 15,600 124,090 Brammer (H.) P.L.C.................................... 86,623 535,058 Brewin Dolphin Holdings P.L.C......................... 10,309 30,414 *Bridgend Group P.L.C................................. 651,000 16,999 Bristol Water Holdings P.L.C.......................... 12,000 169,845 Britax International P.L.C............................ 120,297 194,974 *British Biotech P.L.C................................ 198,000 56,936 British Polythene Industries P.L.C.................... 56,740 243,680 Britt Allcroft Co. P.L.C.............................. 25,000 196,995 Brockhampton Holdings P.L.C........................... 12,000 57,362 Brockhampton Holdings P.L.C. Series A Non-Voting...... 48,000 75,646 Brooks Service Group P.L.C............................ 25,500 74,470 Brown & Jackson P.L.C................................. 296,819 259,382 *Brunel Holding PLC................................... 11,935 4,814 Bryant Group P.L.C.................................... 22,932 50,185 Budgens P.L.C......................................... 306,137 331,548 Bulgin (A.F.) & Co. P.L.C............................. 36,000 9,545 Bullough P.L.C........................................ 256,000 149,141 Bulmer (H.P.) Holdings P.L.C.......................... 60,500 388,612 *Burn Stewart Distillers P.L.C........................ 142,500 39,380 Burnden Leisure P.L.C................................. 33,000 4,190 Burndene Investments P.L.C............................ 175,001 82,346 Burtonwood Brewery P.L.C.............................. 38,000 99,054 Business Post Group P.L.C............................. 25,000 85,520 89
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THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- *CLS Holdings P.L.C................................... 102,907 $ 308,214 Cadcentre Group P.L.C................................. 10,000 82,234 Caffyns P.L.C......................................... 6,000 27,561 *Cairn Energy P.L.C................................... 60,206 184,818 *Calluna P.L.C........................................ 77,140 9,795 Camellia P.L.C........................................ 2,950 132,201 Cammell Laird Group P.L.C............................. 256,158 112,881 Cannons Group P.L.C................................... 188,000 379,126 *Cantab Pharmaceuticals P.L.C......................... 80,000 157,148 Cape P.L.C............................................ 119,518 40,171 Capital Bars P.L.C.................................... 70,000 28,233 Carbo P.L.C........................................... 240,557 37,731 Carclo Engineering Group P.L.C........................ 100,463 183,838 *Care UK P.L.C........................................ 9,000 32,468 Carlisle Holdings, Ltd................................ 8,709 57,242 Carpetright P.L.C..................................... 95,000 730,842 Carr's Milling Industries P.L.C....................... 19,000 33,349 Castings P.L.C........................................ 79,000 156,954 *Cenes Pharmaceuticals P.L.C.......................... 18,000 15,595 Chamberlin & Hill P.L.C............................... 18,000 48,802 Chapelthorpe P.L.C.................................... 497,507 152,351 Charles Taylor Group P.L.C............................ 6,000 33,476 Chemring Group P.L.C.................................. 49,000 240,450 Chime Communications P.L.C............................ 15,063 47,252 Chloride Group P.L.C.................................. 485,500 1,193,020 Christie Group P.L.C.................................. 53,263 48,932 Chrysalis Group P.L.C................................. 311,680 1,664,476 Churchill China P.L.C................................. 30,000 67,669 City Centre Restaurants P.L.C......................... 433,500 312,449 Clarkson (Horace) P.L.C............................... 44,733 110,257 *Clinical Computing P.L.C............................. 40,000 15,834 Clinton Cards P.L.C................................... 124,460 190,566 *Clubhaus P.L.C....................................... 31,694 24,382 Clydeport P.L.C....................................... 12,500 44,160 Colefax & Fowler Group P.L.C.......................... 60,000 67,669 *Communisis P.L.C..................................... 237,134 681,894 Community Hospitals Group P.L.C....................... 63,833 519,678 Compel Group P.L.C.................................... 5,000 6,087 *Consolidated Coal P.L.C.............................. 92 0 Coral Products P.L.C.................................. 50,000 48,548 *Corporate Services Group P.L.C....................... 82,200 71,218 Cosalt P.L.C.......................................... 30,700 107,541 Countryside Property P.L.C............................ 138,259 323,221 Countrywide Assured Group P.L.C....................... 101,746 154,268 Courts P.L.C.......................................... 110,722 640,912 *Cradley Group Holdings P.L.C......................... 80,000 28,083 Crest Nicholson P.L.C................................. 267,250 660,706 Creston Land & Estates P.L.C.......................... 5,000 6,722 Croda International P.L.C............................. 40,802 164,870 Cropper (James) P.L.C................................. 22,000 75,258 *Culver Holdings P.L.C................................ 338 311 *DBS Management P.L.C................................. 9,000 10,218 DCS Group P.L.C....................................... 10,000 14,191 DFS Furniture Co. P.L.C............................... 41,300 219,013 DTZ Holdings P.L.C.................................... 89,500 233,966 Daejan Holdings P.L.C................................. 23,000 407,994 Dairy Crest Group P.L.C............................... 5,000 19,233 *Danka Business Systems P.L.C......................... 15,000 1,681 Dart Group P.L.C...................................... 74,000 382,473 Davis Service Group P.L.C............................. 10,000 42,050 Dawson International P.L.C............................ 204,384 206,083 Delancey Estates P.L.C................................ 53,758 83,917 SHARES VALUE ------ ----- *Delaney Group P.L.C.................................. 270,000 $ 0 Delta P.L.C........................................... 150,000 341,707 Delyn Group P.L.C. ................................... 22,500 87,723 Densitron International P.L.C......................... 42,386 89,276 Derwent Valley Holdings P.L.C......................... 90,000 990,165 Development Securities P.L.C.......................... 50,000 244,610 Dewhirst Group P.L.C.................................. 275,760 220,383 Dewhurst P.L.C........................................ 9,000 10,218 Dewhurst P.L.C. Class A Non-Voting.................... 15,500 15,050 Diagonal P.L.C........................................ 25,200 74,346 *Dialog Corp. P.L.C................................... 115,000 40,370 Dicom Group P.L.C..................................... 30,000 210,626 Diploma P.L.C......................................... 48,000 185,351 Dixon Motors P.L.C.................................... 55,408 139,879 Domestic & General Group P.L.C........................ 10,300 105,780 Domino Printing Sciences P.L.C........................ 335,935 1,141,640 Domnick Hunter Group P.L.C............................ 30,000 155,729 Dowding & Mills P.L.C................................. 336,440 201,030 Druck Holdings P.L.C.................................. 8,000 22,706 EBC Group P.L.C....................................... 30,000 34,283 East Surrey Holdings P.L.C............................ 36,800 100,324 Edinburgh Fund Managers Group P.L.C................... 61,000 625,551 Eldridge Pope & Co. P.L.C............................. 25,000 72,823 Eleco Holdings P.L.C.................................. 104,685 46,914 Electronic Data Processing P.L.C...................... 55,200 56,896 Electronics Boutique P.L.C............................ 150,000 109,794 Ellis & Everard P.L.C................................. 191,313 881,642 Emess P.L.C........................................... 288,250 102,265 *Energy Technique P.L.C............................... 77,856 6,106 Ennstone P.L.C........................................ 135,323 64,687 Eurocopy P.L.C........................................ 131,000 59,685 Eurodis Electron P.L.C................................ 87,500 211,093 Euromoney Institutional Investors P.L.C............... 65,000 575,300 European Colour P.L.C................................. 82,090 74,189 European Motor Holdings P.L.C......................... 118,325 107,820 *European Telecom P.L.C............................... 7,000 7,267 Europower P.L.C....................................... 232,092 19,935 Expamet International P.L.C........................... 139,749 204,582 Expro International Group P.L.C....................... 50,000 308,096 *FII Group P.L.C...................................... 41,166 62,109 Falcon Holdings P.L.C................................. 5,500 17,664 Fenner P.L.C.......................................... 215,276 300,677 Ferguson International Holdings P.L.C................. 89,105 46,587 Financial Objects P.L.C............................... 7,000 10,613 Fine Art Developments P.L.C........................... 108,000 367,027 First Technology P.L.C................................ 117,111 929,808 *Firth (G.M.) Holdings P.L.C.......................... 163,080 43,850 Firth Rixson P.L.C.................................... 416,888 202,393 Fisher (Albert) Group P.L.C........................... 26,000 36,314 *Flare Group P.L.C.................................... 20,600 0 Folkes Group P.L.C.................................... 28,000 39,108 Folkes Group P.L.C. Non-Voting........................ 65,500 82,678 *Forminster P.L.C..................................... 43,333 17,801 Forth Ports P.L.C..................................... 126,000 1,209,306 *Fortress Holdings P.L.C.............................. 120,728 49,594 *Foster (John) & Son P.L.C............................ 27,500 4,416 Freeport Leisure P.L.C................................ 12,300 101,239 French Connection Group P.L.C......................... 25,000 264,216 *Friendly Hotels P.L.C................................ 51,533 28,098 90
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THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Friends, Ivory & Sime P.L.C........................... 78,125 $ 523,997 Frogmore Estates P.L.C................................ 51,000 463,578 Fuller, Smith & Turner P.L.C. Series A................ 20,000 101,578 Fulmar P.L.C.......................................... 107,500 115,620 *GEI International P.L.C.............................. 90,895 3,055 Galliford P.L.C....................................... 467,870 176,473 Games Workshop Group P.L.C............................ 8,000 16,014 Gardner Group P.L.C................................... 26,923 58,315 Garton Engineering P.L.C.............................. 10,248 9,951 Gaskell P.L.C......................................... 36,000 19,091 *Gearhouse Group P.L.C................................ 25,000 10,830 Geest P.L.C........................................... 86,082 659,020 Georgica P.L.C........................................ 53,033 60,208 Gibbs & Dandy P.L.C................................... 4,500 20,502 *Gioma Restaurants P.L.C.............................. 100,000 60,499 Gleeson (M.J.) Group P.L.C............................ 22,471 259,306 Glenchewton P.L.C..................................... 50,000 58,818 Glenmorangie P.L.C.................................... 20,000 180,003 *Glotel P.L.C......................................... 11,300 80,180 Go-Ahead Group P.L.C.................................. 20,000 191,505 Gowrings P.L.C........................................ 5,000 7,282 Grainger Trust, Ltd................................... 22,000 214,435 Grampian Holdings P.L.C............................... 200,324 197,501 Grantchester Holdings P.L.C........................... 54,000 164,154 Greene King P.L.C..................................... 23,039 187,565 *Greenwich Resources P.L.C............................ 219,332 14,744 Greggs P.L.C.......................................... 26,000 932,131 Guiness Peat Group P.L.C.............................. 122,301 80,385 Haden Maclellan Holdings P.L.C........................ 206,224 126,304 Halma P.L.C........................................... 30,000 61,395 Halstead (James) Group P.L.C.......................... 71,883 210,462 Hamley's P.L.C........................................ 47,500 100,047 Hampson Industries P.L.C.............................. 507,431 246,350 *Hampton Trust P.L.C.................................. 232,050 46,796 Hanover International P.L.C........................... 11,420 15,609 Hardys & Hansons P.L.C................................ 48,000 181,766 *Hartstone Group P.L.C................................ 640,263 66,950 Harvey Nash Group..................................... 125,000 1,619,839 Havelock Europa P.L.C................................. 64,250 28,793 *Hawtal Whiting Holdings P.L.C........................ 22,588 6,411 Hawtin P.L.C.......................................... 196,500 38,159 Haynes Publishing Group P.L.C......................... 14,703 30,200 Headlam Group P.L.C................................... 228,861 468,365 Heath (Samuel) & Sons P.L.C........................... 7,500 24,088 Helical Bar P.L.C..................................... 35,000 400,488 *Helphire Group P.L.C................................. 134,600 148,788 Henlys Group P.L.C.................................... 8,303 51,162 Heywood Williams Group P.L.C.......................... 50,400 122,342 Highbury House Communications P.L.C................... 439,166 373,935 High-Point P.L.C...................................... 57,510 105,238 Hill & Smith Holdings P.L.C........................... 86,850 83,680 Hit Entertainment P.L.C............................... 31,848 193,866 Hitachi Credit (UK) P.L.C............................. 11,412 41,766 Holidaybreak P.L.C.................................... 92,974 463,180 *Horace Small Apparel P.L.C........................... 137,500 457,009 *Howard Holdings P.L.C................................ 57,730 34,926 Hughes (T.J.) P.L.C................................... 5,625 26,342 Hunting P.L.C......................................... 223,174 525,069 *Huntingdon Life Sciences Group P.L.C................. 234,550 7,883 SHARES VALUE ------ ----- *Huntsworth P.L.C..................................... 54,000 $ 34,283 IAF Group P.L.C....................................... 30,000 21,735 IMS Group P.L.C....................................... 75,000 62,740 *ISA International P.L.C.............................. 95,214 28,802 *Imagination Technologies Group P.L.C................. 225,366 764,199 Incepta Group P.L.C................................... 151,000 251,504 *Industrial and Commercial Holdings................... 5,000 112 Intelek P.L.C......................................... 79,904 42,373 Interx P.L.C.......................................... 20,000 212,120 Isotron P.L.C......................................... 30,500 175,409 Ite Group P.L.C....................................... 129,545 96,757 J.& J. Dyson P.L.C.................................... 28,500 55,558 *JKX Oil and Gas P.L.C................................ 20,533 4,217 Jacobs (John I.) P.L.C................................ 116,000 52,851 Jardine Lloyd Thompson Group P.L.C.................... 178,801 1,291,394 Jarvis Hotels P.L.C................................... 300,000 432,455 Jarvis P.L.C.......................................... 300,000 976,945 Jarvis Porter Group P.L.C............................. 99,894 38,052 John David Sports P.L.C............................... 114,500 443,849 Johnson Group Cleaners P.L.C.......................... 110,535 433,433 Johnston Group P.L.C.................................. 26,000 158,268 Joseph (Leopold) Holdings P.L.C....................... 14,000 166,783 Jourdan (Thomas) P.L.C................................ 40,000 29,876 *Kalamazoo Computer Group P.L.C....................... 56,120 13,832 Keller Group P.L.C.................................... 110,000 270,303 *Kenwood Appliances P.L.C............................. 100,892 123,584 Kier Group P.L.C...................................... 7,539 32,546 Kleeneze P.L.C........................................ 84,300 286,485 Kunick P.L.C.......................................... 420,000 84,698 Laing (John) P.L.C.................................... 103,977 617,400 Laird Group P.L.C..................................... 6,000 31,235 Lambert Howarth Group P.L.C........................... 25,200 63,994 *Lamont Holdings P.L.C................................ 72,231 16,724 Laura Ashley Holdings P.L.C........................... 249,150 66,992 Lavendon Group P.L.C.................................. 4,800 36,210 Leeds Group P.L.C..................................... 86,938 57,791 *Leeds Sporting P.L.C................................. 66,000 12,324 Leicester City P.L.C.................................. 100,000 82,159 *Lilleshall P.L.C..................................... 51,564 53,533 Lincat Group P.L.C.................................... 4,000 16,880 Linton Park P.L.C..................................... 39,000 179,144 Linx Printing Technologies P.L.C...................... 27,000 146,004 Litho Supplies P.L.C.................................. 100,000 113,529 Locker (Thomas) Holdings P.L.C........................ 176,168 40,132 London Clubs International P.L.C...................... 125,000 123,239 *London Forfeiting Co................................. 12,000 6,453 London Scottish Bank P.L.C............................ 263,000 463,586 Lookers P.L.C......................................... 53,160 60,749 *Lorien P.L.C......................................... 60,000 68,565 Low & Bonar P.L.C..................................... 65,000 97,582 *Lowe (Robert H.) & Co. P.L.C......................... 251,985 14,116 Luminar P.L.C......................................... 34,221 341,222 Lynx Holdings P.L.C................................... 100,000 132,201 *M.L. Laboratories P.L.C.............................. 35,417 66,661 *MDIS Group P.L.C..................................... 285,600 293,308 MFI Furniture Group P.L.C............................. 450,000 465,505 MMT Computing P.L.C................................... 3,000 23,639 MS International P.L.C................................ 71,500 42,189 MSB International P.L.C............................... 16,000 27,486 MacDonald Hotels P.L.C................................ 15,500 31,142 91
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THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- MacFarlane Group Clansman P.L.C....................... 228,287 $ 206,314 Macro 4 P.L.C......................................... 42,500 571,379 Maiden Group P.L.C.................................... 16,800 119,205 Mallett P.L.C......................................... 24,837 58,620 Manganese Bronze Holdings P.L.C....................... 32,184 61,297 Marshalls P.L.C....................................... 225,800 796,028 Martin International Holdings P.L.C................... 135,800 25,864 *Marylebone Warwick Balfour Group P.L.C............... 54,831 191,252 Marylebone Warwick Balfour Group P.L.C................ 18,167 65,538 Mayflower Corp. P.L.C................................. 403,800 458,429 McAlpine (Alfred) P.L.C............................... 171,111 594,283 McBride P.L.C......................................... 10,000 9,486 McCarthy & Stone P.L.C................................ 194,968 840,237 McKay Securities P.L.C................................ 68,500 177,023 McLeod Russel Holdings P.L.C.......................... 149,524 146,300 *Meconic P.L.C........................................ 6,000 18,194 Medical Solu.......................................... 13,500 30,048 Meggitt P.L.C......................................... 131,277 408,872 Mentmore Abbey P.L.C.................................. 262,423 838,896 Menzies (John) P.L.C.................................. 5,000 27,859 *Merant P.L.C......................................... 172,500 244,796 Merchant Retail Group P.L.C........................... 185,666 194,144 Merrydown P.L.C....................................... 59,927 25,960 Metal Bulletin P.L.C.................................. 95,500 499,303 Metalrax Group P.L.C.................................. 358,740 361,723 *Metaltech International P.L.C........................ 401,163 5,094 Mice Group P.L.C...................................... 15,909 29,706 Microgen Holdings P.L.C............................... 88,000 404,222 Mitie Group P.L.C..................................... 250,000 1,420,977 Molins P.L.C.......................................... 68,000 167,604 Moorfield Estates P.L.C............................... 333,333 175,521 Moss Brothers Group P.L.C............................. 163,400 72,006 Mowlem (John) & Co. P.L.C............................. 309,656 566,641 Mucklow (A & J) Group P.L.C........................... 175,000 465,319 *NXT P.L.C............................................ 14,754 154,828 Nestor Healthcare Group P.L.C......................... 180,200 1,318,996 *Netbenefit P.L.C..................................... 3,000 5,714 *Network Technology P.L.C............................. 15,000 3,361 Newcastle United P.L.C................................ 48,923 33,617 Nichols (J.N.) (Vimto) P.L.C.......................... 66,550 105,874 Nightfreight P.L.C.................................... 125,000 101,765 Nord Anglia Education P.L.C........................... 5,000 11,465 Northamber P.L.C...................................... 75,888 128,665 Northgate P.L.C....................................... 118,200 663,893 Novara P.L.C.......................................... 228,591 85,367 *OEM P.L.C............................................ 12,000 4,930 Oasis Stores.......................................... 13,000 11,457 Ocean Wilson Holdings, Ltd............................ 84,250 110,121 Ockham Holdings P.L.C................................. 122,000 140,328 Old English Pub Company P.L.C......................... 65,000 86,416 *Orbis P.L.C.......................................... 142,859 114,704 Osborne & Little P.L.C................................ 11,200 79,888 *Osprey Communications P.L.C.......................... 23,524 527 Owen (H.R.) P.L.C..................................... 30,000 45,934 Oxford Instruments P.L.C.............................. 99,838 272,923 Oxford Molecular Group P.L.C.......................... 41,440 23,214 PGA European Tour Courses P.L.C....................... 80,000 61,545 *PPL Therapeutics P.L.C............................... 9,000 25,947 PSD Group............................................. 43,500 620,562 *Paladin Resources P.L.C.............................. 74,000 34,820 SHARES VALUE ------ ----- Paragon Group of Companies P.L.C...................... 47,000 $ 177,277 Parity Group P.L.C.................................... 128,750 242,332 *Park Food Group P.L.C................................ 291,600 44,648 *Partners Holdings P.L.C.............................. 40,000 7,469 Partridge Fine Arts P.L.C............................. 58,000 55,017 Paterson Zochonis P.L.C............................... 22,000 111,572 Paterson Zochonis P.L.C. Non-Voting................... 27,000 118,981 Pendragon P.L.C....................................... 95,750 245,299 *Peptide Therapeutics Group P.L.C..................... 35,000 54,113 Perkins Foods P.L.C................................... 280,000 502,962 Perry Group P.L.C..................................... 47,666 74,408 Peterhouse Group P.L.C................................ 85,427 553,193 *Pex P.L.C............................................ 85,517 1,597 Photobition Group P.L.C............................... 38,300 55,782 Photo-Me International P.L.C.......................... 120,064 172,178 *Photo-Scan P.L.C..................................... 40,777 76,750 Phytopharm............................................ 10,600 134,591 Pic International Group P.L.C......................... 55,000 28,345 Pifco Holdings P.L.C.................................. 32,666 75,147 Pittards P.L.C........................................ 60,985 53,293 Planit Holdings P.L.C................................. 35,000 54,374 Plantation & General Investment P.L.C................. 70,623 24,792 *Plasmon P.L.C........................................ 100,000 168,053 Portmeirion Potteries (Holdings) P.L.C................ 22,856 55,140 Porvair P.L.C......................................... 35,000 216,452 *Powderject Pharmaceuticals P.L.C..................... 30,400 268,609 Precoat International P.L.C........................... 25,000 34,918 *Premier Consolidated Oilfields P.L.C................. 152,488 34,737 Pressac Holdings P.L.C................................ 176,166 385,525 *Princedale Group P.L.C............................... 250,000 70,956 *Probus Estates P.L.C................................. 83,333 3,423 *Property Partnerships P.L.C.......................... 10,000 11,950 *Proudfoot P.L.C...................................... 236,420 268,405 *Provalis P.L.C....................................... 104,615 26,957 Prowting P.L.C........................................ 157,630 268,433 QS Holdings P.L.C..................................... 95,775 35,767 *QSP Group P.L.C...................................... 31,250 14,121 Quick Group P.L.C..................................... 77,887 80,280 Quintain Estates & Development P.L.C.................. 108,350 301,856 *Qxl.com P.L.C........................................ 130,000 17,477 RJB Mining P.L.C...................................... 16,000 15,655 *RMS Communications P.L.C............................. 15,000 0 RPS Group P.L.C....................................... 46,200 139,407 *Radamec Group P.L.C.................................. 35,000 17,515 Ransom (William) & Son P.L.C.......................... 30,000 33,611 *Recognition Systems Group P.L.C...................... 27,200 113,158 Redrow Group P.L.C.................................... 89,800 289,079 *Redstone Telecom P.L.C............................... 33,046 67,382 *Reece P.L.C.......................................... 283,750 5,298 Reed Executive P.L.C.................................. 116,500 391,562 Reg Vardy P.L.C....................................... 103,597 366,765 Regent Inns P.L.C..................................... 87,891 159,519 Reliance Security Group P.L.C......................... 9,000 84,161 Relyon Group P.L.C.................................... 40,777 76,445 Renishaw P.L.C........................................ 146,806 1,567,986 Renold P.L.C.......................................... 144,000 201,125 Ricardo Group P.L.C................................... 84,709 612,445 *Richmond Oil & Gas P.L.C............................. 220,000 0 *Rodime P.L.C......................................... 435,000 173,822 92
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THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Rolfe & Nolan P.L.C................................... 24,000 $ 140,178 Roseby's P.L.C........................................ 33,500 183,405 Rotork P.L.C.......................................... 165,099 672,053 Rowe Evans Investments P.L.C.......................... 86,917 87,640 Roxboro Group P.L.C................................... 5,000 25,507 Roxspur P.L.C......................................... 167,464 73,797 *Royal Doulton P.L.C.................................. 60,000 61,843 Royalblue Group P.L.C................................. 11,800 185,082 Russell (Alexander) P.L.C............................. 47,500 106,433 Rutland Trust P.L.C................................... 544,800 339,771 S & U P.L.C........................................... 21,140 110,210 *SEP Industrial Holdings P.L.C........................ 100,000 14,191 SFI Group P.L.C....................................... 26,713 70,231 SIG P.L.C............................................. 103,200 310,633 Safeland P.L.C........................................ 25,000 15,498 Salvesen (Christian) P.L.C............................ 100,000 209,879 Sanderson Bramall Motor Group P.L.C................... 68,166 143,575 *Save Group P.L.C..................................... 175,080 149,075 Saville (J.) Gordon Group P.L.C....................... 379,926 509,361 Savills P.L.C......................................... 104,000 339,451 Scapa Group P.L.C..................................... 30,000 66,101 *Scottish Radio Holdings.............................. 13,100 337,561 Secure Trust Group P.L.C.............................. 27,118 140,768 Senior Engineering Group P.L.C........................ 122,900 96,384 Severfield-Rowan P.L.C................................ 20,000 54,822 Shaftesbury P.L.C..................................... 137,500 556,627 Shanks & McEwan Group P.L.C........................... 92,900 314,323 *Sherwood Group P.L.C................................. 270,000 32,266 Sherwood International, Ltd........................... 11,000 52,171 Shiloh P.L.C.......................................... 14,500 33,573 *ShopRite Group P.L.C................................. 204,780 42,061 Silentnight Holdings P.L.C............................ 84,300 215,965 Simon Engineering P.L.C............................... 348,089 254,788 Sinclair (William) Holdings P.L.C..................... 53,000 79,963 Sindall (William) P.L.C............................... 66,000 289,857 Singapore Para Rubber Estates P.L.C................... 26,000 54,374 Singer & Friedlander Group P.L.C...................... 310,678 1,359,786 Sirdar P.L.C.......................................... 120,545 132,352 Skillsgroup P.L.C..................................... 177,250 364,067 Smart (J.) & Co. (Contractors) P.L.C.................. 22,500 99,991 *Soco International P.L.C............................. 9,000 16,940 *Solvera P.L.C........................................ 173,158 12,287 South Staff Water Holdings P.L.C...................... 108,000 657,421 Southampton Leisure Holdings P.L.C.................... 19,615 11,867 Spirax-Sarco Engineering P.L.C........................ 30,100 159,170 *Sportsworld Media Group P.L.C........................ 19,049 139,431 Spring Group P.L.C.................................... 169,495 224,075 Springwood P.L.C...................................... 37,500 87,667 St. Modwen Properties P.L.C........................... 50,000 75,063 Stanley (Charles) Group P.L.C......................... 76,800 665,398 Stanley Leisure Organisation P.L.C.................... 221,258 543,698 Stat-Plus Group P.L.C................................. 58,000 80,142 *Sterling Publishing Group P.L.C...................... 15,000 31,706 Stirling Group P.L.C.................................. 193,011 70,638 Stoves Group P.L.C.................................... 10,000 6,199 *Stratagem Group P.L.C................................ 70,315 16,281 *Stylo P.L.C.......................................... 127,367 44,711 *Superscape P.L.C..................................... 6,000 22,317 Swallowfield P.L.C.................................... 15,000 20,839 Swan (John) and Sons P.L.C............................ 1,000 6,311 SHARES VALUE ------ ----- Syltone P.L.C......................................... 50,400 $ 59,101 *Synstar P.L.C........................................ 30,000 21,287 T & S Stores P.L.C.................................... 138,335 704,659 TGI Group P.L.C....................................... 59,560 45,820 *Tadpole Technology P.L.C............................. 100,000 77,304 *Tamaris P.L.C........................................ 5,161 193 *Tandem Group P.L.C................................... 267,838 21,005 *Tandem Group P.L.C................................... 327,365 0 *Tay Homes P.L.C...................................... 52,629 55,425 Teamtalk.com Group P.L.C.............................. 375,000 106,433 Ted Baker P.L.C....................................... 16,500 87,130 Telemetrix P.L.C...................................... 165,708 884,936 *Telme.com P.L.C...................................... 250,000 117,637 Telspec P.L.C......................................... 25,000 25,768 Tempus Group P.L.C.................................... 10,000 72,225 Tex Holdings P.L.C.................................... 14,000 20,704 Thorntons P.L.C....................................... 158,000 197,077 Thorpe (F.W.) P.L.C................................... 24,000 40,691 Tibbett & Britten Group P.L.C......................... 86,123 739,741 Tilbury Douglas P.L.C................................. 186,419 1,378,440 Time Products P.L.C................................... 90,242 155,698 Tinsley (Eliza) Group P.L.C........................... 19,844 21,936 Topps Tiles P.L.C..................................... 12,000 53,329 Tops Estates P.L.C.................................... 10,088 24,111 Torex P.L.C........................................... 50,000 436,937 *Torotrak P.L.C....................................... 28,989 51,965 *Tottenham Hotspur P.L.C.............................. 150,000 116,516 Town Centre Securities (New) P.L.C.................... 142,137 224,002 *Towry Law P.L.C...................................... 7,000 18,038 *Trace Computers P.L.C................................ 33,552 40,597 Transport Development Group P.L.C..................... 19,782 54,668 *Transtec P.L.C....................................... 601,525 0 Trifast P.L.C......................................... 28,388 82,692 Ulster Television, Ltd................................ 115,602 569,865 *Ultima Networks P.L.C................................ 100,000 7,096 Ultra Electronics Holdings P.L.C...................... 3,480 21,495 *Union P.L.C.......................................... 94,000 22,467 United Industries P.L.C............................... 109,008 17,098 *United Overseas Group P.L.C.......................... 64,209 16,785 *Universal Salvage P.L.C.............................. 5,000 30,511 *Vanguard Medica Group P.L.C.......................... 8,000 35,851 Vega Group P.L.C...................................... 10,000 57,885 *Vert (Jacques) P.L.C................................. 45,000 11,091 Vibroplant P.L.C...................................... 83,100 63,929 Victoria Carpet Holdings P.L.C........................ 12,000 23,931 *Victrex P.L.C........................................ 9,195 45,396 Viglen Technology P.L.C............................... 13,791 18,026 Vitec Group P.L.C..................................... 4,500 33,442 *Vocalis Group P.L.C.................................. 8,000 16,551 Volex Group P.L.C..................................... 58,801 1,730,388 Vosper Thornycroft Holdings P.L.C..................... 20,000 322,661 WSP Group P.L.C....................................... 50,000 307,349 WT Foods P.L.C........................................ 145,194 68,321 Wagon Industrial Holdings P.L.C....................... 80,000 213,315 Walker Greenbank P.L.C................................ 144,462 62,581 Warner Estate Holdings P.L.C.......................... 70,000 302,196 Waterman Partnership Holdings P.L.C................... 45,000 65,540 *Waverly Mining Finance P.L.C......................... 42,500 2,698 Weir Group P.L.C...................................... 76,994 273,157 Wellington Holdings P.L.C............................. 9,000 11,764 Wembley P.L.C......................................... 6,053 50,861 93
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THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Wescol Group P.L.C.................................... 125,000 $ 26,142 Westbury P.L.C........................................ 202,522 777,495 Whatman P.L.C......................................... 241,935 1,039,032 *Whitecroft P.L.C..................................... 105,000 0 *Whittard of Chelsea P.L.C............................ 30,000 16,357 *Wiggins Group P.L.C.................................. 1,148,266 538,169 *Wilmington Group P.L.C............................... 17,000 71,740 Wilshaw P.L.C......................................... 198,409 101,511 Wilson (Connolly) Holdings P.L.C...................... 51,000 129,132 Wintrust P.L.C........................................ 22,500 163,011 Wolverhampton & Dudley Breweries P.L.C................ 93,071 637,450 Worthington Group P.L.C............................... 102,653 19,168 Wyevale Garden Centres P.L.C.......................... 15,091 116,096 Wyndeham Press Group P.L.C............................ 63,066 219,034 *YJL P.L.C............................................ 35,932 11,003 Yates Brothers Wine Lodges P.L.C...................... 3,075 6,270 Yorklyde P.L.C........................................ 25,555 26,340 Yorkshire Group P.L.C................................. 82,504 73,947 Young & Co's Brewery P.L.C............................ 10,000 70,956 Young & Co's Brewery P.L.C. Class A................... 5,234 52,775 Young (H.) Holdings P.L.C............................. 49,542 45,884 Yule Catto & Co. P.L.C................................ 50,702 124,969 *Zetters Group P.L.C.................................. 29,000 76,460 Zotefoams P.L.C....................................... 12,000 14,251 ------------ TOTAL COMMON STOCKS (Cost $95,851,591)................................... 114,193,847 ------------ INVESTMENT IN CURRENCY -- (0.0%) *British Pound Sterling (Cost $30,201)...................................... 14,228 ------------ RIGHTS/WARRANTS -- (0.0%) *Evans of Leeds Contingent Units...................... 80,000 0 SHARES VALUE ------ ----- *Osprey Communications P.L.C. Rights 01/08/01......... 105,858 $ 791 *Tadpole Technology P.L.C. Rights 01/08/01............ 9,090 475 *Torex P.L.C. Rights 01/18/01......................... 8,333 12,448 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................................ 13,714 ------------ TOTAL -- UNITED KINGDOM (Cost $95,881,792)................................... 114,221,789 ------------ UNITED STATES -- (0.0%) COMMON STOCKS -- (0.0%) *Lason, Inc........................................... 6,620 1,787 ------------ [Download Table] TEMPORARY CASH INVESTMENTS -- (0.5%) FACE AMOUNT ------ (000) Repurchase Agreement, PNC Capital Markets Inc. 5.63%, 01/02/2001 (Collateralized by U.S. Treasury Notes 3.375%, 02/15/01, valued at $576,613) to be repurchased at $567,355............................. $ 567 567,000 ------------ TOTAL INVESTMENTS - (100.0%) (Cost $96,809,025)+.................................. $114,790,576 ============ [Download Table] -------------------------------------------------------------------------------- * Non-Income Producing Securities + The cost for federal income tax purposes is $99,813,649. 94
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THE CONTINENTAL SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS DECEMBER 31, 2000 (UNAUDITED) [Download Table] SHARES VALUE ------ ----- FRANCE -- (19.8%) COMMON STOCKS -- (19.8%) Agricole de la Crau................................... 449 $ 29,002 Apem SA............................................... 1,000 74,075 Assystem SA........................................... 2,657 137,198 *Aurea................................................ 600 3,650 Bail-Investissement (Societe Immobiliere pour le Commerce & l'Industrie)............................. 2,367 262,002 Bains de Mer et du Cercle des Etrangers a Monaco...... 4,615 780,764 Banque Transatlantique................................ 3,030 187,750 Berger Levrault SA.................................... 476 49,828 Boiron SA............................................. 3,800 250,089 Brioche Pasquier SA................................... 2,600 244,832 Burelle SA............................................ 4,030 295,116 CEGID SA.............................................. 4,500 298,482 COM 1 SA.............................................. 450 6,464 Caisse Regionale de Credit Agricole Mutuel de la Brie................................................ 262 17,464 Carbone Lorraine...................................... 33,245 1,654,229 Cegedim SA............................................ 6,400 267,383 Change de la Bourse SA................................ 614 14,371 Christian Dalloz SA................................... 2,022 146,742 *Cie Francaise des Ferrailles......................... 10,576 393,197 Cie Industrielle et Financiere d'Ingenierie SA Ingenico............................................ 56,200 1,486,862 Compagnie Financiere Saint-Honore..................... 1,188 122,688 Concorde Cie d'Assurances Contre les Risques de Toute Nature SA........................................... 2,992 1,342,431 *Consortium International de Diffusion et de Representation Sante Cider Sante.................... 600 23,191 Continentale d'Entreprises SA......................... 20,087 792,059 Costimex SA........................................... 700 22,344 Credit Foncier et Communal d'Alsace et de Lorraine.... 840 156,306 Cristalleries de Baccarat............................. 1,567 209,789 Damart SA............................................. 22,900 1,741,461 Deveaux SA............................................ 1,040 79,186 Didot-Bottin.......................................... 1,620 102,358 Docks des Petroles d'Ambes............................ 100 8,872 Docks Lyonnais........................................ 1,147 25,306 Dynaction SA.......................................... 10,660 298,241 *EMI France SA........................................ 300 0 Electricite de Strasbourg............................. 23,784 813,239 *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 94,554 Explosifs et de Produits Chimiques.................... 524 90,519 Fimalac SA............................................ 104,100 3,506,683 Financiere et Immobiliere de l'Etang de Berre et de la Mediterranee SA..................................... 4,000 14,270 Fininfo SA............................................ 9,760 366,525 Fives-Lille........................................... 6,526 649,451 SHARES VALUE ------ ----- Fonciere Lyonnaise SA................................. 2,896 $ 78,358 Fonderies Franco Belge................................ 492 31,641 France-Africaine de Recherches Petrolieres (Francarep)......................................... 4,250 223,445 *Fromagerie F. Paul Renard............................ 200 22,589 *GCI (Groupe Chatellier Industrie SA)................. 7,258 1,226 GFI Industries SA..................................... 6,845 164,194 Gantois Series A...................................... 647 60,196 Gascogne SA........................................... 6,472 511,616 Gaumont............................................... 14,607 573,232 *Generale de Geophysique SA........................... 22,068 1,483,438 Gevelot............................................... 3,584 139,573 Grands Moulins de Strasbourg.......................... 110 16,059 Groupe Guillin SA..................................... 1,200 24,222 Groupe Norbert Dentressangle SA....................... 6,320 106,803 Groupe Zannier SA..................................... 4,100 236,729 Guitel-Etienne-Mobilor SA............................. 240 14,342 Guyenne et Gascogne SA................................ 26,000 2,026,025 Hoteliere Lutetia Concorde............................ 2,505 193,318 *Hotels et Casinos de Deauville....................... 2,055 279,752 IMS International Metal Service SA.................... 12,630 98,418 Immobanque............................................ 1,098 128,856 Immobiliere Marseillaise.............................. 656 1,940,027 Industrie des Transports.............................. 600 56,331 Industrielle et Financiere d'Entreprise SA............ 300 16,336 Informatique et Realite SA............................ 2,643 55,831 *Lectra Systemes SA................................... 19,192 176,579 Legris Industries SA.................................. 29,350 1,322,643 Locindus (Cie Financiere pour la Location d'Immeubles Industrials et Commerciaux)......................... 1,600 170,043 MRM................................................... 1,424 50,001 Manitou SA............................................ 11,092 1,066,358 Matussiere et Forest SA............................... 13,600 89,378 *Metaleurop SA........................................ 58,400 279,077 Montupet SA........................................... 32,450 594,686 *Moulinex SA.......................................... 97,800 381,967 *NAF NAF SA........................................... 4,200 52,838 Nord-Est SA........................................... 2,707 66,459 PSB Industries SA..................................... 1,240 83,587 Parc Asterix SA....................................... 822 15,049 Parisienne de Chauffage Urbain........................ 200 13,998 *Pier Import Europe SA................................ 12,100 66,342 Plastic Omnium........................................ 11,036 1,124,177 Radiall SA............................................ 1,340 226,449 Robertet SA........................................... 269 64,400 *Rochette............................................. 84,470 487,720 Rougier SA............................................ 2,040 116,830 SAMSE SA.............................................. 1,100 278,837 *SDR de Bretagne SA................................... 714 7,286 SILIC (Societe Immobiliere de Location pour l'Industrie et le Commerce)......................... 3,064 470,039 SOGEPAG (Societe Exploitation de Parces et Gauges).... 379 10,728 SR Teleperformance.................................... 90,928 3,572,616 95
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Sabate SA............................................. 2,400 $ 85,510 Sabeton............................................... 13,500 174,907 Sechilienne........................................... 220 80,326 Securidev SA.......................................... 1,500 13,928 Selectibanque SA...................................... 7,100 98,654 Sidergie SA........................................... 4,000 232,458 Signaux et d'Equipements Electroniques SA............. 23,983 677,740 Simco SA.............................................. 18,295 1,264,164 Simco SA CVG Warrants 10/31/03........................ 19,695 105,396 Skis Rossignol SA..................................... 41,668 665,036 Smoby SA.............................................. 500 11,360 Societe Financiere Interbail SA....................... 17,550 494,301 Societe Francais des Papiers Peints................... 400 14,083 Sommer-Allibert SA.................................... 12,900 685,487 Sopra SA.............................................. 6,900 404,876 Sucriere de Pithiviers-le-Vieil....................... 1,825 499,453 Taittinger SA......................................... 2,540 1,931,577 Touax (Touage Investissement SA)...................... 8,649 267,150 *Trouvay et Cauvin SA................................. 1,500 21,124 Unilog SA............................................. 6,320 504,347 Union Generale du Nord SA............................. 994 74,610 Vallourec (Usines a Tubes de Lorraine Escaut et Vallourec Reunies).................................. 31,700 1,693,421 Vermandoise de Sucreries.............................. 323 191,045 *Viel et Cie.......................................... 42,228 151,049 Vilmorin et Cie SA.................................... 2,349 172,017 Virbac SA............................................. 1,713 128,659 ------------ TOTAL COMMON STOCKS (Cost $34,855,558)................................... 46,972,295 ------------ RIGHTS/WARRANTS -- (0.0%) *Continental d'Enterprises SA Warrants 10/31/01 (Cost $3,178)....................................... 2,707 3,050 ------------ TOTAL -- FRANCE (Cost $34,858,736)................................... 46,975,345 ------------ GERMANY -- (17.8%) COMMON STOCKS -- (17.8%) AGIV AG fuer Industrie & Verkehrswesen................ 12,200 132,292 Aachener Strassenbahn-Und Energie Versorguns AG....... 3,220 72,554 *Agrob AG............................................. 290 81,407 *Aigner (Etienne) AG.................................. 600 92,946 Alsen AG, Hamburg..................................... 16,400 347,973 *Alte Leipziger Versicherungs AG Series C............. 1,043 494,503 Amira Verwaltungs AG.................................. 200 84,496 Andreae-Noris Zahn AG, Anzag.......................... 27,200 561,804 *Anterra Vermoegensverwaltungs AG..................... 1,350 98,860 *Articon Integralis AG................................ 2,100 151,811 *BUS (Berzelius Umwelt Service) AG.................... 5,400 41,319 Baader Wertpapier Handelsbank AG...................... 7,900 122,378 Balcke-Duerr AG....................................... 32,910 468,095 Bayerische Handelsbank AG............................. 25,050 740,818 Beate Uhse AG......................................... 16,800 220,501 *Berliner Elektro Holding AG.......................... 11,061 124,615 Berliner Kindl-Brauerei AG............................ 790 148,337 *Bertrandt AG......................................... 3,100 35,653 SHARES VALUE ------ ----- Bilfinger & Berger Bau AG, Mannheim................... 14,400 $ 171,696 Biotest AG............................................ 8,060 107,453 Blaue Quellen Mineral und Heilbrunnen AG.............. 267 112,800 *Bochum-Gelsenkirchener Strassenbahnen AG............. 194 21,856 Boewe Systec AG....................................... 3,000 60,893 *Brau und Brunnen AG.................................. 4,995 66,591 *Bremer Woll-Kaemmerei AG............................. 19,960 42,163 Brillant AG........................................... 1,310 110,690 Buckau (Walther) AG................................... 7,800 74,694 Ceag AG............................................... 20,670 368,712 Cewe Color Holding AG................................. 1,900 32,733 *Concordia Bau und Boden AG........................... 73,288 478,202 *Concordia Bau und Boden AG Issue 99.................. 29,314 191,273 Data Modul AG......................................... 2,400 81,116 *Deutsche Babcock AG, Oberhausen...................... 4,190 200,622 Deutsche Steinzeug Cremer & Breuer AG................. 87,200 233,321 Deutsche Verkehrs-Bank AG............................. 7,124 682,209 *Dierig Holding AG.................................... 10,500 140,474 *Dis Deutscher Industrie Service AG................... 1,400 49,946 Doag-Holding AG....................................... 7,500 22,532 Duerr Beteiligungs AG................................. 31,750 721,361 Dyckerhoff AG......................................... 12,750 305,242 Dyckerhoff and Widmann AG............................. 49,190 154,709 Erlus Baustoffwerke AG................................ 297 75,286 *Erste Kulmbacher Actien Brauerei AG.................. 432 0 Escada AG............................................. 2,052 240,813 Eurobike AG........................................... 1,700 11,651 Fag Kugelfischer Georg Schaeffer AG................... 24,300 164,260 Forst Ebnath AG....................................... 23 12,265 Fuchs Petrolub AG Oel & Chemie........................ 2,231 125,674 Gilde Brauerei AG..................................... 1,200 403,327 Goldschmidt (T.H.) AG................................. 83,200 2,030,907 *Grammer AG........................................... 2,200 16,937 *Gwag Bayerische Wohnungs-Aktiengesellschaft AG....... 2,665 70,057 Hagen Batterie AG..................................... 870 93,931 Hamborner AG.......................................... 21,000 463,319 Hamburger Hochbahn AG Series A........................ 1,800 79,426 *Hasen-Braeu AG....................................... 1,000 40,370 *Herlitz AG........................................... 3,462 19,502 Holsten-Brauerei AG................................... 30,770 649,985 *Holsten-Brauerie AG, Hamburg......................... 7,692 149,848 *Holzmann (Philipp) AG................................ 2,200 26,851 Horten AG............................................. 33,800 380,795 *Hucke AG............................................. 8,300 15,585 IFA Hotel & Touristik AG.............................. 7,000 85,435 Iwka AG............................................... 72,613 893,057 *Ixos Software AG..................................... 6,100 31,498 Jacobsen (W.) AG, Kiel................................ 37 43,422 K & S Aktiengesellschaft AG........................... 129,500 2,145,892 *KSB AG............................................... 2,387 187,125 KWS Kleinwanzlebener Saatzucht AG..................... 1,650 1,014,655 *Kabel New Media AG................................... 6,900 65,428 Kampa-Haus AG......................................... 12,375 101,078 *Kaufring AG.......................................... 2,203 8,170 *Kempinski AG, Berlin................................. 686 180,977 Keramag Keramische Werke AG........................... 13,000 659,068 96
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- *Kloeckner Humboldt-Deutz AG.......................... 25,650 $ 65,260 Kloeckner-Werke AG.................................... 119,000 2,491,410 Km-Europa Metal AG.................................... 446 24,286 *Kolb und Schuele AG.................................. 10,000 1,596 Kolbenschmidt Pierburg AG, Duesseldorf................ 37,500 381,992 Kraftuebertragungswerke Rheinfelden AG................ 4,684 1,253,300 Kraftwerk Altwuerttemberg AG.......................... 125 49,289 Kromschroeder (G.) AG................................. 26,520 144,658 Kupferberg (Christian Adalbert) & Cie KG A.A.......... 151 77,971 *LPKF Laser & Electronics AG.......................... 2,200 54,735 Lehnkering AG......................................... 15,300 180,847 Leifheit AG........................................... 12,500 393,141 Leoni AG.............................................. 25,000 679,488 MG Vermoegensverwaltungs AG........................... 3,308 100,935 *MLF Holding fuer Umwelttechnologie AG................ 165 0 *MLF Holding fuer Umwelttechnologie AG Em 95.......... 33 0 *MVV Energie AG....................................... 20,200 293,952 *MWG Biotech AG....................................... 6,600 30,424 *Maihak (H.) AG....................................... 143 14,231 Main Kraftwerke AG.................................... 1,172 528,156 Mannheimer Aktiengesellschaft Holding AG.............. 27,580 1,760,745 Markt und Kuehlhallen AG.............................. 14,000 256,304 Maternus-Kliniken AG, Bad Oyenhausen.................. 2,400 14,646 *Maxdata AG........................................... 11,500 99,330 *Mensch und Maschine Software AG...................... 900 14,364 *Moenus Textilmaschinen AG............................ 5,250 13,062 *Moksel (A.) AG....................................... 15,800 25,514 *Morphosys AG......................................... 1,100 139,418 Mueller-Weingarten AG................................. 11,580 173,949 *Nemetschek AG........................................ 3,800 30,325 Neue Baumwoll-Spinnerei und Weberei Hof AG............ 12,170 94,834 *Niedermayr Papierwarenfabrik AG...................... 1,200 10,140 Norddeutsche Steingutfabrik AG........................ 5,960 41,966 Nuernberger Hypothekenbank AG......................... 32,825 1,078,614 *Otto Reichelt AG..................................... 11,950 70,905 *Pfaff (G.M.) AG...................................... 80,000 23,283 Pfleiderer AG......................................... 17,000 158,007 Phoenix AG, Hamburg................................... 37,500 439,379 Progress-Werk Oberkirch AG............................ 5,000 77,455 *Puma AG.............................................. 4,900 57,044 *RTV Family Entertainment AG.......................... 9,500 62,433 *Reichelt (F.) AG..................................... 1,290 91,439 Reiter Ingolstadt Spinnereimaschinen AG............... 1,200 94,523 Renk AG............................................... 19,400 366,093 Rheinboden Hypothekenbank AG.......................... 26,500 733,941 Rheinmetall Berlin AG................................. 45,000 392,906 Rhoen Klinikum AG..................................... 19,800 1,113,487 Salzgitter AG......................................... 24,900 201,044 *Schneider Rundfunkwerke AG........................... 10,274 385,827 *Schwarz Pharma AG.................................... 9,000 224,337 Sektkellerei Schloss Wachenheim AG.................... 15,120 132,016 *Senator Entertainment AG............................. 9,800 45,083 Ser Systeme........................................... 6,000 87,594 SHARES VALUE ------ ----- Sinalco AG............................................ 110 $ 51,636 Sinn AG............................................... 2,789 327,304 Sinner AG, Karlsruhe.................................. 4,160 41,009 Sixt AG............................................... 6,500 79,332 Sloman Neptune AG..................................... 700 3,943 *Stahl (R.) AG........................................ 2,000 18,871 Stern-Brauerei Carl Funke AG.......................... 1,100 52,669 Stoehr & Co. AG....................................... 16,000 76,610 Stollwerck AG......................................... 1,018 334,491 *Strabag AG........................................... 3,332 64,942 Stuttgarter Hofbraeu AG............................... 18,000 283,061 Sued-Chemie AG........................................ 29,146 1,121,905 Sueddeutsche Bodencreditbank AG....................... 38,582 1,249,675 Takkt AG.............................................. 29,100 254,352 Tarkett AG............................................ 12,800 67,897 *Terrex Handels AG.................................... 1,250 99,752 VBH (Vereinigter Baubeschlag-Handel) AG............... 9,415 127,285 VGT AG................................................ 586 44,013 VK Muehlen AG......................................... 1,312 57,893 Vereinigte Deutsche Nickel-Werke AG................... 13,800 225,435 Vossloh AG............................................ 15,900 223,168 Walter AG............................................. 13,500 375,162 Walter Bau AG, Augsburg............................... 11,907 44,715 *Wanderer-Werke AG.................................... 7,185 92,415 Westag and Getalit AG, Rheda-Wiedenbrueck............. 7,000 65,719 Wuerttembergische Hypotheken Bank AG.................. 20,788 1,014,868 Wuerttembergische Lebensversicherung AG............... 4,430 133,090 Wuerttembergische Metallwarenfabrik AG................ 30,330 466,992 Wuerttembergische und Badische Versicherungs AG....... 2,240 136,696 Wuerzburger Hofbraeu AG............................... 133 43,578 ZWL Grundbesitz und Beteiligungs AG................... 1,500 38,023 *Zanders Feinpapiere AG............................... 4,450 254,849 Zementwerk Lauffen-Elektrizitaetswerk Heilbronn AG.... 10,455 588,937 ------------ TOTAL COMMON STOCKS (Cost $41,220,149)................................... 42,274,209 ------------ PREFERRED STOCKS -- (0.0%) Fuchs Petrolub AG Oel & Chemie Non-voting............. 55 2,987 Westag and Getalit AG................................. 2,600 23,189 ------------ TOTAL PREFERRED STOCKS (Cost $43,173)....................................... 26,176 ------------ TOTAL -- GERMANY (Cost $41,263,322)................................... 42,300,385 ------------ SWITZERLAND -- (13.6%) COMMON STOCKS -- (13.6%) AFG Arbonia Foster Holding AG, Arbon.................. 522 289,911 *Accumulatoren-Fabrik Oerlikon, Zuerich............... 30 20,364 Afipa SA, Vevey....................................... 20 7,257 Afipa SA, Vevey Series A.............................. 80 34,064 Aletsch AG, Moerel.................................... 50 123,419 97
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Axantis Holding AG.................................... 4,316 $ 876,251 *BHB Beteiligungs und Finanzgesellschaft.............. 150 7,220 BKW FMB Energie AG, Bern.............................. 660 977,476 BVZ (Brig Visp Zermatt) Holding AG.................... 370 61,648 Bank Sarasin & Cie Series B, Basel.................... 274 879,235 Banque Cantonale de Geneve............................ 840 108,855 *Banque Cantonale de Geneve Em 2000................... 504 68,734 *Banque Cantonale du Jura............................. 450 54,914 Banque Privee Edmond de Rothschild SA, Geneve......... 120 851,219 Basellandschaftliche Kantonalbank..................... 600 218,821 Basler Kantonalbank................................... 1,000 193,150 Bobst SA, Prilly...................................... 100 142,549 Bobst SA, Prilly (Namen).............................. 90 66,091 Bon Appetit Holding AG................................ 275 164,610 Bossard Holding AG, Zug............................... 635 268,420 Bucher Holding AG, Niederweningen..................... 671 573,487 CKW (Centralschweizerische Kraftwerke), Luzern........ 670 574,699 CKW (Centralschweizerische Kraftwerke), Luzern (Participating)..................................... 1,500 120,333 *Calida Holding AG.................................... 396 65,980 Canon (Schweiz) AG, Dietlikon......................... 3,706 171,521 Carlo Gavazzi Holding AG.............................. 910 151,058 Cie Financiere Tradition.............................. 1,250 165,844 Coop Bank, Basel...................................... 941 554,554 Crossair AG fuer Europaeischen Regionalluftverkehr, Basel (Genusschen).................................. 330 33,092 Daetwyler Holding AG, Atldorf......................... 348 534,724 EGL (Elektrizitaets-Gesellschaft Laufenberg) AG, Laufenberg.......................................... 8,390 1,216,692 Edipresse SA, Lausanne................................ 694 217,558 Eichhof Holding AG.................................... 188 125,295 Energie Electrique du Simplon SA...................... 350 24,622 Escor AG, Duedingen................................... 744 21,119 Feldschloesschen-Huerlimann Holding AG, Rheinfelden... 1,602 519,006 Financiere Michelin, Granges-Paccot................... 637 239,784 Forbo Holding AG, Eglisau............................. 1,100 495,526 Fuchs Petrolub AG Oel & Chemie Non-Voting............. 2,001 112,336 Galenica Holding AG, Bern Series B.................... 405 387,380 Generale d'Affichage, Geneve.......................... 290 144,955 Generali (Switzerland) Holdings, Adliswil............. 1,670 524,548 Golay-Buchel Holding SA, Lausanne..................... 40 61,709 Gornergrat Monte Rasa-Bahnen Zermatt.................. 70 44,276 Gurit-Heberlein AG.................................... 1,125 1,058,701 *HPI Holding SA....................................... 6,000 75,902 Hero AG............................................... 3,040 380,821 Industrieholding Cham AG, Cham........................ 864 330,565 Jelmoli Holding AG, Zuerich........................... 1,521 2,252,638 Jelmoli Holding AG, Zuerich (Namen)................... 2,835 874,730 Kardex AG, Zuerich.................................... 1,039 435,989 Kardex AG, Zuerich (Participating).................... 610 248,442 Kraftwerk Laufenburg, Laufenburg...................... 8,265 1,560,685 Kuehne & Nagel International AG, Schindellegi......... 324 199,738 SHARES VALUE ------ ----- Lem Holdings AG, Lyss................................. 270 $ 67,896 Loeb Holding AG, Bern (Participating)................. 620 92,015 *Logitech International SA............................ 6,610 1,672,385 Maag Holding AG, Zuerich.............................. 922 140,533 Mikron Holding AG, Biel............................... 1,326 523,690 Moevenpick-Holding, Zuerich........................... 1,320 651,651 *Nextrom Holding SA................................... 277 46,836 *Omnium Geneve SA, Geneve............................. 110 75 *Orell Fuessli Graphische Betriebe AG, Zuerich........ 240 790,867 Oz Holding, Zuerich................................... 440 638,075 *Parco Industriale e Immobiliare SA................... 600 1,296 Phoenix Mecano AG, Stein am Rhein..................... 2,749 1,823,619 Sarna Kunststoff Holding AG, Sarnen................... 176 215,045 Schweizerhall Holding AG, Basel....................... 140 197,408 Schweizerische National Versicherungs Gesellschaft.... 396 268,806 Siegfried AG, Zofingen................................ 856 760,654 Sig Schweizerische Industrie-Gesellschaft Holding AG, Neuhausen AM Rheinfall.............................. 320 202,209 *Sihl Zuercher Papierfabriek an der Sihl, Zuerich..... 10 3,949 Sika Finanz AG, Baar.................................. 800 229,559 Sika Finanz AG, Baar (Namen).......................... 750 37,974 Sopracenerina......................................... 2,409 161,294 UMS Schweizerische Metallwerke Holding AG, Bern....... 2,560 202,999 Unigestion Holding, Geneve............................ 2,891 178,402 Vaudoise Assurances Holding, Lausanne................. 45 88,861 Villars Holding SA, Fribourg.......................... 150 28,695 *Von Moos Holding AG, Luzern.......................... 7,000 43,628 *Von Roll Holding AG, Gerlafingen..................... 32,024 235,165 WMH Walter Meier Holding AG, Staefa................... 50 58,007 Zehnder Holding AG.................................... 193 123,267 Zellweger Luwa AG, Uster.............................. 804 515,989 *Zschokke Holding SA, Geneve.......................... 230 80,901 Zueblin Holding AG.................................... 93 516 Zuercher Ziegeleien Holding, Zuerich.................. 1,415 1,606,665 Zuger Kantonalbank.................................... 545 689,448 ------------ TOTAL COMMON STOCKS (Cost $19,684,790)................................... 32,290,896 ------------ PREFERRED STOCKS -- (0.0%) Fuchs Petrolub AG Oel & Chemie 7.29% Non-Voting (Cost $266,229)..................................... 2,001 106,811 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Swiss Francs (Cost $1,236)....................................... 1,342 ------------ TOTAL -- SWITZERLAND (Cost $19,952,255)................................... 32,399,049 ------------ ITALY -- (10.0%) COMMON STOCKS -- (10.0%) *Ansaldo Trasporti SpA................................ 169,533 143,248 *Auschem SpA (In Liquidation)......................... 82,000 0 Banco di Chiavari e della Riviera Ligure SpA, Chiavari............................................ 120,000 648,929 Bassetti SpA.......................................... 61,500 343,546 98
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- *Bastogi SpA.......................................... 1,183,000 $ 255,450 *Binda SpA............................................ 1,299,375 0 Boero (Bartolomeo) SpA................................ 8,925 77,926 Bonifica dei Terreni Ferraresi e per Imprese Agricole Roma................................................ 8,600 88,815 *Brioschi Finanziaria SpA, Milano..................... 175,000 56,683 Buzzi Unicem SpA...................................... 24,500 210,465 CALP (Cristalleria Artistica la Piana SpA)............ 48,000 125,279 CAMFIN (Cam Finanziaria).............................. 28,700 131,491 CEMENTIR (Cementarie del Tirreno SpA), Roma........... 480,219 683,039 *CMI SpA.............................................. 77,404 107,189 Caltagirone SpA....................................... 343,085 847,131 Cementeria di Augusta SpA............................. 105,000 157,726 Cia Assicuratrice Unipol SpA.......................... 199,333 645,642 Condotta Acque Potabili SpA, Torino................... 28,000 155,886 Cucirini SpA.......................................... 30,000 40,136 *Dalmine SpA.......................................... 1,976,700 612,418 Danieli & C.Officine Meccaniche SpA................... 66,500 284,695 *Dataconsyst C.G.S. SpA, Monza........................ 220 0 *Del Favero SpA....................................... 86,000 0 *FMC (Fabbrica Milanese Condutorri SpA)............... 25,000 0 *Finarte Casa d'Aste SpA (Milano)..................... 56,266 157,947 *Finarte Partecipazioni Pro Arte SpA.................. 162,693 282,575 *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................................... 55,000 168,851 *Gerolimich SpA (In Liquidation)...................... 297,400 0 Gewiss SpA............................................ 221,700 1,392,468 *Grassetto SpA........................................ 279,125 0 ITALJOLLY (Cia Italiana dei Jolly Hotels SpA)......... 34,500 217,014 Immobiliare Metanopoli SpA............................ 1,062,500 1,905,266 Impregilo SpA......................................... 532,000 289,690 Industria Macchine Automatique SpA.................... 23,000 170,588 Industrie Zignago S. Margherita SpA................... 52,000 582,909 Ipi SpA............................................... 70,700 292,055 Linificio and Canapificio Nazionale SpA............... 22,000 36,662 Maffei SpA............................................ 52,500 62,893 *Mandelli SpA......................................... 41,000 0 Manifattura Lane Gaetano Marzotto & Figli SpA......... 138,000 1,632,461 Marangoni SpA, Rovereto............................... 34,303 116,583 Merloni Elettrodomestici SpA.......................... 155,000 691,224 Milano Assicurazioni SpA.............................. 69,057 245,720 Monrif SpA............................................ 210,000 325,309 *Montefibre SpA, Milano............................... 275,267 159,453 *Necchi SpA........................................... 164,250 78,799 *Perlier SpA.......................................... 100,700 25,999 Pininfarina SpA....................................... 62,570 969,267 Poligrafici Editoriale SpA............................ 226,000 570,761 *Premafin Finanziaria SpA Holding di Partecipazioni, Roma................................................ 277,152 395,508 *Premaimm SpA......................................... 179,000 42,853 *Ratti SpA............................................ 66,768 99,669 SHARES VALUE ------ ----- Recordati Industria Chimica E Farmaceutica SpA........ 24,000 $ 464,164 Reno de Medici SpA, Milano............................ 100,500 178,329 *Rodriquez SpA........................................ 41,250 0 SAES Getters SpA...................................... 14,750 298,423 SAFILO SpA (Sta Azionaria Fabbrica Italiana Lavorazione Occhiali)............................... 175,500 1,647,671 SAIAG SpA (Industrie Articoli Gomma).................. 30,000 142,798 SISA (Societa Imballaggi Speciali Asti SpA)........... 65,000 43,145 SMI STA Metallurgica Italiana SpA..................... 565,280 344,430 SNIA SpA.............................................. 611,039 1,319,441 *SOPAF (Societa Partecipazioni Finanziarie SpA)....... 85,000 55,861 *Schiapparelli 1824 SpA, Milano....................... 15,000 2,739 Simint SpA............................................ 79,988 382,991 Sogefi SpA............................................ 182,500 460,902 Stefanel SpA.......................................... 180,800 249,522 Terme Demaniali di Acqui SpA.......................... 39,900 54,354 *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................................. 101,000 132,752 Vianini Lavori SpA.................................... 347,600 775,062 Vittoria Assicurazioni SpA............................ 51,500 256,257 Zucchi (Vincenzo) SpA................................. 89,000 431,990 ------------ TOTAL -- ITALY (Cost $23,742,765)................................... 23,769,049 ------------ NETHERLANDS -- (8.1%) COMMON STOCKS -- (8.1%) A.I.R. Holdings NV.................................... 1,119 30,151 Aalberts Industries NV................................ 25,017 610,663 Accell Group NV....................................... 4,865 40,422 *Atag Group NV........................................ 4,630 5,868 Athlon Groep NV....................................... 34,250 366,572 Batenburg Beheer NV................................... 1,000 78,018 Beers NV.............................................. 16,625 717,981 *Begemann Groep NV.................................... 11,909 67,084 *Begemann Groep NV Series B........................... 13,451 18,943 Boskalis Westminster NV............................... 47,991 1,184,974 *Creyf's SA........................................... 18,064 423,982 *Creyf's SA Strip VVPR................................ 18,064 170 *Delft Instruments NV................................. 13,064 87,082 Econosto NV........................................... 17,305 104,791 Eriks Group NV........................................ 8,000 207,297 GTI Holding........................................... 18,535 349,769 Gamma Holding NV...................................... 15,705 589,782 Gemeenschappeljk Bezit Crown van Gelder NV............ 12,000 112,661 Geveke NV............................................. 8,840 384,261 Grolsche NV........................................... 32,100 717,258 Hollandsche Beton Groep NV............................ 58,032 596,589 Internatio-Mueller NV................................. 28,645 658,883 Kas-Associatie NV..................................... 42,888 710,680 Kempen & Co. NV....................................... 22,081 1,212,741 Koninklijke Ahrend NV................................. 32,911 580,888 99
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Koninklijke BAM NBM NV................................ 23,684 $ 426,923 Koninklijke Frans Maas Groep NV....................... 12,349 299,699 *Koninklijke Nedlloyd NV.............................. 23,472 513,451 Koninklijke Ten Cate NV............................... 10,204 315,181 Koninklijke Ubbink NV................................. 1,500 55,908 MacIntosh NV.......................................... 15,590 298,586 NBM-Amstelland NV..................................... 59,684 890,940 Nagron Nationaal Grondbezit NV........................ 16,122 407,159 Nederlandsche Apparatenfabriek........................ 14,000 235,274 *Nh Hotels............................................ 21,703 254,697 Polynorm NV........................................... 3,731 238,192 Reesink NV............................................ 2,050 94,884 Roto Smeets de Boer NV................................ 1,040 32,709 Rubber Cultuur Maatschappij Amsterdam NV.............. 40,800 72,779 Samas-Groep NV, Zaandam............................... 24,184 385,985 Schuitema NV, Amersfoort.............................. 34,200 585,979 Schuttersveld NV...................................... 20,596 309,383 Smit International NV................................. 19,643 413,094 *Textielgroep Twenthe NV.............................. 1,000 65,719 Twentsche Kabel Holding NV............................ 17,396 571,624 Unique International NV............................... 10,768 242,627 Van der Mollen Holding NV............................. 18,481 1,582,390 Van Dorp Groep NV..................................... 3,327 49,976 Vredestein NV......................................... 15,514 101,957 Wegener Arcade NV .................................... 70,830 911,027 ------------ TOTAL -- NETHERLANDS (Cost $10,526,535)................................... 19,213,653 ------------ SWEDEN -- (6.6%) COMMON STOCKS -- (6.6%) *Active I Malmoe AB Series A.......................... 4,160 48,057 *Active I Malmoe AB Series B.......................... 4,160 51,584 *Alfaskop AB.......................................... 1,600 4,426 Allgon AB Series B.................................... 65,400 582,225 Alma Industri & Handel AB Series B.................... 5,200 121,795 Angpannefoereningen AB Series B....................... 10,800 140,215 Arkivator AB.......................................... 3,600 88,898 Avesta Sheffield AB................................... 83,700 228,865 Axfood AB............................................. 28,200 159,896 B & N Bylock & Nordsjoefrakt AB Series B.............. 41,800 53,604 *Beiger Electronics AB................................ 11,700 86,800 Beijer AB Series B.................................... 11,700 76,880 Bergman & Beving AB Series B.......................... 12,800 143,797 *Biacore International AB............................. 4,650 211,912 *Biora AB............................................. 6,200 5,355 Bong Ljungdahl AB..................................... 6,000 92,205 Boras Waefveri AB Series B............................ 8,600 44,661 Capona AB............................................. 19,000 115,786 Carbo AB.............................................. 14,400 233,500 Castellum AB.......................................... 24,000 264,532 Catena AB Series A.................................... 66,700 459,487 Cloetta AB Series B................................... 1,400 20,772 *Concordia Maritime AB Series B....................... 37,300 84,993 Doro AB............................................... 2,900 8,145 *Elekta AB............................................ 9,300 26,612 Enea Data AB Series B................................. 220,000 876,686 Esselte AB Series A................................... 40,100 203,995 Esselte AB Series B................................... 34,500 172,582 Fagerhult AB.......................................... 2,900 21,514 *Fagerlid Industrier AB............................... 8,600 14,857 SHARES VALUE ------ ----- *Fastighets AB Tornet................................. 14,100 $ 227,141 *Fastighits AB Celtica................................ 5,800 35,652 Finnveden AB.......................................... 18,100 146,748 *Firefly AB........................................... 8,400 5,341 *Frontec AB Series B.................................. 18,200 54,394 Garphyttan Industrier AB.............................. 39,000 287,265 Getinge Industrier AB Series B........................ 39,736 473,773 Geveko AB Series B.................................... 8,300 138,106 Gorthon Lines AB Series B............................. 41,800 62,021 Graenges AB........................................... 19,400 283,736 Gunnebo AB............................................ 10,900 104,546 HL Display AB Series B................................ 2,000 15,473 *Heba Fastighets AB Series B.......................... 4,300 25,293 Hexagon AB Series B................................... 3,572 45,428 Hoeganges AB Series B................................. 19,700 289,168 *Icon Medialab International AB....................... 24,900 51,987 *Industrifoervaltnings AB Skandigen................... 21,400 95,257 *Information Highway AB............................... 12,500 38,154 *Intelligent Microsystems Data AB..................... 22,800 27,547 *Intentia International AB Series B................... 10,700 96,391 Jacobson and Widmark AB............................... 13,400 167,579 Karlshamns AB......................................... 10,000 71,008 *Klippans Finpappersbruk AB........................... 5,800 8,667 Lindex AB............................................. 16,100 238,031 Ljungberg Gruppen AB Series B......................... 1,900 38,662 Mandator AB........................................... 11,400 21,143 *Matteus AB........................................... 19,800 30,427 *Medivir Series B..................................... 2,800 35,610 Modul 1 Data AB....................................... 6,700 18,107 Munksjo AB............................................ 20,800 128,959 NCC AB Series B....................................... 10,300 75,322 NH Nordiska Holding AB................................ 17,000 32,431 Nibe Industrier AB Series B........................... 1,100 15,972 Nobelpharma AB........................................ 45,460 1,402,026 Nolato AB Series B.................................... 30,600 408,626 OEM International AB Series B......................... 7,100 97,069 *Ortivus AB........................................... 5,900 17,821 PEAB AB Series B...................................... 28,400 100,832 Pandox Hotelfastigheter AB............................ 7,900 80,377 *Partnertech AB....................................... 3,800 52,758 Perbio Science AB..................................... 15,000 206,666 Platzer Bygg AB Series B.............................. 36,000 42,732 *Pricer AB Series B................................... 65,000 13,089 Rottneros Bruk AB..................................... 366,600 299,169 Sardus AB............................................. 3,000 17,487 Scandiaconsult AB..................................... 57,200 193,990 Scandic Hotels AB..................................... 29,400 389,485 Scribona AB Series A.................................. 40,100 66,298 Scribona AB Series B.................................. 31,700 52,074 *Segerstroem & Svensson AB............................ 15,200 194,923 *Segerstroem & Svensson AB Series B................... 1,900 22,150 Semcon AB............................................. 8,300 109,957 Sifo Group AB Em 00................................... 114,880 1,461,031 Sigma AB Series B..................................... 7,600 179,216 *Spendrups Bryggeri AB Series B....................... 19,900 54,835 Stena Line AB Series B................................ 128,000 108,526 Svedala Industri AB................................... 60,000 1,023,790 Sweco AB Series B..................................... 23,450 144,147 TV 4 AB Series A...................................... 5,800 184,409 *Ticket Travel Group AB............................... 4,500 8,394 Trelleborg AB Series B................................ 55,800 402,140 100
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Wallenstam Byggnads AB Series B....................... 16,700 $ 115,044 Westergyllen AB Series B.............................. 4,300 54,915 Wihlborgs Fastigheter AB Series B..................... 149,700 206,252 Wilh Sonesson AB Series A............................. 4,160 11,904 Wilh Sonesson AB Series B............................. 4,160 13,227 ------------ TOTAL COMMON STOCKS (Cost $14,528,531)................................... 15,765,334 ------------ INVESTMENT IN CURRENCY -- (0.0%) Swedish Krona......................................... 143 ------------ TOTAL -- SWEDEN (Cost $14,528,667)................................... 15,765,477 ------------ SPAIN -- (6.2%) COMMON STOCKS -- (6.2%) Ahorro Familiar SA.................................... 6,051 127,821 *Amper SA............................................. 56,800 302,894 Asturiana del Zinc SA................................. 33,100 289,004 Azkoyen SA............................................ 52,500 288,342 BAMI SA (Inmobiliara de Construcciones y Terrenos).... 28,360 82,539 Banco de Credito Balear SA............................ 35,424 430,686 Banco de Galicia SA................................... 75,500 928,563 Banco de Valencia SA.................................. 169,455 1,400,008 Banco de Vasconia SA.................................. 89,000 672,635 Banco Guipuzcoano SA.................................. 21,194 316,376 Banco Zaragozano SA................................... 187,990 1,530,196 Bodegas y Bebedas SA.................................. 39,504 341,210 CAF (Construcciones y Auxiliar de Ferrocarriles SA)... 7,500 140,827 *CINSA (Compania de Inversiones SA)................... 1,400 5,192 Campofrio Alimentacion SA............................. 69,600 823,328 *El Aguila SA......................................... 65,332 395,007 Elecnor SA............................................ 6,100 251,986 Empresa Nacional de Celulosa SA....................... 9,840 160,745 Energia e Industrias Aragonesas SA.................... 12,340 49,006 *Ercros SA............................................ 48,518 14,576 Espanola del Zinc SA.................................. 29,250 32,130 *Estacionamientos Urbanos SA.......................... 4,200 0 *Europistas Concesionaria Espanola SA................. 174,940 648,753 *Filo SA.............................................. 82,733 91,655 *Grupo Picking Pack SA................................ 87,465 280,015 Hullas del Coto Cortes................................ 8,666 71,597 Iberica de Autopistas SA Concesionaria de Estado Iberpistas.......................................... 135,210 891,126 Inbesos SA............................................ 8,050 20,633 *Indo Internacional SA................................ 33,600 83,279 Inmobiliaria del Sur SA............................... 1,380 73,849 *Inmobiliaria del Sur SA EM00......................... 276 14,521 Inmobiliaria Urbis SA................................. 74,582 333,299 Koipe SA, San Sebastian............................... 16,800 249,207 *LSB (La Seda de Barcelona SA) Series B............... 25,200 62,459 Lingotes Especiales SA................................ 22,080 68,408 Marco Iberica Distribucion de Ediciones Midesa........ 5,600 74,920 Nicolas Correa SA..................................... 15,750 33,566 *Nueva Montana Quijano SA Series B.................... 80,500 18,138 Obrascon Huarte Lain SA............................... 53,992 213,912 SHARES VALUE ------ ----- Papelera de Navarra SA................................ 6,000 $ 84,496 Pescanova SA.......................................... 20,315 190,726 Portland Valderrivas SA............................... 18,225 349,395 Prosegur Cia de Seguridad SA.......................... 7,000 78,863 *Radiotronica SA...................................... 10,575 145,946 Reno de Medici SpA.................................... 147,140 244,510 *Tableros de Fibras SA Series B....................... 8,560 41,067 *Tavex Algodonera SA.................................. 26,400 44,862 Uniland Cementera SA.................................. 5,750 221,332 Unipapel SA........................................... 20,968 226,385 Uralita SA............................................ 101,725 582,574 Vidrala SA, Alava..................................... 47,040 245,106 Viscofan Industria Navarra de Envolturas Celulosicas S.A................................................. 97,492 416,460 ------------ TOTAL -- SPAIN (Cost $13,419,353)................................... 14,684,130 ------------ DENMARK -- (3.9%) COMMON STOCKS -- (3.9%) Aalborg Portland Holding A.S. Series A................ 6,050 232,109 Aalborg Portland Holding A.S. Series B................ 4,350 172,360 Aarhus Oliefabrik A.S. Aeries A....................... 1,600 36,227 Alm Brand A.S. Series B............................... 6,540 91,314 Amagerbanken A.S...................................... 1,050 44,246 Amtssparekassen Fyn A.S............................... 968 43,834 Bang & Olufsen Holding A.S. Series B.................. 8,567 310,354 Brodrene Hartmann A.S. Series B....................... 2,865 40,002 Carli Gry International A.S........................... 3,510 45,034 Christian Hansen Holding A.S. Series B................ 6,720 245,134 Codan A.S............................................. 1,600 116,731 Coloplast A.S. Series B............................... 4,374 200,821 D'Hooge Schouw NV..................................... 2,000 97,611 DFDS A.S., Copenhagen................................. 4,000 150,945 Dalhoff, Larsen & Hornemann A.S. Series B............. 670 17,530 Dampskibsselsk et Torm A.S............................ 1,270 91,856 *Dampskibsselskabet Norden A.S........................ 1,770 56,774 *Dansk Data Elektronik A.S............................ 280 8,308 Danske Traelastko..................................... 3,186 272,516 *East Asiatic Co., Ltd................................ 15,633 338,226 Edb Gruppen A.S....................................... 1,810 26,183 Ejendamsselskabet Norden A.S.......................... 5,627 263,926 FLS Industries........................................ 27,500 394,343 *Fimiston Resources & Technology Ltd.................. 400 4,629 Fluegger A.S. Series B................................ 1,638 26,785 Foras Holding A.S. Series A........................... 7,082 29,397 Forstaedernes Bank.................................... 1,250 28,212 Glunz & Jensen A.S.................................... 1,470 63,793 HLJ Industri A.S...................................... 160 23,145 Henriksen Og Henriksen Holding A.S. Series B.......... 770 87,171 Hoejgaard Holding A.S. Series B....................... 1,700 31,007 *Incentive A.S........................................ 3,575 53,963 Jamo A.S.............................................. 1,000 26,918 *Junckers (F.) Industrier A.S......................... 860 11,359 Jyske Bank A.S........................................ 10,960 220,581 *Kjobenhavns Sommer Tivoli A.S........................ 190 37,044 101
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- *Koebenhavns Lufthavne................................ 6,900 $ 590,194 Korn-Og Foderstof Kompagnet A.S....................... 8,498 163,548 Lauritzen (J.) Holding Series B....................... 1,763 155,234 *Midtbank A.S......................................... 1,820 65,704 *NTR Holdings A.S..................................... 1,130 12,793 Naestved Diskontobanken............................... 230 20,686 *Neg Micon A.S........................................ 11,348 670,894 *Neurosearch A.S...................................... 4,650 146,228 Nordiske Kabel og Traadfabrikker Holding A.S.......... 2,603 606,390 Nordvestbank.......................................... 250 22,327 Per Aarsleff A.S. Series B............................ 1,545 50,529 Radiometer A.S. Series B.............................. 5,373 130,440 Ringkjoebing Landbobank............................... 170 40,629 Rockwool, Ltd......................................... 3,820 67,751 Sanistal A.S. Series B................................ 936 31,200 Sas Danmark A.S....................................... 34,300 351,632 Satair A.S............................................ 1,350 33,963 Sophus Berendsen A.S.................................. 14,520 403,641 Spar Nord Holding..................................... 3,623 151,301 Sparkasse Regensburg.................................. 10,590 309,044 Sydbank A.S........................................... 1,742 67,051 TK Development........................................ 9,745 318,707 *Topdanmark A.S....................................... 25,360 504,014 VT Holdings Shares A.................................. 44 1,826 VT Holdings Shares B.................................. 3,086 131,981 Vest-Wood A.S......................................... 4,092 151,843 Wessel & Vett Magasin du Nord A.S. Series C........... 2,102 122,948 ------------ TOTAL COMMON STOCKS (Cost $8,523,624).................................... 9,262,886 ------------ INVESTMENT IN CURRENCY -- (0.0%) Danish Krone (Cost $5,919)............................ 6,304 ------------ TOTAL -- DENMARK (Cost $8,529,543).................................... 9,269,190 ------------ NORWAY -- (3.6%) COMMON STOCKS -- (3.6%) *Aker Maritim ASA..................................... 44,230 346,075 Arendals Fosse Kompani ASA............................ 100 4,819 Avantor Financial Corp................................ 13,270 74,487 Awilco ASA Series A................................... 50,950 109,775 Blom ASA.............................................. 7,970 11,297 Bonheur ASA........................................... 9,800 210,035 *Braathens S.A.F.E. ASA............................... 19,320 32,863 *C. Tybring-Gjedde ASA................................ 14,880 17,380 Choice Hotel Scandinavia ASA.......................... 27,740 100,661 *Corrocean ASA........................................ 15,700 14,955 *Den Norske Oljeselkapet.............................. 36,420 79,295 *Det. Sondenfjelds-Norske Dampskibsselskab ASA Series A................................................... 47,130 152,851 EDB Elektronisk Data Behandling ASA................... 54,917 628,974 Ekornes ASA........................................... 28,690 214,723 Elkem ASA............................................. 9,850 157,492 *Exense ASA........................................... 1,317 627 Farstad Shipping ASA.................................. 41,190 165,348 Ganger Rolf ASA....................................... 5,490 117,663 *Gresvig ASA.......................................... 4,590 15,094 Hafslund ASA.......................................... 58,700 292,884 *Home Invest ASA...................................... 27,740 15,728 SHARES VALUE ------ ----- Hydralift AS.......................................... 15,540 $ 96,921 *Industrifinans Naeringseiendom ASA................... 7,582 8,383 *Infocus Corp......................................... 10,455 161,238 *Kenor ASA............................................ 39,200 11,558 Kongsberg Gruppen ASA................................. 25,800 248,681 *Kvaerner ASA......................................... 11,200 79,378 Kverneland ASA........................................ 8,800 67,857 *Leif Hoegh & Co. ASA................................. 31,175 261,603 *Merkantildata ASA.................................... 10,701 41,622 Moelven Industrier ASA................................ 55,578 47,898 Narvesen Asa.......................................... 9,100 287,905 Nera ASA.............................................. 111,753 487,893 Nordic Vlsi........................................... 5,000 70,874 Nordlandsbanken ASA................................... 5,830 165,277 *Ocean Rig ASA........................................ 40,366 233,448 Odfjell ASA Series A.................................. 14,510 222,129 Olav Thon Eiendomsselskap ASA......................... 8,320 163,220 *Petrolia Drilling ASA................................ 26,706 19,533 *Prosafe ASA.......................................... 23,630 364,424 Rieber and Son ASA Series A........................... 23,584 144,416 Scana Industrier ASA.................................. 14,880 11,727 Schibsted ASA......................................... 28,800 354,345 *Sensonor ASA......................................... 23,969 26,446 Smedvig ASA Series A.................................. 57,680 549,426 Spcs-Gruppen ASA...................................... 48,120 51,293 Steen and Stroem ASA.................................. 19,512 238,963 *Stento Asa........................................... 1,225 16,670 *Tandberg ASA......................................... 35,240 323,687 *Tandberg Data ASA.................................... 35,250 61,558 Tandberg Television ASA............................... 47,030 317,319 Ugland Nordic Shipping ASA............................ 9,250 112,760 Unit 4 Agresso NV..................................... 2,310 96,921 *Unitor ASA........................................... 15,220 101,829 Veidekke ASA.......................................... 15,936 100,294 *Visual Management Applications ASA................... 14,270 77,673 Wilhelmshaven (Wilhelm), Ltd. ASA..................... 12,800 116,119 ------------ TOTAL COMMON STOCKS (Cost $8,730,710).................................... 8,504,314 ------------ INVESTMENT IN CURRENCY -- (0.0%) Norwegian Krone (Cost $68)............................ 72 ------------ TOTAL -- NORWAY (Cost $8,730,778).................................... 8,504,386 ------------ FINLAND -- (3.1%) COMMON STOCKS -- (3.1%) Alandsbanken AB Series B.............................. 1,700 27,133 Amer-Yhtymae Oyj Series A............................. 17,020 447,415 *Benefon Oy........................................... 1,900 14,538 *Eq Holding Oyj....................................... 51,210 8,173 *Evox Rifa Group Oyj.................................. 51,210 10,577 Finnair Oyj........................................... 77,910 326,960 Finnlines Oyj......................................... 18,280 308,917 Finvest Oyj........................................... 51,210 8,173 Fiskars Oy AB Series A................................ 8,550 59,401 HK Ruokatalo Oy Series A.............................. 11,400 17,125 Instrumentarium Oy.................................... 27,200 536,268 KCI Konecranes International Oyj...................... 13,800 349,813 Kemira Oyj............................................ 118,400 600,259 Kone Corp............................................. 4,980 348,320 Kyro Oyj AB Series P.................................. 36,470 270,493 Laennen Tehtaat Oy.................................... 3,930 47,228 102
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Lasslla and Tikanoja Oyj.............................. 11,970 $ 209,026 Lemminkainen Oy....................................... 13,100 150,046 *Mandatum Bank P.L.C. Series B........................ 892 8,835 Martela Oy............................................ 530 12,937 Metsaemarkka Oyj Series B............................. 700 2,497 Nokian Renkaat Oyj.................................... 9,700 163,011 Nordic Aluminium Oy................................... 1,900 14,270 Novo Group Oyj........................................ 31,600 89,002 Okobank Class A....................................... 31,940 412,617 Olvi Oyj Series A..................................... 410 6,621 *Oy Stockmann AB Series B............................. 24,300 237,265 PK Cables Oyj......................................... 4,760 44,689 Partek Oyj............................................ 44,870 560,275 *Polar Real Estate Corp. Series K..................... 126,010 23,661 Ponsse Oyj............................................ 4,900 49,454 Raisio Group P.L.C. Series V *0.003%, 01/00/00..................................... 118,423 217,914 Rakentajain Koneuvokrammo Oy.......................... 1,900 20,300 *Rocla Oy............................................. 1,300 7,323 Santasalo-Jot Oy...................................... 3,400 6,735 *Silja Oy AB Series A................................. 44,020 35,129 *Stonesoft Corp....................................... 11,279 162,756 Talentum Oyj.......................................... 18,300 112,535 Tamro Oyj............................................. 105,620 165,598 Uponor Oyj Series A................................... 32,500 572,108 Vaisala Oy Series A................................... 12,650 350,353 *Vestcap Oyj Series B................................. 51,210 25,481 Viking Line AB........................................ 3,240 77,415 Yit-Yhtymae Oyj....................................... 26,854 342,879 ------------ TOTAL -- FINLAND (Cost $8,166,156).................................... 7,461,525 ------------ BELGIUM -- (3.1%) COMMON STOCKS -- (3.1%) *Abfin SA............................................. 2,560 0 Afrifina.............................................. 3,480 285,388 BMT NV................................................ 2,040 163,753 Banque Nationale de Belgique.......................... 710 943,209 Belge des Betons...................................... 425 155,613 *Brederode SA......................................... 2,610 61,260 CFE (Compagnie Francois d'Entreprises)................ 2,080 369,078 CMB (Cie Martime Belge)............................... 500 37,554 Carrieres Unies Porphyre.............................. 20 20,655 Chimique et Metallurgique Campine, Beerse............. 370 27,824 Cie Auxiliaire des Mines Auximines.................... 544 291,627 *Cie Auxiliaire des Mines Auximines Strip VVPR........ 136 186 City Hotels SA........................................ 1,290 64,794 Cofinimmo SA.......................................... 4,763 404,243 Commerciale de Brasserie SA COBRHA.................... 115 36,709 Creyf's SA............................................ 20,168 473,365 *Creyf's SA Interim Strip VVPR........................ 8,168 77 Deceuninck SA......................................... 63,700 971,821 Engrais Rosier SA..................................... 655 40,156 *Finspa............................................... 325 0 Floridienne NV........................................ 2,033 143,150 *Franki NV (Cie International des Pieux Armes Frankignoul SA)..................................... 5,875 0 SHARES VALUE ------ ----- Glaces de Charleroi................................... 70 $ 224,759 Glaverbel SA.......................................... 400 29,949 Ibel (Nouvelle)....................................... 2,655 186,947 Immobel (Cie Immobiliere de Belgique SA).............. 10,600 422,850 *Intercomfina SA...................................... 11,000 103 *Koramic Building Products SA......................... 700 23,166 Mecaniver SA, Bruxelles............................... 128 73,906 *Metiers Automatiques Picanol......................... 403 149,450 *PCB SA Bruxelles..................................... 5,030 10,153 *Papeteries de Catala SA.............................. 315 35,488 Plantations Nord-Sumatra SA........................... 650 87,876 Recticel SA........................................... 8,450 73,382 SABCA (Sa Belge de Constructions Aeronautiques)....... 4,280 140,639 *SCF VVPR Shares...................................... 2,470 16,580 SIPEF (Societe Internationale de Plantations & de Finance), Anvers.................................... 1,545 92,833 *Sait Radioholland.................................... 6,088 82,306 *Sapec SA............................................. 3,635 160,397 Sapec SA VVPR......................................... 75 37 Sidro................................................. 4,040 324,295 *Sioen Industries..................................... 1,400 27,471 Spector Photo Group SA................................ 3,688 48,474 Surongo SA............................................ 20 4,938 Telindus Group SA..................................... 17,240 287,296 *Ter Beke NV.......................................... 2,212 76,839 UNIBRA................................................ 1,600 120,172 Uco Textiles NV....................................... 2,124 179,469 ------------ TOTAL -- BELGIUM (Cost $7,002,396).................................... 7,370,237 ------------ AUSTRIA -- (1.9%) COMMON STOCKS -- (1.9%) Allgemeine Sparkasse Baugesellschaft.................. 670 69,193 Austrian Airlines/Oesterreichische Luftverkehrs-Aktiengesellschaft..................... 27,880 321,690 BBAG Oesterreichische Brau-Beteiligungs............... 7,084 305,935 BWT AG................................................ 13,530 449,035 Bank Fuer Kaernten und Steiermark AG.................. 520 43,352 Bau Holding AG........................................ 4,980 138,159 Bohler Uddeholm AG.................................... 9,020 292,159 Brau Union Goess-Reinighaus AG........................ 8,200 325,262 *Ca Immobilien Invest AG.............................. 670 10,253 *Die Erste Immobilien AG.............................. 1,244 186,868 Flughafen Wien AG..................................... 12,730 481,645 *Immofinanz Immobilien Anlagen AG..................... 61,160 291,118 Jenbacher AG.......................................... 7,860 98,440 *Leipnik-Lundenburger Industrie AG.................... 300 14,773 Lenzing AG............................................ 3,013 226,299 *Manner (Josef) & Co. AG.............................. 870 16,336 Mayr-Melnhof Karton AG................................ 9,840 433,827 Oberbank AG........................................... 3,234 204,945 Readymix Kies-Union AG................................ 500 37,084 Rhi AG, Wien.......................................... 16,334 322,037 Rosenbauer International AG........................... 850 19,152 Ubm Realitaetenentwicklung AG......................... 360 22,645 Va Technologie AG..................................... 6,807 204,439 103
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE ------ ----- Vogel and Noot Waermetechnik AG....................... 1,700 $ 16,758 Wolford AG............................................ 4,100 76,523 ------------ TOTAL -- AUSTRIA (Cost $5,054,287).................................... 4,607,927 ------------ IRELAND -- (1.8%) COMMON STOCKS -- (1.8%) Abbey P.L.C........................................... 19,319 51,692 Anglo Irish Bank Corp. P.L.C.......................... 192,323 566,962 *Arcon International Resources P.L.C.................. 143,750 21,593 Ardagh P.L.C.......................................... 13,676 17,975 Arnotts P.L.C......................................... 8,811 54,596 Barlo Group P.L.C..................................... 115,775 97,825 *Dragon Oil P.L.C..................................... 104,167 27,383 *Dunloe Ewart P.L.C................................... 235,918 93,026 Fyffes P.L.C.......................................... 195,858 183,880 Glanbia P.L.C......................................... 175,508 92,274 Golden Vale P.L.C..................................... 108,124 97,451 Green Property Co..................................... 75,732 504,814 Greencore Group P.L.C................................. 131,110 344,657 Heiton Holdings P.L.C................................. 32,420 86,746 IAWS Group P.L.C...................................... 59,457 390,746 IFG Group P.L.C....................................... 16,604 29,229 IWP International P.L.C............................... 39,611 68,799 Irish Continental Group P.L.C......................... 15,838 92,190 Jurys Hotel Group P.L.C............................... 40,376 342,677 Kingspan Group P.L.C.................................. 114,417 408,195 Ryan Hotels P.L.C..................................... 40,095 37,643 *Tullow Oil P.L.C..................................... 212,968 209,967 United Drug P.L.C..................................... 17,081 172,552 Waterford Wedgwood P.L.C.............................. 220,752 259,064 ------------ TOTAL -- IRELAND (Cost $4,244,705).................................... 4,251,936 ------------ SHARES VALUE ------ ----- UNITED STATES -- (0.1%) COMMON STOCKS -- (0.1%) *National Oilwell, Inc. (Cost $57,188)...................................... 4,318 $ 167,053 ------------ RIGHTS/WARRANTS -- (0.0%) *National Oilwell, Inc. Warrants 03/15/01 (Cost $0)........................................... 480 0 ------------ TOTAL -- UNITED STATES (Cost $57,188)....................................... 167,053 ------------ EMU -- (0.0%) INVESTMENT IN CURRENCY -- (0.0%) Euro Currency......................................... 129,439 ------------ [Download Table] TEMPORARY CASH INVESTMENTS -- (0.4%) FACE AMOUNT ------ (000) Repurchase Agreement, PNC Capital Markets Inc. 5.63%, 01/02/2001 (Collateralized by U.S. Treasury Notes 3.375%, 02/15/01, valued at $928,081) to be repurchased at $913,571............................. $ 913 913,000 ------------ TOTAL INVESTMENTS - (100.0%) (Cost $201,114,084)+................................. $237,781,781 ============ [Download Table] -------------------------------------------------------------------------------- * Non-Income Producing Securities + The cost for federal income tax purposes is $201,129,109 104
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THE JAPANESE SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS NOVEMBER 30, 2000 [Download Table] SHARES VALUE+ ------ ------ JAPAN -- (96.3%) COMMON STOCKS -- (95.5%) *ASK Corp., Yokohama.................................. 64,000 $ 64,710 Achilles Corp......................................... 549,000 763,249 Aica Kogyo Co., Ltd................................... 164,000 994,916 *Aichi Corp........................................... 57,000 88,507 *Aichi Machine Industry Co., Ltd...................... 157,000 297,641 Aichi Steel Works, Ltd................................ 292,000 856,721 Aichi Tokei Denki Co., Ltd............................ 67,000 162,100 Aida Engineering, Ltd................................. 160,000 690,432 *Aim Services Co., Ltd................................ 2,000 20,764 Airport Facilities Co., Ltd........................... 40,700 145,133 *Aisan Industry Co., Ltd.............................. 23,000 139,116 *Akai Electric Co., Ltd............................... 363,000 3,277 Akebono Brake Industry Co., Ltd....................... 141,000 269,854 *Aloka Co., Ltd....................................... 13,000 110,552 Amada Sonoike Co., Ltd................................ 191,414 487,300 *Amatsuji Steel Ball Manufacturing Co., Ltd............................................ 12,000 105,081 Ando Corp............................................. 120,000 216,663 *Ando Electronic Co., Ltd............................. 10,000 99,304 Anest Iwata Corp...................................... 74,000 96,866 *Anrakutei Co., Ltd................................... 4,000 25,277 *Aoi Advertising Promotion Inc........................ 6,000 62,236 *Aoki Corp............................................ 70,000 22,750 Aoki International Co., Ltd........................... 74,200 211,672 *Apic Yamada Corp..................................... 3,000 21,125 *Arabian Oil Co., Ltd................................. 48,300 455,656 Arai-Gumi, Ltd........................................ 49,300 45,841 Araya Industrial Co., Ltd............................. 84,000 71,282 *Argo 21 Corp......................................... 4,000 108,693 Asahi Denka Kogyo KK.................................. 169,000 1,264,779 Asahi Diamond Industrial Co., Ltd..................... 68,000 360,346 Asahi Kogyosha Co., Ltd............................... 48,000 107,031 Asahi Optical Co., Ltd................................ 102,000 247,700 Asahi Organic Chemicals Industry Co., Ltd............. 259,000 729,504 *Asahi Tec Corp....................................... 86,000 112,574 Asanuma Corp.......................................... 145,000 183,261 Ashimori Industry Co., Ltd............................ 84,000 147,114 *Asia Securities Printing Co., Ltd.................... 8,000 73,954 *Asics Corp........................................... 333,000 312,645 Azel Corp., Tokyo..................................... 89,000 162,299 Bando Chemical Industries, Ltd........................ 213,000 382,654 Bank of Okinawa, Ltd.................................. 19,300 392,896 *Bank of the Ryukyus, Ltd............................. 23,980 331,218 *Bull Dog Sauce Co., Ltd.............................. 9,000 48,993 Bunka Shutter Co., Ltd................................ 134,000 262,505 CKD Corp.............................................. 113,000 854,861 *Cabin Co., Ltd....................................... 67,000 59,880 Calpis Co., Ltd....................................... 66,000 284,208 Calsonic Corp......................................... 261,000 614,971 Canon Electronics, Inc................................ 25,000 261,350 *Canon System & Support, Inc.......................... 15,000 117,133 *Catena Corp.......................................... 18,000 173,059 *Cats, Inc............................................ 4,000 112,665 Central Finance Co., Ltd.............................. 180,000 536,241 Central Glass Co., Ltd................................ 184,000 887,018 Cesar Co.............................................. 79,000 145,489 SHARES VALUE+ ------ ------ *Chiba Kogyo Bank, Ltd................................ 38,100 $ 410,335 Chino Corp............................................ 70,000 149,768 *Chisan Tokan Co., Ltd................................ 64,000 47,377 *Chiyoda Co., Ltd..................................... 24,000 105,081 *Chiyoda Corp......................................... 226,000 171,380 *Chofu Seisakusho Co., Ltd............................ 25,000 270,603 *Chori Co., Ltd....................................... 175,000 172,202 Chuetsu Pulp and Paper Co., Ltd....................... 172,000 380,424 Chugai Ro Co., Ltd.................................... 139,000 383,981 Chugoku Marine Paints, Ltd............................ 111,000 215,444 Chugokukogyo Co., Ltd................................. 45,000 60,936 Chukyo Coca-Cola Bottling Co., Ltd.................... 40,000 317,772 Chukyo Sogo Bank, Ltd................................. 118,000 463,388 *Chuo Paperboard Co., Ltd............................. 76,000 71,354 Chuo Spring Co., Ltd., Nagoya......................... 99,000 322,638 Cleanup Corp.......................................... 41,000 177,664 *Co-Op Chemical Co., Ltd.............................. 80,000 67,888 *Computer Engineering & Consulting, Ltd............... 8,000 105,659 *Copyer Co., Ltd...................................... 8,000 24,555 *Corona Corp.......................................... 12,000 107,140 D'urban, Inc.......................................... 114,000 175,984 Dai Nippon Toryo, Ltd................................. 193,000 285,742 Dai-Dan Co., Ltd...................................... 80,000 335,105 Daido Hoxan, Inc...................................... 196,000 775,003 Daido Kogyo Co., Ltd.................................. 60,000 124,581 *Daido Steel Sheet Corp............................... 84,000 151,664 Daidoh, Ltd........................................... 54,000 129,673 Daihen Corp........................................... 205,000 329,418 Daiho Corp............................................ 96,000 116,998 Daiichi Cement Co., Ltd............................... 33,000 46,176 *Daiichi Chuo Kisen Kaisha............................ 390,000 176,039 Dai-Ichi Jitsugyo Co., Ltd............................ 80,000 166,108 *Dai-Ichi Katei Denki Co., Ltd........................ 91,000 40,254 Dai-Ichi Kogyo Seiyaku Co., Ltd....................... 47,000 133,654 Daiken Corp........................................... 110,000 309,828 Daiki Co., Ltd........................................ 31,000 302,525 *Daikyo, Inc.......................................... 268,000 425,815 Daimei Telecom Engineering Corp....................... 66,000 510,620 Dainichiseika Colour & Chemicals Manufacturing Co., Ltd................................................. 163,000 529,741 *Dainippon Shigyo Co., Ltd............................ 16,000 69,332 Daiso Co., Ltd........................................ 112,000 190,086 *Daisue Construction Co., Ltd......................... 185,000 73,485 Daisyo Corp........................................... 14,000 128,282 Daito Woolen Spinning & Weaving Co., Ltd., Tokyo...... 42,000 29,954 Daiwa Danchi Co., Ltd................................. 202,000 379,304 Daiwa Industries, Ltd................................. 42,000 106,165 Daiwa Kosho Lease Co., Ltd............................ 101,000 286,302 *Daiwa Seiko, Inc..................................... 145,000 167,553 Daiwabo Co., Ltd...................................... 262,000 250,715 *Daiwabo Info......................................... 9,000 115,373 *Dantani Corp......................................... 68,000 36,833 Danto Corp............................................ 42,000 134,981 Denki Kogyo Co., Ltd.................................. 59,000 372,841 Deodeo Corp........................................... 44,600 262,919 Descente, Ltd......................................... 133,000 252,141 105
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ *Dia Kensetsu Co., Ltd................................ 29,000 $ 46,339 *Diamond Computer Service Co., Ltd.................... 8,000 70,777 *Dijet Industrial Co., Ltd............................ 34,000 47,882 *Doshisha Co., Ltd.................................... 5,000 85,762 *Dynic Corp........................................... 52,000 66,190 Eagle Industry Co., Ltd............................... 43,000 145,182 *Eco-Tech Construction Co., Ltd....................... 23,000 22,840 *Eiken Chemical Co., Ltd.............................. 9,000 90,348 *Elna Co., Ltd........................................ 5,000 16,746 *Enshu, Ltd........................................... 69,000 95,927 Exedy Corp............................................ 40,000 283,467 *FDK Corp............................................. 94,000 975,886 *First Baking Co., Ltd................................ 67,000 142,140 France Bed Co., Ltd................................... 193,000 599,362 Fudo Construction Co., Ltd............................ 201,000 212,303 *Fuji Car Manufacturing Co., Ltd...................... 36,000 33,474 *Fuji Coca Cola Bottling Co., Ltd..................... 15,000 123,227 Fuji Denki Reiki Co., Ltd............................. 81,800 264,368 Fuji Kiko Co., Ltd.................................... 51,000 93,463 *Fuji Kisen Kaisha, Ltd............................... 8,000 15,744 *Fuji Kosan Co., Ltd.................................. 130,000 109,144 Fuji Kyuko Co., Ltd................................... 107,000 347,744 *Fuji Spinning Co., Ltd., Tokyo....................... 163,000 83,876 Fujicco Co., Ltd...................................... 19,000 231,558 *Fujii & Co., Ltd..................................... 44,000 397 *Fujiko Co., Ltd...................................... 55,000 20,854 Fujirebio, Inc........................................ 75,000 457,023 *Fujitsu Denso, Ltd................................... 12,000 140,939 *Fujitsu Devices, Inc................................. 8,000 116,781 *Fujitsu Kiden, Ltd................................... 4,000 19,752 *Fujitsu Systems Construction, Ltd.................... 4,000 38,999 *Fujiya Co., Ltd...................................... 190,000 391,077 Fukuda Corp........................................... 65,000 156,674 Fukushima Bank, Ltd................................... 90,000 264,058 *Fukusuke Corp........................................ 95,000 119,210 *Furukawa Battery Co., Ltd............................ 45,000 112,123 Furukawa Co., Ltd..................................... 208,000 428,126 *Fuso Lexel, Inc...................................... 6,000 58,986 Fuso Pharmaceutical Industries, Ltd................... 78,000 365,456 *Ga-jo-en Kanko KK.................................... 37,000 0 *Gakken Co., Ltd...................................... 158,000 219,660 Gastec Service, Inc................................... 41,000 152,124 *Geostar Corp......................................... 6,000 42,520 Godo Shusei Co., Ltd.................................. 74,000 148,306 *Godo Steel, Ltd...................................... 245,000 196,847 *Goldwin, Inc......................................... 47,000 50,491 Gourmet Kineya Co., Ltd............................... 31,000 225,564 *Graphtec Corp........................................ 39,000 53,516 *Gun-Ei Chemical Industry Co., Ltd.................... 164,000 236,885 *Gunze Sangyo, Inc., Tokyo............................ 90,000 82,874 Hac Kimisawa Co., Ltd................................. 25,000 194,094 *Hakone Tozan Railway Co., Ltd........................ 52,000 126,748 Hakuyosha Co., Ltd.................................... 57,000 180,101 *Hanwa Co., Ltd....................................... 405,000 405,837 *Harashin Co., Ltd.................................... 700 5,403 Harima Chemicals, Inc................................. 37,000 137,951 Hayashikane Sangyo Co., Ltd........................... 128,000 143,286 *Hazama Corp.......................................... 19,000 7,376 Heiwado Co., Ltd...................................... 49,000 340,612 Hibiya Engineering, Ltd............................... 60,000 220,454 Hisaka Works, Ltd..................................... 48,000 199,330 SHARES VALUE+ ------ ------ *Hitachi AIC, Inc..................................... 15,000 $ 142,185 *Hitachi Electronics Engineering Co., Ltd............. 7,000 41,139 Hitachi Kiden Kogyo, Ltd.............................. 20,000 67,527 Hitachi Koki Co., Ltd................................. 111,000 342,707 *Hitachi Kokusai Electric, Inc........................ 44,000 340,016 Hitachi Medical Corp.................................. 28,000 290,689 Hitachi Plant Engineering & Construction Co., Ltd..... 204,000 528,549 Hitachi Powdered Metal Co., Ltd....................... 46,000 427,729 *Hitachi Seiki Co., Ltd............................... 141,000 192,207 *Hitachi Tool Engineering, Ltd........................ 6,500 35,032 Hochiki Corp.......................................... 42,000 109,198 *Hodogaya Chemical Co., Ltd........................... 100,000 150,761 *Hohsui Corp.......................................... 56,000 41,960 Hokkai Can Co., Ltd., Tokyo........................... 116,000 237,715 *Hokkaido Bank, Ltd................................... 100,000 120,067 *Hokkaido Coca-Cola Bottling Co., Ltd................. 17,000 131,984 Hokkaido Gas Co., Ltd................................. 87,000 151,583 Hokko Chemical Industry Co., Ltd...................... 41,000 111,410 *Hoko Fishing Co., Ltd................................ 79,000 51,349 *Hokuriku Electric Industry Co., Ltd.................. 112,000 192,108 Hokuriku Electrical Construction Co., Ltd............. 36,000 89,048 *Hokuriku Gas Co., Ltd................................ 26,000 71,120 Hokuriku Seiyaku Co., Ltd............................. 31,000 364,093 *Hokushin Co., Ltd.................................... 39,900 47,547 Honen Corp............................................ 128,000 217,241 Horiba, Ltd........................................... 54,000 455,805 Hosokawa Micron Corp.................................. 40,000 229,302 Howa Machinery, Ltd................................... 181,000 196,080 *Ichida and Co., Ltd.................................. 78,000 37,320 Ichikawa Co., Ltd..................................... 49,000 99,972 Ichiken Co., Ltd...................................... 48,000 42,899 Ichikoh Industries, Ltd............................... 141,000 260,943 *Ichiyoshi Securities Co., Ltd........................ 24,000 91,215 Idec Izumi Corp....................................... 60,000 728,529 Ihara Chemical Industry Co., Ltd...................... 80,000 143,720 Iino Kaiun Kaisha, Ltd................................ 161,000 225,284 *Ikegai Corp.......................................... 90,000 108,061 *Ikegami Tsushinki Co., Ltd........................... 102,000 209,946 Inaba Denki Sangyo Co., Ltd........................... 22,000 237,932 *Inaba Seisa Kusho Co., Ltd........................... 8,000 107,609 Inabata and Co., Ltd., Osaka.......................... 85,000 483,429 Inageya Co., Ltd...................................... 56,000 299,789 Intec, Inc............................................ 19,000 271,352 *Inui Steamship Co., Ltd.............................. 31,000 18,191 *Iseki & Co., Ltd..................................... 322,000 229,645 *Ishihara Sangyo Kaisha, Ltd.......................... 193,000 306,650 *Ishii Hyoki Co., Ltd................................. 3,000 89,103 Ishii Iron Works Co., Ltd............................. 52,000 82,621 *Ishikawa Seisakusho, Ltd............................. 75,000 57,551 *Ishikawajima Transport Machinery Co., Ltd............ 6,000 19,445 Ishizuka Glass Co., Ltd............................... 49,000 92,452 Itochu Fuel Corp...................................... 192,000 717,587 Itoki Crebio Corp..................................... 56,000 152,170 *Iuchi Seieldo Co., Ltd............................... 4,000 57,416 Iwasaki Electric Co., Ltd............................. 110,000 240,315 *Iwatsu Electric Co., Ltd............................. 145,000 327,251 *Izukyu Corp.......................................... 2,200 40,715 106
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Izumi Co., Ltd........................................ 55,000 $ 528,793 *Izutsuya Co., Ltd.................................... 70,000 102,373 JGC Corp.............................................. 146,000 1,028,065 JMS Co., Ltd.......................................... 59,000 212,519 *Jac Holdings Co., Ltd................................ 5,000 85,762 *Jaccs Co., Ltd....................................... 79,000 226,792 *Jamco Corp........................................... 5,000 18,100 *Janome Sewing Machine Co., Ltd....................... 224,000 171,886 Japan Aircraft Manufacturing Co., Ltd................. 70,000 149,768 *Japan Aviation Electronics Industry, Ltd............. 130,000 1,023,371 Japan Carlit Co., Ltd................................. 28,000 196,658 *Japan Coated Paper Manufacturing Co., Ltd............ 132,000 79,840 Japan Digital Laboratory Co., Ltd..................... 28,100 358,952 Japan Foundation Engineering Co., Ltd................. 49,200 183,438 *Japan Kenzai Co., Ltd................................ 4,000 19,861 *Japan Metals & Chemicals Co., Ltd.................... 201,000 241,335 Japan Oil Transportation Co., Ltd..................... 45,000 73,124 Japan Paperboard Industries Co., Ltd., Tokyo.......... 127,000 240,767 Japan Pulp and Paper Co., Ltd......................... 99,000 317,276 *Japan Steel Works, Ltd............................... 338,000 338,698 Japan Storage Battery Co., Ltd........................ 63,000 224,652 Japan Transcity Corp.................................. 90,000 157,622 Japan Vilene Co., Ltd................................. 101,000 241,624 Japan Wool Textile Co., Ltd........................... 86,000 333,841 Jastec Co., Ltd....................................... 3,000 96,415 Jeol, Ltd............................................. 97,000 554,305 *Joban Kosan Co., Ltd................................. 101,000 130,386 *Joint Corp........................................... 5,000 117,359 Joshin Denki Co., Ltd................................. 98,000 243,294 *Jsp Corp............................................. 4,000 20,691 *Jujiya Co., Ltd...................................... 161,000 75,579 Juken Sangyo Co., Ltd................................. 86,000 492,222 Juki Corp............................................. 153,000 587,021 K.R.S.Corp............................................ 2,000 20,384 *Kabuki-Za Co., Ltd................................... 5,000 171,525 Kaga Electronics Co., Ltd............................. 19,000 229,843 Kagawa Bank, Ltd...................................... 68,350 370,840 Kahma Co., Ltd........................................ 46,000 220,093 *Kakuei (L.) Corp..................................... 100,000 903 Kamei Corp............................................ 59,000 268,445 Kanaden Corp.......................................... 50,000 199,059 Kanagawa Chuo Kotsu Co., Ltd.......................... 90,000 422,493 Kanamoto Co., Ltd..................................... 24,000 119,598 *Kanematsu Corp....................................... 249,500 281,549 Kanematsu Electronics, Ltd............................ 38,000 166,722 *Kanematsu-NNK Corp................................... 60,000 81,790 *Kansai Kisen Kaisha.................................. 184,000 69,765 Kanto Auto Works, Ltd., Yokosuka...................... 74,000 396,818 Kanto Bank, Ltd....................................... 13,400 166,939 Kanto Denka Kogyo Co., Ltd............................ 83,000 295,221 Kanto Natural Gas Development Co., Ltd................ 104,000 556,751 *Kanto Special Steel Works, Ltd....................... 84,000 51,566 Kasei (C.I.) Co., Ltd................................. 46,000 141,192 Kasumi Co., Ltd....................................... 132,000 521,941 Katakura Chikkarin Co., Ltd........................... 17,000 51,566 Katakura Industries Co., Ltd.......................... 49,000 218,080 SHARES VALUE+ ------ ------ *Kato Sangyo Co., Ltd................................. 17,000 $ 95,151 *Kato Spring Works Co., Ltd........................... 8,000 19,861 Kato Works Co., Ltd................................... 82,000 105,118 Katsumura Construction Co., Ltd....................... 48,600 52,649 Kawada Industries, Inc................................ 76,000 146,825 Kawai Musical Instruments Manufacturing Co., Ltd...... 99,000 131,379 *Kawashima Textile Manufacturers, Ltd................. 126,000 154,697 *Kawasho Corp......................................... 222,000 238,492 Kawasho Gecoss Corp................................... 52,000 139,892 *Kawasumi Laboratories, Inc........................... 5,000 45,815 Kayaba Industry Co., Ltd.............................. 321,000 524,514 Keihin Co., Ltd....................................... 100,000 129,998 Keiyo Co., Ltd........................................ 104,900 476,340 Kentucky Fried Chicken Japan, Ltd..................... 10,000 106,526 Key Coffee, Inc....................................... 16,000 184,597 *Kimmon Manufacturing Co., Ltd........................ 41,000 44,416 Kimura Chemical Plants Co., Ltd....................... 27,000 58,255 *Kinki Nippon Tourist Co., Ltd........................ 133,000 328,985 Kinki Sharyo Co., Ltd., Nagaokakyo.................... 101,000 117,621 Kinseki, Ltd.......................................... 56,000 652,155 *Kinsho-Mataichi Corp................................. 42,000 45,120 *Kinugawa Rubber Industrial Co., Ltd.................. 83,000 57,696 Kioritz Corp.......................................... 96,000 115,265 Kishu Paper Co., Ltd.................................. 63,000 94,980 Kitagawa Iron Works Co., Ltd.......................... 124,000 145,525 Kita-Nippon Bank, Ltd................................. 6,806 349,605 Kitano Construction Corp.............................. 116,000 219,913 Kitz Corp............................................. 234,000 335,882 Koa Oil Co., Ltd...................................... 132,000 331,278 Koatsu Gas Kogyo Co., Ltd............................. 78,000 223,921 *Kobe Kiito Co., Ltd.................................. 53,000 18,660 *Koito Industries, Ltd................................ 8,000 20,366 *Kokune Corp.......................................... 42,000 28,437 Kokusai Kogyo Co., Ltd................................ 60,000 283,828 Komai Tekko, Inc...................................... 53,000 118,659 *Komatsu Construction Co., Ltd........................ 29,000 39,270 *Komatsu Electronics Metals Co., Ltd.................. 13,000 93,300 *Komatsu Forklift Co., Ltd............................ 153,000 222,377 Komatsu Seiren Co., Ltd............................... 75,000 192,965 Komatsu Zenoah Co..................................... 73,000 158,164 Konishi Co., Ltd...................................... 16,000 129,998 *Kosaido Co., Ltd..................................... 10,000 94,609 *Kosei Securities Co., Ltd............................ 137,000 234,989 Krosaki Corp.......................................... 96,000 134,331 Kumiai Chemical Industry Co., Ltd., Tokyo............. 153,000 240,333 Kurabo Industries, Ltd................................ 374,000 523,331 Kuraya Sanseido, Inc.................................. 56,950 517,208 Kurimoto, Ltd......................................... 116,000 234,574 Kyodo Printing Co., Ltd............................... 75,000 218,694 Kyodo Shiryo Co., Ltd................................. 145,000 147,918 Kyoei Sangyo Co., Ltd................................. 23,000 72,672 Kyoei Tanker Co., Ltd................................. 53,000 52,631 Kyokuto Kaihatsu Kogyo Co., Ltd....................... 38,300 155,591 Kyokuyo Co., Ltd...................................... 167,000 220,111 *Kyoritsu Maintenance Co., Ltd........................ 3,000 52,812 Kyosan Electric Manufacturing Co., Ltd................ 94,000 207,057 Kyowa Leather Cloth Co., Ltd.......................... 32,000 136,931 107
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Kyudenko Corp......................................... 68,000 $ 217,313 Kyushu Bank, Ltd...................................... 146,000 411,226 *Laox Co., Ltd........................................ 16,000 62,832 Life Corp............................................. 83,000 496,781 MR Max Corp........................................... 56,300 170,774 Maeda Road Construction Co., Ltd...................... 20,000 85,582 Maezawa Industries, Inc............................... 18,700 115,133 *Maezawa Kaisei Industries Co., Ltd................... 7,600 70,668 Magara Construction Co., Ltd.......................... 61,000 72,690 *Mars Engineering Corp................................ 5,000 172,879 *Marubun Corp......................................... 9,000 103,186 Marudai Food Co., Ltd................................. 232,000 330,916 Maruei Department Store Co., Ltd...................... 72,000 174,847 Maruetsu, Inc......................................... 106,000 296,648 Maruha Corp........................................... 434,000 544,600 Marusan Securities Co., Ltd........................... 67,000 295,772 Maruwn Corp........................................... 44,000 75,471 Maruyama Manufacturing Co., Inc....................... 73,000 89,626 Maruzen Co., Ltd...................................... 179,000 478,319 Maruzen Showa Unyu Co., Ltd........................... 175,000 315,967 Maspro Denkoh Corp.................................... 16,000 148,775 *Matsuda Sangyo Co., Ltd.............................. 4,000 69,693 Matsui Construction Co., Ltd.......................... 40,000 106,526 Matsuo Bridge Co., Ltd................................ 37,000 71,815 Matsuya Co., Ltd...................................... 74,000 233,815 *Matsuya Foods Co., Ltd............................... 8,000 100,026 Matsuzakaya Co., Ltd.................................. 123,000 294,255 Meiden Engineering Co., Ltd........................... 31,000 161,477 *Meidensha Corp....................................... 183,000 343,627 Meiji Shipping Co., Ltd............................... 47,000 73,404 Meiko National Securities Co., Ltd.................... 84,500 167,061 *Meisei Industrial Co., Ltd........................... 29,000 31,154 Meito Sangyo Co., Ltd................................. 38,000 394,507 *Meito Transportation Co., Ltd........................ 5,000 49,381 *Meiwa Trading Co., Ltd............................... 55,000 45,680 Mercian Corp.......................................... 109,000 264,699 Mimasu Semiconductor Industry Co., Ltd................ 17,000 214,704 *Miroku Jyoho Service Co., Ltd........................ 3,000 19,500 Misawa Homes Co., Ltd................................. 108,000 305,170 Misawa Resort Co., Ltd................................ 40,000 88,471 *Misawavan Corp....................................... 43,000 178,178 *Mito Securities Co., Ltd............................. 35,000 84,047 Mitsuba Corp.......................................... 67,000 263,715 Mitsubishi Cable Industries, Ltd...................... 270,000 709,300 Mitsubishi Chemical Corp.............................. 250 700 *Mitsubishi Kakoki Kaisha, Ltd........................ 117,000 202,796 Mitsubishi Pencil Co., Ltd............................ 61,000 462,575 *Mitsubishi Plastics, Inc............................. 310,000 531,727 *Mitsubishi Shindoh Co., Ltd.......................... 82,000 222,820 *Mitsubishi Steel Manufacturing Co., Ltd.............. 253,000 200,991 Mitsuboshi Belting, Ltd............................... 153,000 368,787 *Mitsui Construction Co., Ltd......................... 314,000 153,072 Mitsui Home Co., Ltd.................................. 55,000 197,118 Mitsui Matsushima Co., Ltd............................ 90,000 147,872 *Mitsui Mining Co., Ltd............................... 225,000 219,371 Mitsui Sugar Co., Ltd................................. 116,000 224,102 *Mitsui Wood Systems, Inc............................. 41,500 43,459 Mitsui-Soko Co., Ltd.................................. 115,000 227,361 *Mitsumura Printing Co., Ltd.......................... 6,000 18,416 SHARES VALUE+ ------ ------ Mitsuuroko Co., Ltd................................... 76,000 $ 418,520 Miura Co., Ltd........................................ 31,000 436,576 Miyaji Iron Works Co. Ltd............................. 90,000 153,560 *Miyakoshi Corp....................................... 18,000 3,737 Miyoshi Oil & Fat Co., Ltd............................ 120,000 242,662 Miyuki Keori Co., Ltd................................. 50,000 181,004 Mizuno Corp........................................... 120,000 344,494 Morinaga & Co., Ltd................................... 220,000 484,603 *Morishita Jinton Co., Ltd............................ 2,000 26,541 Morita Corp........................................... 72,000 170,297 Morozoff, Ltd., Osaka................................. 50,000 90,728 Mory Industries, Inc.................................. 66,000 126,314 Mos Food Services, Inc................................ 29,000 243,475 *Mutoh Industries, Ltd................................ 61,000 155,844 Mutow Co., Ltd........................................ 38,000 209,260 *Myojo Foods Co., Ltd................................. 2,000 3,972 NOF Corp.............................................. 54,000 127,723 *Nabco, Ltd........................................... 120,000 173,330 Nachi-Fujikoshi Corp.................................. 188,000 298,706 Nagano Bank, Ltd...................................... 63,000 267,308 *Nagano Japan Radio Co., LTD.......................... 6,000 25,729 Nagatanien Co., Ltd................................... 32,000 237,174 *Naigai Co., Ltd...................................... 109,000 82,657 Nakabayashi Co., Ltd.................................. 92,000 227,568 Nakamuraya Co., Ltd................................... 85,000 211,021 *Nakano Corp.......................................... 66,000 42,899 Nakayama Steel Works, Ltd............................. 206,000 247,339 Nemic-Lambda KK....................................... 3,484 83,348 Neturen Co., Ltd., Tokyo.............................. 67,000 175,407 Nichia Steel Works, Ltd............................... 64,900 169,909 Nichias Corp.......................................... 237,000 691,073 Nichiban Co., Ltd..................................... 58,000 170,171 *Nichiboshin, Ltd..................................... 119,000 1,074 Nichiha Corp.......................................... 27,000 168,185 Nichimen Corp......................................... 190,000 205,830 Nichimo Co., Ltd...................................... 54,000 62,399 *Nichimo Corp......................................... 85,000 56,016 Nichireki Co., Ltd.................................... 44,000 175,966 Nichiro Corp.......................................... 289,000 508,752 *Nidec Tosok Corp..................................... 3,000 23,372 *Nihon Kentetsu Co., Ltd.............................. 27,000 56,305 Nihon Kohden Corp..................................... 85,000 218,694 Nihon Matai Co., Ltd.................................. 50,000 103,818 Nihon Nohyaku Co., Ltd................................ 103,000 201,776 Nihon Nosan Kogyo KK.................................. 201,000 308,474 Nihon Parkerizing Co., Ltd............................ 92,000 280,723 *Nihon Spindle Manufacturing Co., Ltd................. 56,000 100,604 Nihon Tokushu Toryo Co., Ltd.......................... 35,000 79,308 *Niigata Chuo Bank, Ltd............................... 130,000 0 *Niigata Engineering Co., Ltd......................... 586,000 428,505 Nikken Chemicals Co., Ltd............................. 130,000 394,326 Nikkiso Co., Ltd...................................... 61,000 304,529 Nikko Co., Ltd., Akashi............................... 65,000 146,699 *Nippei Toyama Corp................................... 10,000 16,521 Nippon Beet Sugar Manufacturing Co., Ltd.............. 265,000 344,494 *Nippon Carbide Industries Co., Inc., Tokyo........... 101,000 93,914 *Nippon Carbon Co., Ltd............................... 177,000 148,604 *Nippon Ceramic Co., Ltd.............................. 4,000 86,304 Nippon Chemical Industrial Co., Ltd................... 131,000 532,178 108
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Nippon Chemi-Con Corp................................. 103,000 $ 830,351 *Nippon Chemiphar Co., Ltd............................ 49,000 106,165 Nippon Chutetsukan KK................................. 44,000 76,663 *Nippon Columbia Co., Ltd............................. 99,000 164,447 *Nippon Concrete Industries Co., Ltd.................. 65,000 61,613 Nippon Conlux Co., Ltd................................ 63,000 299,726 *Nippon Conveyor Co., Ltd............................. 43,000 29,890 Nippon Denko Co., Ltd................................. 159,000 249,758 Nippon Densetsu Kogyo Co., Ltd........................ 118,000 368,580 Nippon Felt Co., Ltd.................................. 28,000 80,887 Nippon Fine Chemical Co., Ltd......................... 23,000 86,792 Nippon Flour Mills Co., Ltd........................... 147,000 333,092 *Nippon Formula Feed Manufacturing Co., Ltd........... 100,000 117,359 Nippon Gas Co., Ltd................................... 62,000 363,813 Nippon Hume Pipe Co., Ltd............................. 43,000 84,625 *Nippon Kasei Chemical Co., Ltd....................... 113,000 147,918 *Nippon Kinzoku Co., Ltd.............................. 93,000 75,561 Nippon Koei Co., Ltd., Tokyo.......................... 146,000 278,105 *Nippon Kokan Koji Corp............................... 7,000 22,750 Nippon Konpo Unyu Soko Co., Ltd....................... 59,000 388,820 *Nippon Koshuha Steel Co., Ltd........................ 151,000 125,412 *Nippon Lace Co., Ltd................................. 26,000 21,125 Nippon Light Metal Co., Ltd........................... 243,000 206,209 *Nippon Metal Industry Co., Ltd....................... 282,000 193,480 Nippon Pipe Manufacturing Co., Ltd.................... 35,000 127,335 *Nippon Piston Ring Co., Ltd.......................... 133,000 106,860 Nippon Road Co., Ltd.................................. 147,000 214,984 *Nippon Seiki Co., Ltd................................ 25,000 129,546 Nippon Seisen Co., Ltd................................ 39,000 72,880 Nippon Sharyo, Ltd.................................... 122,000 208,159 Nippon Shinyaku Co., Ltd.............................. 59,000 515,585 Nippon Signal Co., Ltd................................ 109,000 381,796 Nippon Soda Co., Ltd.................................. 129,000 370,331 *Nippon Steel Chemical Co., Ltd....................... 241,000 387,267 Nippon Suisan Kaisha, Ltd............................. 246,000 397,522 Nippon Synthetic Chemical Industry Co., Ltd........... 152,000 194,852 *Nippon Typewriter Co., Ltd........................... 3,000 8,937 Nippon Valqua Industries, Ltd......................... 119,000 168,663 *Nippon Yakin Kogyo Co., Ltd.......................... 243,000 142,591 Nippon Yusoki Co., Ltd................................ 49,000 80,508 *Nishimatsuya Chain Co., Ltd.......................... 7,000 101,109 *Nissan Construction Co., Ltd......................... 128,000 82,043 *Nissan Diesel Motor Co., Ltd......................... 214,000 243,421 *Nissan Shatai Co., Ltd............................... 251,000 380,677 *Nisseki House Industry Co., Ltd...................... 260,000 305,134 Nissha Printing Co., Ltd.............................. 81,000 416,805 *Nisshin Fire & Marine Insurance Co., Ltd............. 133,000 273,754 Nisshin Oil Mills, Ltd................................ 122,000 339,222 Nissin Corp........................................... 150,000 258,641 Nissin Electric Co., Ltd.............................. 187,000 450,740 *Nissin Kogyo Co., Ltd................................ 6,000 99,123 Nitsuko Corp.......................................... 75,000 356,817 Nitta Corp............................................ 24,000 298,995 Nittetsu Mining Co., Ltd.............................. 147,000 310,532 Nitto Boseki Co., Ltd................................. 225,000 300,620 Nitto Construction Co., Ltd........................... 19,000 33,104 Nitto Electric Works, Ltd............................. 67,000 492,953 Nitto Flour Milling Co., Ltd.......................... 54,000 101,886 SHARES VALUE+ ------ ------ Nitto Seiko Co., Ltd.................................. 56,000 $ 95,548 *Nitto Seimo Co., Ltd................................. 32,000 22,244 Nittoc Construction Co., Ltd.......................... 61,000 76,545 Nohmi Bosai, Ltd...................................... 59,000 211,987 *Nomura Co., Ltd...................................... 6,000 16,629 O-M, Ltd.............................................. 46,000 56,477 *OKK Corp............................................. 101,000 132,209 Obayashi Road Corp.................................... 65,000 149,633 Odakyu Construction Co., Ltd.......................... 29,000 56,287 Odakyu Real Estate Co., Ltd........................... 58,000 109,433 Ohki Corp............................................. 73,000 134,439 *Ohkura Electric Co., Ltd............................. 34,000 53,407 *Ohtsu Tire & Rubber Co., Ltd......................... 65,000 115,599 Oiles Corp............................................ 18,000 292,170 Okabe Co., Ltd........................................ 39,000 117,242 Okamoto Industries, Inc............................... 127,000 284,334 Okamura Corp.......................................... 197,000 786,071 Oki Electric Cable Co., Ltd........................... 56,000 141,048 *Okinawa Electric Power Co., Ltd...................... 6,000 99,123 *Okuma and Howa Machinery, Ltd........................ 69,000 113,369 *Okura and Co., Ltd................................... 128,000 0 Okura Industrial Co., Ltd............................. 96,000 324,128 *Olympic Corp......................................... 10,000 191,837 *Ono Sokki Co., Ltd................................... 43,000 78,414 *Optec Dai-Ichi Denko Co., Ltd........................ 116,333 91,368 Organo Corp........................................... 101,000 354,686 Oriental Construction Co., Ltd........................ 39,000 133,437 *Oriental Yeast Co., Ltd.............................. 14,000 58,770 Origin Electric Co., Ltd.............................. 54,000 333,932 Osaka Oxygen Industries, Ltd.......................... 190,000 409,944 Osaka Steel Co., Ltd.................................. 38,000 149,913 Osaki Electric Co., Ltd............................... 56,000 323,550 Oyo Corp.............................................. 29,000 320,968 P.S.C. Corp........................................... 35,000 104,269 Pacific Industrial Co., Ltd........................... 78,000 186,601 *Pacific Metals Co., Ltd.............................. 299,000 728,800 Parco Co., Ltd........................................ 82,000 229,482 *Pasco Corp........................................... 68,500 250,449 *PCA Corp............................................. 3,000 46,583 Penta-Ocean Construction Co., Ltd..................... 72,000 90,348 Pigeon Corp........................................... 18,000 129,998 Pilot Corp............................................ 32,000 134,331 *Pokka Corp........................................... 48,000 191,963 *Press Kogyo Co., Ltd................................. 143,000 90,366 *Prima Meat Packers, Ltd.............................. 230,000 236,704 *Pulstec Industrial Co., Ltd.......................... 2,000 33,041 Raito Kogyo Co., Ltd.................................. 47,800 168,293 Rasa Industries, Ltd.................................. 119,000 272,869 Rengo Co., Ltd........................................ 800 3,163 *Renown Look, Inc..................................... 50,000 107,880 *Renown, Inc.......................................... 402,000 359,281 Rheon Automatic Machinery Co., Ltd.................... 40,000 129,637 *Rhythm Watch Co., Ltd................................ 344,000 540,357 *Ricoh Elemex Corp.................................... 11,000 68,122 *Ricoh Leasing Co., Ltd............................... 4,000 75,832 *Right ON Co., Ltd.................................... 5,000 123,227 Riken Corp............................................ 193,000 348,466 Riken Keiki Co., Ltd.................................. 33,000 117,973 Riken Vinyl Industry Co., Ltd......................... 123,000 345,334 *Riken Vitamin Co., Ltd............................... 10,000 127,289 Rohto Pharmaceutical Co., Ltd......................... 57,000 758,997 109
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Royal Co., Ltd........................................ 35,000 $ 298,904 *Ryobi, Ltd........................................... 238,000 360,960 Ryoden Trading Co., Ltd............................... 80,000 244,107 Ryoyo Electro Corp.................................... 45,000 558,178 S.T. Chemical Co., Ltd................................ 48,000 303,328 SMK Corp.............................................. 127,000 739,498 SXL Corp.............................................. 148,000 326,005 Saeki Kensetsu Kogyo Co., Ltd......................... 71,000 67,942 Sagami Chain Co., Ltd................................. 20,000 155,095 Sagami Co., Ltd....................................... 60,000 188,497 *Sailor Pen Co., Ltd.................................. 16,000 77,999 Sakai Chemical Industry Co., Ltd...................... 184,000 1,171,063 Sakai Heavy Industries, Ltd........................... 60,000 116,998 *Sakai Ovex Co., Ltd.................................. 85,000 67,527 Sakata Inx Corp....................................... 92,000 222,585 *Sakurada Co., Ltd.................................... 38,000 36,363 San-Ai Oil Co., Ltd................................... 118,000 339,818 Sankei Building Co., Ltd.............................. 97,000 329,255 Sanki Engineering Co., Ltd............................ 76,000 354,713 *Sanko Co., Ltd....................................... 2,000 21,666 *Sanko Metal Industrial Co., Ltd., Tokyo.............. 54,000 47,287 *Sankyo Aluminum Industry Co., Ltd.................... 359,000 236,587 Sankyo Seiko Co., Ltd................................. 86,000 211,174 *Sankyu, Inc., Tokyo.................................. 302,000 264,455 Sanoh Industrial Co., Ltd............................. 32,000 138,664 Sanshin Electronics Co., Ltd.......................... 51,000 312,157 *Sansui Electric Co., Ltd............................. 353,000 15,934 *Sanwa Electric Co., Ltd.............................. 17,000 41,437 *Sanyo Denki Co., Ltd................................. 36,000 227,496 Sanyo Industries, Ltd., Tokyo......................... 48,000 157,731 Sanyo Shokai, Ltd..................................... 113,000 302,976 Sanyo Special Steel Co., Ltd.......................... 339,000 459,054 *Sasebo Heavy Industries Co., Ltd., Tokyo............. 257,000 185,608 Sata Construction Co., Ltd., Gumma.................... 61,000 65,531 *Sato Kogyo Co., Ltd.................................. 34,000 14,733 Sato Shoji Corp....................................... 31,000 107,745 Satori Electric Co., Ltd.............................. 2,000 21,486 Sawafugji Electric Co., Ltd........................... 31,000 55,412 Seika Corp............................................ 145,000 205,514 *Seikitokyu Kogyo Co., Ltd............................ 86,000 60,557 *Seiko Corp........................................... 45,150 182,196 Seiren Co., Ltd....................................... 81,000 204,746 Seiyo Food Systems, Inc............................... 137,000 411,849 Sekisui Jushi Co., Ltd................................ 85,000 273,943 Sekisui Plastics Co., Ltd............................. 150,000 261,350 Senko Co., Ltd........................................ 205,000 370,132 Senshukai Co., Ltd.................................... 40,000 196,802 *Setouchi Bank, Ltd................................... 11,000 39,523 Shibaura Engineering Works Co., Ltd................... 45,000 248,214 Shibusawa Warehouse Co., Ltd.......................... 119,000 268,572 Shibuya Kogyo Co., Ltd................................ 54,000 402,668 *Shikibo, Ltd......................................... 155,000 93,752 Shikoku Chemicals Corp................................ 89,000 317,366 Shimizu Bank, Ltd..................................... 8,900 347,897 *Shimura Kako Co., Ltd................................ 55,000 263,652 Shin Nippon Air Technologies Co., Ltd................. 37,180 122,511 Shinagawa Fuel Co., Ltd............................... 160,000 534,435 Shinagawa Refractories Co., Ltd....................... 116,000 214,677 SHARES VALUE+ ------ ------ Shindengen Electric Manufacturing Co., Ltd............ 68,000 $ 340,702 Shin-Etsu Polymer Co., Ltd............................ 68,000 410,684 *Shinko Electric Co., Ltd............................. 257,000 426,898 Shinko Shoji Co., Ltd................................. 41,000 283,521 Shin-Kobe Electric Machinery Co., Ltd................. 71,000 355,092 *Shinmaywa Industries, Ltd............................ 168,000 268,445 *Shinsho Corp......................................... 110,000 155,907 *Shintom Co., Ltd..................................... 178,000 69,097 *Shinwa Kaiun Kaisha, Ltd............................. 238,000 163,292 Shinyei Kaisha........................................ 54,000 69,711 Shiroki Co., Ltd...................................... 132,000 239,521 Sho-Bond Corp......................................... 24,100 312,207 *Shobunsha Publications, Inc.......................... 12,000 141,589 *Shochiku Co., Ltd.................................... 99,000 437,036 *Shoei Co., Ltd....................................... 6,000 53,137 Shoko Co., Ltd........................................ 156,000 197,163 *Shokusan Bank, Ltd................................... 18,000 66,624 *Shokusan Jutaku Sogo Co., Ltd........................ 207,000 138,285 *Showa Aluminum Corp.................................. 181,000 212,420 Showa Corp............................................ 117,000 626,345 Showa Electric Wire & Cable Co., Ltd., Kawasaki....... 313,000 565,129 Showa Highpolymer Co., Ltd............................ 79,000 245,335 *Showa Mining Co., Ltd................................ 8,000 17,911 Showa Sangyo Co., Ltd................................. 160,000 259,995 *Silver Seiko, Ltd.................................... 87,000 97,390 Sintokogio, Ltd., Nagoya.............................. 108,000 238,871 *Snow Brand Seed Co., Ltd............................. 4,000 17,694 Soda Nikka Co., Ltd................................... 35,000 61,298 *Sodick Co., Ltd...................................... 15,000 63,780 *Sokkisha Co., Ltd.................................... 40,000 64,277 *Sonton Food Industry Co., Ltd........................ 4,000 33,222 Sotetsu Rosen Co., Ltd................................ 42,000 195,267 *SPC Electronics Corp................................. 9,000 89,373 *SRL, Inc............................................. 7,000 57,316 Star Micronics Co., Ltd............................... 84,000 1,137,480 Subaru Enterprise Co., Ltd............................ 36,000 112,448 *Suminoe Textile Co., Ltd............................. 142,000 158,958 *Sumitomo Coal Mining Co., Ltd........................ 181,000 111,112 *Sumitomo Construction Co., Ltd....................... 320,000 196,441 Sumitomo Corporation's Leasing, Ltd................... 38,500 401,436 Sumitomo Densetsu Co., Ltd............................ 50,700 242,581 *Sumitomo Light Metal Industries, Ltd................. 493,000 364,951 Sumitomo Precision Products Co., Ltd., Amagasaki City................................................ 78,000 233,075 Sumitomo Seika Chemicals Co., Ltd..................... 102,000 219,155 Sumitomo Warehouse Co., Ltd........................... 126,000 323,044 Sun Wave Corp......................................... 88,000 146,175 Sun-S, Inc............................................ 38,300 237,881 SunTelephone Co., Ltd................................. 65,000 148,459 *Suruga Corp.......................................... 3,000 37,239 *Suzutan Co., Ltd..................................... 62,000 52,613 *T.Hasegawa Co., Ltd.................................. 9,000 138,123 TYK Corp.............................................. 67,000 116,736 Tabai Espec Corp...................................... 34,000 325,355 *Tachihi Enterprise Co., Ltd.......................... 5,000 85,762 *Tachikawa Corp....................................... 4,000 23,472 Tadano, Ltd........................................... 127,000 204,078 Taihei Dengyo Kaisha, Ltd............................. 66,000 154,914 110
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Taihei Kogyo Co., Ltd................................. 114,000 $ 138,935 *Taiheiyo Kaiun Co., Ltd.............................. 72,000 34,449 Taiheiyo Kouhatsu, Inc................................ 90,000 95,873 *Taiho Kogyo Co., Ltd................................. 10,000 78,269 Taikisha, Ltd......................................... 97,000 631,365 Taisei Fire & Marine Insurance Co., Ltd............... 118,000 303,599 *Taisei Prefab Construction Co., Ltd.................. 134,000 130,648 Taisei Rotec Corp..................................... 127,000 176,562 Taito Co., Ltd........................................ 70,000 148,504 Taiyo Toyo Sanso Co., Ltd............................. 232,000 464,959 Takada Kiko Co., Ltd.................................. 31,000 121,737 *Takagi Securities Co., Ltd........................... 22,000 64,746 *Takamatsu Corp....................................... 6,500 72,763 *Takano Co., Ltd...................................... 7,000 82,151 Takaoka Electric Manufacturing Co., Ltd., Tokyo....... 156,000 198,572 *Taka-Q Co., Ltd...................................... 69,500 57,723 *Takara Co., Ltd...................................... 39,000 152,801 *Takara Printing Co., Ltd............................. 3,500 30,807 *Takarabune Corp...................................... 52,000 46,005 Takasago International Corp........................... 91,000 350,786 *Takasaki Paper Manufacturing Co., Ltd................ 157,000 116,222 *Takashima & Co., Ltd................................. 60,000 60,666 Takiron Co., Ltd...................................... 140,000 465,103 Tamura Corp........................................... 65,000 249,388 *Tamura Electric Works, Ltd........................... 74,000 144,966 Tasaki Shinju Co., Ltd................................ 53,000 200,955 *Tateho Chemical Industries Co., Ltd.................. 26,500 50,239 *Tatsuta Electric Wire & Cable Co., Ltd............... 106,000 166,505 Tayca Corp............................................ 74,000 165,675 Teac Corp............................................. 109,000 334,564 *Techno Ryowa, Ltd.................................... 1,200 4,875 *Tecmo, Ltd........................................... 7,000 60,034 Teijin Seiki Co., Ltd................................. 138,000 316,436 Teikoku Hormone Manufacturing Co., Ltd................ 33,000 216,880 Teikoku Sen-I Co., Ltd................................ 39,000 60,909 Teikoku Tsushin Kogyo Co., Ltd........................ 73,000 224,066 Teisan KK............................................. 219,000 1,243,564 Tekken Corp........................................... 274,000 222,621 Ten Allied Co., Ltd................................... 37,000 131,605 Tenma Corp............................................ 29,000 259,183 *Teraoka Seisakusho Co., Ltd.......................... 4,000 25,277 *Tesac Corp........................................... 92,000 38,205 Tetra Co., Ltd., Tokyo................................ 41,000 74,026 The Daito Bank, Ltd................................... 81,000 239,115 *Tigers Polymer Corp.................................. 4,000 19,283 *Titan Kogyo KK....................................... 36,000 51,999 Toa Corp.............................................. 181,000 204,250 Toa Doro Kogyo Co., Ltd............................... 85,000 149,633 *Toa Wool Spinning & Weaving Co., Ltd................. 73,000 41,518 *Tobishima Corp....................................... 100,000 39,722 *Tobu Store Co., Ltd.................................. 71,000 107,681 Tochigi Bank, Ltd..................................... 60,000 367,785 Tochigi Fuji Industrial Co., Ltd...................... 51,000 98,527 Toda Kogyo Corp....................................... 88,000 397,215 Todentu Corp.......................................... 57,000 177,528 SHARES VALUE+ ------ ------ Toenec Corp........................................... 80,000 $ 303,328 Toho Real Estate Co., Ltd............................. 98,000 339,727 *Toho Titanium Co., Ltd............................... 6,000 28,708 Toho Zinc Co., Ltd.................................... 205,000 405,295 *Tohoku Bank.......................................... 15,000 29,114 *Tohpe Corp........................................... 36,000 43,224 Tohto Suisan Co., Ltd................................. 54,000 141,860 Tokai Carbon Co., Ltd................................. 186,000 404,672 Tokai Corp............................................ 108,000 681,513 *Tokai Kanko Co., Ltd................................. 198,000 137,635 Tokai Pulp Co., Ltd................................... 88,000 318,567 Tokai Rika Co., Ltd................................... 61,000 424,027 *Tokai Senko KK, Nagoya............................... 47,000 44,976 Tokico, Ltd........................................... 189,000 351,481 *Tokimec, Inc......................................... 119,000 126,766 Tokin Corp............................................ 53,000 641,142 Toko Electric Corp.................................... 39,000 98,934 Toko, Inc............................................. 81,000 426,311 Tokushima Bank, Ltd................................... 61,200 386,743 Tokushu Paper Manufacturing Co., Ltd.................. 119,000 435,086 Tokyo Denki Komusho Co., Ltd.......................... 57,000 191,936 *Tokyo Denpa Co., Ltd................................. 3,000 109,686 Tokyo Kikai Seisakusho, Ltd........................... 74,000 261,873 *Tokyo Leasing Co., Ltd............................... 29,000 151,845 *Tokyo Nissan Auto Sales Co., Ltd..................... 63,000 108,629 Tokyo Rakutenchi Co., Ltd............................. 92,000 289,028 Tokyo Rope Manufacturing Co., Ltd..................... 286,000 322,737 Tokyo Sangyo Co., Ltd................................. 36,500 95,887 Tokyo Securities Co., Ltd............................. 366,250 912,557 Tokyo Steel Manufacturing Co., Ltd.................... 77,400 354,959 Tokyo Tatemono Co., Ltd............................... 244,000 458,170 *Tokyo Tekko Co., Ltd................................. 67,000 43,549 Tokyo Theatres Co., Inc., Tokyo....................... 116,000 179,072 *Tokyo Tungsten Corp.................................. 10,000 81,158 Tokyotokeiba Co., Ltd................................. 261,000 263,895 *Tokyu Car Corp....................................... 213,000 138,448 *Tokyu Construction Co., Ltd.......................... 356,000 234,610 *Tokyu Department Store Co., Ltd...................... 266,000 192,108 *Tokyu Hotel Chain Co., Ltd........................... 189,000 267,877 *Tokyu Recreation Corp................................ 10,000 54,978 Tokyu Store Chain Corp................................ 175,000 507,127 *Tokyu Tourist Corp................................... 38,000 42,538 Toli Corp............................................. 101,000 184,182 *Tomen Corp........................................... 216,500 230,629 *Tomen Electronics Corp............................... 3,000 127,019 Tomoe Corp............................................ 56,000 90,998 *Tomoegawa Paper Co., Ltd............................. 55,000 195,629 Tomoku Co., Ltd....................................... 185,000 339,032 Tonami Transportation Co., Ltd........................ 173,000 332,659 Topcon Corp........................................... 68,000 214,857 Topre Corp............................................ 85,000 263,200 Topy Industries, Ltd.................................. 187,000 293,741 Torigoe Co., Ltd...................................... 21,000 65,216 Torishima Pump Manufacturing Co., Ltd., Osaka......... 45,000 199,872 *Toshiba Chemical Corp................................ 9,000 24,293 Toshiba Engineering & Construction Co., Ltd........... 101,000 204,241 *Toshiba Machine Co., Ltd............................. 294,000 1,382,797 Toshiba Tungaloy Co., Ltd............................. 124,000 677,252 111
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THE JAPANESE SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Tosho Printing Co., Ltd............................... 94,000 $ 185,843 Tostem Corp........................................... 21,482 307,963 *Tostem Viva Corp..................................... 119,000 396,412 Totenko Co., Ltd...................................... 35,000 103,637 Totetsu Kogyo Co., Ltd................................ 53,000 106,219 Totoku Electric Co., Ltd., Tokyo...................... 62,000 181,907 *Towa Real Estate Development Co., Ltd................ 160,000 77,999 *Toyo Bussan Co., Ltd................................. 4,000 22,750 Toyo Chemical Co., Ltd................................ 52,000 187,774 Toyo Communication Equipment Co., Ltd................. 79,000 572,685 Toyo Construction Co., Ltd............................ 290,000 172,789 *Toyo Electric Co., Ltd............................... 67,000 73,792 *Toyo Engineering Corp................................ 247,000 231,902 *Toyo Kanetsu KK...................................... 206,000 195,267 Toyo Kohan Co., Ltd................................... 140,000 355,147 Toyo Radiator Co., Ltd................................ 104,000 416,859 Toyo Securities Co., Ltd.............................. 113,000 261,151 *Toyo Shutter Co., Ltd................................ 77,000 43,793 *Toyo Sugar Refining Co., Ltd......................... 60,000 64,457 *Toyo Tire & Rubber Co., Ltd.......................... 173,000 223,334 Toyo Umpanki Co., Ltd................................. 146,000 369,049 Toyo Wharf & Warehouse Co., Ltd....................... 118,000 144,875 Tsubaki Nakashima Co., Ltd............................ 47,000 616,081 Tsubakimoto Machinery & Engineering Co., Ltd.......... 44,000 71,499 *Tsudakoma Corp....................................... 101,000 123,092 *Tsugami Corp......................................... 124,000 355,977 *Tsukamoto Co., Ltd................................... 44,000 53,227 Tsukishima Kikai Co., Ltd............................. 38,000 212,691 *Tsumura & Co., Inc................................... 124,000 367,171 Tsurumi Manufacturing Co., Ltd........................ 42,000 195,647 Tsutsumi Jewelry Co., Ltd............................. 16,900 281,333 Tsutsunaka Plastic Industry Co., Ltd.................. 71,000 196,134 *Tsuzuki Denki Co., Ltd............................... 5,000 20,086 U-Shin, Ltd........................................... 19,000 63,807 *Ube Material Industries, Ltd......................... 16,000 17,766 Uchida Yoko Co., Ltd.................................. 72,000 478,392 Ueki Corp............................................. 47,000 76,374 Uniden Corp........................................... 42,000 177,068 *Unimat Offisco Corp.................................. 6,900 54,567 *Unisia Jecs Corp..................................... 215,000 328,019 *Unitika, Ltd......................................... 433,000 363,533 *Utoc Corp............................................ 38,000 46,655 Wakachiku Construction Co., Ltd....................... 194,000 175,136 Wakamoto Pharmaceutical Co., Ltd...................... 48,000 176,364 *Warabeya Nichiyo Co., Ltd............................ 1,000 8,865 Yahagi Construction Co., Ltd.......................... 59,000 205,062 *Yahagi Corp.......................................... 40,000 0 *Yamaichi Electronics Co., Ltd........................ 6,000 102,644 Yamamura Glass Co., Ltd............................... 213,000 315,353 *Yamatane Corp........................................ 131,000 141,914 Yamatane Securities Co., Ltd.......................... 203,000 397,676 SHARES VALUE+ ------ ------ *Yamato International, Inc............................ 43,000 $ 42,701 Yamato Kogyo Co., Ltd................................. 73,000 287,331 Yamaura Corp.......................................... 19,000 59,862 *Yamazen Co., Ltd..................................... 140,000 264,148 Yaoko Co., Ltd........................................ 16,000 176,941 Yellow Hat, Ltd., Tokyo............................... 28,000 215,868 Yokogawa Bridge Corp.................................. 70,400 247,862 *Yokohama Matsuzakaya, Ltd............................ 27,000 20,718 Yokohama Reito Co., Ltd............................... 111,000 557,149 *Yokowo Co., Ltd...................................... 7,000 130,178 Yomeishu Seizo Co., Ltd............................... 46,000 298,580 Yomiuri Land Co., Ltd................................. 157,000 545,675 Yondenko Corp......................................... 58,800 194,282 Yonekyu Corp.......................................... 31,500 340,960 Yorozu Corp........................................... 26,800 101,615 Yoshihara Oil Mill, Ltd............................... 36,000 95,873 Yoshimoto Kogyo Co., Ltd.............................. 60,000 490,200 Yuasa Corp............................................ 161,000 340,107 *Yuasa Trading Co., Ltd............................... 174,000 202,634 *Yuken Kogyo Co., Ltd................................. 60,000 64,999 *Yukiguni Maitake Co., Ltd............................ 5,000 26,631 Yurtec Corp........................................... 73,000 237,246 Zenchiku Co., Ltd..................................... 126,000 214,984 *Zensho Co., Ltd...................................... 6,000 47,124 *Zexel Corp........................................... 214,000 270,468 ------------ TOTAL COMMON STOCKS (Cost $380,931,943).................................. 189,748,765 ------------ INVESTMENT IN CURRENCY -- (0.8%) *Japanese Yen (Cost $1,640,386)................................... 1,634,145 ------------ TOTAL -- JAPAN (Cost $382,572,329).................................. 191,382,910 ------------ [Download Table] FACE AMOUNT ------ (000) TEMPORARY CASH INVESTMENTS -- (3.7%) Repurchase Agreement, PNC Capital Markets Inc. 5.99%, 12/01/2000 (Collateralized by U.S. Treasury Notes 5.75%, 04/30/03, valued at $7,541,138) to be repurchased at $7,430,236. (Cost $7,429,000)................................... $ 7,429 7,429,000 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $390,001,329)++................................ $198,811,910 ============ [Download Table] -------------------------------------------------------------------------------- + See Note B to Financial Statements. * Non-Income Producing Securities ++ The cost for federal income tax purposes is $392,895,479. See accompanying Notes to Financial Statements. 112
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THE PACIFIC RIM SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS NOVEMBER 30, 2000 [Download Table] SHARES VALUE+ ------ ------ AUSTRALIA -- (30.0%) COMMON STOCKS -- (29.5%) *A.I. Engineering Corp., Ltd.......................... 129,195 $ 10,189 A.P. Eagers, Ltd...................................... 21,077 44,990 ARB Corporation, Ltd.................................. 11,364 44,810 Abigroup, Ltd......................................... 129,710 125,480 *Access1, Ltd......................................... 130,929 16,177 Adelaid Bank, Ltd..................................... 116,153 323,051 *Access1, Ltd. Issue 2000............................. 13,092 2,065 Adelaide Brighton, Ltd................................ 572,818 123,477 Adsteam Marine, Ltd................................... 160,973 192,962 Adtrans Group Limited................................. 29,000 26,377 *Airboss, Ltd......................................... 27,480 1,589 *Allstate Explorations NL............................. 49,087 6,194 Amalgamated Holdings, Ltd............................. 266,483 294,221 *Amity Oil NL......................................... 43,079 28,538 *An Feng Kingstream Steel, Ltd........................ 764,927 76,411 *Anaconda Nickel NL................................... 500,170 595,885 *Anzoil NL............................................ 123,126 2,913 *Aquarius Platinum (Australia), Ltd................... 44,452 189,679 *Ariadne Australia, Ltd............................... 270,353 52,592 *Ashanti Goldfields Co., Ltd.......................... 16,421 38,160 Ashanti Goldfields Co., Ltd. (Stapled Shares)......... 15,990 20,723 Ashton Mining, Ltd.................................... 523,700 550,678 Asia Pacific Specialty Chemicals, Ltd................. 88,182 20,631 Atkins Carlyle, Ltd................................... 69,772 84,371 *AuIron Energy, Ltd................................... 260,290 177,904 *Auridiam Consolidated NL............................. 63,097 2,488 *Aurora Gold, Ltd..................................... 226,812 24,446 Ausdoc Group, Ltd..................................... 116,098 100,104 *Ausdrill, Ltd........................................ 103,961 8,472 *Aussie Online, Ltd................................... 394,855 7,889 *Austpac Resources NL................................. 355,118 18,671 Australand Holdings, Ltd.............................. 445,600 309,246 Australian Hospital Care, Ltd......................... 215,500 142,759 *Australian Magnesium Corp., Ltd...................... 84,257 101,887 *Australian Oil & Gas Corp., Ltd...................... 96,119 88,942 Australian Pharmaceutical Industries, Ltd............. 287,700 353,949 Australian Provincial Newspaper Holdings, Ltd......... 380,974 857,283 *Australian Resources, Ltd............................ 141,446 17,104 Autron Corporation, Ltd............................... 223,118 49,855 *Avatar Industries, Ltd............................... 229,505 22,926 Bank of Queensland, Ltd............................... 124,922 376,338 *Beach Petroleum NL................................... 371,700 7,622 *Beaconsfield Gold NL................................. 89,078 15,923 Bendigo Bank, Ltd..................................... 150,037 413,347 *Bendigo Mining NL.................................... 849,735 78,182 *Beyond International, Ltd............................ 61,256 24,154 *Biota Holdings, Ltd.................................. 97,808 197,979 *Biotech International, Ltd........................... 149,379 24,346 *Black Range Minerals NL.............................. 169,951 20,551 Blackmores, Ltd....................................... 27,894 92,832 *Bligh Oil & Minerals NL.............................. 58,844 6,342 *Bligh Oil & Minerals NL, Issue 00.................... 29,422 2,243 *Boulder Group NL..................................... 78,500 6,810 *Bourse Data, Ltd..................................... 30,700 9,684 SHARES VALUE+ ------ ------ Brandrill, Ltd........................................ 96,616 $ 121,912 Bridgestone Australia, Ltd............................ 49,000 28,338 Bristile, Ltd......................................... 81,032 51,124 Buderim Ginger, Ltd................................... 7,889 2,157 *Burns, Philp & Co., Ltd.............................. 651,721 178,176 CI Technologies Group, Ltd............................ 109,822 193,428 Caltex Australia, Ltd................................. 407,700 460,855 Campbell Brothers, Ltd................................ 59,643 144,245 *Cape Range, Ltd...................................... 430,495 61,111 Capral Aluminium, Ltd................................. 379,330 452,718 *Carrington Cotton Corp., Ltd......................... 22,200 49,138 Casinos Austria International, Ltd.................... 258,299 89,630 Cedar Woods Properties, Ltd........................... 50,913 11,243 *Centamin Egypt, Ltd.................................. 261,882 10,326 *Centaur Mining & Exploration, Ltd.................... 62,058 15,335 Central Equity, Ltd................................... 123,243 142,551 Central Norseman Gold Corp., Ltd...................... 409,800 59,250 Centro Properties, Ltd................................ 261,514 393,092 *Charter Pacific Corp., Ltd........................... 72,823 30,630 *Circadian Technologies, Ltd.......................... 40,370 77,258 *Cityview Energy Corp., Ltd........................... 52,581 19,351 *Clifford Corp., Ltd.................................. 161,750 0 *Climax Mining, Ltd................................... 163,017 7,457 Clough, Ltd........................................... 403,574 131,553 Coal & Allied Industries, Ltd......................... 11,250 106,466 Coates Hire, Ltd...................................... 258,842 156,501 *Comet Resources NL................................... 83,600 20,658 Consolidated Manufacturing Industries, Ltd............ 32,784 18,960 *Consolidated Minerals, Ltd........................... 123,800 26,686 Consolidated Paper Industries, Ltd.................... 66,203 69,613 Consolidated Rutile, Ltd.............................. 333,372 115,680 *Coolgardie Gold NL................................... 222,685 5,854 *Coplex Resources NL.................................. 231,400 10,949 Corporate Express Australia, Ltd...................... 176,355 746,395 Coventry Group, Ltd................................... 63,616 125,425 Crane (G.E) Holdings, Ltd............................. 86,915 317,588 *Croesus Mining NL.................................... 97,100 19,144 *Cudgen RZ, Ltd....................................... 36,650 3,661 *DC International, Ltd................................ 299,350 7,554 *DJL, Ltd............................................. 277,900 1,461 *Dalrymple Resources NL............................... 62,885 16,531 Danks Holdings, Ltd................................... 10,425 45,218 *Davnet Limited....................................... 402,200 143,792 Delfin Property Group, Ltd............................ 26,361 80,385 *Delta Gold NL........................................ 442,483 260,555 *Denehurst, Ltd....................................... 95,000 3,646 *Devex, Ltd........................................... 205,364 51,826 *Devine, Ltd.......................................... 44,183 3,484 *Diamin Resources NL.................................. 212,131 37,362 Dollar Sweets Holdings, Ltd........................... 135,021 65,309 *Dominion Mining, Ltd................................. 168,015 30,917 *Durban Roodepoort Deep, Ltd.......................... 18,619 11,257 *Easycall Communications (Philippines), Ltd........... 177,300 21,440 *Ecorp Limited........................................ 254,988 243,322 Email, Ltd............................................ 409,709 611,757 *Emporer Mines, Ltd................................... 120,600 17,120 Energy Developments, Ltd.............................. 161,980 1,114,772 113
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ *Energy Equity Corp., Ltd............................. 325,630 $ 13,867 Energy Resources of Australia, Ltd. Series A.......... 231,589 322,663 *Equatorial Mining, Ltd............................... 43,214 59,072 Equigold NL........................................... 99,000 21,340 Evans Deakin Industries, Ltd.......................... 177,590 188,606 Finemore Holdings, Ltd................................ 75,789 85,670 Fleetwood Corp., Ltd.................................. 39,607 30,403 Foodland Associates, Ltd.............................. 114,415 520,336 Forest Place Group, Ltd............................... 85,192 18,812 *Formulab Neuronetics Corp., Ltd...................... 1,061 1,395 Forrester Parker Group, Ltd........................... 142,602 63,728 Freedom Furniture, Ltd................................ 123,400 74,610 Futuris Corp., Ltd.................................... 638,000 592,374 GUD Holdings, Ltd..................................... 83,979 74,618 GWA International, Ltd................................ 415,102 390,654 Gazal Corp., Ltd...................................... 71,177 97,297 *Geo2, Ltd............................................ 164,199 5,180 George Weston Foods, Ltd.............................. 65,003 222,143 *Golden West Refining Corp., Ltd...................... 17,330 3,280 Goldfields, Ltd....................................... 477,502 409,211 *Goldstream Mining NL................................. 90,901 19,117 Gowing Bros., Ltd..................................... 52,346 48,162 *Gradipore, Ltd....................................... 21,628 57,424 Grand Hotel Group..................................... 347,700 212,055 *Grange Resources, Ltd................................ 57,506 4,535 *Greenfields Energy Corp., Ltd........................ 193,687 9,470 Green's Foods, Ltd.................................... 66,082 14,592 Gunns, Ltd............................................ 48,287 69,815 HIH Insurance, Ltd.................................... 791,605 141,505 Hamilton Island, Ltd.................................. 52,600 71,073 Hancock and Gore, Ltd................................. 50,013 30,765 Haoma Mining NL....................................... 98,816 5,975 *Hardman Resources NL................................. 314,890 57,944 Harris Scarfe Holdings, Ltd........................... 105,076 68,503 Hartley Poynton, Ltd.................................. 84,981 69,253 *Helix Resources NL................................... 25,000 6,178 Henry Walker Group, Ltd............................... 287,948 183,183 *Herald Resources, Ltd................................ 69,910 21,686 Hills Industries, Ltd................................. 212,581 268,238 Hills Motorway Group.................................. 279,349 672,663 Housewares International, Ltd......................... 87,100 44,878 Iama, Ltd............................................. 187,940 156,121 *Industrial & Commercial Electronic Industries, Ltd................................................. 54,361 3,001 Institute of Drug Technology Australia, Ltd........... 44,372 93,082 *Intellect Holdings, Ltd.............................. 75,070 41,837 Ipoh, Ltd............................................. 139,966 113,326 Iron Carbide Australia, Ltd........................... 89,832 33,533 *Ixla, Ltd............................................ 89,921 20,802 *Jingellic Minerals NL................................ 4,329 0 *Johnson's Well Mining NL............................. 200,000 26,288 Jones (David), Ltd.................................... 593,400 458,617 Joyce Corp., Ltd...................................... 13,049 4,802 *Jubilee Gold Mines NL................................ 133,974 93,682 Jupiters, Ltd......................................... 189,523 403,554 Just Jeans Holdings, Ltd.............................. 94,342 45,633 *Keycorp, Ltd......................................... 51,992 202,280 *Kidston Gold Mines, Ltd.............................. 246,300 20,719 King Island (The) Co., Ltd............................ 22,000 35,972 *Kingsgate Consolidated NL............................ 71,492 28,942 SHARES VALUE+ ------ ------ *Kolback Group, Ltd................................... 90,810 $ 50,131 *Kresta Holdings, Ltd................................. 56,700 2,907 Lemarne Corp., Ltd.................................... 20,790 27,873 *Leo Shield Exploration, Ltd.......................... 286,300 11,289 *Lynas Gold NL........................................ 40,500 3,513 *MRI Holdings, Ltd.................................... 36,169 4,754 *MacMahon Holdings, Ltd............................... 192,179 13,640 Magellan Petroleum Australia, Ltd..................... 32,760 34,878 Maryborough Sugar Factory, Ltd........................ 600 1,861 *Maxi-Cube, Ltd....................................... 128,356 12,147 McConnell Dowell Corp., Ltd........................... 62,776 53,798 McGuigan (Brian) Wines, Ltd........................... 50,532 76,515 McPherson's, Ltd...................................... 61,500 37,831 *Media Entertainment Group, Ltd....................... 150,814 20,219 *Micromedical Industries, Ltd......................... 150,461 26,105 *Mikoh Corp., Ltd..................................... 39,999 2,734 *Mineral Deposits, Ltd................................ 49,458 8,191 *Mobile Computing Corp................................ 75,400 241,817 *Mobile Innovations, Ltd.............................. 84,600 12,009 Monadelphous Group, Ltd............................... 17,086 25,602 *Mosaic Oil NL........................................ 345,724 33,627 *Mount Kersey Mining NL............................... 146,152 12,294 *Murchison United NL.................................. 71,536 52,655 'Murrin Murrin Investments, Ltd. Promissory Notes 06/30/99............................................ 40,918 8,412 Namoi Cotton Cooperative, Ltd......................... 129,700 30,686 National Can Industries, Ltd.......................... 97,017 51,007 National Foods, Ltd................................... 439,427 542,925 *Nautronix, Ltd....................................... 74,694 21,992 *New Hampton Goldfields NL............................ 178,048 19,190 Newcrest Mining, Ltd.................................. 129,349 258,423 Normandy Mt. Leyshon, Ltd............................. 133,376 51,891 Normans Wine, Ltd..................................... 35,848 15,266 *North Flinders Mines, Ltd............................ 99,807 267,618 *Novogen, Ltd......................................... 105,184 200,190 *Novus Petroleum, Ltd................................. 245,359 234,778 OPSM Protector, Ltd................................... 257,306 252,974 Oil Company of Australia, Ltd......................... 51,800 61,277 *Online Advantage, Ltd................................ 2,475 163 *Orbital Engine Corp., Ltd............................ 537,358 590,466 *Oriel Communications................................. 27,653 1,090 *Oropa, Ltd........................................... 333,580 16,311 Oroton International, Ltd............................. 38,427 47,680 PMP Communications, Ltd............................... 381,871 337,296 Pacific BBA, Ltd...................................... 271,086 434,702 Pacific Hydro, Ltd.................................... 148,384 170,850 *Pan Pacific Petroleum NL............................. 327,800 17,234 *Payce Consolidated, Ltd.............................. 18,000 6,672 Penfold (W.C.), Ltd................................... 14,100 13,714 *Peptide Technology, Ltd.............................. 176,600 142,987 *Perilya Mines NL..................................... 263,500 34,634 Permanent Trustee Co., Ltd............................ 20,052 71,162 Perpetual Trustees Australia, Ltd..................... 47,694 789,877 Petaluma, Ltd......................................... 29,519 69,839 Peter Lehmann Wines, Ltd.............................. 35,586 42,658 *Petroz NL............................................ 308,910 94,199 *Petsec Energy, Ltd................................... 97,992 5,410 *Pima Mining NL....................................... 214,601 38,361 Pirelli Cables Australia, Ltd......................... 97,420 41,488 *Planet Oil International............................. 31,489 0 Plaspak Group, Ltd.................................... 76,261 24,257 *Pocketmail Group, Ltd................................ 10,933 523 114
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ *Polartechnics, Ltd................................... 37,205 $ 66,507 *Port Douglas Reef Resorts, Ltd....................... 264,900 16,016 Portman Mining, Ltd................................... 241,600 120,672 *Precious Metals Australia, Ltd....................... 106,059 4,349 *Preston Resources NL................................. 64,000 9,085 Prime Television, Ltd................................. 168,102 152,899 *Progen Industries, Ltd............................... 24,788 23,458 *Prophecy International Holdings, Ltd................. 51,900 29,743 *Psiron, Ltd.......................................... 40,381 11,677 *Quantum Resources, Ltd............................... 115,007 2,479 Queensland Cotton Holdings, Ltd....................... 39,866 77,551 *Quiktrak Networks, Ltd............................... 396,495 17,719 *Raptis Group, Ltd.................................... 12,000 820 Rebel Sport, Ltd...................................... 77,898 28,669 *Redfire Resources NL................................. 27,900 1,907 Reece Australia, Ltd.................................. 32,100 337,536 *Reinsurance Australia Corp., Ltd..................... 399,993 25,236 *Resolute, Ltd........................................ 324,045 19,592 Ridley Corp., Ltd..................................... 576,240 206,014 Rock Building Society, Ltd............................ 11,373 15,008 Rural Press, Ltd...................................... 211,201 566,306 SPC, Ltd.............................................. 91,854 40,083 Sabre Group, Ltd...................................... 40,702 33,811 Schaffer Corp., Ltd................................... 16,698 35,116 Scientific Services, Ltd.............................. 122,237 25,064 Scott Corp., Ltd...................................... 43,000 33,233 Select Harvests....................................... 41,257 33,621 Simeon Wines, Ltd..................................... 203,870 270,109 Simsmetal, Ltd........................................ 157,797 475,377 Singleton Group, Ltd.................................. 134,020 217,023 *Sino Securities International, Ltd................... 8,118 5,463 Skilled Engineering, Ltd.............................. 127,146 80,217 *Solution 6 Holdings, Ltd............................. 167,494 88,061 Sonic Healthcare, Ltd................................. 245,203 1,166,700 Sons of Gwalia, Ltd................................... 227,680 736,182 Southern Cross Broadcasting (Australia), Ltd.......... 44,848 246,402 *Southern Pacific Petroleum NL........................ 370,840 419,189 *Southern Star Group, Ltd............................. 154,982 38,297 *Spectrum Network Systems, Ltd. Series B.............. 153,959 70,422 Spicers Paper, Ltd.................................... 246,300 371,648 Spotless Group, Ltd................................... 438,502 1,636,872 *St. Barbara Mines, Ltd............................... 375,500 26,652 *Straits Resources, Ltd............................... 56,534 11,295 *Strategic Minerals Corp. NL.......................... 13,100 241 *Striker Resources NL................................. 316,300 26,608 Structural Systems, Ltd............................... 25,602 14,941 *Sunland Group, Ltd................................... 75,095 17,767 Sydney Aquarium, Ltd.................................. 24,135 45,681 *Taipan Resources NL.................................. 300,000 11,987 *Takoradi, Ltd........................................ 993,152 8,877 *Tandou, Ltd.......................................... 3,100 1,956 *Tanganyika Gold NL................................... 104,360 74,072 *Tap Oil.............................................. 193,100 106,600 Tassal, Ltd........................................... 93,157 49,957 *Techniche, Ltd....................................... 43,482 22,861 Telecasters Australia, Ltd............................ 30,643 130,497 Television & Media Services, Ltd...................... 177,693 130,793 Tempo Service, Ltd.................................... 98,174 87,747 Ten Network Holdings, Ltd............................. 110,000 147,359 Thakral Holdings Group................................ 1,124,244 354,647 SHARES VALUE+ ------ ------ *Third Rail, Ltd...................................... 151,200 $ 11,527 Ticor, Ltd............................................ 347,850 210,317 Timbercorp Limited.................................... 230,152 199,657 *Titan Resources NL................................... 50,000 6,572 Toll Holdings, Ltd.................................... 94,029 580,878 *Tooth & Co., Ltd..................................... 153,000 16,490 Tourism Assets Holdings, Ltd.......................... 469,760 143,248 *Transcom International, Ltd.......................... 118,238 47,867 *Triako Resources, Ltd................................ 5,400 1,363 Troy Resources NL..................................... 22,548 7,350 *Union Capital, Ltd................................... 395,200 18,077 Union Gold Mining Co. NL.............................. 142,500 77,917 United Construction Group, Ltd........................ 81,554 49,309 *Utility Services Corp., Ltd.......................... 116,121 48,231 *Valdera Resources, Ltd............................... 5,530 0 Vecommerce, Ltd....................................... 13,680 35,602 *Victoria Petroleum NL................................ 347,973 7,318 Villa World, Ltd...................................... 134,700 51,698 Village Roadshow, Ltd................................. 356,394 350,394 Vision Systems, Ltd................................... 179,067 211,828 *Voicenet (Australia), Ltd............................ 112,661 26,655 *Vos Industries, Ltd.................................. 102,161 10,742 *Walhalla Mining Company NL........................... 95,388 5,767 Waterco, Ltd.......................................... 22,304 21,577 Watpac, Ltd........................................... 116,557 16,239 Wattyl, Ltd........................................... 147,230 214,418 *Webster, Ltd......................................... 33,551 11,642 *Westel Group, Ltd.................................... 164,855 15,168 *Western Metals, Ltd.................................. 385,787 39,552 Westralian Sands, Ltd................................. 293,919 618,738 White (Joe) Maltings, Ltd............................. 13,724 20,997 Wide Bay Capricorn Building Society, Ltd.............. 26,958 47,481 Williams R.M. Holdings, Ltd........................... 24,075 27,214 *Wine Planet Holdings, Ltd............................ 48,101 5,817 Yates (Arthur) and Co. Property, Ltd.................. 150,702 19,412 *Zimbabwe Platinum Mines, Ltd......................... 74,620 20,793 ------------ TOTAL COMMON STOCKS (Cost $52,685,227)................................... 38,728,189 ------------ INVESTMENT IN CURRENCY -- (0.5%) *Australian Dollar (Cost $678,957)..................................... 678,894 ------------ PREFERRED STOCKS -- (0.0%) Village Roadshow, Ltd. 2% Class A (Cost $42,053)...................................... 32,553 25,844 ------------ RIGHTS/WARRANTS -- (0.0%) *A.P. Eagers, Ltd. Options 01/31/03................... 2,204 492 *Access1 Options 11/30/02............................. 13,092 0 *Advanced Engine Components, Ltd. Options 12/31/02.... 11,369 538 *Axon Instruments, Inc. Options Open Pay Date......... 16,148 0 *Beaconsfield Gold NL Options 03/15/02................ 8,908 234 *Bligh Oil & Minerals NL Options 02/15/02............. 29,422 1,470 *Ipoh Rights 12/13/00................................. 39,990 442 *Mosaic Oil NL Options 06/30/02....................... 31,429 859 *Quantum Resources Rights 12/15/00.................... 115,007 484 115
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ *Ridley Corp., Ltd. Options 04/30/02.................. 57,485 $ 4,836 *Surfboard, Ltd. Options 12/31/01..................... 28,753 227 ------------ TOTAL RIGHTS/WARRANTS (Cost $3,334)........................................ 9,582 ------------ TOTAL -- AUSTRALIA (Cost $53,409,571)................................... 39,442,509 ------------ SINGAPORE -- (29.8%) COMMON STOCKS -- (29.7%) *ASA Ceramic, Ltd..................................... 356,000 61,906 Acma, Ltd............................................. 472,600 208,823 *Alliance Technology & Development, Ltd............... 156,000 16,010 Amtek Engineering, Ltd................................ 540,625 147,952 *Apollo Enterprises, Ltd.............................. 193,000 80,877 Armstrong Industrial Corp............................. 730,000 66,593 Avimo Group, Ltd...................................... 317,250 640,306 Benjamin (F.J.) Holdings, Ltd......................... 611,000 88,831 Bonvests Holdings, Ltd................................ 825,000 235,183 *Broadway Industrial Group, Ltd....................... 352,000 29,100 Bukit Sembawang Estates, Ltd.......................... 71,334 500,247 *CK Tang, Ltd......................................... 307,000 40,258 CWT Distribution, Ltd................................. 461,500 155,241 Causeway Investment, Ltd.............................. 248,000 25,451 Central Properties, Ltd............................... 66,000 511,759 Chemical Industries (Far East), Ltd................... 105,910 93,595 Chevalier Singapore Holdings, Ltd..................... 220,000 33,866 Chuan Hup Holdings, Ltd............................... 3,050,000 626,016 Chuan Soon Huat Industrial Group, Ltd................. 614,000 112,021 Comfort Group, Ltd.................................... 2,469,000 802,378 Compact Metal Industries.............................. 643,000 87,984 Cosco Investment, Ltd................................. 1,222,000 114,958 Courts Singapore, Ltd................................. 495,000 152,399 Dovechem Terminals Holdings, Ltd...................... 339,000 162,354 *Eastern Asia Technology, Ltd......................... 510,000 165,740 Econ International, Ltd............................... 1,242,000 177,029 Eltech Electronics, Ltd............................... 704,000 100,345 Eng Wah Organisation, Ltd............................. 265,000 29,840 First Capital Corp., Ltd.............................. 1,215,000 942,102 Focal Finance, Ltd.................................... 336,200 460,036 *Freight Links Express Holdings, Ltd.................. 1,648,000 122,147 Fu Yu Manufacturing, Ltd.............................. 1,291,000 184,013 Fuji Offset Plates Manufacturing, Ltd................. 33,750 8,467 GB Holdings, Ltd...................................... 200,000 54,163 GK Goh Holdings, Ltd.................................. 1,120,000 443,798 GP Industries, Ltd.................................... 602,000 269,432 General Magnetics, Ltd................................ 308,000 33,365 *Goldtron, Ltd........................................ 473,000 35,058 Guthrie GTS, Ltd...................................... 1,174,400 200,872 HTP Holdings, Ltd..................................... 479,000 79,198 Hai Sun Hup Group, Ltd................................ 2,604,000 348,893 Haw Par Brothers International, Ltd................... 565,200 1,082,740 *Hind Hotels International, Ltd....................... 171,000 190,114 Hitachi Zosen (Singapore), Ltd........................ 962,000 208,421 Hong Fok Corp., Ltd................................... 1,796,000 279,033 Hotel Grand Central, Ltd.............................. 437,640 159,691 Hotel Plaza, Ltd...................................... 1,189,000 281,328 Hotel Properties, Ltd................................. 1,393,000 1,207,195 Hotel Royal, Ltd...................................... 144,333 128,373 Hour Glass, Ltd....................................... 298,000 62,014 Hup Seng Huat, Ltd.................................... 900,200 92,384 SHARES VALUE+ ------ ------ Hwa Hong Corp., Ltd................................... 2,785,000 $ 730,409 Hwa Tat Lee, Ltd...................................... 455,000 77,824 IDT Holdings, Ltd..................................... 398,000 408,450 *IPC Corp., Ltd....................................... 1,936,000 121,417 Inchcape Motors, Ltd.................................. 491,000 369,520 *Inno-Pacific Holdings, Ltd........................... 962,500 79,570 International Factors (Singapore), Ltd................ 290,000 68,617 Intraco, Ltd.......................................... 292,500 208,458 Isetan (Singapore), Ltd............................... 98,000 111,748 Jack Chia-MPH, Ltd.................................... 638,000 216,432 Jaya Holdings, Ltd.................................... 2,127,000 187,967 Jurong Cement, Ltd.................................... 132,500 117,093 Jurong Engineering, Ltd............................... 112,000 89,398 K1 Ventures, Ltd...................................... 2,842,500 267,404 Keppel Fels Energy and Infrastructure, Ltd............ 1,526,500 939,947 Keppel Tatlee Finance, Ltd............................ 744,750 568,981 Keppel Telecommunications and Transportation, Ltd..... 1,376,000 1,176,772 Khong Guan Flour Milling, Ltd......................... 19,000 23,290 *Kian Ann Engineering, Ltd............................ 868,000 183,107 *Kian Ho Bearings, Ltd................................ 277,000 26,848 Kim Eng Holdings, Ltd................................. 1,775,200 870,419 Koh Brothers, Ltd..................................... 1,494,000 132,028 *L & M Group Investments, Ltd......................... 451,100 106,734 LC Development, Ltd................................... 1,191,767 125,703 Labroy Marine, Ltd.................................... 2,600,000 444,711 Lee Kim Tah Holdings, Ltd............................. 795,000 88,386 Liang Huat Aluminum, Ltd.............................. 1,477,000 155,788 *Lim Kah Ngam, Ltd.................................... 350,999 36,021 *Low Keng Huat Singapore, Ltd......................... 372,000 59,386 Lum Chang Holdings, Ltd............................... 1,134,030 252,158 Magnecomp International, Ltd.......................... 466,000 176,681 Marco Polo Developments, Ltd.......................... 925,000 886,000 *Metalock (Singapore), Ltd............................ 60,000 8,723 Metro Holdings, Ltd................................... 1,575,800 332,419 *Natsteel Broadway, Ltd............................... 546,000 772,017 *Nippecraft, Ltd...................................... 1,013,000 63,531 *Orchard Parade Holdings, Ltd......................... 1,084,022 358,467 *Osprey Maritime, Ltd................................. 966,000 578,295 Ossia International, Ltd.............................. 708,000 129,171 Overseas Union Enterprise, Ltd........................ 542,000 1,977,707 Overseas Union Trust (Foreign)........................ 163,800 249,349 PCI, Ltd.............................................. 530,000 317,284 *Pacific Can Investment Holdings, Ltd................. 101,000 5,471 Pacific Carriers, Ltd................................. 900,000 443,855 Pan Pacific Public Co., Ltd........................... 69,750 12,328 Pan-United Corp., Ltd................................. 1,624,000 226,848 Pentex-Schweizer Circuits, Ltd........................ 916,000 138,396 Pertama Holdings, Ltd................................. 459,750 58,978 *Pokka Corp. (Singapore), Ltd......................... 159,000 20,850 Prima, Ltd............................................ 106,000 232,071 Provisions Suppliers Corp............................. 3,373,000 259,617 Republic Hotels and Resorts, Ltd...................... 881,000 399,324 Robinson & Co., Ltd................................... 284,832 678,809 Rotary Engineering, Ltd............................... 1,231,000 187,743 SMB United............................................ 1,254,000 142,992 SNP Corp., Ltd........................................ 175,500 74,044 *SPP, Ltd............................................. 454,000 25,884 *ST Capital, Ltd...................................... 940,553 329,793 San Teh, Ltd.......................................... 838,406 143,403 *Scotts Holdings, Ltd................................. 1,807,250 391,548 116
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Sea View Hotel, Ltd................................... 66,000 $ 323,612 Sime Singapore, Ltd................................... 1,617,000 806,679 Sin Soon Huat, Ltd.................................... 929,000 74,153 Sing Investments & Finance, Ltd. (Foreign)............ 94,500 54,956 Singapore Finance, Ltd................................ 598,000 487,551 Singapore Reinsurance Corp., Ltd...................... 280,170 178,905 *Singapore Shipping Corp., Ltd........................ 1,302,000 144,753 Singapura Building Society, Ltd....................... 139,250 83,362 Singatronics, Ltd..................................... 748,000 132,204 Ssangyong Cement (Singapore), Ltd..................... 236,000 203,176 Stamford Tyres Corp., Ltd............................. 62,000 12,902 Straits Trading Co., Ltd.............................. 1,117,200 1,082,836 Sunright, Ltd......................................... 378,000 122,843 Superbowl Holdings, Ltd............................... 490,000 78,223 Superior Metal Printing, Ltd.......................... 490,500 53,134 Tibs Holdings, Ltd.................................... 423,000 239,964 Tiger Medicals, Ltd................................... 224,000 199,230 *Transmarco, Ltd...................................... 106,500 27,779 *Tuan Sing Holdings, Ltd.............................. 3,362,000 354,611 United Engineers, Ltd................................. 632,666 411,209 *United Overseas Bank Securities...................... 1,352,000 481,770 United Overseas Insurance, Ltd........................ 125,500 150,261 United Overseas Land, Ltd............................. 1,104,000 918,977 United Pulp & Paper Co., Ltd.......................... 354,000 92,337 *Uraco Holdings, Ltd.................................. 1,803,600 169,671 *Van der Horst, Ltd................................... 309,100 78,423 Vickers Ballas Holdings, Ltd.......................... 1,924,000 778,836 WBL Corp., Ltd........................................ 510,000 561,190 Wearnes International (1994), Ltd..................... 33,000 11,289 Wing Tai Holdings, Ltd................................ 505,000 368,540 *Yeo Hiap Seng, Ltd................................... 102,000 77,345 ------------ TOTAL COMMON STOCKS (Cost $55,023,104)................................... 38,966,804 ------------ PREFERRED STOCKS -- (0.1%) First Capital Corp., Ltd. 7% Non-Redeemable Convertible (Cost $102,710)..................................... 172,500 136,706 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Singapore Dollars (Cost $37,700)...................................... 37,601 ------------ TOTAL -- SINGAPORE (Cost $55,163,514)................................... 39,141,111 ------------ HONG KONG -- (28.0%) COMMON STOCKS -- (28.0%) ABC Communications (Holdings), Ltd.................... 930,000 77,505 ALCO Holdings, Ltd.................................... 314,000 18,519 *AWT World Transport Holdings, Ltd.................... 250,800 450 Aeon Credit Service (Asia) Co., Ltd................... 62,000 19,674 *Allied Group, Ltd.................................... 7,298,000 453,818 *Allied Properties (Hong Kong), Ltd................... 6,786,000 339,324 *Anex International Holdings, Ltd..................... 152,000 2,884 *Applied International Holdings, Ltd.................. 1,243,000 31,555 *Asia Commercial Holdings, Ltd........................ 72,800 3,267 Asia Financial Holdings, Ltd.......................... 1,900,794 299,762 *Asia Securities International, Ltd................... 2,386,600 82,619 *Asia Standard Hotel Group, Ltd....................... 38,000 1,023 Asia Standard International Group, Ltd................ 2,870,000 71,387 SHARES VALUE+ ------ ------ *Asia Tele-Net & Technology Corp., Ltd................ 10,520,000 $ 74,185 Associated International Hotels, Ltd.................. 898,000 420,248 Beauforte Investors Corp., Ltd........................ 72,000 95,545 *Beijing Development (Hong Kong), Ltd................. 166,000 18,942 *Benelux International, Ltd........................... 30,000 77 Bossini International Holdings, Ltd................... 122,000 20,178 Boto International Holdings, Ltd...................... 2,290,000 66,356 *Burwill Holdings, Ltd................................ 2,059,200 174,252 *CCT Telecom Holdings, Ltd............................ 1,449,700 182,155 *CIL Holdings, Ltd.................................... 2,058,000 2,639 *CNT Group, Ltd....................................... 3,078,000 114,447 Cafe de Coral Holdings, Ltd........................... 1,191,000 454,292 *Capetronic International Holdings, Ltd............... 292,490 76,878 *Capital Asia, Ltd.................................... 98,736 2,924 *Cash On-line, Ltd.................................... 90,073 0 *Central China Enterprises, Ltd....................... 2,104,000 44,781 *Century City International Holdings, Ltd............. 542,056 10,772 Champion Technology Holdings, Ltd..................... 11,854,749 361,747 *Cheerful Holdings, Ltd............................... 900,735 35,801 Chen Hsong Holdings, Ltd.............................. 1,515,000 233,093 Cheuk Nang Technologies (Holdings), Ltd............... 7,500,080 42,311 *Cheung Tai Hong Holdings, Ltd........................ 2,018,400 23,291 *Cheung Wah Development Co., Ltd...................... 140,000 17,591 Chevalier (OA) International, Ltd..................... 1,776,251 86,541 *Chevalier Construction Holdings, Ltd................. 131,203 4,172 Chevalier International Holdings, Ltd................. 2,793,991 200,608 *China Aerospace International Holdings, Ltd.......... 1,499,400 140,338 *China Development Corp., Ltd......................... 1,150,000 34,650 *China Digicontent Co., Ltd........................... 2,710,000 11,119 *China Everbright International, Ltd.................. 1,975,000 68,370 *China Everbright Technology, Ltd..................... 3,244,000 170,530 China Foods Holdings, Ltd............................. 1,544,000 289,026 China Hong-Kong Photo Products Holdings, Ltd.......... 2,338,000 206,838 *China Investments Holdings, Ltd...................... 175,000 3,814 China Motor Bus Co., Ltd.............................. 114,200 696,962 *China Online (Bermuda), Ltd.......................... 10,580,000 146,503 China Overseas Land & Investment, Ltd................. 4,558,000 496,740 China Pharmaceutical Enterprise and Investment Corp., Ltd................................................. 2,444,000 222,482 *China Star Entertainment, Ltd........................ 1,676,400 51,370 China Strategic Holdings, Ltd......................... 3,760,000 125,342 China Travel International Investment, Ltd............ 2,730,000 294,021 *China United Holdings, Ltd........................... 1,639,800 3,995 *Chinese Estates Holdings, Ltd........................ 1,204,000 135,845 *Chinney Investments, Ltd............................. 1,144,000 42,536 Chow Sang Sang Holdings International, Ltd............ 1,098,400 232,370 Chuangs China Investments, Ltd........................ 1,347,000 41,967 Chuang's Consortium International, Ltd................ 1,858,884 63,159 Chun Wo Holdings, Ltd................................. 1,671,917 58,950 *Chung Hwa Development Holdings, Ltd.................. 1,691,712 3,254 117
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Cig-Wh International Holdings, Ltd.................... 472,000 $ 12,709 *Climax International Co., Ltd........................ 296,000 12,714 *Companion Building Material International Holdings, Ltd................................................. 17,316,066 33,302 *Concord Land Development Co., Ltd.................... 184,000 16,750 Continental Holdings, Ltd............................. 98,825 9,123 Continental Mariner Investment Co., Ltd............... 1,629,000 208,861 *Cosmos Machinery Enterprises, Ltd.................... 1,024,000 35,449 *Crocodile Garments, Ltd.............................. 1,539,000 35,123 Cross Harbour Tunnel Co., Ltd......................... 365,603 148,830 *Culturecom Holdings, Ltd............................. 2,161,000 174,555 *Cybersonic Technology, Ltd........................... 193,000 6,929 *DC Finance Holdings, Ltd............................. 27,000 1,108 *Dah Hwa International Holdings, Ltd.................. 1,122,000 25,894 *Daido Group, Ltd..................................... 223,000 2,716 Dickson Concepts International, Ltd................... 222,000 107,450 *DigitalHongKong.com.................................. 15,318 589 *Dong-Jun Holdings, Ltd............................... 2,484,000 4,777 *Dransfield Holdings, Ltd............................. 190,000 2,363 Dynamic Holdings, Ltd................................. 158,000 14,586 *Easyknit International Holdings, Ltd................. 707,150 23,573 Egana International Holdings, Ltd..................... 19,766,208 473,916 Egana Jewelry & Pearls, Ltd........................... 3,317,899 103,798 *Ehealthcareasia, Ltd................................. 66,900 2,230 Elec & Eltek International Holdings, Ltd.............. 2,565,659 302,638 *Emperor (China Concept) Investments, Ltd............. 6,435,000 28,052 Emperor International Holdings, Ltd................... 644,369 40,896 *Englong International, Ltd........................... 130,000 0 *Essential Enterprises Co., Ltd....................... 320,000 25,848 *Evergo China Holdings, Ltd........................... 3,720,000 42,926 FPB Bank Holding Co., Ltd............................. 2,784,520 1,196,000 Fairwood Holdings, Ltd................................ 426,000 7,155 *Fairyoung Holdings, Ltd.............................. 1,446,000 30,405 Far East Consortium International, Ltd................ 1,641,378 103,119 *Far East Holdings International, Ltd................. 70,000 3,949 *Far East Hotels & Entertainment, Ltd................. 1,853,000 98,596 *First Sign International Holdings, Ltd............... 1,050,000 25,175 Fong's Industries Co., Ltd............................ 962,000 49,337 *Fortuna International Holdings, Ltd.................. 2,727,000 16,433 *Founder Holdings, Ltd................................ 590,000 155,075 Fountain Set Holdings, Ltd............................ 1,274,000 111,074 Four Seas Frozen Food Holdings, Ltd................... 347,184 19,809 Four Seas Mercantile Holdings, Ltd.................... 592,000 144,215 *Four Seas Travel International, Ltd.................. 600,000 1,231 Frankie Dominion International, Ltd................... 630,173 20,199 *Fu Hui Jewelry Co. (Hong Kong), Ltd.................. 688,000 5,734 *G-Prop Holdings, Ltd................................. 378,200 9,456 Glorious Sun Enterprises, Ltd......................... 840,000 140,010 Gold Peak Industries (Holdings), Ltd.................. 1,059,250 264,831 Golden Resources Development International, Ltd....... 1,456,500 57,891 *Gold-Face Holdings, Ltd.............................. 2,003,600 213,219 Goldlion Holdings, Ltd................................ 2,052,000 86,822 *Goldtron (Bermuda) Holdings, Ltd..................... 231,111 15,705 Golik Holdings, Ltd................................... 1,536,500 57,130 Grand Hotel Holdings, Ltd. Series A................... 1,333,000 133,309 Grande Holdings, Ltd.................................. 504,105 352,252 SHARES VALUE+ ------ ------ Great Wall Electronic International, Ltd.............. 3,159,034 $ 71,286 *Greaterchina Technology Group, Ltd................... 150,410 4,821 Group Sense (International), Ltd...................... 2,062,000 71,382 *Guangdong Investment, Ltd............................ 2,150,000 250,851 *Guangnan Holdings, Ltd............................... 762,000 8,988 *Guangzhou Investment Co., Ltd........................ 3,510,000 261,018 HKCB Bank Holding Co., Ltd............................ 1,130,000 289,764 HKR International, Ltd................................ 403,260 161,574 Hanny Holdings, Ltd................................... 3,644,224 140,172 Harbour Centre Development, Ltd....................... 784,000 522,704 *Harbour Ring International Holdings, Ltd............. 2,636,000 196,024 Henderson China Holdings, Ltd......................... 911,000 294,928 *Heng Fung Holdings Co., Ltd.......................... 1,050,000 10,366 High Fashion International, Ltd....................... 178,000 31,266 *Hikari Tsushin International, Ltd.................... 2,248,000 62,833 *Hinet Holdings, Ltd.................................. 611,057 12,379 *Hon Kwok Land Investment Co., Ltd.................... 2,290,145 82,216 Hong Kong Ferry (Holdings) Co., Ltd................... 671,300 499,207 *Hong Kong Parkview Group, Ltd........................ 1,130,000 289,764 *Hop Hing Holdings, Ltd............................... 660,265 23,703 Hopewell Holdings, Ltd................................ 175,000 68,434 Hsin Chong Construction Group, Ltd.................... 1,569,658 92,576 *Hualing Holdings, Ltd................................ 1,344,000 44,803 *Huey Tai International, Ltd.......................... 2,363,112 89,380 Hung Hing Printing Group, Ltd......................... 934,442 359,426 IDT International, Ltd................................ 4,028,486 335,731 *IMC Holdings, Ltd.................................... 604,000 51,111 *ITC Corp., Ltd....................................... 466,157 59,768 *Ideal Pacific Holdings, Ltd.......................... 838,000 44,052 *Imgo, Ltd............................................ 636,000 51,373 *Innovative International (Holdings), Ltd............. 1,474,003 24,190 *Interchina Holdings Co., Ltd......................... 990,000 106,623 *Interform Ceramics Technologies, Ltd................. 1,104,000 22,365 International Bank of Asia, Ltd....................... 2,615,714 556,717 International Pipe, Ltd............................... 2,022,392 129,650 *Iquorom Cybernet, Ltd................................ 4,145,000 19,132 *Island Dyeing & Printing Co., Ltd.................... 444,000 44,403 *Isteelasia.com, Ltd.................................. 667,286 37,217 JCG Holdings, Ltd..................................... 1,048,333 483,880 Jackin International Holdings, Ltd.................... 210,000 16,693 *Jinhui Holdings Co., Ltd............................. 370,000 10,437 K Wah International Holdings, Ltd..................... 3,940,915 164,216 *KPI Co., Ltd......................................... 264,000 4,570 *KTP Holdings, Ltd.................................... 180,400 11,102 *Kader Holdings Co., Ltd.............................. 545,600 16,509 *Kantone Holdings, Ltd................................ 123,902 7,784 Karrie International Holdings, Ltd.................... 66,000 2,539 Keck Seng Investments (Hong Kong), Ltd................ 858,600 81,463 Kee-Shing Holdings Co., Ltd........................... 886,000 124,958 King Fook Holdings, Ltd............................... 1,000,000 39,105 Kingboard Chemical Holdings, Ltd...................... 926,000 433,351 Kingmaker Footwear Holdings, Ltd...................... 962,500 143,151 *Kong Sun Holdings, Ltd............................... 480,000 22,463 *Kong Tai International Holdings Co., Ltd............. 8,300,000 201,130 *Kumagai Gumi Hong Kong, Ltd.......................... 970,000 133,073 *Kwong Sang Hong International, Ltd................... 1,434,000 76,302 Kwoon Chung Bus Holdings, Ltd......................... 556,000 62,733 118
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ *Lai Sun Development Co., Ltd......................... 2,970,000 $ 92,914 *Lai Sun Garment (International), Ltd................. 2,325,000 56,937 *Lai Sun Hotels International, Ltd.................... 3,268,000 69,136 *Lam Soon (Hong Kong), Ltd............................ 302,310 55,040 *Lam Soon Food Industries, Ltd........................ 228,000 45,311 *Lamex Holdings, Ltd.................................. 3,628,800 19,541 Le Saunda Holdings, Ltd............................... 236,000 14,524 *Leading Spirit High-Tech Holdings Co., Ltd........... 2,310,000 35,245 Leefung-Asco Printers Holdings, Ltd................... 144,000 28,987 *Leung Kee Holdings, Ltd.............................. 354,000 9,305 *Lippo, Ltd........................................... 1,074,760 203,943 Liu Chong Hing Bank, Ltd.............................. 365,000 381,405 Liu Chong Hing Investment, Ltd........................ 635,200 346,127 *Logic International Holdings, Ltd.................... 812,000 64,548 *Luks Industrial Co., Ltd............................. 537,963 49,662 Lung Kee (Bermuda) Holdings, Ltd...................... 857,500 137,430 *Magnificent Estates, Ltd............................. 3,778,000 22,282 *Magnum International Holdings, Ltd................... 300,000 5,308 *Mansion Holdings, Ltd................................ 1,420,360 16,208 *Mansion House Group, Ltd............................. 698,200 28,199 *Megga (S.) International Holdings, Ltd............... 2,270,100 4,075 Melbourne Enterprises, Ltd............................ 45,500 155,178 *Melco International Development, Ltd................. 180,000 22,617 Midland Realty (Holding), Ltd......................... 496,000 34,341 *Millennium Group, Ltd................................ 928,000 12,850 Min Xin Holdings, Ltd................................. 987,200 62,654 Mingly Corp., Ltd..................................... 4,032,600 219,740 Moulin International Holdings, Ltd.................... 3,350,183 253,429 *Mui Hong Kong, Ltd................................... 1,845,000 24,129 *Multi-Asia International Holdings, Ltd............... 2,800,500 477,555 Nanyang Holdings, Ltd................................. 137,500 109,303 *National Electronics Holdings, Ltd................... 2,156,000 38,424 New Island Printing Holdings, Ltd..................... 176,000 38,362 *New Rank City Development, Ltd....................... 1,664 205 *New World Cyberbase, Ltd............................. 25,220 673 Ngai Lik Industrial Holdings, Ltd..................... 1,556,000 588,529 *Nph International Holdings, Ltd...................... 108,400 8,617 Ocean Information Holdings, Ltd....................... 122,000 6,257 *Onfem Holdings, Ltd.................................. 1,922,000 71,464 *Oriental Metals Holdings Co., Ltd.................... 1,237,800 42,850 *Oriental Press Group, Ltd............................ 4,080,600 460,408 Oxford Properties & Finance, Ltd...................... 110,000 157,960 *Pacific Andes International Holdings, Ltd............ 156,000 5,000 *Pacific Concord Holding, Ltd......................... 2,134,629 161,477 *Pacific Plywood Holdings, Ltd........................ 10,210,000 100,798 *Paramount Publishing Group, Ltd...................... 620,000 27,425 Paul Y. ITC Construction Holdings, Ltd................ 612,677 29,065 *Peace Mark (Holdings), Ltd........................... 6,758,122 41,591 *Pearl Oriental Holdings, Ltd......................... 9,064,000 31,378 Pegasus International Holdings, Ltd................... 226,000 24,630 *Perfect Treasure Holdings, Ltd....................... 364,000 31,269 Perfectech International Holdings, Ltd................ 571,450 63,010 Pico Far East Holdings, Ltd........................... 1,190,000 97,648 Playmate Toys Holdings, Ltd........................... 1,585,000 79,256 Pokfulam Development Co., Ltd......................... 234,000 60,004 *Poly Investments Holdings, Ltd....................... 2,670,000 90,718 Prestige Properties Holdings, Ltd..................... 965,000 70,524 *Prime Succession, Ltd................................ 768,000 11,619 SHARES VALUE+ ------ ------ *Prosper Evision, Ltd................................. 96,000 $ 32,925 *QPL International Holdings, Ltd...................... 1,191,000 645,170 *Quality Healthcare Asia, Ltd......................... 1,338,000 262,472 *RNA Holdings, Ltd.................................... 20,600 845 Raymond Industrial, Ltd............................... 605,400 47,349 Realty Development Corp, Ltd.......................... 475,000 99,879 *Regal Hotels International Holdings, Ltd............. 1,950,000 50,004 *Rivera Holdings, Ltd................................. 3,160,000 88,324 Road King Infrastructure, Ltd......................... 449,000 195,732 *Ryoden Development, Ltd.............................. 1,912,000 115,218 *S.A.S.Dragon Holdings, Ltd........................... 1,696,000 115,249 SA SA International Holdings, Ltd..................... 1,134,000 126,494 Safety Godown Co., Ltd................................ 408,000 215,784 *Saint Honore Holdings, Ltd........................... 128,000 12,965 *Same Time Holdings, Ltd.............................. 410,000 9,147 San Miguel Brewery Hong Kong, Ltd..................... 930,800 173,046 Sea Holdings, Ltd..................................... 1,068,000 246,479 *Seapower International Holdings, Ltd................. 854,000 13,796 *Seapower Resources International, Ltd................ 2,528,000 45,702 *Semi-Tech (Global) Co., Ltd.......................... 4,273,327 14,245 Shaw Brothers Hong Kong, Ltd.......................... 325,000 256,268 Shell Electric Manufacturing (Holdings) Co., Ltd...... 1,255,000 183,436 *Shenyin Wanguo (Hong Kong), Ltd...................... 847,500 41,291 *Shenzhen International Holdings, Ltd................. 6,187,500 261,797 *Shougang Concord Century Holdings, Ltd............... 1,292,000 33,131 *Shougang Concord Grand (Group), Ltd.................. 1,701,000 56,704 *Shougang Concord International Enterprises Co., Ltd................................................. 4,166,000 106,828 *Shougang Concord Technology Holdings, Ltd............ 1,647,914 57,047 Shui On Construction & Materials, Ltd................. 218,000 269,724 *Shun Ho Construction (Holdings), Ltd................. 1,037,452 34,584 *Shun Ho Resources Holdings, Ltd...................... 483,000 14,243 *Shun Shing Holdings, Ltd............................. 2,573,600 254,078 Shun Tak Holdings, Ltd................................ 3,422,000 368,549 *Silver Grant International Industries, Ltd........... 2,087,000 129,778 Sime Darby Hong Kong, Ltd............................. 1,040,000 506,702 *Simsen Metals & Holdings, Ltd........................ 1,024,000 8,534 *Sincere Co., Ltd..................................... 505,500 22,684 Sing Tao Holdings, Ltd................................ 913,000 149,836 *Singamas Container Holdings, Ltd..................... 320,000 11,898 *Sino Foundations Holdings, Ltd....................... 1,074,000 25,475 *Sinocan Holdings, Ltd................................ 350,000 4,173 *Skynet (International Group) Holdings, Ltd........... 244,240 4,541 Solartech International Holdings, Ltd................. 4,960,000 11,447 *Sound International, Ltd............................. 79,200 1,452 South China Brokerage Co., Ltd........................ 4,060,000 65,069 South China Industries, Ltd........................... 1,124,000 51,881 *South China Strategic Investments, Ltd............... 857,400 79,150 *South Sea Development Co., Ltd....................... 2,603,158 53,068 Southeast Asia Properties & Finance, Ltd.............. 175,692 45,052 119
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Starlight International Holdings, Ltd................. 5,245,168 $ 111,636 *Stelux Holdings International, Ltd................... 1,307,702 40,240 Styland Holdings, Ltd................................. 2,545,200 3,263 *Sun Fook Kong Holdings, Ltd.......................... 1,778,000 148,177 Sun Hung Kai & Co., Ltd............................... 3,338,600 556,473 *Suncorp Technologies, Ltd............................ 158,400 1,300 Suwa International Holdings, Ltd...................... 1,062,000 34,041 *Swank International Manufacturing Co., Ltd........... 638,000 4,908 *Symphony Holdings, Ltd............................... 6,950,000 68,614 *Tack Hsin Holdings, Ltd.............................. 542,000 106,323 Tai Cheung Holdings, Ltd.............................. 1,445,000 190,828 Tai Fook Securities Group, Ltd........................ 72,000 15,324 Tai Sang Land Development, Ltd........................ 627,984 132,852 *Tak Sing Alliance Holdings, Ltd...................... 2,909,865 76,110 *Tak Wing Investment Holdings, Ltd.................... 432,800 34,959 Tan Chong International Limited....................... 402,000 53,088 Techtronic Industries Co., Ltd........................ 1,330,000 315,471 *Tem Fat Hing Fung (Holdings), Ltd.................... 5,488,000 186,464 Termbray Industries International (Holdings), Ltd..... 2,304,900 147,760 Tern Properties Co., Ltd.............................. 61,200 11,378 Texwinca Holdings, Ltd................................ 1,074,000 161,111 *Tian An China Investments Co., Ltd................... 4,355,750 68,692 Tian Teck Land, Ltd................................... 1,098,000 199,906 *Triplenic Holdings, Ltd.............................. 2,378,000 16,464 Tristate Holdings, Ltd................................ 138,000 28,310 Truly International Holdings, Ltd..................... 1,014,000 226,216 *Tung Fong Hung Holdings, Ltd......................... 1,157,745 28,203 Tungtex (Holdings) Co., Ltd........................... 788,000 106,084 *Tysan Holdings, Ltd.................................. 1,040,773 32,026 *UDL Holdings, Ltd.................................... 23,700 182 *USI Holdings, Ltd.................................... 928,999 158,417 *United Power Investment, Ltd......................... 1,664,000 76,805 *Universal Appliances, Ltd............................ 2,770,000 33,384 Van Shung Chong Holdings, Ltd......................... 854,400 113,928 *Vanda Systems & Communications Holdings, Ltd......... 644,000 96,607 Vitasoy International Holdings, Ltd................... 819,000 119,708 Wah Ha Realty Co., Ltd................................ 278,600 27,505 *Wah Nam Group, Ltd................................... 1,934,800 5,954 *Wai Kee Holdings, Ltd................................ 1,562,738 88,161 Wang On Group, Ltd.................................... 774,000 22,725 *Wiltec Holdings, Ltd................................. 378,511 11,550 *Winfoong International, Ltd.......................... 1,210,000 41,112 Wing Fai International, Ltd........................... 3,380,000 61,104 Wing On Co. International, Ltd........................ 565,000 199,213 Wing Shan International, Ltd.......................... 896,000 42,506 *Winsan China Investment Group, Ltd................... 384,000 12,309 Winsor Industrial Corp., Ltd.......................... 498,000 159,627 *Winsor Properties Holdings, Ltd...................... 498,000 166,012 *Wo Kee Hong (Holdings), Ltd.......................... 1,944,000 21,186 Wong's International (Holdings), Ltd.................. 1,012,000 324,382 *Wong's Kong King International (Holdings), Ltd....... 1,139,600 39,450 World Houseware (Holdings), Ltd....................... 586,447 11,955 YGM Trading, Ltd...................................... 228,000 122,047 Yangtzekiang Garment Manufacturing Co., Ltd........... 405,000 61,793 Yaohan International Caterers, Ltd.................... 512,000 42,013 *Yaohan International Holdings, Ltd................... 974,000 0 Yau Lee Holdings, Ltd................................. 534,000 21,225 SHARES VALUE+ ------ ------ *Yeebo International Holdings, Ltd.................... 40,800 $ 2,511 *Yiu Wing International Holdings, Ltd................. 1,404,200 21,965 *Yoshiya International Corp., Ltd..................... 612,300 25,122 Yugang International, Ltd............................. 11,916,000 114,585 *Yunnan Enterprises Holdings, Ltd..................... 240,000 13,539 ------------ TOTAL COMMON STOCKS (Cost $75,619,188)................................... 36,760,418 ------------ RIGHTS/WARRANTS -- (0.0%) *Applied International Holdings, Ltd. Warrants 04/30/04............................................ 248,600 892 *Asia Standard Hotel Group, Ltd. Warrants 10/08/01.... 7,600 19 *Asia Standard International Group Warrants 09/30/01............................................ 574,000 1,472 *Companion Building Material International Holdings, Ltd. - Warrants 08/13/02............................ 3,463,213 4,440 *Gold-Face Holdings, Ltd Warrants 09/30/01............ 182,145 4,671 *Hanny Holdings, Ltd. Warrants 04/03/02............... 728,844 8,971 *Hikari Tsushin International, Ltd. Warrants 04/27/02............................................ 449,600 3,170 *Hop Hing Holdings, Ltd. Warrants 04/30/01............ 132,053 0 *Iquorum Cybernet, Ltd. Warrants 04/30/04............. 829,000 1,063 *Kong Sun Holdings, Ltd. Warrants 04/25/02............ 96,000 1,846 *Mui Hong Kong, Ltd. Warrants 06/19/05................ 369,000 1,561 *Road King Infrastructure, Ltd. Warrants 09/05/03..... 89,800 4,145 *South China Information & Technology, Ltd. Warrants 03/28/02............................................ 171,480 550 *Styland Holdings, Ltd. Warrants 12/31/01............. 509,040 653 *Tak Sing Alliance Holdings, Ltd. Warrants 02/28/02... 290,986 1,268 *Yunnan Enterprises Holdings, Ltd. Warrants 09/30/02............................................ 48,000 246 ------------ TOTAL RIGHTS/WARRANTS (Cost $0)............................................ 34,967 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Hong Kong Dollars (Cost $23,453)...................................... 23,453 ------------ TOTAL -- HONG KONG (Cost $75,642,641)................................... 36,818,838 ------------ NEW ZEALAND -- (10.8%) COMMON STOCKS -- (10.7%) *AFFCO Holdings, Ltd.................................. 503,188 97,002 *Advantage Group, Ltd................................. 101,600 56,258 Baycorp Holdings, Ltd................................. 200,614 888,665 CDL Hotels NZ, Ltd.................................... 657,244 51,219 CDL Investments NZ, Ltd............................... 240,073 20,678 Cavalier Corp., Ltd................................... 88,507 172,435 Ceramco Corp., Ltd.................................... 77,120 60,100 Colonial Motor Co., Ltd............................... 47,895 52,058 Corporate Investments, Ltd............................ 503,564 766,270 120
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THE PACIFIC RIM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ *Cue Energy Resources NL.............................. 452,354 $ 9,648 DB Group, Ltd......................................... 264,177 417,166 Ebos Group, Ltd....................................... 57,108 64,414 *Evergreen Forests, Ltd............................... 323,301 67,629 Fernz Corp., Ltd...................................... 391,902 631,718 Fisher & Paykel Industries, Ltd....................... 307,890 915,560 Force Corp., Ltd...................................... 380,914 43,746 Hallenstein Glassons Holdings, Ltd.................... 142,638 134,560 Hellaby Holdings, Ltd................................. 118,179 83,857 Horizon Energy Distribution, Ltd...................... 8,084 26,526 Independent Newspapers, Ltd. (Auckland)............... 1,014,000 1,372,477 *Kingsgate International Corp., Ltd................... 479,679 25,577 *Met Lifecare, Ltd.................................... 144,900 68,347 Michael Hill International, Ltd....................... 90,546 118,843 Natural Gas Corp. Holdings, Ltd....................... 1,859,760 1,037,407 *New Zealand Oil & Gas, Ltd........................... 402,731 49,555 New Zealand Refining Co., Ltd......................... 62,819 333,668 Northland Port Corp. (New Zealand), Ltd............... 108,571 75,704 Nuplex Industries, Ltd................................ 188,848 243,992 *Otter Gold Mines, Ltd................................ 89,321 13,189 Owens Group, Ltd...................................... 138,522 48,862 PDL Holdings, Ltd..................................... 33,381 54,766 *Pacific Retail Group, Ltd............................ 123,160 67,691 Port of Tauranga, Ltd................................. 200,316 460,105 Ports of Auckland..................................... 347,158 612,278 Radio Pacific, Ltd.................................... 5,200 16,210 Reid Farmers, Ltd..................................... 146,734 54,166 Restaurant Brand New Zealand, Ltd..................... 226,417 118,870 *Richina Pacific, Ltd................................. 137,322 19,713 Sanford, Ltd.......................................... 250,512 493,200 Scott Technology, Ltd................................. 48,074 43,774 *Seafresh Fisheries................................... 80,520 2,477 Shotover Jet, Ltd..................................... 106,500 18,346 Sky City, Ltd......................................... 263,975 825,033 South Eastern Utilities, Ltd.......................... 147,679 62,995 South Port New Zealand, Ltd........................... 30,744 13,493 Steel & Tube Holdings, Ltd............................ 151,610 88,302 *Summit Gold, Ltd..................................... 107,419 3,084 Tasman Agriculture, Ltd............................... 261,760 134,204 Taylors Group, Ltd.................................... 29,646 13,984 Tourism Holdings, Ltd................................. 222,252 177,760 *Trans Tasman Properties, Ltd......................... 891,408 69,468 Tranz Rail Holdings, Ltd.............................. 316,409 447,735 Trustpower, Ltd....................................... 458,529 564,211 Warehouse Group, Ltd.................................. 503,486 1,228,733 Waste Management NZ, Ltd.............................. 254,272 438,027 Williams & Kettle, Ltd................................ 38,372 42,809 Wrightson, Ltd........................................ 317,720 71,674 ------------ TOTAL COMMON STOCKS (Cost $18,696,784)................................... 14,090,238 ------------ [Download Table] BONDS -- (0.1%) FACE AMOUNT@ ------- (000) Capital Properties New Zealand, Ltd. Notes 8.500%, 04/15/05 (Cost $210,192).................................. 201 78,507 ------------ [Download Table] INVESTMENT IN CURRENCY -- (0.0%) SHARES VALUE+ ------ ------ (000) *New Zealand Dollar (Cost $3,837)....................................... $ 3,965 ------------ TOTAL -- NEW ZEALAND (Cost $18,910,813)................................... 14,172,710 ------------ MALAYSIA -- (0.3%) COMMON STOCKS -- (0.3%) *Aokam Perdana Berhad................................. 7,100 4,596 *Apl Industries Berhad................................ 4,100 1,133 *Arensi Holdings (Malaysia) Berhad.................... 33,000 3,561 *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 *Mun Loong Berhad..................................... 40,000 6,158 *Perdana Industrial Holdings Berhad................... 46,000 3,753 *Promet Berhad........................................ 1,143,000 87,229 *Rahman Hydraulic Tin Berhad.......................... 111,000 19,425 *Rekapacific Berhad................................... 473,000 57,258 *SCK Group Berhad..................................... 22,000 0 *Tai Wah Garments Manufacturing Berhad (Foreign)...... 60,000 6,947 *Taiping Consolidated Berhad.......................... 232,000 12,821 *Westmont Industries Berhad........................... 223,520 52,351 *Wing Tiek Holdings Berhad............................ 95,800 22,437 ------------ TOTAL -- MALAYSIA (Cost $3,085,047).................................... 423,037 ------------ UNITED STATES -- (0.0%) COMMON STOCKS -- (0.0%) *DF China Technology, Inc............................. 950 1,485 *Exergy, Inc.......................................... 7,260 0 ------------ TOTAL -- UNITED STATES (Cost $4,303)........................................ 1,485 ------------ [Download Table] FACE AMOUNT ------ (000) TEMPORARY CASH INVESTMENTS -- (1.1%) Repurchase Agreement, PNC Capital Markets Inc. 5.99%, 12/01/2000 (Collateralized by U.S. Treasury Notes 7.25%, 05/15/04, valued at $1,458,765) to be repurchased at $1,436,239. (Cost $1,436,000)................................... $ 1,436 1,436,000 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $207,651,889)++.... $131,435,690 ============ [Download Table] -------------------------------------------------------------------------------- + See Note B to Financial Statements. @ Denominated in local currency. * Non-Income Producing Securities ++ The cost for federal income tax purposes is $208,230,241. See accompanying Notes to Financial Statements. 121
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THE UNITED KINGDOM SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS NOVEMBER 30, 2000 [Download Table] SHARES VALUE+ ------ ------ UNITED KINGDOM -- (99.5%) COMMON STOCKS -- (99.4%) 600 Group P.L.C....................................... 100,910 $ 76,532 AEA Technology P.L.C.................................. 35,300 145,120 AIM Group P.L.C....................................... 32,063 64,770 AIT Group P.L.C....................................... 4,000 64,359 API Group P.L.C....................................... 51,500 177,041 ASDA Property Holdings P.L.C.......................... 94,000 260,512 *ASW Holdings P.L.C................................... 949,314 124,482 Abacus Polar P.L.C.................................... 75,000 433,254 Abbeycrest P.L.C...................................... 42,590 61,281 Abbot Group P.L.C..................................... 92,595 172,610 Acal P.L.C............................................ 13,671 142,443 *Acatos & Hutcheson P.L.C............................. 79,000 63,275 Action Computer Supplies Holdings, Ltd................ 88,000 48,028 Adam & Harvey Group P.L.C............................. 10,500 16,448 *Advanced Medical Solutions P.L.C..................... 24,258 4,814 *Advanced Power Components, Ltd....................... 4,000 19,053 *African Lakes Corp. P.L.C............................ 7,760 3,575 Airflow Streamlines P.L.C............................. 20,500 32,984 Airsprung Furniture Group P.L.C....................... 58,000 57,966 Alba P.L.C............................................ 105,025 755,583 *Alexanders Holdings P.L.C............................ 71,000 27,930 Alexandra Workwear P.L.C.............................. 86,243 139,985 *Alexon Group P.L.C................................... 106,500 113,231 Allders P.L.C......................................... 16,000 23,475 Allen P.L.C........................................... 25,000 73,184 Alpha Airports Group P.L.C............................ 331,241 230,088 Alphameric P.L.C...................................... 72,688 242,150 Alumasc Group P.L.C................................... 100,245 165,555 Alvis P.L.C........................................... 150,000 204,134 *Amberley Group P.L.C................................. 200,000 65,210 Amec P.L.C............................................ 86,200 382,477 Amey P.L.C............................................ 67,000 1,617,021 Amstrad P.L.C......................................... 149,652 267,305 *Andrew Sykes Group P.L.C............................. 203,650 194,869 *Anglesey Mining P.L.C................................ 55,000 1,559 Anglian Group P.L.C................................... 126,280 262,256 Anglo Eastern Plantations P.L.C....................... 57,166 35,252 Anite Group P.L.C..................................... 250,000 574,128 Applied Optical Technologies P.L.C.................... 21,300 35,781 Aquarius Group P.L.C.................................. 8,000 4,763 *Arena Leisure P.L.C.................................. 62,500 117,395 Armitage Brothers P.L.C............................... 4,000 12,475 *Armour Trust P.L.C................................... 198,500 53,465 Ascot P.L.C........................................... 53,435 165,513 Ashtenne Holdings P.L.C............................... 50,000 139,988 Aukett Associates P.L.C............................... 144,174 39,854 Austin Reed Group P.L.C............................... 68,999 88,521 Avesco P.L.C.......................................... 29,998 304,055 Avon Rubber P.L.C..................................... 60,364 188,258 *Axis-Shield P.L.C.................................... 18,284 132,837 *Azlan Group P.L.C.................................... 185,000 452,392 BICC P.L.C............................................ 15,000 26,155 BNB Resources P.L.C................................... 49,000 65,642 BPP Holdings P.L.C.................................... 53,250 543,508 *BS P.L.C............................................. 7,000 15,133 SHARES VALUE+ ------ ------ BSS Group P.L.C....................................... 47,905 $ 263,152 Babcock International Group P.L.C..................... 310,464 556,744 Baggeridge Brick P.L.C................................ 98,000 129,895 Bailey (Ben) Construction P.L.C....................... 26,000 14,559 Bailey (C.H.) P.L.C................................... 109,500 10,478 Bailey (C.H.) P.L.C. Class B.......................... 10,000 3,119 Barlows P.L.C......................................... 50,000 42,882 Barr (A.G.) P.L.C..................................... 43,000 223,407 Baynes (Charles) P.L.C................................ 341,378 232,290 Beattie (James) P.L.C................................. 132,247 265,275 Bellway P.L.C......................................... 93,000 446,268 Bemrose Corp. P.L.C................................... 50,375 288,146 Benchmark Group P.L.C................................. 26,892 103,501 Bentalls P.L.C........................................ 91,617 87,017 Bespak P.L.C.......................................... 55,918 468,482 Bett Brothers P.L.C................................... 33,108 100,204 *Biocompatibles International P.L.C................... 56,250 281,881 *Biotrace International P.L.C......................... 50,000 26,934 Birse Group P.L.C..................................... 421,901 46,352 *Bizspace P.L.C....................................... 8,695 3,451 Black (Peter) Holdings P.L.C.......................... 111,495 539,759 Black Arrow Group P.L.C............................... 56,500 70,083 Blacks Leisure Group P.L.C............................ 60,959 198,324 *Blagden Industries P.L.C............................. 131,092 20,442 Blick P.L.C........................................... 68,555 214,290 Bloomsbury Publishing P.L.C........................... 3,307 41,020 Body Shop International P.L.C......................... 194,000 288,765 Boosey & Hawkes P.L.C................................. 35,500 72,971 Boot (Henry) & Sons P.L.C............................. 47,000 129,923 Bourne End Properties P.L.C........................... 141,021 118,947 *Bradstock Group P.L.C................................ 130,000 15,664 Brake Brothers P.L.C.................................. 15,600 122,736 Brammer (H.) P.L.C.................................... 86,623 489,959 Brewin Dolphin Holdings P.L.C......................... 10,309 27,036 *Bridgend Group P.L.C................................. 651,000 17,304 Bristol Water Holdings P.L.C.......................... 12,000 150,549 Britax International P.L.C............................ 120,297 177,354 *British Biotech P.L.C................................ 198,000 68,768 British Polythene Industries P.L.C.................... 56,740 243,315 Britt Allcroft Co. P.L.C.............................. 25,000 184,288 Brockhampton Holdings P.L.C........................... 12,000 46,781 Brockhampton Holdings P.L.C. Series A Non-Voting...... 48,000 76,550 Brooks Service Group P.L.C............................ 25,500 65,972 Brown & Jackson P.L.C................................. 296,819 334,513 *Brunel Holding PLC................................... 11,935 6,175 Bryant Group P.L.C.................................... 22,932 46,650 Budgens P.L.C......................................... 306,137 292,936 Bulgin (A.F.) & Co. P.L.C............................. 36,000 9,441 Bullough P.L.C........................................ 256,000 150,606 Bulmer (H.P.) Holdings P.L.C.......................... 60,500 403,095 *Burn Stewart Distillers P.L.C........................ 142,500 37,371 *Burnden Leisure P.L.C................................ 33,000 3,976 Burndene Investments P.L.C............................ 175,001 84,348 Burtonwood Brewery P.L.C.............................. 38,000 90,769 Business Post Group P.L.C............................. 25,000 61,666 *CLS Holdings P.L.C................................... 102,907 273,527 Cadcentre Group P.L.C................................. 10,000 71,589 122
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THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Caffyns P.L.C......................................... 6,000 $ 24,666 *Cairn Energy P.L.C................................... 60,206 166,429 *Calluna P.L.C........................................ 77,140 9,295 Camellia P.L.C........................................ 2,950 125,458 Cammell Laird Group P.L.C............................. 256,158 130,727 Cannons Group P.L.C................................... 188,000 309,150 *Cantab Pharmaceuticals P.L.C......................... 80,000 153,668 Cape P.L.C............................................ 119,518 44,899 Capital Bars P.L.C.................................... 70,000 26,793 Carbo P.L.C........................................... 240,557 35,806 Carclo Engineering Group P.L.C........................ 100,463 187,277 *Care UK P.L.C........................................ 9,000 32,470 *Carlisle Holdings, Ltd............................... 8,709 53,705 Carpetright P.L.C..................................... 95,000 721,842 Carr's Milling Industries P.L.C....................... 19,000 32,321 Castings P.L.C........................................ 79,000 155,107 *Cenes Pharmaceuticals P.L.C.......................... 18,000 16,586 Chamberlin & Hill P.L.C............................... 18,000 46,568 Chapelthorpe P.L.C.................................... 497,507 178,080 Charles Taylor Group P.L.C............................ 6,000 31,811 Chemring Group P.L.C.................................. 49,000 210,124 Chime Communications P.L.C............................ 15,063 45,589 Chloride Group P.L.C.................................. 485,500 1,273,253 Christie Group P.L.C.................................. 53,263 50,966 Chrysalis Group P.L.C................................. 331,680 1,410,569 Churchill China P.L.C................................. 30,000 64,430 City Centre Restaurants P.L.C......................... 433,500 319,555 Clarkson (Horace) P.L.C............................... 44,733 92,901 *Clinical Computing P.L.C............................. 40,000 16,728 Clinton Cards P.L.C................................... 124,460 166,731 *Clubhaus P.L.C....................................... 31,694 19,544 Clydeport P.L.C....................................... 12,500 41,642 Colefax & Fowler Group P.L.C.......................... 60,000 65,918 *Communisis P.L.C..................................... 237,134 534,496 Community Hospitals Group P.L.C....................... 63,833 504,480 Compel Group P.L.C.................................... 5,000 8,328 *Consolidated Coal P.L.C.............................. 92 0 Coral Products P.L.C.................................. 50,000 38,984 Cornwell Parker P.L.C................................. 78,333 59,409 *Corporate Services Group P.L.C....................... 82,200 99,630 Cosalt P.L.C.......................................... 30,700 99,009 Countryside Property P.L.C............................ 138,259 264,595 Countrywide Assured Group P.L.C....................... 101,746 154,332 Courts P.L.C.......................................... 110,722 580,750 *Cradley Group Holdings P.L.C......................... 80,000 26,651 Crest Nicholson P.L.C................................. 267,250 579,646 Creston Land & Estates P.L.C.......................... 5,000 5,670 Croda International P.L.C............................. 40,802 126,093 Cropper (James) P.L.C................................. 22,000 74,070 *Culver Holdings P.L.C................................ 338 276 *DBS Management P.L.C................................. 9,000 11,802 DCS Group P.L.C....................................... 10,000 14,672 DFS Furniture Co. P.L.C............................... 41,300 226,284 DTZ Holdings P.L.C.................................... 89,500 225,838 Daejan Holdings P.L.C................................. 23,000 331,754 Dairy Crest Group P.L.C............................... 5,000 16,090 *Danka Business Systems P.L.C......................... 15,000 2,552 Dart Group P.L.C...................................... 74,000 324,148 Davis Service Group P.L.C............................. 10,000 36,999 Dawson International P.L.C............................ 204,384 185,430 Delancey Estates P.L.C................................ 53,758 64,014 SHARES VALUE+ ------ ------ *Delaney Group P.L.C.................................. 270,000 $ 0 Delta P.L.C........................................... 150,000 326,402 Delyn Group P.L.C. ................................... 22,500 74,956 Densitron International P.L.C......................... 42,386 94,636 Derwent Valley Holdings P.L.C......................... 90,000 944,122 Development Securities P.L.C.......................... 50,000 220,437 Dewhirst Group P.L.C.................................. 275,760 211,095 Dewhurst P.L.C........................................ 9,000 9,569 Dewhurst P.L.C. Class A Non-Voting.................... 15,500 13,074 Diagonal P.L.C........................................ 25,200 72,340 *Dialog Corp. P.L.C................................... 115,000 60,319 Dicom Group P.L.C..................................... 30,000 146,722 Diploma P.L.C......................................... 48,000 170,112 Dixon Motors P.L.C.................................... 55,408 127,638 Domestic & General Group P.L.C........................ 10,300 100,384 Domino Printing Sciences P.L.C........................ 335,935 1,083,404 Domnick Hunter Group P.L.C............................ 30,000 155,440 Dowding & Mills P.L.C................................. 336,440 171,697 Druck Holdings P.L.C.................................. 8,000 22,115 EBC Group P.L.C....................................... 30,000 32,747 East Surrey Holdings P.L.C............................ 36,800 96,510 Edinburgh Fund Managers Group P.L.C................... 61,000 597,965 Eldridge Pope & Co. P.L.C............................. 25,000 66,450 Eleco Holdings P.L.C.................................. 104,685 46,004 Electronic Data Processing P.L.C...................... 55,200 48,907 Electronics Boutique P.L.C............................ 150,000 110,573 Ellis & Everard P.L.C................................. 191,406 824,865 Emess P.L.C........................................... 288,250 118,501 *Energy Technique P.L.C............................... 77,856 8,002 Ennstone P.L.C........................................ 135,323 53,234 Eurocopy P.L.C........................................ 131,000 55,712 Eurodis Electron P.L.C................................ 87,500 164,353 Euromoney Institutional Investors P.L.C............... 70,000 555,699 European Colour P.L.C................................. 82,090 68,659 European Motor Holdings P.L.C......................... 118,325 114,900 *European Telecom P.L.C............................... 7,000 20,839 Europower P.L.C....................................... 232,092 21,386 Expamet International P.L.C........................... 139,749 222,872 Expro International Group P.L.C....................... 50,000 375,664 *FII Group P.L.C...................................... 41,166 58,940 Fairey Group P.L.C.................................... 11,191 78,529 Falcon Holdings P.L.C................................. 5,500 16,763 Fenner P.L.C.......................................... 215,276 283,813 Ferguson International Holdings P.L.C................. 89,105 44,210 Financial Objects P.L.C............................... 7,000 10,320 Fine Art Developments P.L.C........................... 108,000 367,442 First Technology P.L.C................................ 117,111 796,879 *Firth (G.M.) Holdings P.L.C.......................... 163,080 41,613 Firth Rixson P.L.C.................................... 416,888 195,024 Fisher (Albert) Group P.L.C........................... 26,000 33,540 *Flare Group P.L.C.................................... 20,600 0 Folkes Group P.L.C.................................... 28,000 37,113 Folkes Group P.L.C. Non-Voting........................ 65,500 78,461 *Forminster P.L.C..................................... 43,333 20,579 Forth Ports P.L.C..................................... 126,000 1,174,411 *Fortress Holdings P.L.C.............................. 120,728 42,786 *Fortune Oil P.L.C.................................... 609,000 23,741 *Foster (John) & Son P.L.C............................ 27,500 4,191 123
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THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Freeport Leisure P.L.C................................ 12,300 $ 93,547 French Connection Group P.L.C......................... 25,000 276,432 *Friendly Hotels P.L.C................................ 51,533 29,952 Friends, Ivory & Sime P.L.C........................... 78,125 467,919 Frogmore Estates P.L.C................................ 51,000 437,039 Fuller, Smith & Turner P.L.C. Series A................ 20,000 107,738 Fulmar P.L.C.......................................... 107,500 112,008 *GEI International P.L.C.............................. 90,895 2,899 Galliford P.L.C....................................... 467,870 162,497 Games Workshop Group P.L.C............................ 8,000 17,295 Gardner Group P.L.C................................... 26,923 53,432 Garton Engineering P.L.C.............................. 10,248 9,951 Gaskell P.L.C......................................... 36,000 21,689 *Gearhouse Group P.L.C................................ 25,000 8,506 Geest P.L.C........................................... 86,082 624,183 Georgica P.L.C........................................ 53,033 69,541 Gibbs & Dandy P.L.C................................... 4,500 19,488 *Gioma Restaurants P.L.C.............................. 100,000 57,413 Gleeson (M.J.) Group P.L.C............................ 22,471 246,875 Glenchewton P.L.C..................................... 50,000 57,413 Glenmorangie P.L.C.................................... 20,000 153,810 *Glotel P.L.C......................................... 11,300 88,504 Go-Ahead Group P.L.C.................................. 20,000 193,644 Gowrings P.L.C........................................ 5,000 6,840 Grainger Trust, Ltd................................... 22,000 187,903 Grampian Holdings P.L.C............................... 200,324 186,006 Grantchester Holdings P.L.C........................... 100,000 269,344 Greene King P.L.C..................................... 23,039 162,484 *Greenwich Resources P.L.C............................ 219,332 17,878 Greggs P.L.C.......................................... 26,000 872,604 Guiness Peat Group P.L.C.............................. 122,301 77,151 Haden Maclellan Holdings P.L.C........................ 206,224 115,476 Halma P.L.C........................................... 30,000 49,332 Halstead (James) Group P.L.C.......................... 71,883 201,255 Hamley's P.L.C........................................ 47,500 97,637 Hampson Industries P.L.C.............................. 507,431 255,364 *Hampton Trust P.L.C.................................. 232,050 46,054 Hanover International P.L.C........................... 11,304 14,502 Hardys & Hansons P.L.C................................ 48,000 167,730 *Hartstone Group P.L.C................................ 640,263 56,727 Harvey Nash Group..................................... 125,000 1,430,890 Havelock Europa P.L.C................................. 64,250 33,244 *Hawtal Whiting Holdings P.L.C........................ 22,588 6,084 Hawtin P.L.C.......................................... 196,500 34,123 Haynes Publishing Group P.L.C......................... 14,703 30,743 Headlam Group P.L.C................................... 228,861 433,119 Heath (Samuel) & Sons P.L.C........................... 7,500 22,859 Helical Bar P.L.C..................................... 35,000 370,880 *Helphire Group P.L.C................................. 134,600 164,096 Henlys Group P.L.C.................................... 8,303 43,550 Heywood Williams Group P.L.C.......................... 50,400 113,244 Highbury House Communications P.L.C................... 439,166 379,763 High-Point P.L.C...................................... 57,510 88,456 Hill & Smith Holdings P.L.C........................... 86,850 73,871 Hit Entertainment P.L.C............................... 31,848 185,106 Hitachi Credit (UK) P.L.C............................. 11,412 46,915 Holidaybreak P.L.C.................................... 92,974 371,017 *Horace Small Apparel P.L.C........................... 137,500 355,729 *Howard Holdings P.L.C................................ 57,730 33,963 SHARES VALUE+ ------ ------ Hughes (T.J.) P.L.C................................... 5,000 $ 22,859 Hunting P.L.C......................................... 223,174 414,447 *Huntingdon Life Sciences Group P.L.C................. 234,550 13,300 *Huntsworth P.L.C..................................... 54,000 24,879 IAF Group P.L.C....................................... 30,000 20,626 IMS Group P.L.C....................................... 75,000 82,398 *ISA International P.L.C.............................. 95,214 31,044 *Imagination Technologies Group P.L.C................. 225,366 824,255 Incepta Group P.L.C................................... 176,000 299,397 *Industrial and Commercial Holdings................... 5,000 106 Intelek P.L.C......................................... 79,904 40,212 Interx P.L.C.......................................... 20,000 238,866 Isotron P.L.C......................................... 30,500 188,080 Ite Group P.L.C....................................... 129,545 112,022 J.& J. Dyson P.L.C.................................... 28,500 59,188 *JKX Oil and Gas P.L.C................................ 20,533 4,584 Jacobs (John I.) P.L.C................................ 116,000 53,444 Jardine Lloyd Thompson Group P.L.C.................... 204,105 1,319,387 Jarvis Hotels P.L.C................................... 300,000 416,774 Jarvis P.L.C.......................................... 300,000 799,526 Jarvis Porter Group P.L.C............................. 99,894 49,563 John David Sports P.L.C............................... 114,500 331,123 Johnson Group Cleaners P.L.C.......................... 110,535 361,964 Johnston Group P.L.C.................................. 26,000 151,116 Joseph (Leopold) Holdings P.L.C....................... 14,000 159,267 Jourdan (Thomas) P.L.C................................ 40,000 28,352 *Kalamazoo Computer Group P.L.C....................... 56,120 16,309 Keller Group P.L.C.................................... 110,000 226,887 *Kenwood Appliances P.L.C............................. 100,892 97,972 Kier Group P.L.C...................................... 7,539 28,214 Kleeneze P.L.C........................................ 84,300 244,983 Kunick P.L.C.......................................... 420,000 89,309 Laing (John) P.L.C.................................... 103,977 568,955 Laird Group P.L.C..................................... 6,000 27,303 Lambert Howarth Group P.L.C........................... 25,200 58,944 *Lamont Holdings P.L.C................................ 72,231 14,335 *Laura Ashley Holdings P.L.C.......................... 249,150 64,458 Lavendon Group P.L.C.................................. 4,800 34,975 Leeds Group P.L.C..................................... 86,938 52,378 *Leeds Sporting P.L.C................................. 66,000 13,566 Leicester City P.L.C.................................. 100,000 76,550 *Lilleshall P.L.C..................................... 51,564 44,955 Lincat Group P.L.C.................................... 4,000 16,076 Linton Park P.L.C..................................... 39,000 170,006 Linx Printing Technologies P.L.C...................... 27,000 134,920 Litho Supplies P.L.C.................................. 100,000 108,446 Locker (Thomas) Holdings P.L.C........................ 176,168 38,085 London Clubs International P.L.C...................... 125,000 203,780 *London Forfeiting Co................................. 12,000 6,634 London Scottish Bank P.L.C............................ 263,000 438,074 Lookers P.L.C......................................... 53,160 58,027 *Lorien P.L.C......................................... 60,000 65,918 Low & Bonar P.L.C..................................... 65,000 88,919 *Lowe (Robert H.) & Co. P.L.C......................... 251,985 14,289 Luminar P.L.C......................................... 34,221 315,326 Lynx Holdings P.L.C................................... 100,000 122,622 *M.L. Laboratories P.L.C.............................. 35,417 64,767 *MDIS Group P.L.C..................................... 285,600 314,784 124
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THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ MFI Furniture Group P.L.C............................. 450,000 $ 425,812 MMT Computing P.L.C................................... 3,000 23,390 MS International P.L.C................................ 71,500 30,408 MSB International P.L.C............................... 16,000 25,744 MacDonald Hotels P.L.C................................ 15,500 34,607 MacFarlane Group Clansman P.L.C....................... 228,287 189,317 Macro 4 P.L.C......................................... 42,500 472,947 Maiden Group P.L.C.................................... 16,800 122,651 Mallett P.L.C......................................... 24,837 55,102 Manganese Bronze Holdings P.L.C....................... 32,184 57,030 Marshalls P.L.C....................................... 225,800 704,207 Martin International Holdings P.L.C................... 135,800 24,545 Marylebone Warwick Balfour Group P.L.C................ 54,831 176,832 *Marylebone Warwick Balfour Group P.L.C. Issue 00..... 18,167 58,976 Matthews (Bernard) P.L.C.............................. 223,742 578,847 Mayflower Corp. P.L.C................................. 403,800 463,666 McAlpine (Alfred) P.L.C............................... 171,111 514,242 McBride P.L.C......................................... 10,000 10,774 McCarthy & Stone P.L.C................................ 194,968 699,258 McKay Securities P.L.C................................ 68,500 157,797 McLeod Russel Holdings P.L.C.......................... 149,524 143,077 *Meconic P.L.C........................................ 6,000 12,588 *Medical Solu......................................... 13,500 23,922 Meggitt P.L.C......................................... 166,289 551,611 Mentmore Abbey P.L.C.................................. 262,423 704,961 Menzies (John) P.L.C.................................. 5,000 28,352 *Merant P.L.C......................................... 172,500 189,515 Merchant Retail Group P.L.C........................... 185,666 157,262 Merrydown P.L.C....................................... 59,927 25,061 Metal Bulletin P.L.C.................................. 95,500 534,754 Metalrax Group P.L.C.................................. 358,740 312,758 *Metaltech International P.L.C........................ 401,163 4,834 Mice Group P.L.C...................................... 15,909 28,529 Microgen Holdings P.L.C............................... 88,000 371,128 Mitie Group P.L.C..................................... 250,000 1,220,908 Molins P.L.C.......................................... 68,000 130,136 Moorfield Estates P.L.C............................... 333,333 170,112 Moss Brothers Group P.L.C............................. 163,400 67,174 Mowlem (John) & Co. P.L.C............................. 309,656 616,751 Mucklow (A & J) Group P.L.C........................... 175,000 434,140 *NXT P.L.C............................................ 14,754 136,472 Nestor Healthcare Group P.L.C......................... 180,200 1,207,008 *Netbenefit P.L.C..................................... 3,000 5,741 *Network Technology P.L.C............................. 15,000 2,445 Newcastle United P.L.C................................ 48,923 34,330 Nichols (J.N.) (Vimto) P.L.C.......................... 66,550 94,341 Nightfreight P.L.C.................................... 125,000 64,678 Nord Anglia Education P.L.C........................... 5,000 8,612 Northamber P.L.C...................................... 75,888 127,481 Northgate P.L.C....................................... 118,200 640,080 Novara P.L.C.......................................... 228,591 81,823 *OEM P.L.C............................................ 12,000 4,678 Oasis Stores.......................................... 13,000 11,979 Ocean Wilson Holdings, Ltd............................ 84,250 102,115 Ockham Holdings P.L.C................................. 122,000 134,899 Old English Pub Company P.L.C......................... 65,000 79,705 *Orbis P.L.C.......................................... 142,859 110,372 Oriental Restaurants P.L.C............................ 20,000 41,536 Osborne & Little P.L.C................................ 11,200 75,813 SHARES VALUE+ ------ ------ *Osprey Communications P.L.C.......................... 23,524 $ 1,917 Owen (H.R.) P.L.C..................................... 30,000 48,907 Oxford Instruments P.L.C.............................. 99,838 256,878 *Oxford Molecular Group P.L.C......................... 41,440 22,029 *PGA European Tour Courses P.L.C...................... 80,000 61,240 *PPL Therapeutics P.L.C............................... 9,000 23,475 PSD Group............................................. 43,500 539,574 *Paladin Resources P.L.C.............................. 74,000 35,142 Paragon Group of Companies P.L.C...................... 47,000 132,588 Parity Group P.L.C.................................... 128,750 246,397 *Park Food Group P.L.C................................ 291,600 47,538 *Partners Holdings P.L.C.............................. 40,000 7,655 Partridge Fine Arts P.L.C............................. 58,000 53,032 Paterson Zochonis P.L.C............................... 22,000 132,546 Paterson Zochonis P.L.C. Non-Voting................... 27,000 141,618 Pendragon P.L.C....................................... 95,750 233,465 *Peptide Therapeutics Group P.L.C..................... 35,000 44,902 Perkins Foods P.L.C................................... 280,000 365,174 Perry Group P.L.C..................................... 47,666 77,369 Peterhouse Group P.L.C................................ 85,427 511,653 *Pex P.L.C............................................ 85,517 1,515 Photobition Group P.L.C............................... 38,300 72,754 Photo-Me International P.L.C.......................... 120,064 201,690 *Photo-Scan PLC....................................... 40,777 70,234 *Phytopharm........................................... 10,600 100,302 *Pic International Group P.L.C........................ 55,000 26,509 Pifco Holdings P.L.C.................................. 32,666 77,102 Pittards P.L.C........................................ 60,985 46,252 Planit Holdings P.L.C................................. 35,000 57,058 *Plantation & General Investment P.L.C................ 70,623 23,026 *Plasmon P.L.C........................................ 100,000 177,200 Portmeirion Potteries (Holdings) P.L.C................ 22,856 52,651 Porvair P.L.C......................................... 35,000 195,487 *Powderject Pharmaceuticals P.L.C..................... 30,400 227,326 Powell Duffryn P.L.C.................................. 17,322 158,016 Precoat International P.L.C........................... 25,000 33,845 *Premier Consolidated Oilfields P.L.C................. 152,488 32,965 Pressac Holdings P.L.C................................ 176,166 393,329 *Princedale Group P.L.C............................... 250,000 37,212 *Probus Estates P.L.C................................. 83,333 3,839 *Property Partnerships P.L.C.......................... 10,000 11,341 *Proudfoot P.L.C...................................... 236,420 193,549 *Provalis P.L.C....................................... 104,615 29,660 Prowting P.L.C........................................ 157,630 249,154 QS Holdings P.L.C..................................... 95,775 31,227 *QSP Group P.L.C...................................... 31,250 19,713 Quick Group P.L.C..................................... 77,887 70,664 Quintain Estates & Development P.L.C.................. 108,350 257,275 *Qxl.com P.L.C........................................ 130,000 32,250 RJB Mining P.L.C...................................... 16,000 14,063 *RMS Communications P.L.C............................. 15,000 0 RPS Group P.L.C....................................... 7,700 101,241 *Radamec Group P.L.C.................................. 35,000 16,125 Ransom (William) & Son P.L.C.......................... 30,000 32,109 *Recognition Systems Group P.L.C...................... 27,200 89,263 Redrow Group P.L.C.................................... 89,800 250,782 *Redstone Telecom P.L.C............................... 33,046 66,756 *Reece P.L.C.......................................... 283,750 8,045 125
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THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Reed Executive P.L.C.................................. 116,500 $ 365,808 Reg Vardy P.L.C....................................... 103,597 403,863 Regent Inns P.L.C..................................... 87,891 168,202 Reliance Security Group P.L.C......................... 9,000 80,378 Relyon Group P.L.C.................................... 40,777 68,788 Renishaw P.L.C........................................ 146,806 1,435,974 Renold P.L.C.......................................... 144,000 198,010 Ricardo Group P.L.C................................... 84,709 621,432 *Richmond Oil & Gas P.L.C............................. 220,000 0 *Rodime P.L.C......................................... 435,000 137,206 Rolfe & Nolan P.L.C................................... 24,000 140,342 Roseby's P.L.C........................................ 33,500 174,049 Rotork P.L.C.......................................... 165,099 561,706 Rowe Evans Investments P.L.C.......................... 86,917 83,169 Roxboro Group P.L.C................................... 5,000 24,631 Roxspur P.L.C......................................... 167,464 61,723 *Royal Doulton P.L.C.................................. 60,000 60,815 Royalblue Group P.L.C................................. 11,800 158,077 Russell (Alexander) P.L.C............................. 47,500 92,924 Rutland Trust P.L.C................................... 544,800 320,508 S & U P.L.C........................................... 21,140 98,895 *SEP Industrial Holdings P.L.C........................ 100,000 13,467 SFI Group P.L.C....................................... 26,500 65,929 SIG P.L.C............................................. 103,200 293,324 Safeland P.L.C........................................ 25,000 14,530 Salvesen (Christian) P.L.C............................ 100,000 193,502 Sanderson Bramall Motor Group P.L.C................... 68,166 143,499 *Save Group P.L.C..................................... 175,080 143,952 Saville (J.) Gordon Group P.L.C....................... 379,926 420,095 Savills P.L.C......................................... 104,000 317,713 Scapa Group P.L.C..................................... 30,000 58,901 *Scottish Radio Holdings.............................. 13,100 223,775 Secure Trust Group P.L.C.............................. 27,118 132,627 Senior Engineering Group P.L.C........................ 122,900 104,534 Severfield-Rowan P.L.C................................ 20,000 57,413 Shaftesbury P.L.C..................................... 137,500 502,894 Shanks & McEwan Group P.L.C........................... 92,900 273,267 *Sherwood Group P.L.C................................. 270,000 35,405 Sherwood International, Ltd........................... 11,000 53,018 Shiloh P.L.C.......................................... 14,500 32,888 *ShopRite Group P.L.C................................. 204,780 39,190 Silentnight Holdings P.L.C............................ 84,300 200,766 Simon Engineering P.L.C............................... 348,089 226,987 Sinclair (William) Holdings P.L.C..................... 53,000 67,995 Sindall (William) P.L.C............................... 66,000 252,616 Singapore Para Rubber Estates P.L.C................... 26,000 53,444 Singer & Friedlander Group P.L.C...................... 355,678 1,343,717 Sirdar P.L.C.......................................... 120,545 117,910 Skillsgroup P.L.C..................................... 177,250 299,011 Smart (J.) & Co. (Contractors) P.L.C.................. 22,500 91,701 *Soco International P.L.C............................. 9,000 15,182 *Solvera P.L.C........................................ 173,158 11,660 South Staff Water Holdings P.L.C...................... 108,000 627,713 Southampton Leisure Holdings P.L.C.................... 19,615 11,122 Southnews P.L.C....................................... 5,000 83,638 Spirax-Sarco Engineering P.L.C........................ 30,100 147,851 *Sportsworld Media Group P.L.C........................ 19,049 137,720 Spring Group P.L.C.................................... 169,495 193,422 Springwood P.L.C...................................... 37,500 82,132 SHARES VALUE+ ------ ------ St. Modwen Properties P.L.C........................... 50,000 $ 76,905 Stanley (Charles) Group P.L.C......................... 76,800 620,569 Stanley Leisure Organisation P.L.C.................... 221,258 472,051 Stat-Plus Group P.L.C................................. 58,000 77,699 *Sterling Publishing Group P.L.C...................... 15,000 25,304 Stirling Group P.L.C.................................. 193,011 64,299 Stoves Group P.L.C.................................... 10,000 5,032 *Stratagem Group P.L.C................................ 70,315 17,444 *Stylo P.L.C.......................................... 127,367 45,139 *Superscape P.L.C..................................... 6,000 19,265 Swallowfield P.L.C.................................... 15,000 18,074 Swan (John) and Sons P.L.C............................ 1,000 5,989 Swan Hill Group P.L.C................................. 109,500 107,883 Syltone P.L.C......................................... 50,400 44,654 *Synstar P.L.C........................................ 30,000 26,155 T & S Stores P.L.C.................................... 138,335 656,947 TGI Group P.L.C....................................... 59,560 46,016 *Tadpole Technology P.L.C............................. 100,000 73,361 *Tamaris P.L.C........................................ 5,161 238 *Tandem Group P.L.C................................... 267,838 19,934 *Tandem Group P.L.C................................... 327,365 0 *Tay Homes P.L.C...................................... 52,629 53,717 *Teamtalk.com Group P.L.C............................. 375,000 154,164 Ted Baker P.L.C....................................... 16,500 89,702 Telemetrix P.L.C...................................... 165,708 892,649 *Telme.com P.L.C...................................... 250,000 122,268 Telspec P.L.C......................................... 25,000 16,657 Tempus Group P.L.C.................................... 10,000 70,526 Tex Holdings P.L.C.................................... 14,000 21,335 Thorntons P.L.C....................................... 158,000 174,705 Thorpe (F.W.) P.L.C................................... 24,000 40,317 Tibbett & Britten Group P.L.C......................... 86,123 711,162 Tilbury Douglas P.L.C................................. 186,419 1,162,777 Time Products P.L.C................................... 90,242 155,431 Tinsley (Eliza) Group P.L.C........................... 19,844 19,973 Topps Tiles P.L.C..................................... 12,000 48,057 Tops Estates P.L.C.................................... 10,088 21,809 Torex P.L.C........................................... 50,000 389,840 *Torotrak P.L.C....................................... 28,989 57,533 *Tottenham Hotspur P.L.C.............................. 150,000 128,647 Town Centre Securities (New) P.L.C.................... 142,137 202,501 *Towry Law P.L.C...................................... 7,000 17,366 *Trace Computers P.L.C................................ 33,552 34,959 Transport Development Group P.L.C..................... 19,782 50,337 *Transtec P.L.C....................................... 601,525 0 Trifast P.L.C......................................... 28,388 93,565 Ulster Television, Ltd................................ 115,602 571,932 *Ultima Networks P.L.C................................ 100,000 8,151 Ultra Electronics Holdings P.L.C...................... 3,480 19,906 *Union P.L.C.......................................... 94,000 29,316 United Industries P.L.C............................... 109,008 22,407 *United Overseas Group P.L.C.......................... 64,209 16,384 *Universal Salvage P.L.C.............................. 5,000 27,253 *Vanguard Medica Group P.L.C.......................... 8,000 27,048 Vega Group P.L.C...................................... 10,000 59,539 *Vert (Jacques) P.L.C................................. 45,000 11,483 Vibroplant P.L.C...................................... 83,100 67,736 Victoria Carpet Holdings P.L.C........................ 12,000 20,413 *Victrex P.L.C........................................ 9,195 37,084 Viglen Technology P.L.C............................... 13,791 14,663 Vitec Group P.L.C..................................... 4,500 30,684 126
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THE UNITED KINGDOM SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ *Vocalis Group P.L.C.................................. 8,000 $ 14,743 Volex Group P.L.C..................................... 58,801 1,500,413 Vosper Thornycroft Holdings P.L.C..................... 20,000 356,526 WSP Group P.L.C....................................... 50,000 332,427 WT Foods P.L.C........................................ 145,194 72,039 Wagon Industrial Holdings P.L.C....................... 80,000 192,794 Walker Greenbank P.L.C................................ 144,462 63,485 Warner Estate Holdings P.L.C.......................... 70,000 274,376 *Water Hall Group P.L.C............................... 11,772 1,752 Waterman Partnership Holdings P.L.C................... 45,000 60,921 Wates City of London Properties P.L.C................. 105,000 206,527 *Waverly Mining Finance P.L.C......................... 42,500 2,410 Weir Group P.L.C...................................... 76,994 219,385 Wellington Holdings P.L.C............................. 9,000 9,377 Wembley P.L.C......................................... 6,053 49,339 *Wescol Group P.L.C................................... 125,000 24,808 Westbury P.L.C........................................ 202,522 628,738 Whatman P.L.C......................................... 241,935 908,863 *Whitecroft P.L.C..................................... 105,000 0 *Whittard of Chelsea P.L.C............................ 30,000 15,735 *Wiggins Group P.L.C.................................. 1,148,266 604,314 *Wilmington Group P.L.C............................... 17,000 71,454 Wilshaw P.L.C......................................... 198,409 101,958 Wilson (Connolly) Holdings P.L.C...................... 51,000 119,291 Wintrust P.L.C........................................ 22,500 156,290 Wolverhampton & Dudley Breweries P.L.C................ 93,071 571,289 Worthington Group P.L.C............................... 102,653 19,645 Wyevale Garden Centres P.L.C.......................... 15,091 107,500 Wyndeham Press Group P.L.C............................ 63,066 217,695 *YJL P.L.C............................................ 35,932 9,805 Yates Brothers Wine Lodges P.L.C...................... 3,075 5,710 Yorklyde P.L.C........................................ 25,555 25,359 Yorkshire Group P.L.C................................. 82,504 68,420 Young & Co's Brewery P.L.C............................ 10,000 60,248 Young & Co's Brewery P.L.C. Class A................... 5,234 46,373 Young (H.) Holdings P.L.C............................. 49,542 43,894 Yule Catto & Co. P.L.C................................ 50,702 111,406 SHARES VALUE+ ------ ------ *Zetters Group P.L.C.................................. 29,000 $ 65,160 Zotefoams P.L.C....................................... 12,000 13,524 ------------ TOTAL COMMON STOCKS (Cost $98,135,453)................................... 108,300,119 ------------ INVESTMENT IN CURRENCY -- (0.1%) *British Pound Sterling (Cost $117,958)..................................... 101,977 ------------ RIGHTS/WARRANTS -- (0.0%) *Evans of Leeds Contingent Units (Cost $0)........................................... 80,000 0 ------------ TOTAL -- UNITED KINGDOM (Cost $98,253,411)................................... 108,402,096 ------------ UNITED STATES -- (0.0%) COMMON STOCKS -- (0.0%) *Lason, Inc. (Cost $360,724)..................................... 6,620 3,386 ------------ [Download Table] FACE AMOUNT ------ (000) TEMPORARY CASH INVESTMENTS -- (0.5%) Repurchase Agreement, PNC Capital Markets Inc. 5.99%, 12/01/2000 (Collateralized by U.S. Treasury Notes 7.25%, 05/15/04, valued at $599,925) to be repurchased at $590,098. (Cost $590,000)..................................... $ 590 590,000 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $99,204,135)++..... $108,995,482 ============ [Download Table] -------------------------------------------------------------------------------- + See Note B to Financial Statements. * Non-Income Producing Securities ++ The cost for federal income tax purposes is $99,208,358. See accompanying Notes to Financial Statements. 127
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THE CONTINENTAL SMALL COMPANY SERIES SCHEDULE OF INVESTMENTS NOVEMBER 30, 2000 [Download Table] SHARES VALUE+ ------ ------ FRANCE -- (19.3%) COMMON STOCKS -- (19.3%) Agricole de la Crau................................... 449 $ 26,969 Apem SA............................................... 1,000 76,560 Assystem SA........................................... 2,657 112,176 *Aurea................................................ 600 4,178 Bail-Investissement (Societe Immobiliere pour le Commerce & l'Industrie)............................. 2,367 235,511 Bains de Mer et du Cercle des Etrangers a Monaco...... 4,615 727,139 Banque Transatlantique................................ 3,030 171,444 Berger Levrault SA.................................... 476 51,380 Boiron SA............................................. 3,800 231,552 Brioche Pasquier SA................................... 2,600 246,699 Burelle SA............................................ 4,030 273,632 CEGID SA.............................................. 4,500 315,337 COM 1 SA.............................................. 450 7,447 Caisse Regionale de Credit Agricole Mutuel de la Brie................................................ 262 15,965 Carbone Lorraine...................................... 33,245 1,468,687 Casino Guichard Perrachon............................. 2,882 276,968 Cegedim SA............................................ 6,400 300,844 Change de la Bourse SA................................ 614 12,550 Christian Dalloz SA................................... 2,022 125,234 *Cie Francaise des Ferrailles......................... 10,576 388,509 Cie Industrielle et Financiere d'Ingenierie SA Ingenico............................................ 56,200 1,523,917 Compagnie Financiere Saint-Honore..................... 1,188 113,756 Concorde Cie d'Assurances Contre les Risques de Toute Nature SA........................................... 2,992 1,224,127 *Consortium International de Diffusion et de Representation Sante Cider Sante.................... 600 21,153 Continentale d'Entreprises SA......................... 20,087 767,620 Costimex SA........................................... 700 20,718 Credit Foncier et Communal d'Alsace et de Lorraine.... 840 145,732 Cristalleries de Baccarat............................. 1,567 166,416 Damart SA............................................. 22,900 1,614,684 Deveaux SA............................................ 1,040 72,878 Didot-Bottin.......................................... 1,620 74,741 Docks des Petroles d'Ambes............................ 100 7,151 Docks Lyonnais........................................ 1,147 21,966 Dynaction SA.......................................... 10,660 258,898 *EMI France SA........................................ 300 0 Electricite de Strasbourg............................. 23,784 704,139 *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 98,627 Explosifs et de Produits Chimiques.................... 524 81,649 Fimalac SA............................................ 104,100 3,444,415 Financiere et Immobiliere de l'Etang de Berre et de la Mediterranee SA..................................... 4,000 12,883 Fininfo SA............................................ 9,760 312,654 Fives-Lille........................................... 6,526 511,277 SHARES VALUE+ ------ ------ Fonciere Lyonnaise SA................................. 2,896 $ 73,738 Fonderies Franco Belge................................ 492 32,143 France-Africaine de Recherches Petrolieres (Francarep)......................................... 4,250 182,428 *Fromagerie F. Paul Renard............................ 200 20,944 *GCI (Groupe Chatellier Industrie SA)................. 7,258 1,137 GFI Industries SA..................................... 6,845 172,202 Gantois Series A...................................... 647 60,151 Gascogne SA........................................... 6,472 461,976 Gaumont............................................... 14,607 627,502 *Generale de Geophysique SA........................... 22,068 1,254,420 Gevelot............................................... 3,584 122,985 Grands Moulins de Strasbourg.......................... 110 14,842 Groupe Guillin SA..................................... 1,200 24,130 Groupe Norbert Dentressangle SA....................... 6,320 99,083 Groupe Zannier SA..................................... 4,100 182,021 Guitel-Etienne-Mobilor SA............................. 240 11,929 Guyenne et Gascogne SA................................ 26,000 2,000,749 Hoteliere Lutetia Concorde............................ 2,505 185,350 *Hotels et Casinos de Deauville....................... 2,055 271,908 IMS International Metal Service SA.................... 12,630 89,714 Immobanque............................................ 1,098 118,042 Immobiliere Marseillaise.............................. 656 1,798,794 Industrie des Transports.............................. 600 52,230 Industrielle et Financiere d'Entreprise SA............ 300 17,223 Informatique et Realite SA............................ 2,643 54,320 *Lectra Systemes SA................................... 19,192 172,245 Legris Industries SA.................................. 29,350 1,066,673 Locindus (Cie Financiere pour la Location d'Immeubles Industrials et Commerciaux)......................... 1,600 158,779 MRM................................................... 1,424 41,043 Manitou SA............................................ 11,092 1,013,832 Matussiere et Forest SA............................... 13,600 82,871 *Metaleurop SA........................................ 58,400 297,905 Montupet SA........................................... 32,450 654,779 *Moulinex SA.......................................... 97,800 423,119 *NAF NAF SA........................................... 4,200 49,174 Nord-Est SA........................................... 2,707 64,778 PSB Industries SA..................................... 1,240 77,718 Parc Asterix SA....................................... 822 13,810 Parisienne de Chauffage Urbain........................ 200 10,968 *Pier Import Europe SA................................ 12,100 68,043 Plastic Omnium........................................ 11,036 1,110,546 Radiall SA............................................ 1,340 219,995 Robertet SA........................................... 269 56,199 *Rochette............................................. 84,470 397,066 Rougier SA............................................ 2,040 110,988 SAMSE SA.............................................. 1,100 268,113 *SDR de Bretagne SA................................... 714 7,197 SILIC (Societe Immobiliere de Location pour l'Industrie et le Commerce)......................... 3,064 431,820 SOGEPAG (Societe Exploitation de Parces et Gauges).... 379 12,174 SR Teleperformance.................................... 90,928 2,857,405 Sabate SA............................................. 2,400 70,824 128
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Sabeton............................................... 13,500 $ 188,027 Sechilienne........................................... 220 73,731 Securidev SA.......................................... 1,500 12,274 Selectibanque SA...................................... 7,100 97,034 Sidergie SA........................................... 4,000 217,624 Signaux et d'Equipements Electroniques SA............. 23,983 521,301 Simco SA.............................................. 19,695 1,236,113 Skis Rossignol SA..................................... 41,668 624,964 Smoby SA.............................................. 500 11,404 Societe Financiere Interbail SA....................... 17,550 450,678 Societe Francais des Papiers Peints................... 400 14,624 Sommer-Allibert SA.................................... 12,900 626,039 Sopra SA.............................................. 6,900 461,894 Sucriere de Pithiviers-le-Vieil....................... 1,825 476,279 Taittinger SA......................................... 2,540 1,381,913 Touax (Touage Investissement SA)...................... 8,649 217,586 *Trouvay et Cauvin SA................................. 1,500 16,583 Unilog SA............................................. 6,320 539,151 Union Generale du Nord SA............................. 994 65,069 Vallourec (Usines a Tubes de Lorraine Escaut et Vallourec Reunies).................................. 31,700 1,534,267 Vermandoise de Sucreries.............................. 323 168,983 *Viel et Cie.......................................... 42,228 139,685 Vilmorin et Cie SA.................................... 2,349 168,696 Virbac SA............................................. 1,713 127,494 ------------ TOTAL COMMON STOCKS (Cost $34,895,113)................................... 43,307,620 ------------ RIGHTS/WARRANTS -- (0.0%) *Casino Guichard Perrachon CVG 6/30/03................ 2,882 24,711 *Continental d'Enterprises SA Warrants 10/31/01....... 2,707 5,891 *Simco SA CVG 10/31/03................................ 19,695 100,638 ------------ TOTAL RIGHTS/WARRANTS (Cost $89,434)....................................... 131,240 ------------ TOTAL -- FRANCE (Cost $34,984,547)................................... 43,438,860 ------------ GERMANY -- (17.6%) COMMON STOCKS -- (17.6%) AGIV AG fuer Industrie & Verkehrswesen................ 12,200 122,131 Aachener Strassenbahn-Und Energie Versorguns AG....... 3,220 65,870 *Agrob AG............................................. 290 75,733 *Aigner (Etienne) AG.................................. 600 80,956 *Alexanderwerk AG..................................... 60 1,776 Alsen AG, Hamburg..................................... 16,400 322,641 *Alte Leipziger Versicherungs AG Series C............. 1,043 458,503 Amira Verwaltungs AG.................................. 200 83,568 Andreae-Noris Zahn AG, Anzag.......................... 27,200 497,227 *Anterra Vermoegensverwaltungs AG..................... 1,350 89,313 *Articon Integralis AG................................ 2,100 127,963 *BUS (Berzelius Umwelt Service) AG.................... 5,400 43,481 Baader Wertpapier Handelsbank AG...................... 7,900 125,848 Balcke-Duerr AG....................................... 32,910 429,721 Bayerische Handelsbank AG............................. 25,050 610,566 SHARES VALUE+ ------ ------ Beate Uhse AG......................................... 16,800 $ 200,353 *Berliner Elektro Holding AG.......................... 11,061 115,061 Berliner Kindl-Brauerei AG............................ 790 137,538 *Bertrandt AG......................................... 3,100 24,287 Bilfinger & Berger Bau AG, Mannheim................... 14,400 151,801 Biotest AG............................................ 8,060 115,417 Blaue Quellen Mineral und Heilbrunnen AG.............. 267 103,428 *Bochum-Gelsenkirchener Strassenbahnen AG............. 198 23,268 Boewe Systec AG....................................... 3,000 62,676 *Brau und Brunnen AG.................................. 4,995 65,874 *Bremer Woll-Kaemmerei AG............................. 19,960 46,913 Brillant AG........................................... 1,310 108,903 Buckau (Walther) AG................................... 7,800 69,257 Ceag AG............................................... 20,670 316,680 Cewe Color Holding AG................................. 1,900 31,590 *Concordia Bau und Boden AG........................... 73,288 440,199 *Concordia Bau und Boden AG Issue 99.................. 29,314 176,072 Data Modul AG......................................... 2,400 54,110 *Deutsche Babcock AG, Oberhausen...................... 4,190 171,427 Deutsche Steinzeug Cremer & Breuer AG................. 87,200 254,289 Deutsche Verkehrs-Bank AG............................. 7,124 607,739 *Dierig Holding AG.................................... 10,500 129,791 *Dis Deutscher Industrie Service AG................... 1,400 42,654 Doag-Holding AG....................................... 7,500 20,957 Duerr Beteiligungs AG................................. 31,750 635,680 Dyckerhoff AG......................................... 12,750 266,372 Dyckerhoff and Widmann AG............................. 49,190 175,561 Erlus Baustoffwerke AG................................ 297 68,512 *Erste Kulmbacher Actien Brauerei AG.................. 432 0 Escada AG............................................. 2,052 182,377 Eurobike AG........................................... 1,700 16,648 Fag Kugelfischer Georg Schaeffer AG................... 24,300 167,532 Forst Ebnath AG....................................... 23 11,123 Fuchs Petrolub AG Oel & Chemie........................ 2,231 121,380 Gilde Brauerei AG..................................... 1,200 340,538 Goldschmidt (T.H.) AG................................. 83,200 1,883,058 *Grammer AG........................................... 2,200 18,289 *Gwag Bayerische Wohnungs-Aktiengesellschaft AG....... 2,665 64,956 Hagen Batterie AG..................................... 870 94,666 Hamborner AG.......................................... 21,000 415,880 Hamburger Hochbahn AG Series A........................ 1,800 73,644 *Hasen-Braeu AG....................................... 1,000 34,820 *Herlitz AG........................................... 3,462 24,561 Holsten-Brauerei AG................................... 30,770 577,220 *Holsten-Brauerie AG, Hamburg......................... 7,692 112,156 *Holzmann (Philipp) AG................................ 2,200 31,408 Horten AG............................................. 33,800 353,073 *Hucke AG............................................. 8,300 17,702 IFA Hotel & Touristik AG.............................. 7,000 88,355 Iwka AG............................................... 72,613 679,500 *Ixos Software AG..................................... 6,100 54,162 Jacobsen (W.) AG, Kiel................................ 37 40,260 K & S Aktiengesellschaft AG........................... 129,500 1,972,762 *KSB AG............................................... 2,387 176,619 KWS Kleinwanzlebener Saatzucht AG..................... 1,650 940,789 129
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ *Kabel New Media AG................................... 6,900 $ 84,090 Kampa-Haus AG......................................... 12,375 107,724 *Kaufring AG.......................................... 2,203 9,589 *Kempinski AG, Berlin................................. 686 170,489 Keramag Keramische Werke AG........................... 13,000 645,038 *Kloeckner Humboldt-Deutz AG.......................... 25,650 62,519 Kloeckner-Werke AG.................................... 119,000 2,496,496 Km-Europa Metal AG.................................... 446 21,159 *Kolb und Schuele AG.................................. 10,000 1,741 Kolbenschmidt Pierburg AG, Duesseldorf................ 37,500 376,381 Kraftuebertragungswerke Rheinfelden AG................ 4,684 1,223,221 Kraftwerk Altwuerttemberg AG.......................... 125 45,701 Kromschroeder (G.) AG................................. 26,520 131,819 Kupferberg (Christian Adalbert) & Cie KG A.A.......... 151 72,952 *LPKF Laser & Electronics AG.......................... 2,200 56,495 Lehnkering AG......................................... 15,300 167,148 Leifheit AG........................................... 12,500 375,402 Leoni AG.............................................. 25,000 560,382 MG Vermoegensverwaltungs AG........................... 3,364 108,349 *MLF Holding fuer Umwelttechnologie AG................ 165 0 *MLF Holding fuer Umwelttechnologie AG Em 95.......... 33 0 *MVV Energie AG....................................... 20,200 265,519 *MWG Biotech AG....................................... 6,600 43,090 *Maihak (H.) AG....................................... 143 13,568 Main Kraftwerke AG.................................... 1,172 494,808 Mannheimer Aktiengesellschaft Holding AG.............. 27,580 1,560,539 Markt und Kuehlhallen AG.............................. 14,000 205,959 Maternus-Kliniken AG, Bad Oyenhausen.................. 2,400 11,491 *Maxdata AG........................................... 11,500 92,099 *Mensch und Maschine Software AG...................... 900 14,494 *Moenus Textilmaschinen AG............................ 5,250 13,253 *Moksel (A.) AG....................................... 15,800 24,757 *Morphosys AG......................................... 1,100 127,354 Mueller-Weingarten AG................................. 11,580 143,645 *Nemetschek AG........................................ 3,800 49,618 Neue Baumwoll-Spinnerei und Weberei Hof AG............ 12,170 84,752 *Niedermayr Papierwarenfabrik AG...................... 1,200 13,110 Norddeutsche Steingutfabrik AG........................ 5,960 39,949 Nuernberger Hypothekenbank AG......................... 32,825 871,508 *Otto Reichelt AG..................................... 11,950 65,535 *Pfaff (G.M.) AG...................................... 80,000 21,588 Pfleiderer AG......................................... 17,000 164,263 Phoenix AG, Hamburg................................... 37,500 390,091 Progress-Werk Oberkirch AG............................ 5,000 68,769 *Puma AG.............................................. 4,900 61,849 *RTV Family Entertainment AG.......................... 9,500 74,427 *Reichelt (F.) AG..................................... 1,290 68,612 Reiter Ingolstadt Spinnereimaschinen AG............... 1,200 84,623 Renk AG............................................... 19,400 336,064 Rheinboden Hypothekenbank AG.......................... 26,500 668,976 Rheinmetall Berlin AG................................. 45,000 280,082 SHARES VALUE+ ------ ------ Rhoen Klinikum AG..................................... 19,800 $ 1,103,093 *Rothenberger AG...................................... 2,123 13,860 Salzgitter AG......................................... 24,900 173,620 *Schneider Rundfunkwerke AG........................... 10,274 339,852 *Schwarz Pharma AG.................................... 9,000 213,881 Sektkellerei Schloss Wachenheim AG.................... 15,120 122,406 *Senator Entertainment AG............................. 9,800 89,574 Ser Systeme........................................... 6,000 80,956 Sinalco AG............................................ 110 58,410 Sinn AG............................................... 2,789 327,755 Sinner AG, Karlsruhe.................................. 4,160 43,455 Sixt AG............................................... 6,500 79,159 Sloman Neptune AG..................................... 700 3,961 *Stahl (R.) AG........................................ 2,000 17,758 Stern-Brauerei Carl Funke AG.......................... 1,100 41,653 Stoehr & Co. AG....................................... 16,000 71,033 Stollwerck AG......................................... 1,018 327,881 *Strabag AG........................................... 3,332 71,062 Stuttgarter Hofbraeu AG............................... 18,000 250,703 Sued-Chemie AG........................................ 29,146 1,040,231 Sueddeutsche Bodencreditbank AG....................... 38,582 1,041,150 *Takkt AG............................................. 29,100 250,781 Tarkett AG............................................ 12,800 65,183 *Terrex Handels AG.................................... 1,250 119,693 VBH (Vereinigter Baubeschlag-Handel) AG............... 9,415 113,921 VGT AG................................................ 586 41,829 VK Muehlen AG......................................... 1,312 53,678 Varta AG.............................................. 55,000 688,476 Vereinigte Deutsche Nickel-Werke AG................... 13,800 216,231 Vossloh AG............................................ 15,900 238,063 Walter AG............................................. 13,500 246,903 Walter Bau AG, Augsburg............................... 11,907 41,460 *Wanderer-Werke AG.................................... 7,185 87,563 Westag and Getalit AG, Rheda-Wiedenbrueck............. 7,000 62,763 Wuerttembergische Hypotheken Bank AG.................. 20,788 977,177 Wuerttembergische Lebensversicherung AG............... 4,430 123,402 Wuerttembergische Metallwarenfabrik AG................ 30,330 427,715 Wuerttembergische und Badische Versicherungs AG....... 2,240 137,469 Wuerzburger Hofbraeu AG............................... 133 41,679 ZWL Grundbesitz und Beteiligungs AG................... 1,500 38,519 *Zanders Feinpapiere AG............................... 4,450 242,107 Zeag Zementwerk Lauffen-Elektrizitaetswerk Heilbronn AG.................................................. 2,091 546,062 ------------ TOTAL COMMON STOCKS (Cost $42,302,593)................................... 39,588,398 ------------ PREFERRED STOCKS -- (0.0%) Fuchs Petrolub AG Oel and Chemie Non-Voting........... 55 2,825 Westag and Getalit AG Rheda-Wiedenbrueck.............. 2,600 22,633 ------------ TOTAL PREFERRED STOCKS (Cost $43,173)....................................... 25,458 ------------ 130
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ RIGHTS/WARRANTS -- (0.0%) *Bremer Woll Kaemmerei Rights 12/07/00 (Cost $0)...... 19,960 $ 0 ------------ TOTAL -- GERMANY (Cost $42,345,766)................................... 39,613,856 ------------ SWITZERLAND -- (13.7%) COMMON STOCKS -- (13.6%) AFG Arbonia Foster Holding AG, Arbon.................. 522 278,179 *Accumulatoren-Fabrik Oerlikon, Zuerich............... 30 17,802 Afipa SA, Vevey....................................... 20 5,646 Afipa SA, Vevey Series A.............................. 80 23,967 Aletsch AG, Moerel.................................... 50 110,039 Axantis Holding AG.................................... 4,316 783,258 *BHB Beteiligungs und Finanzgesellschaft.............. 150 8,642 BKW FMB Energie AG, Bern.............................. 660 931,586 BVZ (Brig Visp Zermatt) Holding AG.................... 370 57,981 Bank Sarasin & Cie Series B, Basel.................... 274 847,691 Banque Cantonale de Geneve............................ 840 113,726 *Banque Cantonale de Geneve Em 2000................... 504 68,236 *Banque Cantonale du Jura............................. 450 51,332 Banque Privee Edmond de Rothschild SA, Geneve......... 120 770,848 Basellandschaftliche Kantonalbank..................... 600 199,453 Basler Kantonalbank................................... 1,000 182,054 Bobst SA, Prilly...................................... 100 127,322 Bobst SA, Prilly (Namen).............................. 90 55,999 Bon Appetit Holding AG................................ 275 164,612 Bossard Holding AG, Zug............................... 635 254,256 Bucher Holding AG, Niederweningen..................... 671 506,802 CKW (Centralschweizerische Kraftwerke), Luzern........ 670 532,680 CKW (Centralschweizerische Kraftwerke), Luzern (Participating)..................................... 1,500 109,967 *Calida Holding AG.................................... 396 63,880 Canon (Schweiz) AG, Dietlikon......................... 3,706 150,525 Carlo Gavazzi Holding AG.............................. 910 136,310 Cie Financiere Tradition.............................. 1,250 164,914 Coop Bank, Basel...................................... 941 523,154 Crossair AG fuer Europaeischen Regionalluftverkehr, Basel (Genusschen).................................. 330 27,995 Daetwyler Holding AG, Atldorf......................... 348 495,210 EGL (Elektrizitaets-Gesellschaft Laufenberg) AG, Laufenberg.......................................... 8,390 1,208,411 Edipresse SA, Lausanne................................ 694 255,889 Eichhof Holding AG.................................... 188 119,142 Energie Electrique du Simplon SA...................... 350 25,004 Escor AG, Duedingen................................... 744 15,859 Feldschloesschen-Huerlimann Holding AG, Rheinfelden... 1,602 510,388 Financiere Michelin, Granges-Paccot................... 637 212,853 Forbo Holding AG, Eglisau............................. 1,100 455,019 Fuchs Petrolub AG Non-Voting.......................... 2,001 108,365 SHARES VALUE+ ------ ------ Galenica Holding AG, Bern Series B.................... 405 $ 367,492 Generale d'Affichage, Geneve.......................... 290 130,318 Generali (Switzerland) Holdings, Adliswil............. 1,670 479,136 Golay-Buchel Holding SA, Lausanne..................... 40 60,493 Gornergrat Monte Rasa-Bahnen Zermatt.................. 70 46,378 Gurit-Heberlein AG.................................... 1,125 1,101,829 *HPI Holding SA....................................... 6,000 77,776 Hero AG............................................... 3,040 324,010 Industrieholding Cham AG, Cham........................ 864 275,763 Jelmoli Holding AG, Zuerich........................... 1,521 2,120,593 Jelmoli Holding AG, Zuerich (Namen)................... 2,835 800,317 Kardex AG, Zuerich.................................... 1,039 416,019 Kardex AG, Zuerich (Participating).................... 610 242,489 Kraftwerk Laufenburg, Laufenburg...................... 8,265 1,523,722 Kuehne & Nagel International AG, Schindellegi......... 324 186,663 Lem Holdings AG, Lyss................................. 270 63,699 Loeb Holding AG, Bern (Participating)................. 620 82,869 *Logitech International SA............................ 6,610 1,904,076 Maag Holding AG, Zuerich.............................. 922 128,015 Mikron Holding AG, Biel............................... 1,326 626,427 Moevenpick-Holding, Zuerich........................... 1,320 555,149 *Nextrom Holding SA................................... 277 48,673 *Omnium Geneve SA, Geneve............................. 110 70 *Orell Fuessli Graphische Betriebe AG, Zuerich........ 240 698,257 Oz Holding, Zuerich................................... 440 595,708 *Parco Industriale e Immobiliare SA................... 600 1,210 Phoenix Mecano AG, Stein am Rhein..................... 2,749 1,740,545 Sarna Kunststoff Holding AG, Sarnen................... 176 202,287 Schweizerhall Holding AG, Basel....................... 140 184,704 Schweizerische National Versicherungs Gesellschaft.... 396 232,706 Siegfried AG, Zofingen................................ 856 695,354 Sig Schweizerische Industrie-Gesellschaft Holding AG, Neuhausen AM Rheinfall.............................. 320 200,029 *Sihl Zuercher Papierfabriek an der Sihl, Zuerich..... 10 3,197 Sika Finanz AG, Baar.................................. 800 200,720 Sika Finanz AG, Baar (Namen).......................... 750 35,842 Sopracenerina......................................... 2,409 149,890 UMS Schweizerische Metallwerke Holding AG, Bern....... 2,560 187,308 Unigestion Holding, Geneve............................ 2,891 176,550 Vaudoise Assurances Holding, Lausanne................. 45 84,128 Villars Holding SA, Fribourg.......................... 150 23,679 *Von Moos Holding AG, Luzern.......................... 7,000 43,151 *Von Roll Holding AG, Gerlafingen..................... 32,024 262,908 WMH Walter Meier Holding AG, Staefa................... 50 55,019 Zehnder Holding AG.................................... 193 111,413 Zellweger Luwa AG, Uster.............................. 804 470,148 *Zschokke Holding SA, Geneve.......................... 230 73,542 Zueblin Holding AG.................................... 93 506 131
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Zuercher Ziegeleien Holding, Zuerich.................. 1,415 $ 1,345,096 Zuger Kantonalbank.................................... 545 637,390 ------------ TOTAL COMMON STOCKS (Cost $19,684,790)................................... 30,648,259 ------------ PREFERRED STOCKS -- (0.1%) Fuchs Petrolub AG 7.29% Non-Voting (Cost $266,228)..................................... 2,001 102,312 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Swiss Francs (Cost $14,260)...................................... 14,632 ------------ TOTAL -- SWITZERLAND (Cost $19,965,278)................................... 30,765,203 ------------ ITALY -- (10.6%) COMMON STOCKS -- (10.6%) *Ansaldo Trasporti SpA................................ 169,533 142,117 *Auschem SpA (In Liquidation)......................... 82,000 0 Banco di Chiavari e della Riviera Ligure SpA, Chiavari............................................ 120,000 392,768 Bassetti SpA.......................................... 61,500 299,799 *Bastogi SpA.......................................... 1,183,000 256,419 *Binda SpA............................................ 1,299,375 0 Boero (Bartolomeo) SpA................................ 8,925 73,030 Bonifica dei Terreni Ferraresi e per Imprese Agricole Roma................................................ 8,600 78,606 *Brioschi Finanziaria SpA, Milano..................... 175,000 53,927 Buzzi Unicem SpA...................................... 24,500 187,892 CALP (Cristalleria Artistica la Piana SpA)............ 48,000 116,995 CAMFIN (Cam Finanziaria).............................. 28,700 126,165 CEMENTIR (Cementarie del Tirreno SpA), Roma........... 480,219 656,305 *CMI SpA.............................................. 77,404 102,417 Caltagirone SpA....................................... 343,085 775,008 Cementeria di Augusta SpA............................. 105,000 141,673 Cia Assicuratrice Unipol SpA.......................... 199,333 619,462 Condotta Acque Potabili SpA, Torino................... 28,000 154,531 Cucirini SpA.......................................... 30,000 42,567 *Dalmine SpA.......................................... 1,976,700 650,428 Danieli & C.Officine Meccaniche SpA................... 66,500 289,440 *Dataconsyst C.G.S. SpA, Monza........................ 220 0 *Del Favero SpA....................................... 86,000 0 *FMC (Fabbrica Milanese Condutorri SpA)............... 25,000 0 *Finarte Casa d'Aste SpA (Milano)..................... 56,266 183,673 *Finarte Partecipazioni Pro Arte SpA.................. 162,693 264,128 *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................................... 55,000 171,880 *Gerolimich SpA (In Liquidation)...................... 297,400 0 Gewiss SpA............................................ 221,700 1,181,093 *Grassetto SpA........................................ 279,125 0 ITALJOLLY (Cia Italiana dei Jolly Hotels SpA)......... 34,500 209,925 Immobiliare Metanopoli SpA............................ 1,062,500 2,608,224 SHARES VALUE+ ------ ------ Impregilo SpA......................................... 532,000 $ 274,621 Industria Macchine Automatique SpA.................... 23,000 147,157 Industrie Zignago S. Margherita SpA................... 52,000 543,190 Ipi SpA............................................... 70,700 288,026 Linificio and Canapificio Nazionale SpA............... 22,000 33,323 Maffei SpA............................................ 52,500 59,503 *Mandelli SpA......................................... 41,000 0 Manifattura Lane Gaetano Marzotto & Figli SpA......... 138,000 1,592,904 Marangoni SpA, Rovereto............................... 34,303 110,484 Merloni Elettrodomestici SpA.......................... 155,000 658,443 Milano Assicurazioni SpA.............................. 264,057 933,234 Monrif SpA............................................ 210,000 329,962 *Montefibre SpA, Milano............................... 275,267 145,928 *Necchi SpA........................................... 164,250 79,210 *Perlier SpA.......................................... 100,700 26,298 Pininfarina SpA....................................... 62,570 937,376 Poligrafici Editoriale SpA............................ 226,000 598,066 *Premafin Finanziaria SpA Holding di Partecipazioni, Roma................................................ 277,152 398,079 *Premaimm SpA......................................... 179,000 42,305 *Ratti SpA............................................ 66,768 97,644 Recordati Industria Chimica E Farmaceutica SpA........ 24,000 425,150 Reno de Medici SpA, Milano............................ 100,500 186,343 *Rodriquez SpA........................................ 41,250 0 SAES Getters SpA...................................... 14,750 308,156 SAFILO SpA (Sta Azionaria Fabbrica Italiana Lavorazione Occhiali)............................... 175,500 1,471,195 SAIAG SpA (Industrie Articoli Gomma).................. 30,000 130,574 SISA (Societa Imballaggi Speciali Asti SpA)........... 65,000 39,721 SMI STA Metallurgica Italiana SpA..................... 565,280 340,515 SNIA SpA.............................................. 611,039 1,319,130 *SOPAF (Societa Partecipazioni Finanziarie SpA)....... 85,000 55,198 *Schiapparelli 1824 SpA, Milano....................... 15,000 2,638 Simint SpA............................................ 79,988 344,665 Sogefi SpA............................................ 182,500 418,611 Stefanel SpA.......................................... 180,800 237,652 Terme Demaniali di Acqui SpA.......................... 39,900 52,099 *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................................. 101,000 141,551 Vianini Lavori SpA.................................... 347,600 729,229 Vittoria Assicurazioni SpA............................ 51,500 231,774 Zucchi (Vincenzo) SpA................................. 89,000 426,108 ------------ TOTAL -- ITALY (Cost $24,406,206)................................... 23,934,534 ------------ NETHERLANDS -- (8.1%) COMMON STOCKS -- (8.1%) A.I.R. Holdings NV.................................... 1,119 27,274 Aalberts Industries NV................................ 25,017 533,542 132
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Accell Group NV....................................... 4,865 $ 38,115 *Atag Group NV........................................ 4,630 5,965 Athlon Groep NV....................................... 34,250 350,320 Bam Groep NV.......................................... 5,921 378,834 Batenburg Beheer NV................................... 1,000 72,251 Beers NV.............................................. 16,625 665,712 *Begemann Groep NV.................................... 11,909 76,196 *Begemann Groep NV Series B........................... 13,451 22,247 Boskalis Westminster NV............................... 47,991 1,148,840 *Creyf's SA........................................... 18,064 385,254 *Creyf's SA Strip VVPR................................ 18,064 157 *Delft Instruments NV................................. 13,064 90,409 Econosto NV........................................... 17,305 94,150 Eriks Group NV........................................ 8,000 205,089 GTI Holding........................................... 18,535 348,508 Gamma Holding NV...................................... 15,705 546,846 Gemeenschappeljk Bezit Crown van Gelder NV............ 12,000 125,351 Geveke NV............................................. 8,840 358,596 Grolsche NV........................................... 32,100 663,645 Hollandsche Beton Groep NV............................ 58,032 515,270 Internatio-Mueller NV................................. 28,645 613,410 Kas-Associatie NV..................................... 42,888 688,809 Kempen & Co. NV....................................... 22,081 1,250,354 Koninklijke Ahrend NV................................. 32,911 504,221 Koninklijke Frans Maas Groep NV....................... 12,349 281,644 *Koninklijke Nedlloyd NV.............................. 23,472 469,943 Koninklijke Ten Cate NV............................... 10,204 294,900 Koninklijke Ubbink NV................................. 1,500 50,924 MacIntosh NV.......................................... 15,590 328,419 NBM-Amstelland NV..................................... 59,684 854,655 Nagron Nationaal Grondbezit NV........................ 16,122 375,413 Nederlandsche Apparatenfabriek........................ 14,000 221,802 *Nh Hotels............................................ 21,703 245,601 Polynorm NV........................................... 3,731 216,630 Reesink NV............................................ 2,050 92,795 Roto Smeets de Boer NV................................ 1,040 30,781 Rubber Cultuur Maatschappij Amsterdam NV.............. 40,800 64,284 Samas-Groep NV, Zaandam............................... 24,184 366,306 Schuitema NV, Amersfoort.............................. 34,200 559,694 Schuttersveld NV...................................... 20,596 294,031 Smit International NV................................. 19,643 379,601 *Textielgroep Twenthe NV.............................. 1,000 56,582 Twentsche Kabel Holding NV............................ 17,396 519,410 Unique International NV............................... 10,768 229,651 Van der Mollen Holding NV............................. 18,481 1,473,628 Van Dorp Groep NV..................................... 3,327 44,890 Vredestein NV......................................... 15,514 100,611 Wegener Arcade NV .................................... 70,830 924,859 ------------ TOTAL -- NETHERLANDS (Cost $10,526,535)................................... 18,186,419 ------------ SWEDEN -- (6.7%) COMMON STOCKS -- (6.7%) *Active I Malmoe AB Series A.......................... 4,160 57,244 *Active I Malmoe AB Series B.......................... 4,160 53,511 *Alfaskop AB.......................................... 1,600 5,057 Allgon AB Series B.................................... 65,400 590,180 Alma Industri & Handel AB Series B.................... 5,200 111,481 Angpannefoereningen AB Series B....................... 10,800 129,768 SHARES VALUE+ ------ ------ Arkivator AB.......................................... 3,600 $ 78,974 Avesta Sheffield AB................................... 83,700 238,698 Axfood AB............................................. 28,200 177,153 B & N Bylock & Nordsjoefrakt AB Series B.............. 41,800 50,017 *Beiger Electronics AB................................ 11,700 76,999 Beijer AB Series B.................................... 11,700 67,666 Bergman & Beving AB Series B.......................... 12,800 139,122 *Biacore International AB............................. 4,650 177,123 *Biora AB............................................. 6,200 10,572 Bong Ljungdahl AB..................................... 6,000 80,769 Boras Waefveri AB Series B............................ 8,600 42,877 Capona AB............................................. 19,000 102,307 Carbo AB.............................................. 14,400 226,152 Castellum AB.......................................... 24,000 251,280 Catena AB Series A.................................... 66,700 445,614 Cloetta AB Series B................................... 1,400 17,031 *Concordia Maritime AB Series B....................... 37,300 91,496 Doro AB............................................... 2,900 8,675 *Elekta AB............................................ 9,300 25,966 Enea Data AB Series B................................. 220,000 723,927 Esselte AB Series A................................... 40,100 191,930 Esselte AB Series B................................... 34,500 168,567 Fagerhult AB.......................................... 2,900 20,097 *Fagerlid Industrier AB............................... 8,600 13,978 Fastighets AB Tornet.................................. 14,100 201,054 *Fastighits AB Celtica................................ 5,800 34,122 Finnveden AB.......................................... 18,100 166,044 *Firefly AB........................................... 8,400 5,863 *Frontec AB Series B.................................. 18,200 56,259 Garphyttan Industrier AB.............................. 39,000 334,442 Getinge Industrier AB Series B........................ 39,736 443,772 Geveko AB Series B.................................... 8,300 130,765 Gorthon Lines AB Series B............................. 41,800 62,938 Graenges AB........................................... 19,400 266,955 Gunnebo AB............................................ 10,900 115,210 HL Display AB Series B................................ 2,000 16,154 *Heba Fastighets AB Series B.......................... 4,300 22,725 Hexagon AB Series B................................... 3,572 44,879 Hoeganges AB Series B................................. 19,700 278,941 *Icon Medialab International AB....................... 24,900 109,247 *Industrifoervaltnings AB Skandigen................... 21,400 98,159 *Information Highway AB............................... 12,500 37,393 *Intelligent Microsystems Data AB..................... 22,800 32,738 *Intentia International AB Series B................... 10,700 67,217 Jacobson and Widmark AB............................... 13,400 164,349 Karlshamns AB......................................... 10,000 61,324 *Klippans Finpappersbruk AB........................... 5,800 8,964 Lindex AB............................................. 16,100 277,735 Ljungberg Gruppen AB Series B......................... 1,900 34,671 Mandator AB........................................... 11,400 20,007 *Matteus AB........................................... 19,800 32,577 *Medivir Series B..................................... 2,800 54,444 Modul 1 Data AB....................................... 6,700 16,368 Munksjo AB............................................ 20,800 123,407 NCC AB Series B....................................... 10,300 69,326 NH Nordiska Holding AB................................ 17,000 40,175 Nibe Industrier AB Series B........................... 1,100 14,259 Nobelpharma AB........................................ 45,460 1,402,969 Nolato AB Series B.................................... 30,600 390,561 OEM International AB Series B......................... 7,100 92,036 133
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ *Ortivus AB........................................... 5,900 $ 20,591 PEAB AB Series B...................................... 28,400 80,426 Pandox Hotelfastigheter AB............................ 7,900 73,260 *Partnertech AB....................................... 3,800 49,638 *Perbio Science AB.................................... 15,000 164,529 Platzer Bygg AB Series B.............................. 36,000 37,692 *Pricer AB Series B................................... 65,000 15,361 Rottneros Bruk AB..................................... 366,600 286,959 Sardus AB............................................. 3,000 17,201 Scandiaconsult AB..................................... 57,200 176,814 Scandic Hotels AB..................................... 29,400 307,818 Scribona AB Series A.................................. 40,100 67,975 Scribona AB Series B.................................. 31,700 55,317 *Segerstroem & Svensson AB............................ 15,200 169,754 *Segerstroem & Svensson AB Series B................... 1,900 20,840 Semcon AB............................................. 8,300 82,763 Sifo Group AB Em 00................................... 114,880 1,351,713 Sigma AB Series B..................................... 7,600 151,566 Spendrups Bryggeri AB Series B........................ 19,900 57,545 *Stena Line AB Series B............................... 128,000 98,917 Svedala Industri AB................................... 60,000 879,481 Sweco AB Series B..................................... 23,450 150,821 TV 4 AB Series A...................................... 5,800 170,611 *Ticket Travel Group AB............................... 4,500 10,276 Trelleborg AB Series B................................ 55,800 400,613 Wallenstam Byggnads AB Series B....................... 16,700 102,412 Westergyllen AB Series B.............................. 4,300 59,385 Wihlborgs Fastigheter AB Series B..................... 149,700 203,011 Wilh Sonesson AB Series A............................. 4,160 12,444 Wilh Sonesson AB Series B............................. 4,160 12,237 ------------ TOTAL -- SWEDEN (Cost $14,528,531)................................... 14,990,250 ------------ SPAIN -- (6.1%) COMMON STOCKS -- (6.1%) Ahorro Familiar SA.................................... 6,051 111,510 *Amper SA............................................. 56,800 329,793 Asturiana del Zinc SA................................. 33,100 258,456 Azkoyen SA............................................ 52,500 279,690 BAMI SA (Inmobiliara de Construcciones y Terrenos).... 28,360 73,321 Banco de Credito Balear SA............................ 35,424 409,817 Banco de Galicia SA................................... 75,500 828,103 Banco de Valencia SA.................................. 169,455 1,253,834 Banco de Vasconia SA.................................. 89,000 662,404 Banco Guipuzcoano SA.................................. 21,194 287,071 Banco Zaragozano SA................................... 187,990 1,426,981 Bodegas y Bebedas SA.................................. 39,504 359,012 CAF (Construcciones y Auxiliar de Ferrocarriles SA)... 7,500 141,347 *CINSA (Compania de Inversiones SA)................... 1,400 4,875 Campofrio Alimentacion SA............................. 69,600 742,185 *El Aguila SA......................................... 65,332 381,037 Elecnor SA............................................ 6,100 228,331 Empresa Nacional de Celulosa SA....................... 8,200 113,138 Energia e Industrias Aragonesas SA.................... 12,340 45,438 *Ercros SA............................................ 48,518 17,739 Espanola del Zinc SA.................................. 29,250 33,610 *Estacionamientos Urbanos SA.......................... 4,200 0 SHARES VALUE+ ------ ------ *Europistas Concesionaria Espanola SA................. 174,940 $ 616,753 *Filo SA.............................................. 82,733 84,982 *Grupo Empresarial Ence SA Issue...................... 1,640 22,685 *Grupo Picking Pack SA................................ 87,465 273,335 Hullas del Coto Cortes................................ 8,666 66,385 Iberica de Autopistas SA Concesionaria de Estado Iberpistas.......................................... 135,210 794,474 Inbesos SA............................................ 8,050 20,532 *Indo Internacional SA................................ 33,600 93,596 Inmobiliaria del Sur SA............................... 1,380 62,467 *Inmobiliaria del Sur SA EMOO......................... 276 12,262 *Inmobiliaria Urbis SA................................ 74,582 273,977 Koipe SA, San Sebastian............................... 16,800 248,614 *LSB (La Seda de Barcelona SA) Series B............... 25,200 49,796 Lingotes Especiales SA................................ 22,080 72,654 Marco Iberica Distribucion de Ediciones Midesa........ 5,600 74,584 Nicolas Correa SA..................................... 15,750 38,252 *Nueva Montana Quijano SA Series B.................... 80,500 21,723 Obrascon Huarte Lain SA............................... 53,992 216,669 Papelera de Navarra SA................................ 6,000 78,345 Pescanova SA.......................................... 20,315 178,610 Portland Valderrivas SA............................... 18,225 321,262 Prosegur Cia de Seguridad SA.......................... 7,000 70,684 *Radiotronica SA...................................... 10,575 136,241 Reno de Medici SpA.................................... 147,140 253,608 *Tableros de Fibras SA Series B....................... 8,560 43,069 *Tavex Algodonera SA.................................. 26,400 51,018 Uniland Cementera SA.................................. 5,750 210,225 Unipapel SA........................................... 20,968 213,007 Uralita SA............................................ 101,725 525,109 Vidrala SA, Alava..................................... 47,040 229,310 Viscofan Industria Navarra de Envolturas Celulosicas S.A................................................. 97,492 458,279 ------------ TOTAL -- SPAIN (Cost $13,419,353)................................... 13,800,199 ------------ NORWAY -- (3.8%) COMMON STOCKS -- (3.8%) *Agresso Group ASA.................................... 39,760 77,187 *Aker Maritim ASA..................................... 44,230 357,770 Arendals Fosse Kompani ASA............................ 100 4,422 Avantor Financial Corp................................ 13,270 68,697 Awilco ASA Series A................................... 50,950 93,965 Blom ASA.............................................. 7,970 15,644 Bonheur ASA........................................... 9,800 197,649 *Braathens S.A.F.E. ASA............................... 19,320 36,465 *C. Tybring-Gjedde ASA................................ 14,880 24,072 Choice Hotel Scandinavia ASA.......................... 27,740 89,754 *Corrocean ASA........................................ 15,700 18,118 *Den Norske Oljeselkapet.............................. 36,420 100,163 *Det. Sondenfjelds-Norske Dampskibsselskab ASA Series A............................................ 47,130 165,707 EDB Elektronisk Data Behandling ASA................... 54,917 562,674 Ekornes ASA........................................... 28,690 199,580 Elkem ASA............................................. 9,850 156,695 *Exense ASA........................................... 1,317 888 Farstad Shipping ASA.................................. 41,190 164,369 134
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Ganger Rolf ASA....................................... 5,490 $ 109,539 *Gresvig ASA.......................................... 4,590 21,039 Hafslund ASA.......................................... 58,700 269,062 *Home Invest ASA...................................... 27,740 17,652 Hydralift AS.......................................... 15,540 110,617 *Industrifinans Naeringseiendom ASA................... 7,582 7,932 *Infocus Corp......................................... 10,455 323,617 *Kenor ASA............................................ 39,200 12,599 Kongsberg Gruppen ASA................................. 25,800 244,866 *Kvaerner ASA......................................... 11,200 84,555 Kverneland ASA........................................ 8,800 85,418 *Leif Hoegh & Co. ASA................................. 31,175 245,446 *Merkantildata ASA.................................... 10,701 43,510 Moelven Industrier ASA................................ 55,578 45,256 Narvesen Asa.......................................... 9,100 286,583 Nera ASA.............................................. 111,753 527,909 *Nordic Vlsi.......................................... 5,000 80,889 Nordlandsbanken ASA................................... 5,830 144,618 *Ocean Rig ASA........................................ 40,366 224,207 Odfjell ASA Series A.................................. 14,510 199,528 Olav Thon Eiendomsselskap ASA......................... 8,320 159,724 *Petrolia Drilling ASA................................ 26,706 25,202 *Prosafe ASA.......................................... 23,630 346,600 Rieber and Son ASA Series A........................... 23,584 146,255 Scana Industrier ASA.................................. 14,880 15,246 Schibsted ASA......................................... 28,800 363,416 *Sensonor ASA......................................... 23,969 27,402 Smedvig ASA Series A.................................. 57,680 435,461 Spcs-Gruppen ASA...................................... 48,120 63,316 Steen and Stroem ASA.................................. 19,512 215,701 *Stento Asa........................................... 1,225 16,779 *Tandberg ASA......................................... 35,240 414,275 *Tandberg Data ASA.................................... 35,250 55,126 *Tandberg Television ASA.............................. 47,030 344,913 Ugland Nordic Shipping ASA............................ 9,250 103,753 *Unitor ASA........................................... 15,220 98,490 Veidekke ASA.......................................... 15,936 97,967 *Visual Management Applications ASA................... 14,270 72,335 Wilhelmshaven (Wilhelm), Ltd. ASA..................... 12,800 110,440 ------------ TOTAL COMMON STOCKS (Cost $8,730,710).................................... 8,531,062 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Norwegian Krone (Cost $15,463)...................................... 15,479 ------------ TOTAL -- NORWAY (Cost $8,746,173).................................... 8,546,541 ------------ DENMARK -- (3.8%) COMMON STOCKS -- (3.8%) Aalborg Portland Holding A.S. Series A................ 6,050 211,876 Aalborg Portland Holding A.S. Series B................ 4,350 152,341 Aarhus Oliefabrik A.S. Aeries A....................... 1,600 32,499 Alm Brand A.S. Series B............................... 6,540 83,980 Amagerbanken A.S...................................... 1,050 40,449 Amtssparekassen Fyn A.S............................... 968 40,341 Bang & Olufsen Holding A.S. Series B.................. 8,567 368,030 SHARES VALUE+ ------ ------ Brodrene Hartmann A.S. Series B....................... 2,865 $ 40,468 Carli Gry International A.S........................... 3,510 58,184 Christian Hansen Holding A.S. Series B................ 6,720 196,117 Codan A.S............................................. 1,600 106,464 Coloplast A.S. Series B............................... 4,374 188,924 D'Hooge Schouw NV..................................... 2,000 81,715 DFDS A.S., Copenhagen................................. 4,000 138,216 Dalhoff, Larsen & Hornemann A.S. Series B............. 670 17,207 *Dampskibsselsk et Torm A.S........................... 1,270 85,247 Dampskibsselskabet Norden A.S......................... 1,770 50,623 *Dansk Data Elektronik A.S............................ 280 12,911 Danske Traelastko..................................... 3,186 293,818 *East Asiatic Co., Ltd................................ 15,633 310,240 Edb Gruppen A.S....................................... 1,810 28,524 Ejendamsselskabet Norden A.S.......................... 5,627 207,573 FLS Industries........................................ 27,500 386,289 *Fimiston Resources & Technology Ltd.................. 400 3,829 Fluegger A.S. Series B................................ 1,638 25,814 Foras Holding A.S. Series A........................... 7,082 30,093 Forstaedernes Bank.................................... 1,250 23,931 Glunz & Jensen A.S.................................... 1,470 57,487 HLJ Industri A.S...................................... 160 21,495 Henriksen Og Henriksen Holding A.S. Series B.......... 770 77,752 Hoejgaard Holding A.S. Series B....................... 1,700 30,562 *Incentive A.S........................................ 3,575 62,600 Jamo A.S.............................................. 1,000 25,332 *Junckers (F.) Industrier A.S......................... 860 11,043 Jyske Bank A.S........................................ 10,960 199,591 *Kjobenhavns Sommer Tivoli A.S........................ 190 33,935 *Koebenhavns Lufthavne................................ 6,900 547,727 Korn-Og Foderstof Kompagnet A.S....................... 8,498 158,724 Lauritzen (J.) Holding Series B....................... 1,763 156,413 *Midtbank A.S......................................... 1,820 59,701 *NTR Holdings A.S..................................... 1,130 12,664 Naestved Diskontobanken............................... 230 18,795 *Neg Micon A.S........................................ 11,348 496,772 *Neurosearch A.S...................................... 4,650 187,274 Nordiske Kabel og Traadfabrikker Holding A.S.......... 2,603 486,184 Nordvestbank.......................................... 250 20,587 Per Aarsleff A.S. Series B............................ 1,545 56,362 Radiometer A.S. Series B.............................. 5,373 131,717 Ringkjoebing Landbobank............................... 170 37,309 Rockwool, Ltd......................................... 3,820 71,349 Sanistal A.S. Series B................................ 936 29,502 Sas Danmark A.S....................................... 34,300 300,304 Satair A.S............................................ 1,350 34,671 Sophus Berendsen A.S.................................. 14,520 323,747 Spar Nord Holding..................................... 3,623 140,415 Sparkasse Regensburg.................................. 10,590 294,225 Sydbank A.S........................................... 1,742 64,667 TK Development........................................ 9,745 290,087 *Topdanmark A.S....................................... 25,360 479,590 VT Holdings Shares A.................................. 44 1,875 VT Holdings Shares B.................................. 3,086 129,689 135
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ Vest-Wood A.S......................................... 4,092 $ 140,917 Wessel & Vett Magasin du Nord A.S. Series C........... 2,102 115,329 ------------ TOTAL COMMON STOCKS (Cost $8,523,624).................................... 8,522,096 ------------ INVESTMENT IN CURRENCY -- (0.0%) *Danish Krone (Cost $2,554)....................................... 2,637 ------------ RIGHTS/WARRANTS -- (0.0%) *Tivoli Rights 12/15/00 (Cost $0)........................................... 190 0 ------------ TOTAL -- DENMARK (Cost $8,526,178).................................... 8,524,733 ------------ FINLAND -- (3.1%) COMMON STOCKS -- (3.1%) Alandsbanken AB Series B.............................. 1,700 24,417 Amer-Yhtymae Oyj Series A............................. 17,020 408,177 *Benefon Oy........................................... 1,900 17,763 *Eq Holding Oyj....................................... 51,210 9,361 *Evox Rifa Group Oyj.................................. 51,210 12,482 Finnair Oyj........................................... 77,910 282,811 Finnlines Oy.......................................... 18,280 316,662 Finvest Oyj........................................... 51,210 8,024 Fiskars Oy AB Series A................................ 8,550 52,099 HK Ruokatalo Oy Series A.............................. 11,400 17,366 Instrumentarium Oy.................................... 27,200 544,109 KCI Konecranes International Oyj...................... 13,800 341,165 Kemira Oyj............................................ 118,400 554,499 Kone Corp............................................. 4,980 305,406 Kyro Oyj AB Series P.................................. 36,470 268,262 Laennen Tehtaat Oy.................................... 3,930 41,053 Lasslla and Tikanoja Oyj.............................. 11,970 197,977 Lemminkainen Oy....................................... 13,100 140,833 *Mandatum Bank P.L.C. Series B........................ 892 5,109 Martela Oy............................................ 530 9,689 Metsaemarkka Oyj Series B............................. 700 2,498 Nokian Renkaat Oyj.................................... 9,700 149,456 Nordic Aluminium Oy................................... 1,900 13,232 Novo Group Oyj........................................ 31,600 79,772 Okobank Class A....................................... 31,940 380,910 Olvi Oyj Series A..................................... 410 6,246 *Oy Stockmann AB Series B............................. 24,300 258,067 PK Cables Oyj......................................... 4,760 53,452 Partek Oyj............................................ 44,870 472,616 *Polar Real Estate Corp. Series K..................... 126,010 25,229 Ponsse Oyj............................................ 4,900 48,199 *Raisio Group P.L.C. Series V......................... 118,423 183,494 Rakentajain Koneuvokrammo Oy.......................... 1,900 17,284 *Rocla Oy............................................. 1,300 6,484 Santasalo-Jot Oy...................................... 3,400 7,814 *Silja Oy AB Series A................................. 44,020 36,403 *Stonesoft Corp....................................... 11,279 154,933 Talentum Oyj.......................................... 18,300 113,741 Tamro Oyj............................................. 105,620 170,092 Uponor Oyj Series A................................... 32,500 514,899 Vaisala Oy Series A................................... 12,650 319,342 *Vestcap Oyj Series B................................. 51,210 20,060 SHARES VALUE+ ------ ------ Viking Line AB........................................ 3,240 $ 59,793 Yit-Yhtymae Oyj....................................... 26,854 290,100 ------------ TOTAL -- FINLAND (Cost $8,166,156).................................... 6,941,380 ------------ BELGIUM -- (3.0%) COMMON STOCKS -- (3.0%) *Abfin SA............................................. 2,560 0 Afrifina.............................................. 3,480 289,604 BMT NV................................................ 2,040 153,075 Banque Nationale de Belgique.......................... 710 859,093 Belge des Betons...................................... 425 139,105 *Brederode SA......................................... 2,610 57,141 CFE (Compagnie Francois d'Entreprises)................ 2,080 333,337 CMB (Cie Martime Belge)............................... 500 34,820 Carrieres Unies Porphyre.............................. 20 16,191 Chimique et Metallurgique Campine, Beerse............. 370 25,799 Cie Auxiliaire des Mines Auximines.................... 544 281,999 *Cie Auxiliaire des Mines Auximines Strip VVPR........ 136 133 City Hotels SA........................................ 1,290 70,184 Cofinimmo SA.......................................... 4,763 360,717 Commerciale de Brasserie SA COBRHA.................... 115 34,036 Creyf's SA............................................ 20,168 430,126 *Creyf's SA Interim Strip VVPR........................ 8,168 71 Deceuninck SA......................................... 63,700 776,309 Engrais Rosier SA..................................... 655 35,921 *Finspa............................................... 325 0 Floridienne NV........................................ 2,033 143,524 *Franki NV (Cie International des Pieux Armes Frankignoul SA)..................................... 5,875 0 Glaces de Charleroi................................... 70 182,743 Glaverbel SA.......................................... 400 27,856 Ibel (Nouvelle)....................................... 2,655 169,871 Immobel (Cie Immobiliere de Belgique SA).............. 10,600 369,090 *Intercomfina SA...................................... 11,000 96 *Koramic Building Products SA......................... 700 22,058 Mecaniver SA, Bruxelles............................... 128 55,567 *Metiers Automatiques Picanol......................... 403 137,167 *PCB SA Bruxelles..................................... 5,030 11,494 *Papeteries de Catala SA.............................. 315 32,905 Plantations Nord-Sumatra SA........................... 650 80,347 Recticel SA........................................... 8,450 69,291 SABCA (Sa Belge de Constructions Aeronautiques)....... 4,280 111,772 *SCF VVPR Shares...................................... 2,470 15,373 SIPEF (Societe Internationale de Plantations & de Finance), Anvers.................................... 1,545 94,144 *Sait Radioholland.................................... 6,088 95,392 Sapec SA.............................................. 3,635 156,314 *Sapec SA VVPR........................................ 75 33 Sidro................................................. 4,040 302,445 *Sioen Industries..................................... 1,400 26,068 Spector Photo Group SA................................ 3,688 58,911 Surongo SA............................................ 20 4,579 Telindus Group SA..................................... 17,240 285,590 *Ter Beke NV.......................................... 2,212 80,873 136
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THE CONTINENTAL SMALL COMPANY SERIES CONTINUED [Download Table] SHARES VALUE+ ------ ------ UNIBRA................................................ 1,600 $ 111,423 Uco Textiles NV....................................... 2,124 170,102 ------------ TOTAL -- BELGIUM (Cost $7,002,396).................................... 6,712,689 ------------ AUSTRIA -- (1.9%) COMMON STOCKS -- (1.9%) Allgemeine Sparkasse Baugesellschaft.................. 670 63,864 Austrian Airlines/Oesterreichische Luftverkehrs-Aktiengesellschaft..................... 27,880 294,146 BBAG Oesterreichische Brau-Beteiligungs............... 7,084 258,997 BWT AG................................................ 13,530 376,890 Bank Fuer Kaernten und Steiermark AG.................. 520 40,196 Bau Holding AG........................................ 4,980 108,377 Bohler Uddeholm AG.................................... 9,020 278,977 Brau Union Goess-Reinighaus AG........................ 8,200 305,866 *Ca Immobilien Invest AG.............................. 670 9,367 *Die Erste Immobilien AG.............................. 1,244 164,600 Flughafen Wien AG..................................... 12,730 444,697 *Immofinanz Immobilien Anlagen AG..................... 61,160 272,054 Jenbacher AG.......................................... 7,860 95,789 *Leipnik-Lundenburger Industrie AG.................... 300 13,058 Lenzing AG............................................ 3,013 192,907 *Manner (Josef) & Co. AG.............................. 870 15,374 Mayr-Melnhof Karton AG................................ 9,840 387,683 Oberbank AG........................................... 3,234 189,040 Readymix Kies-Union AG................................ 500 30,467 Rhi AG, Wien.......................................... 16,334 320,631 Rosenbauer International AG........................... 850 18,875 Ubm Realitaetenentwicklung AG......................... 360 20,996 Va Technologie AG..................................... 6,807 212,132 Vogel and Noot Waermetechnik AG....................... 1,700 13,171 Wolford AG............................................ 4,100 81,196 ------------ TOTAL -- AUSTRIA (Cost $5,054,288).................................... 4,209,350 ------------ IRELAND -- (1.6%) COMMON STOCKS -- (1.6%) Abbey P.L.C........................................... 19,319 47,929 Anglo Irish Bank Corp. P.L.C.......................... 192,323 465,418 *Arcon International Resources P.L.C.................. 143,750 21,898 Ardagh P.L.C.......................................... 13,676 16,072 Arnotts P.L.C......................................... 8,811 50,622 Barlo Group P.L.C..................................... 115,775 85,664 *Dragon Oil P.L.C..................................... 104,167 30,830 *Dunloe Ewart P.L.C................................... 235,918 90,361 Fyffes P.L.C.......................................... 195,858 115,936 Glanbia P.L.C......................................... 175,508 67,223 SHARES VALUE+ ------ ------ Golden Vale P.L.C..................................... 108,124 $ 89,415 Green Property Co..................................... 75,732 458,175 Greencore Group P.L.C................................. 131,110 279,620 Heiton Holdings P.L.C................................. 32,420 80,431 IAWS Group P.L.C...................................... 59,457 380,415 IFG Group P.L.C....................................... 16,604 25,944 IWP International P.L.C............................... 39,611 59,308 Irish Continental Group P.L.C......................... 15,838 70,313 Jurys Hotel Group P.L.C............................... 40,376 298,751 Kingspan Group P.L.C.................................. 114,417 308,759 Ryan Hotels P.L.C..................................... 39,647 37,964 *Tullow Oil P.L.C..................................... 212,968 148,310 United Drug P.L.C..................................... 17,081 138,281 Waterford Wedgwood P.L.C.............................. 220,752 234,440 ------------ TOTAL -- IRELAND (Cost $4,244,272).................................... 3,602,079 ------------ UNITED STATES -- (0.1%) COMMON STOCKS -- (0.1%) *National Oilwell, Inc. (Cost $57,188)...................................... 4,318 137,636 ------------ RIGHTS/WARRANTS -- (0.0%) *National Oilwell, Inc. Warrants 03/15/01 (Cost $0)........................................... 480 0 ------------ TOTAL -- UNITED STATES (Cost $57,188)....................................... 137,636 ------------ EMU -- (0.1%) INVESTMENT IN CURRENCY -- (0.1%) *Euro Currency (Cost $113,263)..................................... 116,386 ------------ [Download Table] FACE AMOUNT ------ (000) TEMPORARY CASH INVESTMENTS -- (0.5%) Repurchase Agreement, PNC Capital Markets Inc. 5.99%, 12/01/2000 (Collateralized by U.S. Treasury Notes 7.25%, 05/15/04, valued at $1,112,493) to be repurchased at $1,095,182. (Cost $1,095,000)................................... $ 1,095 1,095,000 ------------ TOTAL INVESTMENTS -- (100.0%) (Cost $203,181,130)++.... $224,615,115 ============ [Download Table] -------------------------------------------------------------------------------- + See Note B to Financial Statements. * Non-Income Producing Securities ++ The cost for federal income tax purposes is $203,196,155. See accompanying Notes to Financial Statements. 137
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DFA INVESTMENT TRUST COMPANY STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2000 (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.......................... $177,917 $133,417 $114,791 $237,782 Collateral for Securities Loaned.............. 29,275 7,844 108 19,520 Receivables Cash........................................ 18 16 -- 15 Dividends, Interest and Tax Reclaims........ 219 213 354 1,451 Investment Securities Sold.................. -- 438 812 547 -------- -------- -------- -------- Total Assets.............................. 207,429 141,928 116,065 259,315 -------- -------- -------- -------- LIABILITIES: Payables Collateral on Securities Loaned............. 29,275 7,844 108 19,520 Investment Securities Purchased............. 6 7 -- -- Fund Shares Redeemed........................ 143 30 55 97 Accrued Expenses and Other Liabilities........ 63 62 34 66 -------- -------- -------- -------- Total Liabilities......................... 29,487 7,943 197 19,683 -------- -------- -------- -------- NET ASSETS.................................... $177,942 $133,985 $115,868 $239,632 ======== ======== ======== ======== 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........................... $384,966 $205,219 $ 96,809 $201,114 ======== ======== ======== ======== 138
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THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF ASSETS AND LIABILITIES NOVEMBER 30, 2000 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) [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.......................... $198,812 $131,436 $108,995 $224,615 Collateral for Securities Loaned.............. 31,253 9,342 100 20,661 Receivables: Dividends, Interest, and Tax Reclaims....... 701 304 275 1,334 Investment Securities Sold.................. -- 211 623 944 Prepaid Expenses and Other Assets............. 18 16 16 16 -------- -------- -------- -------- Total Assets.............................. 230,784 141,309 110,009 247,570 -------- -------- -------- -------- LIABILITIES: Payables: Collateral on Securities Loaned............. 31,253 9,342 100 20,661 Investment Securities Purchased............. 3,327 7 -- 2 Fund Shares Redeemed........................ 18 10 69 114 Accrued Expenses and Other Liabilities........ 68 62 34 69 -------- -------- -------- -------- Total Liabilities......................... 34,666 9,421 203 20,846 -------- -------- -------- -------- NET ASSETS.................................... $196,118 $131,888 $109,806 $226,724 ======== ======== ======== ======== 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........................... $390,001 $207,652 $ 99,204 $203,181 ======== ======== ======== ======== See accompanying Notes to Financial Statements. 139
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THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF OPERATIONS FOR THE YEAR ENDED NOVEMBER 30, 2000 (AMOUNTS IN THOUSANDS) [Enlarge/Download Table] THE UNITED THE KINGDOM THE JAPANESE THE PACIFIC RIM SMALL CONTINENTAL SMALL COMPANY SMALL COMPANY COMPANY SMALL COMPANY SERIES SERIES SERIES SERIES -------------- --------------- --------- --------------- INVESTMENT INCOME Dividends (Net of Foreign Taxes Withheld of $422, $164, $432 and $623, respectively)...... $ 2,392 $ 6,672 $ 4,039 $ 6,152 Interest........................................ 272 208 135 269 Income from Securities Lending.................. 564 214 4 212 -------- -------- -------- -------- Total Investment Income..................... 3,228 7,094 4,178 6,633 -------- -------- -------- -------- EXPENSES Investment Advisory Services.................... 196 162 126 252 Accounting & Transfer Agent Fees................ 240 199 155 310 Custodian Fees.................................. 68 80 28 105 Legal Fees...................................... 2 2 2 3 Audit Fees...................................... 2 2 2 3 Shareholders' Reports........................... 5 4 4 7 Trustees' Fees and Expenses..................... 2 2 1 3 Other........................................... 11 10 7 14 -------- -------- -------- -------- Total Expenses.............................. 526 461 325 697 -------- -------- -------- -------- NET INVESTMENT INCOME........................... 2,702 6,633 3,853 5,936 -------- -------- -------- -------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY Net Realized Gain on Investment Securities Sold.......................................... 75 14,211 4,590 13,048 Net Realized Gain (Loss) on Foreign Currency Transactions.................................. (23) (73) (116) 71 Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency.... (21,858) (44,272) (14,675) (11,756) Translation of Foreign Currency Denominated Amounts..................................... (41) 3 3 (81) -------- -------- -------- -------- NET GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCY.............................. (21,847) (30,131) (10,198) 1,282 -------- -------- -------- -------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................. $(19,145) $(23,498) $ (6,345) $ 7,218 ======== ======== ======== ======== See accompanying Notes to Financial Statements. 140
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THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF CHANGES IN NET ASSETS (Amounts in thousands) [Download Table] THE THE JAPANESE PACIFIC RIM SMALL SMALL COMPANY SERIES COMPANY SERIES --------------------- --------------------- YEAR YEAR YEAR ENDED ENDED YEAR ENDED ENDED NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2000 1999 2000 1999 ---------- -------- ---------- -------- INCREASE (DECREASE) IN NET ASSETS Operations: Net Investment Income............... $ 2,702 $ 2,212 $ 6,633 $ 4,774 Net Realized Gain (Loss) on Investment Securities Sold...... 75 (3,116) 14,211 (11,610) Net Realized Gain (Loss) on Foreign Currency Transactions......... (23) 143 (73) 2,522 Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency............ (21,858) 42,419 (44,272) 75,981 Translation of Foreign Currency Denominated Amounts............. (41) (39) 3 4 ---------- -------- ---------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations........... (19,145) 41,619 (23,498) 71,671 ---------- -------- ---------- -------- Transactions in Interest: Contributions.......... 51,610 25,283 4,600 13,505 Withdrawals............ (39,023) (54,230) (32,973) (41,298) ---------- -------- ---------- -------- Net Increase (Decrease) from Transactions in Interest............. 12,587 (28,947) (28,373) (27,793) ---------- -------- ---------- -------- Total Increase (Decrease).......... (6,558) 12,672 (51,871) 43,878 NET ASSETS Beginning of Period.... 202,676 190,004 183,759 139,881 ---------- -------- ---------- -------- End of Period.......... $ 196,118 $202,676 $ 131,888 $183,759 ========== ======== ========== ======== See accompanying Notes to Financial Statements. 141
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THE DFA INVESTMENT TRUST COMPANY STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) [Download Table] THE UNITED KINGDOM THE CONTINENTAL SMALL SMALL COMPANY SERIES COMPANY SERIES --------------------- --------------------- YEAR YEAR YEAR ENDED ENDED YEAR ENDED ENDED NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2000 1999 2000 1999 ---------- -------- ---------- -------- INCREASE (DECREASE) IN NET ASSETS Operations: Net Investment Income............... $ 3,853 $ 4,809 $ 5,936 $ 5,173 Net Realized Gain on Investment Securities Sold................. 4,590 10,395 13,048 26,397 Net Realized Gain (Loss) on Foreign Currency Transactions......... (116) (47) 71 (286) Change in Unrealized Appreciation (Depreciation) of: Investment Securities and Foreign Currency............ (14,675) 27,562 (11,756) (49,186) Translation of Foreign Currency Denominated Amounts............. 3 (8) (81) (77) ---------- -------- ---------- -------- Net Increase (Decrease) in Net Assets Resulting from Operations........... (6,345) 42,711 7,218 (17,979) ---------- -------- ---------- -------- Transactions in Interest: Contributions.......... 10,117 20,680 27,028 53,967 Withdrawals............ (26,093) (58,750) (59,890) (88,022) ---------- -------- ---------- -------- Net Decrease from Transactions in Interest............. (15,976) (38,070) (32,862) (34,055) ---------- -------- ---------- -------- Total Increase (Decrease).......... (22,321) 4,641 (25,644) (52,034) NET ASSETS Beginning of Period.... 132,127 127,486 252,368 304,402 ---------- -------- ---------- -------- End of Period.......... $ 109,806 $132,127 $ 226,724 $252,368 ========== ======== ========== ======== See accompanying Notes to Financial Statements. 142
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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 --------------------------------------------------------------------- YEAR YEAR YEAR YEAR AUG. 9 ENDED ENDED ENDED ENDED TO NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2000 1999 1998 1997 1996 ------------------------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period....................... N/A+ N/A+ N/A+ N/A+ N/A+ -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income........ -- -- -- -- -- 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+ ====================================================================================================== Total Return................... N/A+ N/A+ N/A+ N/A+ N/A+ ------------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands).................. $196,118 $202,676 $190,004 $175,342 $329,682 Ratio of Expenses to Average Net Assets................... 0.27% 0.28% 0.28% 0.29% 0.29%* Ratio of Net Investment Income to Average Net Assets........ 1.38% 1.10% 1.29% 0.93% 0.76%* Portfolio Turnover Rate........ 6% 6% 8% 13% 2%* ------------------------------------------------------------------------------------------------------ THE PACIFIC RIM SMALL COMPANY SERIES --------------------------------------------------------------------- YEAR YEAR YEAR YEAR AUG. 9 ENDED ENDED ENDED ENDED TO NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2000 1999 1998 1997 1996 ------------------------------- --------------------------------------------------------------------- Net Asset Value, Beginning of Period....................... N/A+ N/A+ N/A+ N/A+ N/A+ -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income........ -- -- -- -- -- 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+ =============================== ===================================================================== Total Return................... N/A+ N/A+ N/A+ N/A+ N/A+ ------------------------------- --------------------------------------------------------------------- Net Assets, End of Period (thousands).................. $131,888 $183,759 $139,881 $147,795 $231,481 Ratio of Expenses to Average Net Assets................... 0.29% 0.48% 0.38% 0.40% 0.45%* Ratio of Net Investment Income to Average Net Assets........ 4.10% 2.95% 4.01% 2.45% 2.50%* Portfolio Turnover Rate........ 7% 34% 26% 24% 8%* ------------------------------- --------------------------------------------------------------------- [Download Table] * Annualized 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. 143
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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 --------------------------------------------------------------------- YEAR YEAR YEAR YEAR AUG. 9 ENDED ENDED ENDED ENDED TO NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2000 1999 1998 1997 1996 ------------------------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period....................... N/A+ N/A+ N/A+ N/A+ N/A+ -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income........ -- -- -- -- -- 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+ ====================================================================================================== Total Return................... N/A+ N/A+ N/A+ N/A+ N/A+ ------------------------------------------------------------------------------------------------------ Net Assets, End of Period (thousands).................. $109,806 $132,127 $127,485 $171,851 $182,625 Ratio of Expenses to Average Net Assets................... 0.26% 0.26% 0.26% 0.25% 0.29%* Ratio of Net Investment Income to Average Net Assets........ 3.06% 3.55% 3.66% 2.86% 2.94%* Portfolio Turnover Rate........ 11% 5% 11% 4% 5%* ------------------------------------------------------------------------------------------------------ THE CONTINENTAL SMALL COMPANY SERIES --------------------------------------------------------------------- YEAR YEAR YEAR YEAR AUG. 9 ENDED ENDED ENDED ENDED TO NOV. 30, NOV. 30, NOV. 30, NOV. 30, NOV. 30, 2000 1999 1998 1997 1996 ------------------------------- --------------------------------------------------------------------- Net Asset Value, Beginning of Period....................... N/A+ N/A+ N/A+ N/A+ N/A+ -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS Net Investment Income........ -- -- -- -- -- 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+ =============================== ===================================================================== Total Return................... N/A+ N/A+ N/A+ N/A+ N/A+ ------------------------------- --------------------------------------------------------------------- Net Assets, End of Period (thousands).................. $226,724 $252,368 $304,402 $323,610 $335,882 Ratio of Expenses to Average Net Assets................... 0.28% 0.27% 0.27% 0.29% 0.31%* Ratio of Net Investment Income to Average Net Assets........ 2.36% 1.92% 1.76% 1.84% 0.27%* Portfolio Turnover Rate........ 9% 11% 1% 3% 7%* ------------------------------- --------------------------------------------------------------------- [Download Table] * Annualized 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. 144
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THE DFA INVESTMENT TRUST COMPANY NOTES TO FINANCIAL STATEMENTS NOVEMBER 30, 2000 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, 2000, the Trust consisted of twenty-four 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, 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 145
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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, 2000, the Portfolio's advisory fees were accrued daily and paid monthly to the Advisor based on the following effective annual rates: [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, 2000, 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........................... $22,513 $ 9,338 The Pacific Rim Small Company Series........................ 10,450 28,840 The United Kingdom Small Company Series..................... 12,878 23,615 The Continental Small Company Series........................ 22,476 47,435 E. INVESTMENT TRANSACTIONS: At November 30, 2000, gross unrealized appreciation and depreciation for federal income tax purposes of 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.......................... $12,201 $(206,285) $(194,084) The Pacific Rim Small Company Series....................... 12,679 (89,474) (76,795) The United Kingdom Small Company Series.................... 40,553 (30,766) 9,787 The Continental Small Company Series....................... 88,148 (66,729) 21,419 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 and concentrations of credit 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 146
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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, 2000. 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. There were no borrowings under the line of credit by the Portfolios during the year ended November 30, 2000. 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 2001. There were no borrowings under the line of credit with the international custodian bank for the year ended November 30, 2000. 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 Portfolio or, at the option of the lending agent, replace the loaned securities. Such cash collateral for November 30, 2000 was reinvested into overnight repurchase 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 Portfolio and value of collateral on overnight repurchase agreements at November 30, 2000, was as follows: [Enlarge/Download Table] VALUE OF MARKET VALUE OF COLLATERAL AND COLLATERAL ON SECURITIES ON LOAN IDEMNIFICATION REPURCHASE AGREEMENTS ------------------ -------------- --------------------- The Japanese Small Company Series................ $29,132,785 $31,252,819 $33,100,441 The Pacific Rim Small Company Series............. 7,070,851 9,341,971 8,911,511 The United Kingdom Small Company Series.......... 73,361 100,000 103,623 The Continental Small Company Series............. 19,710,861 20,661,148 21,262,896 147
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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, 2000, 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 periods presented, 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, 2000 by correspondence with the custodians, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Fort Lauderdale, Florida January 12, 2001 148

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1/12/0172150
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11/30/0066150
10/30/0052485BPOS
8/15/0057
8/11/005257497J
6/30/00465124F-2NT,  N-30D,  NSAR-B
4/7/0052
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