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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6340
Great Hall Investment Funds, Inc.
(Exact name of registrant as specified in charter)
100 South Fifth Street Suite 2300, Minneapolis, MN 55402
(Address of principal executive offices) (Zip code)
BISYS Fund Services, 3435 Stelzer Road, Columbus, OH 43219
(Name and address of agent for service)
Registrant's telephone number, including area code: 614-470-8000
Date of fiscal year end: July 31, 2004
Date of reporting period: January 31, 2004
Form N-CSR is to be used by management investment companies to file
reports with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form
N-CSR, and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
GREAT HALL(R) INVESTMENT FUNDS, INC.
SEMI-ANNUAL REPORT
JANUARY 31, 2004
[GREAT HALL SEAL]
PRIME MONEY MARKET FUND
U.S. GOVERNMENT MONEY MARKET FUND
TAX-FREE MONEY MARKET FUND
INSTITUTIONAL PRIME MONEY MARKET FUND
INSTITUTIONAL TAX-FREE MONEY MARKET FUND
CONTENTS
Statements of Assets and Liabilities 2
Statements of Operations 3
Statements of Changes in Net Assets 4
Notes to Financial Statements 6
Schedules of Investments in Securities:
Prime Money Market Fund 12
U.S. Government Money Market Fund 16
Tax-Free Money Market Fund 17
Institutional Prime Money Market Fund 25
Institutional Tax-Free Money Market Fund 26
Notes to Investments in Securities 32
GREAT HALL INVESTMENT FUNDS
- --------------------------------------------------------------------------------
To Our Shareholders:
I am pleased to present the January 31, 2004
Semi-Annual Report for the Great Hall Prime, U.S.
[PHOTO] Government, Tax-Free, Institutional Prime, and
RAYE KANZENBACH, CFA Institutional Tax Free Money Market Funds, with
combined assets that exceed $10.8 billion. This
report contains a statement of each Fund's
financial condition as of January 31, 2004, which
includes a detailed listing of the portfolio
investments, and a statement of each Fund's
operations and changes in net assets for the
six-month period.
Short-term interest rates have remained quite
steady since the beginning of the Funds' fiscal
year on August 1, 2003. The Federal Reserve has
kept the overnight fed funds rate at 1.00% since
June 2003, which is its lowest level since 1958.
This stable fed funds rate resulted in steady
yields on money market instruments. Yields on the
Great Hall Money Market Funds, therefore, showed
very little change over the six-month period.
The Federal Reserve recently stated that although the economy is expanding
briskly, inflation remains quite low, and therefore, the Federal Reserve can be
"patient" in removing its accommodative monetary policy. In our view, this
indicates that the Federal Reserve expects money market interest rates to remain
low for a while longer.
Each of these Funds is managed in accordance with the stringent standards
required by federal regulations for money market funds. We manage these Funds to
meet the objectives of prudent investment management, safety of principal, and
liquidity. We continue to invest only in high quality securities for the Great
Hall Funds.
Thank you for your continued confidence in us. We will continue to manage these
Funds using the conservative principles and high degree of care that you have
come to expect from us.
Sincerely,
/s/ Raye Kanzenbach
Raye Kanzenbach
Chief Investment Officer
Great Hall Investment Funds
GREAT HALL FUNDS FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
JANUARY 31, 2004
PRIME U.S. GOVERNMENT
MONEY MONEY
MARKET FUND MARKET FUND
------------------- -----------------
ASSETS:
Investments, at market value (note 2),
(amortized cost $8,163,618,371;
$1,015,457,225; $992,709,262;
$490,236,419 and $315,069,481,
respectively) $ 8,163,618,371 $ 1,015,457,225
Cash in bank on demand deposit 27,920 14,746
Accrued interest receivable 16,001,536 1,674,914
--------------- ---------------
Total assets 8,179,647,827 1,017,146,885
--------------- ---------------
LIABILITIES:
Payable for investment
securities purchased 145,000,000 15,000,000
Accrued investment advisory fee 2,844,826 322,248
Other accrued expenses 1,091,815 403,387
--------------- ---------------
Total liabilities 148,936,641 15,725,635
--------------- ---------------
Net assets applicable to outstanding
capital stock $ 8,030,711,186 $ 1,001,421,250
=============== ===============
NET ASSETS REPRESENTED BY:
Capital stock -- authorized 100 billion
shares of $.01 par value for each
Fund, outstanding 8,030,711,186;
1,001,421,250 and 981,894,692
shares, respectively $ 80,307,112 $ 10,014,213
Capital stock -- authorized 10 billion
shares of $.01 par value for each
Fund, outstanding 481,735,304 and
313,466,229 shares, respectively -- --
--------------- ---------------
Additional paid-in capital 7,950,404,074 991,407,038
--------------- ---------------
Total -- representing net
assets applicable to
outstanding capital stock $ 8,030,711,186 $ 1,001,421,250
=============== ===============
Net asset value per share of
outstanding capital stock $ 1.00 $ 1.00
=============== ===============
[WIDE TABLE CONTINUED FROM ABOVE]
TAX-FREE INST'L PRIME INST'L TAX-FREE
MONEY MONEY MONEY
MARKET FUND MARKET FUND MARKET FUND
----------------- ----------------- ----------------
ASSETS:
Investments, at market value (note 2),
(amortized cost $8,163,618,371;
$1,015,457,225; $992,709,262;
$490,236,419 and $315,069,481,
respectively) $ 992,709,262 $ 490,236,419 $ 315,069,481
Cash in bank on demand deposit 29,189 8,145 214,168
Accrued interest receivable 1,748,658 1,686,385 818,031
------------- ------------- -------------
Total assets 994,487,109 491,930,949 316,101,680
------------- ------------- -------------
LIABILITIES:
Payable for investment
securities purchased 12,000,000 10,000,000 2,480,000
Accrued investment advisory fee 421,915 97,913 64,956
Other accrued expenses 170,502 97,732 90,495
------------- ------------- -------------
Total liabilities 12,592,417 10,195,645 2,635,451
------------- ------------- -------------
Net assets applicable to outstanding
capital stock $ 981,894,692 $ 481,735,304 $ 313,466,229
============= ============= =============
NET ASSETS REPRESENTED BY:
Capital stock -- authorized 100 billion
shares of $.01 par value for each
Fund, outstanding 8,030,711,186;
1,001,421,250 and 981,894,692
shares, respectively $ 9,818,947 $ -- $ --
Capital stock -- authorized 10 billion
shares of $.01 par value for each
Fund, outstanding 481,735,304 and
313,466,229 shares, respectively -- 4,817,353 3,134,662
------------- ------------- -------------
Additional paid-in capital 972,075,745 476,917,951 310,331,567
------------- ------------- -------------
Total -- representing net
assets applicable to
outstanding capital stock $ 981,894,692 $ 481,735,304 $ 313,466,229
============= ============= =============
Net asset value per share of
outstanding capital stock $ 1.00 $ 1.00 $ 1.00
============= ============= =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
2
GREAT HALL FUNDS FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED JANUARY 31, 2004
PRIME U.S. GOVERNMENT TAX-FREE INST'L PRIME INST'L TAX-FREE
MONEY MONEY MONEY MONEY MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND MARKET FUND
--------------- ----------------- --------------- -------------- ----------------
INCOME:
Interest $ 46,023,348 $5,625,397 $ 4,908,888 $2,669,984 $1,424,518
------------ ---------- ------------ ---------- ----------
EXPENSES (NOTE 4):
Investment advisory fee 17,465,976 1,966,545 2,488,362 599,354 352,827
Distribution fee (12b-1)
Reserve Share Class 66,208
Administrative services fee 1,314,673 1,244,180
Investor Share Class 10,235,929
Reserve Share Class 66,207
Custodian fees 6,000 1,500 3,000 2,500 2,000
Accounting fees 13,000 26,500 10,400 14,068
Investor Share Class 30,000
Reserve Share Class 8,000
Sub-accounting fees 390,025 231,216 9,822 3,847
Investor Share Class 6,874,283
Reserve Share Class 67,550
Transfer agent fees 6,000 8,500 6,300 3,500
Investor Share Class 6,500
Reserve Share Class 10,000
Reports to shareholders 267,532 11,108 74,439 16,573 24,807
Directors' fees 12,000 12,000 12,000 12,000 12,000
Audit and legal fees 23,000 1,000 15,000 3,000 100
Registration fees 5,000 150,000 4,000 7,274
Investor Share Class 5,000
Reserve Share Class 1,000
Administrative 86,250 14,866 22,000 8,500 3,000
Other expenses 12,900 2,500 12,500 3,300 2,600
------------ ---------- ------------ ---------- ----------
Total expenses 35,244,335 3,738,217 4,287,697 675,749 426,023
Less expenses waived or absorbed by Adviser (5,894,256) (4,230) (1,200,664) -- --
------------ ---------- ------------ ---------- ----------
Net expenses 29,350,079 3,733,987 3,087,033 675,749 426,023
------------ ---------- ------------ ---------- ----------
Net investment income 16,673,269 1,891,410 1,821,855 1,994,235 998,495
Net increase in net assets resulting from
operations $ 16,673,269 $1,891,410 $ 1,821,855 $1,994,235 $ 998,495
============ ========== ============ ========== ==========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
3
GREAT HALL FUNDS FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
SIX MONTHS ENDED JANUARY 31, 2004
PRIME U.S. GOVERNMENT
MONEY MARKET FUND MONEY MARKET FUND
------------------------------------ --------------------------------
SIX-MONTH SIX-MONTH
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JANUARY 31, JULY 31, JANUARY 31, JULY 31,
2004 2003 2004 2003
---------------- ---------------- -------------- --------------
INCREASE/(DECREASE) IN NET ASSETS:
Operations:
Net investment income $ 16,673,269 $ 67,001,976 $ 1,891,410 $ 7,709,864
---------------- ---------------- -------------- --------------
Net increase in net assets resulting from
operations 16,673,269 67,001,976 1,891,410 7,709,864
---------------- ---------------- -------------- --------------
Distributions to shareholders from investment
income -- net
Investor Share Class (16,645,876) (66,650,947) (1,891,410) (7,689,597)
Reserve Share Class (27,393) (351,029) -- (20,267)
---------------- ---------------- -------------- --------------
Total distributions to shareholders (16,673,269) (67,001,976) (1,891,410) (7,709,864)
---------------- ---------------- -------------- --------------
Capital share transactions at net asset value of
$1.00 per share
Proceeds from sales
Investor Share Class 2,064,892,380 3,847,736,761 320,089,360 802,967,921
Reserve Share Class 25,505,098 122,836,800 -- 4,948,069
Shares issued for reinvestment of distributions:
Investor Share Class 16,645,876 66,650,947 1,891,410 7,689,597
Reserve Share Class 27,393 351,029 -- 20,267
Payment for shares redeemed
Investor Share Class (2,162,144,417) (4,327,979,149) (380,623,772) (838,501,022)
Reserve Share Class (133,424,939) (62,194,582) -- (17,728,483)
---------------- ---------------- -------------- --------------
Decrease in net assets from capital share
transactions (188,498,609) (352,598,194) (58,643,002) (40,603,651)
---------------- ---------------- -------------- --------------
Total decrease in net assets (188,498,609) (352,598,194) (58,643,002) (40,603,651)
---------------- ---------------- -------------- --------------
Net assets at beginning of period 8,219,209,795 8,571,807,989 1,060,064,252 1,100,667,903
---------------- ---------------- -------------- --------------
Net assets at end of period $ 8,030,711,186 $ 8,219,209,795 $1,001,421,250 $1,060,064,252
================ ================ ============== ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
GREAT HALL FUNDS FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) (CONTINUED)
SIX MONTHS ENDED JANUARY 31, 2004
TAX-FREE
MONEY MARKET FUND
-----------------------------------
SIX-MONTH
PERIOD ENDED YEAR ENDED
JANUARY 31, JULY 31,
2004 2003
--------------- -----------------
INCREASE/(DECREASE) IN
NET ASSETS:
Operations:
Net investment income $ 1,821,855 $ 5,980,004
--------------- -----------------
Net increase in net
assets resulting
from operations 1,821,855 5,980,004
--------------- -----------------
Distributions to
shareholders
from investment
income -- net (1,821,855) (5,980,004)
--------------- -----------------
Total distributions to
shareholders (1,821,855) (5,980,004)
--------------- -----------------
Capital share transactions
at net asset value of
$1.00 per share
Proceeds from sales 705,052,779 1,067,794,724
Shares issued for
reinvestment of
distributions 1,821,855 5,980,004
Payment for shares
redeemed (671,085,423) (1,036,742,832)
--------------- -----------------
Increase in net assets
from capital share
transactions 35,789,211 37,031,896
--------------- -----------------
Total increase/(decrease)
in net assets 35,789,211 37,031,896
--------------- -----------------
Net assets at beginning
of period 946,105,481 909,073,585
--------------- -----------------
Net assets at end
of period $ 981,894,692 $ 946,105,481
=============== =================
[WIDE TABLE CONTINUED FROM ABOVE]
INSTITUTIONAL PRIME INSTITUTIONAL TAX-FREE
MONEY MARKET FUND MONEY MARKET FUND
--------------------------------- ---------------------------------
SIX-MONTH SIX-MONTH
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JANUARY 31, JULY 31, JANUARY 31, JULY 31,
2004 2003 2004 2003
--------------- --------------- --------------- ---------------
INCREASE/(DECREASE) IN
NET ASSETS:
Operations:
Net investment income $ 1,994,235 $ 5,847,762 $ 998,495 $ 2,156,996
--------------- --------------- --------------- ---------------
Net increase in net
assets resulting
from operations 1,994,235 5,847,762 998,495 2,156,996
--------------- --------------- --------------- ---------------
Distributions to
shareholders
from investment
income -- net (1,994,235) (5,847,762) (998,495) (2,156,996)
--------------- --------------- --------------- ---------------
Total distributions to
shareholders (1,994,235) (5,847,762) (998,495) (2,156,996)
--------------- --------------- --------------- ---------------
Capital share transactions
at net asset value of
$1.00 per share
Proceeds from sales 328,067,602 739,486,873 275,655,380 398,822,967
Shares issued for
reinvestment of
distributions 1,994,235 5,847,762 998,495 2,156,996
Payment for shares
redeemed (350,914,888) (691,946,616) (207,201,897) (350,141,125)
--------------- --------------- --------------- ---------------
Increase in net assets
from capital share
transactions (20,853,051) 53,388,019 69,451,978 50,838,838
--------------- --------------- --------------- ---------------
Total increase/(decrease)
in net assets (20,853,051) 53,388,019 69,451,978 50,838,838
--------------- --------------- --------------- ---------------
Net assets at beginning
of period 502,588,355 449,200,336 244,014,251 193,175,413
--------------- --------------- --------------- ---------------
Net assets at end
of period $ 481,735,304 $ 502,588,355 $ 313,466,229 $ 244,014,251
=============== =============== =============== ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. ORGANIZATION
Great Hall Investment Funds, Inc. (the Company) was incorporated on June 24,
1991 and is registered under the Investment Company Act of 1940 (as amended)
as an open-end management investment company and presently includes five
funds: the Prime, U.S. Government, Tax-Free, Institutional Prime, and
Institutional Tax-Free Money Market Funds (the Funds). The initially offered
class for the Prime, U.S. Government, and Tax-Free Money Market Funds is
referred to as the Investor Share Class. Effective July 30, 2001, these
Funds were authorized to offer an additional class of shares, referred to as
the Reserve Share Class. The Tax-Free Money Market Fund has not issued
Reserve Shares. Effective October 31, 2002, U.S. Government Money Market
Fund discontinued offering Reserve Shares and converted any existing shares
to Investor Shares. Effective October 31, 2003, the Prime Money Market Fund
discontinued offering the Reserve Shares and converted any existing Reserve
Shares to Investor Shares. The two classes of shares differed principally in
their respective service and distribution expenses and arrangements. Both
classes had identical rights to earnings, assets and voting privileges,
except for class specific expenses and exclusive rights to vote on matters
affecting only individual classes. The Company's articles of incorporation
permit the board of directors to create additional funds in the future.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies followed by the Funds are as follows:
INVESTMENTS IN SECURITIES
Pursuant to Rule 2a-7 under the Investment Company Act of 1940 (as amended),
securities are valued at amortized cost, which approximates market value, in
order to maintain a constant net asset value of $1.00 per share.
Security transactions are accounted for on the date the securities are
purchased or sold. Interest income, including amortization of discount and
premium, is accrued daily.
USE OF ESTIMATES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
FEDERAL TAXES
The Funds' policy is to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of
its taxable income to shareholders. Therefore, no income tax provision is
required. Each Fund is treated as a separate entity for federal income tax
purposes. In addition, on a calendar-year basis, each Fund intends to
distribute substantially all of its net investment income and realized
gains, if any, to avoid payment of any federal excise taxes.
INCOME AND EXPENSE RECOGNITION
Interest income is accrued daily and is determined on the basis of interest
or discount earned on short-term investments. Estimated expenses are accrued
daily.
Realized and unrealized gains and losses and net investment income, other
than class specific expenses, are allocated daily to each class of shares
based upon the relative portion of net assets of each class. Operating
expenses directly attributable to a specific class are charged against the
operations of that class.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders from net investment income are declared daily
and paid monthly through reinvestment in additional shares of the Funds at
net asset value.
CREDIT QUALITY
Federal regulations require money market funds to meet strict quality
standards. The Funds have adopted policies to ensure that they meet each of
these standards. Money market funds must invest exclusively in high quality
securities. To be considered high quality, a security generally must be
rated in one of the two highest short-term credit quality categories by a
nationally recognized rating organization such as Standard & Poors
Corporation or Moody's Investors Service, Inc. If a security is unrated, the
money market fund's investment adviser must consider it to be of comparable
quality to a rated security.
The Funds maintain even higher standards. For example, the Funds do not
invest in unrated securities. Additionally, Prime Money Market Fund,
Government Money Market Fund, and Institutional Prime Money Market Fund
invest only in securities that have received the highest short-term rating
from at least two rating organizations, and Tax-Free Fund and Institutional
Tax-Free Fund invest only in securities that have received the highest
short-term rating from at least one rating organization.
REPURCHASE AGREEMENTS
The Funds may enter into repurchase agreements with member banks of the
Federal Reserve or registered broker dealers who are deemed creditworthy
under guidelines approved by the Funds' Board of Directors, subject to the
seller's agreement to repurchase such securities at a mutually agreed upon
date and price. The repurchase price generally equals the price paid by the
Funds plus interest negotiated on the basis of current short-term rates.
Securities pledged as collateral for repurchase agreements are held by the
Funds' custodian bank until maturity of the repurchase agreement. The Funds
have procedures in place for all agreements to ensure that the daily market
value of the collateral is in excess of the repurchase agreement in the
event of default.
6
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
3. INVESTMENT SECURITY TRANSACTIONS
Cost of purchases and proceeds from sales of securities from August 1, 2003
to January 31, 2004 were as follows:
PURCHASES SALES PROCEEDS
- -------------------------------------------------------------------------------
Prime Fund $19,706,389,210 $19,783,115,990
U.S. Government Fund 2,804,393,716 2,858,780,278
Tax-Free Fund 1,253,762,279 1,247,574,884
Institutional Prime Fund 1,533,472,034 1,559,684,070
Institutional Tax-Free Fund 479,613,814 416,864,512
4. FEES AND EXPENSES
The Company has entered into an investment advisory agreement with Voyageur
Asset Management Inc. (VAM), a wholly-owned subsidiary of RBC Dain Rauscher
Corp., under which VAM manages each Fund's assets and furnishes related
office facilities, equipment, research and personnel. The agreement requires
each Fund to pay VAM a monthly fee based upon average daily net assets. The
fee for the Prime Money Market Fund is equal to an annual rate of 0.55% of
the first $700 million in net assets and then decreasing in reduced
percentages to 0.40% of net assets in excess of $2 billion. The fee for the
U.S. Government Money Market Fund is equal to an annual rate of 0.50% of the
first $100 million in net assets and then decreasing in reduced percentages
to 0.35% of net assets in excess of $300 million. The fee for the Tax-Free
Money Market Fund is equal to an annual rate of 0.50% of net assets. The
fees for both the Institutional Prime and Institutional Tax-Free Money
Market Funds are equal to an annual rate of 0.25% of net assets.
Each of the five Funds has entered into sub-accounting agreements with
affiliate RBC Dain Rauscher Inc. (DRI) where DRI performs various transfer
and dividend disbursing agent services. The fee, which is paid monthly to
DRI for providing such service, is equal to an annual rate of $24 per
shareholder account plus certain out-of-pocket expenses. Each class of
shares in the Prime, U.S. Government, and Tax-Free Money Market Funds also
pays an administrative services fee of 0.25% of net assets per annum for
administrative services provided by VAM.
Each of the Prime, U.S. Government, and Tax-Free Money Market Funds has
adopted a Plan of Distribution under Rule 12b-1 of the 1940 Act with respect
to its Reserve Share Class. Under the Plan of Distribution, each Reserve
Share Class was required to pay DRI an annual fee of 0.25% of average daily
net assets of any outstanding shares which was accrued daily and paid
monthly.
VAM has entered into a contractual expense limitation agreement with the
Prime, U.S. Government, and Tax-Free Money Market Funds under which it will
waive and/or reimburse certain expenses associated with operating the
respective Fund through November 30, 2004 in order to limit the Fund's total
operating expenses for the Prime Money Market Fund -- Investor Share Class,
U.S. Government Money Market Fund, and Tax-Free Money Market Fund to an
annual rate of 0.71%, 0.71% and 0.62%, respectively, of the average daily
net assets of the relevant class. Through October 31, 2003, the Prime Money
Market Fund -- Reserve Share Class had total operating expenses of 1.00% of
the average daily net assets. Pursuant to this arrangement, VAM's
contractual obligation to waive and/or reimburse expenses is limited to
0.25% per annum of the respective Fund's average daily net assets. VAM may
voluntarily waive and/or reimburse additional Fund operating expenses from
time to time. Any such voluntary program may be changed or eliminated at any
time without notice. Expenses waived in the current year include
administrative services and distribution fees.
In addition to the investment advisory fee and the shareholder account
servicing fee, and the administrative services fees applicable to certain
Funds, each Fund is responsible for paying other operating expenses
including outside directors' fees and expenses, custodian fees, registration
fees, printing and shareholder reports, transfer agent fees and expenses,
legal, auditing and accounting services, organizational costs, insurance,
interest and other miscellaneous expenses.
5. SUBSEQUENT EVENTS
In February 2004, proxy statements were mailed to shareholders of the Funds
containing certain proposals to be considered at a special meeting of
shareholders that is scheduled to occur on or about March 26, 2004. Among
the matters to be considered by shareholders of the Funds are: (a) electing
trustees; (b) modifying certain investment restrictions; and (c)
reorganizing the Funds as a separate series of a new Delaware statutory
trust, the Tamarack Funds Trust.
7
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
6. FINANCIAL HIGHLIGHTS
Per share data for a share of capital stock outstanding throughout each
period and selected information for the period are as follows:
PRIME MONEY MARKET FUND
---------------------------------------------------------------
SIX-MONTH THREE-MONTH
PERIOD ENDED PERIOD ENDED
JANUARY 31, OCTOBER 31, YEAR ENDED
2004 (UNAUDITED) 2003 (UNAUDITED) JULY 31, 2003
------------------ ------------------ -------------------------
INVESTOR RESERVE INVESTOR RESERVE
SHARE SHARE SHARE SHARE
CLASS CLASS CLASS CLASS
------------------ ------------------ ------------ ------------
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- -------- --------
Net investment income 0.01 0.01 0.01 0.01
Distributions from net
investment income (0.01) (0.01) (0.01) (0.01)
--------- --------- -------- --------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ======== ========
Total return 0.2% 0.1% 0.8% 0.5%
Net assets, end of
period (millions) $ 8,031 $ -- $ 8,111 $ 108
Ratio of net expenses
to average net
assets(c) 0.71%(d) 1.01% 0.71% 1.00%
Ratio of net investment
income to average
net assets(c) 0.41%(d) 0.10%(d) 0.80% 0.46%
[WIDE TABLE CONTINUED FROM ABOVE]
PRIME MONEY MARKET FUND
----------------------------------------------------------------------------
PERIOD FROM
YEAR ENDED MARCH 1, 2002(b) YEAR ENDED
JULY 31, 2002(a) TO JULY 31, 2002 JULY 31,
------------------ ------------------ --------------------------------------
INVESTOR RESERVE
SHARE SHARE
CLASS CLASS 2001 2000 1999
------------------ ------------------ ------------ ------------ ------------
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- --------- -------- -------- --------
Net investment income 0.02 0.01 0.05 0.05 0.05
Distributions from net
investment income (0.02) (0.01) (0.05) (0.05) (0.05)
-------- --------- -------- -------- --------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========= ======== ======== ========
Total return 1.7% 0.4% 5.1% 5.3% 4.6%
Net assets, end of
period (millions) $ 8,524 $ 48 $ 5,282 $ 4,852 $ 4,523
Ratio of net expenses
to average net
assets(c) 0.69% 1.00%(d) 0.62% 0.63% 0.61%
Ratio of net investment
income to average
net assets(c) 1.66% 0.94%(d) 5.11% 5.32% 4.62%
(a) Prior to March 1, 2002, the only publicly offered class was the Investor
Share Class. Effective October 31, 2003, the Fund discontinued offering the
Reserve Shares and converted any existing Reserve Shares to Investor Shares.
(b) Commencement of operations.
(c) Various fees and expenses were waived or absorbed in both share classes by
VAM for the Prime Money Market Fund during the respective periods ended July
31, 2002, July 31, 2003, October 31, 2003 and January 31, 2004. Had the Fund
paid all expenses, the respective ratios of net expenses and net investment
income to average net assets would have been 0.86%/0.26% for the Investor
Share Class for the period ended January 31, 2004, 1.50%/(0.40)% for the
Reserve Share Class for the period ended October 31, 2003, 0.90%/0.61% for
the Investor Share Class and 1.50%/(0.04)% for the Reserve Share Class for
the period ended July 31, 2003, and 0.73%/1.61% for the Investor Share Class
and 1.84%/0.10% for the Reserve Share Class for the period ended July 31,
2002.
(d) Figures were adjusted to an annualized basis.
8
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
6. FINANCIAL HIGHLIGHTS (CONTINUED)
U.S. GOVERNMENT MONEY MARKET FUND
-----------------------------------------------------
SIX-MONTH THREE-MONTH
PERIOD ENDED PERIOD ENDED
JANUARY 31, YEAR ENDED OCTOBER 31,
2004 (UNAUDITED) JULY 31, 2003 2002 (UNAUDITED)
------------------ --------------- ------------------
INVESTOR INVESTOR RESERVE
SHARE SHARE SHARE
CLASS CLASS CLASS
------------------ --------------- ------------------
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00
--------- -------- ---------
Net investment income 0.01 0.01 0.01
Distributions from net
investment income (0.01) (0.01) (0.01)
--------- -------- ---------
Net asset value, end
of period $ 1.00 $ 1.00 $ 1.00
========= ======== =========
Total return 0.2% 0.7% 0.2%
Net assets, end of
period (millions) $ 1,001 $ 1,060 $ --
Ratio of net expenses
to average net
assets(c) 0.71%(d) 0.71% 1.00%(d)
Ratio of net investment
income to average
net assets(c) 0.36%(d) 0.70% 0.74%(d)
[WIDE TABLE CONTINUED FROM ABOVE]
U.S. GOVERNMENT MONEY MARKET FUND
----------------------------------------------------------------------------
PERIOD FROM
YEAR ENDED MARCH 1, 2002(b) YEAR ENDED
JULY 31, 2002(a) TO JULY 31, 2002 JULY 31,
------------------ ------------------ --------------------------------------
INVESTOR RESERVE
SHARE SHARE
CLASS CLASS 2001 2000 1999
------------------ ------------------ ------------ ------------ ------------
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- --------- -------- -------- --------
Net investment income 0.02 0.01 0.05 0.05 0.05
Distributions from net
investment income (0.02) (0.01) (0.05) (0.05) (0.05)
-------- --------- -------- -------- --------
Net asset value, end
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========= ======== ======== ========
Total return 1.6% 0.3% 4.9% 5.2% 4.5%
Net assets, end of
period (millions) $ 1,088 $ 13 $ 462 $ 267 $ 271
Ratio of net expenses
to average net
assets(c) 0.57% 1.00%(d) 0.54% 0.57% 0.59%
Ratio of net investment
income to average
net assets(c) 1.60% 0.83%(d) 4.88% 5.22% 4.50%
(a) Prior to March 1, 2002, the only publicly offered class was the Investor
Share Class. Effective October 31, 2002, the Fund discontinued offering the
Reserve Shares and converted any existing Reserve Shares to Investor Shares.
(b) Commencement of operations.
(c) Various fees and expenses were waived or absorbed in both share classes by
VAM for the U.S. Government Money Market Fund during the respective periods
ended July 31, 2002, October 31, 2002, July 31, 2003, and January 31, 2004.
Had the Fund paid all expenses, the respective ratios of net expenses and
net investment income to average net assets would have been 0.71%/0.36% for
the Investor Share Class for the period ended January 31, 2004, 0.75%/0.66%
for the Investor Share Class for the period ended July 31, 2003, 1.50%/0.24%
for the Reserve Share Class for the period ended October 31, 2002,
0.59%/1.58% for the Investor Share Class and 2.79%/(0.97)% for the Reserve
Share Class for the period ended July 31, 2002.
(d) Figures were adjusted to an annualized basis.
9
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
6. FINANCIAL HIGHLIGHTS (CONTINUED)
TAX-FREE MONEY MARKET FUND
-----------------------------------------------------------------------------------
SIX-MONTH PERIOD
ENDED YEAR ENDED JULY 31,
JANUARY 31, 2004 ----------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
------------------ ------------ ------------ ------------ ------------ ------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------- ------- ------- ------- -------
Net investment income 0.01 0.01 0.01 0.03 0.03 0.03
Distributions from net investment income (0.01) (0.01) (0.01) (0.03) (0.03) (0.03)
-------- ------- ------- ------- ------- -------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======= ======= ======= ======= =======
Total return 0.2% 0.6% 1.1% 3.1% 3.2% 2.7%
Net assets, end of period (millions) $ 982 $ 946 $ 909 $ 490 $ 426 $ 497
Ratio of net expenses to average net
assets(a) 0.62%(b) 0.62% 0.59% 0.59% 0.59% 0.59%
Ratio of net investment income to average
net assets(a) 0.37%(b) 0.62% 1.08% 3.07% 3.16% 2.65%
(a) Various fees and expenses were waived or absorbed by VAM for the Tax-Free
Money Market Fund during the respective periods ended July 31, 2002, July
31, 2003 and January 31, 2004. Had the Fund paid all expenses, the
respective ratios of net expenses and net investment income to average net
assets would have been 0.86%/0.13% for the period ended January 31, 2004,
0.85%/0.39% for the period ended July 31, 2003 and 0.65%/1.03% for the
period ended July 31, 2002.
(b) Figures were adjusted to an annualized basis.
10
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
6. FINANCIAL HIGHLIGHTS (CONTINUED)
INSTITUTIONAL PRIME MONEY MARKET FUND
----------------------------------------------------------------------------------
SIX-MONTH PERIOD
ENDED YEAR ENDED JULY 31,
JANUARY 31, 2003 ----------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
----------------- ------------ ------------ ------------ ------------ ------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------- ------- ------- ------- -------
Net investment income 0.01 0.01 0.02 0.06 0.06 0.05
Distributions from net investment income (0.01) (0.01) (0.02) (0.06) (0.06) (0.05)
-------- ------- ------- ------- ------- -------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======= ======= ======= ======= =======
Total return 0.4% 1.2% 2.2% 5.5% 5.7% 4.9%
Net assets, end of period (millions) $ 482 $ 503 $ 449 $ 366 $ 382 $ 310
Ratio of net expenses to average net
assets 0.28%(a) 0.30% 0.30% 0.31% 0.32% 0.34%
Ratio of net investment income to average
net assets 0.83%(a) 1.20% 2.17% 5.52% 5.68% 4.85%
(a) Figures were adjusted to an annualized basis.
INSTITUTIONAL TAX-FREE MONEY MARKET FUND
-------------------------------------------------------------------------
SIX-MONTH PERIOD
ENDED YEAR ENDED JULY 31,
JANUARY 31, 2003 -------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000
----------------- ------------ ------------ ------------ ----------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- -------- -------- -------- ---------
Net investment income 0.01 0.01 0.01 0.03 0.03
Distributions from net investment income (0.01) (0.01) (0.01) (0.03) (0.03)
--------- -------- -------- -------- ---------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======== ======== ======== =========
Total return 0.4% 0.9% 1.4% 3.3% 3.4%
Net assets, end of period (millions) $ 313 $ 244 $ 193 $ 172 $ 159
Ratio of net expenses to average net
assets 0.30%(b) 0.33% 0.36% 0.39% 0.39%(a)
Ratio of net investment income to average
net assets 0.71%(b) 0.90% 1.42% 3.32% 3.49%(a)
[WIDE TABLE CONTINUED FROM ABOVE]
INSTITUTIONAL TAX-FREE
MONEY MARKET FUND
----------------------
PERIOD FROM
SEPTEMBER 23, 1998(a)
TO
JULY 31, 1999
----------------------
Net asset value, beginning of period $ 1.00
---------
Net investment income 0.03
Distributions from net investment income (0.03)
---------
Net asset value, end of period $ 1.00
=========
Total return 2.5%
Net assets, end of period (millions) $ 53
Ratio of net expenses to average net
assets 0.30%(b)
Ratio of net investment income to average
net assets 2.79%(b)
(a) Various fees and expenses were waived or absorbed by VAM for the
Institutional Tax-Free Money Market Fund period ended July 31, 2000. Had the
Fund paid all expenses, the respective ratios of net expenses and net
investment income to average net assets would have been 0.44%/3.44%.
(b) Adjusted to an annualized basis.
11
PRIME MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------ ----------- ----------------- -------------------- -----------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS (101.66%):
- -----------------------------------------------------------------------------------------------------
AGRICULTURAL (1.42%)
Archer Daniels Midland
Company 1.10% 2/4/2004 $ 19,850,000(c) $ 19,848,180
Archer Daniels Midland
Company 1.09% 2/10/2004 50,000,000(c) 49,986,375
Archer Daniels Midland
Company 1.06% 2/26/2004 14,000,000(c) 13,989,694
Archer Daniels Midland
Company 1.05% 4/20/2004 30,000,000(c) 29,930,875
-------------
113,755,124
-------------
BANKS -- DOMESTIC (10.63%)
Bank of America 1.10% 3/3/2004 50,000,000 50,000,000
Bank of America 1.05% 4/5/2004 40,000,000 40,000,000
Branch Banking & Trust 1.11% 2/10/2004 90,000,000 89,999,650
Chase Manhattan Bank 1.06% 6/30/2004 40,000,000 40,000,000
Chase Manhattan Bank 1.07% 11/8/2004 35,000,000 35,000,000
Comerica Bank N.A.,
Detroit 1.10% 2/5/2004 25,000,000 25,000,002
First Tennessee Bank
N.A. 1.08% 2/4/2004 40,000,000 40,000,000
First Tennessee Bank
N.A. 1.03% 4/22/2004 80,000,000 80,000,000
LaSalle Bank 1.07% 2/23/2004 80,000,000 80,000,000
LaSalle Bank 1.02% 3/15/2004 50,000,000 50,000,000
LaSalle Bank 1.02% 3/24/2004 32,000,000 32,000,000
Marshall & Ilsley 1.09% 2/20/2004 50,000,000 49,971,236
Marshall & Ilsley 1.08% 3/18/2004 60,000,000(d) 60,000,000
Regions Bank N.A.,
Birmingham 1.10% 3/8/2004 100,000,000 100,000,000
Southtrust Bank N.A.,
Birmingham 1.08% 2/13/2004 70,000,000 70,000,000
U.S. Bank 1.17% 5/15/2004 11,775,000 11,935,465
-------------
853,906,353
-------------
BANKS -- OTHER (23.46%)
Abbey National
Treasury Services 1.03% 11/19/2004 100,000,000 99,973,737
ABN-AMRO 1.07% 3/3/2004 80,000,000 79,926,289
Bank of Scotland 1.08% 3/31/2004 80,000,000 80,006,287
Barclays Bank 1.05% 11/8/2004 30,000,000 29,995,344
Barclays Bank 1.05% 12/3/2004 50,000,000 49,991,566
Barclays Bank 1.09% 3/5/2004 80,000,000 79,920,067
BNP Paribas Finance 1.09% 2/17/2004 60,000,000 60,000,000
Canadian Imperial Bank 1.03% 4/21/2004 70,000,000 70,000,000
Credit Suisse First
Boston 1.13% 3/8/2004 80,000,000 80,003,600
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------ ----------- ----------------- -------------------- -----------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS (CONTINUED):
- -----------------------------------------------------------------------------------------------------
BANKS -- OTHER (CONTINUED)
Credit Suisse First
Boston 1.03% 3/26/2004 $ 50,000,000 $ 49,923,125
Dexia Delaware LLC 1.07% 2/19/2004 80,000,000 80,000,200
Dexia Delaware LLC 1.08% 2/3/2004 50,000,000 49,997,000
HBOS Treasury
Services 1.12% 2/23/2004 50,000,000 49,965,778
HBOS Treasury
Services 1.04% 4/20/2004 50,000,000 49,885,889
Lloyds TSB Bank 1.08% 2/11/2004 65,000,000 65,000,000
Lloyds TSB Bank 1.03% 4/30/2004 100,000,000 100,000,000
Northern Rock PLC 1.10% 2/23/2004 28,300,000(c) 28,280,976
Northern Rock PLC 1.11% 2/24/2004 75,000,000(c) 74,946,813
Rabobank USA Finance 1.02% 4/23/2004 50,000,000 49,883,833
Royal Bank of Scotland 1.03% 4/15/2004 100,000,000 99,788,278
Societe Generale Bank 1.07% 2/18/2004 90,000,000 89,954,525
Societe Generale Bank 1.08% 3/16/2004 70,000,000 69,907,600
Toronto Dominion Bank 1.02% 3/18/2004 28,700,000 28,662,594
UBS AG Stamford 1.50% 11/19/2004 100,000,000 99,988,029
Westdeutsche
Landesbank 1.10% 2/2/2004 80,000,000 80,000,011
World Savings Bank 1.08% 3/4/2004 100,000,000 99,998,227
World Savings Bank 1.04% 3/12/2004 50,000,000 50,000,000
World Savings Bank 1.03% 4/1/2004 38,000,000 37,998,753
-------------
1,883,998,521
-------------
CHEMICALS (1.26%)
E.I. DuPont de
Nemours 1.06% 2/5/2004 51,000,000 50,993,993
E.I. DuPont de
Nemours 1.01% 3/17/2004 50,000,000 49,936,875
-------------
100,930,868
-------------
CONGLOMERATES (0.37%)
Fortune Brands Inc. 1.09% 2/6/2004 30,000,000(c) 29,995,458
-------------
DATA SYSTEMS (0.35%)
IBM Capital Inc. 1.07% 3/16/2004 27,900,000(c) 27,863,513
-------------
FINANCIAL -- AVIATION (0.62%)
International Lease
Finance 1.03% 4/19/2004 50,000,000 49,888,958
-------------
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
12
PRIME MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------- ---------- ----------------- ------------------- -----------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS (CONTINUED):
- ----------------------------------------------------------------------------------------------------
FINANCIAL -- AUTO (4.26%)
American Honda
Finance 1.05% 2/10/2004 $ 47,000,000 $46,987,663
American Honda
Finance 1.33% 5/17/2004 25,000,000 25,013,828
American Honda
Finance 1.12% 11/19/2004 40,000,000 40,000,000
American Honda
Finance 1.33% 12/9/2004 45,000,000 45,070,633
Toyota Motor Credit
Corporation 1.06% 3/15/2004 30,000,000(c) 29,962,017
Toyota Motor Credit
Corporation 1.02% 3/19/2004 75,000,000 74,900,125
Toyota Motor Credit
Corporation 1.04% 4/7/2004 80,000,000 79,847,467
-----------
341,781,733
-----------
FINANCIAL -- DIVERSIFIED BUSINESS (10.40%)
American Express
Credit Corporation 1.05% 2/9/2004 80,000,000 79,981,333
American Express
Credit Corporation 1.12% 6/20/2008 70,000,000 70,000,000
Citigroup 1.49% 5/4/2004 45,000,000 45,044,386
General Electric Capital
Corporation 1.10% 2/19/2004 57,350,000 57,318,458
General Electric Capital
Corporation 1.04% 3/11/2004 30,040,000 30,006,155
General Electric Capital
Corporation 1.03% 3/26/2004 28,475,000 28,431,006
General Electric Capital
Corporation 1.04% 4/7/2004 1,000,000 998,093
General Electric Capital
Corporation 1.03% 4/13/2004 47,580,000 47,481,985
Goldman Sachs Group 1.52% 12/1/2004 37,520,000(d) 39,091,076
Household Finance
Corp 1.03% 3/9/2004 21,950,000 21,926,763
Household Finance
Corp 1.03% 4/12/2004 55,000,000 54,888,274
Household Finance
Corp 1.04% 4/23/2004 50,000,000 49,881,556
Merrill Lynch &
Company 1.01% 3/22/2004 40,000,000 39,943,889
Merrill Lynch &
Company 1.18% 12/6/2004 30,000,000 30,010,161
Merrill Lynch &
Company 1.18% 12/6/2004 20,000,000(d) 20,006,774
Merrill Lynch &
Company 1.42% 5/10/2004 35,000,000(d) 35,034,300
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------ ----------- ----------------- -------------------- -----------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS (CONTINUED):
- ----------------------------------------------------------------------------------------------------
FINANCIAL -- DIVERSIFIED BUSINESS (CONTINUED)
Merrill Lynch &
Company 1.41% 3/12/2004 $ 25,000,000 $25,009,375
Nationwide Building
Society 1.10% 2/13/2004 80,000,000 79,970,667
Nationwide Building
Society 1.09% 2/26/2004 80,000,000 79,939,444
-----------
834,963,695
-----------
FINANCIAL -- DIVERSIFIED BUSINESS, ASSET-BACKED (19.88%)
Barton Capital
Corporation 1.03% 3/5/2004 80,000,000(c) 79,924,467
Barton Capital
Corporation 1.03% 3/11/2004 11,700,000(c) 11,686,945
Barton Capital
Corporation 1.03% 3/22/2004 60,000,000(c) 59,914,167
Barton Capital
Corporation 1.03% 4/8/2004 40,000,000(c) 39,923,322
CXC LLC 1.09% 2/4/2004 50,000,000(c) 49,995,458
CXC LLC 1.02% 3/22/2004 80,000,000(c) 79,886,667
CXC LLC 1.05% 4/5/2004 70,000,000(c) 69,869,333
Delaware Funding
Corporation 1.03% 3/23/2004 80,000,000(c) 79,883,267
Delaware Funding
Corporation 1.03% 3/25/2004 50,137,000(c) 50,060,973
Delaware Funding
Corporation 1.04% 3/1/2004 26,950,000(c) 26,927,422
Edison Asset
Securitization 1.08% 2/5/2004 28,380,000(c) 28,376,594
Edison Asset
Securitization 1.09% 2/6/2004 40,000,000(c) 39,993,944
Edison Asset
Securitization 1.11% 2/17/2004 20,936,000(c) 20,925,672
Edison Asset
Securitization 1.04% 4/19/2004 38,132,000(c) 38,046,076
Edison Asset
Securitization 1.05% 5/17/2004 63,098,000(c) 62,902,922
Falcon Asset
Securitization 1.02% 2/26/2004 36,150,000(c) 36,124,394
Falcon Asset
Securitization 1.09% 2/5/2004 40,000,000(c) 39,995,178
Falcon Asset
Securitization 1.05% 2/5/2004 8,500,000(c) 8,499,008
Liberty Street Funding 1.09% 2/19/2004 33,052,000(c) 33,033,987
Liberty Street Funding 1.10% 3/5/2004 49,000,000(c) 48,950,592
Liberty Street Funding 1.04% 4/22/2004 70,000,000(c) 69,836,200
Preferred Receivables
Funding Corporation 1.09% 2/20/2004 31,352,000(c) 31,333,964
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
13
PRIME MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ----------------------- ---------- ----------------- -------------------- -----------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS (CONTINUED):
- ---------------------------------------------------------------------------------------------------
FINANCIAL -- DIVERSIFIED BUSINESS, ASSET-BACKED (CONTINUED)
Preferred Receivables
Funding Corporation 1.04% 4/20/2004 $ 39,616,000(c) $ 39,525,587
Preferred Receivables
Funding Corporation 1.03% 4/26/2004 60,480,000(c) 60,332,916
Receivables Capital
Corporation 1.08% 2/3/2004 27,414,000(c) 27,412,355
Receivables Capital
Corporation 1.09% 2/13/2004 12,347,000(c) 12,342,514
Receivables Capital
Corporation 1.09% 3/10/2004 80,232,000(c) 80,139,689
Receivables Capital
Corporation 1.05% 3/12/2004 55,000,000(c) 54,935,833
Triple A One Funding
Corporation 1.04% 2/27/2004 80,000,000(c) 79,939,911
Windmill Funding
Corporation 1.08% 2/9/2004 80,000,000(c) 79,980,800
Windmill Funding
Corporation 1.05% 3/10/2004 15,000,000(c) 14,983,375
Windmill Funding
Corporation 1.03% 3/12/2004 25,000,000(c) 24,971,389
Windmill Funding
Corporation 1.02% 3/17/2004 50,065,000(c) 50,001,167
Yorktown Capital
Corporation 1.02% 2/17/2004 50,000,000(c) 49,977,333
Yorktown Capital
Corporation 1.02% 2/26/2004 15,930,000(c) 15,918,716
-------------
1,596,552,137
-------------
FOOD AND BEVERAGE (1.44%)
Nestle Capital
Corporation 1.06% 2/24/2004 35,660,000(c) 35,635,850
Nestle Capital
Corporation 1.06% 2/25/2004 80,000,000(c) 79,943,467
-------------
115,579,317
-------------
GOVERNMENT -- DOMESTIC (18.00%)
Federal Home Loan
Bank 1.06% 2/18/2004 90,000,000 89,954,950
Federal Home Loan
Bank 1.08% 2/20/2004 40,000,000 39,977,622
Federal Home Loan
Bank 1.33% 10/20/2004 41,000,000 40,977,518
Federal Home Loan
Bank 1.45% 11/15/2004 43,575,000 44,480,477
Federal Home Loan
Bank 1.47% 2/28/2005 45,000,000 45,000,000
Federal Home Loan
Bank 1.50% 3/1/2005 40,000,000 40,000,000
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------ ----------- ----------------- ------------------ ----------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS (CONTINUED):
- --------------------------------------------------------------------------------------------------
GOVERNMENT -- DOMESTIC (CONTINUED)
Federal Home Loan
Mortgage Corporation 1.08% 2/2/2004 $ 55,000,000 $ 54,998,350
Federal Home Loan
Mortgage Corporation 1.07% 2/5/2004 44,530,000 44,524,731
Federal Home Loan
Mortgage Corporation 1.18% 2/15/2004 81,800,000 81,925,915
Federal Home Loan
Mortgage Corporation 1.05% 3/18/2004 39,700,000 39,646,736
Federal Home Loan
Mortgage Corporation 1.03% 4/6/2004 37,720,000 37,649,851
Federal Home Loan
Mortgage Corporation 1.11% 5/20/2004 50,000,000 49,833,472
Federal National
Mortgage Association 1.06% 2/6/2004 87,800,000 87,787,074
Federal National
Mortgage Association 1.10% 2/11/2004 90,000,000 89,973,375
Federal National
Mortgage Association 1.08% 2/25/2004 60,000,000 59,957,000
Federal National
Mortgage Association 1.00% 4/7/2004 100,000,000 99,816,667
Federal National
Mortgage Association 1.02% 4/14/2004 130,000,000 129,736,389
Federal National
Mortgage Association 1.03% 4/28/2004 50,000,000 49,876,146
Federal National
Mortgage Association 1.36% 8/15/2004 50,000,000 51,362,305
Federal National
Mortgage Association 1.25% 8/27/2004 30,000,000 30,000,000
Federal National
Mortgage Association 1.40% 9/14/2004 45,000,000 45,013,154
Federal National
Mortgage Association 1.36% 9/15/2004 18,060,000 18,297,676
Federal National
Mortgage Association 1.50% 10/1/2004 55,000,000 55,000,000
Federal National
Mortgage Association 1.61% 12/30/2004 60,000,000 60,000,000
Federal National
Mortgage Association 1.50% 3/1/2005 60,000,000 60,000,000
-------------
1,445,789,408
-------------
INSURANCE (1.61%)
New York Life Capital
Corporation 1.06% 3/4/2004 85,825,000(c) 85,744,134
New York Life Capital
Corporation 1.01% 4/13/2004 43,506,000(c) 43,418,118
-------------
129,162,252
-------------
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
14
PRIME MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------ ----------- -------------- -------------------- --------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS (CONTINUED):
- ---------------------------------------------------------------------------------------------------
MANUFACTURING (2.91%)
Minnesota Mining &
Manufacturing 1.26% 12/13/2004 $ 100,000,000(d) $ 103,733,371
Paccar Financial
Corporation 1.06% 2/12/2004 100,000,000 99,967,611
Paccar Financial
Corporation 1.22% 2/17/2004 30,000,000(d) 30,001,587
--------------
233,702,569
--------------
PHARMACEUTICAL (1.82%)
GlaxoSmithKline
Finance 1.00% 3/15/2004 107,020,000(c) 106,891,546
Pfizer Inc. 0.99% 3/11/2004 39,400,000(c) 39,357,744
--------------
146,249,290
--------------
PRINTING & PUBLISHING (0.35%)
Knight-Ridder, Inc. 1.04% 3/4/2004 28,006,000 27,980,110
-------------
UTILITIES -- TELEPHONE (2.88%)
BellSouth Corporation 1.42% 4/26/2004 100,000,000(d) 100,627,902
SBC Communications Inc. 1.20% 6/5/2004 90,000,000 90,903,996
SBC International, Inc. 1.05% 2/12/2004 40,000,000(c) 39,987,167
-------------
231,519,06
- ----------------------------------------------------------------------------------------------------
Total Investments in Securities
(amortized cost: $8,163,618,371)(b) $8,163,618,371
====================================================================================================
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
15
U.S. GOVERNMENT MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- -------------------- ---------- ----------------- -------------------- -----------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
GOVERNMENT & AGENCIES SECURITIES (101.40%):
- ------------------------------------------------------------------------------------------------
FEDERAL FARM CREDIT BANK(0.59%)
0.95% 2/5/2004 $ 5,880,000 $ 5,879,379
FEDERAL HOME LOAN BANK (18.42%)
1.06% 2/18/2004 23,200,000 23,188,387
1.08% 2/20/2004 25,000,000 24,986,080
0.99% 3/5/2004 32,480,000 32,450,822
0.99% 3/12/2004 7,080,000 7,072,291
1.19% 3/25/2004 1,000,000 1,003,449
1.00% 3/26/2004 19,715,000 19,686,167
0.99% 4/12/2004 19,960,000 19,921,028
1.13% 4/16/2004 15,750,000 15,870,084
1.15% 6/28/2004 16,200,000 16,434,168
1.43% 11/15/2004 7,900,000 8,065,362
1.35% 11/15/2004 800,000 817,305
1.47% 2/28/2005 15,000,000 15,000,000
--------------
184,495,143
--------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (41.04%)
1.09% 2/2/2004 19,420,000 19,419,412
1.05% 2/3/2004 37,170,000 37,167,842
1.07% 2/12/2004 13,148,000 13,143,721
1.18% 2/15/2004 18,464,000 18,492,435
1.03% 2/17/2004 17,250,000 17,242,103
1.07% 2/19/2004 28,350,000 28,334,833
1.04% 2/19/2004 11,100,000 11,094,228
1.09% 2/26/2004 29,920,000 29,897,352
1.07% 3/4/2004 30,000,000 29,971,413
1.07% 3/11/2004 23,620,000 23,592,748
1.04% 3/15/2004 17,860,000 17,838,241
1.04% 3/17/2004 10,020,000 10,007,225
1.04% 3/17/2004 8,270,000 8,259,456
0.99% 4/2/2004 30,900,000 30,848,165
1.03% 4/6/2004 25,000,000 24,953,733
1.00% 4/13/2004 11,120,000 11,097,871
1.00% 4/13/2004 10,065,000 10,044,930
1.02% 4/14/2004 39,340,000 39,258,632
1.00% 4/20/2004 12,600,000 12,572,350
1.00% 4/20/2004 17,800,000 17,760,939
--------------
410,997,629
--------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- -------------------- ---------- ----------------- -------------------- -----------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
GOVERNMENT & AGENCIES SECURITIES (CONTINUED):
- ------------------------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (41.15%)
1.06% 2/2/2004 $ 29,730,000 $ 29,729,125
1.08% 2/4/2004 8,000,000 7,999,280
1.06% 2/4/2004 13,460,000 13,458,811
1.03% 2/6/2004 35,000,000 34,994,993
1.03% 2/10/2004 21,870,000 21,864,368
1.10% 2/11/2004 17,960,000 17,954,662
1.17% 2/13/2004 4,900,000 4,906,308
1.08% 2/25/2004 20,760,000 20,745,122
1.05% 3/3/2004 17,775,000 17,758,928
1.07% 3/10/2004 24,180,000 24,153,201
1.05% 3/15/2004 14,295,000 14,277,072
1.05% 3/24/2004 11,550,000 11,532,483
1.03% 3/31/2004 17,050,000 17,021,219
1.03% 4/7/2004 29,350,000 29,294,846
1.13% 4/15/2004 12,200,000 12,261,152
1.00% 4/21/2004 32,680,000 32,607,378
1.01% 4/28/2004 28,200,000 28,131,169
0.99% 6/17/2004 25,000,000 24,999,052
1.36% 8/15/2004 10,000,000 10,272,461
1.25% 8/27/2004 10,000,000 10,000,000
1.32% 9/15/2004 8,000,000 8,107,239
1.50% 10/1/2004 10,000,000 10,000,000
1.61% 12/30/2004 10,000,000 10,000,000
--------------
412,068,869
--------------
STUDENT LOAN MARKETING ASSOCIATION (0.20%)
1.11% 4/23/2004 2,000,000 2,016,205
--------------
2,016,205
- ---------------------------------------------------------------------------------------------
Total Investments in Securities
(amortized cost: $1,015,457,225) (b) $1,015,457,225
==============================================================================================
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
16
TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
ALABAMA (0.82%)
City of Birmingham,
AMBAC Insured 0.95% 10/1/2015 $ 2,400,000(e) $2,400,000
City of Mobile Individual
Development, LOC
Wachovia Bank 0.95% 6/1/2032 3,265,000(e) 3,265,000
University of Alabama,
AMBAC Insured 0.92% 9/1/2031 2,345,000(e) 2,345,000
----------
8,010,000
----------
ALASKA (0.74%)
Valdez Marine Terminal
Revenue, Guaranty:
ExxonMobil Corporation 0.93% 12/1/2029 3,400,000(e) 3,400,000
Valdez Marine Terminal
Revenue, Guaranty:
ExxonMobil Corporation 0.93% 12/1/2033 3,900,000(e) 3,900,000
----------
7,300,000
----------
ARIZONA (1.60%)
Apache County IDR,
LOC Toronto Dominion
Bank 0.97% 12/15/2018 11,600,000(e) 11,600,000
Glendale IDA, LOC Wells
Fargo 1.00% 12/1/2014 1,110,000(e) 1,110,000
Phoenix IDA, Guaranty:
FHLMC 0.95% 10/1/2029 3,000,000(e) 3,000,000
----------
15,710,000
----------
CALIFORNIA (7.50%)
Irvine Improvement Bond,
LOC Bank of America 0.95% 9/2/2025 2,200,000(e) 2,200,000
Irvine Ranch Water
District, LOC Toronto
Dominion Bank 0.95% 8/1/2016 800,000(e) 800,000
Orange County
Transportation Authority
Revenue, AMBAC
Insured 0.92% 12/15/2030 12,800,000(e) 12,800,000
Public Utility Commission
of San Francisco, LOC
Bayerische Landesbank 1.03% 2/12/2004 20,000,000 20,000,000
Southern Public Power
Authority (Palos Verde
Project), AMBAC
Insured 0.87% 7/1/2017 7,500,000(e) 7,500,000
State Department of
Water Resources,
LOC Westdeutsche
Landesbank 0.95% 5/1/2022 1,600,000(e) 1,600,000
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
CALIFORNIA (CONTINUED)
State Health Facilities
Financing Authority,
LOC JP Morgan Chase 0.94% 12/1/2015 $ 9,300,000(e) $9,300,000
State Water Resource
Department, LOC
Landesbank
Hessen-Thuringen 0.94% 2/1/2022 17,745,000(e) 17,745,000
Statewide Communities
Development, AMBAC
Insured 0.87% 8/15/2032 1,700,000(e) 1,700,000
----------
73,645,000
----------
COLORADO (4.98%)
Adams County IDR, LOC
Citigroup 0.95% 11/1/2008 3,400,000(e) 3,400,000
Aurora Centertech Metro
District, LOC BNP
Paribas 1.55% 12/1/2028 1,000,000(e) 1,000,000
Colorado Springs, LOC
Wells Fargo 1.00% 3/15/2023 1,500,000(e) 1,500,000
City of Denver, LOC
Dexia Group 0.90% 9/1/2025 8,920,000(e) 8,920,000
Douglas County
Multifamily Housing
Autumn Chase Project,
Guaranty: FHLMC 0.96% 12/1/2029 3,900,000(e) 3,900,000
Interstate South Metro
District, LOC Banque
National de Paris 1.20% 11/1/2013 3,105,000(e) 3,105,000
Jefferson County, LOC
Wells Fargo 1.00% 6/1/2010 1,315,000(e) 1,315,000
NBC Metropolitan District,
LOC U.S. Bank 1.04% 12/1/2030 2,110,000(e) 2,110,000
Pinery West Metro
District No. 2, LOC
U.S. Bank 1.20% 12/1/2032 7,400,000(e) 7,400,000
State Health Facilities
Authority, LOC Wells
Fargo 1.05% 7/1/2022 740,000(e) 740,000
State Educational &
Cultural Facilities
Authority, LOC Wells
Fargo 1.00% 1/1/2021 1,505,000(e) 1,505,000
State Educational &
Cultural Facilities
Authority, LOC Wells
Fargo 1.00% 12/1/2033 300,000(e) 300,000
State Health Facilities
Authority, MBIA Insured 0.92% 5/15/2020 2,102,000(e) 2,102,000
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
17
TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
COLORADO (CONTINUED)
State Health Facilities
Authority, LOC U.S.
Bank 0.92% 1/1/2033 $ 9,300,000(e) $9,300,000
Willow Trace Metro
District, LOC U.S. Bank 1.55% 12/1/2031 2,290,000(e) 2,290,000
----------
48,887,000
----------
DISTRICT OF COLUMBIA (1.91%)
District of Columbia GO,
MBIA Insured 0.96% 6/1/2031 4,400,000(e) 4,400,000
District of Columbia JFK
Performing Arts Center,
AMBAC Insured 0.95% 10/1/2029 10,090,000(e) 10,090,000
District of Columbia
Pooled Loan, LOC
Bank of America 0.95% 1/1/2029 4,240,000(e) 4,240,000
----------
18,730,000
----------
FLORIDA (8.16%)
Alachua Health Facilities
Authority Revenue,
LOC Wachovia Bank 0.93% 12/1/2026 5,300,000(e) 5,300,000
Collier County Health,
LOC Wachovia Bank 0.95% 12/1/2024 6,100,000(e) 6,100,000
Gulf Coast IDA, LOC BP
Amoco 0.98% 6/1/2025 4,065,000(e) 4,065,000
Gulf Coast Waste
Disposal Authority,
Guaranty: ExxonMobil
Corporation 0.88% 6/1/2020 3,700,000(e) 3,700,000
Jacksonville Health
Facilities, MBIA Insured 0.95% 8/15/2019 4,235,000(e) 4,235,000
Lakeland Energy, LOC
Toronto Dominion 0.95% 10/1/2035 1,100,000(e) 1,100,000
Miami Dade County, LOC
JP Morgan 0.97% 4/7/2004 11,831,000 11,831,000
Miami Health, LOC Bank
of America 0.95% 8/1/2020 6,435,000(e) 6,435,000
Orange County School
Board, AMBAC Insured 1.00% 8/1/2025 300,000(e) 300,000
Palm Beach County
Housing Finance
Authority, LOC Credit
Suisse First Boston 0.95% 11/1/2007 3,500,000(e) 3,500,000
Pinellas County, LOC
Wachovia Bank 0.92% 2/3/2004 1,300,000 1,300,000
St. Johns County IDA,
LOC LaSalle Bank 0.95% 1/1/2007 10,100,000(e) 10,100,000
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
FLORIDA (CONTINUED)
St Johns County Housing
Finance Authority,
Guaranty: FNMA 0.96% 2/15/2028 $ 4,000,000(e) $4,000,000
State Municipal Power,
LOC Wachovia Bank 0.92% 2/3/2004 2,100,000 2,100,000
State Municipal Power,
LOC Wachovia Bank 0.96% 3/1/2004 3,000,000 3,000,000
State Municipal Power,
LOC Wachovia Bank 0.97% 4/7/2004 2,000,000 2,000,000
State Housing Finance
Agency, LOC FHLMC 0.90% 12/1/2005 2,760,000(e) 2,760,000
State Housing Finance
Agency, LOC FHLMC 0.90% 7/1/2007 3,270,000(e) 3,270,000
West Orange Health
District Revenue, LOC
Suntrust Bank 0.95% 2/1/2022 5,000,000(e) 5,000,000
----------
80,096,000
----------
GEORGIA (6.97%)
Clayton County Housing
Authority, FNMA
Insured 0.96% 9/1/2026 5,800,000(e) 5,800,000
De Kalb County Metro
YMCA Project, LOC
Wachovia Bank 0.95% 6/1/2020 1,000,000(e) 1,000,000
De Kalb County Private
Hospital Childrens
Health, LOC Suntrust
Bank 0.95% 12/1/2028 2,100,000(e) 2,100,000
De Kalb Private Hospital,
LOC Suntrust Bank 0.95% 3/1/2024 2,100,000(e) 2,100,000
De Kalb Private Hospital
Egleston Childrens
Health, LOC Suntrust
Bank 0.95% 12/1/2017 1,500,000(e) 1,500,000
Downtown Savannah
Authority Public
Education Project, LOC
Wachovia Bank 0.95% 10/1/2007 6,000,000(e) 6,000,000
Fulco County Hospital
Authority, LOC
Wachovia Bank 0.95% 9/1/2017 5,000,000(e) 5,000,000
Hapeville Development
Authority, LOC Bank of
America 0.94% 11/1/2015 1,600,000(e) 1,600,000
Marietta Georgia Housing
Authority, FNMA
Insured 0.96% 5/15/2007 5,300,000(e) 5,300,000
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
18
TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
GEORGIA (CONTINUED)
Marietta Georgia Housing
Authority, FNMA
Insusred 0.96% 7/1/2024 $ 9,725,000(e) $9,725,000
Metropolitan Atlanta
Rapid Transit Authority,
LOC Westdeutsche
Landesbank 0.90% 7/1/2025 12,545,000(e) 12,545,000
Municipal Electric
Authority, FSA Insured 0.90% 1/1/2016 4,000,000(e) 4,000,000
State Municipal Electric
Authority, LOC JP
Morgan Chase 0.95% 2/2/2004 7,250,000 7,250,000
State Municipal Electric
Authority, LOC JP
Morgan Chase 0.96% 2/11/2004 4,500,000 4,500,000
----------
68,420,000
----------
IDAHO (1.27%)
State Health Facility
Authority Revenue,
LOC Harris
Trust & Savings Bank 0.98% 5/1/2022 1,900,000(e) 1,900,000
State Health Facility
Authority Revenue, FSA
Insured 0.98% 7/1/2030 10,560,000(e) 10,560,000
----------
12,460,000
----------
ILLINOIS (5.86%)
Elmhurst Community
Accreditation, LOC
Dexia Credit 0.94% 7/1/2018 9,355,000(e) 9,355,000
Galesburg Revenue
(Knox College), LOC
LaSalle Bank 1.02% 3/1/2031 4,700,000(e) 4,700,000
Jackson-Union Counties,
LOC Wachovia Bank 0.97% 4/1/2024 4,100,000(e) 4,100,000
State Development
Finance Authority PCR,
LOC Rabobank
International 0.91% 12/1/2005 1,600,000(e) 1,600,000
State Development
Finance Authority PCR,
LOC Bank One 0.98% 9/1/2008 4,000,000(e) 4,000,000
State Development
Finance Authority PCR,
Guaranty: BP Amoco 1.00% 11/1/2012 1,100,000(e) 1,100,000
State Development
Finance Authority
Revenue, MBIA Insured 0.91% 5/1/2028 3,800,000(e) 3,800,000
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
ILLINOIS (CONTINUED)
State Health Facilities
Authority, FSA Insured 1.32% 12/1/2004 $ 1,000,000 $1,005,584
State Health Facilities
Authority (Memorial
Health), LOC Bank One 1.03% 10/1/2022 5,000,000(e) 5,000,000
State Health Facilities
Authority Revenue,
AMBAC Insured 1.08% 8/1/2004 2,970,000 3,034,730
State Health Facilities
Authority Revenue,
MBIA Insured 0.91% 7/1/2024 3,690,000(e) 3,690,000
State Health Facilities
Authority Revenue,
LOC LaSalle Bank 0.97% 5/15/2029 6,300,000(e) 6,300,000
State Health Facilities
Authority Revenue,
LOC U.S. Bank 0.95% 3/1/2031 3,000,000(e) 3,000,000
State Toll Highway
Authority Revenue,
LOC Landesbank
Hessen-Thuringen 1.00% 1/1/2017 3,500,000(e) 3,500,000
University of Illinois,
AMBAC Insured 1.07% 8/15/2004 3,335,000 3,387,116
----------
57,572,430
----------
INDIANA (0.44%)
State Health Facilities,
LOC Comerica Bank 0.95% 1/1/2012 200,000(e) 200,000
State Health Facilities,
LOC Comerica Bank 0.95% 1/1/2016 190,000(e) 190,000
State Health Facilities,
LOC Comerica Bank 0.95% 4/1/2012 1,415,000(e) 1,415,000
State Health Facilities,
LOC U.S. Bank 0.95% 1/1/2022 350,000(e) 350,000
State Health Facilities
Financing, LOC Wells
Fargo Bank 1.00% 2/1/2031 2,200,000(e) 2,200,000
----------
4,355,000
----------
IOWA (7.16%)
Hills Health Care
Revenue, LOC U.S.
Bank 0.98% 8/1/2032 1,400,000(e) 1,400,000
State Finance Authority,
LOC Wells Fargo 1.00% 3/1/2019 3,825,000(e) 3,825,000
State Finance Authority,
LOC Bank of America 1.00% 4/1/2025 2,885,000(e) 2,885,000
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
19
TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
IOWA (CONTINUED)
State Finance Authority,
LOC U.S. Bank 0.98% 6/1/2027 $ 100,000(e) $ 100,000
State Finance Authority
Museum, LOC Wells
Fargo 1.00% 5/1/2012 3,370,000(e) 3,370,000
State Finance Authority
Private College
Revenue, LOC Wells
Fargo 0.98% 7/1/2024 1,500,000(e) 1,500,000
State Finance Authority
Small Business
Development, Guaranty:
E.I. DuPont de
Nemours 1.00% 11/1/2015 300,000(e) 300,000
State Higher Education,
LOC Wells Fargo 1.00% 11/1/2016 9,300,000(e) 9,300,000
State Higher Education,
LOC LaSalle Bank 0.96% 4/1/2027 8,570,000(e) 8,570,000
State Higher Education,
LOC LaSalle Bank 0.98% 11/1/2030 915,000(e) 915,000
State School Corps
Anticipation, FSA
Insured 1.10% 6/18/2004 31,730,000 31,836,969
Webster County
Educational Facilities,
LOC Wells Fargo 1.00% 7/1/2020 2,400,000(e) 2,400,000
Woodbury County
(Siouxland Regional
Cancer Center) LOC
Wells Fargo 1.00% 12/1/2014 3,910,000(e) 3,910,000
----------
70,311,969
----------
LOUISIANA (3.98%)
East Baton Rouge Parish
PCR, Guaranty:
ExxonMobil Corporation 0.93% 11/1/2019 5,200,000(e) 5,200,000
Lake Charles Harbor,
LOC Bank One 0.94% 9/1/2029 2,800,000(e) 2,800,000
State Public Facilities
Authority, AMBAC
Insured 0.95% 2/10/2004 21,000,000 21,000,000
State Public Facilities
Authority, LOC Credit
Suisse
First Boston 0.97% 4/7/2004 6,000,000 6,000,000
State Offshore, LOC
Bank One 1.00% 10/1/2019 4,105,000(e) 4,105,000
----------
39,105,000
----------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
MAINE (0.36%)
State Health & Higher
Education (Bowdoin
College), LOC State
Street Bank & Trust 0.97% 7/1/2025 $ 3,565,000(e) $3,565,000
----------
MARYLAND (3.87%)
City of Baltimore Public
Improvement, FGIC
Insured 0.95% 10/1/2022 14,700,000(e) 14,700,000
Montgomery County
Housing Opportunities,
Guaranty: FHLMC 0.96% 11/1/2007 13,050,000(e) 13,050,000
Montgomery County
Redevelopment
Authority, Guaranty:
FNMA 0.90% 8/15/2031 10,300,000(e) 10,300,000
----------
38,050,000
----------
MASSACHUSETTS (3.23%)
State Health and
Education, MBIA
Insured 0.91% 10/1/2027 2,150,000(e) 2,150,000
State Health and
Education, LOC State
Street Bank 0.94% 1/1/2035 1,100,000(e) 1,100,000
State Health and
Education, LOC U.S.
Bank 0.95% 4/1/2035 3,000,000(e) 3,000,000
State Health and
Education Facilities,
LOC State Street Bank 0.93% 12/1/2029 3,000,000(e) 3,000,000
State Health and
Educational Facilities
Authority Capital
Assets, LOC State
Street Bank 0.91% 1/1/2019 900,000(e) 900,000
State Water Reserve
Authority, FGIC Insured 0.91% 8/1/2023 18,965,000(e) 18,965,000
State Water Reserve
Authority, FGIC Insured 0.95% 11/1/2026 2,600,000(e) 2,600,000
----------
31,715,000
----------
MICHIGAN (4.08%)
Detroit Sewer Disposal,
MBIA Insured 0.88% 7/1/2023 2,500,000(e) 2,500,000
Detroit Sewer Disposal,
FGIC Insured 0.95% 7/1/2029 1,900,000(e) 1,900,000
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
20
TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
MICHIGAN (CONTINUED)
Eastern Michigan
University, FGIC
Insured 0.98% 6/1/2027 $ 1,200,000(e) $1,200,000
Ingham County Economic
Development Corp.,
LOC Bank One 1.00% 4/1/2022 975,000(e) 975,000
State GO 1.05% 5/4/2004 8,200,000 8,200,000
State Grant Anticipation
Notes, FSA Insured 0.94% 9/15/2008 5,300,000(e) 5,300,000
State Grant Anticipation
Notes, FSA Insured 0.93% 9/15/2008 6,400,000(e) 6,400,000
State Housing, MBIA
Insured 0.94% 4/1/2024 1,680,000(e) 1,680,000
State Strategic Fund,
LOC Fifth Third Bank 0.95% 6/1/2031 3,100,000(e) 3,100,000
University of Michigan
Revenue 0.93% 4/1/2032 8,830,000(e) 8,830,000
----------
40,085,000
----------
MINNESOTA (5.97%)
Arden Hills Housing &
Health Care, LOC U.S.
Bank 1.03% 9/1/2029 146,000(e) 146,000
Beltrami County
Environmental Control,
LOC Toronto Dominion
Bank 0.94% 12/1/2021 2,800,000(e) 2,800,000
Maple Grove County
Multi-Family Housing,
LOC Wells Fargo 0.95% 11/1/2031 2,170,000(e) 2,170,000
Mendota Heights, LOC
Wells Fargo 0.95% 11/1/2031 1,500,000(e) 1,500,000
Minneapolis Multifamily,
LOC Wells Fargo 0.95% 12/1/2027 7,570,000(e) 7,570,000
Minneapolis Nursing
Home, LOC Wells
Fargo 0.95% 12/1/2027 9,235,000(e) 9,235,000
Minneapolis Revenue,
LOC Wells Fargo 0.95% 11/1/2016 940,000(e) 940,000
St Cloud Infrastructure
Management, LOC
Wells Fargo 0.95% 2/1/2015 8,000,000(e) 8,000,000
St Paul Housing &
Redevelopment, LOC
Wells Fargo 1.00% 5/1/2027 2,340,000(e) 2,340,000
State Higher Education
Facilities, LOC Harris
Trust & Savings Bank 0.98% 10/1/2020 820,000(e) 820,000
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
MINNESOTA (CONTINUED)
State Higher Education
Facilities, LOC U.S.
Bank 1.00% 10/1/2033 $ 2,800,000(e) $2,800,000
State School Districts Tax
and Aid, School District
Credit Program 0.95% 8/27/2004 20,000,000 20,090,206
State Power and Light
Cohasset County, LOC
ABN AMRO 0.98% 12/1/2007 200,000(e) 200,000
----------
58,611,206
----------
MISSISSIPPI (0.06%)
Jackson County PCR,
Guaranty:
ChevronTexaco
Corporation 1.00% 6/1/2023 600,000(e) 600,000
----------
MISSOURI (0.35%)
St. Charles County,
Guaranty: FNMA 0.95% 2/1/2029 2,000,000(e) 2,000,000
State Health and
Education Facilities,
LOC Dexia Group 0.98% 6/1/2026 250,000(e) 250,000
State Health and
Educational Facilities,
LOC Bank of America 0.98% 11/1/2032 1,200,000(e) 1,200,000
----------
3,450,000
----------
NEBRASKA (0.45%)
Scotts Bluff County
Hospital Authority, LOC
U.S. Bank 1.00% 12/1/2031 4,100,000(e) 4,100,000
State Educational
Finance Authority, LOC
U.S. Bank 0.98% 3/1/2033 300,000(e) 300,000
----------
4,400,000
----------
NEVADA (1.11%)
Clark County Airport
Improvement Revenue,
LOC Westdeutsche
Landesbank 0.91% 7/1/2025 1,100,000(e) 1,100,000
Clark County Airport
Revenue, LOC
Bayerische Landesbank 0.88% 7/1/2029 1,600,000(e) 1,600,000
Clark County School
District, FSA Insured 0.88% 6/15/2021 8,200,000(e) 8,200,000
----------
10,900,000
----------
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
21
TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
NEW HAMPSHIRE (0.30%)
State Health and
Education Facilities,
FSA Insured 0.93% 8/1/2031 $ 2,000,000(e) $2,000,000
State Higher Education
and Health, LOC JP
Morgan Chase 0.93% 7/1/2021 990,000(e) 990,000
----------
2,990,000
----------
NEW YORK (3.69%)
Babylon IDA, FSA
Insured 0.94% 1/1/2019 5,000,000(e) 5,000,000
Jay Street Development
Corporation Courts
Facility Lease, LOC
Toronto Dominion 0.91% 5/1/2021 5,700,000(e) 5,700,000
New York City GO, LOC
Morgan Guaranty Trust 0.95% 8/1/2016 1,195,000(e) 1,195,000
New York City GO, LOC
JP Morgan Chase 0.95% 8/1/2017 1,700,000(e) 1,700,000
New York City GO, LOC
JP Morgan Chase 0.95% 8/15/2020 4,130,000(e) 4,130,000
New York City Municipal
Water Authority, FGIC
Insured 0.96% 6/15/2023 3,200,000(e) 3,200,000
New York City Municipal
Water Finance
Authority, FGIC Insured 0.96% 6/15/2022 3,275,000(e) 3,275,000
State Energy Research
and Development, LOC
Societe Generale 0.87% 10/1/2014 3,500,000(e) 3,500,000
State, FGIC Insured 0.90% 4/1/2021 8,500,000(e) 8,500,000
----------
36,200,000
----------
NORTH CAROLINA (1.80%)
Charlotte Airport
Revenue, MBIA Insured 0.91% 7/1/2029 6,065,000(e) 6,065,000
Greensboro Enterprise
System Revenue 1.00% 6/1/2024 2,300,000(e) 2,300,000
State Educational
Facilities Financy
Agency Revenue, LOC
Bank of America 0.95% 1/1/2019 2,165,000(e) 2,165,000
State Medical Care, LOC
Wachovia Bank 0.98% 10/1/2013 300,000(e) 300,000
State Medical Care, LOC
Wachovia Bank 0.96% 10/1/2016 3,100,000(e) 3,100,000
State Medical Care
Commission Hospital
Revenue, LOC Suntrust
Bank 0.95% 11/1/2032 3,700,000(e) 3,700,000
----------
17,630,000
----------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
NORTH DAKOTA (0.16%)
Ward County Health
Care Facility, LOC U.S.
Bank 1.03% 7/1/2029 $ 1,600,000(e) $1,600,000
----------
OHIO (2.43%)
Franklin County Hospital,
LOC JP Morgan Chase 0.93% 12/1/2020 4,465,000(e) 4,465,000
Franklin County Hospital,
LOC JP Morgan Chase 0.93% 12/1/2021 2,800,000(e) 2,800,000
Franklin County Hospital,
LOC National City Bank 0.95% 12/1/2028 2,665,000(e) 2,665,000
State Housing Finance
Agency, LOC JP
Morgan Chase 1.05% 12/1/2015 4,000,000(e) 4,000,000
Warren County
Healthcare Facilities
Revenue, LOC Fifth
Third Bank 1.09% 7/1/2023 9,929,000(e) 9,929,000
----------
23,859,000
----------
OREGON (0.41%)
Tri County Metropolitan
Transportation District,
LOC Bayerische
Landesbank 0.90% 12/1/2021 4,000,000(e) 4,000,000
----------
PENNSYLVANIA (1.99%)
Emmaus General
Authority, GIC Goldman
Sachs 0.99% 3/1/2024 400,000(e) 400,000
City of Delaware Local
Government, LOC
Toronto Dominion 0.95% 12/1/2020 2,500,000(e) 2,500,000
Schuylkill County IDA,
LOC Dexia Credit 1.00% 12/1/2022 1,005,000(e) 1,005,000
South Fork Municipal
Authority, MBIA Insured 0.94% 7/1/2028 10,800,000(e) 10,800,000
Washington County
Authority (Courthouse
Square), LOC
Wachovia Bank 0.99% 11/1/2005 4,800,000(e) 4,800,000
----------
19,505,000
----------
RHODE ISLAND (0.45%)
State Health, LOC Bank
of New York 0.97% 7/1/2031 4,400,000(e) 4,400,000
----------
SOUTH CAROLINA (1.70%)
Florence County, FGIC
Insured 0.95% 11/1/2015 2,800,000(e) 2,800,000
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
22
TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
SOUTH CAROLINA (CONTINUED)
State Job Development
Authority (Catholic
Diocese), LOC Bank of
America 1.00% 9/1/2018 $ 4,200,000(e) $4,200,000
State Job Development
Authority (Regional
Medical Center),
AMBAC Insured 0.91% 2/15/2028 1,090,000(e) 1,090,000
State Housing Funding
Development Authority,
Guaranty: FHLMC 0.96% 8/1/2031 8,600,000(e) 8,600,000
----------
16,690,000
----------
SOUTH DAKOTA (0.01%)
Lawrence County PCR,
LOC JP Morgan Chase 0.98% 7/1/2032 100,000(e) 100,000
----------
TENNESSEE (0.99%)
Clarksville Public Building
Authority, LOC Bank of
America 0.95% 11/1/2027 4,690,000(e) 4,690,000
Hamilton County
Development Board
IDA, LOC Bank of
America 0.95% 3/1/2015 1,100,000(e) 1,100,000
Metropolitan Government
Nashville and Davidson
Counties, LOC Bank of
America 0.95% 8/1/2018 3,915,000(e) 3,915,000
----------
9,705,000
----------
TEXAS (6.38%)
Austin County Industrial
Development Corp,
LOC Bank One 0.95% 12/1/2014 1,050,000(e) 1,050,000
Bexar County Housing
Authority, FNMA
Collateralized 0.93% 9/15/2026 5,100,000(e) 5,100,000
Brownsville Utility
Systems, MBIA Insured 0.90% 9/1/2027 2,785,000(e) 2,785,000
City of Austin Public
Improvement,
Collateralized and
prerefunded in
governments 1.05% 9/1/2012 1,500,000(e) 1,541,708
City of Houston GO, FSA
Insured 1.10% 3/1/2004 4,500,000 4,513,804
City of San Antonio
Health Facilities, LOC
Wells Fargo 1.00% 6/1/2020 2,000,000(e) 2,000,000
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
TEXAS (CONTINUED)
Dallas Fort Worth
Regulated Apartment
Housing, MBIA Insured 1.04% 11/1/2004 5,000,000 5,165,623
Harris County, Guaranty:
ExxonMobil Corporation 0.88% 3/1/2024 $ 300,000(e) $ 300,000
Harris County Health,
MBIA Insured 1.00% 10/1/2029 975,000(e) 975,000
Harris County Hospital,
LOC Landesbank
Hessen-Thuringen 1.00% 2/26/2004 5,000,000 5,000,000
Lower Neches Valley,
Guaranty: Exxon Mobil
Corporation 0.93% 8/1/2022 1,500,000(e) 1,500,000
Port Development Corp
Stolt Terminals Project,
LOC Canadian Imperial
Bank 0.95% 1/15/2014 1,300,000(e) 1,300,000
South La Porte
Commission Marine
Terminal, LOC
Bayerische Landesbank 0.97% 7/1/2021 1,950,000(e) 1,950,000
State GO 1.10% 8/31/2004 25,300,000 25,430,522
Tarrant County Housing
Finance Revenue,
FNMA Collateralized 0.96% 2/15/2028 4,000,000(e) 4,000,000
----------
62,611,657
----------
UTAH (2.93%)
Intermountain Power
Agency, LOC Bank of
Nova Scotia 0.96% 4/6/2004 12,400,000 12,400,000
Provo City Building
Authority Lease, LOC
Wells Fargo 1.00% 5/1/2012 3,875,000(e) 3,875,000
Salt Lake City Revenue,
LOC Wells Fargo Bank 1.00% 12/1/2021 12,545,000(e) 12,545,000
----------
28,820,000
----------
VIRGINIA (0.95%)
Alexandria IDA (Pooled
Income Project), LOC
Bank of America 0.95% 7/1/2026 3,550,000(e) 3,550,000
Hampton Redevelopment
and Housing, Guaranty:
FHLMC 0.96% 12/1/2019 2,390,000(e) 2,390,000
Harrisonburg
Redevelopment, LOC
Bank One 0.95% 3/1/2016 2,000,000(e) 2,000,000
Louisa County, LOC
Bank of America 0.95% 1/1/2020 1,380,000(e) 1,380,000
----------
9,320,000
----------
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
23
TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
WASHINGTON (3.48%)
City of Seattle Water
System Revenue, LOC
Bayerische Landesbank 0.86% 9/1/2025 $ 4,700,000(e) $ 4,700,000
City of Tacoma Revenue,
LOC Bank of America 0.96% 3/15/2004 5,200,000 5,200,000
State Housing
Commission (Rockwood
Retirement Home), LOC
Wells Fargo 1.00% 1/1/2030 200,000(e) 200,000
State Housing Finance
Commission, LOC U.S.
Bank 1.00% 7/1/2011 1,000,000(e) 1,000,000
State Housing Finance
Commission (Riverview
Retirement), LOC U.S.
Bank 1.00% 7/1/2022 1,100,000(e) 1,100,000
State Housing Finance
Commission (Evergreen
School Project), LOC
Wells Fargo 1.00% 7/1/2028 4,800,000(e) 4,800,000
State Public Power
(Electric Supply), MBIA
Insured 0.91% 7/1/2012 6,555,000(e) 6,555,000
State Public Power
(Nuclear Supply), LOC
JP Morgan Chase 0.92% 7/1/2018 9,610,000(e) 9,610,000
Washington Housing
Commission (Overlake
School), LOC Wells
Fargo 1.00% 10/1/2029 1,000,000(e) 1,000,000
------------
34,165,000
------------
WISCONSIN (1.12%)
State Health and
Educational Facilities
Authority, LOC U.S.
Bank 0.95% 8/15/2016 7,400,000(e) 7,400,000
State Health and
Educational Facilities
Authority, FSA Insured 0.98% 12/1/2029 200,000(e) 200,000
State Health and
Educational Facilities
Authority, LOC US
Bank 1.00% 2/1/2030 1,125,000(e) 1,125,000
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
WISCONSIN (CONTINUED)
State Health and
Educational Facilities
Authority, AMBAC
Insured 0.98% 8/15/2030 $ 1,600,000(e) $ 1,600,000
State Health and
Educational Facilities
Authority, LOC Marshall
and Ilsley Bank 1.03% 12/1/2032 650,000(e) 650,000
------------
10,975,000
------------
WYOMING (1.44%)
Kemmerer PCR,
Guaranty: ExxonMobil
Corporation 0.88% 11/1/2014 2,400,000(e) 2,400,000
Lincoln County PCR,
Guaranty: ExxonMobil
Corporation 0.88% 11/1/2014 600,000(e) 600,000
Lincoln County PCR,
Guaranty: ExxonMobil
Corporation 0.88% 11/1/2014 4,960,000(e) 4,960,000
Lincoln County PCR,
Guaranty: ExxonMobil
Corporation 0.88% 11/1/2014 2,300,000(e) 2,300,000
Sweetwater County, LOC
Barclays Bank 1.02% 3/11/2004 3,400,000 3,400,000
Sweetwater County
(Pacific Corporation
Project), LOC Bank
One 1.03% 1/1/2014 500,000(e) 500,000
------------
14,160,000
- -----------------------------------------------------------------------------------------------
Total Investments in Securities
(amortized cost: $992,709,262) (b) $992,709,262
===============================================================================================
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
24
INSTITUTIONAL PRIME MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS (99.50%):
- ------------------------------------------------------------------------------------------------
AGRICULTURAL (1.45%)
Archer Daniels Midland
Company 1.06% 3/30/2004 $ 2,910,000(c) $ 2,905,030
Archer Daniels Midland
Company 1.05% 4/6/2004 4,080,000(c) 4,072,265
------------
6,977,295
------------
BANKS -- DOMESTIC (16.68%)
Bank of America 1.05% 2/25/2004 15,500,000 15,489,150
Branch Banking & Trust 1.11% 2/10/2004 10,000,000 9,999,961
LaSalle Bank 1.07% 2/23/2004 20,000,000 20,000,000
Southtrust Bank 1.25% 5/24/2004 15,000,000 15,007,331
US Bank 1.05% 5/15/2004 11,200,000 11,356,551
Wells Fargo Bank 1.25% 7/15/2004 8,300,000 8,499,907
------------
80,352,900
------------
BANKS -- OTHER (26.56%)
Bank of Scotland 1.10% 11/29/2004 20,000,000 19,995,177
Barclays Bank PLC 1.05% 11/8/2004 18,500,000 18,497,129
Lloyds TSB Bank 1.01% 2/6/2004 24,000,000 23,996,633
Rabobank USA Finance 1.02% 4/23/2004 20,000,000 19,953,533
Societe Generale North
America 1.05% 4/6/2004 6,710,000 6,697,279
Toronto Dominion Bank 1.02% 3/18/2004 20,000,000 19,973,933
Toronto Dominion
Holdings 1.08% 3/1/2004 7,515,000 7,508,462
World Savings Bank 1.04% 4/12/2004 11,400,000 11,399,998
------------
128,022,144
------------
CHEMICALS (2.49%)
E.I. DuPont de Nemours 1.07% 2/9/2004 12,000,000 11,997,147
------------
FINANCIAL -- AUTO (3.74%)
American Honda
Finance 1.01% 2/24/2004 3,000,000 2,998,064
American Honda
Finance 1.12% 5/12/2004 5,000,000 4,999,872
American Honda
Finance 1.33% 5/17/2004 10,000,000 10,005,531
------------
18,003,467
------------
FINANCIAL -- DIVERSIFIED BUSINESS (13.61%)
American Express Credit
Corporation 1.01% 3/8/2004 15,000,000 14,984,850
American International
Group 1.18% 5/10/2004 2,000,000 2,021,646
Citigroup 1.49% 5/4/2004 7,945,000 7,952,837
Dexia Corporation 1.02% 3/12/2004 15,200,000 15,182,773
Goldman Sachs 1.47% 5/10/2004 5,000,000 5,004,586
Merrill Lynch &
Company 1.02% 2/11/2004 10,425,000 10,422,046
Merrill Lynch &
Company 1.47% 5/21/2004 10,000,000 10,010,542
------------
65,579,280
------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- --------------------------- ---------- ----------------- ------------------- -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
COMMERCIAL PAPER & OTHER CORPORATE OBLIGATIONS (CONTINUED):
- ------------------------------------------------------------------------------------------------
FINANCIAL -- DIVERSIFIED BUSINESS, ASSET-BACKED (13.57%)
Edison Asset
Securitization 1.09% 2/18/2004 $ 19,300,000(c) $ 19,290,066
Falcon Asset
Securitization 1.02% 2/26/2004 12,650,000(c) 12,641,040
Liberty Street Funding
Corporation 1.03% 3/26/2004 12,050,000(c) 12,031,383
Preferred Receivables
Funding 1.08% 3/22/2004 15,000,000(c) 14,977,500
Yorktown Capital
Corporation 1.02% 2/26/2004 6,400,000(c) 6,395,467
------------
65,335,456
------------
GOVERNMENT -- DOMESTIC (14.93%)
Federal Home Loan
Bank 1.11% 2/13/2004 10,800,000 10,814,489
Federal Home Loan
Bank 1.50% 3/1/2005 10,000,000 10,000,000
Federal Home Loan
Mortgage Corporation 1.09% 2/2/2004 12,930,000 12,929,609
Federal Home Loan
Mortgage Corporation 1.07% 2/19/2004 5,955,000 5,951,814
Federal National
Mortgage Association 0.96% 2/3/2004 2,100,000 2,099,888
Federal National
Mortgage Association 1.36% 8/15/2004 5,000,000 5,136,230
Federal National
Mortgage Association 1.25% 8/27/2004 10,000,000 10,000,000
Federal National
Mortgage Association 1.50% 10/1/2004 5,000,000 5,000,000
Federal National
Mortgage Association 1.61% 12/30/2004 10,000,000 10,000,000
------------
71,932,030
------------
UTILITIES -- TELEPHONE (6.47%)
Alltel Corp 1.13% 4/1/2004 17,264,000 17,436,553
SBC Communications 1.20% 6/5/2004 10,000,000 10,100,444
Verizon Network Funding
Corporation 0.99% 2/4/2004 3,600,000 3,599,703
------------
31,136,700
------------
Total Commercial Paper & Other Corporate
Obligations (amortized cost: $479,336,419) $479,336,419
- -----------------------------------------------------------------------------------------------
TAXABLE MUNICIPALS (2.26%)
State of Texas G.O. 1.05% 6/1/2023 10,900,000(e) 10,900,000
- -----------------------------------------------------------------------------------------------
Total Taxable Municipals (amortized cost:
$ 10,900,000) $ 10,900,000
- -----------------------------------------------------------------------------------------------
Total Investment in Securities (amortized cost:
$ 490,236,419)(b) $490,236,419
===============================================================================================
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
25
INSTITUTIONAL TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------- ---------- ------------------ ------------------ -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
ALABAMA (2.55%)
Birmingham, FSA
Insured 1.10% 4/1/2004 $ 2,625,000 $2,641,634
Mobile Industrial
Development Board
Dock & Wharf, LOC
Wachovia Bank 0.95% 6/1/2032 3,000,000(e) 3,000,000
Mobile Development
Authority PCR, LOC
ExxonMobil
Corporation 0.93% 7/15/2032 2,100,000(e) 2,100,000
Stevenson Industrial
Development Board
Environmental
Revenue, LOC Bank of
America 0.93% 11/1/2011 250,000(e) 250,000
----------
7,991,634
----------
ALASKA (1.23%)
Valdez Marine Terminal
Revenue, Guaranty:
ExxonMobil
Corporation 0.93% 12/1/2029 1,050,000(e) 1,050,000
Valdez Marine Terminal
Revenue, Guaranty:
ExxonMobil
Corporation 0.93% 12/1/2033 2,800,000(e) 2,800,000
----------
3,850,000
----------
ARIZONA (0.89%)
Apache County IDR,
LOC Toronto Dominion
Bank 0.97% 12/15/2018 1,400,000(e) 1,400,000
Phoenix IDA, LOC Wells
Fargo 1.00% 4/1/2028 1,400,000(e) 1,400,000
----------
2,800,000
----------
CALIFORNIA (5.30%)
Irvine Improvement
Bond, LOC Bank of
America 0.95% 9/2/2025 473,000(e) 473,000
Irvine Ranch Water
District, LOC
Landesbank
Hessen-Thuringen 0.95% 11/15/2013 500,000(e) 500,000
Irvine Ranch Water
District, LOC
Landesbank
Hessen-Thuringen 0.95% 11/15/2013 400,000(e) 400,000
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------- ---------- ------------------ ------------------ -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
CALIFORNIA (CONTINUED)
Irvine Ranch Water
District, LOC State
Street Bank 0.95% 1/1/2021 800,000(e) 800,000
Kern Water Bank
Authority, LOC Wells
Fargo 0.95% 7/1/2028 $ 6,700,000(e) $6,700,000
State Department of
Water Resources, FSA
Insured 0.91% 5/1/2022 2,500,000(e) 2,500,000
State Department of
Water Resources LOC
Bayerische
Landesbank 0.95% 5/1/2022 5,000,000(e) 5,000,000
State Health Facilities,
MBIA Insured 0.94% 12/1/2015 250,000(e) 250,000
----------
16,623,000
----------
COLORADO (5.82%)
Colorado Springs (YMCA
Pikes Peak), LOC
Wells Fargo 1.00% 11/1/2022 1,110,000(e) 1,110,000
Colorado Springs
Revenue, LOC Wells
Fargo 1.00% 3/15/2023 600,000(e) 600,000
Crystal Valley Metro
District, LOC Wells
Fargo 1.00% 5/1/2032 1,600,000(e) 1,600,000
Denver City & County
Convention Center,
FSA Insured 0.90% 9/1/2025 1,600,000(e) 1,600,000
Douglas County MFHR
(Autumn Chase),
Guaranty: FHLMC 0.96% 12/1/2029 600,000(e) 600,000
Dove Valley Metropolitan
District (Arapahoe
County), LOC BNP
Paribas 1.90% 11/1/2021 2,545,000(e) 2,545,000
Moffat County PCR,
AMBAC Insured 1.00% 5/1/2013 2,500,000(e) 2,500,000
State Educational &
Cultural Facilities
Authority, LOC Wells
Fargo 1.00% 1/1/2033 1,500,000(e) 1,500,000
State Educational &
Cultural Facilities
Authority, LOC Wells
Fargo 1.00% 12/1/2033 1,600,000(e) 1,600,000
State Health Facilities
Authority Revenue,
LOC Wells Fargo 1.00% 12/1/2020 1,900,000(e) 1,900,000
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
26
INSTITUTIONAL TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------- ---------- ------------------ ------------------ -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
COLORADO (CONTINUED)
State Health Facilities
Authority Revenue,
LOC U.S. Bank 0.92% 1/1/2033 $ 2,700,000(e) $2,700,000
----------
18,255,000
----------
DISTRICT OF COLUMBIA (2.58%)
District of Columbia
Multimodal Series D,
MBIA Insured 0.96% 6/1/2031 8,100,000(e) 8,100,000
----------
FLORIDA (10.82%)
Collier County Health
Facilities Authority,
LOC Wachovia Bank 0.95% 12/1/2024 900,000(e) 900,000
Dade County IDA
(Dolphins Stadium),
LOC Societe Generale 0.95% 1/1/2016 1,900,000(e) 1,900,000
Gulf Coast Waste
Disposal, Guaranty: BP
Amoco 1.05% 3/1/2009 2,500,000(e) 2,500,000
Indiana River County
Revenue, LOC NBD
Bank 0.96% 7/1/2027 2,000,000(e) 2,000,000
Miami Health Facilities
Authority (Mercy
Hospital), LOC Bank of
America 0.95% 8/1/2020 2,530,000(e) 2,530,000
Pinellas County, LOC
Wachovia Bank 0.92% 2/3/2004 8,700,000 8,700,000
Pinellas County, LOC
Wachovia Bank 0.98% 4/6/2004 4,200,000 4,200,000
St. Johns County IDA
Health Care (Glenmore
St. Johns
Project), LOC LaSalle
Bank 0.95% 1/1/2007 500,000(e) 500,000
State Housing Finance
Agency, FHLMC
Collateralized 0.90% 12/1/2005 2,190,000(e) 2,190,000
State Housing Finance
Agency, FHLMC
Collateralized 0.90% 2/1/2008 3,090,000(e) 3,090,000
State Municipal Power,
LOC Wachovia Bank 0.96% 3/1/2004 2,400,000 2,400,000
State Municipal Power,
LOC Wachovia Bank 0.97% 4/6/2004 1,800,000 1,800,000
Sunshine State
Government Finance
Committee, AMBAC
Insured 0.95% 7/1/2016 1,200,000(e) 1,200,000
----------
33,910,000
----------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------- ---------- ------------------ ------------------ -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
GEORGIA (4.02%)
Clayton County Housing
Authority, FNMA
Collateralized 0.96% 9/1/2026 $ 1,415,000(e) $1,415,000
DeKalb Private Hospital
Authority, LOC Suntrust
Bank 0.95% 3/1/2024 1,700,000(e) 1,700,000
DeKalb Private Hospital
Authority (Children's
Health Care
Project), LOC Suntrust
Bank 0.95% 12/1/2028 1,000,000(e) 1,000,000
Hapeville Development
Authority, LOC Bank of
America 0.94% 11/1/2015 4,900,000(e) 4,900,000
Marietta Housing
Authority Multifamily
Revenue, FNMA
Collateralized 0.96% 5/15/2007 3,600,000(e) 3,600,000
----------
12,615,000
----------
HAWAII
Honolulu, FSA Insured 1.04% 9/1/2004 3,205,000 3,278,197
Honolulu City & County
GO, LOC Landesbank
Hessen-Thuringen 0.91% 1/1/2017 2,100,000(e) 2,100,000
----------
5,378,197
----------
IDAHO (0.94%)
State Health Facilities
Revenue (St. Lukes)
LOC Harris Trust &
Savings Bank 0.98% 5/1/2022 1,500,000(e) 1,500,000
State Health Facilities
Revenue, FSA Insured 0.98% 7/1/2030 1,440,000(e) 1,440,000
----------
2,940,000
----------
ILLINOIS (3.86%)
Chicago O'Hare
International Airport
Revenue, LOC Societe
Generale 0.92% 1/1/2015 2,600,000(e) 2,600,000
Galesburg Revenue
(Knox College), LOC
LaSalle Bank 1.02% 3/1/2031 1,800,000(e) 1,800,000
State, Pre-refunded and
escrowed in
governments 1.05% 8/1/2013 3,000,000(e) 3,151,651
State Development
Finance Authority, LOC
LaSalle Bank 0.99% 12/1/2029 2,850,000(e) 2,850,000
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
27
INSTITUTIONAL TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------- ---------- ------------------ ------------------ -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
ILLINOIS (CONTINUED)
State Health Facilities
Authority Revenue,
MBIA Insured 1.00% 8/15/2026 $ 1,700,000(e) $1,700,000
----------
12,101,651
----------
INDIANA (2.09%)
State Health Facilities
Finance Authority, LOC
U.S. Bank 0.95% 1/1/2022 2,330,000(e) 2,330,000
State Health Facilities
Finance Authority, LOC
Wells Fargo 1.00% 2/1/2031 1,015,000(e) 1,015,000
State Health Facilities
Finance Authority
(Capital Access
Designated Pool
Program), LOC
Comerica Bank 0.95% 1/1/2012 200,000(e) 200,000
State Health Facilities
Finance Authority, LOC
Wells Fargo 1.00% 6/1/2012 800,000(e) 800,000
State Health Facilities
Finance Authority
Hospital Revenue,
LOC Comerica Bank 0.95% 1/1/2016 1,510,000(e) 1,510,000
State Hospital
Equipment Finance
Authority, MBIA Insured 0.95% 12/1/2015 700,000(e) 700,000
----------
6,555,000
----------
IOWA (8.77%)
State Finance Authority
Revenue, LOC Wells
Fargo 1.00% 3/1/2019 1,205,000(e) 1,205,000
State Finance Authority
Revenue, LOC Wells
Fargo 1.00% 2/1/2023 2,480,000(e) 2,480,000
State Finance Authority
Revenue (Museum
Facilities), LOC Wells
Fargo 1.00% 5/1/2012 1,470,000(e) 1,470,000
State Finance Authority
Revenue, LOC U.S.
Bank 1.03% 7/1/2026 2,100,000(e) 2,100,000
State Finance
Authority Revenue
(Small Business
Development),
Guaranty: E.I. DuPont
de Nemours 1.00% 11/1/2015 2,300,000(e) 2,300,000
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------- ---------- ------------------ ------------------ -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
IOWA (CONTINUED)
State Higher Education
Loan Authority
Revenue, LOC Bank of
America 0.98% 7/1/2025 $ 1,200,000(e) $1,200,000
State Higher Education
Loan Authority
Revenue, LOC
LaSalle Bank 0.98% 11/1/2032 2,000,000(e) 2,000,000
State Higher Educational
Authority Revenue,
LOC LaSalle Bank 0.96% 4/1/2027 2,000,000(e) 2,000,000
State School Corp, FSA
Insured 1.10% 6/18/2004 10,000,000 10,033,712
Webster County, LOC
Wells Fargo 1.00% 7/1/2020 1,205,000(e) 1,205,000
Woodbury County
Educational Facilities
Revenue, LOC U.S.
Bank 1.05% 11/1/2016 1,500,000(e) 1,500,000
----------
27,493,712
----------
KANSAS (1.00%)
City of Olathe Health
Facilities Revenue,
AMBAC Insured 0.98% 9/1/2032 450,000(e) 450,000
State Development
Finance Authority, LOC
AMBAC Insured 1.10% 10/1/2004 1,750,000 1,789,212
State Development
Finance Authority
(Shalom Obligated
Group), LOC LaSalle
Bank 0.98% 11/15/2028 885,000(e) 885,000
----------
3,124,212
----------
LOUISIANA (2.49%)
Parish of East Baton
Rouge PCR, Guaranty:
ExxonMobil
Corporation 0.93% 11/1/2019 1,400,000(e) 1,400,000
State Offshore Terminal
Authority, LOC Bank
One 1.00% 10/1/2019 3,500,000(e) 3,500,000
State Public Facilities
Authority, LOC Bank
One 0.94% 12/1/2015 2,900,000(e) 2,900,000
----------
7,800,000
----------
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
28
INSTITUTIONAL TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------- ---------- ------------------ ------------------ -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
MARYLAND (4.37%)
Baltimore Construction
Public Improvement,
FGIC Insured 0.95% 10/1/2022 2,300,000(e) 2,300,000
Montgomery County
Housing Opportunities
Community MFHR
(Oakwood Apartments),
LOC FHLMC 0.96% 11/1/2007 $ 8,900,000(e) $8,900,000
State Health & Higher
Education Facility, LOC
Bank of America 0.95% 1/1/2029 2,510,000(e) 2,510,000
----------
13,710,000
----------
MASSACHUSETTS (4.15%)
State Water Resource
Authority, AMBAC
Insured 0.90% 4/1/2028 2,000,000(e) 2,000,000
State Water Reserve
Authority, FGIC Insured 0.95% 11/1/2026 11,000,000(e) 11,000,000
----------
13,000,000
----------
MICHIGAN (2.93%)
Kent Hospital Financial
Authority (Spectrum
Health), MBIA Insured 0.95% 1/15/2026 300,000(e) 300,000
State Government Series
GO 1.05% 5/4/2004 8,300,000 8,300,000
State Strategic Fund
(Clark Retirement),
LOC Fifth Third Bank 0.95% 6/1/2031 600,000(e) 600,000
----------
9,200,000
----------
MINNESOTA (3.11%)
Arden Hills Housing &
Healthcare, LOC U.S.
Bank 1.03% 9/1/2029 193,000(e) 193,000
City of Cohasset (MN
Power & Light Project),
LOC Wachovia Bank 0.98% 6/1/2013 200,000(e) 200,000
City of Cohasset (MN
Power & Light Project),
LOC ABN AMRO 0.98% 6/1/2020 485,000(e) 485,000
City of Minneapolis
Revenue, SBPA Wells
Fargo 0.90% 6/1/2032 500,000(e) 500,000
Hennepin County GO 0.85% 12/1/2020 1,350,000(e) 1,350,000
Mendota Heights
Housing, LOC Wells
Fargo 0.95% 11/1/2031 2,175,000(e) 2,175,000
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------- ---------- ------------------ ------------------ -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
MINNESOTA (CONTINUED)
Mineapolis Special
School District, FSA
Insured 0.95% 2/1/2004 1,085,000 1,085,000
St. Cloud Infrastructure
Management, LOC
Wells Fargo 0.95% 2/1/2015 $ 1,465,000(e) $1,465,000
State Higher Educational
Facilities Authority
Revenue, LOC Harris
Trust & Savings Bank 0.98% 10/1/2020 900,000(e) 900,000
State Higher Educational
Facilities Authority
Revenue, LOC Harris
Trust & Savings Bank 0.98% 10/1/2030 1,400,000(e) 1,400,000
----------
9,753,000
----------
MISSISSIPPI (0.16%)
Jackson County PCR,
Guaranty:
ChevronTexaco
Corporation 1.00% 6/1/2023 500,000(e) 500,000
----------
MISSOURI (1.00%)
State Development
Finance Board
Revenue, LOC U.S.
Bank 1.03% 6/1/2033 800,000(e) 800,000
State Health And
Educational Facilities
Authority (Bethesda),
LOC U.S. Bank 1.03% 8/1/2031 500,000(e) 500,000
State Health and
Education Facilities
Authority (St Francis),
LOC Dexia CLF 0.98% 6/1/2026 1,835,000(e) 1,835,000
----------
3,135,000
----------
MONTANA (0.17%)
Forsyth PCR (Pacificorp
Project), LOC JP
Morgan Chase 1.03% 1/1/2018 550,000(e) 550,000
----------
NEBRASKA (1.18%)
Lancaster County
Hospital Authority
(Immanuel), LOC
LaSalle Bank 1.00% 7/1/2030 3,700,000(e) 3,700,000
----------
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
29
INSTITUTIONAL TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------- ---------- ------------------ ------------------ -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
NEVADA (0.54%)
Clark County Airport
Revenue, LOC
Bayerische
Landesbank 0.88% 7/1/2029 1,400,000(e) 1,400,000
Clark County School
District, FSA Insured 0.88% 6/15/2021 $ 300,000(e) $ 300,000
----------
1,700,000
----------
NEW JERSEY (4.95%)
State Sports &
Exposition Authority,
MBIA Insured 0.88% 9/1/2024 3,500,000(e) 3,500,000
State Turnpike Authority,
FGIC Insured 0.91% 1/1/2018 12,000,000(e) 12,000,000
----------
15,500,000
----------
NEW YORK (3.80%)
New York City GO,
MBIA Insured 0.96% 8/15/2004 2,225,000 2,225,000
New York City GO,
MBIA Insured 0.98% 8/15/2011 900,000(e) 900,000
New York City GO, LOC
JP Morgan Chase 0.95% 8/1/2017 1,335,000(e) 1,335,000
New York City GO, LOC
JP Morgan Chase 0.96% 8/1/2018 300,000(e) 300,000
New York City GO, LOC
JP Morgan Chase 0.95% 8/15/2018 75,000(e) 75,000
New York City GO,
AMBAC Insured 0.96% 8/15/2018 1,500,000(e) 1,500,000
New York City GO, LOC
JP Morgan Chase 0.95% 8/1/2021 1,460,000(e) 1,460,000
New York City Municipal
Water Finance
Authority, FGIC Insured 0.96% 6/15/2022 1,550,000(e) 1,550,000
State Energy Research
& Development
Authority PCR, LOC
Mellon Bank 0.96% 2/1/2029 500,000(e) 500,000
State Energy Research
& Development
Authority PCR, LOC
Bank One 0.95% 6/1/2029 600,000(e) 600,000
State Local Government
Assistance Program,
LOC Bank of Nova
Scotia 0.87% 4/1/2025 985,000(e) 985,000
Triborough Bridge &
Tunnel Authority, FSA
Insured 0.90% 1/1/2031 475,000(e) 475,000
----------
11,905,000
----------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- ------------------------- ---------- ------------------ ------------------ -----------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
NORTH DAKOTA (0.47%)
City of Grand Forks,
LOC LaSalle Bank 0.98% 12/1/2025 400,000(e) 400,000
Grand Forks Health
Care Facilities (United
Hospital), LOC LaSalle
Bank 0.98% 12/1/2016 $ 200,000(e) $ 200,000
Ward County Health
Care Revenue, LOC
U.S. Bank 1.03% 7/1/2029 860,000(e) 860,000
----------
1,460,000
----------
OHIO (2.74%)
Cuyahoga County
Hospital Revenue,
LOC JP Morgan Chase 0.94% 1/1/2016 1,750,000(e) 1,750,000
Franklin County Hospital
Revenue, LOC
National City Bank 0.95% 12/1/2028 5,300,000(e) 5,300,000
State Housing Finance
Agency MFHR
(Kenwood Retirement),
LOC JP Morgan Chase 1.05% 12/1/2015 800,000(e) 800,000
Warren County Health
Care Facilities
(Otterbein Homes
Project), LOC Fifth
Third Bank 1.09% 7/1/2023 745,000(e) 745,000
----------
8,595,000
----------
PENNSYLVANIA (00.77%)
Chichester School
District, FGIC Insured 1.04% 9/1/2004 1,220,000 1,212,544
Philadelphia, FSA
Insured 0.86% 3/15/2004 1,000,000 1,004,870
Washington County
Higher Education Pool
Lease, LOC Wachovia
Bank 0.99% 11/1/2005 200,000(e) 200,000
----------
2,417,414
----------
SOUTH DAKOTA (1.04%)
Lawrence County PCR,
LOC JP Morgan Chase 0.98% 7/1/2032 1,200,000(e) 1,200,000
Lower Brule Sioux Tribe,
LOC Wells Fargo 1.00% 12/1/2011 2,060,000(e) 2,060,000
----------
3,260,000
----------
TEXAS (9.28%)
Angelina & Neches
River Authority, LOC
Bank of America 1.00% 5/1/2014 300,000(e) 300,000
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
30
INSTITUTIONAL TAX-FREE MONEY MARKET FUND
INVESTMENTS IN SECURITIES (UNAUDITED)
JANUARY 31, 2004 (CONTINUED)
- --------------------------------------------------------------------------------
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- -------------------------- ----------- ------------------ ------------------- ----------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
TEXAS (CONTINUED)
Austin County Industrial
Development Corp,
LOC Bank One 0.95% 12/1/2014 $ 2,600,000(e) $ 2,600,000
Bexar County Housing
Financial Authority,
LOC FNMA 0.93% 9/15/2026 1,400,000(e) 1,400,000
Cypress-Fairbanks Texas
ISD, Guaranty: Texas
PSF 1.10% 2/1/2004 1,750,000 1,750,000
Fort Worth Water &
Sewer, FSA Insured 1.11% 2/15/2004 1,015,000 1,015,342
Goose Creek, Guaranty:
Texas Perm School
Fund 1.10% 2/15/2004 1,250,000 1,249,477
Harris County, LOC
ExxonMobil
Corporation 0.88% 3/1/2024 1,100,000(e) 1,100,000
Houston Water & Sewer,
AMBAC Insured 1.15% 12/1/2004 5,000,000 4,952,602
Mesquite Refunding,
FSA Insured 0.95% 2/15/2004 1,000,000 1,001,154
Port Neches ISD, LOC
Texas PSF Guaranteed 0.88% 2/15/2004 1,000,000 1,002,321
Southlake, FSA Insured 1.15% 2/15/2004 1,025,000 1,025,328
State PFA Building
Revenue, MBIA
Insured 0.90% 2/1/2004 1,650,000 1,650,000
State Transportation,
LOC Texas State
Transportation 1.12% 8/31/2004 10,000,000 10,050,437
------------
29,096,661
------------
UTAH (0.48%)
Carbon County PCR
(Pacificorp), AMBAC
Insured 1.00% 11/1/2024 500,000(e) 500,000
Sanpete County School
Facilities Revenue,
LOC U.S. Bank 1.05% 8/1/2028 1,000,000(e) 1,000,000
------------
1,500,000
------------
VIRGINIA (1.98%)
Alexandria IDA (Pooled
Income Project), LOC
Bank of America 0.95% 7/1/2026 1,050,000(e) 1,050,000
Peninsula Port Authority,
LOC Citibank 0.94% 7/1/2016 3,500,000(e) 3,500,000
MATURITY PRINCIPAL MARKET
NAME OF ISSUER(f) YIELD DATE AMOUNT VALUE(a)
- -------------------------- ----------- ------------------ ------------------- ----------------
(PERCENTAGES OF EACH INVESTMENT CATEGORY RELATE TO TOTAL NET ASSETS.)
VIRGINIA (CONTINUED)
Roanoke County IDA
Healthcare, LOC
Wachovia Bank 0.96% 10/1/2015 $ 1,650,000(e) $ 1,650,000
------------
6,200,000
------------
WASHINGTON (0.61%)
State Health Care
Facilities Authority
Revenue, MBIA
Insured 0.98% 2/15/2027 200,000(e) 200,000
State Public Power
Supply, LOC Bank of
America 0.92% 7/1/2017 700,000(e) 700,000
State Public Power
Supply, MBIA Insured 0.91% 7/1/2012 1,000,000(e) 1,000,000
------------
1,900,000
------------
WISCONSIN (2.38%)
State Health &
Education Facilities
Authority Revenue,
FSA Insured 0.98% 12/1/2029 800,000(e) 800,000
State Health &
Education Facilities
Authority Revenue,
AMBAC Insured 0.98% 8/15/2030 1,050,000(e) 1,050,000
State Health &
Education Facilities
Authority Revenue,
LOC LaSalle Bank 0.97% 5/1/2030 4,100,000(e) 4,100,000
State Health &
Educational Facilities
Authority Revenue,
LOC U.S. Bank 1.00% 5/1/2032 1,500,000(e) 1,500,000
------------
7,450,000
------------
WYOMING (0.32%)
Sweetwater County
(Pacific Corporation
Project), LOC Bank
One 1.03% 1/1/2014 1,000,000(e) 1,000,000
- --------------------------------------------------------------------------------------------------
Total Investments in Securities
(amortized cost: $315,069,481) (b) $315,069,481
==================================================================================================
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
31
NOTES TO INVESTMENTS IN SECURITIES
- --------------------------------------------------------------------------------
(a) Securities are valued in accordance with procedures described in note 2 to
the financial statements.
(b) Also represents cost for federal income tax purposes.
(c) All or a portion consists of commercial paper sold within terms of a private
placement memorandum, exempt from registration under section 4(2) of the
Securities Act of 1933, as amended, and may be sold only to dealers in that
program or other "accredited investors." These securities have been
determined to be liquid under guidelines established by the Board of
Directors.
(d) All or a portion consists of short-term securities with interest rates that
reset at set intervals at rates that are based on specific market indices.
Rate shown is the effective rate on January 31, 2004.
(e) Interest rate varies to reflect current market conditions; rate shown is the
effective rate on January 31, 2004. The maturity date shown represents final
maturity. However, for purposes of Rule 2a-7, maturity is the next interest
rate reset date at which time the security can be put back to the issuer.
(f) Portfolio abbreviations:
AMBAC -- American Municipal Bond Association Corporation
FGIC -- Financial Guaranty Insurance Corporation
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance Corporation
GO -- General Obligation
IDA -- Industrial Development Authority
IDR -- Industrial Development Revenue
ISD -- Independent School District
LOC -- Letter of Credit
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
PCR -- Pollution Control Revenue
PSF -- Permanent School Fund
SEE ACCOMPANYING NOTES TO INVESTMENTS IN SECURITIES.
32
The Great Hall family of funds is managed to provide competitive returns at
minimal risk to the investor. With five money market funds available for both
institutional and individual investors, the Funds offer a diversity of options
for today's informed investor.
Managed by Voyageur Asset Management Inc., the Great Hall Investment Funds
follow a rigorous research process. This process involves proprietary analysis,
diligent trade execution, and an attention to detail that is critical to the
success of your investment. With any of our five funds, the Great Hall
management team is looking out for your future.
Enhancing returns. Protecting your money. That's the philosophy of the Great
Hall family of funds. That's the philosophy that works for you.
Great Hall Investment Funds, Inc. PRSRT STD
60 South Sixth Street US POSTAGE
Minneapolis, MN 55402 PAID
(800) 934-6674 PERMIT 100
MPLS MN
M4110 (3/04)
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report,
the registrant has adopted a code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the registrant or a third party. If the registrant has not adopted
such a code of ethics, explain why it has not done so.
NOT APPLICABLE - ONLY FOR ANNUAL REPORTS.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of directors has
determined that the registrant either:
(i) Has at least one audit committee financial expert
serving on its audit committee; or
(ii) Does not have an audit committee financial expert
serving on its audit committee.
(2) If the registrant provides the disclosure required by
paragraph (a)(1)(i) of this Item, it must disclose the name of
the audit committee financial expert and whether that person is
"independent." In order to be considered "independent" for
purposes of this Item, a member of an audit committee may not,
other than in his or her capacity as a member of the audit
committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory,
or other compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as
defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-
2(a)(19)).
(3) If the registrant provides the disclosure required by
paragraph (a)(1)(ii) of this Item, it must explain why it does
not have an audit committee financial expert.
NOT APPLICABLE - ONLY FOR ANNUAL REPORTS.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for
each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial
statements or services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements for those fiscal
years.
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees
billed in each of the last two fiscal years for assurance and related services
by the principal accountant that are reasonably related to the performance of
the audit of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each
of the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed
in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2) Disclose the percentage of services described in each of
paragraphs (b) through (d) of this Item that were approved by the audit
committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours expended
on the principal accountant's engagement to audit the registrant's financial
statements for the most recent fiscal year that were attributed to work
performed by persons other than the principal accountant's full-time, permanent
employees.
(g) Disclose the aggregate non-audit fees billed by the registrant's
accountant for services rendered to the registrant, and rendered to the
registrant's investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant for
each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant's audit committee of the board of
directors has considered whether the provision of nonaudit services that were
rendered to the registrant's investment adviser (not including any subadviser
whose role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser), and any entity controlling, controlled
by, or under common control with the investment adviser that provides ongoing
services to the registrant that were not pre-approved
pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible
with maintaining the principal accountant's independence.
ONLY EFFECTIVE FOR ANNUAL REPORTS WITH PERIODS ENDING ON OR AFTER DECEMBER 15,
2003.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17CFR 240.10A-3), state whether or not
the registrant has a separately-designated standing audit
committee established in accordance with Section 3(a)(58)(A) of
the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has
such a committee, however designated, identify each committee
member. If the entire board of directors is acting as the
registrant's audit committee as specified in Section 3(a)(58)(B)
of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17CFR 240.10A-3(d)) regarding an
exemption from the listing standards for all audit committees.
NOT APPLICABLE.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report
on this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities. NOT APPLICABLE.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company, provide the
information specified in paragraph (b) of this Item with respect to any purchase
made by or on behalf of the registrant or any "affiliated purchaser," as defined
in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares
or other units of any class of the registrant's equity securities that is
registered by the registrant pursuant to Section 12 of the Exchange Act (15
U.S.C. 781).
NOT APPLICABLE.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of directors, where those changes
were implemented after the registrant last provided disclosure in response to
the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or
this Item.
NOT APPLICABLE.
ITEM 10. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financial officers, or persons performing similar functions, regarding
the effectiveness of the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date
within 90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and
Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or
240.15d-15(b)).
THE REGISTRANT'S PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
HAVE CONCLUDED, BASED ON THEIR EVALUATION OF THE REGISTRANT'S DISCLOSURE
CONTROLS AND PROCEDURES AS CONDUCTED WITHIN 90 DAYS OF THE FILING DATE OF THIS
REPORT, THAT THESE DISCLOSURE CONTROLS AND PROCEDURES ARE ADEQUATELY DESIGNED
AND ARE OPERATING EFFECTIVELY TO ENSURE THAT INFORMATION REQUIRED TO BE
DISCLOSED BY THE REGISTRANT ON FORM N-CSR IS (i) ACCUMULATED AND COMMUNICATED TO
THE INVESTMENT COMPANY'S MANAGEMENT, INCLUDING ITS CERTIFYING OFFICERS, TO ALLOW
TIMELY DECISIONS REGARDING REQUIRED DISCLOSURE; AND (ii) RECORDED, PROCESSED,
SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED IN THE SECURITIES AND
EXCHANGE COMMISSION'S RULES AND FORMS.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that
occurred during the registrant's last fiscal half-year (the registrant's second
fiscal half-year in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control
over financial reporting.
THERE WERE NO CHANGES IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL
REPORTING THAT OCCURRED DURING THE REGISTRANT'S MOST RECENT FISCAL HALF-YEAR
(THE REGISTRANT'S SECOND FISCAL HALF-YEAR IN THE CASE OF AN ANNUAL REPORT) THAT
HAVE MATERIALLY AFFECTED OR ARE REASONABLY LIKELY TO MATERIALLY AFFECT, THE
REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING.
ITEM 11. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number
the exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit. NOT APPLICABLE -
ONLY EFFECTIVE FOR ANNUAL REPORTS.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2 under
the Act (17 CFR 270.30a-2). CERTIFICATIONS PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002 ARE ATTACHED HERETO.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1
under the Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons. NOT APPLICABLE.
[IF AN OPEN-END FUND OR IF THE CLOSED END FUND HAS NONE TO REPORT.]
(b) A separate or combined certification for each principal executive
officer and principal officer of the registrant as required by Rule 30a-2(b)
under the Act of 1940. CERTIFICATIONS PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002 ARE ATTACHED HERETO.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Great Hall Investment Funds, Inc.
-------------------------------------------------------------------
By (Signature and Title)* /s/ Jennifer Lammers
-------------------------------------------------------
Jennifer Lammers, President
Date 4/6/04
---------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Jennifer Lammers
-------------------------------------------------------
Jennifer Lammers, President
Date 4/6/04
---------------------
By (Signature and Title)* /s/ Christopher Tomas
------------------------------------------------------
Christopher Tomas, Treasurer
Date 4/6/04
---------------------
* Print the name and title of each signing officer under his or her signature.